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

2.55%

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

2.25%

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

2.06%

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

1.79%

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

1.78%

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

1.73%

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

1.67%

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

1.65%

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

1.48%

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

1.38%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

20.00%

Airport

8.81%

Toll Roads/Transit

7.07%

Electric Utility

4.90%

Revenue - Miscellaneous

4.73%

Water & Sewer

3.06%

Prepay Energy

2.47%

Tobacco Securitization

1.38%

Higher Education - Public

1.09%

Industrial Development - Utility

0.98%

Higher Education - Private

0.74%

Port

0.71%

Primary/Secondary Ed. - Public

0.27%

Senior Living

0.24%

Industrial Development - Industry

0.18%

SUBTOTAL

56.63%

Tax Supported

Special Tax

18.52%

State G.O.

7.57%

Local G.O.

3.32%

Tax-Supported State Lease

2.27%

Assessment District

2.14%

Tax-Supported Local Lease

0.59%

SUBTOTAL

34.41%

Prerefunded/ETM

7.62%

Insured/Guaranteed

Guaranteed

0.80%

SUBTOTAL

0.80%

Asset-Backed

Housing - Multi-Family

0.31%

SUBTOTAL

0.31%

Cash Equivalents

Investment Companies

0.23%

SUBTOTAL

0.23%

Total

100.00%

State Breakdown

Portfolio %

New York

11.78%

California

10.87%

Illinois

9.62%

Pennsylvania

7.88%

New Jersey

7.52%

Connecticut

5.62%

Florida

5.53%

Texas

4.74%

Michigan

4.48%

South Carolina

3.16%

Alabama

2.48%

Massachusetts

2.46%

Colorado

1.81%

Nebraska

1.79%

Oklahoma

1.77%

Wisconsin

1.73%

North Carolina

1.59%

Minnesota

1.52%

Tennessee

1.36%

Utah

1.18%

Hawaii

1.17%

Maryland

1.13%

Georgia

1.11%

District of Columbia

1.00%

Ohio

1.00%

Kansas

0.88%

Guam

0.86%

Kentucky

0.85%

Arizona

0.68%

West Virginia

0.64%

Puerto Rico

0.47%

Arkansas

0.34%

Indiana

0.19%

Iowa

0.18%

Louisiana

0.14%

New Hampshire

0.13%

Oregon

0.11%

Other

0.23%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

6.11%

AA

30.71%

A

37.39%

BBB

14.79%

BB

1.66%

D

0.27%

Not Rated

1.22%

Pre-refunded Bonds

7.62%

Short-Term Investments

0.23%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.23%

1 to 5 years

0.95%

5 to 10 years

16.41%

10 to 20 years

44.25%

20 to 30 years

32.36%

More Than 30 years

5.80%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.49%

Average Coupon:

4.91%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.13%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

4.09%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

36.29%

Total Fund Leverage:

40.51%*

Average Effective Maturity:

5.96  Years

Effective Duration:

5.04  Years

Total Net Assets:

$416.79 Million**

Common Stock Net Asset Value:

$14.50

Number of Holdings:

170

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 4.09% through the use of tender option bonds, 36.29%  in issued and outstanding VMTPs and 0.130% 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.