Fund Description: AllianceBernstein National Municipal Income Fund, Inc., formerly the Alliance National Municipal Income Fund Inc., is an exchange-traded closed-end fund or a closed-end ETF which is officially described in its prospectus as a non-diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: The Fund's investment objective is to seek to provide high current income exempt from regular federal income tax. <p> FUND STRATEGY: The Fund will normally invest at least 80% of its net assets in municipal bonds paying interest that is exempt from regular federal income tax. The Fund also normally will invest at least 75% of its net assets in investment grade municipal bonds (i.e. rated Baa or BBB or higher) or unrated municipal bonds considered to be of comparable quality as determined by the Fund's investment adviser. The Fund may invest up to 25% of its net assets in municipal bonds rated below investment grade and unrated municipal bonds considered to be of comparable quality as determined by the Fund's investment adviser. The Fund intends to invest primarily in municipal bonds that pay interest that is not subject to the federal alternative minimum tax, but may invest without limit in municipal bonds paying interest that is subject to the federal alternative minimum tax. <p> FUND MANAGEMENT: The Fund's Advisor is AllianceBernstein L.P. and the Fund is managed by AllianceBernstein Investor Services Inc., a subsidiary of AllianceBernstein Holding L.P. (NYSE: AB).