AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

1) Texas Trnsp Comm 5.00%, 4/01/23

3.15%

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

2.66%

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

2.26%

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

2.12%

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

1.68%

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

1.65%

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

1.44%

8) Miami Beach Health Facilities Authority (Mount Sinai Medical Center of Florida, Inc.)  Series 2014 5.00%, 11/15/39

1.43%

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

1.31%

10) Port Authority of New York & New Jersey Series 2014186 5.00%, 10/15/44

1.26%

Sector/Industry Breakdown

Portfolio %

Revenue

Higher Education - Public

8.01%

Toll Roads/Transit

7.34%

Health Care - Not-for-Profit 

7.14%

Water & Sewer

7.09%

Airport

6.93%

Electric Utility

4.38%

Revenue - Miscellaneous

2.56%

Higher Education - Private

1.79%

Industrial Development - Utility

1.77%

Prepay Energy

0.70%

Senior Living

0.68%

Industrial Development - Industry

0.51%

Primary/Secondary Ed. - Public

0.36%

SUBTOTAL

49.26%

Tax Supported

Special Tax

20.87%

Local G.O.

7.53%

State G.O.

4.99%

Tax-Supported State Lease

2.61%

Tax-Supported Local Lease

1.83%

State Lease

1.68%

Assessment District

1.52%

SUBTOTAL

41.03%

Prerefunded/ETM

7.43%

Insured/Guaranteed

Guaranteed

0.92%

Insured

0.71%

SUBTOTAL

1.63%

Asset-Backed

Housing - Multi-Family

0.56%

SUBTOTAL

0.56%

Cash Equivalents

Investment Companies

0.09%

SUBTOTAL

0.09%

Total

100.00%

State Breakdown        

Portfolio %

California

16.30%

New York

15.83%

Texas

12.72%

Illinois

5.30%

Connecticut

5.06%

Florida

4.93%

Michigan

4.93%

New Jersey

4.22%

Massachusetts

3.97%

Colorado

3.31%

Pennsylvania

2.99%

Louisiana

2.35%

Washington

2.34%

North Carolina

1.68%

Tennessee

1.53%

Oregon

1.53%

Ohio

1.36%

South Carolina

1.32%

Alabama

0.93%

Wisconsin

0.92%

Kentucky

0.83%

District of Columbia

0.82%

Hawaii

0.79%

Indiana

0.77%

Georgia

0.76%

Arizona

0.70%

Mississippi

0.56%

Arkansas

0.31%

Missouri

0.31%

Alaska

0.28%

Oklahoma

0.26%

Other

0.09%

Total Investments

100.00%

Credit Quality Breakdown

    Portfolio %

AAA

17.00%

AA

48.06%

A

16.81%

BBB

8.58%

B

0.23%

Not Rated

1.80%

Pre-refunded Bonds

7.43%

Short Term Investments

0.09%

Total Investments

100.00%

Bonds By Maturity        

Portfolio %

Less than 1 year

2.50%

1 to 5 years

5.14%

5 to 10 years

12.14%

10 to 20 years

66.38%

20 to 30 years

13.37%

More than 30 years

0.47%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

8.46%

Average Coupon:

5.68%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.39%

Preferred Stock:

36.26%

Tender Option Bonds:

6.19%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

43.84%*

Average Effective Maturity:

6.25 Years

Effective Duration:

5.52 Years

Total Net Assets:

$667.95 Million**

Common Stock Net Asset Value:

$14.81

Number of Holdings:

175

Portfolio Turnover:

26%

* The total percentage of leverage constitutes 6.19% through the use

of tender option bonds, 36.26% in issued and outstanding preferred

stock and 1.39% 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.