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

2.53%

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

2.18%

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

1.74%

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

1.51%

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

1.48%

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

1.39%

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

1.37%

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

1.33%

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

1.31%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.79%

Airport

9.58%

Health Care - Not-for-Profit

9.30%

Revenue - Miscellaneous

5.82%

Higher Education - Public

5.64%

Electric Utility

4.09%

Water & Sewer

3.71%

Port

1.48%

Prepay Energy

0.72%

Primary/Secondary Ed. - Public

0.56%

Senior Living

0.41%

Higher Education - Private

0.18%

SUBTOTAL

52.28%

Tax Supported

Special Tax

17.12%

State G.O.

7.30%

Local G.O.

6.47%

Tax-Supported State Lease

2.61%

Tax-Supported Local Lease

2.03%

SUBTOTAL

35.53%

Prerefunded/ETM

11.37%

Insured/Guaranteed

Guaranteed

0.80%

SUBTOTAL

0.80%

Cash Equivalents

Investment Companies

0.02%

SUBTOTAL

0.02%

Total

100.00%

State Breakdown

Portfolio %

New York

16.70%

California

15.45%

Texas

9.52%

Florida

6.95%

Illinois

6.05%

Connecticut

6.02%

New Jersey

5.93%

Pennsylvania

5.68%

Michigan

5.49%

Massachusetts

2.61%

Hawaii

1.78%

Alabama

1.60%

Washington

1.60%

Kentucky

1.43%

North Carolina

1.42%

Colorado

1.28%

Tennessee

1.16%

Louisiana

1.14%

Maryland

1.07%

District of Columbia

1.04%

Oregon

0.84%

South Carolina

0.81%

Georgia

0.80%

Utah

0.76%

Arizona

0.72%

Indiana

0.66%

Minnesota

0.46%

Arkansas

0.33%

Missouri

0.30%

Oklahoma

0.27%

Wisconsin

0.11%

Ohio

0.00%

Other

0.02%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.90%

AA

43.36%

A

24.42%

BBB

11.33%

B

0.74%

Not Rated

0.86%

Pre-refunded Bonds

11.37%

Short-Term Investments

0.02%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.39%

1 to 5 years

0.88%

5 to 10 years

9.16%

10 to 20 years

67.28%

20 to 30 years

21.53%

More Than 30 years

0.76%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.19%

Average Coupon:

5.16%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

14.05%

Tender Option Bonds:

4.75%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.51%

Total Fund Leverage:

40.31%*

Average Effective Maturity:

6.89  Years

Effective Duration:

5.34  Years

Total Net Assets:

$522.81 Million**

Common Stock Net Asset Value:

$14.98

Number of Holdings:

170

Portfolio Turnover:

14%