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

3.31%

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

2.61%

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

2.31%

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

2.13%

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

1.77%

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

1.68%

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

1.67%

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

1.46%

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

1.32%

10) Fort Bend TX ISD GO Series 2009 5.00%, 2/15/27

1.28%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.29%

Water & Sewer

8.03%

Higher Education - Public

6.74%

Airport

5.70%

Electric Utility

4.31%

Revenue - Miscellaneous

4.25%

Health Care - Not-for-Profit

3.06%

Higher Education - Private

2.07%

Primary/Secondary Ed. - Private

0.86%

Industrial Development - Utility

0.79%

Prepay Energy

0.69%

Senior Living

0.66%

Primary/Secondary Ed. - Public

0.42%

SUBTOTAL

47.87%

Tax Supported

Special Tax

22.30%

Local G.O.

8.15%

State G.O.

5.93%

Tax-Supported State Lease

2.37%

Tax-Supported Local Lease

1.80%

State Lease

1.77%

Assessment District

1.56%

SUBTOTAL

43.88%

Prerefunded/ETM

2.90%

Insured/Guaranteed

Guaranteed

1.72%

Insured

0.74%

SUBTOTAL

2.46%

Asset-Backed

Housing - Multi-Family

1.84%

SUBTOTAL

1.84%

Cash Equivalents

Investment Companies

1.05%

SUBTOTAL

1.05%

Total

100.00%

State Breakdown

Portfolio %

New York

16.63%

California

15.92%

Texas

13.97%

Illinois

5.51%

Connecticut

5.17%

Michigan

5.14%

Massachusetts

3.99%

Colorado

3.73%

Florida

3.69%

Louisiana

2.56%

Pennsylvania

2.47%

Washington

2.38%

South Carolina

2.09%

New Jersey

1.95%

Oregon

1.57%

Alabama

1.18%

Virginia

0.89%

Arizona

0.88%

Rhode Island

0.86%

District of Columbia

0.84%

Kentucky

0.84%

Puerto Rico

0.82%

Wisconsin

0.79%

Hawaii

0.77%

Georgia

0.76%

Alaska

0.64%

North Carolina

0.60%

Mississippi

0.58%

Ohio

0.43%

Tennessee

0.38%

Missouri

0.32%

Indiana

0.31%

Minnesota

0.17%

New Hampshire

0.12%

Other

1.05%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

20.28%

AA

51.06%

A

16.06%

BBB

5.35%

BB

1.11%

Not Rated

2.19%

Pre-refunded Bonds

2.90%

Short Term Investments

1.05%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

2.33%

1 to 5 years

2.88%

5 to 10 years

12.94%

10 to 20 years

75.35%

20 to 30 years

6.30%

More than 30 years

0.20%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

7.03%

Average Coupon:

5.40%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

36.76%

Tender Option Bonds:

6.27%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

43.03%*

Average Effective Maturity:

5.94 Years

Effective Duration:

5.45 Years

Total Net Assets:

$658.85 Million**

Common Stock Net Asset Value:

$14.49

Number of Holdings:

174

Portfolio Turnover:

41%

* The total percentage of leverage constitutes 6.27% through the use

of tender option bonds, 36.76% 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.