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

2.24%

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

2.13%

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

1.70%

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

1.47%

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

1.46%

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

1.35%

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

1.35%

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

1.33%

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

1.32%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

12.21%

Airport

9.89%

Health Care - Not-for-Profit

9.63%

Higher Education - Public

5.55%

Revenue - Miscellaneous

4.58%

Electric Utility

4.24%

Water & Sewer

3.63%

Port

1.48%

Prepay Energy

0.70%

Higher Education - Private

0.69%

Primary/Secondary Ed. - Public

0.55%

Senior Living

0.29%

SUBTOTAL

53.44%

Tax Supported

Special Tax

16.69%

State G.O.

8.07%

Local G.O.

6.76%

Tax-Supported State Lease

2.64%

Tax-Supported Local Lease

1.16%

SUBTOTAL

35.32%

Prerefunded/ETM

10.24%

Insured/Guaranteed

Guaranteed

0.96%

SUBTOTAL

0.96%

Cash Equivalents

Investment Companies

0.04%

SUBTOTAL

0.04%

Total

100.00%

State Breakdown

Portfolio %

New York

17.50%

California

13.68%

Texas

9.55%

Illinois

8.03%

Pennsylvania

7.56%

Connecticut

6.34%

Florida

5.99%

New Jersey

5.98%

Michigan

5.40%

Massachusetts

2.54%

Hawaii

1.76%

Washington

1.57%

Kentucky

1.40%

North Carolina

1.26%

Tennessee

1.19%

Alabama

1.13%

Colorado

1.13%

Maryland

1.07%

South Carolina

1.04%

District of Columbia

1.01%

Oregon

0.82%

Georgia

0.80%

Utah

0.76%

Arizona

0.70%

Minnesota

0.46%

Arkansas

0.33%

Ohio

0.30%

Oklahoma

0.27%

Indiana

0.20%

Wisconsin

0.11%

Louisiana

0.08%

Other

0.04%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.93%

AA

41.62%

A

27.29%

BBB

11.49%

BB

0.29%

B

0.27%

Not Rated

0.83%

Pre-refunded Bonds

10.24%

Short-Term Investments

0.04%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.04%

1 to 5 years

1.39%

5 to 10 years

9.17%

10 to 20 years

66.08%

20 to 30 years

23.09%

More Than 30 years

0.23%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.71%

Average Coupon:

5.25%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.89%

Auction Preferred Shares (APS):

14.19%

Tender Option Bonds:

4.04%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.73%

Total Fund Leverage:

40.85%*

Average Effective Maturity:

5.87  Years

Effective Duration:

5.39  Years

Total Net Assets:

$515.87 Million**

Common Stock Net Asset Value:

$14.74

Number of Holdings:

170

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 4.04% through the use of tender option bonds, 14.19% in issued and outstanding APS,21.73%  in issued and outstanding VMTPs and 0.890% 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 $141,100,000 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.