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

2.48%

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

2.12%

3) Central Plains Energy Project  (Goldman Sachs Group, Inc. (The))  Series 2017A  5.00%, 9/01/42

2.11%

4) Jefferson County Board of Education/AL    Series 2018  5.00%, 2/01/46

1.76%

5) Wisconsin Public Finance Authority(CHF - Wilmington LLC)  AGM    5.00%, 7/01/58

1.67%

6) Detroit Downtown Development Authority  AGM  Series 2018A  5.00%, 7/01/48

1.60%

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

1.57%

8) Tobacco Settlement Financing Corp./NJ    Series 2018A  5.00%, 6/01/46

1.53%

9) Metropolitan Pier & Exposition Authority      5.00%, 6/15/50

1.53%

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

1.47%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

22.01%

Airport

8.09%

Toll Roads/Transit

6.37%

Electric Utility

4.72%

Revenue - Miscellaneous

4.66%

Prepay Energy

2.76%

Water & Sewer

2.57%

Tobacco Securitization

1.53%

Higher Education - Public

1.02%

Higher Education - Private

0.93%

Primary/Secondary Ed. - Public

0.93%

Port

0.69%

Industrial Development - Utility

0.46%

Senior Living

0.26%

Industrial Development - Industry

0.19%

SUBTOTAL

57.19%

Tax Supported

Special Tax

17.85%

State G.O.

7.72%

Local G.O.

2.49%

Tax-Supported State Lease

2.44%

Assessment District

2.08%

Tax-Supported Local Lease

0.55%

SUBTOTAL

33.13%

Prerefunded/ETM

8.16%

Insured/Guaranteed

Guaranteed

0.77%

SUBTOTAL

0.77%

Asset-Backed

Housing - Multi-Family

0.66%

SUBTOTAL

0.66%

Cash Equivalents

Investment Companies

0.09%

SUBTOTAL

0.09%

Total

100.00%

State Breakdown

Portfolio %

New York

11.98%

California

10.73%

Illinois

10.32%

New Jersey

8.20%

Pennsylvania

7.72%

Florida

5.40%

Connecticut

5.37%

Texas

4.38%

Michigan

3.81%

South Carolina

3.10%

Wisconsin

2.88%

Alabama

2.44%

Nebraska

2.11%

Colorado

1.83%

Oklahoma

1.81%

North Carolina

1.60%

Minnesota

1.51%

Massachusetts

1.41%

Tennessee

1.36%

Arizona

1.30%

Utah

1.21%

Maryland

1.09%

Georgia

1.07%

Ohio

1.05%

District of Columbia

0.95%

Kansas

0.85%

Guam

0.84%

Kentucky

0.81%

West Virginia

0.66%

Puerto Rico

0.52%

Hawaii

0.41%

Arkansas

0.32%

Indiana

0.19%

Iowa

0.19%

Louisiana

0.18%

Washington

0.17%

New Hampshire

0.14%

Other

0.09%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

5.32%

AA

31.49%

A

33.15%

BBB

18.49%

BB

2.24%

D

0.28%

Not Rated

0.78%

Pre-refunded Bonds

8.16%

Short-Term Investments

0.09%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.09%

1 to 5 years

1.81%

5 to 10 years

23.25%

10 to 20 years

34.60%

20 to 30 years

35.13%

More Than 30 years

5.12%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.83%

Average Coupon:

5.01%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.50%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.92%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.68%

Total Fund Leverage:

39.10%*

Average Effective Maturity:

4.83  Years

Effective Duration:

N/A

Total Net Assets:

$447.71 Million**

Common Stock Net Asset Value:

$15.58

Number of Holdings:

180

Portfolio Turnover:

6%

* The total percentage of leverage constitutes 3.92% through the use of tender option bonds, 34.68%  in issued and outstanding VMTPs and 0.500% 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.

** The Fund also had outstanding $232,125,000 of VMTPs at liquidation value, which is not included in Total Net Assets because it is treated as a liability for financial reporting purposes.