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

2.46%

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

2.23%

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

2.09%

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

1.71%

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

1.68%

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

1.64%

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

1.45%

8) City of New York NY    Series 2012I  5.00%, 8/01/28

1.43%

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

1.40%

10) Chicago O'Hare International Airport    Series 2016B  5.00%, 1/01/41

1.30%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

16.34%

Airport

10.31%

Toll Roads/Transit

7.29%

Electric Utility

4.61%

Revenue - Miscellaneous

4.06%

Water & Sewer

3.58%

Prepay Energy

2.40%

Higher Education - Public

1.80%

Port

1.47%

Tobacco Securitization

1.40%

Higher Education - Private

0.58%

Primary/Secondary Ed. - Public

0.27%

Senior Living

0.25%

Industrial Development - Industry

0.19%

SUBTOTAL

54.55%

Tax Supported

Special Tax

17.71%

State G.O.

6.84%

Local G.O.

5.19%

Tax-Supported State Lease

3.01%

Tax-Supported Local Lease

1.14%

SUBTOTAL

33.89%

Prerefunded/ETM

9.94%

Cash Equivalents

Investment Companies

0.83%

SUBTOTAL

0.83%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Total

100.00%

State Breakdown

Portfolio %

New York

14.46%

California

12.91%

Pennsylvania

8.04%

New Jersey

6.90%

Texas

6.83%

Illinois

6.17%

Connecticut

5.35%

Michigan

5.34%

Florida

5.32%

South Carolina

2.93%

Massachusetts

2.50%

Alabama

2.30%

Minnesota

1.74%

Nebraska

1.71%

Washington

1.55%

North Carolina

1.53%

Hawaii

1.50%

Oklahoma

1.41%

Tennessee

1.18%

Utah

1.14%

Colorado

1.12%

Maryland

1.07%

District of Columbia

1.00%

Kentucky

0.97%

Georgia

0.89%

Kansas

0.81%

Oregon

0.81%

Arizona

0.69%

Arkansas

0.32%

Ohio

0.29%

Indiana

0.20%

Iowa

0.19%

Other

0.83%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.81%

AA

32.52%

A

34.91%

BBB

12.24%

BB

0.47%

B

0.46%

D

0.00%

Not Rated

0.82%

Pre-refunded Bonds

9.94%

Short-Term Investments

0.83%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.83%

1 to 5 years

1.31%

5 to 10 years

11.60%

10 to 20 years

51.59%

20 to 30 years

33.21%

More Than 30 years

1.46%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.87%

Average Coupon:

5.31%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.85%

Auction Preferred Shares (APS):

14.67%

Tender Option Bonds:

4.16%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

22.46%

Total Fund Leverage:

43.14%*

Average Effective Maturity:

6.05  Years

Effective Duration:

5.23  Years

Total Net Assets:

$494.89 Million**

Common Stock Net Asset Value:

$14.01

Number of Holdings:

165

Portfolio Turnover:

11%

* The total percentage of leverage constitutes 4.16% through the use of tender option bonds, 14.67% in issued and outstanding APS,22.46%  in issued and outstanding VMTPs and 1.850% 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 $92,125,000 of APS at liquidation value.The Fund also had outstanding $141,100,000 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.