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

3.23%

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

2.72%

3) State of Connecticut Special Tax Revenue Series 2012 5.00%, 1/01/29

2.30%

4) Massachusetts School Building Authority Series 2011B 5.00%, 10/15/32

2.15%

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

1.73%

6) Los Angeles Department of Water & Power PWR Series 2013B 5.00%, 7/01/30

1.68%

7) City of New York NY Series 2012I 5.00%, 8/01/28

1.46%

8) New York State Dormitory Authority (State of New York Pers Income Tax)  Series 2012D 5.00%, 2/15/29

1.32%

9) Port Authority of New York & New Jersey Series 20141 5.00%, 10/15/44

1.26%

10) Fort Bend Independent School District Series 2009 5.00%, 2/15/27

1.26%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

8.92%

Higher Education - Public

8.20%

Airport

7.69%

Water & Sewer

7.15%

Electric Utility

4.97%

Revenue - Miscellaneous

3.17%

Higher Education - Private

1.82%

Industrial Development - Utility

1.78%

Health Care - Not-for-Profit

1.53%

Primary/Secondary Ed. - Private

0.84%

Prepay Energy

0.71%

Senior Living

0.68%

Primary/Secondary Ed. - Public

0.39%

SUBTOTAL

47.85%

Tax Supported

Special Tax

21.88%

Local G.O.

8.66%

State G.O.

4.92%

Tax-Supported State Lease

3.51%

State Lease

1.73%

Assessment District

1.56%

Tax-Supported Local Lease

0.96%

SUBTOTAL

43.22%

Prerefunded/ETM

5.45%

Asset-Backed

Housing - Multi-Family

1.82%

SUBTOTAL

1.82%

Insured/Guaranteed

Guaranteed

0.93%

Insured

0.73%

SUBTOTAL

1.66%

Total

100.00%

State Breakdown

Portfolio %

New York

16.35%

California

15.68%

Texas

13.27%

Illinois

6.00%

Connecticut

5.15%

Michigan

5.08%

Florida

4.13%

Massachusetts

4.01%

Colorado

3.38%

New Jersey

3.28%

Louisiana

2.39%

Washington

2.33%

Pennsylvania

2.20%

North Carolina

2.12%

Oregon

1.55%

Ohio

1.36%

South Carolina

1.36%

Alabama

1.17%

Virginia

0.89%

Kentucky

0.84%

Rhode Island

0.84%

District of Columbia

0.83%

Missouri

0.81%

Hawaii

0.79%

Wisconsin

0.78%

Georgia

0.77%

Arizona

0.71%

Minnesota

0.69%

Mississippi

0.57%

Tennessee

0.38%

Alaska

0.29%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

18.08%

AA

53.17%

A

15.54%

BBB

5.63%

B

0.28%

Not Rated

1.85%

Pre-refunded Bonds

5.45%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.58%

1 to 5 years

5.02%

5 to 10 years

11.99%

10 to 20 years

72.44%

20 to 30 years

7.53%

More than 30 years

1.44%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

7.13%

Average Coupon:

5.42%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

37.01%

Tender Option Bonds:

6.31%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

43.32%*

Average Effective Maturity:

6.07 Years

Effective Duration:

5.38 Years

Total Net Assets:

$667.31 Million**

Common Stock Net Asset Value:

$14.79

Number of Holdings:

166

Portfolio Turnover:

41%

* The total percentage of leverage constitutes 6.31% through the use

of tender option bonds, 37.01% 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.