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

2.19%

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

2.00%

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

1.69%

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

1.66%

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

1.63%

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

1.59%

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

1.49%

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

1.47%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

19.63%

Airport

8.75%

Toll Roads/Transit

7.01%

Electric Utility

4.78%

Revenue - Miscellaneous

4.71%

Water & Sewer

2.97%

Prepay Energy

2.63%

Tobacco Securitization

1.47%

Higher Education - Public

1.07%

Industrial Development - Utility

1.01%

Higher Education - Private

0.93%

Port

0.68%

Senior Living

0.27%

Primary/Secondary Ed. - Public

0.27%

Industrial Development - Industry

0.19%

SUBTOTAL

56.37%

Tax Supported

Special Tax

17.90%

State G.O.

7.70%

Local G.O.

3.27%

Tax-Supported State Lease

2.36%

Assessment District

2.07%

Tax-Supported Local Lease

0.57%

SUBTOTAL

33.87%

Prerefunded/ETM

8.05%

Insured/Guaranteed

Guaranteed

0.78%

SUBTOTAL

0.78%

Cash Equivalents

Investment Companies

0.74%

SUBTOTAL

0.74%

Asset-Backed

Housing - Multi-Family

0.19%

SUBTOTAL

0.19%

Total

100.00%

State Breakdown

Portfolio %

New York

11.58%

California

10.63%

Illinois

9.85%

Pennsylvania

7.75%

New Jersey

7.66%

Connecticut

5.52%

Florida

5.36%

Texas

4.63%

Michigan

4.36%

South Carolina

3.06%

Massachusetts

2.39%

Alabama

2.37%

Nebraska

1.96%

Colorado

1.83%

Oklahoma

1.75%

Wisconsin

1.66%

North Carolina

1.59%

Minnesota

1.49%

Tennessee

1.37%

Utah

1.17%

Hawaii

1.14%

Maryland

1.09%

Georgia

1.08%

Ohio

1.02%

District of Columbia

0.98%

Guam

0.86%

Kansas

0.84%

Kentucky

0.83%

Oregon

0.75%

Arizona

0.67%

West Virginia

0.65%

Puerto Rico

0.49%

Arkansas

0.32%

Indiana

0.20%

Iowa

0.19%

Louisiana

0.17%

Other

0.74%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

5.93%

AA

29.84%

A

37.02%

BBB

15.15%

BB

1.53%

B

0.19%

D

0.27%

Not Rated

1.28%

Pre-refunded Bonds

8.05%

Short-Term Investments

0.74%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.74%

1 to 5 years

0.93%

5 to 10 years

16.78%

10 to 20 years

41.13%

20 to 30 years

34.80%

More Than 30 years

5.62%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.34%

Average Coupon:

5.10%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.27%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.96%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.09%

Total Fund Leverage:

40.32%*

Average Effective Maturity:

5.86  Years

Effective Duration:

5.17  Years

Total Net Assets:

$437.61 Million**

Common Stock Net Asset Value:

$15.22

Number of Holdings:

172

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 3.96% through the use of tender option bonds, 35.09%  in issued and outstanding VMTPs and 1.270% 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.