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.



 

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SOURCE AB National Municipal Income Fund