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

3.13%

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

2.27%

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

2.16%

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

1.68%

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

1.46%

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

1.42%

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

1.26%

9) New York State Dormitory Authority (State of New York Pers Income Tax)  Series 2012B 5.00%, 3/15/32

1.24%

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

1.24%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

9.90%

Toll Roads/Transit

7.61%

Higher Education - Public

7.06%

Airport

7.00%

Water & Sewer

5.97%

Electric Utility

3.97%

Revenue - Miscellaneous

3.75%

Higher Education - Private

1.12%

Industrial Development - Utility

1.09%

Port

0.77%

Prepay Energy

0.69%

Senior Living

0.42%

Primary/Secondary Ed. - Public

0.34%

SUBTOTAL

49.69%

Tax Supported

Special Tax

17.81%

Local G.O.

7.86%

State G.O.

6.46%

Tax-Supported State Lease

2.57%

Tax-Supported Local Lease

2.41%

Assessment District

1.22%

SUBTOTAL

38.33%

Prerefunded/ETM

7.23%

Note/VRDBs

Money Market

3.13%

SUBTOTAL

3.13%

Insured/Guaranteed

Guaranteed

0.91%

Insured

0.71%

SUBTOTAL

1.62%

Total

100.00%

State Breakdown

Portfolio %

New York

16.51%

California

15.72%

Texas

13.11%

Florida

5.70%

Connecticut

5.09%

Pennsylvania

4.95%

Michigan

4.94%

New Jersey

4.13%

Illinois

3.78%

Colorado

3.38%

Massachusetts

3.37%

Louisiana

1.88%

Washington

1.63%

Tennessee

1.50%

North Carolina

1.38%

Hawaii

1.31%

Kentucky

1.24%

Ohio

1.09%

Maryland

1.03%

South Carolina

1.01%

Alabama

0.93%

Oregon

0.86%

District of Columbia

0.84%

Indiana

0.78%

Georgia

0.76%

Arizona

0.69%

Mississippi

0.57%

Minnesota

0.44%

Arkansas

0.31%

Missouri

0.31%

Alaska

0.29%

Oklahoma

0.26%

Wisconsin

0.21%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

15.29%

AA

47.31%

A

19.04%

BBB

9.42%

B

0.24%

Not Rated

1.47%

Pre-refunded Bonds

7.23%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.00%

1 to 5 years

0.75%

5 to 10 years

12.81%

10 to 20 years

67.76%

20 to 30 years

17.83%

More than 30 years

0.85%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

7.98%

Average Coupon:

5.40%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

21.48%

Preferred Stock:

14.21%

Tender Option Bonds:

7.79%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

43.48%*

Average Effective Maturity:

6.32 Years

Effective Duration:

5.61 Years

Total Net Assets:

$519.65 Million**

Common Stock Net Asset Value:

$14.87

Number of Holdings:

175

Portfolio Turnover:

26%

* The total percentage of leverage constitutes 7.79% through the use

of tender option bonds, 14.21% in issued and outstanding preferred

stock and 21.48% 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.