Top 10 Fixed-Income Holdings
Portfolio %
1) Melissa Independent School District Series 2024-2 4.25%, 02/01/53
2.16 %
2) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54
2.00 %
3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53
1.97 %
4) Dallas Independent School District Series 2024-2 4.00%, 02/15/54
1.93 %
5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54
1.92 %
6) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54
1.86 %
7) Worthington City School District Series 2025-2 5.50%, 12/01/54
1.86 %
8) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55
1.85 %
9) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55
1.85 %
10) County of Miami-Dade FL Aviation Revenue Series 2025-2 5.50%, 10/01/55
1.83 %
Sector/Industry Breakdown
Portfolio %
Revenue
Health Care – Not-for-Profit
12.77 %
Airport
10.26 %
Revenue – Miscellaneous
7.18 %
Toll Roads/Transit
5.51 %
Industrial Development – Airline
5.14 %
Prepay Energy
4.74 %
Higher Education – Private
3.83 %
Primary/Secondary Ed. – Public
3.57 %
Port
2.61 %
Industrial Development – Industry
2.05 %
Higher Education – Public
1.77 %
Electric Utility
1.47 %
Senior Living
1.35 %
Water & Sewer
0.80 %
Tobacco Securitization
0.30 %
Primary/Secondary Ed. – Private
0.17 %
SUBTOTAL
63.52 %
Tax Supported
Local G.O.
10.73 %
State G.O.
6.41 %
Special Tax
3.70 %
Local Lease
1.49 %
Assessment District
0.36 %
SUBTOTAL
22.69 %
Guaranteed
11.85 %
Asset-Backed
Housing – Multi-Family
0.86 %
SUBTOTAL
0.86 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS
0.49 %
Non-Agency Floating Rate CMBS
0.35 %
SUBTOTAL
0.84 %
Cash & Cash Equivalents
Funds and Investment Trusts
0.22 %
SUBTOTAL
0.22 %
Prerefunded/ETM
0.02 %
Total
100.00 %
State Breakdown
Portfolio %
Texas
14.47 %
California
8.86 %
New York
7.95 %
Florida
7.89 %
Illinois
7.85 %
Massachusetts
5.84 %
Wisconsin
5.48 %
Georgia
4.58 %
Ohio
4.18 %
Pennsylvania
3.00 %
District of Columbia
2.58 %
New Hampshire
2.53 %
South Carolina
2.38 %
Oklahoma
2.36 %
Louisiana
2.30 %
Colorado
2.08 %
Arizona
2.05 %
Michigan
1.91 %
Hawaii
1.86 %
Minnesota
1.31 %
Alabama
0.97 %
Nebraska
0.95 %
Indiana
0.85 %
North Carolina
0.76 %
Virginia
0.76 %
Washington
0.69 %
Tennessee
0.52 %
Alaska
0.49 %
Maryland
0.37 %
New Jersey
0.36 %
North Dakota
0.36 %
Arkansas
0.35 %
Oregon
0.24 %
Connecticut
0.20 %
Utah
0.18 %
South Dakota
0.14 %
Other
0.35 %
Total Investments
100.00 %
Credit Quality Breakdown
Portfolio %
AAA
12.41 %
AA
38.08 %
A
19.97 %
BBB
17.87 %
BB
6.60 %
B
0.53 %
Not Rated
4.30 %
Pre-refunded Bonds
0.02 %
Short Term Investments
0.22 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
0.37 %
1 to 5 Years
0.13 %
5 to 10 Years
2.61 %
10 to 20 Years
14.00 %
20 to 30 Years
64.21 %
More than 30 Years
18.68 %
Other
0.00 %
Total Net Assets
100.00 %
Portfolio Statistics:
AMT Percent:
19.78 %
Average Coupon:
4.88 %
Percentage of Leverage:
Bank Borrowing:
0.00 %
Investment Operations:
0.00 %
Auction Preferred Shares (APS):
0.00 %
Tender Option Bonds:
23.13 %
VMTP Shares:
0.00 %
VRDP Shares:
17.45 %
Total Fund Leverage:
40.58%*
Average Maturity:
13.64 Years
Effective Duration:
11.82 Years
Total Net Assets:
$347.22 Million**
Common Stock Net Asset Value:
$12.08
Total Number of Holdings:
176
Portfolio Turnover:
56.00 %
* The total percentage of leverage constitutes 23.13% through the use of tender option bonds, 17.45%
in issued and outstanding VRDPs and 0.00% 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 $100,000,000 of VRDPs 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.