AllianceBernstein National Municipal Income Fund RELEASES MONTHLY PORTFOLIO UPDATE

Top 10 Fixed-Income Holdings

Portfolio %

1) Texas Transportation Commission State Highway Fund 5.00%, 4/01/23

2.90%

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

2.52%

3) Wayne State University Series 2009A 5.00%, 11/15/29

2.52%

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

2.29%

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

2.10%

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

1.67%

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

1.45%

8) City of New York NY Series 2012I 5.00%, 8/01/28

1.44%

9) Port Authority of New York & New Jersey Series 2014-186 5.00%, 10/15/44

1.30%

10) Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP)  Series 2015 5.00%, 12/31/38

1.29%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.94%

Health Care - Not-for-Profit

10.13%

Airport

6.49%

Higher Education - Public

5.83%

Water & Sewer

5.59%

Electric Utility

3.97%

Revenue - Miscellaneous

3.76%

Industrial Development - Utility

0.92%

Port

0.81%

Prepay Energy

0.68%

Higher Education - Private

0.57%

Primary/Secondary Ed. - Public

0.56%

Senior Living

0.40%

SUBTOTAL

50.65%

Tax Supported

Special Tax

19.63%

State G.O

7.29%

Local G.O.

6.60%

Tax-Supported Local Lease

2.96%

Tax-Supported State Lease

2.52%

SUBTOTAL

39.00%

Prerefunded/ETM

6.51%

Note/VRDBs

Money Market

2.90%

SUBTOTAL

2.90%

Insured/Guaranteed

Guaranteed

0.93%

SUBTOTAL

0.93%

Cash Equivalents

Investment Companies

0.01%

SUBTOTAL

0.01%

Total

100.00%

State Breakdown

Portfolio %

New York

17.47%

California

14.94%

Texas

12.97%

Florida 

7.01%

Connecticut

5.92%

New Jersey

5.07%

Illinois

4.94%

Pennsylvania

4.88%

Michigan

4.85%

Massachusetts

2.51%

Hawaii 

1.73%

Washington

1.55%

North Carolina 

1.41%

Tennessee

1.26%

Louisiana 

1.26%

Kentucky

1.23%

Colorado

1.22%

Maryland

1.07%

District of Columbia

1.00%

Ohio

0.93%

Alabama 

0.88%

Oregon

0.81%

South Carolina 

0.80%

Indiana 

0.80%

Georgia

0.78%

Arizona

0.68%

Mississippi

0.55%

Minnesota

0.44%

Arkansas

0.32%

Missouri 

0.29%

Oklahoma

0.26%

Wisconsin

0.16%

Other

0.01%

Total Investments 

100.00%

Credit Quality Breakdown    

Portfolio %

AAA              

12.12%

AA              

50.88%

A          

16.53%

BBB            

12.87%

B              

0.28%

Not Rated            

0.80%

Pre-refunded Bonds          

6.51%

Short Term Investments      

0.01%

Total Investments      

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.01%

1 to 5 years

0.81%

5 to 10 years

11.05%

10 to 20 years

68.54%

20 to 30 years

19.59%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.56%

Average Coupon:

5.40%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.48%

Auction Preferred Shares (APS):

13.53%

Tender Option Bonds:

6.70%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.72%

Total Fund Leverage:

41.43%*

Average Effective Maturity:

6.42 Years

Effective Duration:

5.73 Years

Total Net Assets:

$551.70 Million**

Common Stock Net Asset Value:

$15.99

Number of Holdings:

168

Portfolio Turnover:

24%