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

2.03%

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

2.00%

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

1.72%

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

1.65%

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

1.51%

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

1.49%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

19.02%

Airport

8.88%

Toll Roads/Transit

7.37%

Electric Utility

4.85%

Revenue - Miscellaneous

4.77%

Water & Sewer

3.02%

Prepay Energy

2.68%

Higher Education - Public

1.74%

Port

1.52%

Tobacco Securitization

1.49%

Industrial Development - Utility

1.03%

Higher Education - Private

0.71%

Senior Living

0.27%

Primary/Secondary Ed. - Public

0.27%

Industrial Development - Industry

0.19%

SUBTOTAL

57.81%

Tax Supported

Special Tax

19.06%

State G.O.

6.64%

Local G.O.

3.32%

Tax-Supported State Lease

2.39%

Assessment District

2.10%

Tax-Supported Local Lease

0.58%

SUBTOTAL

34.09%

Prerefunded/ETM

7.02%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Cash Equivalents

Investment Companies

0.29%

SUBTOTAL

0.29%

Total

100.00%

State Breakdown

Portfolio %

New York

11.75%

California

10.60%

Pennsylvania

7.85%

New Jersey

7.77%

Illinois

7.69%

Michigan

6.85%

Florida

5.44%

Connecticut

5.37%

Texas

4.95%

South Carolina

3.07%

Massachusetts

2.42%

Alabama

2.40%

Nebraska

2.00%

Wisconsin

1.68%

North Carolina

1.61%

Minnesota

1.50%

Oklahoma

1.48%

Tennessee

1.39%

Colorado

1.25%

Utah

1.19%

Hawaii

1.16%

Maryland

1.11%

Georgia

1.10%

Ohio

1.04%

District of Columbia

0.99%

Guam

0.88%

Kansas

0.86%

Kentucky

0.84%

Oregon

0.77%

Arizona

0.68%

West Virginia

0.66%

Puerto Rico

0.48%

Arkansas

0.32%

Indiana

0.20%

Iowa

0.19%

Louisiana

0.17%

Other

0.29%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

8.04%

AA

30.96%

A

37.99%

BBB

12.28%

BB

1.55%

B

0.19%

CC

0.27%

D

0.00%

Not Rated

1.41%

Pre-refunded Bonds

7.02%

Short-Term Investments

0.29%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.29%

1 to 5 years

0.95%

5 to 10 years

15.05%

10 to 20 years

42.95%

20 to 30 years

35.97%

More Than 30 years

4.79%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.33%

Average Coupon:

5.13%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.12%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.97%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.13%

Total Fund Leverage:

39.22%*

Average Effective Maturity:

5.68  Years

Effective Duration:

4.98  Years

Total Net Assets:

$437.84 Million**

Common Stock Net Asset Value:

$15.23

Number of Holdings:

169

Portfolio Turnover:

22%

* The total percentage of leverage constitutes 3.97% through the use of tender option bonds, 35.13%  in issued and outstanding VMTPs and 0.120% 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.