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   Series 07   5.00%,   4/01/23

3.39%

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

2.06%

4) Wisconsin Hlth & Ed Fac Auth   (Ministry Health Care, Inc.)   NPFGC Series   02A   5.25%,   2/15/32

1.94%

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

1.63%

6) Indianapolis IN Loc Bond Bank     NPFGC Series 2A   5.25%,   7/01/33 (Prerefunded/ETM)

1.59%

7) Bexar Cnty TX HFC MFHR   (Doral Club & Sutton House Apts)   NPFGC Series 01A   5.55%,   10/01/36

1.58%

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

1.43%

9) Twenty Fifth Ave Pptys WA   (Univ of WA Dorm 25th Ave)   NPFGC Series 02   5.25%,   6/01/33

1.43%

10) Gulf Coast Wtr Auth TX   (Anheuser-busch Cos., Inc.)   Series 02   5.90%,   4/01/36

1.36%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

9.43%

Airport

7.95%

Higher Education - Public

4.64%

Revenue - Miscellaneous

4.28%

Water & Sewer

3.42%

Industrial Development - Utility

2.50%

Industrial Development - Industry

2.18%

Higher Education - Private

1.69%

Industrial Development - Airline

1.28%

Electric Utility

1.13%

Senior Living

0.81%

Health Care - Municipal

0.79%

Prepay Energy

0.60%

Primary/Secondary Ed. - Public

0.47%

Toll Roads/Transit

0.26%

SUBTOTAL

41.43%

Tax Supported

Special Tax

9.30%

Local G.O.

6.23%

State G.O.

5.59%

Assessment District

4.73%

Tax-Supported State Lease

2.19%

Tax-Supported Local Lease

2.17%

State Lease

1.63%

SUBTOTAL

31.84%

Prerefunded/ETM

11.37%

Insured/Guaranteed

Insured

7.92%

Guaranteed

2.33%

SUBTOTAL

10.25%

Asset-Backed

Housing - Single Family

2.07%

Housing - Multi-Family

1.88%

Student Loan

1.16%

SUBTOTAL

5.11%

Total

100.00%

State Breakdown

Portfolio %

Texas

18.78%

California

11.67%

Illinois

8.55%

Florida

7.28%

Washington

4.58%

Michigan

4.42%

New York

4.41%

Alabama

3.55%

Wisconsin

3.23%

Colorado

2.73%

Louisiana

2.57%

Indiana

2.52%

Nevada

2.44%

Pennsylvania

2.26%

Ohio

1.71%

Massachusetts

1.56%

Alaska

1.55%

Tennessee

1.51%

Oregon

1.48%

Puerto Rico

1.41%

South Carolina

1.35%

Hawaii

1.33%

Virginia

1.22%

Arizona

1.00%

Georgia

0.91%

New Jersey

0.85%

Rhode Island

0.84%

New Hampshire

0.79%

North Carolina

0.63%

Mississippi

0.60%

District of Columbia

0.53%

Missouri

0.49%

North Dakota

0.41%

Arkansas

0.22%

Utah

0.22%

Minnesota

0.17%

Kansas

0.17%

Iowa

0.06%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

21.57%

AAA(Pre-refunded Bonds)

11.37%

AA

22.93%

A

25.12%

BBB

13.35%

BB

1.01%

Not Rated

4.65%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

18.44%

Average Coupon:

5.50

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.51%

Preferred Stock:

38.53%

Tender Option Bonds:

6.80%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

45.84%*

Average Maturity:

10.96 Years

Effective Duration:

7.29 Years

Total Net Assets:

$628.67 Million**

Common Stock Net Asset Value:

$13.47

Number of Holdings:

213