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

2.49%

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

2.35%

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

2.19%

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

1.73%

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

1.49%

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

1.46%

7) Wayne State University    Series 2009A  5.00%, 11/15/29

1.38%

8) City of Orlando FL    Series 2014A  5.00%, 11/01/44 (Prerefunded/ETM)

1.38%

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

1.31%

10) Port Authority of New York & New Jersey    Series 2014-186  5.00%, 10/15/44

1.30%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.69%

Airport

9.51%

Health Care - Not-for-Profit

9.19%

Revenue - Miscellaneous

5.11%

Higher Education - Public

4.79%

Water & Sewer

4.77%

Electric Utility

4.08%

Port

1.46%

Prepay Energy

0.72%

Primary/Secondary Ed. - Public

0.56%

Senior Living

0.42%

Higher Education - Private

0.18%

SUBTOTAL

51.48%

Tax Supported

Special Tax

17.04%

State G.O.

7.30%

Local G.O.

6.42%

Tax-Supported Local Lease

2.83%

Tax-Supported State Lease

2.62%

SUBTOTAL

36.21%

Prerefunded/ETM

11.42%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Cash Equivalents

Investment Companies

0.10%

SUBTOTAL

0.10%

Total

100.00%

State Breakdown

Portfolio %

New York

16.95%

California

15.43%

Texas

9.52%

Florida

6.88%

Connecticut

6.04%

Illinois

5.99%

New Jersey

5.87%

Pennsylvania

5.62%

Michigan

5.51%

Massachusetts

2.61%

Hawaii

1.76%

Washington

1.61%

Alabama

1.60%

Kentucky

1.42%

North Carolina

1.41%

Colorado

1.27%

Louisiana

1.15%

Tennessee

1.15%

Maryland

1.06%

District of Columbia

1.03%

Oregon

0.85%

South Carolina

0.80%

Georgia

0.79%

Utah

0.75%

Arizona

0.72%

Indiana

0.65%

Minnesota

0.45%

Arkansas

0.32%

Missouri

0.31%

Oklahoma

0.27%

Wisconsin

0.11%

Ohio

0.00%

Other

0.10%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

8.93%

AA

45.30%

A

21.38%

BBB

11.25%

B

0.74%

Not Rated

0.88%

Pre-refunded Bonds

11.42%

Short-Term Investments

0.10%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.47%

1 to 5 years

0.89%

5 to 10 years

9.56%

10 to 20 years

67.02%

20 to 30 years

21.31%

More Than 30 years

0.75%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.09%

Average Coupon:

7.03%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

14.25%

Tender Option Bonds:

4.81%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.82%

Total Fund Leverage:

40.88%*

Average Effective Maturity:

5.21  Years

Effective Duration:

5.40  Years

Total Net Assets:

$515.02 Million**

Common Stock Net Asset Value:

$14.71

Number of Holdings:

171

Portfolio Turnover:

14%