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

2.55%

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

2.22%

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

2.03%

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

1.93%

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

1.69%

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

1.66%

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

1.63%

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

1.59%

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

1.50%

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

1.45%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

17.32%

Airport

8.81%

Toll Roads/Transit

7.34%

Electric Utility

4.67%

Revenue - Miscellaneous

4.57%

Water & Sewer

3.03%

Prepay Energy

2.61%

Higher Education - Public

1.75%

Port

1.50%

Tobacco Securitization

1.45%

Industrial Development - Utility

1.02%

Higher Education - Private

0.59%

Senior Living

0.27%

Primary/Secondary Ed. - Public

0.26%

Industrial Development - Industry

0.19%

SUBTOTAL

55.38%

Tax Supported

Special Tax

18.08%

State G.O.

6.60%

Local G.O.

3.72%

Assessment District

2.07%

Tax-Supported State Lease

1.68%

Tax-Supported Local Lease

0.79%

SUBTOTAL

32.94%

Prerefunded/ETM

7.91%

Cash Equivalents

Investment Companies

2.99%

SUBTOTAL

2.99%

Insured/Guaranteed

Guaranteed

0.78%

SUBTOTAL

0.78%

Total

100.00%

State Breakdown

Portfolio %

New York

11.74%

California

10.85%

Pennsylvania

8.21%

Illinois

7.38%

New Jersey

7.03%

Michigan

6.82%

Texas

6.04%

Connecticut

5.36%

Florida

4.25%

South Carolina

3.04%

Massachusetts

2.43%

Alabama

2.38%

Nebraska

1.93%

Wisconsin

1.63%

North Carolina

1.58%

Minnesota

1.47%

Oklahoma

1.46%

Tennessee

1.19%

Utah

1.18%

Hawaii

1.16%

Colorado

1.11%

Maryland

1.09%

District of Columbia

0.99%

Georgia

0.92%

Ohio

0.91%

Kansas

0.85%

Kentucky

0.82%

Oregon

0.77%

Arizona

0.68%

West Virginia

0.65%

Puerto Rico

0.38%

Arkansas

0.32%

Indiana

0.20%

Iowa

0.19%

Other

2.99%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

8.05%

AA

30.17%

A

36.13%

BBB

12.62%

BB

0.49%

B

0.19%

CC

0.26%

D

0.00%

Not Rated

1.19%

Pre-refunded Bonds

7.91%

Short-Term Investments

2.99%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

2.99%

1 to 5 years

0.99%

5 to 10 years

15.59%

10 to 20 years

40.58%

20 to 30 years

34.64%

More Than 30 years

4.54%

Other

0.67%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.30%

Average Coupon:

4.97%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

0.42%

Tender Option Bonds:

3.96%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.63%

Total Fund Leverage:

39.01%*

Average Effective Maturity:

5.57  Years

Effective Duration:

4.86  Years

Total Net Assets:

$438.96 Million**

Common Stock Net Asset Value:

$15.18

Number of Holdings:

156

Portfolio Turnover:

22%

* The total percentage of leverage constitutes 3.96% through the use of tender option bonds, 0.420% in issued and outstanding APS,34.63%  in issued and outstanding VMTPs and 0.00% 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 $2,750,000 of APS at liquidation value.The Fund also had outstanding $229,375,000 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.