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

3.24%

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

2.74%

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

2.32%

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

2.18%

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

1.71%

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

1.70%

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

1.49%

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

1.34%

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

1.28%

Sector/Industry Breakdown

Portfolio %

Revenue

Higher Education - Public

8.28%

Airport

7.44%

Toll Roads/Transit

6.98%

Health Care - Not-for-Profit

6.93%

Water & Sewer

6.23%

Electric Utility

4.94%

Revenue - Miscellaneous

2.96%

Industrial Development - Utility

1.72%

Higher Education - Private

1.15%

Prepay Energy

0.70%

Senior Living

0.69%

Primary/Secondary Ed. - Public

0.35%

SUBTOTAL

48.37%

Tax Supported

Special Tax

20.59%

Local G.O.

8.52%

State G.O.

5.55%

Tax-Supported State Lease

2.65%

Tax-Supported Local Lease

2.47%

State Lease

1.71%

Assessment District

1.26%

SUBTOTAL

42.75%

Prerefunded/ETM

7.79%

Insured/Guaranteed

Guaranteed

0.94%

SUBTOTAL

0.94%

Cash Equivalents

Investment Companies

0.15%

SUBTOTAL

0.15%

Total

100.00%

State Breakdown

Portfolio %

California

16.04%

New York

15.19%

Texas

13.28%

Connecticut

5.19%

Michigan

5.07%

Florida

4.99%

Illinois

4.90%

New Jersey

4.23%

Pennsylvania

4.14%

Massachusetts

4.09%

Colorado

3.48%

Washington

2.58%

Louisiana

1.93%

North Carolina

1.73%

Tennessee

1.54%

Ohio

1.30%

Kentucky

1.25%

Alabama

0.96%

South Carolina

0.88%

Oregon

0.88%

District of Columbia

0.85%

Hawaii

0.81%

Indiana

0.79%

Georgia

0.78%

Arizona

0.70%

Mississippi

0.59%

Missouri

0.32%

Arkansas

0.32%

Alaska

0.29%

Maryland

0.27%

Oklahoma

0.26%

Wisconsin

0.22%

Other

0.15%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

14.91%

AA

51.33%

A

15.84%

BBB

8.20%

B

0.25%

Not Rated

1.53%

Pre-refunded Bonds

7.79%

Short Term Investments

0.15%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.75%

1 to 5 years

5.60%

5 to 10 years

11.25%

10 to 20 years

68.42%

20 to 30 years

12.77%

More than 30 years

0.21%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

7.98%

Average Coupon:

5.36%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

2.22%

Preferred Stock:

37.53%

Tender Option Bonds:

6.67%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

46.42%*

Average Effective Maturity:

6.09 Years

Effective Duration:

5.43 Years

Total Net Assets:

$657.28 Million**

Common Stock Net Asset Value:

$14.44

Number of Holdings:

171

Portfolio Turnover:

26%

* The total percentage of leverage constitutes 6.67% through the use

of tender option bonds, 37.53% in issued and outstanding preferred

stock and 2.22% 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.