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

1.78 %

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

1.76 %

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

1.72 %

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

1.68 %

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

1.68 %

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

1.60 %

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

1.59 %

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

1.52 %

10) Pennsylvania Economic Development Financing Authority Series 2022 5.75%, 12/31/62

1.43 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

19.19 %

Airport

9.90 %

Revenue - Miscellaneous

7.85 %

Toll Roads/Transit

6.29 %

Higher Education - Private

2.96 %

Tobacco Securitization

2.95 %

Electric Utility

2.73 %

Industrial Development - Industry

2.70 %

Prepay Energy

2.41 %

Primary/Secondary Ed. - Public

2.32 %

Port

0.87 %

Industrial Development - Utility

0.53 %

Water & Sewer

0.40 %

Senior Living

0.23 %

SUBTOTAL

61.33 %

Tax Supported

Special Tax

9.71 %

Local G.O.

9.61 %

State G.O.

5.36 %

State Lease

1.22 %

SUBTOTAL

25.90 %

Cash & Cash Equivalents

Funds and Investment Trusts

5.84 %

SUBTOTAL

5.84 %

Prerefunded/ETM

4.34 %

Commercial Mortgage-Backed Securities

1.61 %

Insured/Guaranteed

Guaranteed

0.50 %

SUBTOTAL

0.50 %

Asset-Backed

Housing - Multi-Family

0.48 %

SUBTOTAL

0.48 %

Total

100.00 %

State Breakdown

Portfolio %

Illinois

11.69 %

New Jersey

8.07 %

Pennsylvania

7.52 %

Wisconsin

6.12 %

Florida

5.50 %

California

5.16 %

Michigan

5.13 %

New York

5.09 %

Texas

5.03 %

South Carolina

3.11 %

North Carolina

2.38 %

Virginia

2.35 %

Ohio

2.26 %

Arizona

1.96 %

Alabama

1.94 %

Georgia

1.80 %

Minnesota

1.70 %

Maryland

1.55 %

Oklahoma

1.52 %

New Hampshire

1.48 %

Connecticut

1.44 %

Nevada

1.43 %

Colorado

1.28 %

Utah

1.23 %

Iowa

1.02 %

Nebraska

0.89 %

Kansas

0.87 %

Hawaii

0.80 %

West Virginia

0.68 %

Washington

0.51 %

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

6.32 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

2.89 %

AA

28.95 %

A

33.14 %

BBB

19.83 %

BB

2.45 %

B

0.98 %

D

0.22 %

Not Rated

0.33 %

Pre-refunded Bonds

4.34 %

Short Term Investments

6.87 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

9.25 %

1 To 5 Years

5.21 %

5 To 10 Years

8.20 %

10 To 20 Years

26.36 %

20 To 30 Years

39.03 %

More than 30 Years

11.95 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

15.69 %

Average Coupon:

4.20 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

39.82 %

Total Fund Leverage:

39.82%*

Average Maturity:

9.19 Years

Effective Duration:

6.58 Years

Total Net Assets:

$355.62 Million**

Common Stock Net Asset Value:

$12.37

Total Number of Holdings:

184

Portfolio Turnover:

18.00 %