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

2.51%

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

2.26%

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

2.12%

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

1.78%

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

1.71%

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

1.67%

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

1.48%

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

1.47%

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

1.46%

10) Chicago O'Hare International Airport    Series 2016B  5.00%, 1/01/41

1.32%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

12.76%

Airport

9.49%

Toll Roads/Transit

6.61%

Electric Utility

5.98%

Revenue - Miscellaneous

4.12%

Water & Sewer

3.63%

Higher Education - Public

2.59%

Prepay Energy

2.48%

Port

1.50%

Tobacco Securitization

1.48%

Higher Education - Private

0.59%

Senior Living

0.27%

Primary/Secondary Ed. - Public

0.27%

Industrial Development - Industry

0.19%

SUBTOTAL

51.96%

Tax Supported

Special Tax

17.98%

State G.O.

7.88%

Local G.O.

6.79%

Tax-Supported State Lease

3.07%

Tax-Supported Local Lease

1.16%

SUBTOTAL

36.88%

Prerefunded/ETM

10.09%

Insured/Guaranteed

Guaranteed

0.80%

SUBTOTAL

0.80%

Cash Equivalents

Investment Companies

0.27%

SUBTOTAL

0.27%

Total

100.00%

State Breakdown

Portfolio %

New York

15.60%

California

13.88%

Pennsylvania

8.93%

New Jersey

7.09%

Texas

6.94%

Illinois

6.29%

Connecticut

6.26%

Florida

5.41%

Michigan

5.38%

Massachusetts

2.53%

Alabama

2.34%

South Carolina

2.02%

Nebraska

1.78%

Washington

1.57%

Hawaii

1.53%

Kentucky

1.41%

Tennessee

1.20%

Colorado

1.14%

Maryland

1.08%

District of Columbia

1.01%

Kansas

0.83%

Oregon

0.82%

Georgia

0.79%

Utah

0.75%

North Carolina

0.73%

Arizona

0.70%

Minnesota

0.34%

Arkansas

0.33%

Ohio

0.30%

Oklahoma

0.27%

Indiana

0.20%

Iowa

0.19%

Wisconsin

0.09%

Other

0.27%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

11.16%

AA

32.52%

A

32.60%

BBB

11.61%

BB

0.49%

B

0.46%

D

0.00%

Not Rated

0.80%

Pre-refunded Bonds

10.09%

Short-Term Investments

0.27%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.27%

1 to 5 years

1.07%

5 to 10 years

9.36%

10 to 20 years

59.75%

20 to 30 years

27.81%

More Than 30 years

1.74%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.77%

Average Coupon:

5.14%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

14.40%

Tender Option Bonds:

4.10%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

22.06%

Total Fund Leverage:

40.56%*

Average Effective Maturity:

6.02  Years

Effective Duration:

5.18  Years

Total Net Assets:

$505.03 Million**

Common Stock Net Asset Value:

$14.36

Number of Holdings:

164

Portfolio Turnover:

11%

* The total percentage of leverage constitutes 4.10% through the use of tender option bonds, 14.40% in issued and outstanding APS, 22.06% 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.

** Includes $92,125,000 of APS at liquidation value.The Fund also had outstanding $141,100,000 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.