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

2.51%

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

2.07%

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

1.90%

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

1.62%

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

1.61%

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

1.44%

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

1.40%

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

1.37%

Sector/Industry Breakdown

Portfolio %

Prerefunded/ETM

11.50%

Health Care - Not-for-Profit

9.53%

Special Tax

9.25%

Airport

7.89%

Insured

7.88%

Local G.O.

6.21%

State G.O.

5.58%

Assessment District

4.74%

Higher Education - Public

4.59%

Revenue - Miscellaneous

4.26%

Water & Sewer

3.40%

Industrial Development - Utility

2.53%

Guaranteed

2.32%

Industrial Development - Industry

2.20%

Tax-Supported State Lease

2.19%

Tax-Supported Local Lease

2.16%

Housing - Single Family

2.09%

Housing - Multi-Family

1.88%

Higher Education - Private

1.69%

State Lease

1.62%

Industrial Development - Airline

1.26%

Student Loan

1.17%

Electric Utility

1.12%

Senior Living

0.82%

Health Care - Municipal

0.79%

Prepay Energy

0.60%

Primary/Secondary Ed. - Public

0.47%

Toll Roads/Transit

0.26%

Total

100.00%

State Breakdown

Portfolio %

Texas

18.75%

California

11.58%

Illinois

8.55%

Florida

7.25%

Washington

4.53%

Michigan

4.41%

New York

4.38%

Alabama

3.56%

Wisconsin

3.19%

Colorado

2.73%

Louisiana

2.58%

Indiana

2.56%

Nevada

2.45%

Pennsylvania

2.25%

Ohio

1.72%

Massachusetts

1.57%

Alaska

1.56%

Tennessee

1.53%

Oregon

1.47%

Puerto Rico

1.41%

South Carolina

1.34%

Hawaii

1.34%

Virginia

1.22%

Arizona

1.01%

Georgia

0.92%

New Jersey

0.85%

Rhode Island

0.83%

New Hampshire

0.79%

North Carolina

0.63%

Mississippi

0.59%

District of Columbia

0.53%

Missouri

0.49%

North Dakota

0.41%

Minnesota

0.32%

Arkansas

0.24%

Utah

0.23%

Kansas

0.17%

Iowa

0.06%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

20.36%

AAA(Pre-refunded Bonds)

11.50%

AA

25.35%

A

21.82%

BBB

15.29%

BB

1.00%

Not Rated

4.68%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

18.53%

Average Coupon:

5.42%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.56%

Preferred Stock:

39.01%

Tender Option Bonds:

6.89%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

46.46%*

Average Maturity:

11.88 Years

Effective Duration:

7.82 Years

Total Net Assets:

$621.01 Million**

Common Stock Net Asset Value:

$13.20

Number of Holdings:

214

* The total percentage of leverage constitutes 6.89% through the use of tender option bonds, 39.01% in issued and outstanding preferred stock and 0.56% 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 242,225,000 of preferred stock at liquidation value.