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

2.26%

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

2.16%

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

1.72%

5) Jefferson County Board of Education/AL    Series 2018  5.00%, 2/01/46

1.67%

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

1.47%

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

1.47%

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

1.35%

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

1.34%

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

1.33%

Sector/Industry Breakdown

Portfolio %

Revenue

Airport

9.94%

Health Care - Not-for-Profit

9.68%

Toll Roads/Transit

9.51%

Electric Utility

4.27%

Higher Education - Public

4.00%

Revenue - Miscellaneous

3.86%

Water & Sewer

3.67%

Port

1.49%

Higher Education - Private

1.30%

Prepay Energy

0.71%

Primary/Secondary Ed. - Public

0.55%

Senior Living

0.31%

SUBTOTAL

49.29%

Tax Supported

Special Tax

18.52%

State G.O.

8.04%

Local G.O.

6.80%

Tax-Supported State Lease

3.07%

Tax-Supported Local Lease

1.16%

SUBTOTAL

37.59%

Prerefunded/ETM

11.54%

Insured/Guaranteed

Guaranteed

0.80%

SUBTOTAL

0.80%

Cash Equivalents

Investment Companies

0.78%

SUBTOTAL

0.78%

Total

100.00%

State Breakdown

Portfolio %

New York

15.87%

California

13.83%

Texas

8.74%

Illinois

8.06%

Pennsylvania

7.55%

Connecticut

6.97%

Florida

6.01%

New Jersey

5.58%

Michigan

5.43%

Massachusetts

2.57%

Alabama

2.34%

Hawaii

1.77%

Washington

1.59%

Kentucky

1.42%

North Carolina

1.27%

Tennessee

1.20%

Colorado

1.14%

Maryland

1.07%

South Carolina

1.05%

District of Columbia

1.02%

Oregon

0.83%

Georgia

0.80%

Utah

0.75%

Arizona

0.71%

Minnesota

0.46%

Arkansas

0.33%

Ohio

0.30%

Oklahoma

0.27%

Indiana

0.20%

Wisconsin

0.09%

Other

0.78%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.82%

AA

39.97%

A

26.62%

BBB

11.83%

BB

0.36%

B

0.27%

Not Rated

0.81%

Pre-refunded Bonds

11.54%

Short-Term Investments

0.78%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.78%

1 to 5 years

1.08%

5 to 10 years

8.68%

10 to 20 years

65.89%

20 to 30 years

23.23%

More Than 30 years

0.34%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.79%

Average Coupon:

5.24%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

14.40%

Tender Option Bonds:

4.10%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

22.06%

Total Fund Leverage:

40.56%*

Average Effective Maturity:

5.92  Years

Effective Duration:

5.20  Years

Total Net Assets:

$505.31 Million**

Common Stock Net Asset Value:

$14.36

Number of Holdings:

170

Portfolio Turnover:

11%

* The total percentage of leverage constitutes 4.10% through the use of tender option bonds, 14.40% in issued and outstanding APS,22.06%  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 $141,100,000 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.