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

3.46%

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

2.58%

3) Connecticut Spl Tax Obl (Connecticut Trnsp Prog Spl Tax) 5.00%, 1/01/29

2.28%

4) Massachusetts Sch Bldg Auth (Massachusetts Sch Sales Tax)  Series 2011B 5.00%, 10/15/32

2.09%

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

1.76%

6) Triborough Brdg & Tunl Auth NY Series 2011A 5.00%, 1/01/26

1.66%

7) Los Angeles CA Dept W&P Pwr Series 2013B 5.00%, 7/01/30

1.63%

8) Texas GO Series 2002A 5.50%, 8/01/41

1.43%

9) New York NY GO Series 2012I 5.00%, 8/01/28

1.43%

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

1.36%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

9.10%

Water & Sewer

8.19%

Higher Education - Public

5.95%

Airport

5.15%

Electric Utility

4.43%

Revenue - Miscellaneous

4.07%

Health Care - Not-for-Profit

3.17%

Higher Education - Private

2.04%

Industrial Development - Utility

1.13%

Primary/Secondary Ed. - Private

0.89%

Prepay Energy

0.68%

Senior Living

0.66%

Primary/Secondary Ed. - Public

0.42%

SUBTOTAL

45.88%

Tax Supported

Special Tax

19.70%

Local G.O.

8.42%

State G.O.

7.65%

Tax-Supported State Lease

2.33%

Assessment District

2.17%

Tax-Supported Local Lease

1.85%

State Lease

1.76%

SUBTOTAL

43.88%

Insured/Guaranteed

Insured

2.68%

Guaranteed

1.51%

SUBTOTAL

4.19%

Prerefunded/ETM

3.49%

Asset-Backed

Housing - Multi-Family

1.92%

SUBTOTAL

1.92%

Cash Equivalents

Investment Companies

0.64%

SUBTOTAL

0.64%

Total

100.00%

State Breakdown

Portfolio %

New York

16.83%

Texas

15.72%

California

14.91%

Illinois

5.52%

Connecticut

5.08%

Michigan

5.08%

Massachusetts

3.90%

Colorado

3.81%

Florida

3.13%

New Jersey

2.70%

Louisiana

2.61%

Washington

2.35%

South Carolina

2.33%

Oregon

1.59%

Pennsylvania

1.43%

Alabama

1.23%

Puerto Rico

1.04%

Wisconsin

0.90%

Rhode Island

0.89%

Virginia

0.88%

Arizona

0.87%

District of Columbia

0.82%

Kentucky

0.82%

Hawaii

0.77%

Ohio

0.68%

Alaska

0.68%

North Carolina

0.62%

Mississippi

0.60%

Tennessee

0.38%

Missouri

0.33%

Indiana

0.33%

Georgia

0.22%

Minnesota

0.18%

New Hampshire

0.13%

Other

0.64%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

21.88%

AA

46.89%

A

17.83%

BBB

6.24%

BB

0.29%

Not Rated

2.74%

Pre-refunded Bonds

3.49%

Short Term Investments

0.64%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

2.49%

1 to 5 years

2.40%

5 to 10 years

14.83%

10 to 20 years

72.74%

20 to 30 years

7.38%

More than 30 years

0.16%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

8.32%

Average Coupon:

5.46%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

38.53%

Tender Option Bonds:

6.80%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

45.33%*

Average Effective Maturity:

6.19 Years

Effective Duration:

5.60 Years

Total Net Assets:

$628.59 Million**

Common Stock Net Asset Value:

$13.44

Number of Holdings:

173

Portfolio Turnover:

41%

* The total percentage of leverage constitutes 6.80% through the use of tender option bonds, 38.53% 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. 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.