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

2.47%

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

2.23%

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

2.00%

4) Massachusetts School Building Authority    Series 2011B  5.00%, 10/15/32 (Prerefunded/ETM)

2.00%

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

1.74%

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

1.69%

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

1.65%

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

1.64%

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

1.53%

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

1.49%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care – Not-for-Profit

20.97%

Airport

8.08%

Toll Roads/Transit

7.00%

Electric Utility

4.89%

Revenue – Miscellaneous

4.77%

Water & Sewer

3.01%

Prepay Energy

2.68%

Tobacco Securitization

1.53%

Higher Education – Public

1.07%

Primary/Secondary Ed. – Public

0.93%

Higher Education – Private

0.74%

Port

0.71%

Industrial Development – Utility

0.47%

Senior Living

0.24%

Industrial Development – Industry

0.19%

SUBTOTAL

57.28%

Tax Supported

Special Tax

17.98%

State G.O.

7.61%

Local G.O.

3.32%

Tax-Supported State Lease

2.36%

Assessment District

2.13%

Tax-Supported Local Lease

0.56%

SUBTOTAL

33.96%

Prerefunded/ETM

7.36%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Asset-Backed

Housing – Multi-Family

0.32%

SUBTOTAL

0.32%

Cash Equivalents

Investment Companies

0.29%

SUBTOTAL

0.29%

Total

100.00%

State Breakdown

Portfolio %

New York

12.55%

California

10.73%

Illinois

9.86%

New Jersey

7.73%

Pennsylvania

7.34%

Connecticut

5.58%

Florida

5.49%

Texas

4.68%

Michigan

3.93%

South Carolina

3.15%

Alabama

2.44%

Massachusetts

2.40%

Nebraska

2.00%

Colorado

1.85%

Minnesota

1.79%

Oklahoma

1.78%

Wisconsin

1.69%

North Carolina

1.62%

Tennessee

1.37%

Arizona

1.33%

Utah

1.18%

Georgia

1.10%

Maryland

1.10%

Ohio

1.05%

District of Columbia

0.99%

Guam

0.87%

Kansas

0.86%

Kentucky

0.83%

West Virginia

0.67%

Puerto Rico

0.50%

Hawaii

0.42%

Arkansas

0.33%

Indiana

0.20%

Iowa

0.19%

Louisiana

0.17%

New Hampshire

0.13%

Oregon

0.10%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

5.65%

AA

28.54%

A

38.13%

BBB

17.30%

BB

1.70%

D

0.28%

Not Rated

0.75%

Pre-refunded Bonds

7.36%

Short-Term Investments

0.29%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.29%

1 to 5 years

1.21%

5 to 10 years

21.99%

10 to 20 years

36.40%

20 to 30 years

35.06%

More Than 30 years

5.05%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.13%

Average Coupon:

5.06%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

4.03%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.69%

Total Fund Leverage:

39.72%*

Average Effective Maturity:

5.27  Years

Effective Duration:

4.67  Years

Total Net Assets:

$429.46 Million**

Common Stock Net Asset Value:

$14.94

Number of Holdings:

171

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 4.03% through the use of tender option bonds, 35.69%  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.

** 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.