AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Texas Trnsp Comm 5.00%, 4/01/23

3.05%

2) Wayne State University Series 2009A 5.00%, 11/15/29

2.63%

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

2.31%

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

2.19%

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

1.70%

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

1.48%

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

1.44%

8) Port Authority of New York & New Jersey Series 2014-186 5.00%, 10/15/44

1.27%

9) New York State Dormitory Authority (State of New York Pers Income Tax)  Series 2012B 5.00%, 3/15/32

1.27%

10) Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP)  Series 2015 5.00%, 12/31/38

1.26%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.40%

Health Care - Not-for-Profit

10.07%

Higher Education - Public

7.06%

Airport

6.65%

Water & Sewer

5.75%

Electric Utility

4.01%

Revenue - Miscellaneous

3.74%

Industrial Development - Utility

0.96%

Port

0.84%

Prepay Energy

0.70%

Senior Living

0.42%

Higher Education - Private

0.32%

Primary/Secondary Ed. - Public

0.23%

SUBTOTAL

51.15%

Tax Supported

Special Tax

18.43%

State G.O.

7.37%

Local G.O.

6.79%

Tax-Supported Local Lease

3.27%

Tax-Supported State Lease

2.58%

SUBTOTAL

38.44%

Prerefunded/ETM

6.42%

Note/VRDBs

Money Market

3.05%

SUBTOTAL

3.05%

Insured/Guaranteed

Guaranteed

0.92%

SUBTOTAL

0.92%

Cash Equivalents

Investment Companies

0.02%

SUBTOTAL

0.02%

Total

100.00%

State Breakdown

Portfolio %

New York

16.47%

California

15.20%

Texas

12.57%

Florida

6.64%

Connecticut

6.02%

New Jersey

5.04%

Illinois

4.93%

Pennsylvania

4.93%

Michigan

4.91%

Massachusetts

2.61%

Hawaii

1.74%

Washington

1.61%

Tennessee

1.55%

Colorado

1.47%

North Carolina

1.40%

Louisiana

1.32%

Kentucky

1.25%

Maryland

1.06%

Ohio

1.02%

South Carolina

1.02%

Alabama

0.92%

Oregon

0.85%

District of Columbia

0.84%

Indiana

0.79%

Georgia

0.78%

Arizona

0.70%

Mississippi

0.57%

Minnesota

0.44%

Arkansas

0.32%

Missouri

0.31%

Alaska

0.28%

Oklahoma

0.26%

Wisconsin

0.16%

Other

0.02%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

14.54%

AA

49.60%

A

18.62%

BBB

9.73%

B

0.23%

Not Rated

0.84%

Pre-refunded Bonds

6.42%

Short Term Investments

0.02%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.02%

1 to 5 years

0.92%

5 to 10 years

10.55%

10 to 20 years

69.38%

20 to 30 years

19.13%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.47%

Average Coupon:

5.39%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

13.82%

Tender Option Bonds:

5.97%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.17%

Total Fund Leverage:

40.96%*

Average Effective Maturity:

6.39 Years

Effective Duration:

5.64 Years

Total Net Assets:

$533.18 Million**

Common Stock Net Asset Value:

$15.34

Number of Holdings:

169

Portfolio Turnover:

24%

* The total percentage of leverage constitutes 5.97% through the use

of tender option bonds, 13.82% in issued and outstanding APS,

21.17% 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.

** 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.