AB National Municipal Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

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

2.42%

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

2.20%

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

1.71%

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

1.70%

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

1.64%

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

1.63%

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

1.61%

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

1.57%

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

1.50%

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

1.48%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

21.14%

Airport

7.61%

Toll Roads/Transit

7.56%

Revenue - Miscellaneous

5.56%

Electric Utility

5.19%

Industrial Development - Industry

2.70%

Prepay Energy

2.53%

Higher Education - Private

2.29%

Tobacco Securitization

2.25%

Water & Sewer

2.20%

Primary/Secondary Ed. - Public

1.37%

Higher Education - Public

1.06%

Port

0.68%

Industrial Development - Utility

0.49%

Senior Living

0.23%

SUBTOTAL

62.86%

Tax Supported

Special Tax

13.54%

State G.O.

7.73%

Assessment District

2.12%

Local G.O.

1.98%

State Lease

1.10%

SUBTOTAL

26.47%

Prerefunded/ETM

9.08%

Cash & Cash Equivalents

Funds and Investment Trusts

0.99%

SUBTOTAL

0.99%

Asset-Backed

Housing - Multi-Family

0.46%

SUBTOTAL

0.46%

Commercial Mortgage-Backed Securities

0.14%

Total

100.00%

State Breakdown

Portfolio %

California

11.69%

Illinois

10.93%

New York

9.14%

Pennsylvania

7.69%

New Jersey

7.51%

Florida

5.06%

Wisconsin

5.00%

Connecticut

4.74%

Texas

3.91%

Michigan

3.05%

South Carolina

2.98%

Alabama

2.38%

North Carolina

1.95%

Colorado

1.81%

Ohio

1.79%

Georgia

1.72%

Nebraska

1.71%

Oklahoma

1.71%

Minnesota

1.48%

Tennessee

1.41%

Arizona

1.40%

Utah

1.15%

Maryland

1.11%

Iowa

0.99%

Virginia

0.99%

District of Columbia

0.97%

Kansas

0.85%

Kentucky

0.83%

West Virginia

0.64%

Massachusetts

0.53%

Puerto Rico

0.52%

Hawaii

0.40%

Arkansas

0.33%

Indiana

0.20%

Louisiana

0.17%

Washington

0.14%

New Hampshire

0.13%

Other

0.99%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

4.60%

AA

28.12%

A

32.43%

BBB

21.50%

BB

2.33%

D

0.20%

Not Rated

0.75%

Pre-refunded Bonds

9.08%

Short Term Investments

0.99%

Total

100.00%

Bonds by Maturity

Portfolio %

Less than 1 Year

4.39%

1 To 5 Years

6.55%

5 To 10 Years

16.66%

10 To 20 Years

29.13%

20 To 30 Years

35.45%

More than 30 Years

7.82%

Other

0.00%

Total Net Assets

100.00%

Portfolio Statistics:

AMT Percent:

9.23%

Average Coupon:

4.88%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

2.87%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

4.40%

VMTP Shares:

38.98%

Total Fund Leverage:

46.25%*

Average Maturity:

    6.74 Years

Effective Duration:

    5.44 Years

Total Net Assets:

$373.22 Million**

Common Stock Net Asset Value:

$12.98

Total Number of Holdings:

189

Portfolio Turnover:

5.00%

* The total percentage of leverage constitutes 4.40% through the use of tender option bonds, 38.98%  in issued and outstanding VMTPs and 2.87% 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.