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%, 

2.47%

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

2.15%

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

2.09%

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

1.75%

5) Wisconsin Public Finance Authority  AGM  Series 2018  5.00%, 7/01/58

1.70%

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

1.58%

7) Metropolitan Pier & Exposition Authority    Series 2020  5.00%, 6/15/50

1.55%

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

1.54%

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

1.54%

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

1.46%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

22.06%

Airport

8.03%

Toll Roads/Transit

6.31%

Electric Utility

5.23%

Revenue - Miscellaneous

4.68%

Prepay Energy

2.79%

Water & Sewer

2.12%

Tobacco Securitization

1.54%

Higher Education - Public

1.00%

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

57.22%

Tax Supported

Special Tax

17.74%

State G.O.

7.72%

Local G.O.

2.48%

Tax-Supported State Lease

2.44%

Assessment District

2.06%

Tax-Supported Local Lease

0.55%

SUBTOTAL

32.99%

Prerefunded/ETM

8.82%

Asset-Backed

Housing - Multi-Family

0.66%

SUBTOTAL

0.66%

Cash Equivalents

Investment Companies

0.31%

SUBTOTAL

0.31%

Total

100.00%

State Breakdown

Portfolio %

New York

11.40%

California

10.62%

Illinois

10.38%

New Jersey

8.16%

Pennsylvania

7.69%

Florida

5.38%

Connecticut

5.31%

Texas

4.36%

Michigan

3.77%

South Carolina

3.09%

Wisconsin

2.93%

Alabama

2.44%

Nebraska

2.15%

Colorado

1.82%

Oklahoma

1.80%

Georgia

1.63%

North Carolina

1.59%

Minnesota

1.52%

Massachusetts

1.39%

Tennessee

1.39%

Arizona

1.30%

Utah

1.20%

Maryland

1.08%

Ohio

1.05%

District of Columbia

0.94%

Kansas

0.87%

Guam

0.83%

Kentucky

0.80%

West Virginia

0.67%

Puerto Rico

0.53%

Hawaii

0.41%

Arkansas

0.32%

Indiana

0.19%

Iowa

0.19%

Louisiana

0.18%

Washington

0.17%

New Hampshire

0.14%

Other

0.31%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

5.73%

AA

30.84%

A

33.42%

BBB

18.80%

BB

2.24%

D

0.28%

Not Rated

0.79%

Pre-refunded Bonds

7.59%

Short-Term Investments

0.31%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.31%

1 to 5 years

1.79%

5 to 10 years

22.97%

10 to 20 years

28.11%

20 to 30 years

35.96%

More Than 30 years

4.93%

Other

5.93%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.84%

Average Coupon:

5.03%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.33%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.88%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.33%

Total Fund Leverage:

38.54%*

Average Effective Maturity:

4.66  Years

Effective Duration:

4.28  Years

Total Net Assets:

$451.76 Million**

Common Stock Net Asset Value:

$15.72

Number of Holdings:

184

Portfolio Turnover:

6%

* The total percentage of leverage constitutes 3.88% through the use of tender option bonds, 34.33%  in issued and outstanding VMTPs and 0.330% 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.

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.