AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

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

2.55%

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

2.25%

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

2.05%

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

1.93%

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

1.71%

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

1.67%

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

1.64%

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./NJ    Series 2018A  5.00%, 6/01/46

1.47%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

17.42%

Airport

8.87%

Toll Roads/Transit

7.40%

Electric Utility

4.70%

Revenue - Miscellaneous

4.60%

Water & Sewer

3.05%

Prepay Energy

2.62%

Higher Education - Public

1.77%

Port

1.51%

Tobacco Securitization

1.47%

Industrial Development - Utility

1.04%

Higher Education - Private

0.60%

Primary/Secondary Ed. - Public

0.27%

Senior Living

0.27%

Industrial Development - Industry

0.19%

SUBTOTAL

55.78%

Tax Supported

Special Tax

18.21%

State G.O.

6.69%

Local G.O.

3.37%

Assessment District

2.09%

Tax-Supported State Lease

1.69%

Tax-Supported Local Lease

0.80%

SUBTOTAL

32.85%

Prerefunded/ETM

8.71%

Cash Equivalents

Investment Companies

1.87%

SUBTOTAL

1.87%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Total

100.00%

State Breakdown

Portfolio %

New York

11.87%

California

11.64%

Pennsylvania

7.89%

Illinois

7.47%

New Jersey

7.08%

Michigan

6.90%

Texas

6.10%

Connecticut

5.41%

Florida

4.28%

South Carolina

3.07%

Massachusetts

2.45%

Alabama

2.39%

Nebraska

1.93%

Wisconsin

1.64%

North Carolina

1.58%

Minnesota

1.48%

Oklahoma

1.47%

Tennessee

1.20%

Utah

1.19%

Hawaii

1.17%

Colorado

1.12%

Maryland

1.10%

District of Columbia

1.00%

Georgia

0.92%

Ohio

0.91%

Kansas

0.85%

Kentucky

0.82%

Oregon

0.78%

Arizona

0.68%

West Virginia

0.65%

Puerto Rico

0.38%

Arkansas

0.32%

Indiana

0.20%

Iowa

0.19%

Other

1.87%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

8.10%

AA

30.41%

A

35.98%

BBB

12.77%

BB

0.49%

B

0.46%

D

0.00%

Not Rated

1.21%

Pre-refunded Bonds

8.71%

Short-Term Investments

1.87%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.87%

1 to 5 years

1.71%

5 to 10 years

14.94%

10 to 20 years

41.08%

20 to 30 years

35.16%

More Than 30 years

4.57%

Other

0.67%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.30%

Average Coupon:

5.04%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

0.42%

Tender Option Bonds:

3.99%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.91%

Total Fund Leverage:

39.32%*

Average Effective Maturity:

5.64  Years

Effective Duration:

4.88  Years

Total Net Assets:

$436.41 Million**

Common Stock Net Asset Value:

$15.09

Number of Holdings:

157

Portfolio Turnover:

22%

* The total percentage of leverage constitutes 3.99% through the use of tender option bonds, 0.420% in issued and outstanding APS,34.91%  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.