AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

1) Metropolitan Transportation Authority  (Metropolitan Transportation Authority Ded Tax)  Series 2016A  0.052%, 11/15/35

2.47%

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

2.21%

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

2.07%

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

1.99%

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

1.75%

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

1.69%

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

1.63%

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

1.52%

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

1.47%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

19.75%

Airport

8.11%

Toll Roads/Transit

6.96%

Electric Utility

4.86%

Revenue - Miscellaneous

4.70%

Water & Sewer

2.99%

Prepay Energy

2.75%

Tobacco Securitization

1.52%

Higher Education - Public

1.07%

Higher Education - Private

0.75%

Port

0.71%

Industrial Development - Utility

0.47%

Primary/Secondary Ed. - Public

0.27%

Senior Living

0.24%

Industrial Development - Industry

0.18%

SUBTOTAL

55.33%

Tax Supported

Special Tax

17.90%

State G.O.

7.71%

Local G.O.

3.30%

Tax-Supported State Lease

2.37%

Assessment District

2.12%

Tax-Supported Local Lease

0.56%

SUBTOTAL

33.96%

Prerefunded/ETM

7.82%

Cash Equivalents

Investment Companies

1.80%

SUBTOTAL

1.80%

Insured/Guaranteed

Guaranteed

0.78%

SUBTOTAL

0.78%

Collateralized Mortgage Obligations

0.31%

Total

100.00%

State Breakdown

Portfolio %

New York

11.47%

California

10.66%

Illinois

10.00%

Pennsylvania

7.81%

New Jersey

7.71%

Connecticut

5.54%

Florida

5.44%

Texas

4.65%

Michigan

3.88%

South Carolina

3.12%

Alabama

2.46%

Massachusetts

2.39%

Nebraska

2.07%

Colorado

1.85%

Oklahoma

1.79%

Wisconsin

1.69%

North Carolina

1.60%

Minnesota

1.50%

Tennessee

1.30%

Utah

1.20%

Georgia

1.10%

Maryland

1.07%

Ohio

1.03%

District of Columbia

0.99%

Guam

0.86%

Kansas

0.86%

Kentucky

0.83%

Arizona

0.67%

West Virginia

0.66%

Puerto Rico

0.50%

Hawaii

0.41%

Arkansas

0.32%

Indiana

0.19%

Iowa

0.18%

Louisiana

0.17%

New Hampshire

0.13%

Oregon

0.10%

Other

1.80%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

5.60%

AA

27.83%

A

36.97%

BBB

17.28%

BB

1.69%

D

0.27%

Not Rated

0.74%

Pre-refunded Bonds

7.82%

Short-Term Investments

1.80%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.80%

1 to 5 years

1.05%

5 to 10 years

20.87%

10 to 20 years

37.93%

20 to 30 years

33.81%

More Than 30 years

4.54%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.23%

Average Coupon:

5.00%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.96%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.02%

Total Fund Leverage:

38.98%*

Average Effective Maturity:

5.22  Years

Effective Duration:

4.64  Years

Total Net Assets:

$438.63 Million**

Common Stock Net Asset Value:

$15.26

Number of Holdings:

168

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 3.96% through the use of tender option bonds, 35.02%  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.

** 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.