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

2.35%

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

2.18%

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

1.73%

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

1.48%

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

1.44%

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

1.40%

8) City of Orlando FL    Series 2014A  5.00%, 11/01/44 (Prerefunded/ETM)

1.37%

9) Chicago O'Hare International Airport    Series 2016C  5.00%, 1/01/36

1.32%

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

1.30%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

11.03%

Health Care - Not-for-Profit

9.25%

Airport

8.77%

Water & Sewer

5.80%

Higher Education - Public

4.78%

Electric Utility

4.07%

Revenue - Miscellaneous

3.96%

Port

0.80%

Prepay Energy

0.71%

Higher Education - Private

0.58%

Primary/Secondary Ed. - Public

0.57%

Senior Living

0.42%

SUBTOTAL

50.74%

Tax Supported

Special Tax

17.43%

State G.O.

7.25%

Local G.O.

6.43%

Tax-Supported Local Lease

2.82%

Tax-Supported State Lease

2.76%

SUBTOTAL

36.69%

Prerefunded/ETM

11.68%

Insured/Guaranteed

Guaranteed

0.80%

SUBTOTAL

0.80%

Cash Equivalents

Investment Companies

0.09%

SUBTOTAL

0.09%

Total

100.00%

State Breakdown

Portfolio %

New York

17.84%

California

15.30%

Texas

10.26%

Florida

7.19%

Illinois

6.31%

Connecticut

6.04%

Pennsylvania

5.66%

Michigan

5.52%

New Jersey

5.27%

Massachusetts

2.60%

Hawaii

1.77%

Washington

1.63%

Kentucky

1.41%

North Carolina

1.41%

Colorado

1.26%

Louisiana

1.18%

Tennessee

1.16%

Maryland

1.04%

District of Columbia

1.03%

Alabama

0.95%

Oregon

0.85%

Georgia

0.80%

South Carolina

0.80%

Arizona

0.71%

Minnesota

0.46%

Indiana

0.45%

Arkansas

0.32%

Missouri

0.31%

Oklahoma

0.27%

Wisconsin

0.11%

Ohio

0.00%

Other

0.09%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

9.33%

AA

45.76%

A

20.41%

BBB

11.32%

BB

0.26%

B

0.30%

Not Rated

0.85%

Pre-refunded Bonds

11.68%

Short-Term Investments

0.09%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.27%

1 to 5 years

1.09%

5 to 10 years

9.33%

10 to 20 years

70.16%

20 to 30 years

19.15%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

4.87%

Average Coupon:

5.18%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

14.48%

Tender Option Bonds:

4.89%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

22.17%

Total Fund Leverage:

41.54%*

Average Effective Maturity:

7.32  Years

Effective Duration:

5.58  Years

Total Net Assets:

$505.24 Million**

Common Stock Net Asset Value:

$14.37

Number of Holdings:

173

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 4.89% through the use of tender option bonds, 14.48% in issued and outstanding APS,22.17%  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 $92,125,000 of APS at liquidation value. The Fund also had outstanding $141,000,000 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.