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

3.30%

2) Wayne State University Series 2009A 5.00%, 11/15/29

2.60%

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

2.30%

4) Massachusetts School Building Authority Series 2011B 5.00%, 10/15/32

2.12%

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

1.75%

6) Triborough Bridge & Tunnel Authority Series 2011A 5.00%, 1/01/26

1.67%

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

1.67%

8) City of New York NY Series 2012I 5.00%, 8/01/28

1.46%

9) New York State Dormitory Authority (State of New York Pers Income Tax)   Series 2012D 5.00%, 2/15/29

1.32%

10) Florida HomeLoan Corp. (Trust Lake Park Ltd.) AGM Series 2002-D1 5.40%, 3/01/42

1.27%

Portfolio %

Revenue

Toll Roads/Transit

10.38%

Higher Education - Public

8.01%

Water & Sewer

7.68%

Airport

5.71%

Electric Utility

5.14%

Revenue - Miscellaneous

3.27%

Health Care - Not-for-Profit

2.89%

Higher Education - Private

2.08%

Primary/Secondary Ed. - Private

0.86%

Industrial Development - Utility

0.80%

Prepay Energy

0.69%

Senior Living

0.66%

Primary/Secondary Ed. - Public

0.42%

SUBTOTAL

48.59%

Tax Supported

Special Tax

21.67%

Local G.O.

8.72%

State G.O.

4.88%

Tax-Supported State Lease

2.36%

Tax-Supported Local Lease

1.80%

State Lease

1.75%

Assessment District

1.56%

SUBTOTAL

42.74%

Prerefunded/ETM

3.89%

Insured/Guaranteed

Guaranteed

1.29%

Insured

0.74%

SUBTOTAL

2.03%

Asset-Backed

Housing - Multi-Family

1.84%

SUBTOTAL

1.84%

Cash Equivalents

Investment Companies

0.91%

SUBTOTAL

0.91%

Total

100.00%

State Breakdown

Portfolio %

New York

16.77%

California

15.89%

Texas

13.58%

Illinois

6.01%

Michigan

5.49%

Connecticut

5.15%

Massachusetts

3.99%

Colorado

3.73%

Florida

3.69%

Louisiana

2.55%

Pennsylvania

2.46%

Washington

2.37%

South Carolina

2.09%

North Carolina

2.09%

New Jersey

1.94%

Oregon

1.56%

Alabama

1.18%

Virginia

0.89%

Rhode Island

0.86%

Kentucky

0.84%

District of Columbia

0.83%

Wisconsin

0.79%

Hawaii

0.77%

Georgia

0.76%

Arizona

0.69%

Mississippi

0.58%

Ohio

0.43%

Tennessee

0.38%

Missouri

0.32%

Alaska

0.29%

New Hampshire

0.12%

Other

0.91%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

18.61%

AA

55.11%

A

14.01%

BBB

5.35%

BB

0.29%

Not Rated

1.83%

Pre-refunded Bonds

3.89%

Short Term Investments

0.91%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

2.65%

1 to 5 years

1.71%

5 to 10 years

13.99%

10 to 20 years

75.96%

20 to 30 years

5.49%

More than 30 years

0.20%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

6.97%

Average Coupon:

5.50%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

37.52%

Tender Option Bonds:

6.40%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

43.92%*

Average Effective Maturity:

5.94 Years

Effective Duration:

5.29 Years

Total Net Assets:

$656.36 Million**

Common Stock Net Asset Value:

$14.41

Number of Holdings:

168

Portfolio Turnover:

41%

* The total percentage of leverage constitutes 6.40% through the use

of tender option bonds, 37.52% 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.