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

2.43%

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

2.16%

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

1.73%

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

1.65%

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

1.61%

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

1.59%

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

1.43%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

21.51%

Airport

7.65%

Toll Roads/Transit

7.63%

Revenue - Miscellaneous

5.70%

Electric Utility

5.24%

Prepay Energy

2.61%

Tobacco Securitization

2.32%

Water & Sewer

2.17%

Higher Education - Private

2.08%

Higher Education - Public

1.04%

Primary/Secondary Ed. - Public

0.98%

Port

0.68%

Industrial Development - Utility

0.48%

Industrial Development - Industry

0.35%

Senior Living

0.24%

SUBTOTAL

60.68%

Tax Supported

Special Tax

14.63%

State G.O.

7.74%

Local G.O.

2.77%

Assessment District

2.09%

State Lease

1.12%

SUBTOTAL

28.35%

Prerefunded/ETM

10.23%

Asset-Backed

Housing - Multi-Family

0.47%

SUBTOTAL

0.47%

Commercial Mortgage-Backed Securities

0.15%

Cash & Cash Equivalents

Funds and Investment Trusts

0.12%

SUBTOTAL

0.12%

Total

100.00%

State Breakdown

Portfolio %

California

12.17%

Illinois

11.08%

New York

10.16%

New Jersey

8.32%

Pennsylvania

7.77%

Connecticut

4.70%

Florida

4.69%

Texas

3.93%

Michigan

3.78%

Wisconsin

3.26%

South Carolina

3.04%

Alabama

2.42%

North Carolina

1.98%

Ohio

1.86%

Colorado

1.81%

Nebraska

1.79%

Georgia

1.77%

Oklahoma

1.75%

Minnesota

1.50%

Arizona

1.43%

Tennessee

1.41%

Utah

1.16%

Maryland

1.10%

Virginia

1.05%

District of Columbia

0.96%

Kansas

0.86%

Kentucky

0.82%

West Virginia

0.66%

Massachusetts

0.53%

Puerto Rico

0.52%

Hawaii

0.41%

Arkansas

0.33%

Indiana

0.20%

Iowa

0.20%

Louisiana

0.18%

Washington

0.15%

New Hampshire

0.13%

Other

0.12%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

4.56%

AA

30.14%

A

32.75%

BBB

18.79%

BB

2.44%

D

0.20%

Not Rated

0.77%

Pre-refunded Bonds

10.23%

Short Term Investments

0.12%

Total

100.00%

Bonds by Maturity

Portfolio %

Less than 1 Year

3.81%

1 To 5 Years

8.16%

5 To 10 Years

17.49%

10 To 20 Years

29.41%

20 To 30 Years

34.61%

More than 30 Years

6.52%

Other

0.00%

Total Net Assets

100.00%

Portfolio Statistics:

AMT Percent:

10.18%

Average Coupon:

4.90%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.61%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

4.25%

VMTP Shares:

37.62%

Total Fund Leverage:

43.48%*

Average Maturity:

    5.81 Years

Effective Duration:

    4.94 Years

Total Net Assets:

$393.53 Million**

Common Stock Net Asset Value:

$13.69

Total Number of Holdings:

189

Portfolio Turnover:

5.00%

* The total percentage of leverage constitutes 4.25% through the use of tender option bonds, 37.62%  in issued and outstanding VMTPs and 1.61% 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.