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

2.47%

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

2.31%

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

2.17%

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

1.72%

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

1.49%

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

1.42%

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

1.38%

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

1.36%

9) Chicago O'Hare International Airport    Series 2016B  5.00%, 1/01/41

1.29%

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

1.29%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.91%

Airport

9.38%

Health Care - Not-for-Profit

9.09%

Water & Sewer

5.78%

Revenue - Miscellaneous

4.80%

Higher Education - Public

4.76%

Electric Utility

4.04%

Port

1.45%

Prepay Energy

0.70%

Higher Education - Private

0.58%

Primary/Secondary Ed. - Public

0.57%

Senior Living

0.42%

SUBTOTAL

52.48%

Tax Supported

Special Tax

17.23%

State G.O.

7.25%

Local G.O.

6.38%

Tax-Supported Local Lease

2.80%

Tax-Supported State Lease

2.61%

SUBTOTAL

36.27%

Prerefunded/ETM

10.37%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Cash Equivalents

Investment Companies

0.09%

SUBTOTAL

0.09%

Total

100.00%

State Breakdown

Portfolio %

New York

17.22%

California

15.28%

Texas

9.46%

Florida

7.12%

Illinois

6.27%

Connecticut

5.99%

New Jersey

5.82%

Pennsylvania

5.62%

Michigan

5.44%

Massachusetts

2.59%

Hawaii

1.74%

Washington

1.61%

Alabama

1.59%

Kentucky

1.40%

North Carolina

1.40%

Colorado

1.24%

Louisiana

1.15%

Tennessee

1.14%

Maryland

1.06%

District of Columbia

1.02%

Oregon

0.84%

South Carolina

0.79%

Georgia

0.78%

Utah

0.73%

Arizona

0.70%

Indiana

0.46%

Minnesota

0.44%

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

9.21%

AA

46.30%

A

21.50%

BBB

11.16%

BB

0.26%

B

0.29%

Not Rated

0.82%

Pre-refunded Bonds

10.37%

Short-Term Investments

0.09%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.46%

1 to 5 years

0.89%

5 to 10 years

9.97%

10 to 20 years

67.08%

20 to 30 years

20.87%

More Than 30 years

0.73%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.86%

Average Coupon:

5.34%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.69%

Auction Preferred Shares (APS):

14.33%

Tender Option Bonds:

4.84%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.94%

Total Fund Leverage:

41.80%*

Average Effective Maturity:

7.16  Years

Effective Duration:

5.55  Years

Total Net Assets:

$510.94 Million**

Common Stock Net Asset Value:

$14.57

Number of Holdings:

174

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 4.84% through the use of tender option bonds, 14.33% in issued and outstanding APS,21.94%  in issued and outstanding VMTPs and 0.690% 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.