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

2.18%

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

2.11%

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

1.96%

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

1.73%

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

1.68%

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

1.61%

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

1.60%

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

1.48%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

20.85%

Airport

8.07%

Toll Roads/Transit

6.94%

Electric Utility

4.83%

Revenue - Miscellaneous

4.74%

Water & Sewer

2.95%

Prepay Energy

2.77%

Tobacco Securitization

1.54%

Higher Education - Public

1.05%

Primary/Secondary Ed. - Public

0.93%

Higher Education - Private

0.74%

Port

0.70%

Industrial Development - Utility

0.47%

Senior Living

0.25%

Industrial Development - Industry

0.19%

SUBTOTAL

57.02%

Tax Supported

Special Tax

18.54%

State G.O.

7.53%

Local G.O.

3.25%

Tax-Supported State Lease

2.38%

Assessment District

2.09%

Tax-Supported Local Lease

0.56%

SUBTOTAL

34.35%

Prerefunded/ETM

7.19%

Insured/Guaranteed

Guaranteed

0.77%

SUBTOTAL

0.77%

Cash Equivalents

Investment Companies

0.36%

SUBTOTAL

0.36%

Asset-Backed

Housing - Multi-Family

0.31%

SUBTOTAL

0.31%

Total

100.00%

State Breakdown

Portfolio %

New York

12.40%

California

10.51%

Illinois

9.84%

New Jersey

7.71%

Pennsylvania

7.28%

Connecticut

5.48%

Florida

5.44%

Texas

4.60%

Michigan

3.85%

South Carolina

3.13%

Wisconsin

2.49%

Alabama

2.43%

Massachusetts

2.34%

Nebraska

2.11%

Minnesota

1.86%

Colorado

1.83%

Oklahoma

1.78%

North Carolina

1.61%

Tennessee

1.37%

Arizona

1.32%

Utah

1.20%

Georgia

1.09%

Maryland

1.09%

Ohio

1.04%

District of Columbia

0.98%

Kansas

0.86%

Guam

0.85%

Kentucky

0.82%

West Virginia

0.67%

Puerto Rico

0.51%

Hawaii

0.41%

Arkansas

0.32%

Indiana

0.19%

Iowa

0.19%

Louisiana

0.17%

New Hampshire

0.13%

Oregon

0.10%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

5.53%

AA

28.93%

A

37.98%

BBB

17.30%

BB

1.68%

D

0.27%

Not Rated

0.76%

Pre-refunded Bonds

7.19%

Short-Term Investments

0.36%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.36%

1 to 5 years

1.19%

5 to 10 years

22.53%

10 to 20 years

35.56%

20 to 30 years

35.79%

More Than 30 years

4.57%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.10%

Average Coupon:

5.07%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.79%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.98%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.21%

Total Fund Leverage:

39.98%*

Average Effective Maturity:

5.15  Years

Effective Duration:

N/A

Total Net Assets:

$438.13 Million**

Common Stock Net Asset Value:

$15.24

Number of Holdings:

174

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 3.98% through the use of tender option bonds, 35.21%  in issued and outstanding VMTPs and 0.790%
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.