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

2.75 %

2) Melissa Independent School District Series 2023 4.25%, 02/01/53

2.08 %

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

1.86 %

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

1.77 %

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

1.76 %

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

1.76 %

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

1.71 %

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

1.63 %

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

1.62 %

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

1.55 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

16.90 %

Airport

7.81 %

Revenue - Miscellaneous

7.78 %

Toll Roads/Transit

5.59 %

Prepay Energy

5.10 %

Electric Utility

4.05 %

Higher Education - Private

3.75 %

Industrial Development - Industry

2.83 %

Tobacco Securitization

2.09 %

Primary/Secondary Ed. - Public

1.72 %

Port

0.86 %

Industrial Development - Utility

0.56 %

Water & Sewer

0.41 %

Senior Living

0.23 %

SUBTOTAL

59.68 %

Tax Supported

Local G.O.

16.91 %

State G.O.

8.49 %

Special Tax

7.69 %

State Lease

0.60 %

Assessment District

0.18 %

SUBTOTAL

33.87 %

Insured/Guaranteed

Guaranteed

2.55 %

SUBTOTAL

2.55 %

Commercial Mortgage-Backed Securities

2.21 %

Prerefunded/ETM

1.69 %

Total

100.00 %

State Breakdown

Portfolio %

Illinois

10.47 %

Texas

7.06 %

New York

6.99 %

Michigan

6.93 %

Florida

6.68 %

California

6.63 %

Pennsylvania

6.21 %

Wisconsin

5.61 %

New Jersey

5.06 %

Georgia

3.15 %

South Carolina

3.12 %

Louisiana

2.96 %

Massachusetts

2.84 %

North Carolina

2.41 %

Ohio

2.13 %

New Hampshire

2.03 %

Washington

1.89 %

Nebraska

1.78 %

Arizona

1.73 %

Minnesota

1.66 %

Maryland

1.57 %

Oklahoma

1.57 %

Nevada

1.49 %

Colorado

1.33 %

Virginia

1.26 %

Utah

1.24 %

Iowa

1.02 %

West Virginia

0.68 %

Connecticut

0.62 %

Indiana

0.46 %

Arkansas

0.36 %

North Dakota

0.36 %

Oregon

0.20 %

Alabama

0.17 %

South Dakota

0.13 %

Puerto Rico

0.10 %

Tennessee

0.07 %

Kentucky

0.03 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

6.68 %

AA

30.94 %

A

35.62 %

BBB

19.54 %

BB

4.09 %

B

0.41 %

D

0.24 %

Not Rated

0.79 %

Pre-refunded Bonds

1.69 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

1.63 %

1 To 5 Years

1.30 %

5 To 10 Years

9.01 %

10 To 20 Years

27.18 %

20 To 30 Years

48.52 %

More than 30 Years

12.36 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

14.72 %

Average Coupon:

4.60 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.18 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

42.20 %

Total Fund Leverage:

42.38%*

Average Maturity:

    7.50 Years

Effective Duration:

   10.41 Years

Total Net Assets:

$324.92 Million**

Common Stock Net Asset Value:

$11.30

Total Number of Holdings:

182

Portfolio Turnover:

18.00 %

* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 42.20%

in issued and outstanding VMTPs and 0.18% 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.