AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, March 26 /PRNewswire-FirstCall/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of February 28, 2010.

    
    
            AllianceBernstein National Municipal Income Fund, Inc.
    
    
    Top 10 Fixed-Income Holdings
                                                           Portfolio %
        1)Texas Transp Commission Series 07 5.00%,               3.35%
          4/01/23
        2)Wayne State Univ MI Series 2009 5.00%,                 2.54%
          11/15/29
        3)Chicago IL O'hare Intl Arpt (O'hare Intl               2.13%
          Arpt) NPFGC Series A 5.375%, 1/01/32
        4)Wisconsin Hlth & Ed Fac Auth (Ministry                 1.92%
          Health Care, Inc.) NPFGC Series 02A 5.25%,
          2/15/32
        5)Univ of Illinois FSA Series 07A 5.25%,                 1.67%
          10/01/26
        6)Bexar Cnty TX HFC MFHR (Doral Club & Sutton            1.63%
          House Apts) NPFGC Series 01A 5.55%, 10/01/36
        7)Indianapolis IN Loc Bond Bank NPFGC Series             1.63%
          2A 5.25%, 7/01/33 (Prerefunded/ETM)
        8)Twenty Fifth Ave Pptys WA (Univ of WA Dorm             1.44%
          25th Ave) NPFGC Series 02 5.25%, 6/01/33
        9)Texas GO Series 02A 5.50%, 8/01/41                     1.40%
       10)Los Angeles CA Regl Arpts (Laxfuel                     1.37%
          Corporation) AMBAC Series 01 5.50%, 1/01/32
    
    
        Sector/Industry Breakdown
                                                          Portfolio %
            Prerefunded/ETM                                    12.17%
            Health Care - Not-for-Profit                       11.35%
            Airport/Ports                                       7.33%
            Insured                                             6.18%
            Local G.O.                                          6.16%
            State G.O.                                          5.50%
            Higher Education - Public                           5.10%
            Higher Education                                    4.20%
            Revenue - Miscellaneous                             3.86%
            Special Tax                                         3.64%
            Assessment District                                 3.57%
            Transportation                                      3.35%
            Housing - Multi-Family                              3.06%
            Tax-Supported Local Lease                           2.46%
            Guaranteed                                          2.31%
            Housing - Single Family                             2.30%
            Industrial Development - Industry                   2.29%
            Industrial Development - Utility                    2.27%
            Money Market                                        1.88%
            Water & Sewer                                       1.83%
            Prepay Energy                                       1.63%
            Tax-Supported State Lease                           1.59%
            Higher Education - Private                          1.48%
            Industrial Development - Airline                    1.37%
            Health Care - Municipal                             1.28%
            Student Loan                                        1.13%
            Primary/Secondary Ed. - Public                      0.45%
            Electric Utility                                    0.26%
            Total                                             100.00%
    
    
            State Breakdown
                                                          Portfolio %
            Texas                                              18.41%
            California                                         10.42%
            Illinois                                            8.83%
            Florida                                             8.16%
            Michigan                                            5.40%
            Alabama                                             3.81%
            Washington                                          3.72%
            Wisconsin                                           3.65%
            New York                                            2.94%
            Colorado                                            2.64%
            Indiana                                             2.62%
            Louisiana                                           2.54%
            Tennessee                                           2.52%
            Nevada                                              2.48%
            Massachusetts                                       2.47%
            Ohio                                                2.05%
            Pennsylvania                                        1.75%
            South Carolina                                      1.58%
            Alaska                                              1.54%
            Puerto Rico                                         1.39%
            Virginia                                            1.25%
            Arizona                                             1.01%
            Georgia                                             0.91%
            New Jersey                                          0.89%
            Rhode Island                                        0.81%
            New Hampshire                                       0.80%
            Mississippi                                         0.74%
            Oregon                                              0.67%
            Hawaii                                              0.64%
            North Carolina                                      0.62%
            District Of Columbia                                0.52%
            Missouri                                            0.49%
            North Dakota                                        0.41%
            Arkansas                                            0.33%
            Minnesota                                           0.32%
            Utah                                                0.22%
            West Virginia                                       0.19%
            Kansas                                              0.18%
            Iowa                                                0.08%
            Total                                             100.00%
    
    
                 Credit Quality Breakdown
                                                          Portfolio %
                    AAA                                        33.04%
                    AA                                         21.93%
                    A                                          26.26%
                    BBB                                        14.46%
                    BB                                          3.79%
                    B                                           0.33%
                    A-1+                                        0.19%
                    Total Investments                         100.00%
    
         Portfolio Statistics:
              AMT Percentage:                 20.51% 
              Average Coupon:                 5.26% 
              Percentage of Leverage:
                Bank Borrowing:               0.00%
                Investment Operations:        4.87%
                Preferred Stock:              26.07%
                Term Asset-Backed Loans
                   Facility (TALF):           0.00%
              Total Fund Leverage:            30.94%*
    
              Avg. Maturity:                  9.80 Years
              Effective Duration:             6.71 Years
              Total Net Assets:               $641.7 Million
              Net Asset Value:                $13.93
              Number of Holdings:             221
    
    * The total percentage of leverage constitutes 26.07% in issued 
      and outstanding preferred stock and 4.87% in investment operations,
      which may include the use of certain portfolio management techniques
      such as tender option bonds, credit default swaps, dollar rolls,
      negative cash, reverse repurchase agreements and when-issued 
      securities.

The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.  

SOURCE AllianceBernstein National Municipal Income Fund, Inc.