AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/46

1.79 %

2) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58

1.77 %

3) City of El Paso TX Series 2021-C 4.00%, 08/15/47

1.76 %

4) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48

1.73 %

5) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30

1.72 %

6) Detroit City School District Series 2001-A 6.00%, 05/01/29

1.68 %

7) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62

1.68 %

8) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.25%, 06/01/46

1.61 %

9) Virginia Small Business Financing Authority Series 2022 3.00%, 01/01/41

1.59 %

10) Metropolitan Pier & Exposition Authority Series 2020 5.00%, 06/15/50

1.53 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

19.24 %

Airport

9.94 %

Revenue - Miscellaneous

7.87 %

Toll Roads/Transit

6.30 %

Tobacco Securitization

2.97 %

Higher Education - Private

2.97 %

Electric Utility

2.73 %

Industrial Development - Industry

2.72 %

Prepay Energy

2.42 %

Primary/Secondary Ed. - Public

2.33 %

Port

0.87 %

Industrial Development - Utility

0.53 %

Water & Sewer

0.40 %

Senior Living

0.23 %

SUBTOTAL

61.52 %

Tax Supported

Special Tax

9.74 %

Local G.O.

9.68 %

State G.O.

5.37 %

State Lease

1.22 %

SUBTOTAL

26.01 %

Prerefunded/ETM

8.29 %

Cash & Cash Equivalents

Funds and Investment Trusts

2.06 %

SUBTOTAL

2.06 %

Commercial Mortgage-Backed Securities

1.61 %

Insured/Guaranteed

Guaranteed

0.51 %

SUBTOTAL

0.51 %

Total

100.00 %

State Breakdown

Portfolio %

Illinois

11.67 %

New Jersey

8.10 %

California

7.85 %

Pennsylvania

7.54 %

Wisconsin

6.14 %

Florida

5.53 %

Michigan

5.15 %

New York

5.11 %

Texas

5.06 %

South Carolina

3.13 %

Connecticut

2.68 %

North Carolina

2.40 %

Virginia

2.35 %

Ohio

2.28 %

Alabama

1.96 %

Arizona

1.96 %

Georgia

1.82 %

Minnesota

1.71 %

Maryland

1.55 %

Oklahoma

1.54 %

New Hampshire

1.48 %

Nevada

1.45 %

Colorado

1.28 %

Utah

1.23 %

Iowa

1.03 %

Nebraska

0.90 %

Kansas

0.87 %

Hawaii

0.81 %

West Virginia

0.67 %

Washington

0.52 %

Louisiana

0.49 %

Indiana

0.48 %

Arkansas

0.35 %

Oregon

0.21 %

District of Columbia

0.18 %

Massachusetts

0.13 %

South Dakota

0.13 %

Puerto Rico

0.10 %

Tennessee

0.07 %

Kentucky

0.03 %

Other

2.06 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

2.91 %

AA

28.27 %

A

34.03 %

BBB

19.57 %

BB

2.28 %

B

1.00 %

D

0.22 %

Not Rated

0.33 %

Pre-refunded Bonds

8.29 %

Short Term Investments

3.10 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

9.41 %

1 To 5 Years

5.24 %

5 To 10 Years

8.23 %

10 To 20 Years

23.77 %

20 To 30 Years

40.64 %

More than 30 Years

12.71 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

15.92 %

Average Coupon:

4.38 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

39.93 %

Total Fund Leverage:

39.93%*

Average Maturity:

    9.23 Years

Effective Duration:

    6.56 Years

Total Net Assets:

$355.84 Million**

Common Stock Net Asset Value:

$12.38

Total Number of Holdings:

187

Portfolio Turnover:

18.00 %

* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 39.93%

in issued and outstanding VMTPs and 0.00% 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.

** The Fund also had outstanding $232,125,000 of VMTPs at liquidation value, which is not included

in Total Net Assets because it is treated as a liability for financial reporting purposes.

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.