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

2.53%

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

2.27%

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

2.10%

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

1.73%

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

1.70%

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

1.67%

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

1.61%

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

1.61%

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

1.47%

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

1.43%

Sector/Industry Breakdown  

Portfolio %

Revenue  

Health Care - Not-for-Profit  

16.76%

Airport  

9.69%

Toll Roads/Transit  

7.42%

Electric Utility  

4.70%

Revenue - Miscellaneous  

4.53%

Water & Sewer  

3.11%

Prepay Energy  

2.43%

Higher Education - Public  

1.81%

Port  

1.49%

Tobacco Securitization  

1.43%

Industrial Development - Utility  

1.06%

Higher Education - Private  

0.59%

Primary/Secondary Ed. - Public  

0.28%

Senior Living  

0.26%

Industrial Development - Industry 

0.19%

SUBTOTAL  

55.75%

Tax Supported  

Special Tax  

17.97%

State G.O.  

6.64%

Local G.O.  

3.39%

Tax-Supported State Lease  

3.04%

Assessment District  

2.10%

Tax-Supported Local Lease  

0.81%

SUBTOTAL  

33.95%

Prerefunded/ETM  

8.99%

Insured/Guaranteed  

Guaranteed  

0.80%

SUBTOTAL 

0.80%

Cash Equivalents  

Investment Companies  

0.51%

SUBTOTAL  

0.51%

Total  

100.00%

State Breakdown  

Portfolio %

California 

12.70%

New York  

11.93%

Pennsylvania  

7.77%

Illinois  

7.32%

Michigan 

7.05%

New Jersey 

7.03%

Texas  

6.22%

Connecticut 

5.44%

Florida  

4.24%

South Carolina  

3.01%

Massachusetts  

2.51%

Alabama  

2.35%

Nebraska  

1.73%

Wisconsin  

1.61%

North Carolina  

1.56%

Oklahoma  

1.45%

Minnesota  

1.44%

Washington  

1.38%

Tennessee  

1.20%

Hawaii  

1.19%

Utah  

1.17%

Colorado  

1.13%

Maryland  

1.08%

District of Columbia  

1.01%

Georgia  

0.91%

Kentucky  

0.84%

Kansas  

0.83%

Oregon  

0.81%

Arizona  

0.70%

West Virginia  

0.63%

Ohio  

0.53%

Arkansas  

0.33%

Indiana  

0.20%

Iowa  

0.19%

Other  

0.51%

Total Investments  

100.00%

Credit Quality Breakdown  

Portfolio %

AAA  

8.21%

AA  

32.86%

A  

35.44%

BBB  

12.21%

BB  

0.48%

B  

0.47%

D  

0.00%

Not Rated  

0.83%

Pre-refunded Bonds  

8.99%

Short-Term Investments  

0.51%

Total Investments  

100.00%

Bonds By Maturity  

Portfolio %

Less than 1 year  

0.51%

1 to 5 years  

1.76%

5 to 10 years  

14.91%

10 to 20 years  

44.05%

20 to 30 years  

35.03%

More Than 30 years  

3.74%

Other  

0.00%

Total Investments  

100.00%

Portfolio Statistics:  

AMT Percent:  

10.30%

Average Coupon:  

5.13%

Percentage of Leverage:  

Bank Borrowing:  

0.00%

Investment Operations: 

0.00%

Auction Preferred Shares (APS):  

0.43%

Tender Option Bonds:  

4.10%

Variable Rate MuniFund Term Preferred Shares (VMTPs):  

35.93%

Total Fund Leverage:  

40.46%*

Average Effective Maturity: 

5.76  Years

Effective Duration:  

4.99  Years

Total Net Assets:  

  $415.99 Million**

Common Stock Net Asset Value:  

$14.38

Number of Holdings:  

158

Portfolio Turnover: 

22%

* The total percentage of leverage constitutes 4.10% through the use of tender option bonds, 0.430% in issued and outstanding APS,35.93%  in issued and outstanding VMTPs and 0.00% 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 $2,750,000 of APS at liquidation value.The Fund also had outstanding $229,375,000 of VMTPs at liquidation value, which is not included in Total Net Assets because it is treated as a liability for financial reporting purposes.