AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

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

2.52%

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

2.27%

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

2.11%

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

1.74%

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

1.70%

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

1.67%

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

1.61%

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

1.60%

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

1.47%

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

1.40%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

17.13%

Airport

9.67%

Toll Roads/Transit

7.41%

Electric Utility

4.67%

Revenue - Miscellaneous

4.62%

Water & Sewer

3.11%

Prepay Energy

2.44%

Higher Education - Public

1.82%

Port

1.49%

Tobacco Securitization

1.40%

Industrial Development - Utility

1.06%

Higher Education - Private

0.59%

Primary/Secondary Ed. - Public

0.27%

Senior Living

0.26%

Industrial Development - Industry

0.19%

SUBTOTAL

56.13%

Tax Supported

Special Tax

18.00%

State G.O.

6.65%

Local G.O.

3.39%

Tax-Supported State Lease

3.04%

Assessment District

2.09%

Tax-Supported Local Lease

0.81%

SUBTOTAL

33.98%

Prerefunded/ETM

9.02%

Insured/Guaranteed

Guaranteed

0.80%

SUBTOTAL

0.80%

Cash Equivalents

Investment Companies

0.07%

SUBTOTAL

0.07%

Total

100.00%

State Breakdown

Portfolio %

California

12.73%

New York

11.93%

Pennsylvania

7.76%

Michigan

7.47%

Illinois

7.30%

New Jersey

7.00%

Texas

6.22%

Connecticut

5.44%

Florida

4.24%

South Carolina

2.97%

Massachusetts

2.52%

Alabama

2.34%

Nebraska

1.74%

Wisconsin

1.60%

North Carolina

1.56%

Minnesota

1.44%

Oklahoma

1.44%

Washington

1.38%

Hawaii

1.20%

Tennessee

1.20%

Utah

1.16%

Colorado

1.14%

Maryland

1.08%

District of Columbia

1.01%

Kentucky

0.93%

Georgia

0.91%

Kansas

0.83%

Oregon

0.81%

Arizona

0.70%

West Virginia

0.63%

Ohio

0.53%

Arkansas

0.33%

Indiana

0.20%

Iowa

0.19%

Other

0.07%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

8.22%

AA

32.88%

A

35.42%

BBB

12.61%

BB

0.48%

B

0.47%

D

0.00%

Not Rated

0.83%

Pre-refunded Bonds

9.02%

Short-Term Investments

0.07%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.07%

1 to 5 years

1.76%

5 to 10 years

13.62%

10 to 20 years

45.54%

20 to 30 years

35.28%

More Than 30 years

3.73%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.33%

Average Coupon:

5.17%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

0.43%

Tender Option Bonds:

4.11%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.98%

Total Fund Leverage:

40.52%*

Average Effective Maturity:

5.88  Years

Effective Duration:

5.09  Years

Total Net Assets:

$414.37 Million**

Common Stock Net Asset Value:

$14.32

Number of Holdings:

160

Portfolio Turnover:

22%

* The total percentage of leverage constitutes 4.11% through the use of tender option bonds, 0.430% in issued and outstanding APS,35.98%  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 $2,750,000 of APS at liquidation value. The Fund also had outstanding $229,375,000 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.