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

2.50%

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

2.31%

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

2.16%

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

1.73%

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

1.48%

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

1.47%

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

1.26%

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

1.26%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

11.06%

Health Care - Not-for-Profit

9.38%

Airport

7.53%

Water & Sewer

5.74%

Higher Education - Public

4.73%

Revenue - Miscellaneous

4.08%

Electric Utility

4.06%

Port

0.80%

Prepay Energy

0.70%

Higher Education - Private

0.58%

Primary/Secondary Ed. - Public

0.57%

Senior Living

0.42%

SUBTOTAL

49.65%

Tax Supported

Special Tax

19.45%

State G.O.

7.33%

Local G.O.

6.64%

Tax-Supported Local Lease

3.00%

Tax-Supported State Lease

2.59%

SUBTOTAL

39.01%

Prerefunded/ETM

8.96%

Cash Equivalents

Investment Companies

0.81%

SUBTOTAL

0.81%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Note/VRDBs

Money Market

0.78%

SUBTOTAL

0.78%

Total

100.00%

State Breakdown

Portfolio %

New York

17.70%

California

16.11%

Texas

10.26%

Florida

7.63%

Connecticut

6.00%

Pennsylvania

5.66%

Michigan

5.42%

New Jersey

5.32%

Illinois

4.96%

Massachusetts

2.58%

Hawaii

1.75%

Washington

1.58%

North Carolina

1.41%

Kentucky

1.25%

Colorado

1.23%

Tennessee

1.19%

Louisiana

1.13%

Maryland

1.06%

District of Columbia

1.01%

Alabama

0.91%

Oregon

0.83%

South Carolina

0.80%

Georgia

0.78%

Arizona

0.70%

Indiana

0.47%

Minnesota

0.45%

Arkansas

0.32%

Missouri

0.30%

Oklahoma

0.27%

Wisconsin

0.10%

Ohio

0.01%

Other

0.81%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

9.19%

AA

48.21%

A

19.20%

BBB

11.44%

BB

0.27%

B

0.29%

Not Rated

0.84%

Pre-refunded Bonds

8.96%

Short Term Investments

1.60%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.77%

1 to 5 years

1.34%

5 to 10 years

7.99%

10 to 20 years

69.32%

20 to 30 years

19.58%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

8.80%

Average Coupon:

5.19%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.83%

Auction Preferred Shares (APS):

13.86%

Tender Option Bonds:

4.68%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.23%

Total Fund Leverage:

40.60%*

Average Effective Maturity:

7.04 Years

Effective Duration:

5.43 Years

Total Net Assets:

$533.64 Million**

Common Stock Net Asset Value:

$15.36

Number of Holdings:

172

Portfolio Turnover:

24%

* The total percentage of leverage constitutes 4.68% through the use

of tender option bonds, 13.86% in issued and outstanding APS,

21.23% in issued and outstanding VMTPs and 0.83% 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.