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     5.00%,  4/01/23           

3.45%

2) Wayne State Univ MI   Series 2009  5.00%,         

2.59%

     11/15/29

3) Washington Fed Hwy Grant   Series 2012F         

2.53%

     5.00%,  9/01/24

4) Metro Atlanta Rapid Tran Auth GA     5.00%,       

2.14%

     7/01/27

5) Univ of Illinois   AGM  5.25%,  10/01/26           

1.75%

6) Triborough Brdg & Tunl Auth NY     5.00%,        

1.64%

     1/01/26

7) Los Angeles CA Dept W&P Pwr   Series 2013B        

1.60%

     5.00%,  7/01/30

8) Texas GO   Series 02A  5.50%,  8/01/41        

1.42%

9) Coast CA CCD GO   AGM  5.00%,  8/01/24         

1.36%

10) Florida HFC MFHR (Westlake Apts) AGM Series       

1.31%

     02-D1  5.40%,  3/01/42

Sector/Industry Breakdown

Portfolio %

     Revenue

          Water & Sewer                   

12.72%

          Revenue - Miscellaneous           

8.56%

          Toll Roads/Transit                   

7.76%

          Airport                                    

4.74%

          Higher Education - Public                

3.95%

          Electric Utility                            

3.64%

          Health Care - Not-for-Profit               

3.15%

          Higher Education - Private                     

2.03%

          Industrial Development - Utility               

1.81%

          Primary/Secondary Ed. - Private              

0.88%

          Prepay Energy                                

0.68%

          Senior Living                                 

0.64%

          Primary/Secondary Ed. - Public       

0.41%

     SUBTOTAL                 

50.97%

     Tax Supported

          Special Tax                 

14.26%

10.91%

          State G.O.                         

5.89%

          Assessment District                  

2.67%

          Tax-Supported Local Lease            

2.00%

          State Lease                                  

1.75%

          Tax-Supported State Lease              

1.42%

     SUBTOTAL                                     

38.90%

     Insured/Guaranteed

          Insured                         

2.66%

          Guaranteed                    

1.50%

     SUBTOTAL                     

4.16%

     Prerefunded/ETM               

3.47%

     Asset-Backed

          Housing - Multi-Family   

1.77%

          Housing - Single Family        

0.59%

SUBTOTAL                             

2.36%

Cash Equivalents

          Investment Companies   

0.14%

SUBTOTAL                       

0.14%

Total                                     

100.00%

State Breakdown  

  Portfolio %

Texas                                     

18.87%

California      

15.35%

New York        

12.55%

Florida              

6.78%

Illinois                 

5.51%

Michigan               

5.15%

Washington             

4.85%

Louisiana                   

4.27%

Colorado                      

3.79%

Georgia                         

2.36%

South Carolina                 

2.31%

Ohio                                 

1.78%

New Jersey                         

1.75%

Oregon                                 

1.58%

Hawaii                                    

1.45%

Pennsylvania                            

1.42%

Puerto Rico                                

1.29%

Alabama                                      

1.22%

Wisconsin    

0.91%

Virginia          

0.90%

Rhode Island    

0.88%

Arizona              

0.87%

Massachusetts     

0.75%

Alaska                   

0.68%

North Carolina          

0.63%

Mississippi                

0.60%

Tennessee                  

0.38%

Indiana                         

0.34%

Missouri                         

0.33%

Minnesota                        

0.18%

New Hampshire                  

0.13%

Other                                   

0.14%

Total Investments                    

100.00%

Credit Quality Breakdown 

  Portfolio %

AAA   

19.92%

AA       

49.93%

A           

16.08%

BBB        

6.51%

BB            

0.28%

B                

0.46%

Not Rated      

3.21%

Pre-refunded Bonds     

3.47%

Short Term Investments  

0.14%

Total Investments             

100.00%

Bonds By Maturity 

  Portfolio %

Less than 1 year         

1.66%

1 to 5 years                  

2.79%

5 to 10 years                  

13.99%

10 to 20 years                  

74.08%

20 to 30 years                    

7.48%

More than 30 years               

0.00%

Other                                     

0.00%

Total Investments                      

100.00%

Portfolio Statistics:

     AMT Percentage:                  

8.21%

     Average Coupon:                       

5.47%

     Percentage of Leverage:

          Bank Borrowing:                       

0.00%

          Investment Operations:                   

0.00%

          Preferred Stock:                          

38.21%

          Tender Option Bonds:                        

6.75%

          Term Asset-Backed Loans Facility (TALF):       

0.00%

          Total Fund Leverage:               

44.96%*

     Average Effective Maturity:          

6.23 Years

     Effective Duration:                     

5.70 Years

     Total Net Assets:                 

$633.86 Million**

     Common Stock Net Asset Value:       

$13.62

     Number of Holdings:                            

176

     Portfolio Turnover:                                 

28%

* The total percentage of leverage constitutes 6.75% through the use of tender option bonds, 38.21% in issued and outstanding preferred stock 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 242,225,000 of preferred stock at liquidation value.