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

2.40%

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

2.07%

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

1.94%

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

1.70%

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

1.65%

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

1.55%

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

1.52%

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

1.46%

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

1.45%

10) California Statewide Communities Development Authority(CHF-Irvine LLC) BAM  Series 2021  3.00%, 5/15/54

1.44%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

21.51%

Airport

7.53%

Toll Roads/Transit

7.53%

Revenue - Miscellaneous

5.84%

Electric Utility

5.13%

Prepay Energy

2.72%

Tobacco Securitization

2.38%

Higher Education - Private

2.13%

Water & Sewer

2.08%

Higher Education - Public

0.99%

Primary/Secondary Ed. - Public

0.97%

Port

0.67%

Industrial Development - Utility

0.45%

Senior Living

0.25%

Industrial Development - Industry

0.19%

SUBTOTAL

60.37%

Tax Supported

Special Tax

15.42%

State G.O.

7.49%

Local G.O.

2.70%

Assessment District

2.02%

Tax-Supported State Lease

1.11%

SUBTOTAL

28.74%

Prerefunded/ETM

9.38%

Cash Equivalents

Investment Companies

0.90%

SUBTOTAL

0.90%

Asset-Backed

Housing - Multi-Family

0.46%

SUBTOTAL

0.46%

Commercial Mortgage-Backed Securities

0.15%

Total

100.00%

State Breakdown

Portfolio %

California

11.87%

New York

11.03%

Illinois

10.96%

New Jersey

8.06%

Pennsylvania

7.49%

Florida

4.68%

Connecticut

4.51%

Texas

3.90%

Michigan

3.62%

Wisconsin

3.31%

South Carolina

3.01%

Alabama

2.37%

Ohio

1.96%

North Carolina

1.95%

Nebraska

1.94%

Colorado

1.76%

Georgia

1.76%

Oklahoma

1.75%

Minnesota

1.47%

Tennessee

1.36%

Arizona

1.26%

Utah

1.17%

Maryland

1.06%

Virginia

1.06%

District of Columbia

0.92%

Kansas

0.84%

Kentucky

0.79%

West Virginia

0.65%

Massachusetts

0.52%

Puerto Rico

0.52%

Hawaii

0.40%

Arkansas

0.32%

Indiana

0.19%

Iowa

0.19%

Louisiana

0.17%

Washington

0.15%

New Hampshire

0.13%

Other

0.90%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

4.40%

AA

30.28%

A

32.05%

BBB

19.89%

BB

2.15%

D

0.19%

Not Rated

0.76%

Pre-refunded Bonds

9.38%

Short-Term Investments

0.90%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.12%

1 to 5 years

1.32%

5 to 10 years

22.16%

10 to 20 years

31.95%

20 to 30 years

36.41%

More Than 30 years

7.04%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.08%

Average Coupon:

4.90%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

2.80%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

4.04%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.72%

Total Fund Leverage:

42.56%*

Average Effective Maturity:

5.06 Years

Effective Duration:

4.59 Years

Total Net Assets:

$422.74 Million**

Common Stock Net Asset Value:

$14.71

Number of Holdings:

188

Portfolio Turnover:

5%

* The total percentage of leverage constitutes 4.04% through the use of tender option bonds, 35.72% in issued and outstanding VMTPs and 2.80% 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.