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

3.37%

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

2.48%

3) Chicago IL O'Hare Intl Arpt  (O'Hare Intl Arpt) NPFGC Series A  5.375%,  1/01/32

2.18%

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

1.98%

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

1.67%

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

1.64%

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

1.63%

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

1.49%

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

1.42%

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

1.38%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

8.00%

Airport

7.96%

Water & Sewer

6.44%

Higher Education - Public

4.56%

Revenue - Miscellaneous

3.85%

Industrial Development - Utility

2.51%

Toll Roads/Transit

1.91%

Higher Education - Private

1.74%

Industrial Development - Industry

1.67%

Industrial Development - Airline

1.35%

Electric Utility

1.13%

Primary/Secondary Ed. - Private

0.85%

Senior Living

0.83%

Health Care - Municipal

0.80%

Prepay Energy

0.61%

Primary/Secondary Ed. - Public

0.47%

SUBTOTAL

44.68%

Tax Supported

Special Tax

10.64%

Local G.O.

6.65%

State G.O.

4.97%

Assessment District

4.21%

Tax-Supported Local Lease

3.19%

Tax-Supported State Lease

2.37%

State Lease

1.63%

SUBTOTAL

33.66%

Prerefunded/ETM

10.76%

Asset-Backed

Housing - Multi-Family

3.60%

Housing - Single Family

1.30%

Student Loan

1.12%

SUBTOTAL

6.02%

Insured/Guaranteed

Insured

3.22%

Guaranteed

1.48%

SUBTOTAL

4.70%

Cash Equivalents

Investment Companies

0.18%

SUBTOTAL

0.18%

Total

100.00%

State Breakdown

Portfolio %

Texas

20.53%

California

11.73%

Illinois

8.44%

New York

7.65%

Florida

6.46%

Michigan

4.25%

Washington

4.14%

Alabama

3.46%

Wisconsin

3.24%

Colorado

2.74%

Louisiana

2.60%

Indiana

1.94%

Nevada

1.77%

Pennsylvania

1.71%

Oregon

1.52%

Alaska

1.51%

Tennessee

1.48%

Puerto Rico

1.40%

Hawaii

1.39%

South Carolina

1.36%

Virginia

1.24%

Massachusetts

1.11%

Arizona

1.03%

Ohio

0.95%

Rhode Island

0.85%

New Jersey

0.81%

New Hampshire

0.74%

North Carolina

0.62%

Mississippi

0.58%

District of Columbia

0.52%

Missouri

0.48%

North Dakota

0.39%

Georgia

0.36%

Utah

0.22%

Arkansas

0.19%

Minnesota

0.18%

Kansas

0.18%

Iowa

0.05%

Other

0.18%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

19.49%

AAA(Pre-refunded Bonds)

10.76%

AA

27.92%

A

23.54%

BBB

13.56%

B

0.41%

Short Term Investments

0.18%

Not Rated

4.14%

Total Investments

100.00%

Portfolio Statistics:

     AMT Percentage:

18.83%

     Average Coupon:

5.69

     Percentage of Leverage:

          Bank Borrowing:

0.00%

          Investment Operations:

0.45%

          Preferred Stock:

37.13%

          Tender Option Bonds:

6.56%

          Term Asset-Backed Loans Facility (TALF):

0.00%

          Total Fund Leverage:

44.14%*

     Average Maturity:

5.51 Years

          Effective Duration:

5.21 Years

          Total Net Assets:

$652.35 Million**

          Common Stock Net Asset Value:

$14.29

          Number of Holdings:

205