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

2.24%

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

2.11%

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

1.68%

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

1.64%

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

1.44%

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

1.44%

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

1.32%

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

1.31%

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

1.30%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

11.23%

Airport

9.76%

Health Care - Not-for-Profit

9.51%

Revenue - Miscellaneous

4.54%

Electric Utility

4.20%

Higher Education - Public

3.92%

Water & Sewer

3.60%

Port

1.47%

Prepay Energy

0.69%

Higher Education - Private

0.68%

Primary/Secondary Ed. - Public

0.54%

Senior Living

0.30%

SUBTOTAL

50.44%

Tax Supported

Special Tax

16.57%

Local G.O.

8.32%

State G.O.

7.95%

Tax-Supported State Lease

3.01%

Tax-Supported Local Lease

1.14%

SUBTOTAL

36.99%

Prerefunded/ETM

11.30%

Insured/Guaranteed

Guaranteed

0.95%

SUBTOTAL

0.95%

Cash Equivalents

Investment Companies

0.32%

SUBTOTAL

0.32%

Total

100.00%

State Breakdown

Portfolio %

New York

17.35%

California

13.58%

Texas

8.73%

Illinois

7.94%

Pennsylvania

7.45%

New Jersey

6.30%

Connecticut

6.27%

Florida

5.90%

Michigan

5.36%

Massachusetts

2.52%

Alabama

2.30%

Hawaii

1.74%

Washington

1.55%

Kentucky

1.39%

North Carolina

1.25%

Tennessee

1.18%

Colorado

1.12%

Maryland

1.05%

South Carolina

1.03%

District of Columbia

1.00%

Oregon

0.81%

Georgia

0.78%

Utah

0.74%

Arizona

0.69%

Minnesota

0.45%

Arkansas

0.32%

Ohio

0.30%

Oklahoma

0.27%

Indiana

0.20%

Wisconsin

0.11%

Other

0.32%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.87%

AA

40.97%

A

26.40%

BBB

11.69%

BB

0.35%

B

0.26%

Not Rated

0.84%

Pre-refunded Bonds

11.30%

Short-Term Investments

0.32%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.32%

1 to 5 years

1.05%

5 to 10 years

8.51%

10 to 20 years

66.09%

20 to 30 years

23.69%

More Than 30 years

0.34%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.81%

Average Coupon:

5.22%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.75%

Auction Preferred Shares (APS):

14.25%

Tender Option Bonds:

4.05%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.83%

Total Fund Leverage:

41.88%*

Average Effective Maturity:

5.76  Years

Effective Duration:

5.45  Years

Total Net Assets:

$511.60 Million**

Common Stock Net Asset Value:

$14.59

Number of Holdings:

174

Portfolio Turnover:

11%

* The total percentage of leverage constitutes 4.05% through the use of tender option bonds, 14.25% in issued and outstanding APS,21.83%  in issued and outstanding VMTPs and 1.750% 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.