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

3.29%

2) Wayne State Univ MI    Series 2009    5.00%,

2.47%

11/15/29

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

2.05%

NPFGC Series A    5.375%,    1/01/32

4) Wisconsin Hlth & Ed Fac Auth    (Ministry Health

1.91%

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

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

1.63%

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

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

1.58%

10/01/26

7) Indianapolis IN Loc Bond Bank     NPFGC Series 2A

1.52%

5.25%,    7/01/33 (Prerefunded/ETM)

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

1.41%

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

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

1.38%

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

1.31%

Inc.)   Series 02    5.90%,    4/01/36

Sector/Industry Breakdown

Portfolio %

Revenue

   Health Care - Not-for-Profit

8.91%

   Airport

7.87%

   Water & Sewer

6.23%

   Higher Education - Public

4.51%

   Revenue - Miscellaneous

4.20%

   Industrial Development - Utility

2.46%

   Industrial Development - Industry

2.10%

   Higher Education - Private

1.66%

   Industrial Development - Airline

1.27%

   Electric Utility

1.10%

   Senior Living

0.80%

   Health Care - Municipal

0.78%

   Prepay Energy

0.60%

   Primary/Secondary Ed. - Public

0.46%

   Toll Roads/Transit

0.27%

SUBTOTAL

43.22%

Tax Supported

   Special Tax

9.74%

   Local G.O.

6.12%

   State G.O.

5.43%

   Assessment District

4.58%

   Tax-Supported State Lease

2.32%

   Tax-Supported Local Lease

2.04%

   State Lease

1.58%

SUBTOTAL

31.81%

Prerefunded/ETM

10.54%

Insured/Guaranteed

   Insured

7.70%

   Guaranteed

2.28%

SUBTOTAL

9.98%

Asset-Backed

   Housing - Multi-Family

1.92%

   Housing - Single Family

1.41%

   Student Loan

1.12%

SUBTOTAL

4.45%

Total

100.00%

State Breakdown

Portfolio %

Texas

19.66%

California

11.37%

Illinois

8.39%

Florida

7.39%

New York

5.87%

Washington

4.63%

Michigan

4.17%

Alabama

3.45%

Wisconsin

3.16%

Colorado

2.68%

Louisiana

2.54%

Indiana

2.40%

Nevada

2.36%

Pennsylvania

1.96%

Ohio

1.67%

Massachusetts

1.51%

Alaska

1.49%

Tennessee

1.48%

Oregon

1.46%

Puerto Rico

1.38%

Hawaii

1.35%

South Carolina

1.33%

Virginia

1.21%

Arizona

1.00%

Rhode Island

0.83%

New Jersey

0.77%

New Hampshire

0.75%

North Carolina

0.61%

Mississippi

0.58%

District of Columbia

0.51%

Missouri

0.48%

North Dakota

0.39%

Georgia

0.37%

Utah

0.22%

Arkansas

0.20%

Minnesota

0.17%

Kansas

0.16%

Iowa

0.05%

Total Investments

100.00%

   Credit Quality Breakdown

Portfolio %

       AAA

20.36%

       AAA(Pre-refunded Bonds)

10.54%

       AA

26.04%

       A

24.74%

       BBB

13.80%

       Not Rated

4.52%

       Total Investments

100.00%

Portfolio Statistics:

   AMT Percentage:

17.85%

   Average Coupon:

5.62

   Percentage of Leverage:

       Bank Borrowing:

0.00%

       Investment Operations:

2.84%

       Preferred Stock:

37.96%

       Tender Option Bonds:

6.70%

       Term Asset-Backed Loans Facility (TALF):

0.00%

       Total Fund Leverage:

47.50%*

   Average Maturity:

9.85 Years

   Effective Duration:

6.76 Years

   Total Net Assets:

$638.07 Million**

   Common Stock Net Asset Value:

$13.79

   Number of Holdings:

216