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

2.91%

2) Metropolitan Transportation Authority (Metropolitan Transportation Authority Ded Tax) Series 2016A 5.25%, 11/15/35

2.52%

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

2.29%

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

2.12%

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

1.46%

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

1.46%

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

1.33%

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

1.30%

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

1.29%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

11.00%

Health Care - Not-for-Profit

9.66%

Airport

7.06%

Water & Sewer

5.62%

Higher Education - Public

4.70%

Electric Utility

4.01%

Revenue - Miscellaneous

3.84%

Port

0.80%

Prepay Energy

0.68%

Higher Education - Private

0.57%

Primary/Secondary Ed. - Public

0.56%

Industrial Development - Utility

0.42%

Senior Living

0.40%

SUBTOTAL

49.32%

Tax Supported

Special Tax

19.67%

State G.O.

7.27%

Local G.O.

6.64%

Tax-Supported Local Lease

2.96%

Tax-Supported State Lease

2.55%

SUBTOTAL

39.09%

Prerefunded/ETM

7.89%

Note/VRDBs

Money Market

2.91%

SUBTOTAL

2.91%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Total

100.00%

State Breakdown

Portfolio %

New York

17.54%

California

15.08%

Texas

13.00%

Florida

7.59%

Connecticut

5.93%

New Jersey

5.11%

Illinois

4.96%

Michigan

4.90%

Pennsylvania

4.88%

Massachusetts

2.53%

Hawaii

1.73%

Washington

1.55%

North Carolina

1.41%

Tennessee

1.29%

Kentucky

1.24%

Colorado

1.22%

Louisiana

1.10%

Maryland

1.09%

Indiana

1.03%

District of Columbia

1.00%

Alabama

0.89%

Oregon

0.82%

South Carolina

0.80%

Georgia

0.78%

Arizona

0.68%

Minnesota

0.44%

Ohio

0.43%

Arkansas

0.32%

Missouri

0.29%

Oklahoma

0.27%

Wisconsin

0.10%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

12.01%

AA

48.55%

A

18.31%

BBB

11.51%

BB

0.65%

B

0.28%

Not Rated

0.80%

Pre-refunded Bonds

7.89%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.00%

1 to 5 years

1.41%

5 to 10 years

10.56%

10 to 20 years

68.34%

20 to 30 years

19.69%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.63%

Average Coupon:

5.26%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

13.56%

Tender Option Bonds:

6.71%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.77%

Total Fund Leverage:

41.04%*

Average Effective Maturity:

6.96 Years

Effective Duration:

5.50 Years

Total Net Assets:

$548.82 Million**

Common Stock Net Asset Value:

$15.89

Number of Holdings:

169

Portfolio Turnover:

24%

* The total percentage of leverage constitutes 6.71% through the use

of tender option bonds, 13.56% in issued and outstanding APS,

20.77% 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.