AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

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

2.54%

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

2.32%

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

2.15%

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

1.74%

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

1.49%

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

1.48%

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

1.35%

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

1.32%

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

1.31%

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

1.27%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

11.15%

Health Care - Not-for-Profit

9.51%

Airport

7.57%

Water & Sewer

5.74%

Higher Education - Public

4.77%

Electric Utility

4.09%

Revenue - Miscellaneous

3.91%

Port

0.81%

Prepay Energy

0.70%

Higher Education - Private

0.58%

Primary/Secondary Ed. - Public

0.57%

Senior Living

0.41%

SUBTOTAL

49.81%

Tax Supported

Special Tax

19.55%

State G.O.

7.38%

Local G.O.

5.87%

Tax-Supported Local Lease

3.01%

Tax-Supported State Lease

2.60%

SUBTOTAL

38.41%

Prerefunded/ETM

8.89%

Cash Equivalents

Investment Companies

2.10%

SUBTOTAL

2.10%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Total

100.00%

State Breakdown

Portfolio %

New York

17.79%

California

15.36%

Texas

10.27%

Florida

7.68%

Connecticut

6.02%

Michigan

5.41%

New Jersey

5.19%

Illinois

5.02%

Pennsylvania

4.95%

Massachusetts

2.58%

Hawaii

1.76%

Washington

1.57%

North Carolina

1.42%

Kentucky

1.26%

Colorado

1.23%

Tennessee

1.21%

Louisiana

1.12%

Maryland

1.11%

District of Columbia

1.02%

Alabama

0.91%

Oregon

0.83%

South Carolina

0.81%

Georgia

0.79%

Arizona

0.70%

Minnesota

0.45%

Indiana

0.43%

Arkansas

0.33%

Missouri

0.30%

Oklahoma

0.27%

Wisconsin

0.10%

Ohio

0.01%

Other

2.10%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

9.23%

AA

48.43%

A

18.37%

BBB

11.62%

BB

0.23%

B

0.29%

Not Rated

0.84%

Pre-refunded Bonds

8.89%

Short Term Investments

2.10%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

2.28%

1 to 5 years

1.33%

5 to 10 years

7.72%

10 to 20 years

68.89%

20 to 30 years

19.78%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.61%

Average Coupon:

5.15%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

13.60%

Tender Option Bonds:

4.60%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.83%

Total Fund Leverage:

39.03%*

Average Effective Maturity:

7.02 Years

Effective Duration:

5.42 Years

Total Net Assets:

$544.14 Million**

Common Stock Net Asset Value:

$15.72

Number of Holdings:

168

Portfolio Turnover:

24%

* The total percentage of leverage constitutes 4.60% through the use of tender option bonds, 13.60% in issued and outstanding APS, 20.83% 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.