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

2.52%

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

2.29%

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

2.17%

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

1.73%

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

1.50%

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

1.47%

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

1.36%

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

9.82%

Health Care - Not-for-Profit

9.62%

Airport

9.57%

Revenue - Miscellaneous

5.83%

Higher Education - Public

5.61%

Electric Utility

4.07%

Water & Sewer

3.69%

Port

1.49%

Prepay Energy

0.71%

Primary/Secondary Ed. - Public

0.55%

Senior Living

0.39%

Higher Education - Private

0.18%

SUBTOTAL

51.53%

Tax Supported

Special Tax

16.50%

State G.O.

7.31%

Local G.O.

7.27%

Tax-Supported State Lease

2.66%

Tax-Supported Local Lease

1.17%

SUBTOTAL

34.91%

Prerefunded/ETM

12.22%

Insured/Guaranteed

Guaranteed

0.80%

SUBTOTAL

0.80%

Cash Equivalents

Investment Companies

0.54%

SUBTOTAL

0.54%

Total

100.00%

State Breakdown

Portfolio %

New York

16.64%

California

15.37%

Texas

9.48%

Pennsylvania

6.54%

Illinois

6.09%

Florida

6.07%

New Jersey

6.00%

Connecticut

5.92%

Michigan

5.43%

Massachusetts

2.59%

Hawaii

1.77%

Washington

1.58%

Kentucky

1.42%

North Carolina

1.42%

Colorado

1.26%

Tennessee

1.19%

Alabama

1.14%

Louisiana

1.12%

Maryland

1.07%

District of Columbia

1.03%

Oregon

0.84%

South Carolina

0.82%

Georgia

0.80%

Utah

0.75%

Arizona

0.71%

Indiana

0.65%

Minnesota

0.46%

Arkansas

0.32%

Missouri

0.30%

Ohio

0.30%

Oklahoma

0.27%

Wisconsin

0.11%

Other

0.54%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.86%

AA

40.87%

A

25.55%

BBB

11.40%

B

0.27%

CCC

0.45%

Not Rated

0.84%

Pre-refunded Bonds

12.22%

Short-Term Investments

0.54%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.72%

1 to 5 years

2.05%

5 to 10 years

9.41%

10 to 20 years

66.80%

20 to 30 years

21.02%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.37%

Average Coupon:

5.17%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

13.95%

Tender Option Bonds:

3.97%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.36%

Total Fund Leverage:

39.28%*

Average Effective Maturity:

6.65  Years

Effective Duration:

5.17  Years

Total Net Assets:

$526.39 Million**

Common Stock Net Asset Value:

$15.11

Number of Holdings:

166

Portfolio Turnover:

14%