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

3.38%

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

2.56%

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

2.10%

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

1.75%

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

1.65%

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

1.43%

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

1.31%

10) New York St Dormitory Auth (New York St Pers Income Tax)  Series 2012D 5.00%, 2/15/29

1.30%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.21%

Water & Sewer

7.99%

Higher Education - Public

6.67%

Airport

5.66%

Electric Utility

4.28%

Revenue - Miscellaneous

4.19%

Health Care - Not-for-Profit

3.09%

Higher Education - Private

2.05%

Primary/Secondary Ed. - Private

0.86%

Industrial Development - Utility

0.80%

Prepay Energy

0.68%

Senior Living

0.66%

Primary/Secondary Ed. - Public

0.42%

SUBTOTAL

47.56%

Tax Supported

Special Tax

20.34%

Local G.O.

8.15%

State G.O.

6.21%

Tax-Supported State Lease

2.32%

Assessment District

1.84%

Tax-Supported Local Lease

1.81%

State Lease

1.75%

SUBTOTAL

42.42%

Insured/Guaranteed

Insured

2.59%

Guaranteed

1.48%

SUBTOTAL

4.07%

Prerefunded/ETM

3.69%

Asset-Backed

Housing - Multi-Family

1.87%

SUBTOTAL

1.87%

Cash Equivalents

Investment Companies

0.39%

SUBTOTAL

0.39%

Total

100.00%

State Breakdown

Portfolio %

New York

16.63%

California

15.77%

Texas

13.79%

Illinois

5.50%

Connecticut

5.10%

Michigan

5.07%

Florida

3.96%

Massachusetts

3.93%

Colorado

3.72%

New Jersey

2.68%

Louisiana

2.56%

Pennsylvania

2.43%

Washington

2.32%

South Carolina

2.11%

Oregon

1.56%

Alabama

1.19%

Puerto Rico

1.07%

Virginia

0.88%

Arizona

0.87%

Rhode Island

0.86%

Wisconsin

0.84%

Kentucky

0.83%

District of Columbia

0.83%

Hawaii

0.77%

Georgia

0.75%

Alaska

0.65%

North Carolina

0.60%

Mississippi

0.59%

Ohio

0.43%

Tennessee

0.38%

Indiana

0.32%

Missouri

0.32%

Minnesota

0.18%

New Hampshire

0.12%

Other

0.39%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

20.05%

AA

50.75%

A

16.08%

BBB

5.27%

BB

1.35%

Not Rated

2.42%

Pre-refunded Bonds

3.69%

Short Term Investments

0.39%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

2.43%

1 to 5 years

2.40%

5 to 10 years

14.31%

10 to 20 years

75.35%

20 to 30 years

5.32%

More than 30 years

0.19%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

7.12%

Average Coupon:

5.68%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.34%

Preferred Stock:

37.58%

Tender Option Bonds:

5.41%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

44.33%*

Average Effective Maturity:

6.45 Years

Effective Duration:

5.54 Years

Total Net Assets:

$621.80 Million**

Common Stock Net Asset Value:

$14.00

Number of Holdings:

175

Portfolio Turnover:

41%

* The total percentage of leverage constitutes 5.41% through the use of tender option bonds, 37.58% in issued and outstanding preferred stock and 1.34% 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.