AllianceBernstein National Municipal Income Fund RELEASES MONTHLY PORTFOLIO UPDATE

Top 10 Fixed-Income Holdings

Portfolio %

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

2.49%

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

2.12%

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

2.08%

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

1.75%

5) Wisconsin Public Finance Authority(CHF - Wilmington LLC)  AGM  Series 2018  5.00%, 7/01/58

1.70%

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

1.60%

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

1.56%

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

1.51%

9) Metropolitan Pier & Exposition Authority    Series 2020  5.00%, 6/15/50

1.50%

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

22.12%

Airport

7.78%

Revenue - Miscellaneous

5.99%

Toll Roads/Transit

5.76%

Electric Utility

5.25%

Prepay Energy

2.72%

Water & Sewer

2.14%

Higher Education - Private

1.69%

Tobacco Securitization

1.51%

Primary/Secondary Ed. - Public

1.09%

Higher Education - Public

1.01%

Port

0.69%

Industrial Development - Utility

0.46%

Senior Living

0.26%

Industrial Development - Industry

0.19%

SUBTOTAL

58.66%

Tax Supported

Special Tax

17.47%

State G.O.

7.72%

Local G.O.

2.48%

Tax-Supported State Lease

2.44%

Assessment District

2.08%

Tax-Supported Local Lease

0.55%

SUBTOTAL

32.74%

Prerefunded/ETM

7.79%

Asset-Backed

Housing - Multi-Family

0.66%

SUBTOTAL

0.66%

Cash Equivalents

Investment Companies

0.15%

SUBTOTAL

0.15%

Total

100.00%

State Breakdown

Portfolio %

California

12.18%

New York

11.36%

Illinois

11.06%

New Jersey

8.33%

Pennsylvania

7.72%

Connecticut

5.36%

Florida

4.81%

Michigan

3.81%

Texas

3.53%

South Carolina

3.10%

Wisconsin

2.90%

Alabama

2.44%

Nebraska

2.08%

Colorado

1.81%

Oklahoma

1.80%

Georgia

1.62%

North Carolina

1.60%

Minnesota

1.51%

Tennessee

1.39%

Arizona

1.29%

Utah

1.20%

Maryland

1.09%

Ohio

1.06%

District of Columbia

0.95%

Kansas

0.87%

Guam

0.84%

Kentucky

0.81%

West Virginia

0.67%

Massachusetts

0.53%

Puerto Rico

0.53%

Hawaii

0.41%

Arkansas

0.33%

Indiana

0.19%

Iowa

0.19%

Louisiana

0.18%

Washington

0.17%

New Hampshire

0.13%

Other

0.15%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

4.54%

AA

31.44%

A

32.66%

BBB

20.11%

BB

2.24%

D

0.28%

Not Rated

0.79%

Pre-refunded Bonds

7.79%

Short-Term Investments

0.15%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.15%

1 to 5 years

1.67%

5 to 10 years

21.80%

10 to 20 years

32.76%

20 to 30 years

37.08%

More Than 30 years

6.54%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.87%

Average Coupon:

4.95%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.34%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.97%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.17%

Total Fund Leverage:

39.48%*

Average Effective Maturity:

4.68  Years

Effective Duration:

4.26  Years

Total Net Assets:

$438.68 Million**

Common Stock Net Asset Value:

$15.26

Number of Holdings:

181

Portfolio Turnover:

6%

* The total percentage of leverage constitutes 3.97% through the use of tender option bonds, 35.17%  in issued and outstanding VMTPs and 0.340% 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.