Top 10 Fixed-Income Holdings
Portfolio %
1) Lamar Consolidated Independent School District Series 2023-A 5.00%, 02/15/53
2.70 %
2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46
2.66 %
3) Prosper Independent School District Series 2024 4.00%, 02/15/54
2.39 %
4) Greenwood Independent School District Series 2024 4.00%, 02/15/54
2.26 %
5) Melissa Independent School District Series 2023 4.25%, 02/01/53
2.09 %
6) Dallas Independent School District Series 2024 4.00%, 02/15/54
1.91 %
7) City of New York NY Series 2023 4.125%, 08/01/53
1.83 %
8) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38
1.82 %
9) Denton Independent School District Series 2023 5.00%, 08/15/48
1.82 %
10) Commonwealth of Massachusetts Series 2023 5.00%, 05/01/53
1.81 %
Sector/Industry Breakdown
Portfolio %
Revenue
Health Care – Not-for-Profit
13.04 %
Prepay Energy
7.16 %
Revenue – Miscellaneous
6.04 %
Airport
5.22 %
Electric Utility
3.06 %
Higher Education – Private
2.98 %
Toll Roads/Transit
2.91 %
Industrial Development – Industry
2.79 %
Tobacco Securitization
1.87 %
Port
1.45 %
Primary/Secondary Ed. – Public
1.33 %
Water & Sewer
1.11 %
Industrial Development – Utility
0.52 %
Senior Living
0.24 %
SUBTOTAL
49.72 %
Tax Supported
Local G.O.
15.45 %
State G.O.
7.20 %
Special Tax
6.50 %
State Lease
0.58 %
Assessment District
0.18 %
SUBTOTAL
29.91 %
Insured/Guaranteed
Guaranteed
15.24 %
SUBTOTAL
15.24 %
Cash & Cash Equivalents
Funds and Investment Trusts
1.83 %
SUBTOTAL
1.83 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS
1.02 %
Non-Agency Floating Rate CMBS
0.18 %
SUBTOTAL
1.20 %
Prerefunded/ETM
1.16 %
Asset-Backed
Housing – Multi-Family
0.94 %
SUBTOTAL
0.94 %
Total
100.00 %
State Breakdown
Portfolio %
Texas
18.00 %
Illinois
9.66 %
Michigan
5.87 %
Florida
5.64 %
New York
5.42 %
California
5.40 %
South Carolina
4.70 %
Pennsylvania
4.31 %
Wisconsin
3.93 %
Massachusetts
3.68 %
New Jersey
3.31 %
Louisiana
2.85 %
Georgia
2.16 %
New Hampshire
1.99 %
Colorado
1.95 %
Arizona
1.93 %
Ohio
1.89 %
Washington
1.87 %
Minnesota
1.62 %
Nebraska
1.59 %
Oklahoma
1.49 %
Nevada
1.48 %
Utah
1.21 %
Iowa
0.89 %
Virginia
0.86 %
North Carolina
0.75 %
West Virginia
0.67 %
Alabama
0.54 %
Indiana
0.50 %
North Dakota
0.42 %
Maryland
0.37 %
Arkansas
0.33 %
Oregon
0.22 %
Connecticut
0.19 %
Alaska
0.18 %
South Dakota
0.13 %
Puerto Rico
0.10 %
Tennessee
0.07 %
Other
1.83 %
Total Investments
100.00 %
Credit Quality Breakdown
Portfolio %
AAA
18.54 %
AA
28.80 %
A
28.58 %
BBB
17.10 %
BB
2.74 %
B
0.14 %
CCC
0.11 %
D
0.22 %
Not Rated
0.78 %
Pre-refunded Bonds
1.16 %
Short Term Investments
1.83 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
2.34 %
1 To 5 Years
2.46 %
5 To 10 Years
4.56 %
10 To 20 Years
21.20 %
20 To 30 Years
56.84 %
More than 30 Years
12.60 %
Other
0.00 %
Total Net Assets
100.00 %
Portfolio Statistics:
AMT Percent:
11.34 %
Average Coupon:
4.22 %
Percentage of Leverage:
Bank Borrowing:
0.00 %
Investment Operations:
2.32 %
Auction Preferred Shares (APS):
0.00 %
Tender Option Bonds:
0.00 %
VMTP Shares:
39.42 %
Total Fund Leverage:
41.74%*
Average Maturity:
12.14 Years
Effective Duration:
8.77 Years
Total Net Assets:
$350.33 Million**
Common Stock Net Asset Value:
$12.19
Total Number of Holdings:
163
Portfolio Turnover:
55.00 %
* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 39.42% in issued and outstanding VMTPs and 2.32% 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.