AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Texas Transp Commission  Series 07  5.00%,

3.42%

4/01/23

2) Wayne State Univ MI  Series 2009  5.00%,

2.51%

11/15/29

3) Chicago IL O'hare Intl Arpt  (O'hare Intl Arpt)

2.12%

NPFGC Series A  5.375%,  1/01/32

4) Wisconsin Hlth & Ed Fac Auth  (Ministry Health

1.92%

Care, Inc.) NPFGC Series 02A  5.25%,  2/15/32

5) Univ of Illinois     AGM Series 07A  5.25%,

1.69%

10/01/26

6) Indianapolis IN Loc Bond Bank     NPFGC Series 2A

1.66%

5.25%,  7/01/33 (Prerefunded/ETM)

7) Bexar Cnty TX HFC MFHR  (Doral Club & Sutton

1.62%

House Apts) NPFGC Series 01A  5.55%,  10/01/36

8) Texas GO  Series 02A  5.50%,  8/01/41

1.49%

9) Gulf Coast Wtr Auth TX  (Anheuser-busch Cos.,

1.41%

Inc.)   Series 02  5.90%,  4/01/36

10) Twenty Fifth Ave Pptys WA  (Univ of WA Dorm

1.40%

25th Ave) NPFGC Series 02  5.25%, 6/01/33

Sector/Industry Breakdown

Portfolio %

Prerefunded/ETM

11.87%

Health Care - Not-for-Profit

10.38%

Special Tax

8.24%

Insured

8.04%

Airport

8.03%

Local G.O.

6.33%

State G.O.

5.72%

Assessment District

4.87%

Higher Education - Public

4.62%

Water & Sewer

3.46%

Revenue - Miscellaneous

3.46%

Industrial Development - Utility

2.60%

Guaranteed

2.37%

Tax-Supported Local Lease

2.27%

Industrial Development - Industry

2.26%

Tax-Supported State Lease

2.22%

Housing - Single Family

2.18%

Housing - Multi-Family

1.93%

Higher Education - Private

1.74%

State Lease

1.69%

Industrial Development - Airline

1.26%

Student Loan

1.21%

Senior Living

0.84%

Health Care - Municipal

0.79%

Prepay Energy

0.61%

Primary/Secondary Ed. - Public

0.49%

Toll Roads/Transit

0.27%

Electric Utility

0.25%

Total

100.00%

State Breakdown

Portfolio %

Texas

19.14%

California

11.75%

Illinois

8.83%

Florida

7.46%

Michigan

4.47%

Washington

3.69%

Alabama

3.66%

New York

3.25%

Wisconsin

3.24%

Colorado

2.79%

Indiana

2.66%

Louisiana

2.65%

Pennsylvania

2.57%

Nevada

2.52%

Ohio

2.12%

Massachusetts

1.62%

Alaska

1.59%

Tennessee

1.57%

Puerto Rico

1.43%

South Carolina

1.40%

Hawaii

1.35%

Virginia

1.25%

Arizona

1.03%

Georgia

0.96%

New Jersey

0.90%

Rhode Island

0.86%

New Hampshire

0.82%

Oregon

0.66%

North Carolina

0.64%

Mississippi

0.61%

District of Columbia

0.55%

Missouri

0.50%

North Dakota

0.42%

Minnesota

0.33%

Arkansas

0.25%

Utah

0.23%

Kansas

0.17%

Iowa

0.06%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

      AAA

17.91%

      AAA(Pre-refunded Bonds)

11.86%

      AA

25.78%

      A

22.30%

      BBB

16.05%

      BB

1.43%

      Not Rated

4.67%

      Total Investments

100.00%

Portfolio Statistics:

   AMT Percentage:

18.53%

   Average Coupon:

5.32%

   Percentage of Leverage:

     Bank Borrowing:

0.00%

     Investment Operations:

0.00%

     Preferred Stock:

39.25%

     Tender Option Bonds:

6.93%

     Term Asset-Backed Loans Facility (TALF):

0.00%

     Total Fund Leverage:

46.18%*

   Average Maturity:

12.04 Years

   Effective Duration:

7.96 Years

   Total Net Assets:

$617.1 Million**

   Common Stock Net Asset Value:

$13.06

   Number of Holdings:

213