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

3.17%

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

2.52%

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

2.25%

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

2.09%

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

1.69%

6) Triborough Bridge & Tunnel Authority Series 2011A 5.00%, 1/01/26

1.64%

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

1.64%

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

1.43%

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

1.30%

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

1.23%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.21%

Higher Education - Public

7.85%

Water & Sewer

6.99%

Airport

6.52%

Electric Utility

5.52%

Revenue - Miscellaneous

3.09%

Higher Education - Private

2.02%

Health Care - Not-for-Profit

1.85%

Industrial Development - Utility

1.74%

Primary/Secondary Ed. - Private

0.82%

Prepay Energy

0.69%

Senior Living

0.66%

Primary/Secondary Ed. - Public

0.38%

SUBTOTAL

48.34%

Tax Supported

Special Tax

22.04%

Local G.O.

8.48%

State G.O.

4.78%

Tax-Supported State Lease

2.29%

Tax-Supported Local Lease

1.73%

State Lease

1.69%

Assessment District

1.51%

SUBTOTAL

42.52%

Prerefunded/ETM

5.27%

Asset-Backed

Housing - Multi-Family

1.78%

SUBTOTAL

1.78%

Insured/Guaranteed

Guaranteed

0.90%

Insured

0.71%

SUBTOTAL

1.61%

Cash Equivalents

Investment Companies

0.48%

SUBTOTAL

0.48%

Total

100.00%

State Breakdown

Portfolio %

New York

16.45%

California

15.28%

Texas

13.68%

Illinois

5.86%

Connecticut

5.02%

Michigan

4.81%

Florida

4.59%

Massachusetts

3.92%

Colorado

3.64%

Pennsylvania

2.39%

Louisiana

2.35%

Washington

2.28%

North Carolina

2.07%

South Carolina

2.02%

New Jersey

1.91%

Oregon

1.51%

Ohio

1.38%

Alabama

1.14%

Minnesota

0.92%

Virginia

0.87%

Rhode Island

0.82%

Kentucky

0.82%

District of Columbia

0.82%

Missouri

0.79%

Hawaii

0.77%

Wisconsin

0.76%

Georgia

0.75%

Arizona

0.69%

Mississippi

0.56%

Tennessee

0.37%

Alaska

0.28%

Other

0.48%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

17.71%

AA

54.53%

A

14.61%

BBB

5.34%

B

0.27%

Not Rated

1.79%

Pre-refunded Bonds

5.27%

Short Term Investments

0.48%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

2.63%

1 to 5 years

4.19%

5 to 10 years

11.81%

10 to 20 years

73.88%

20 to 30 years

6.09%

More than 30 years

1.40%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

7.05%

Average Coupon:

5.61%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.50%

Preferred Stock:

36.45%

Tender Option Bonds:

6.22%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

44.17%*

Average Effective Maturity:

6.10 Years

Effective Duration:

5.41 Years

Total Net Assets:

$663.25 Million**

Common Stock Net Asset Value:

$14.65

Number of Holdings:

174

Portfolio Turnover:

41%

* The total percentage of leverage constitutes 6.22% through the use

of tender option bonds, 36.45% in issued and outstanding preferred

stock and 1.50% 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.