AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

1) Metropolitan Transportation Authority  (Metropolitan Transportation Authority Ded Tax)  Series 2016A  5.25%, 11/15/35

2.54%

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

2.21%

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

2.02%

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

1.99%

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

1.70%

6) Wisconsin Public Finance Authority(CHF - Wilmington LLC)  AGM    5.00%, 7/01/58

1.67%

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

1.64%

8) Detroit Downtown Development Authority  AGM  Series 2018A  5.00%, 7/01/48

1.60%

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

1.50%

10) Tobacco Settlement Financing Corp.    Series 2018A  5.00%, 6/01/46

1.47%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

19.79%

Airport

8.81%

Toll Roads/Transit

7.31%

Electric Utility

4.82%

Revenue - Miscellaneous

4.74%

Water & Sewer

2.99%

Prepay Energy

2.66%

Tobacco Securitization

1.47%

Higher Education - Public

1.07%

Industrial Development - Utility

1.01%

Higher Education - Private

0.94%

Port

0.69%

Senior Living

0.27%

Primary/Secondary Ed. - Public

0.27%

Industrial Development - Industry

0.19%

SUBTOTAL

57.03%

Tax Supported

Special Tax

16.91%

State G.O.

7.73%

Local G.O.

3.30%

Tax-Supported State Lease

2.37%

Assessment District

2.09%

Tax-Supported Local Lease

0.58%

SUBTOTAL

32.98%

Prerefunded/ETM

8.12%

Cash Equivalents

Investment Companies

1.09%

SUBTOTAL

1.09%

Insured/Guaranteed

Guaranteed

0.78%

SUBTOTAL

0.78%

Total

100.00%

State Breakdown

Portfolio %

New York

11.63%

California

10.52%

Illinois

8.78%

Pennsylvania

7.80%

New Jersey

7.71%

Connecticut

5.56%

Florida

5.40%

Texas

4.92%

Michigan

4.40%

South Carolina

3.09%

Massachusetts

2.41%

Alabama

2.39%

Nebraska

1.99%

Colorado

1.84%

Oklahoma

1.77%

Wisconsin

1.67%

North Carolina

1.60%

Minnesota

1.50%

Tennessee

1.38%

Utah

1.19%

Hawaii

1.15%

Maryland

1.10%

Georgia

1.09%

Ohio

1.03%

District of Columbia

0.99%

Guam

0.87%

Kansas

0.85%

Kentucky

0.83%

Oregon

0.76%

Arizona

0.67%

West Virginia

0.65%

Puerto Rico

0.49%

Arkansas

0.32%

Indiana

0.20%

Iowa

0.19%

Louisiana

0.17%

Other

1.09%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

5.97%

AA

30.08%

A

37.29%

BBB

14.16%

BB

1.54%

B

0.19%

D

0.27%

Not Rated

1.29%

Pre-refunded Bonds

8.12%

Short-Term Investments

1.09%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.09%

1 to 5 years

0.94%

5 to 10 years

16.68%

10 to 20 years

41.44%

20 to 30 years

35.09%

More Than 30 years

4.76%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.34%

Average Coupon:

5.10%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.66%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.97%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.11%

Total Fund Leverage:

39.74%*

Average Effective Maturity:

5.82  Years

Effective Duration:

5.10  Years

Total Net Assets:

$437.70 Million**

Common Stock Net Asset Value:

$15.23

Number of Holdings:

171

Portfolio Turnover:

22%

* The total percentage of leverage constitutes 3.97% through the use of tender option bonds, 35.11%  in issued and outstanding VMTPs and 0.660% 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.

** The Fund also had outstanding $232,125,000 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.