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

3.43%

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

2.57%

3) Connecticut Spl Tax Obl (Connecticut Trnsp Prog Spl Tax) 5.00%, 1/01/29

2.28%

4) Massachusetts Sch Bldg Auth (Massachusetts Sch Sales Tax)  Series 2011B 5.00%, 10/15/32

2.11%

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

1.76%

6) Triborough Brdg & Tunl Auth NY Series 2011A 5.00%, 1/01/26

1.66%

7) Los Angeles CA Dept W&P Pwr Series 2013B 5.00%, 7/01/30

1.65%

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

1.43%

9) Coast CA CCD GO   AGM 5.00%, 8/01/24

1.33%

10) New York St Dormitory Auth (New York St Pers Income Tax)  Series 2012D 5.00%, 2/15/29

1.30%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

8.91%

Water & Sewer

6.78%

Electric Utility

6.38%

Higher Education - Public

5.77%

Airport

4.37%

Health Care - Not-for-Profit

3.05%

Higher Education - Private

2.05%

Revenue - Miscellaneous

1.91%

Industrial Development - Industry

0.98%

Industrial Development - Utility

0.91%

Primary/Secondary Ed. - Private

0.87%

Prepay Energy

0.68%

Senior Living

0.66%

Port

0.47%

Primary/Secondary Ed. - Public

0.42%

SUBTOTAL

44.21%

Tax Supported

Special Tax

21.86%

Local G.O.

8.15%

State G.O.

6.14%

Tax-Supported Local Lease

3.71%

State Lease

1.76%

Tax-Supported State Lease

1.54%

Assessment District

0.70%

SUBTOTAL

43.86%

Insured/Guaranteed

Insured

2.63%

Guaranteed

1.50%

SUBTOTAL

4.13%

Prerefunded/ETM

3.51%

Cash Equivalents

Investment Companies

2.40%

SUBTOTAL

2.40%

Asset-Backed

Housing - Multi-Family

1.89%

SUBTOTAL

1.89%

Total

100.00%

State Breakdown

Portfolio %

New York

16.70%

California

15.01%

Texas

14.21%

Illinois

5.54%

Connecticut

5.11%

Michigan

5.09%

Massachusetts

3.94%

Colorado

3.78%

Florida

3.09%

New Jersey

2.70%

Louisiana

2.59%

Washington

2.34%

South Carolina

2.31%

Oregon

1.57%

Pennsylvania

1.43%

Alabama

1.22%

Puerto Rico

0.96%

Virginia

0.89%

Arizona

0.87%

Rhode Island

0.87%

Wisconsin

0.85%

Kentucky

0.83%

District of Columbia

0.83%

Hawaii

0.77%

Ohio

0.68%

Alaska

0.66%

North Carolina

0.61%

Mississippi

0.59%

Tennessee

0.38%

Missouri

0.33%

Indiana

0.33%

Georgia

0.22%

Minnesota

0.18%

New Hampshire

0.12%

Other

2.40%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

20.37%

AA

46.72%

A

17.80%

BBB

6.18%

BB

0.29%

Not Rated

2.73%

Pre-refunded Bonds

3.51%

Short Term Investments

2.40%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

4.20%

1 to 5 years

2.44%

5 to 10 years

14.58%

10 to 20 years

73.33%

20 to 30 years

5.27%

More than 30 years

0.18%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

7.38%

Average Coupon:

5.35%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

37.86%

Tender Option Bonds:

6.69%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

44.55%*

Average Effective Maturity:

6.08 Years

Effective Duration:

5.37 Years

Total Net Assets:

$639.75 Million**

Common Stock Net Asset Value:

$13.83

Number of Holdings:

171

Portfolio Turnover:

41%

* The total percentage of leverage constitutes 6.69% through the use of tender option bonds, 37.86% 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.