AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

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

2.52%

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

2.16%

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

1.99%

4) Massachusetts School Building Authority    Series 2011B  5.00%, 10/15/32 (Prerefunded/ETM)

1.95%

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

1.68%

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

1.65%

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

1.60%

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

1.57%

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

1.48%

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

1.47%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

19.61%

Airport

8.69%

Toll Roads/Transit

6.95%

Electric Utility

4.72%

Revenue - Miscellaneous

4.68%

Water & Sewer

2.92%

Prepay Energy

2.64%

Tobacco Securitization

1.47%

Higher Education - Public

1.04%

Industrial Development - Utility

0.99%

Higher Education - Private

0.75%

Port

0.68%

Senior Living

0.26%

Primary/Secondary Ed. - Public

0.26%

Industrial Development - Industry

0.19%

SUBTOTAL

55.85%

Tax Supported

Special Tax

18.10%

State G.O.

7.68%

Local G.O.

3.25%

Tax-Supported State Lease

2.37%

Assessment District

2.04%

Tax-Supported Local Lease

0.57%

SUBTOTAL

34.01%

Prerefunded/ETM

7.89%

Cash Equivalents

Investment Companies

1.15%

SUBTOTAL

1.15%

Insured/Guaranteed

Guaranteed

0.77%

SUBTOTAL

0.77%

Asset-Backed

Housing - Multi-Family

0.33%

SUBTOTAL

0.33%

Total

100.00%

State Breakdown

Portfolio %

New York

11.46%

California

10.45%

Illinois

10.07%

Pennsylvania

7.74%

New Jersey

7.62%

Connecticut

5.45%

Florida

5.34%

Texas

4.56%

Michigan

4.30%

South Carolina

3.04%

Alabama

2.36%

Massachusetts

2.34%

Nebraska

1.99%

Colorado

1.82%

Oklahoma

1.75%

Wisconsin

1.65%

North Carolina

1.58%

Minnesota

1.48%

Tennessee

1.36%

Utah

1.17%

Hawaii

1.12%

Georgia

1.08%

Maryland

1.08%

Ohio

1.02%

District of Columbia

0.96%

Guam

0.85%

Kansas

0.84%

Kentucky

0.81%

Oregon

0.74%

Arizona

0.66%

West Virginia

0.64%

Puerto Rico

0.51%

Arkansas

0.32%

Indiana

0.19%

Iowa

0.19%

Louisiana

0.17%

New Hampshire

0.14%

Other

1.15%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

5.85%

AA

29.51%

A

36.86%

BBB

15.48%

BB

1.52%

B

0.19%

D

0.26%

Not Rated

1.29%

Pre-refunded Bonds

7.89%

Short-Term Investments

1.15%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.15%

1 to 5 years

0.92%

5 to 10 years

16.53%

10 to 20 years

43.39%

20 to 30 years

32.03%

More Than 30 years

5.98%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.35%

Average Coupon:

5.10%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.60%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.88%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.39%

Total Fund Leverage:

39.87%*

Average Effective Maturity:

5.68  Years

Effective Duration:

5.04  Years

Total Net Assets:

$448.88 Million**

Common Stock Net Asset Value:

$15.62

Number of Holdings:

172

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 3.88% through the use of tender option bonds, 34.39%  in issued and outstanding VMTPs and 1.60% 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.