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%,  

        4/01/23

3.32%

   2)Wayne State Univ MI Series 2009 5.00%,

        11/15/29

2.53%

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

        NPFGC Series A 5.375%, 1/01/32

2.17%

   4)Wisconsin Hlth & Ed Fac Auth (Ministry Health

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

1.92%

   5)Univ of Illinois FSA Series 07A 5.25%, 10/01/26

1.66%

   6)Bexar Cnty TX HFC MFHR (Doral Club &

        Sutton House Apts) NPFGC Series 01A

        5.55%, 10/01/36

1.65%

   7)Indianapolis IN Loc Bond Bank NPFGC Series

        2A 5.25%, 7/01/33 (Prerefunded/ETM)

1.61%

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

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

1.44%

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

1.42%

  10)Los Angeles CA Regl Arpts (Laxfuel

        Corporation) AMBAC Series 01 5.50%, 1/01/32

1.39%

   Sector/Industry Breakdown

Portfolio %

       Prerefunded/ETM

12.58%

       Health Care - Not-for-Profit

10.68%

       Airport/Ports

8.14%

       Local G.O.

6.17%

       Insured

6.16%

       State G.O.

5.57%

       Higher Education - Public

4.62%

       Higher Education

4.18%

       Revenue - Miscellaneous

3.80%

       Special Tax

3.66%

       Assessment District

3.59%

       Transportation

3.32%

       Housing - Multi-Family

3.01%

       Tax-Supported Local Lease

2.48%

       Guaranteed

2.31%

       Housing - Single Family

2.29%

       Industrial Development - Utility

2.29%

       Industrial Development - Industry

2.29%

       Water & Sewer

1.82%

       Money Market

1.68%

       Tax-Supported State Lease

1.58%

       Higher Education - Private

1.54%

       Industrial Development - Airline

1.39%

       Senior Living

1.24%

       Student Loan

1.14%

       Health Care - Municipal

0.88%

       Prepay Energy

0.61%

       Primary/Secondary Ed. - Public

0.47%

       Toll Roads/Transit

0.27%

       Electric Utility

0.24%

       Total

100.00%

       State Breakdown

Portfolio %

       Texas

18.67%

       California

10.49%

       Illinois

8.85%

       Florida

8.16%

       Michigan

5.44%

       Alabama

3.86%

       Washington

3.71%

       Wisconsin

3.59%

       New York

2.94%

       Colorado

2.66%

       Indiana

2.59%

       Louisiana

2.56%

       Nevada

2.48%

       Massachusetts

2.46%

       Ohio

2.05%

       Pennsylvania

1.79%

       South Carolina

1.57%

       Alaska

1.53%

       Tennessee

1.49%

       Puerto Rico

1.42%

       Hawaii

1.38%

       Virginia

1.25%

       Arizona

1.02%

       Georgia

0.91%

       New Jersey

0.90%

       Rhode Island

0.82%

       New Hampshire

0.80%

       Mississippi

0.74%

       Oregon

0.70%

       North Carolina

0.62%

       District Of Columbia

0.52%

       Missouri

0.49%

       North Dakota

0.41%

       Arkansas

0.32%

       Minnesota

0.32%

       Utah

0.22%

       Kansas

0.19%

       Iowa

0.08%

       Total

          100.00%

            Credit Quality Breakdown

Portfolio %

               AAA

35.47%

               AA

20.86%

               A

27.28%

               BBB

11.91%

               BB

3.27%

               B

0.34%

               N/A

0.87%

               Total Investments

100.00%

    Portfolio Statistics:

         AMT Percentage:

20.73%

         Average Coupon:

5.14%

         Percentage of Leverage:

           Bank Borrowing:

0.00%

           Investment Operations:

5.03%

           Preferred Stock:

37.51%

           Term Asset-Backed Loans

              Facility (TALF):

0.00%

         Total Fund Leverage:

           42.54%*

         Avg. Maturity:

                 9.15 Years

         Effective Duration:

            6.24 Years

         Total Net Assets:

              $645.7 Million**

         Common Stock Net Asset Value:

$14.06

         Number of Holdings:

221