AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings  

Portfolio %

     1) Texas Trnsp Comm     5.00%,  4/01/23             

3.27%

     2) Metropolitan Trnsp Auth NY (Metro Trnsp Auth NY Ded Tax) Series 2012A   5.00%, 11/15/28   

2.80%

     3) Wayne State Univ MI   Series 2009  5.00%, 11/15/29       

2.53%

     4) Washington Fed Hwy Grant   Series 2012F   5.00%, 9/01/24            

2.53%

     5) Metro Atlanta Rapid Tran Auth GA     5.00%, 7/01/27      

2.16%

     6) Harris City TX Toll Road (Harris Cnty TX Toll Road) Series 2012   5.00%, 8/15/30       

1.96%

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

1.71%

     8) Triborough Brdg & Tunl Auth NY     5.00%, 1/01/26       

1.66%

     9) San Francisco City/Cnty CA Pub Util Wtr Series 2012C   5.00%, 11/01/27     

1.33%

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

1.31%

     Sector/Industry Breakdown  

Portfolio %

     Revenue      

          Water & Sewer

9.91%

          Toll Roads/Transit

8.84%

          Revenue - Miscellaneous

8.08%

          Higher Education - Public

3.85%

          Airport

3.37%

          Electric Utility

3.30%

          Health Care - Not-for-Profit

3.28%

          Higher Education - Private

2.33%

          Industrial Development - Utility

1.69%

          Primary/Secondary Ed. - Private

0.82%

          Senior Living

0.81%

          Prepay Energy

0.67%

          Primary/Secondary Ed. - Public            

0.41%

     SUBTOTAL                                         

47.36%

     Tax Supported                  

          Special Tax                         

17.09%

          Local G.O.                         

10.80%

          State G.O.                           

5.70%

          Tax-Supported Local Lease         

3.05%

          Assessment District                    

2.52%

          State Lease                                 

1.71%

          Tax-Supported State Lease            

1.40%

     SUBTOTAL                                    

42.27%

     Prerefunded/ETM                             

4.15%

     Insured/Guaranteed                

          Insured                          

2.48%

          Guaranteed                     

1.46%

     SUBTOTAL                      

3.94%

     Asset-Backed                

          Housing - Multi-Family      

1.62%

          Housing - Single Family      

0.55%

     SUBTOTAL                         

2.17%

     Cash Equivalents            

          Investment Companies      

0.11%

     SUBTOTAL                       

0.11%

     Total                                  

100.00%

     State Breakdown             

Portfolio %

     Texas                       

18.70%

     New York                   

14.76%

     California                     

12.64%

     Florida                         

6.70%

     Illinois                           

5.66%

     Washington                  

4.82%

     Michigan                     

4.54%

     Louisiana                     

4.16%

     South Carolina              

3.53%

     Colorado                       

2.61%

     Georgia                      

2.16%

     Ohio                           

1.72%

     New Jersey                  

1.68%

     Oregon                         

1.53%

     Pennsylvania                 

1.41%

     Hawaii                           

1.40%

     Alaska                        

1.37%

     Puerto Rico                  

1.23%

     Alabama                       

1.15%

     Massachusetts             

1.07%

     Nevada                          

1.04%

     Wisconsin                      

0.88%

     Arizona                           

0.85%

     Rhode Island                    

0.82%

     North Carolina                   

0.59%

     Mississippi                        

0.55%

     Virginia                              

0.50%

     Tennessee                       

0.37%

     Maine                               

0.34%

     Missouri                        

0.31%

     Indiana                           

0.31%

     Kansas                           

0.20%

     Minnesota                        

0.17%

     New Hampshire                 

0.12%

     Other                                 

0.11%

     Total Investments                 

100.00%

          Credit Quality Breakdown         

Portfolio %

               AAA                         

19.20%

               AA                            

51.53%

               A                               

13.28%

               BBB                           

8.12%

               BB                              

0.29%

               B                                 

0.43%

               Not Rated                      

2.89%

               Pre-refunded Bonds         

4.15%

               Short Term Investments        

0.11%

               Total Investments                  

100.00%

     Bonds By Maturity               

Portfolio %

     Less than 1 year                               

1.48%

     1 to 5 years                              

3.49%

     5 to 10 years                             

11.91%

     10 to 20 years                            

75.11%

     20 to 30 years                             

8.01%

     More than 30 years                       

0.00%

     Other                                            

0.00%

     Total Investments                       

100.00%

     Portfolio Statistics:             

          AMT Percentage:                  

8.13%

          Average Coupon:                   

5.66%

          Percentage of Leverage:          

               Bank Borrowing:                     

0.00%

               Investment Operations:                 

2.43%

               Preferred Stock:                            

35.81%

               Tender Option Bonds:                  

6.32%

               Term Asset-Backed Loans Facility (TALF):     

0.00%

               Total Fund Leverage:                

44.56%*

          Average Effective Maturity:         

6.03 Years

          Effective Duration:                    

5.42 Years

     Total Net Assets:                 

$676.43 Million**

     Common Stock Net Asset Value:             

$15.11

     Number of Holdings:                         

195

     Portfolio Turnover:                         

28%

* The total percentage of leverage constitutes 6.32% through the use of tender option bonds, 35.81% in issued and outstanding preferred stock and 2.43% 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.

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.