ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC. 
By
AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings
Portfolio %
1)Texas Transp Commission Series 07 5.00%, 3.50%
4/01/23
2)Clark Cnty Arpt Rev (Prerefunded) FGIC 2.13%
Series 01B 5.25%, 7/01/34
3)Chicago Arpt Rev (O'Hare Int'l Arpt) AMT 1.87%
MBIA Series A 5.375%, 1/01/32
4)Indianapolis Pub Impr Bond Bank 1.85%
(Prerefunded) MBIA Series 2A 5.25%, 7/01/33
5)Univ of Illinois FSA Series 07A 5.25%, 1.76%
10/01/26
6)Chicago (Prerefunded) FGIC Series 00C 5.50%, 1.63%
1/01/40
7)Wisconsin HEFA (Ministry Hlth Care) MBIA 1.62%
Series 02A 5.25%, 2/15/32
8)Bexar Cnty Hsg Fin Corp MFHR (Doral Club & 1.54%
Sutton House Apts) MBIA Series 01A 5.55%,
10/01/36
9)Ed Loan Rev (Ed Funding of South) AMT Series 1.49%
97A 6.20%, 12/01/21
10)Texas AMT Series 02A 5.50%, 8/01/41 1.48%
Sector/Industry Breakdown
Portfolio %
Hospital/Health Care 13.79%
Higher Education 10.01%
Airport Facility 9.35%
General Obligation 9.31%
Education 8.38%
Transportation 7.82%
Corporate - Utility (Water) 5.00%
Community Facility 4.45%
Housing-Rental Units 4.27%
Water/SWR 4.22%
Special Tax 3.77%
Miscellaneous 2.88%
Continuing Care Facility 2.86%
Housing-Mortgages 2.69%
COP/Lease Rental 2.44%
Resource Recovery/Solid Waste 1.99%
Student Loan 1.49%
Corporate - Utility (Gas) 1.36%
Utility 1.32%
Corporate - Industrial 0.79%
Assessment District 0.75%
Industrial 0.37%
Port Facility 0.25%
Corporate - Energy 0.24%
Public Housing Authority 0.15%
Housing 0.05%
Total 100.00%
State Breakdown
Portfolio %
Texas 17.64%
Illinois 11.36%
Florida 9.17%
California 8.85%
Nevada 4.68%
Wisconsin 3.41%
Alabama 3.40%
Michigan 3.35%
Colorado 3.24%
New York 3.23%
Indiana 2.90%
Massachusetts 2.68%
Tennessee 2.62%
Louisiana 2.49%
Washington 1.91%
Ohio 1.86%
Pennsylvania 1.67%
Alaska 1.62%
South Carolina 1.56%
Puerto Rico 1.30%
New Jersey 1.13%
Virginia 1.04%
Rhode Island 0.94%
New Hampshire 0.90%
Arizona 0.89%
Georgia 0.83%
Mississippi 0.66%
North Carolina 0.65%
Oregon 0.64%
Hawaii 0.63%
North Dakota 0.57%
District Of Columbia 0.54%
Missouri 0.54%
Arkansas 0.36%
Minnesota 0.23%
Utah 0.20%
Kansas 0.14%
Iowa 0.09%
New Mexico 0.08%
Total 100.00%
Credit Quality Breakdown
Portfolio %
AAA 40.48%
AA 26.87%
A 15.47%
BBB 12.14%
BB 2.89%
B 0.38%
A-1+ 0.91%
A-1 0.76%
SP-1+ 0.10%
Total Investments 100.00%
Portfolio Statistics:
AMT Percentage: 20.41%
Average Coupon: 5.35%
Percentage of Leverage:
Bank Loans: 0.00%
Investment Operations: 7.12%
Preferred Stock: 40.30%
Total: 47.42%*
Avg. Maturity: 15.00 Years
Duration: 7.84 Years
Total Net Assets: $558.3 Million
Net Asset Value: $11.03
Number of Holdings: 226
* The total percentage of leverage constitutes 40.30% in issued and outstanding preferred stock and 7.12% 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.
