AB National Municipal Income Fund Releases Monthly Portfolio Update

AB National Municipal Income Fund

Top 10 Fixed-Income Holdings

Portfolio %

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

2.44%

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

2.11%

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

1.90%

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

1.73%

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

1.68%

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

1.58%

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

1.55%

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

1.50%

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

1.49%

10) Metropolitan Pier & Exposition Authority Series 2020 5.00%, 06/15/50

1.44%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

21.85%

Toll Roads/Transit

7.64%

Airport

7.62%

Revenue - Miscellaneous

5.85%

Electric Utility

5.22%

Prepay Energy

2.71%

Tobacco Securitization

2.38%

Higher Education - Private

2.15%

Water & Sewer

2.13%

Higher Education - Public

1.01%

Primary/Secondary Ed. - Public

0.99%

Port

0.68%

Industrial Development - Utility

0.46%

Industrial Development - Industry

0.34%

Senior Living

0.25%

SUBTOTAL

61.28%

Tax Supported

Special Tax

14.70%

State G.O.

7.64%

Local G.O.

2.76%

Assessment District

2.06%

State Lease

1.12%

SUBTOTAL

28.28%

Prerefunded/ETM

9.59%

Asset-Backed

Housing - Multi-Family

0.47%

SUBTOTAL

0.47%

Cash & Cash Equivalents

Funds and Investment Trusts

0.23%

SUBTOTAL

0.23%

Commercial Mortgage-Backed Securities

0.15%

Total

100.00%

State Breakdown

Portfolio %

California

12.09%

Illinois

11.11%

New York

10.23%

New Jersey

8.23%

Pennsylvania

7.58%

Florida

4.73%

Connecticut

4.61%

Texas

3.96%

Michigan

3.70%

Wisconsin

3.37%

South Carolina

3.06%

Alabama

2.41%

North Carolina

1.99%

Ohio

1.94%

Nebraska

1.90%

Colorado

1.79%

Georgia

1.78%

Oklahoma

1.76%

Minnesota

1.50%

Arizona

1.43%

Tennessee

1.39%

Utah

1.17%

Maryland

1.09%

Virginia

1.07%

District of Columbia

0.94%

Kansas

0.86%

Kentucky

0.80%

West Virginia

0.66%

Massachusetts

0.53%

Puerto Rico

0.53%

Hawaii

0.40%

Arkansas

0.32%

Indiana

0.19%

Iowa

0.19%

Louisiana

0.18%

Washington

0.15%

New Hampshire

0.13%

Other

0.23%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

4.49%

AA

30.23%

A

32.06%

BBB

20.09%

BB

2.33%

D

0.19%

Not Rated

0.79%

Pre-refunded Bonds

9.59%

Short Term Investments

0.23%

Total

100.00%

Bonds by Maturity

Portfolio %

Less than 1 Year

3.82%

1 To 5 Years

7.57%

5 To 10 Years

15.54%

10 To 20 Years

30.57%

20 To 30 Years

35.75%

More than 30 Years

6.75%

Other

0.00%

Total Net Assets

100.00%

Portfolio Statistics:

AMT Percent:

10.06%

Average Coupon:

4.97%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.56%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

4.10%

VMTP Shares:

36.29%

Total Fund Leverage:

41.95%*

Average Maturity:

    5.50 Years

Effective Duration:

    4.81 Years

Total Net Assets:

$415.08 Million**

Common Stock Net Asset Value:

$14.44

Total Number of Holdings:

188

Portfolio Turnover:

5.00%

* The total percentage of leverage constitutes 4.10% through the use of tender option bonds, 36.29%  in issued and outstanding VMTPs and 1.56% 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.