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

2.48%

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

2.13%

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

2.11%

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

1.76%

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

1.71%

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

1.59%

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

1.56%

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

1.56%

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

1.54%

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

1.47%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care – Not-for-Profit

22.08%

Airport

8.07%

Toll Roads/Transit

6.35%

Revenue – Miscellaneous

4.70%

Electric Utility

4.70%

Prepay Energy

2.77%

Water & Sewer

2.14%

Tobacco Securitization

1.54%

Higher Education – Public

1.01%

Higher Education – Private

0.93%

Primary/Secondary Ed. – Public

0.93%

Port

0.68%

Industrial Development – Utility

0.46%

Senior Living

0.26%

Industrial Development – Industry

0.19%

SUBTOTAL

56.81%

Tax Supported

Special Tax

17.86%

State G.O.

7.73%

Local G.O.

2.49%

Tax-Supported State Lease

2.45%

Assessment District

2.08%

Tax-Supported Local Lease

0.55%

SUBTOTAL

33.16%

Prerefunded/ETM

8.90%

Asset-Backed

Housing – Multi-Family

0.66%

SUBTOTAL

0.66%

Cash Equivalents

Investment Companies

0.47%

SUBTOTAL

0.47%

Total

100.00%

State Breakdown

Portfolio %

New York

11.49%

California

10.71%

Illinois

10.40%

New Jersey

8.21%

Pennsylvania

7.71%

Florida

5.39%

Connecticut

5.35%

Texas

4.39%

Michigan

3.80%

South Carolina

3.09%

Wisconsin

2.93%

Alabama

2.44%

Nebraska

2.13%

Colorado

1.83%

Oklahoma

1.80%

North Carolina

1.60%

Minnesota

1.52%

Massachusetts

1.40%

Tennessee

1.39%

Arizona

1.30%

Utah

1.20%

Georgia

1.08%

Maryland

1.08%

Ohio

1.05%

District of Columbia

0.95%

Kansas

0.85%

Guam

0.84%

Kentucky

0.80%

West Virginia

0.67%

Puerto Rico

0.53%

Hawaii

0.41%

Arkansas

0.32%

Indiana

0.19%

Iowa

0.19%

Louisiana

0.18%

Washington

0.17%

New Hampshire

0.14%

Other

0.47%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

4.54%

AA

31.03%

A

33.15%

BBB

18.59%

BB

2.25%

D

0.28%

Not Rated

0.79%

Pre-refunded Bonds

8.90%

Short-Term Investments

0.47%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.47%

1 to 5 years

1.81%

5 to 10 years

23.16%

10 to 20 years

34.19%

20 to 30 years

35.20%

More Than 30 years

5.17%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.84%

Average Coupon:

5.03%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.33%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.91%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.60%

Total Fund Leverage:

38.84%*

Average Effective Maturity:

4.71  Years

Effective Duration:

4.30  Years

Total Net Assets:

$448.98 Million**

Common Stock Net Asset Value:

$15.62

Number of Holdings:

179

Portfolio Turnover:

6%

* The total percentage of leverage constitutes 3.91% through the use of tender option bonds, 34.60%  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.