Top 10 Fixed-Income Holdings
| Portfolio %
|
1) Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2016-A 5.25%, 11/15/35
| 2.40%
|
2) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 1/01/29
| 2.07%
|
3) Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2017-A 5.00%, 9/01/42
| 1.94%
|
4) Jefferson County Board of Education/AL Series 2018 5.00%, 2/01/46
| 1.70%
|
5) Wisconsin Public Finance Authority(CHF - Wilmington LLC) AGM Series 2018 5.00%, 7/01/58
| 1.65%
|
6) Detroit Downtown Development Authority AGM Series 2018-A 5.00%, 7/01/48
| 1.55%
|
7) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 7/01/30
| 1.52%
|
8) Miami Beach Health Facilities Authority (Mount Sinai Medical Center of Florida, Inc.) Series 2014 5.00%, 11/15/39
| 1.46%
|
9) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 6/01/46
| 1.45%
|
10) California Statewide Communities Development Authority(CHF-Irvine LLC) BAM Series 2021 3.00%, 5/15/54
| 1.44%
|
|
|
Sector/Industry Breakdown
| Portfolio %
|
Revenue
|
|
Health Care - Not-for-Profit
| 21.51%
|
Airport
| 7.53%
|
Toll Roads/Transit
| 7.53%
|
Revenue - Miscellaneous
| 5.84%
|
Electric Utility
| 5.13%
|
Prepay Energy
| 2.72%
|
Tobacco Securitization
| 2.38%
|
Higher Education - Private
| 2.13%
|
Water & Sewer
| 2.08%
|
Higher Education - Public
| 0.99%
|
Primary/Secondary Ed. - Public
| 0.97%
|
Port
| 0.67%
|
Industrial Development - Utility
| 0.45%
|
Senior Living
| 0.25%
|
Industrial Development - Industry
| 0.19%
|
SUBTOTAL
| 60.37%
|
Tax Supported
|
|
Special Tax
| 15.42%
|
State G.O.
| 7.49%
|
Local G.O.
| 2.70%
|
Assessment District
| 2.02%
|
Tax-Supported State Lease
| 1.11%
|
SUBTOTAL
| 28.74%
|
Prerefunded/ETM
| 9.38%
|
Cash Equivalents
|
|
Investment Companies
| 0.90%
|
SUBTOTAL
| 0.90%
|
Asset-Backed
|
|
Housing - Multi-Family
| 0.46%
|
SUBTOTAL
| 0.46%
|
Commercial Mortgage-Backed Securities
| 0.15%
|
Total
| 100.00%
|
|
|
State Breakdown
| Portfolio %
|
California
| 11.87%
|
New York
| 11.03%
|
Illinois
| 10.96%
|
New Jersey
| 8.06%
|
Pennsylvania
| 7.49%
|
Florida
| 4.68%
|
Connecticut
| 4.51%
|
Texas
| 3.90%
|
Michigan
| 3.62%
|
Wisconsin
| 3.31%
|
South Carolina
| 3.01%
|
Alabama
| 2.37%
|
Ohio
| 1.96%
|
North Carolina
| 1.95%
|
Nebraska
| 1.94%
|
Colorado
| 1.76%
|
Georgia
| 1.76%
|
Oklahoma
| 1.75%
|
Minnesota
| 1.47%
|
Tennessee
| 1.36%
|
Arizona
| 1.26%
|
Utah
| 1.17%
|
Maryland
| 1.06%
|
Virginia
| 1.06%
|
District of Columbia
| 0.92%
|
Kansas
| 0.84%
|
Kentucky
| 0.79%
|
West Virginia
| 0.65%
|
Massachusetts
| 0.52%
|
Puerto Rico
| 0.52%
|
Hawaii
| 0.40%
|
Arkansas
| 0.32%
|
Indiana
| 0.19%
|
Iowa
| 0.19%
|
Louisiana
| 0.17%
|
Washington
| 0.15%
|
New Hampshire
| 0.13%
|
Other
| 0.90%
|
Total Investments
| 100.00%
|
|
|
Credit Quality Breakdown
| Portfolio %
|
AAA
| 4.40%
|
AA
| 30.28%
|
A
| 32.05%
|
BBB
| 19.89%
|
BB
| 2.15%
|
D
| 0.19%
|
Not Rated
| 0.76%
|
Pre-refunded Bonds
| 9.38%
|
Short-Term Investments
| 0.90%
|
Total Investments
| 100.00%
|
|
|
Bonds By Maturity
| Portfolio %
|
Less than 1 year
| 1.12%
|
1 to 5 years
| 1.32%
|
5 to 10 years
| 22.16%
|
10 to 20 years
| 31.95%
|
20 to 30 years
| 36.41%
|
More Than 30 years
| 7.04%
|
Other
| 0.00%
|
Total Investments
| 100.00%
|
|
|
Portfolio Statistics:
|
|
AMT Percent:
| 10.08%
|
Average Coupon:
| 4.90%
|
Percentage of Leverage:
|
|
Bank Borrowing:
| 0.00%
|
Investment Operations:
| 2.80%
|
Auction Preferred Shares (APS):
| 0.00%
|
Tender Option Bonds:
| 4.04%
|
Variable Rate MuniFund Term Preferred Shares (VMTPs):
| 35.72%
|
Total Fund Leverage:
| 42.56%*
|
Average Effective Maturity:
| 5.06 Years
|
Effective Duration:
| 4.59 Years
|
Total Net Assets:
| $422.74 Million**
|
Common Stock Net Asset Value:
| $14.71
|
Number of Holdings:
| 188
|
Portfolio Turnover:
| 5%
|
|
|
* The total percentage of leverage constitutes 4.04% through the use of tender option bonds, 35.72% in issued and outstanding VMTPs and 2.80% 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.
|