AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Metropolitan Transportation Authority  (Metropolitan Transportation Authority Ded Tax)  Series 2016A  5.25%, 11/15/35

2.50%

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

2.14%

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

2.06%

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

1.77%

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

1.68%

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

1.61%

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

1.58%

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

1.53%

9) Metropolitan Pier & Exposition Authority      5.00%, 6/15/50

1.51%

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

1.46%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

21.99%

Airport

8.09%

Toll Roads/Transit

6.40%

Electric Utility

4.75%

Revenue - Miscellaneous

4.68%

Prepay Energy

2.71%

Water & Sewer

2.60%

Tobacco Securitization

1.53%

Higher Education - Public

1.03%

Primary/Secondary Ed. - Public

0.93%

Higher Education - Private

0.77%

Port

0.69%

Industrial Development - Utility

0.47%

Senior Living

0.25%

Industrial Development - Industry

0.19%

SUBTOTAL

57.08%

Tax Supported

Special Tax

17.95%

State G.O.

7.76%

Local G.O.

2.49%

Tax-Supported State Lease

2.45%

Assessment District

2.10%

Tax-Supported Local Lease

0.55%

SUBTOTAL

33.30%

Prerefunded/ETM

8.24%

Insured/Guaranteed

Guaranteed

0.77%

SUBTOTAL

0.77%

Asset-Backed

Housing - Multi-Family

0.49%

SUBTOTAL

0.49%

Cash Equivalents

Investment Companies

0.12%

SUBTOTAL

0.12%

Total

100.00%

State Breakdown

Portfolio %

New York

12.02%

California

10.82%

Illinois

10.31%

New Jersey

8.24%

Pennsylvania

7.74%

Connecticut

5.41%

Florida

5.41%

Texas

4.40%

Michigan

3.84%

South Carolina

3.12%

Wisconsin

2.87%

Alabama

2.45%

Nebraska

2.06%

Colorado

1.84%

Oklahoma

1.80%

North Carolina

1.59%

Minnesota

1.51%

Tennessee

1.37%

Arizona

1.31%

Massachusetts

1.26%

Utah

1.20%

Maryland

1.09%

Georgia

1.08%

Ohio

1.05%

District of Columbia

0.96%

Kansas

0.86%

Guam

0.85%

Kentucky

0.81%

West Virginia

0.66%

Puerto Rico

0.52%

Hawaii

0.41%

Arkansas

0.32%

Indiana

0.20%

Iowa

0.19%

Louisiana

0.18%

New Hampshire

0.13%

Other

0.12%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

5.36%

AA

31.66%

A

33.16%

BBB

18.34%

BB

2.07%

D

0.28%

Not Rated

0.77%

Pre-refunded Bonds

8.24%

Short-Term Investments

0.12%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.12%

1 to 5 years

1.08%

5 to 10 years

23.14%

10 to 20 years

35.63%

20 to 30 years

34.60%

More Than 30 years

5.43%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.82%

Average Coupon:

5.05%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.33%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.94%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.83%

Total Fund Leverage:

39.10%*

Average Effective Maturity:

4.85  Years

Effective Duration:

4.13  Years

Total Net Assets:

$445.45 Million**

Common Stock Net Asset Value:

$15.29

Number of Holdings:

178

Portfolio Turnover:

6%

* The total percentage of leverage constitutes 3.94% through the use of tender option bonds, 34.83%  in issued and outstanding VMTPs and 0.330% 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.

** The Fund also had outstanding $232,125,000 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.