AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

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

2.27%

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

2.12%

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

1.72%

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

1.70%

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

1.68%

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

1.61%

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

1.60%

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./NJ    Series 2018A  5.00%, 6/01/46

1.42%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

16.96%

Airport

9.71%

Toll Roads/Transit

7.40%

Electric Utility

4.68%

Revenue - Miscellaneous

4.67%

Water & Sewer

3.11%

Prepay Energy

2.42%

Higher Education - Public

1.82%

Port

1.50%

Tobacco Securitization

1.42%

Industrial Development - Utility

1.06%

Higher Education - Private

0.59%

Primary/Secondary Ed. - Public

0.27%

Senior Living

0.26%

Industrial Development - Industry

0.19%

SUBTOTAL

56.06%

Tax Supported

Special Tax

18.01%

State G.O.

6.63%

Local G.O.

3.39%

Tax-Supported State Lease

3.06%

Assessment District

2.08%

Tax-Supported Local Lease

0.81%

SUBTOTAL

33.98%

Prerefunded/ETM

9.06%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Cash Equivalents

Investment Companies

0.11%

SUBTOTAL

0.11%

Total

100.00%

State Breakdown

Portfolio %

California

12.74%

New York

11.93%

Pennsylvania

7.78%

Michigan

7.47%

Illinois

7.32%

New Jersey

7.02%

Texas

6.23%

Connecticut

5.44%

Florida

4.26%

South Carolina

2.98%

Massachusetts

2.53%

Alabama

2.35%

Nebraska

1.72%

Wisconsin

1.61%

North Carolina

1.55%

Oklahoma

1.45%

Minnesota

1.44%

Washington

1.39%

Tennessee

1.21%

Hawaii

1.20%

Utah

1.17%

Colorado

1.13%

Maryland

1.09%

District of Columbia

1.01%

Kentucky

0.97%

Georgia

0.91%

Kansas

0.84%

Oregon

0.81%

Arizona

0.70%

West Virginia

0.63%

Arkansas

0.33%

Ohio

0.29%

Indiana

0.20%

Iowa

0.19%

Other

0.11%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.92%

AA

32.15%

A

36.54%

BBB

12.44%

BB

0.48%

B

0.47%

D

0.00%

Not Rated

0.83%

Pre-refunded Bonds

9.06%

Short-Term Investments

0.11%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.11%

1 to 5 years

1.77%

5 to 10 years

10.13%

10 to 20 years

48.79%

20 to 30 years

35.46%

More Than 30 years

3.74%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.95%

Average Coupon:

5.10%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

0.43%

Tender Option Bonds:

4.13%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

36.18%

Total Fund Leverage:

40.74%*

Average Effective Maturity:

6.00  Years

Effective Duration:

5.13  Years

Total Net Assets:

$411.71 Million**

Common Stock Net Asset Value:

$14.23

Number of Holdings:

159

Portfolio Turnover:

22%