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

2.13%

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

1.71%

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

1.49%

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

1.46%

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

1.35%

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

1.35%

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

1.31%

10) New York State Dormitory Authority  (State of New York Pers Income Tax)  Series 2012B  5.00%, 3/15/32

1.25%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

11.53%

Airport

9.98%

Health Care - Not-for-Profit

9.80%

Higher Education - Public

4.94%

Revenue - Miscellaneous

4.64%

Electric Utility

4.27%

Water & Sewer

3.65%

Port

1.52%

Higher Education - Private

0.70%

Prepay Energy

0.70%

Primary/Secondary Ed. - Public

0.55%

Senior Living

0.31%

SUBTOTAL

52.59%

Tax Supported

Special Tax

16.76%

State G.O.

8.13%

Local G.O.

6.82%

Tax-Supported State Lease

3.07%

Tax-Supported Local Lease

1.16%

SUBTOTAL

35.94%

Prerefunded/ETM

10.45%

Insured/Guaranteed

Guaranteed

0.97%

SUBTOTAL

0.97%

Cash Equivalents

Investment Companies

0.05%

SUBTOTAL

0.05%

Total

100.00%

State Breakdown

Portfolio %

New York

17.62%

California

13.75%

Texas

8.88%

Illinois

8.16%

Pennsylvania

7.66%

New Jersey

6.47%

Connecticut

6.37%

Florida

6.04%

Michigan

5.42%

Massachusetts

2.54%

Hawaii

1.78%

Washington

1.57%

Kentucky

1.41%

North Carolina

1.28%

Tennessee

1.21%

Colorado

1.15%

Maryland

1.09%

South Carolina

1.07%

District of Columbia

1.02%

Oregon

0.82%

Georgia

0.80%

Utah

0.77%

Arizona

0.70%

Alabama

0.68%

Minnesota

0.46%

Arkansas

0.33%

Ohio

0.31%

Oklahoma

0.28%

Indiana

0.20%

Wisconsin

0.11%

Other

0.05%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

7.96%

AA

41.67%

A

25.47%

BBB

11.97%

BB

0.36%

B

0.26%

Not Rated

1.81%

Pre-refunded Bonds

10.45%

Short-Term Investments

0.05%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.05%

1 to 5 years

1.06%

5 to 10 years

8.61%

10 to 20 years

66.90%

20 to 30 years

23.03%

More Than 30 years

0.35%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.75%

Average Coupon:

5.13%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

14.08%

Tender Option Bonds:

4.01%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.56%

Total Fund Leverage:

39.65%*

Average Effective Maturity:

6.13  Years

Effective Duration:

5.43  Years

Total Net Assets:

$520.90 Million**

Common Stock Net Asset Value:

$14.92

Number of Holdings:

173

Portfolio Turnover:

11%