AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

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

2.45 %

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

2.25 %

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

1.73 %

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

1.70 %

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

1.67 %

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

1.66 %

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

1.65 %

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

1.61 %

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

1.51 %

10) Virginia Small Business Financing Authority Series 2022 3.00%, 01/01/41

1.49 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

21.76 %

Toll Roads/Transit

8.38 %

Airport

7.70 %

Revenue - Miscellaneous

5.68 %

Electric Utility

5.25 %

Higher Education - Private

2.84 %

Tobacco Securitization

2.70 %

Industrial Development - Industry

2.55 %

Prepay Energy

2.54 %

Water & Sewer

2.25 %

Primary/Secondary Ed. - Public

1.34 %

Port

0.69 %

Industrial Development - Utility

0.49 %

Higher Education - Public

0.47 %

Senior Living

0.22 %

SUBTOTAL

64.86 %

Tax Supported

Special Tax

15.91 %

State G.O.

7.89 %

Local G.O.

1.83 %

State Lease

1.11 %

SUBTOTAL

26.74 %

Prerefunded/ETM

7.04 %

Asset-Backed

Housing - Multi-Family

0.61 %

SUBTOTAL

0.61 %

Commercial Mortgage-Backed Securities

0.45 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.30 %

SUBTOTAL

0.30 %

Total

100.00 %

State Breakdown

Portfolio %

California

11.24 %

Illinois

11.01 %

New York

8.41 %

Pennsylvania

7.61 %

New Jersey

6.10 %

Wisconsin

5.92 %

Florida

5.24 %

Connecticut

4.82 %

Texas

3.95 %

South Carolina

2.98 %

Michigan

2.96 %

Alabama

2.42 %

Virginia

2.20 %

Ohio

2.10 %

North Carolina

1.95 %

Colorado

1.81 %

Georgia

1.73 %

Oklahoma

1.71 %

Nebraska

1.70 %

Minnesota

1.45 %

Tennessee

1.43 %

Arizona

1.38 %

Utah

1.16 %

Maryland

1.09 %

District of Columbia

0.99 %

Iowa

0.95 %

Kentucky

0.85 %

Kansas

0.83 %

Indiana

0.66 %

West Virginia

0.64 %

New Hampshire

0.58 %

Puerto Rico

0.51 %

Hawaii

0.41 %

Arkansas

0.33 %

Louisiana

0.18 %

Washington

0.14 %

Massachusetts

0.13 %

South Dakota

0.13 %

Other

0.30 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

4.70 %

AA

28.11 %

A

33.80 %

BBB

22.35 %

BB

2.76 %

D

0.21 %

Not Rated

0.73 %

Pre-refunded Bonds

7.04 %

Short Term Investments

0.30 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

2.21 %

1 To 5 Years

6.03 %

5 To 10 Years

15.79 %

10 To 20 Years

30.51 %

20 To 30 Years

37.31 %

More than 30 Years

8.15 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

11.62 %

Average Coupon:

4.81 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

1.86 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

4.47 %

VMTP Shares:

39.61 %

Total Fund Leverage:

45.94%*

Average Maturity:

    7.24 Years

Effective Duration:

    5.69 Years

Total Net Assets:

$362.58 Million**

Common Stock Net Asset Value:

$12.61

Total Number of Holdings:

190

Portfolio Turnover:

5.00 %

* The total percentage of leverage constitutes 4.47% through the use of tender option bonds, 39.61%  in issued and outstanding
VMTPs and 1.86% 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.