AFB AllianceBernstein National Municipal Income Fund Inc

AB National Municipal Income Fund

Top 10 Fixed-Income Holdings

Portfolio %

1) Metropolitan Transportation Authority Series 2016-2 5.25%, 11/15/35

2.41 %

2) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 01/01/29

2.22 %

3) Central Plains Energy Project Series 2017-A 5.00%, 09/01/42

1.79 %

4) Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/46

1.74 %

5) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58

1.67 %

6) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48

1.65 %

7) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62

1.64 %

8) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30

1.63 %

9) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/46

1.50 %

10) Miami Beach Health Facilities Authority Series 2014 5.00%, 11/15/39

1.50 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

21.16 %

Airport

7.71 %

Toll Roads/Transit

7.70 %

Revenue - Miscellaneous

5.61 %

Electric Utility

5.28 %

Higher Education - Private

2.80 %

Prepay Energy

2.62 %

Industrial Development - Industry

2.61 %

Tobacco Securitization

2.32 %

Water & Sewer

2.22 %

Primary/Secondary Ed. - Public

1.41 %

Port

0.69 %

Industrial Development - Utility

0.49 %

Higher Education - Public

0.47 %

Senior Living

0.23 %

SUBTOTAL

63.32 %

Tax Supported

Special Tax

13.73 %

State G.O.

7.82 %

Assessment District

2.15 %

Local G.O.

1.86 %

State Lease

1.12 %

SUBTOTAL

26.68 %

Prerefunded/ETM

9.20 %

Asset-Backed

Housing - Multi-Family

0.46 %

SUBTOTAL

0.46 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.20 %

SUBTOTAL

0.20 %

Commercial Mortgage-Backed Securities

0.14 %

Total

100.00 %

State Breakdown

Portfolio %

California

11.21 %

Illinois

11.07 %

New York

9.22 %

Pennsylvania

7.68 %

New Jersey

7.62 %

Wisconsin

5.18 %

Florida

5.16 %

Connecticut

4.78 %

Texas

3.97 %

South Carolina

3.01 %

Michigan

2.92 %

Alabama

2.43 %

North Carolina

1.95 %

Ohio

1.86 %

Colorado

1.81 %

Nebraska

1.79 %

Georgia

1.76 %

Oklahoma

1.73 %

Minnesota

1.47 %

Tennessee

1.43 %

Arizona

1.42 %

Utah

1.17 %

Maryland

1.08 %

Virginia

1.06 %

District of Columbia

0.98 %

Kentucky

0.84 %

Iowa

0.83 %

Kansas

0.83 %

Indiana

0.67 %

West Virginia

0.64 %

Massachusetts

0.53 %

Puerto Rico

0.52 %

Hawaii

0.41 %

Arkansas

0.32 %

Louisiana

0.18 %

Washington

0.14 %

New Hampshire

0.13 %

Other

0.20 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

4.66 %

AA

27.78 %

A

34.04 %

BBB

20.31 %

BB

2.85 %

D

0.21 %

Not Rated

0.75 %

Pre-refunded Bonds

9.20 %

Short Term Investments

0.20 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

4.32 %

1 To 5 Years

5.95 %

5 To 10 Years

16.08 %

10 To 20 Years

29.46 %

20 To 30 Years

35.76 %

More than 30 Years

8.43 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

10.87 %

Average Coupon:

4.79 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

1.29 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

4.37 %

VMTP Shares:

38.70 %

Total Fund Leverage:

44.36%*

Average Maturity:

    6.64 Years

Effective Duration:

    5.36 Years

Total Net Assets:

$377.05 Million**

Common Stock Net Asset Value:

$13.12

Total Number of Holdings:

187

Portfolio Turnover:

5.00 %

* 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.

** 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.