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

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Lamar Consolidated Independent School District Series 2024-2 5.00%, 02/15/53

2.72 %

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

2.67 %

3) Prosper Independent School District Series 2024 4.00%, 02/15/54

2.44 %

4) Greenwood Independent School District Series 2024 4.00%, 02/15/54

2.31 %

5) Melissa Independent School District Series 2024-2 4.25%, 02/01/53

2.20 %

6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54

1.96 %

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

1.89 %

8) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54

1.84 %

9) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38

1.84 %

10) Denton Independent School District Series 2024-2 5.00%, 08/15/48

1.83 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

11.31 %

Revenue - Miscellaneous

8.40 %

Prepay Energy

7.29 %

Airport

6.30 %

Industrial Development - Airline

3.62 %

Toll Roads/Transit

3.31 %

Primary/Secondary Ed. - Public

2.83 %

Port

2.37 %

Higher Education - Private

2.21 %

Water & Sewer

2.18 %

Industrial Development - Industry

2.11 %

Electric Utility

2.10 %

Tobacco Securitization

1.88 %

Senior Living

0.96 %

Industrial Development - Utility

0.53 %

SUBTOTAL

57.40 %

Tax Supported

Local G.O.

13.73 %

State G.O.

6.12 %

Special Tax

4.65 %

Assessment District

0.18 %

SUBTOTAL

24.68 %

Guaranteed

15.60 %

Prerefunded/ETM

1.27 %

Asset-Backed

Housing - Multi-Family

0.92 %

SUBTOTAL

0.92 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.13 %

SUBTOTAL

0.13 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

19.24 %

Illinois

7.89 %

New York

7.51 %

Wisconsin

5.99 %

Florida

5.94 %

California

5.72 %

Michigan

4.59 %

South Carolina

4.52 %

Massachusetts

3.88 %

Pennsylvania

3.63 %

Louisiana

2.67 %

New Jersey

2.58 %

Colorado

2.43 %

Alabama

2.16 %

Arizona

1.98 %

Washington

1.91 %

Ohio

1.79 %

Nebraska

1.62 %

New Hampshire

1.48 %

Georgia

1.36 %

Nevada

1.21 %

Oklahoma

1.21 %

Minnesota

1.14 %

Iowa

0.97 %

Virginia

0.88 %

Indiana

0.86 %

Utah

0.78 %

North Carolina

0.76 %

Alaska

0.67 %

Tennessee

0.53 %

Maryland

0.38 %

North Dakota

0.35 %

Arkansas

0.34 %

Puerto Rico

0.34 %

Oregon

0.22 %

Connecticut

0.20 %

South Dakota

0.14 %

Other

0.13 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

18.57 %

AA

27.70 %

A

25.86 %

BBB

17.34 %

BB

5.74 %

B

0.81 %

Not Rated

2.58 %

Pre-refunded Bonds

1.27 %

Short Term Investments

0.13 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.60 %

1 To 5 Years

2.99 %

5 To 10 Years

4.55 %

10 To 20 Years

18.65 %

20 To 30 Years

59.18 %

More than 30 Years

14.03 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

17.57 %

Average Coupon:

4.41 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

7.52 %

VMTP Shares:

15.11 %

VRDP Shares:

17.12 %

Total Fund Leverage:

39.75%*

Average Maturity:

   12.07 Years

Effective Duration:

    9.06 Years

Total Net Assets:

$358.53 Million**

Common Stock Net Asset Value:

$12.47

Total Number of Holdings:

166

Portfolio Turnover:

32.00 %

* The total percentage of leverage constitutes 7.52% through the use of tender option bonds, 15.11%

in issued and outstanding VMTPs, 17.12% in issued and outstanding VRDPs 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 $88,275,000 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 Fund also had outstanding $100,000,000 of VRDPs 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.