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

2.53%

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

2.18%

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

1.74%

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

1.49%

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

1.48%

7) City of Orlando FL Series 2014A  5.00%, 11/01/44 (Prerefunded/ETM)

1.38%

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

1.37%

9) Chicago O'Hare International Airport Series 2016B  5.00%, 1/01/41

1.33%

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

1.32%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.74%

Health Care - Not-for-Profit

9.62%

Airport

9.59%

Revenue - Miscellaneous

5.85%

Higher Education - Public

5.64%

Electric Utility

4.08%

Water & Sewer

3.70%

Port

1.50%

Prepay Energy

0.72%

Primary/Secondary Ed. - Public

0.57%

Senior Living

0.41%

Higher Education - Private

0.18%

SUBTOTAL

52.60%

Tax Supported

Special Tax

17.06%

State G.O.

7.26%

Local G.O.

6.44%

Tax-Supported State Lease

2.62%

Tax-Supported Local Lease

1.17%

SUBTOTAL

34.55%

Prerefunded/ETM

11.36%

Insured/Guaranteed

Guaranteed

0.80%

SUBTOTAL

0.80%

Cash Equivalents

Investment Companies

0.69%

SUBTOTAL

0.69%

Total

100.00%

State Breakdown

Portfolio %

New York

16.71%

California

15.43%

Texas

9.53%

Florida

6.08%

Illinois

6.02%

Connecticut

5.95%

New Jersey

5.92%

Pennsylvania

5.70%

Michigan

5.49%

Massachusetts

2.61%

Hawaii

1.77%

Alabama

1.60%

Washington

1.60%

North Carolina

1.43%

Kentucky

1.42%

Colorado

1.27%

Tennessee

1.16%

Louisiana

1.14%

Maryland

1.08%

District of Columbia

1.03%

Oregon

0.84%

South Carolina

0.82%

Georgia

0.80%

Utah

0.76%

Arizona

0.72%

Indiana

0.65%

Minnesota

0.46%

Arkansas

0.33%

Ohio

0.31%

Missouri

0.30%

Oklahoma

0.27%

Wisconsin

0.11%

Other

0.69%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.91%

AA

41.95%

A

25.11%

BBB

11.36%

B

0.29%

CCC

0.46%

Not Rated

0.87%

Pre-refunded Bonds

11.36%

Short-Term Investments

0.69%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.06%

1 to 5 years

1.05%

5 to 10 years

9.62%

10 to 20 years

65.62%

20 to 30 years

21.89%

More Than 30 years

0.76%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.27%

Average Coupon:

5.15%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

14.13%

Tender Option Bonds:

4.02%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.64%

Total Fund Leverage:

39.79%*

Average Effective Maturity:

6.82  Years

Effective Duration:

5.28  Years

Total Net Assets:

$518.88 Million**

Common Stock Net Asset Value:

$14.84

Number of Holdings:

170

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 4.02% through the use of tender option bonds, 14.13% in issued and outstanding APS,21.64%  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.