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

2.46%

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

2.26%

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

2.08%

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

1.96%

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

1.78%

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

1.70%

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

1.70%

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

1.70%

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

1.50%

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

1.48%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

19.65%

Airport

8.87%

Toll Roads/Transit

7.05%

Electric Utility

4.94%

Revenue - Miscellaneous

4.68%

Water & Sewer

3.10%

Prepay Energy

2.65%

Tobacco Securitization

1.48%

Higher Education - Public

1.11%

Higher Education - Private

0.73%

Port

0.72%

Industrial Development - Utility

0.47%

Primary/Secondary Ed. - Public

0.27%

Senior Living

0.23%

Industrial Development - Industry

0.18%

SUBTOTAL

56.13%

Tax Supported

Special Tax

18.51%

State G.O.

7.57%

Local G.O.

3.35%

Tax-Supported State Lease

2.24%

Assessment District

2.21%

Tax-Supported Local Lease

0.56%

SUBTOTAL

34.44%

Prerefunded/ETM

7.74%

Insured/Guaranteed

Guaranteed

0.81%

SUBTOTAL

0.81%

Cash Equivalents

Investment Companies

0.58%

SUBTOTAL

0.58%

Collateralized Mortgage Obligations

0.30%

Total

100.00%

State Breakdown

Portfolio %

New York

11.71%

California

11.01%

Illinois

9.56%

Pennsylvania

7.82%

New Jersey

7.59%

Connecticut

5.64%

Florida

5.52%

Texas

4.77%

Michigan

4.03%

South Carolina

3.08%

Alabama

2.50%

Massachusetts

2.48%

Nebraska

1.96%

Colorado

1.85%

Oklahoma

1.79%

Wisconsin

1.70%

North Carolina

1.56%

Minnesota

1.49%

Tennessee

1.31%

Utah

1.18%

Hawaii

1.17%

Georgia

1.10%

Maryland

1.09%

District of Columbia

1.02%

Ohio

1.00%

Guam

0.87%

Kansas

0.86%

Kentucky

0.83%

Arizona

0.70%

West Virginia

0.65%

Puerto Rico

0.48%

Arkansas

0.33%

Indiana

0.20%

Iowa

0.18%

Louisiana

0.16%

New Hampshire

0.12%

Oregon

0.11%

Other

0.58%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

6.20%

AA

29.23%

A

36.97%

BBB

16.64%

BB

1.66%

D

0.27%

Not Rated

0.71%

Pre-refunded Bonds

7.74%

Short-Term Investments

0.58%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.58%

1 to 5 years

1.08%

5 to 10 years

17.67%

10 to 20 years

42.49%

20 to 30 years

32.42%

More Than 30 years

5.76%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

Average Coupon:

5.07%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

4.11%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

36.34%

Total Fund Leverage:

40.45%*

Average Effective Maturity:

5.86  Years

Effective Duration:

4.98  Years

Total Net Assets:

$417.27 Million**

Common Stock Net Asset Value:

$14.52

Number of Holdings:

169

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 4.11% through the use of tender option bonds, 36.34%  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.

** 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.