NEW YORK, June 27, 2022 /PRNewswire/ -- AB National Municipal Income Fund [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of May 31, 2022.
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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2.41 %
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2) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 01/01/29
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2.22 %
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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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1.74 %
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5) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58
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1.67 %
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6) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48
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1.65 %
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7) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62
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1.64 %
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8) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30
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1.63 %
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9) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/46
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1.50 %
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10) Miami Beach Health Facilities Authority Series 2014 5.00%, 11/15/39
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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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21.16 %
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Airport
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7.71 %
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Toll Roads/Transit
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7.70 %
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Revenue - Miscellaneous
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5.61 %
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Electric Utility
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5.28 %
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Higher Education - Private
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2.80 %
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Prepay Energy
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2.62 %
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Industrial Development - Industry
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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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2.22 %
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Primary/Secondary Ed. - Public
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1.41 %
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Port
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0.69 %
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Industrial Development - Utility
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0.49 %
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Higher Education - Public
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0.47 %
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Senior Living
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0.23 %
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SUBTOTAL
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63.32 %
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Tax Supported
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Special Tax
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13.73 %
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State G.O.
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7.82 %
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Assessment District
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2.15 %
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Local G.O.
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1.86 %
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State Lease
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1.12 %
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SUBTOTAL
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26.68 %
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Prerefunded/ETM
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9.20 %
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Asset-Backed
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Housing - Multi-Family
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0.46 %
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SUBTOTAL
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0.46 %
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Cash & Cash Equivalents
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Funds and Investment Trusts
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0.20 %
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SUBTOTAL
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0.20 %
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Commercial Mortgage-Backed Securities
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0.14 %
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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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11.21 %
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Illinois
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11.07 %
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New York
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9.22 %
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Pennsylvania
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7.68 %
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New Jersey
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7.62 %
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Wisconsin
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5.18 %
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Florida
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5.16 %
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Connecticut
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4.78 %
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Texas
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3.97 %
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South Carolina
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3.01 %
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Michigan
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2.92 %
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Alabama
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2.43 %
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North Carolina
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1.95 %
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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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1.76 %
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Oklahoma
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1.73 %
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Minnesota
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1.47 %
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Tennessee
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1.43 %
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Arizona
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1.42 %
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Utah
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1.17 %
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Maryland
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1.08 %
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Virginia
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1.06 %
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District of Columbia
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0.98 %
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Kentucky
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0.84 %
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Iowa
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0.83 %
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Kansas
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0.83 %
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Indiana
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0.67 %
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West Virginia
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0.64 %
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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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0.32 %
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Louisiana
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0.18 %
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Washington
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0.14 %
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New Hampshire
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0.13 %
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Other
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0.20 %
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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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4.66 %
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AA
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27.78 %
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A
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34.04 %
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BBB
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20.31 %
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BB
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2.85 %
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D
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0.21 %
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Not Rated
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0.75 %
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Pre-refunded Bonds
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9.20 %
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Short Term Investments
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0.20 %
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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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4.32 %
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1 To 5 Years
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5.95 %
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5 To 10 Years
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16.08 %
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10 To 20 Years
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29.46 %
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20 To 30 Years
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35.76 %
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More than 30 Years
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8.43 %
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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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10.87 %
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Average Coupon:
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4.79 %
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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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1.29 %
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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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4.37 %
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VMTP Shares:
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38.70 %
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Total Fund Leverage:
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44.36%*
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Average Maturity:
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6.64 Years
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Effective Duration:
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5.36 Years
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Total Net Assets:
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$377.05 Million**
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Common Stock Net Asset Value:
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$13.12
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Total Number of Holdings:
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187
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Portfolio Turnover:
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5.00 %
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* The total percentage of leverage constitutes 4.37% through the use of tender option bonds, 38.70% in issued and outstanding VMTPs and 1.29% 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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View original content:https://www.prnewswire.com/news-releases/ab-national-municipal-income-fund-releases-monthly-portfolio-update-301576140.html
SOURCE AB National Municipal Income Fund