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

2.49%

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

2.17%

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

2.04%

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

1.72%

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

1.68%

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

1.63%

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

1.60%

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

1.52%

9) Metropolitan Pier & Exposition Authority      5.00%, 6/15/50

1.50%

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

1.49%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

21.14%

Airport

8.03%

Toll Roads/Transit

6.42%

Electric Utility

4.79%

Revenue - Miscellaneous

4.77%

Water & Sewer

2.93%

Prepay Energy

2.70%

Tobacco Securitization

1.52%

Higher Education - Public

1.04%

Primary/Secondary Ed. - Public

0.92%

Higher Education - Private

0.75%

Port

0.69%

Industrial Development - Utility

0.47%

Senior Living

0.25%

Industrial Development - Industry

0.19%

SUBTOTAL

56.61%

Tax Supported

Special Tax

18.60%

State G.O.

7.71%

Local G.O.

2.51%

Tax-Supported State Lease

2.40%

Assessment District

2.12%

Tax-Supported Local Lease

0.56%

SUBTOTAL

33.90%

Prerefunded/ETM

8.34%

Insured/Guaranteed

Guaranteed

0.77%

SUBTOTAL

0.77%

Asset-Backed

Housing - Multi-Family

0.32%

SUBTOTAL

0.32%

Cash Equivalents

Investment Companies

0.06%

SUBTOTAL

0.06%

Total

100.00%

State Breakdown

Portfolio %

New York

12.38%

California

10.47%

Illinois

10.16%

New Jersey

8.21%

Pennsylvania

7.66%

Connecticut

5.47%

Florida

5.41%

Texas

4.44%

Michigan

3.88%

South Carolina

3.11%

Wisconsin

2.49%

Alabama

2.41%

Nebraska

2.04%

Massachusetts

1.88%

Colorado

1.85%

Oklahoma

1.76%

North Carolina

1.59%

Minnesota

1.50%

Tennessee

1.36%

Arizona

1.31%

Utah

1.18%

Maryland

1.08%

Georgia

1.07%

Ohio

1.04%

District of Columbia

0.97%

Guam

0.85%

Kansas

0.85%

Kentucky

0.82%

West Virginia

0.66%

Puerto Rico

0.52%

Hawaii

0.41%

Arkansas

0.32%

Indiana

0.19%

Iowa

0.19%

Louisiana

0.18%

New Hampshire

0.13%

Oregon

0.10%

Other

0.06%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

5.50%

AA

28.13%

A

37.24%

BBB

17.61%

BB

2.07%

D

0.28%

Not Rated

0.77%

Pre-refunded Bonds

8.34%

Short-Term Investments

0.06%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.06%

1 to 5 years

1.19%

5 to 10 years

23.66%

10 to 20 years

36.07%

20 to 30 years

34.30%

More Than 30 years

4.72%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.80%

Average Coupon:

5.14%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.36%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.98%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.19%

Total Fund Leverage:

39.53%*

Average Effective Maturity:

4.91  Years

Effective Duration:

4.42  Years

Total Net Assets:

$437.15 Million**

Common Stock Net Asset Value:

$15.21

Number of Holdings:

176

Portfolio Turnover:

6%

* The total percentage of leverage constitutes 3.98% through the use of tender option bonds, 35.19% in issued and outstanding VMTPs and 0.36% 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.