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

2.56%

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

2.22%

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

2.01%

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

1.98%

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

1.71%

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

1.68%

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

1.64%

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

1.61%

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

1.50%

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

1.47%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

18.40%

Airport

8.84%

Toll Roads/Transit

7.33%

Revenue - Miscellaneous

4.94%

Electric Utility

4.83%

Water & Sewer

3.00%

Prepay Energy

2.65%

Higher Education - Public

1.73%

Port

1.51%

Tobacco Securitization

1.47%

Industrial Development - Utility

1.02%

Higher Education - Private

0.59%

Senior Living

0.27%

Primary/Secondary Ed. - Public

0.27%

Industrial Development - Industry

0.19%

SUBTOTAL

57.04%

Tax Supported

Special Tax

18.99%

State G.O.

6.60%

Local G.O.

3.69%

Tax-Supported State Lease

2.38%

Assessment District

2.09%

Tax-Supported Local Lease

0.58%

SUBTOTAL

34.33%

Prerefunded/ETM

6.98%

Cash Equivalents

Investment Companies

0.87%

SUBTOTAL

0.87%

Insured/Guaranteed

Guaranteed

0.78%

SUBTOTAL

0.78%

Total

100.00%

State Breakdown

Portfolio %

New York

11.68%

California

10.53%

Pennsylvania

8.22%

New Jersey

7.73%

Illinois

7.66%

Michigan

6.81%

Connecticut

5.35%

Texas

4.93%

Florida

4.27%

South Carolina

3.06%

Massachusetts

2.41%

Alabama

2.40%

Nebraska

1.98%

Wisconsin

1.68%

North Carolina

1.60%

Tennessee

1.57%

Minnesota

1.49%

Oklahoma

1.47%

Colorado

1.25%

Utah

1.19%

Hawaii

1.15%

Maryland

1.11%

Georgia

1.10%

District of Columbia

0.98%

Ohio

0.92%

Guam

0.87%

Kansas

0.85%

Kentucky

0.84%

Oregon

0.76%

Arizona

0.67%

West Virginia

0.66%

Puerto Rico

0.48%

Washington

0.39%

Louisiana

0.36%

Arkansas

0.32%

Indiana

0.20%

Iowa

0.19%

Other

0.87%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.99%

AA

29.67%

A

38.25%

BBB

12.96%

BB

1.54%

B

0.19%

CC

0.26%

D

0.00%

Not Rated

1.29%

Pre-refunded Bonds

6.98%

Short-Term Investments

0.87%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.87%

1 to 5 years

0.94%

5 to 10 years

14.97%

10 to 20 years

43.33%

20 to 30 years

35.13%

More Than 30 years

4.76%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.32%

Average Coupon:

5.12%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.37%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.94%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.95%

Total Fund Leverage:

39.26%*

Average Effective Maturity:

5.57  Years

Effective Duration:

4.92  Years

Total Net Assets:

$439.14 Million**

Common Stock Net Asset Value:

$15.28

Number of Holdings:

171

Portfolio Turnover:

22%

* The total percentage of leverage constitutes 3.94% through the use of tender option bonds, 0.00% in issued and outstanding APS,34.95%  in issued and outstanding VMTPs and 0.370% 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.