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

2.43%

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

2.30%

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

1.69%

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

1.47%

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

1.46%

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

1.39%

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

1.31%

9) Wayne State University    Series 2009A  5.00%, 11/15/29 (Prerefunded/ETM)

1.27%

10) Chicago O'Hare International Airport    Series 2016C  5.00%, 1/01/36

1.26%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.81%

Health Care - Not-for-Profit

9.14%

Airport

8.59%

Water & Sewer

5.73%

Higher Education - Public

4.72%

Revenue - Miscellaneous

4.11%

Electric Utility

3.99%

Port

0.78%

Prepay Energy

0.70%

Higher Education - Private

0.57%

Primary/Secondary Ed. - Public

0.56%

Senior Living

0.42%

SUBTOTAL

50.12%

Tax Supported

Special Tax

19.25%

State G.O.

7.16%

Local G.O.

6.63%

Tax-Supported Local Lease

2.76%

Tax-Supported State Lease

2.59%

SUBTOTAL

38.39%

Prerefunded/ETM

9.36%

Note/VRDBs

Money Market

0.81%

SUBTOTAL

0.81%

Insured/Guaranteed

Guaranteed

0.78%

SUBTOTAL

0.78%

Cash Equivalents

Investment Companies

0.54%

SUBTOTAL

0.54%

Total

100.00%

State Breakdown

Portfolio %

New York

17.53%

California

15.95%

Texas

10.27%

Florida

6.91%

Illinois

6.46%

Connecticut

5.95%

Pennsylvania

5.55%

Michigan

5.45%

New Jersey

5.21%

Massachusetts

2.57%

Hawaii

1.73%

Washington

1.61%

Kentucky

1.38%

North Carolina

1.37%

Colorado

1.23%

Louisiana

1.17%

Tennessee

1.15%

Maryland

1.05%

District of Columbia

1.00%

Alabama

0.94%

Oregon

0.84%

Georgia

0.78%

South Carolina

0.78%

Arizona

0.70%

Indiana

0.44%

Minnesota

0.44%

Arkansas

0.31%

Missouri

0.31%

Oklahoma

0.27%

Wisconsin

0.11%

Other

0.54%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

9.14%

AA

47.49%

A

19.99%

BBB

11.28%

BB

0.26%

B

0.29%

Not Rated

0.84%

Pre-refunded Bonds

9.36%

Short-Term Investments

1.35%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.53%

1 to 5 years

1.38%

5 to 10 years

9.24%

10 to 20 years

69.16%

20 to 30 years

18.69%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.57%

Average Coupon:

5.26%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.87%

Auction Preferred Shares (APS):

14.59%

Tender Option Bonds:

4.93%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

22.34%

Total Fund Leverage:

43.73%*

Average Effective Maturity:

7.32  Years

Effective Duration:

5.57  Years

Total Net Assets:

$500.41 Million**

Common Stock Net Asset Value:

$14.20

Number of Holdings:

174

Portfolio Turnover:

24%

* The total percentage of leverage constitutes 4.93% through the use of tender option bonds, 14.59% in issued and outstanding APS, 22.34%  in issued and outstanding VMTPs and 1.87% 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 $141,000,000 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.