AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

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

3.08%

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

2.62%

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

2.29%

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

2.17%

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

1.69%

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

1.47%

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

1.43%

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

1.27%

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

1.26%

10) Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP)  Series 2015 5.00%, 12/31/38

1.24%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

9.96%

Toll Roads/Transit

9.17%

Higher Education - Public

7.03%

Airport

6.61%

Water & Sewer

5.74%

Electric Utility

4.00%

Revenue - Miscellaneous

3.77%

Industrial Development - Utility

0.97%

Port

0.85%

Prepay Energy

0.69%

Senior Living

0.42%

Primary/Secondary Ed. - Public

0.34%

Higher Education - Private

0.32%

SUBTOTAL

49.87%

Tax Supported

Special Tax

18.31%

State G.O.

7.37%

Local G.O.

7.34%

Tax-Supported State Lease

2.56%

Tax-Supported Local Lease

2.42%

SUBTOTAL

38.00%

Prerefunded/ETM

6.52%

Note/VRDBs

Money Market

3.08%

SUBTOTAL

3.08%

Insured/Guaranteed

Guaranteed

0.92%

Insured

0.70%

SUBTOTAL

1.62%

Cash Equivalents

Investment Companies

0.91%

SUBTOTAL

0.91%

Total

100.00%

State Breakdown

Portfolio %

New York

16.57%

California

15.83%

Texas

12.59%

Connecticut

5.95%

Florida

5.75%

Pennsylvania

5.00%

Michigan

4.90%

Illinois

4.60%

New Jersey

4.16%

Massachusetts

2.58%

Colorado

2.02%

Hawaii

1.71%

Washington

1.60%

Tennessee

1.51%

North Carolina

1.40%

Louisiana

1.33%

Kentucky

1.25%

Maryland

1.04%

South Carolina

1.03%

Ohio

1.02%

Alabama

0.92%

Oregon

0.85%

District of Columbia

0.84%

Indiana

0.79%

Georgia

0.78%

Arizona

0.69%

Mississippi

0.57%

Minnesota

0.44%

Arkansas

0.31%

Missouri

0.31%

Alaska

0.28%

Oklahoma

0.26%

Wisconsin

0.21%

Other

0.91%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

15.24%

AA

48.29%

A

17.69%

BBB

10.17%

B

0.24%

Not Rated

0.94%

Pre-refunded Bonds

6.52%

Short Term Investments

0.91%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.91%

1 to 5 years

0.93%

5 to 10 years

11.98%

10 to 20 years

67.19%

20 to 30 years

18.99%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.45%

Average Coupon:

5.40%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

13.95%

Tender Option Bonds:

6.51%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.36%

Total Fund Leverage:

41.82%*

Average Effective Maturity:

6.33 Years

Effective Duration:

5.60 Years

Total Net Assets:

$527.64 Million**

Common Stock Net Asset Value:

$15.15

Number of Holdings:

171

Portfolio Turnover:

24%

* The total percentage of leverage constitutes 6.51% through the use

of tender option bonds, 13.95% in issued and outstanding APS,

21.36% in issued and outstanding VMTPs 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 $92,125,000 of APS at liquidation value.

The Fund also had outstanding $141,100,000 of VMTPs at liquidation value, which is not included in Total Net Assets because it is treated as a liability for financial reporting purposes. 

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.