AB National Municipal Income Fund Releases Monthly Portfolio Update

Published: Jun. 27, 2022 at 4:06 PM EDT

NEW YORK, June 27, 2022 /PRNewswire/ -- AB National Municipal Income Fund [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of May 31, 2022.

AB National Municipal Income Fund









Top 10 Fixed-Income Holdings


Portfolio %

1) Metropolitan Transportation Authority Series 2016-2 5.25%, 11/15/35


2.41 %

2) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 01/01/29


2.22 %

3) Central Plains Energy Project Series 2017-A 5.00%, 09/01/42


1.79 %

4) Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/46


1.74 %

5) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58


1.67 %

6) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48


1.65 %

7) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62


1.64 %

8) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30


1.63 %

9) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/46


1.50 %

10) Miami Beach Health Facilities Authority Series 2014 5.00%, 11/15/39


1.50 %




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


21.16 %

Airport


7.71 %

Toll Roads/Transit


7.70 %

Revenue - Miscellaneous


5.61 %

Electric Utility


5.28 %

Higher Education - Private


2.80 %

Prepay Energy


2.62 %

Industrial Development - Industry


2.61 %

Tobacco Securitization


2.32 %

Water & Sewer


2.22 %

Primary/Secondary Ed. - Public


1.41 %

Port


0.69 %

Industrial Development - Utility


0.49 %

Higher Education - Public


0.47 %

Senior Living


0.23 %

SUBTOTAL


63.32 %

Tax Supported



Special Tax


13.73 %

State G.O.


7.82 %

Assessment District


2.15 %

Local G.O.


1.86 %

State Lease


1.12 %

SUBTOTAL


26.68 %

Prerefunded/ETM


9.20 %

Asset-Backed



Housing - Multi-Family


0.46 %

SUBTOTAL


0.46 %

Cash & Cash Equivalents



Funds and Investment Trusts


0.20 %

SUBTOTAL


0.20 %

Commercial Mortgage-Backed Securities


0.14 %

Total


100.00 %




State Breakdown


Portfolio %

California


11.21 %

Illinois


11.07 %

New York


9.22 %

Pennsylvania


7.68 %

New Jersey


7.62 %

Wisconsin


5.18 %

Florida


5.16 %

Connecticut


4.78 %

Texas


3.97 %

South Carolina


3.01 %

Michigan


2.92 %

Alabama


2.43 %

North Carolina


1.95 %

Ohio


1.86 %

Colorado


1.81 %

Nebraska


1.79 %

Georgia


1.76 %

Oklahoma


1.73 %

Minnesota


1.47 %

Tennessee


1.43 %

Arizona


1.42 %

Utah


1.17 %

Maryland


1.08 %

Virginia


1.06 %

District of Columbia


0.98 %

Kentucky


0.84 %

Iowa


0.83 %

Kansas


0.83 %

Indiana


0.67 %

West Virginia


0.64 %

Massachusetts


0.53 %

Puerto Rico


0.52 %

Hawaii


0.41 %

Arkansas


0.32 %

Louisiana


0.18 %

Washington


0.14 %

New Hampshire


0.13 %

Other


0.20 %

Total Investments


100.00 %




Credit Quality Breakdown


Portfolio %

AAA


4.66 %

AA


27.78 %

A


34.04 %

BBB


20.31 %

BB


2.85 %

D


0.21 %

Not Rated


0.75 %

Pre-refunded Bonds


9.20 %

Short Term Investments


0.20 %

Total


100.00 %




Bonds by Maturity


Portfolio %

Less than 1 Year


4.32 %

1 To 5 Years


5.95 %

5 To 10 Years


16.08 %

10 To 20 Years


29.46 %

20 To 30 Years


35.76 %

More than 30 Years


8.43 %

Other


0.00 %

Total Net Assets


100.00 %




Portfolio Statistics:



AMT Percent:


10.87 %

Average Coupon:


4.79 %

Percentage of Leverage:



Bank Borrowing:


0.00 %

Investment Operations:


1.29 %

Auction Preferred Shares (APS):


0.00 %

Tender Option Bonds:


4.37 %

VMTP Shares:


38.70 %

Total Fund Leverage:


44.36%*

Average Maturity:


    6.64 Years

Effective Duration:


    5.36 Years

Total Net Assets:


$377.05 Million**

Common Stock Net Asset Value:


$13.12

Total Number of Holdings:


187

Portfolio Turnover:


5.00 %




* The total percentage of leverage constitutes 4.37% through the use of tender option bonds, 38.70%  in issued and outstanding VMTPs and 1.29% in investment operations, which may include the use of certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.






** The Fund also had outstanding $232,125,000 of VMTPs at liquidation value, which is not included in Total Net Assets because it is treated as a liability for financial reporting purposes.






The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.



View original content:

SOURCE AB National Municipal Income Fund

The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.