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

2.48%

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

2.27%

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

2.12%

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

1.70%

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

1.69%

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

1.65%

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

1.46%

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

1.46%

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

1.42%

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

1.31%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

15.50%

Airport

9.83%

Toll Roads/Transit

6.57%

Electric Utility

5.93%

Revenue - Miscellaneous

4.12%

Water & Sewer

3.63%

Prepay Energy

2.39%

Higher Education - Public

1.83%

Port

1.48%

Tobacco Securitization

1.42%

Higher Education - Private

0.58%

Primary/Secondary Ed. - Public

0.28%

Senior Living

0.26%

Industrial Development - Industry

0.20%

SUBTOTAL

54.02%

Tax Supported

Special Tax

17.90%

State G.O.

6.99%

Local G.O.

5.93%

Tax-Supported State Lease

3.05%

Tax-Supported Local Lease

1.15%

SUBTOTAL

35.02%

Prerefunded/ETM

10.09%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Cash Equivalents

Investment Companies

0.08%

SUBTOTAL

0.08%

Total

100.00%

State Breakdown

Portfolio %

New York

15.50%

California

13.08%

Pennsylvania

8.78%

New Jersey

6.98%

Texas

6.93%

Illinois

6.21%

Michigan

5.44%

Connecticut

5.42%

Florida

5.37%

Massachusetts

2.53%

Alabama

2.31%

South Carolina

2.00%

Minnesota

1.73%

Nebraska

1.69%

Washington

1.57%

Hawaii

1.52%

Georgia

1.47%

Kentucky

1.40%

Tennessee

1.19%

Utah

1.15%

Colorado

1.13%

Maryland

1.08%

District of Columbia

1.01%

Kansas

0.82%

Oregon

0.82%

North Carolina

0.72%

Arizona

0.70%

Arkansas

0.32%

Ohio

0.29%

Oklahoma

0.27%

Indiana

0.20%

Iowa

0.20%

Wisconsin

0.09%

Other

0.08%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

11.11%

AA

34.96%

A

30.44%

BBB

11.53%

BB

0.47%

B

0.47%

D

0.00%

Not Rated

0.85%

Pre-refunded Bonds

10.09%

Short-Term Investments

0.08%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.08%

1 to 5 years

1.06%

5 to 10 years

10.83%

10 to 20 years

56.01%

20 to 30 years

30.10%

More Than 30 years

1.92%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.66%

Average Coupon:

5.16%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.99%

Auction Preferred Shares (APS):

14.79%

Tender Option Bonds:

4.21%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

22.66%

Total Fund Leverage:

42.65%*

Average Effective Maturity:

6.02  Years

Effective Duration:

5.16  Years

Total Net Assets:

$490.56 Million**

Common Stock Net Asset Value:

$13.86

Number of Holdings:

166

Portfolio Turnover:

11%

* The total percentage of leverage constitutes 4.21% through the use of tender option bonds, 14.79% in issued and outstanding APS,22.66%  in issued and outstanding VMTPs and 0.990% 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.

** Includes $92,125,000 of APS at liquidation value.The Fund also had outstanding $141,100,000 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.