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AllianceBernstein National Municipal Income Fund, Inc.
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Top 10 Fixed-Income Holdings
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| Portfolio %
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1) Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2016-A 5.25%, 11/15/35
| 2.48%
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2) Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2017-A 5.00%, 9/01/42
| 2.11%
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3) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 1/01/29
| 2.09%
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4) Jefferson County Board of Education/AL Series 2018 5.00%, 2/01/46
| 1.75%
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5) Wisconsin Public Finance Authority(CHF - Wilmington LLC) AGM Series 2018 5.00%, 7/01/58
| 1.71%
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6) Detroit Downtown Development Authority AGM Series 2018-A 5.00%, 7/01/48
| 1.58%
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7) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 7/01/30
| 1.54%
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8) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 6/01/46
| 1.52%
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9) Metropolitan Pier & Exposition Authority Series 2020 5.00%, 6/15/50
| 1.52%
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10) California Statewide Communities Development Authority (CHF-Irvine LLC) Series 2021 3.00%, 5/15/54
| 1.50%
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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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| 22.12%
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Airport
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| 7.75%
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Revenue - Miscellaneous
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| 6.02%
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Toll Roads/Transit
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| 5.73%
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Electric Utility
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| 5.23%
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Prepay Energy
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| 2.75%
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Tobacco Securitization
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| 2.51%
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Water & Sewer
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| 2.11%
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Higher Education - Private
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| 1.71%
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Primary/Secondary Ed. - Public
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| 1.10%
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Higher Education - Public
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| 1.00%
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Port
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| 0.69%
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Industrial Development - Utility
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| 0.46%
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Senior Living
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| 0.26%
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Industrial Development - Industry
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| 0.19%
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SUBTOTAL
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| 59.63%
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Tax Supported
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Special Tax
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| 16.68%
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State G.O.
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| 7.71%
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Local G.O.
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| 2.46%
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Tax-Supported State Lease
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| 2.44%
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Assessment District
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| 2.06%
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SUBTOTAL
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| 31.35%
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Prerefunded/ETM
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| 8.26%
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Asset-Backed
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Housing - Multi-Family
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| 0.49%
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SUBTOTAL
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| 0.49%
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Commercial Mortgage-Backed Securities
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| 0.17%
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Cash Equivalents
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Investment Companies
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| 0.10%
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SUBTOTAL
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| 0.10%
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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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| 12.09%
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New York
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| 11.28%
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Illinois
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| 11.09%
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New Jersey
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| 8.30%
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Pennsylvania
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| 7.72%
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Florida
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| 4.81%
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Connecticut
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| 4.59%
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Michigan
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| 3.77%
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Texas
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| 3.51%
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South Carolina
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| 3.09%
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Wisconsin
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| 2.92%
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Alabama
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| 2.45%
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Nebraska
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| 2.11%
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Ohio
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| 2.06%
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Colorado
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| 1.82%
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Oklahoma
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| 1.80%
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Georgia
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| 1.63%
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North Carolina
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| 1.60%
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Minnesota
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| 1.52%
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Tennessee
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| 1.39%
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Arizona
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| 1.29%
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Utah
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| 1.21%
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Maryland
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| 1.08%
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District of Columbia
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| 0.94%
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Kansas
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| 0.87%
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Guam
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| 0.83%
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Kentucky
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| 0.80%
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West Virginia
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| 0.67%
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Puerto Rico
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| 0.54%
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Massachusetts
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| 0.53%
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Hawaii
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| 0.41%
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Arkansas
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| 0.32%
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Indiana
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| 0.19%
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Iowa
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| 0.19%
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Louisiana
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| 0.18%
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Washington
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| 0.17%
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New Hampshire
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| 0.13%
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Other
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| 0.10%
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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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| 4.49%
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AA
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| 30.56%
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A
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| 33.09%
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BBB
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| 20.19%
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BB
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| 2.23%
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D
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| 0.28%
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Not Rated
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| 0.80%
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Pre-refunded Bonds
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| 8.26%
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Short-Term Investments
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| 0.10%
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Total Investments
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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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| 0.32%
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1 to 5 years
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| 1.43%
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5 to 10 years
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| 22.33%
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10 to 20 years
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| 32.03%
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20 to 30 years
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| 37.28%
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More Than 30 years
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| 6.61%
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Other
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| 0.00%
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Total Investments
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| 100.00%
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Portfolio Statistics:
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AMT Percent:
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| 9.89%
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Average Coupon:
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| 4.97%
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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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| 0.34%
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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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| 3.96%
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Variable Rate MuniFund Term Preferred Shares (VMTPs):
| 35.02%
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Total Fund Leverage:
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| 39.32%*
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Average Effective Maturity:
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| 4.67 Years
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Effective Duration:
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| 4.21 Years
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Total Net Assets:
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| $440.71 Million**
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Common Stock Net Asset Value:
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| $15.26
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Number of Holdings:
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| 181
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Portfolio Turnover:
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| 5%
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* The total percentage of leverage constitutes 3.96% through the use of tender option bonds, 35.02% in issued and outstanding VMTPs and 0.340% 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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