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

2.51%

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

2.27%

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

1.72%

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

1.48%

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

1.46%

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

1.37%

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

1.35%

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

1.32%

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

1.31%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.67%

Health Care - Not-for-Profit

9.52%

Airport

9.49%

Revenue - Miscellaneous

5.75%

Higher Education - Public

5.57%

Electric Utility

4.04%

Water & Sewer

3.67%

Port

1.49%

Prepay Energy

0.70%

Primary/Secondary Ed. - Public

0.56%

Senior Living

0.40%

Higher Education - Private

0.18%

SUBTOTAL

52.04%

Tax Supported

Special Tax

16.87%

State G.O.

7.25%

Local G.O.

7.21%

Tax-Supported State Lease

2.58%

Tax-Supported Local Lease

1.16%

SUBTOTAL

35.07%

Prerefunded/ETM

11.18%

Cash Equivalents

Investment Companies

0.92%

SUBTOTAL

0.92%

Insured/Guaranteed

Guaranteed

0.79%

SUBTOTAL

0.79%

Total

100.00%

State Breakdown

Portfolio %

New York

16.56%

California

15.25%

Texas

9.41%

Pennsylvania

6.46%

Illinois

6.03%

Florida

6.02%

Connecticut

5.86%

New Jersey

5.86%

Michigan

5.41%

Massachusetts

2.58%

Hawaii

1.75%

Alabama

1.59%

Washington

1.58%

Kentucky

1.41%

North Carolina

1.40%

Colorado

1.25%

Tennessee

1.18%

Louisiana

1.12%

Maryland

1.06%

District of Columbia

1.03%

Oregon

0.83%

South Carolina

0.81%

Georgia

0.79%

Utah

0.75%

Arizona

0.70%

Indiana

0.64%

Minnesota

0.45%

Arkansas

0.32%

Missouri

0.30%

Ohio

0.30%

Oklahoma

0.27%

Wisconsin

0.11%

Other

0.92%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.82%

AA

41.52%

A

25.68%

BBB

11.30%

B

0.28%

CCC

0.45%

Not Rated

0.85%

Pre-refunded Bonds

11.18%

Short-Term Investments

0.92%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.28%

1 to 5 years

1.03%

5 to 10 years

10.70%

10 to 20 years

65.49%

20 to 30 years

21.50%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.33%

Average Coupon:

5.15%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.86%

Auction Preferred Shares (APS):

14.02%

Tender Option Bonds:

3.99%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.47%

Total Fund Leverage:

40.34%*

Average Effective Maturity:

6.76  Years

Effective Duration:

5.25  Years

Total Net Assets:

$522.37 Million**

Common Stock Net Asset Value:

$14.97

Number of Holdings:

170

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 3.99% through the use of tender option bonds, 14.02% in issued and outstanding APS,21.47%  in issued and outstanding VMTPs and 0.860% 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.