AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

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

2.42 %

2) Detroit City School District Series 2001-A 6.00%, 05/01/29

1.85 %

3) Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/46

1.82 %

4) Central Plains Energy Project Series 2017-A 5.00%, 09/01/42

1.80 %

5) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58

1.77 %

6) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30

1.76 %

7) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48

1.75 %

8) Virginia Small Business Financing Authority Series 2022 3.00%, 01/01/41

1.59 %

9) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62

1.58 %

10) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/46

1.53 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

19.76 %

Airport

9.25 %

Revenue - Miscellaneous

6.48 %

Toll Roads/Transit

5.74 %

Electric Utility

5.61 %

Higher Education - Private

2.99 %

Tobacco Securitization

2.82 %

Prepay Energy

2.69 %

Industrial Development - Industry

2.62 %

Water & Sewer

2.60 %

Primary/Secondary Ed. - Public

2.36 %

Port

1.57 %

Industrial Development - Utility

0.52 %

Higher Education - Public

0.51 %

Senior Living

0.24 %

SUBTOTAL

65.76 %

Tax Supported

Special Tax

12.53 %

State G.O.

8.36 %

Local G.O.

5.51 %

State Lease

1.21 %

SUBTOTAL

27.61 %

Prerefunded/ETM

3.64 %

Commercial Mortgage-Backed Securities

1.60 %

Cash & Cash Equivalents

Funds and Investment Trusts

1.39 %

SUBTOTAL

1.39 %

Total

100.00 %

State Breakdown

Portfolio %

Illinois

11.63 %

California

9.56 %

New Jersey

8.14 %

New York

6.15 %

Wisconsin

5.99 %

Pennsylvania

5.62 %

Connecticut

5.16 %

Michigan

4.97 %

Florida

4.55 %

Texas

3.73 %

South Carolina

3.18 %

Alabama

2.79 %

Ohio

2.68 %

Virginia

2.31 %

Nebraska

1.80 %

Georgia

1.78 %

Minnesota

1.72 %

North Carolina

1.67 %

Maryland

1.54 %

Oklahoma

1.54 %

New Hampshire

1.47 %

Arizona

1.34 %

Utah

1.23 %

Colorado

1.19 %

District of Columbia

1.06 %

Iowa

0.97 %

Kansas

0.89 %

Hawaii

0.82 %

West Virginia

0.68 %

Washington

0.53 %

Louisiana

0.50 %

Indiana

0.49 %

Arkansas

0.35 %

Tennessee

0.19 %

Massachusetts

0.13 %

South Dakota

0.13 %

Puerto Rico

0.10 %

Kentucky

0.03 %

Other

1.39 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

3.65 %

AA

31.85 %

A

31.39 %

BBB

23.57 %

BB

2.87 %

D

0.23 %

Not Rated

0.34 %

Pre-refunded Bonds

3.64 %

Short Term Investments

2.46 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

3.40 %

1 To 5 Years

7.45 %

5 To 10 Years

16.77 %

10 To 20 Years

24.98 %

20 To 30 Years

36.41 %

More than 30 Years

10.99 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

13.88 %

Average Coupon:

4.49 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

40.40 %

Total Fund Leverage:

40.40%*

Average Maturity:

    8.67 Years

Effective Duration:

    5.93 Years

Total Net Assets:

$350.23 Million**

Common Stock Net Asset Value:

$12.18

Total Number of Holdings:

188

Portfolio Turnover:

5.00 %