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

2.52%

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

2.27%

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

2.13%

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

1.81%

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

1.71%

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

1.68%

7) Tobacco Settlement Financing Corp/NJ Series 2018A  5.00%, 6/01/46

1.49%

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

1.48%

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

1.46%

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

1.33%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

12.82%

Airport

9.52%

Toll Roads/Transit

6.63%

Electric Utility

6.00%

Revenue - Miscellaneous

4.12%

Water & Sewer

3.64%

Higher Education - Public

2.60%

Prepay Energy

2.51%

Port

1.51%

Tobacco Securitization

1.49%

Higher Education - Private

0.59%

Senior Living

0.27%

Primary/Secondary Ed. - Public

0.27%

Industrial Development - Industry

0.16%

SUBTOTAL

52.13%

Tax Supported

Special Tax

18.02%

State G.O.

7.86%

Local G.O.

6.82%

Tax-Supported State Lease

3.06%

Tax-Supported Local Lease

1.16%

SUBTOTAL

36.92%

Prerefunded/ETM

10.11%

Insured/Guaranteed

Guaranteed

0.80%

SUBTOTAL

0.80%

Cash Equivalents

Investment Companies

0.04%

SUBTOTAL

0.04%

Total

100.00%

State Breakdown

Portfolio %

New York

15.63%

California

13.91%

Pennsylvania

8.98%

New Jersey

7.07%

Texas

6.96%

Illinois

6.28%

Connecticut

6.27%

Florida

5.43%

Michigan

5.39%

Massachusetts

2.54%

Alabama

2.36%

South Carolina

2.03%

Nebraska

1.81%

Washington

1.57%

Hawaii

1.53%

Kentucky

1.41%

Tennessee

1.21%

Colorado

1.14%

Maryland

1.08%

District of Columbia

1.02%

Kansas

0.84%

Oregon

0.82%

Georgia

0.80%

Utah

0.76%

North Carolina

0.73%

Arizona

0.70%

Minnesota

0.34%

Arkansas

0.33%

Ohio

0.30%

Oklahoma

0.27%

Indiana

0.20%

Iowa

0.16%

Wisconsin

0.09%

Other

0.04%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.78%

AA

36.01%

A

32.74%

BBB

11.60%

BB

0.49%

B

0.43%

D

0.00%

Not Rated

0.80%

Pre-refunded Bonds

10.11%

Short-Term Investments

0.04%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.04%

1 to 5 years

1.07%

5 to 10 years

9.38%

10 to 20 years

59.75%

20 to 30 years

27.02%

More Than 30 years

2.74%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.73%

Average Coupon:

5.17%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

14.42%

Tender Option Bonds:

4.10%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

22.09%

Total Fund Leverage:

40.61%*

Average Effective Maturity:

6.11  Years

Effective Duration:

5.27  Years

Total Net Assets:

$505.44 Million**

Common Stock Net Asset Value:

$14.38

Number of Holdings:

164

Portfolio Turnover:

11%

* The total percentage of leverage constitutes 4.10% through the use of tender option bonds, 14.42% in issued and outstanding APS,22.09%  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.