AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1)

Texas Trnsp Comm   Series 07  5.00%,  4/01/23

3.23%

2)

Metropolitan Trnsp Auth NY (Metro Trnsp Auth

2.74%

NY Ded Tax) Series 2012A 5.00%, 11/15/28

3)

Wayne State Univ MI   Series 2009  5.00%,

2.49%

11/15/29

4)

Washington Fed Hwy Grant   Series 2012F

2.48%

5.00%, 9/01/24

5)

Metro Atlanta Rapid Tran Auth GA     5.00%,

2.10%

7/01/27

6)

Harris City TX Toll Road   Series 2012  5.00%,

1.93%

8/15/30

7)

Triborough Brdg & Tunl Auth NY     5.00%,

1.63%

1/01/26

8)

New York NY Trnsl Fin Auth   Series 2011B

1.61%

5.00%, 2/01/26

9)

Univ of Illinois   AGM Series 07A 5.25%,

1.60%

10/01/26

10)

San Francisco City/Cnty CA Pub Util Wtr

1.31%

5.00%, 11/01/27

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

9.74%

Toll Roads/Transit

6.64%

Revenue - Miscellaneous

5.20%

Health Care - Not-for-Profit

4.53%

Airport

4.42%

Higher Education - Public

3.77%

Electric Utility

3.38%

Industrial Development - Utility

2.33%

Higher Education - Private

1.50%

Industrial Development - Airline

1.27%

Primary/Secondary Ed. - Private

0.81%

Senior Living

0.80%

Prepay Energy

0.64%

Primary/Secondary Ed. - Public

0.48%

SUBTOTAL

45.51%

Tax Supported

Special Tax

18.38%

Local G.O.

11.14%

State G.O.

5.09%

Tax-Supported Local Lease

3.32%

Assessment District

2.79%

State Lease

1.60%

Tax-Supported State Lease

1.43%

SUBTOTAL

43.75%

Prerefunded/ETM

4.64%

Insured/Guaranteed

Insured

2.42%

Guaranteed

1.44%

SUBTOTAL

3.86%

Asset-Backed

Housing - Multi-Family

1.58%

Housing - Single Family

0.66%

SUBTOTAL

2.24%

Total

100.00%

State Breakdown

Portfolio %

Texas

18.90%

New York

15.91%

California

12.86%

Florida

5.34%

Michigan

5.08%

Washington

4.71%

Louisiana

4.15%

Illinois

4.13%

South Carolina

3.45%

Colorado

2.66%

Georgia

2.10%

Pennsylvania

1.69%

Ohio

1.68%

New Jersey

1.67%

Virginia

1.65%

Oregon

1.48%

Hawaii

1.36%

Alaska

1.36%

Puerto Rico

1.31%

Alabama

1.13%

Nevada

1.03%

Wisconsin

0.99%

Arizona

0.82%

Rhode Island

0.81%

Massachusetts

0.75%

North Carolina

0.59%

Mississippi

0.54%

Missouri

0.38%

Tennessee

0.36%

Maine

0.33%

Indiana

0.31%

Kansas

0.19%

Minnesota

0.17%

New Hampshire

0.11%

Total Investments

100.00%

          Credit Quality Breakdown

Portfolio %

               AAA

20.39%

               AA

47.41%

               A

14.54%

               BBB

9.23%

               BB

0.27%

               B

0.41%

               Not Rated

3.11%

               Pre-refunded Bonds

4.64%

               Total Investments

100.00%

Portfolio Statistics:

     AMT Percentage:

16.66%

     Average Coupon:

5.73%

     Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

4.86%

Preferred Stock:

35.63%

Tender Option Bonds:

6.29%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

46.78%*

     Average Effective Maturity:

5.96 Years

     Effective Duration:

5.31 Years

     Total Net Assets:

$679.97 Million**

     Common Stock Net Asset Value:

$15.24

     Number of Holdings:

200

     Portfolio Turnover:

10%