AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Texas Transportation Commission State Highway Fund 5.00%, 4/01/23

2.91%

2) Wayne State University Series 2009A 5.00%, 11/15/29

2.54%

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

2.50%

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

2.29%

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

2.12%

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

1.68%

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

1.45%

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

1.45%

9) Port Authority of New York & New Jersey Series 2014-186 5.00%, 10/15/44

1.30%

10) Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP)
Series 2015 5.00%, 12/31/38

1.29%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.95%

Health Care - Not-for-Profit

9.63%

Airport

6.50%

Higher Education - Public

5.87%

Water & Sewer

5.62%

Revenue - Miscellaneous

4.01%

Electric Utility

3.98%

Industrial Development - Utility

0.91%

Port

0.81%

Prepay Energy

0.68%

Higher Education - Private

0.57%

Primary/Secondary Ed. - Public

0.56%

Senior Living

0.40%

SUBTOTAL

50.49%

Tax Supported

Special Tax

19.66%

State G.O.

7.24%

Local G.O.

6.64%

Tax-Supported Local Lease

2.97%

Tax-Supported State Lease

2.54%

SUBTOTAL

39.05%

Prerefunded/ETM

6.55%

Note/VRDBs

Money Market

2.91%

SUBTOTAL

2.91%

Insured/Guaranteed

Guaranteed

0.93%

SUBTOTAL

0.93%

Cash Equivalents

Investment Companies

0.07%

SUBTOTAL

0.07%

Total

100.00%

State Breakdown

Portfolio %

New York

17.51%

California

15.00%

Texas

13.02%

Florida

7.02%

Connecticut

5.93%

New Jersey

5.08%

Illinois

4.94%

Michigan

4.89%

Pennsylvania

4.88%

Massachusetts

2.53%

Hawaii

1.74%

Washington

1.55%

North Carolina

1.41%

Tennessee

1.29%

Louisiana

1.26%

Kentucky

1.24%

Colorado

1.22%

Maryland

1.08%

Indiana

1.04%

District of Columbia

1.00%

Ohio

0.92%

Alabama

0.89%

Oregon

0.82%

South Carolina

0.80%

Georgia

0.78%

Arizona

0.68%

Minnesota

0.44%

Arkansas

0.32%

Missouri

0.29%

Oklahoma

0.26%

Wisconsin

0.10%

Other

0.07%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

12.16%

AA

50.98%

A

16.54%

BBB

12.62%

B

0.28%

Not Rated

0.80%

Pre-refunded Bonds

6.55%

Short Term Investments

0.07%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.07%

1 to 5 years

1.57%

5 to 10 years

10.35%

10 to 20 years

68.36%

20 to 30 years

19.65%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.56%

Average Coupon:

5.29%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

13.49%

Tender Option Bonds:

6.68%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.66%

Total Fund Leverage:

40.83%*

Average Effective Maturity:

6.34 Years

Effective Duration:

5.67 Years

Total Net Assets:

$549.31 Million**

Common Stock Net Asset Value:

$15.90

Number of Holdings:

168

Portfolio Turnover:

24%

* The total percentage of leverage constitutes 6.68% through the use
of tender option bonds, 13.49% in issued and outstanding APS,

20.66% in issued and outstanding VMTPs and 0.00% in investment operations,
which may include the use of certain portfolio management

** 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.