AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings  

Portfolio %

1) Texas Trnsp Comm  Series 07  5.00%,  4/01/23  

3.38%

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

2.50%

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

2.17%

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

1.97%

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

1.67%

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

1.64%

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

1.50%

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

1.41%

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

1.38%

10) Los Angeles CA Regl Arpts Impt Corp.  (Laxfuel Corp.) AMBAC Series 01  5.50%,  1/01/32

1.37%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

8.18%

Airport

8.14%

Water & Sewer

6.47%

Higher Education - Public

4.58%

Revenue - Miscellaneous

3.84%

Industrial Development - Utility

2.52%

Industrial Development - Industry

2.09%

Higher Education - Private

1.74%

Industrial Development - Airline

1.37%

Electric Utility

1.13%

Senior Living

0.83%

Health Care - Municipal

0.80%

Prepay Energy

0.60%

Primary/Secondary Ed. - Public

0.47%

Toll Roads/Transit

0.27%

SUBTOTAL

43.03%

Tax Supported

Special Tax

10.72%

Local G.O.

5.03%

State G.O.

4.92%

Assessment District

4.39%

Tax-Supported State Lease

2.37%

Tax-Supported Local Lease

2.14%

State Lease

1.64%

Guaranteed

1.26%

SUBTOTAL

32.47%

Prerefunded/ETM

10.82%

Insured/Guaranteed

Insured

6.95%

Guaranteed

2.34%

SUBTOTAL

9.29%

Asset-Backed

Housing - Multi-Family

1.88%

Housing - Single Family

1.31%

Student Loan

1.12%

SUBTOTAL

4.31%

Cash Equivalents

Investment Companies

0.08%

SUBTOTAL

0.08%

Total

100.00%

State Breakdown

Portfolio %

Texas

20.69%

California

11.74%

Illinois

8.63%

Florida

7.11%

New York

6.06%

Michigan

4.26%

Washington

4.15%

Alabama

3.48%

Wisconsin

3.22%

Colorado

2.74%

Louisiana

2.60%

Indiana

2.38%

Nevada

1.78%

Pennsylvania

1.70%

Alaska

1.52%

Oregon

1.52%

Tennessee

1.48%

Hawaii

1.40%

Puerto Rico

1.40%

South Carolina

1.36%

Virginia

1.24%

Ohio

1.19%

Massachusetts

1.10%

Arizona

1.02%

Rhode Island

0.85%

New Jersey

0.80%

New Hampshire

0.74%

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%

Kansas

0.18%

Minnesota

0.17%

Iowa

0.05%

Other

0.08%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

19.50%

AAA(Pre-refunded Bonds)

10.82%

AA

26.62%

A

24.13%

BBB

14.59%

Short Term Investments

0.08%

Not Rated

4.26%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:  

17.67%

Average Coupon:

5.65

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.61%

Preferred Stock:

37.03%

Tender Option Bonds:

6.54%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

44.18%*

Average Maturity:

5.00 Years

Effective Duration:

5.19 Years

Total Net Assets:

$654.17 Million**

Common Stock Net Asset Value:

$14.35

Number of Holdings:

208

* The total percentage of leverage constitutes 6.54% through the use of tender option bonds, 37.03% in issued and outstanding preferred stock and 0.61% 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.

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.