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

2.46%

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

2.20%

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

2.08%

4) Central Plains Energy Project  (Goldman Sachs Group, Inc. (The))  Series 2017A  5.00%, 9/01/42

1.73%

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

1.67%

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

1.63%

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

1.44%

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

1.43%

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

1.28%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

11.64%

Airport

9.66%

Toll Roads/Transit

7.58%

Electric Utility

5.86%

Higher Education - Public

3.89%

Revenue - Miscellaneous

3.76%

Water & Sewer

3.56%

Prepay Energy

2.42%

Port

1.46%

Higher Education - Private

1.13%

Primary/Secondary Ed. - Public

0.54%

Senior Living

0.26%

SUBTOTAL

51.76%

Tax Supported

Special Tax

17.58%

State G.O.

7.84%

Local G.O.

6.65%

Tax-Supported State Lease

3.00%

Tax-Supported Local Lease

1.13%

SUBTOTAL

36.20%

Prerefunded/ETM

9.88%

Cash Equivalents

Investment Companies

1.12%

SUBTOTAL

1.12%

Insured/Guaranteed

Guaranteed

0.78%

SUBTOTAL

0.78%

Asset-Backed

Housing - Multi-Family

0.26%

SUBTOTAL

0.26%

Total

100.00%

State Breakdown

Portfolio %

New York

15.41%

California

13.45%

Pennsylvania

8.72%

Texas

8.30%

Illinois

7.02%

Connecticut

6.65%

New Jersey

5.44%

Florida

5.29%

Michigan

5.29%

Massachusetts

2.49%

Alabama

2.29%

South Carolina

1.99%

Hawaii

1.73%

Nebraska

1.73%

Washington

1.54%

Kentucky

1.37%

North Carolina

1.24%

Tennessee

1.18%

Colorado

1.10%

Maryland

1.05%

District of Columbia

0.99%

Oregon

0.80%

Georgia

0.77%

Utah

0.74%

Arizona

0.68%

Minnesota

0.45%

Arkansas

0.32%

Ohio

0.29%

Oklahoma

0.27%

Indiana

0.20%

Wisconsin

0.09%

Other

1.12%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.60%

AA

37.86%

A

30.63%

BBB

11.51%

BB

0.35%

B

0.26%

D

0.00%

Not Rated

0.79%

Pre-refunded Bonds

9.88%

Short-Term Investments

1.12%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.12%

1 to 5 years

1.05%

5 to 10 years

8.38%

10 to 20 years

62.74%

20 to 30 years

25.02%

More Than 30 years

1.69%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.80%

Average Coupon:

5.27%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

2.32%

Auction Preferred Shares (APS):

14.45%

Tender Option Bonds:

4.11%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

22.14%

Total Fund Leverage:

43.02%*

Average Effective Maturity:

6.37  Years

Effective Duration:

5.46  Years

Total Net Assets:

$500.41 Million**

Common Stock Net Asset Value:

$14.20

Number of Holdings:

171

Portfolio Turnover:

11%

* The total percentage of leverage constitutes 4.11% through the use of tender option bonds, 14.45% in issued and outstanding APS,22.14%  in issued and outstanding VMTPs and 2.320% 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.