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

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

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

2.79 %

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

2.03 %

3) Denton Independent School District Series 2023 5.00%, 08/15/48

1.89 %

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

1.88 %

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

1.78 %

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

1.75 %

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

1.74 %

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

1.73 %

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

1.64 %

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

1.60 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

14.52 %

Revenue - Miscellaneous

7.61 %

Airport

7.41 %

Prepay Energy

5.75 %

Toll Roads/Transit

4.82 %

Higher Education - Private

3.29 %

Electric Utility

3.24 %

Industrial Development - Industry

2.81 %

Tobacco Securitization

2.09 %

Primary/Secondary Ed. - Public

1.75 %

Port

0.86 %

Industrial Development - Utility

0.56 %

Water & Sewer

0.42 %

Senior Living

0.23 %

SUBTOTAL

55.36 %

Tax Supported

Local G.O.

18.07 %

State G.O.

7.93 %

Special Tax

7.68 %

State Lease

0.61 %

Assessment District

0.18 %

SUBTOTAL

34.47 %

Insured/Guaranteed

Guaranteed

4.38 %

SUBTOTAL

4.38 %

Commercial Mortgage-Backed Securities

2.24 %

Cash & Cash Equivalents

Funds and Investment Trusts

1.81 %

SUBTOTAL

1.81 %

Prerefunded/ETM

1.74 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

10.17 %

Illinois

10.08 %

New York

7.09 %

California

6.92 %

Michigan

6.77 %

Florida

5.89 %

Wisconsin

5.62 %

New Jersey

5.15 %

Pennsylvania

4.94 %

South Carolina

3.20 %

Louisiana

3.00 %

Massachusetts

2.85 %

Arizona

2.44 %

Georgia

2.33 %

New Hampshire

2.05 %

Washington

1.91 %

Ohio

1.90 %

Nebraska

1.67 %

Minnesota

1.58 %

Oklahoma

1.55 %

North Carolina

1.53 %

Nevada

1.47 %

Virginia

1.39 %

Colorado

1.37 %

Utah

1.25 %

Iowa

0.98 %

West Virginia

0.68 %

Indiana

0.45 %

Maryland

0.39 %

Arkansas

0.36 %

North Dakota

0.35 %

Oregon

0.19 %

Connecticut

0.18 %

Alabama

0.16 %

South Dakota

0.13 %

Puerto Rico

0.10 %

Tennessee

0.07 %

Kentucky

0.03 %

Other

1.81 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

7.89 %

AA

32.41 %

A

32.67 %

BBB

18.17 %

BB

3.59 %

B

0.57 %

CCC

0.12 %

D

0.24 %

Not Rated

0.79 %

Pre-refunded Bonds

1.74 %

Short Term Investments

1.81 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

3.49 %

1 To 5 Years

1.33 %

5 To 10 Years

9.97 %

10 To 20 Years

22.45 %

20 To 30 Years

49.89 %

More than 30 Years

12.87 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

13.71 %

Average Coupon:

4.47 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

43.25 %

Total Fund Leverage:

43.25%*

Average Maturity:

   16.99 Years

Effective Duration:

   10.54 Years

Total Net Assets:

$311.65 Million**

Common Stock Net Asset Value:

$10.84

Total Number of Holdings:

176

Portfolio Turnover:

18.00 %

* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 43.25%

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.