AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Metropolitan Transportation Authority Series 2016-2 5.25%, 11/15/35

2.50 %

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

2.23 %

3) Central Plains Energy Project Series 2017-A 5.00%, 09/01/42

1.77 %

4) Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/46

1.74 %

5) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58

1.67 %

6) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48

1.66 %

7) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62

1.65 %

8) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30

1.63 %

9) Virginia Small Business Financing Authority Series 2022 3.00%, 01/01/41

1.58 %

10) Miami Beach Health Facilities Authority Series 2014 5.00%, 11/15/39

1.51 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

21.64 %

Toll Roads/Transit

8.14 %

Airport

7.78 %

Revenue - Miscellaneous

5.78 %

Electric Utility

5.27 %

Higher Education - Private

2.94 %

Industrial Development - Industry

2.86 %

Tobacco Securitization

2.80 %

Prepay Energy

2.60 %

Water & Sewer

2.23 %

Port

1.52 %

Primary/Secondary Ed. - Public

1.41 %

Industrial Development - Utility

0.49 %

Higher Education - Public

0.47 %

Senior Living

0.23 %

SUBTOTAL

66.16 %

Tax Supported

Special Tax

16.68 %

State G.O.

7.89 %

Local G.O.

1.86 %

State Lease

1.14 %

SUBTOTAL

27.57 %

Prerefunded/ETM

4.35 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.85 %

SUBTOTAL

0.85 %

Asset-Backed

Housing - Multi-Family

0.62 %

SUBTOTAL

0.62 %

Commercial Mortgage-Backed Securities

0.45 %

Total

100.00 %

State Breakdown

Portfolio %

Illinois

11.73 %

California

10.41 %

New York

8.31 %

Pennsylvania

7.69 %

New Jersey

6.14 %

Wisconsin

6.08 %

Florida

5.34 %

Connecticut

4.79 %

Texas

3.98 %

South Carolina

3.02 %

Michigan

2.95 %

Alabama

2.66 %

Virginia

2.33 %

Ohio

2.18 %

Colorado

1.83 %

Nebraska

1.77 %

Oklahoma

1.74 %

Georgia

1.69 %

North Carolina

1.56 %

Minnesota

1.47 %

Tennessee

1.43 %

Arizona

1.41 %

Utah

1.18 %

Maryland

1.09 %

District of Columbia

0.98 %

Iowa

0.98 %

Kansas

0.83 %

West Virginia

0.64 %

New Hampshire

0.59 %

Puerto Rico

0.52 %

Indiana

0.47 %

Hawaii

0.41 %

Arkansas

0.33 %

Louisiana

0.18 %

Washington

0.15 %

Massachusetts

0.14 %

South Dakota

0.13 %

Kentucky

0.02 %

Other

0.85 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

4.69 %

AA

27.72 %

A

35.17 %

BBB

23.26 %

BB

3.00 %

D

0.21 %

Not Rated

0.75 %

Pre-refunded Bonds

4.35 %

Short Term Investments

0.85 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

1.10 %

1 To 5 Years

6.15 %

5 To 10 Years

15.14 %

10 To 20 Years

31.19 %

20 To 30 Years

36.93 %

More than 30 Years

9.49 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

12.66 %

Average Coupon:

4.59 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

4.35 %

VMTP Shares:

38.49 %

Total Fund Leverage:

42.84%*

Average Maturity:

    7.18 Years

Effective Duration:

    5.74 Years

Total Net Assets:

$377.34 Million**

Common Stock Net Asset Value:

$13.13

Total Number of Holdings:

186

Portfolio Turnover:

5.00 %

* The total percentage of leverage constitutes 4.35% through the use of tender option bonds, 38.49%  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.