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

2.71 %

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

2.17 %

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

1.91 %

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

1.88 %

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

1.86 %

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

1.76 %

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

1.76 %

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

1.73 %

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

1.68 %

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

1.67 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care – Not-for-Profit

14.76 %

Revenue – Miscellaneous

7.60 %

Prepay Energy

5.69 %

Airport

5.35 %

Toll Roads/Transit

4.27 %

Higher Education – Private

3.42 %

Electric Utility

3.24 %

Industrial Development – Industry

2.83 %

Tobacco Securitization

2.04 %

Primary/Secondary Ed. – Public

1.76 %

Port

0.88 %

Industrial Development – Utility

0.53 %

Water & Sewer

0.40 %

Senior Living

0.23 %

SUBTOTAL

53.00 %

Tax Supported

Local G.O.

18.06 %

Special Tax

7.67 %

State G.O.

7.66 %

State Lease

0.59 %

Assessment District

0.18 %

SUBTOTAL

34.16 %

Prerefunded/ETM

4.55 %

Insured/Guaranteed

Guaranteed

4.54 %

SUBTOTAL

4.54 %

Commercial Mortgage-Backed Securities

2.23 %

Cash & Cash Equivalents

Funds and Investment Trusts

1.52 %

SUBTOTAL

1.52 %

Total

100.00 %

State Breakdown

Portfolio %

Illinois

10.10 %

Texas

10.02 %

New York

7.06 %

California

6.91 %

Michigan

6.26 %

Florida

6.01 %

Wisconsin

5.88 %

Pennsylvania

4.94 %

New Jersey

4.93 %

Massachusetts

3.79 %

South Carolina

3.11 %

Louisiana

2.91 %

Arizona

2.42 %

Georgia

2.31 %

New Hampshire

2.07 %

Washington

2.07 %

Ohio

1.92 %

Minnesota

1.64 %

Nebraska

1.63 %

Nevada

1.55 %

Oklahoma

1.53 %

North Carolina

1.49 %

Virginia

1.42 %

Colorado

1.28 %

Utah

1.23 %

Iowa

1.00 %

West Virginia

0.68 %

Indiana

0.49 %

Maryland

0.37 %

North Dakota

0.36 %

Arkansas

0.35 %

Oregon

0.21 %

Connecticut

0.18 %

South Dakota

0.13 %

Puerto Rico

0.10 %

Tennessee

0.07 %

Alabama

0.06 %

Other

1.52 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

7.94 %

AA

31.63 %

A

31.06 %

BBB

17.88 %

BB

3.84 %

B

0.41 %

CCC

0.17 %

D

0.23 %

Not Rated

0.77 %

Pre-refunded Bonds

4.55 %

Short Term Investments

1.52 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

6.00 %

1 To 5 Years

2.17 %

5 To 10 Years

6.24 %

10 To 20 Years

20.68 %

20 To 30 Years

51.50 %

More than 30 Years

13.41 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

13.25 %

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:

40.10 %

Total Fund Leverage:

40.10%*

Average Maturity:

   10.76 Years

Effective Duration:

    7.52 Years

Total Net Assets:

$353.93 Million**

Common Stock Net Asset Value:

$12.31

Total Number of Holdings:

175

Portfolio Turnover:

18.00 %