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

3.41%

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

2.57%

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

2.29%

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

2.11%

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

1.67%

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

1.65%

8) Salt River Proj Agric Impt & Pwr Dist AZ Series 2012A 5.00%, 12/01/29

1.56%

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

1.44%

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

1.32%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

9.22%

Water & Sewer

8.21%

Higher Education - Public

6.69%

Electric Utility

6.03%

Airport

5.14%

Revenue - Miscellaneous

4.21%

Health Care - Not-for-Profit

3.10%

Higher Education - Private

2.05%

Industrial Development - Utility

1.10%

Primary/Secondary Ed. - Private

0.86%

Prepay Energy

0.68%

Senior Living

0.66%

Primary/Secondary Ed. - Public

0.42%

SUBTOTAL

48.37%

Tax Supported

Special Tax

19.60%

Local G.O.

8.17%

State G.O.

6.25%

Tax-Supported State Lease

2.33%

Assessment District

2.13%

Tax-Supported Local Lease

1.82%

State Lease

1.76%

SUBTOTAL

42.06%

Insured/Guaranteed

Insured

2.61%

Guaranteed

1.49%

SUBTOTAL

4.10%

Prerefunded/ETM

3.54%

Asset-Backed

Housing - Multi-Family

1.87%

SUBTOTAL

1.87%

Cash Equivalents

Investment Companies

0.06%

SUBTOTAL

0.06%

Total

100.00%

State Breakdown

Portfolio %

New York

16.72%

California

15.83%

Texas

14.16%

Illinois

5.51%

Connecticut

5.13%

Michigan

5.09%

Massachusetts

3.94%

Colorado

3.76%

Florida

3.07%

New Jersey

2.70%

Louisiana

2.57%

Arizona

2.43%

Washington

2.34%

South Carolina

2.30%

Oregon

1.57%

Pennsylvania

1.43%

Alabama

1.21%

Puerto Rico

1.08%

Virginia

0.89%

Rhode Island

0.86%

Wisconsin

0.84%

Kentucky

0.83%

District of Columbia

0.83%

Hawaii

0.77%

Ohio

0.67%

Alaska

0.66%

North Carolina

0.61%

Mississippi

0.59%

Tennessee

0.38%

Missouri

0.33%

Indiana

0.32%

Georgia

0.22%

Minnesota

0.18%

New Hampshire

0.12%

Other

0.06%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

20.23%

AA

49.05%

A

17.76%

BBB

5.29%

BB

1.36%

Not Rated

2.71%

Pre-refunded Bonds

3.54%

Short Term Investments

0.06%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.85%

1 to 5 years

2.49%

5 to 10 years

14.63%

10 to 20 years

75.51%

20 to 30 years

5.33%

More than 30 years

0.19%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

7.22%

Average Coupon:

5.70%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

37.50%

Tender Option Bonds:

6.62%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

44.12%*

Average Effective Maturity:

6.20 Years

Effective Duration:

5.31 Years

Total Net Assets:

$645.86 Million**

Common Stock Net Asset Value:

$14.04

Number of Holdings:

174

Portfolio Turnover:

41%

* The total percentage of leverage constitutes 6.62% through the use

of tender option bonds, 37.50% 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.