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

Top 10 Fixed-Income Holdings

Portfolio %

1) City of New Orleans LA Series 2021-A 5.00%, 12/01/46

2.72 %

2) City of New York NY Series 2023 4.125%, 08/01/53

1.86 %

3) Commonwealth of Massachusetts Series 2023 5.00%, 05/01/53

1.86 %

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

1.78 %

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

1.77 %

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

1.75 %

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

1.68 %

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

1.68 %

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

1.62 %

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

1.61 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

17.95 %

Airport

9.74 %

Revenue - Miscellaneous

7.83 %

Toll Roads/Transit

6.27 %

Electric Utility

3.22 %

Prepay Energy

2.99 %

Tobacco Securitization

2.94 %

Higher Education - Private

2.77 %

Industrial Development - Industry

2.63 %

Primary/Secondary Ed. - Public

2.33 %

Port

0.89 %

Industrial Development - Utility

0.53 %

Water & Sewer

0.40 %

Senior Living

0.23 %

SUBTOTAL

60.72 %

Tax Supported

Local G.O.

15.24 %

Special Tax

9.77 %

State G.O.

7.36 %

State Lease

0.59 %

SUBTOTAL

32.96 %

Prerefunded/ETM

3.28 %

Commercial Mortgage-Backed Securities

1.60 %

Insured/Guaranteed

Guaranteed

0.48 %

SUBTOTAL

0.48 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.48 %

SUBTOTAL

0.48 %

Asset-Backed

Housing - Multi-Family

0.48 %

SUBTOTAL

0.48 %

Total

100.00 %

State Breakdown

Portfolio %

Illinois

11.58 %

New York

7.60 %

Pennsylvania

7.51 %

Florida

6.95 %

New Jersey

6.47 %

Michigan

6.08 %

Wisconsin

6.03 %

California

5.59 %

Texas

4.26 %

South Carolina

3.13 %

Louisiana

2.92 %

Georgia

2.51 %

North Carolina

2.40 %

Virginia

2.33 %

Ohio

2.24 %

Alabama

1.95 %

Arizona

1.95 %

Massachusetts

1.86 %

Minnesota

1.70 %

Maryland

1.56 %

Oklahoma

1.53 %

New Hampshire

1.46 %

Nevada

1.43 %

Colorado

1.29 %

Utah

1.24 %

Iowa

1.01 %

Nebraska

0.89 %

West Virginia

0.68 %

Connecticut

0.62 %

Indiana

0.46 %

Hawaii

0.44 %

Arkansas

0.35 %

Washington

0.30 %

Oregon

0.21 %

District of Columbia

0.18 %

South Dakota

0.13 %

Puerto Rico

0.10 %

Tennessee

0.07 %

Kentucky

0.03 %

Other

0.96 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

3.15 %

AA

33.84 %

A

35.32 %

BBB

19.87 %

BB

2.51 %

B

0.98 %

D

0.23 %

Not Rated

0.34 %

Pre-refunded Bonds

3.28 %

Short Term Investments

0.48 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

2.28 %

1 To 5 Years

4.02 %

5 To 10 Years

7.68 %

10 To 20 Years

27.76 %

20 To 30 Years

45.82 %

More than 30 Years

12.44 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

15.60 %

Average Coupon:

4.45 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

40.45 %

Total Fund Leverage:

40.45%*

Average Maturity:

   12.66 Years

Effective Duration:

    8.05 Years

Total Net Assets:

$346.65 Million**

Common Stock Net Asset Value:

$12.06

Total Number of Holdings:

181

Portfolio Turnover:

18.00 %