AFB AllianceBernstein National Municipal Income Fund Inc

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Metropolitan Transportation Authority  (Metropolitan Transportation Authority Dedicated Tax Fund)  Series 2016-A  5.25%, 11/15/35

2.48%

2) Central Plains Energy Project  (Goldman Sachs Group, Inc. (The))  Series 2017-A  5.00%, 9/01/42

2.11%

3) State of Connecticut Special Tax Revenue    Series 2012-A  5.00%, 1/01/29

2.09%

4) Jefferson County Board of Education/AL    Series 2018  5.00%, 2/01/46

1.75%

5) Wisconsin Public Finance Authority(CHF - Wilmington LLC)  AGM  Series 2018  5.00%, 7/01/58

1.71%

6) Detroit Downtown Development Authority  AGM  Series 2018-A  5.00%, 7/01/48

1.58%

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

1.54%

8) Tobacco Settlement Financing Corp./NJ    Series 2018-A  5.00%, 6/01/46

1.52%

9) Metropolitan Pier & Exposition Authority    Series 2020  5.00%, 6/15/50

1.52%

10) California Statewide Communities Development Authority  (CHF-Irvine LLC)  Series 2021  3.00%, 5/15/54

1.50%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

22.12%

Airport

7.75%

Revenue - Miscellaneous

6.02%

Toll Roads/Transit

5.73%

Electric Utility

5.23%

Prepay Energy

2.75%

Tobacco Securitization

2.51%

Water & Sewer

2.11%

Higher Education - Private

1.71%

Primary/Secondary Ed. - Public

1.10%

Higher Education - Public

1.00%

Port

0.69%

Industrial Development - Utility

0.46%

Senior Living

0.26%

Industrial Development - Industry

0.19%

SUBTOTAL

59.63%

Tax Supported

Special Tax

16.68%

State G.O.

7.71%

Local G.O.

2.46%

Tax-Supported State Lease

2.44%

Assessment District

2.06%

SUBTOTAL

31.35%

Prerefunded/ETM

8.26%

Asset-Backed

Housing - Multi-Family

0.49%

SUBTOTAL

0.49%

Commercial Mortgage-Backed Securities

0.17%

Cash Equivalents

Investment Companies

0.10%

SUBTOTAL

0.10%

Total

100.00%

State Breakdown

Portfolio %

California

12.09%

New York

11.28%

Illinois

11.09%

New Jersey

8.30%

Pennsylvania

7.72%

Florida

4.81%

Connecticut

4.59%

Michigan

3.77%

Texas

3.51%

South Carolina

3.09%

Wisconsin

2.92%

Alabama

2.45%

Nebraska

2.11%

Ohio

2.06%

Colorado

1.82%

Oklahoma

1.80%

Georgia

1.63%

North Carolina

1.60%

Minnesota

1.52%

Tennessee

1.39%

Arizona

1.29%

Utah

1.21%

Maryland

1.08%

District of Columbia

0.94%

Kansas

0.87%

Guam

0.83%

Kentucky

0.80%

West Virginia

0.67%

Puerto Rico

0.54%

Massachusetts

0.53%

Hawaii

0.41%

Arkansas

0.32%

Indiana

0.19%

Iowa

0.19%

Louisiana

0.18%

Washington

0.17%

New Hampshire

0.13%

Other

0.10%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

4.49%

AA

30.56%

A

33.09%

BBB

20.19%

BB

2.23%

D

0.28%

Not Rated

0.80%

Pre-refunded Bonds

8.26%

Short-Term Investments

0.10%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.32%

1 to 5 years

1.43%

5 to 10 years

22.33%

10 to 20 years

32.03%

20 to 30 years

37.28%

More Than 30 years

6.61%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.89%

Average Coupon:

4.97%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.34%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.96%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.02%

Total Fund Leverage:

39.32%*

Average Effective Maturity:

4.67  Years

Effective Duration:

4.21  Years

Total Net Assets:

$440.71 Million**

Common Stock Net Asset Value:

$15.26

Number of Holdings:

181

Portfolio Turnover:

5%

* The total percentage of leverage constitutes 3.96% through the use of tender option bonds, 35.02%  in issued and outstanding VMTPs and 0.340% 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.