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%,

2.48%

11/15/29

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

2.15%

NPFGC Series A  5.375%,   1/01/32

4) Wisconsin Hlth & Ed Fac Auth  (Ministry Health

1.98%

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

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

1.65%

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

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

1.62%

10/01/26

7) Indianapolis IN Loc Bond Bank     NPFGC Series 2A

1.51%

5.25%,  7/01/33 (Prerefunded/ETM)

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

1.42%

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

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

1.39%

10) Los Angeles CA Regl Arpts Impt Corp.  (Laxfuel

1.34%

Corp.) AMBAC Series 01  5.50%,  1/01/32

Sector/Industry Breakdown

Portfolio %

Revenue

   Health Care - Not-for-Profit

8.62%

   Airport

8.09%

   Water & Sewer

6.41%

   Higher Education - Public

4.56%

   Revenue - Miscellaneous

4.27%

   Industrial Development - Utility

2.49%

   Industrial Development - Industry

2.10%

   Higher Education - Private

1.72%

   Industrial Development - Airline

1.34%

   Electric Utility

1.13%

   Senior Living

0.81%

   Health Care - Municipal

0.80%

   Prepay Energy

0.59%

   Primary/Secondary Ed. - Public

0.47%

   Toll Roads/Transit

0.26%

SUBTOTAL

43.66%

Tax Supported

   Special Tax

10.01%

   State G.O.

5.50%

   Local G.O.

5.02%

   Assessment District

4.39%

   Tax-Supported State Lease

2.36%

   Tax-Supported Local Lease

2.12%

   State Lease

1.62%

   Guaranteed

1.22%

SUBTOTAL

32.24%

Prerefunded/ETM

10.42%

Insured/Guaranteed

   Insured

6.96%

   Guaranteed

2.33%

SUBTOTAL

9.29%

Asset-Backed

   Housing - Multi-Family

1.87%

   Housing - Single Family

1.40%

   Student Loan

1.12%

SUBTOTAL

4.39%

Total

100.00%

State Breakdown

Portfolio %

Texas

19.96%

California

11.66%

Illinois

8.59%

Florida

7.19%

New York

6.02%

Washington

4.73%

Michigan

4.22%

Alabama

3.48%

Wisconsin

3.22%

Colorado

2.73%

Louisiana

2.60%

Indiana

2.39%

Nevada

1.74%

Pennsylvania

1.69%

Ohio

1.68%

Oregon

1.51%

Alaska

1.50%

Tennessee

1.48%

Puerto Rico

1.40%

Hawaii

1.38%

South Carolina

1.35%

Virginia

1.24%

Massachusetts

1.10%

Arizona

1.00%

Rhode Island

0.85%

New Jersey

0.79%

New Hampshire

0.75%

North Carolina

0.62%

Mississippi

0.58%

District of Columbia

0.51%

Missouri

0.48%

North Dakota

0.39%

Georgia

0.36%

Utah

0.22%

Arkansas

0.20%

Minnesota

0.17%

Kansas

0.17%

Iowa

0.05%

Total Investments

100.00%

               Credit Quality Breakdown

Portfolio %

                   AAA

19.53%

                   AAA(Pre-refunded Bonds)

10.42%

                   AA

26.85%

                   A

24.01%

                   BBB

14.96%

                  Not Rated

4.23%

                  Total Investments

100.00%

Portfolio Statistics:

          AMT Percentage:

17.63%

          Average Coupon:

5.58

          Percentage of Leverage:

                Bank Borrowing:

0.00%

                Investment Operations:

0.95%

                Preferred Stock:

37.30%

                Tender Option Bonds:

6.59%

                Term Asset-Backed Loans Facility (TALF):

0.00%

                Total Fund Leverage:

44.84%*

          Average Maturity:

6.51 Years

          Effective Duration:

5.78 Years

          Total Net Assets:

$649.32 Million**

          Common Stock Net Asset Value:

$14.19

          Number of Holdings:

210