AB National Municipal Income Fund
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Top 10 Fixed-Income Holdings
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| Portfolio %
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1) Metropolitan Transportation Authority Series 2016-2 5.25%, 11/15/35
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| 2.43%
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2) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 01/01/29
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| 2.16%
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3) Central Plains Energy Project Series 2017-A 5.00%, 09/01/42
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| 1.79%
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4) Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/46
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| 1.73%
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5) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58
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| 1.65%
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6) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48
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| 1.61%
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7) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30
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| 1.59%
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8) Miami Beach Health Facilities Authority Series 2014 5.00%, 11/15/39
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| 1.50%
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9) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/46
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| 1.49%
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10) Metropolitan Pier & Exposition Authority Series 2020 5.00%, 06/15/50
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| 1.43%
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Sector/Industry Breakdown
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| Portfolio %
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Revenue
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Health Care - Not-for-Profit
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| 21.51%
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Airport
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| 7.65%
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Toll Roads/Transit
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| 7.63%
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Revenue - Miscellaneous
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| 5.70%
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Electric Utility
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| 5.24%
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Prepay Energy
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| 2.61%
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Tobacco Securitization
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| 2.32%
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Water & Sewer
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| 2.17%
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Higher Education - Private
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| 2.08%
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Higher Education - Public
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| 1.04%
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Primary/Secondary Ed. - Public
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| 0.98%
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Port
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| 0.68%
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Industrial Development - Utility
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| 0.48%
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Industrial Development - Industry
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| 0.35%
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Senior Living
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| 0.24%
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SUBTOTAL
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| 60.68%
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Tax Supported
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Special Tax
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| 14.63%
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State G.O.
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| 7.74%
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Local G.O.
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| 2.77%
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Assessment District
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| 2.09%
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State Lease
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| 1.12%
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SUBTOTAL
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| 28.35%
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Prerefunded/ETM
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| 10.23%
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Asset-Backed
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Housing - Multi-Family
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| 0.47%
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SUBTOTAL
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| 0.47%
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Commercial Mortgage-Backed Securities
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| 0.15%
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Cash & Cash Equivalents
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Funds and Investment Trusts
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| 0.12%
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SUBTOTAL
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| 0.12%
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Total
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| 100.00%
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State Breakdown
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| Portfolio %
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California
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| 12.17%
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Illinois
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| 11.08%
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New York
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| 10.16%
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New Jersey
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| 8.32%
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Pennsylvania
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| 7.77%
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Connecticut
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| 4.70%
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Florida
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| 4.69%
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Texas
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| 3.93%
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Michigan
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| 3.78%
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Wisconsin
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| 3.26%
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South Carolina
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| 3.04%
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Alabama
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| 2.42%
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North Carolina
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| 1.98%
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Ohio
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| 1.86%
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Colorado
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| 1.81%
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Nebraska
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| 1.79%
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Georgia
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| 1.77%
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Oklahoma
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| 1.75%
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Minnesota
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| 1.50%
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Arizona
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| 1.43%
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Tennessee
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| 1.41%
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Utah
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| 1.16%
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Maryland
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| 1.10%
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Virginia
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| 1.05%
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District of Columbia
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| 0.96%
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Kansas
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| 0.86%
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Kentucky
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| 0.82%
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West Virginia
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| 0.66%
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Massachusetts
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| 0.53%
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Puerto Rico
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| 0.52%
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Hawaii
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| 0.41%
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Arkansas
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| 0.33%
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Indiana
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| 0.20%
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Iowa
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| 0.20%
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Louisiana
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| 0.18%
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Washington
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| 0.15%
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New Hampshire
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| 0.13%
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Other
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| 0.12%
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Total Investments
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| 100.00%
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Credit Quality Breakdown
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| Portfolio %
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AAA
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| 4.56%
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AA
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| 30.14%
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A
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| 32.75%
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BBB
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| 18.79%
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BB
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| 2.44%
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D
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| 0.20%
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Not Rated
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| 0.77%
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Pre-refunded Bonds
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| 10.23%
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Short Term Investments
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| 0.12%
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Total
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| 100.00%
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Bonds by Maturity
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| Portfolio %
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Less than 1 Year
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| 3.81%
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1 To 5 Years
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| 8.16%
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5 To 10 Years
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| 17.49%
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10 To 20 Years
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| 29.41%
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20 To 30 Years
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| 34.61%
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More than 30 Years
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| 6.52%
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Other
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| 0.00%
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Total Net Assets
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| 100.00%
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Portfolio Statistics:
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AMT Percent:
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| 10.18%
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Average Coupon:
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| 4.90%
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Percentage of Leverage:
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Bank Borrowing:
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| 0.00%
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Investment Operations:
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| 1.61%
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Auction Preferred Shares (APS):
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| 0.00%
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Tender Option Bonds:
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| 4.25%
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VMTP Shares:
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| 37.62%
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Total Fund Leverage:
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| 43.48%*
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Average Maturity:
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| 5.81 Years
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Effective Duration:
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| 4.94 Years
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Total Net Assets:
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| $393.53 Million**
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Common Stock Net Asset Value:
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| $13.69
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Total Number of Holdings:
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| 189
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Portfolio Turnover:
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| 5.00%
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* The total percentage of leverage constitutes 4.25% through the use of tender option bonds, 37.62% in issued and outstanding VMTPs and 1.61% 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.
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** 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.
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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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