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

2.26%

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

2.15%

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

1.71%

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)

1.36%

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

10.59%

Health Care - Not-for-Profit

9.55%

Airport

9.49%

Higher Education - Public

5.58%

Revenue - Miscellaneous

4.57%

Electric Utility

4.02%

Water & Sewer

3.65%

Port

1.48%

Prepay Energy

0.71%

Primary/Secondary Ed. - Public

0.55%

Senior Living

0.39%

Higher Education - Private

0.18%

SUBTOTAL

50.76%

Tax Supported

Special Tax

16.80%

State G.O.

7.29%

Local G.O.

7.21%

Tax-Supported State Lease

2.64%

Tax-Supported Local Lease

1.16%

SUBTOTAL

35.10%

Prerefunded/ETM

12.13%

Cash Equivalents

Investment Companies

1.05%

SUBTOTAL

1.05%

Insured/Guaranteed

Guaranteed

0.96%

SUBTOTAL

0.96%

Total

100.00%

State Breakdown

Portfolio %

New York

16.48%

California

14.65%

Texas

10.00%

Pennsylvania

7.35%

Illinois

6.08%

Florida

6.01%

New Jersey

5.96%

Connecticut

5.87%

Michigan

5.40%

Massachusetts

2.57%

Hawaii

1.76%

Washington

1.57%

North Carolina

1.41%

Kentucky

1.40%

Colorado

1.26%

Tennessee

1.18%

Alabama

1.13%

Maryland

1.06%

District of Columbia

1.02%

Louisiana

0.94%

Oregon

0.83%

South Carolina

0.81%

Georgia

0.80%

Utah

0.75%

Arizona

0.71%

Minnesota

0.45%

Arkansas

0.32%

Missouri

0.30%

Ohio

0.30%

Oklahoma

0.27%

Indiana

0.20%

Wisconsin

0.11%

Other

1.05%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.97%

AA

40.95%

A

26.05%

BBB

10.75%

B

0.27%

Not Rated

0.83%

Pre-refunded Bonds

12.13%

Short-Term Investments

1.05%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.05%

1 to 5 years

2.04%

5 to 10 years

9.61%

10 to 20 years

66.65%

20 to 30 years

20.65%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

10.37%

Average Coupon:

5.19%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.90%

Auction Preferred Shares (APS):

14.08%

Tender Option Bonds:

4.01%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.57%

Total Fund Leverage:

40.56%*

Average Effective Maturity:

5.87  Years

Effective Duration:

5.18  Years

Total Net Assets:

$521.54 Million**

Common Stock Net Asset Value:

$14.94

Number of Holdings:

165

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 4.01% through the use of tender option bonds, 14.08% in issued and outstanding APS,21.57%  in issued and outstanding VMTPs and 0.900% 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.