AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

1) Metropolitan Transportation Authority  (Metropolitan Transportation Authority Ded Tax)  Series 2016A  5.25%, 11/15/35 2.55%

2.55%

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

2.25%

3) Massachusetts School Building Authority  (Massachusetts School Building Authority Sales Tax)  Series 2011B  5.00%, 10/15/32

2.07%

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

1.86%

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

1.70%

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

1.68%

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

1.64%

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

1.60%

9) Miami Beach Health Facilities Authority  (Mount Sinai Medical Center of Florida, Inc.)  Series 2014  5.00%, 11/15/39

1.51%

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

1.46%

Top 10 Fixed-Income Holdings

Portfolio %

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

2.55%

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

2.25%

3) Massachusetts School Building Authority  (Massachusetts School Building Authority Sales Tax)  Series 2011B  5.00%, 10/15/32

2.07%

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

1.86%

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

1.70%

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

1.68%

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

1.64%

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

1.60%

9) Miami Beach Health Facilities Authority  (Mount Sinai Medical Center of Florida, Inc.)  Series 2014  5.00%, 11/15/39

1.51%

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

1.46%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

17.38%

Airport

9.74%

Toll Roads/Transit

7.42%

Electric Utility

4.70%

Revenue - Miscellaneous

4.58%

Water & Sewer

3.07%

Prepay Energy

2.55%

Higher Education - Public

1.78%

Port

1.51%

Tobacco Securitization

1.46%

Industrial Development - Utility

1.06%

Higher Education - Private

0.59%

Primary/Secondary Ed. - Public

0.27%

Senior Living

0.26%

Industrial Development - Industry

0.19%

SUBTOTAL

56.56%

Tax Supported

Special Tax

17.90%

State G.O.

6.64%

Local G.O.

3.37%

Tax-Supported State Lease

3.02%

Assessment District

2.09%

Tax-Supported Local Lease

0.80%

SUBTOTAL

33.82%

Prerefunded/ETM

8.83%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Total

100.00%

State Breakdown

Portfolio %

California

12.54%

New York

11.89%

Pennsylvania

7.85%

Illinois

7.41%

New Jersey

7.06%

Michigan

6.97%

Texas

6.16%

Connecticut

5.42%

Florida

4.28%

South Carolina

3.05%

Massachusetts

2.47%

Alabama

2.38%

Nebraska

1.86%

Wisconsin

1.64%

North Carolina

1.58%

Minnesota

1.47%

Oklahoma

1.47%

Washington

1.35%

Tennessee

1.21%

Utah

1.19%

Hawaii

1.18%

Colorado

1.12%

Maryland

1.10%

District of Columbia

1.00%

Georgia

0.92%

Ohio

0.90%

Kansas

0.85%

Kentucky

0.83%

Oregon

0.79%

Arizona

0.69%

West Virginia

0.65%

Arkansas

0.33%

Indiana

0.20%

Iowa

0.19%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

8.14%

AA

32.72%

A

35.84%

BBB

12.68%

BB

0.49%

B

0.46%

D

0.00%

Not Rated

0.84%

Pre-refunded Bonds

8.83%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.00%

1 to 5 years

1.74%

5 to 10 years

14.72%

10 to 20 years

43.77%

20 to 30 years

35.60%

More Than 30 years

4.17%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.27%

Average Coupon:

5.14%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

0.43%

Tender Option Bonds:

4.05%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.50%

Total Fund Leverage:

39.98%*

Average Effective Maturity:

5.68  Years

Effective Duration:

4.94  Years

Total Net Assets:

$426.86 Million**

Common Stock Net Asset Value:

$14.75

Number of Holdings:

158

Portfolio Turnover:

22%

* The total percentage of leverage constitutes 4.05% through the use of tender option bonds, 0.430% in issued and outstanding APS,35.50%  in issued and outstanding VMTPs and 0.00% 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.

** Includes $2,750,000 of APS at liquidation value.The Fund also had outstanding $229,375,000 of VMTPs at liquidation value, which is not included in Total Net Assets because it is treated as a liability for financial reporting purposes.