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

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

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

2.70 %

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

2.66 %

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

2.41 %

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

2.29 %

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

2.21 %

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

1.94 %

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

1.87 %

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

1.84 %

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

1.82 %

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

1.81 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care – Not-for-Profit

11.30 %

Revenue – Miscellaneous

8.38 %

Prepay Energy

7.30 %

Airport

6.26 %

Toll Roads/Transit

3.64 %

Industrial Development – Airline

3.57 %

Primary/Secondary Ed. – Public

2.84 %

Higher Education – Private

2.54 %

Port

2.35 %

Water & Sewer

2.16 %

Industrial Development – Industry

2.13 %

Electric Utility

2.09 %

Tobacco Securitization

1.87 %

Senior Living

0.96 %

Industrial Development – Utility

0.53 %

SUBTOTAL

57.92 %

Tax Supported

Local G.O.

13.64 %

State G.O.

6.08 %

Special Tax

4.63 %

Assessment District

0.18 %

SUBTOTAL

24.53 %

Guaranteed

15.49 %

Prerefunded/ETM

0.99 %

Asset-Backed

Housing – Multi-Family

0.92 %

SUBTOTAL

0.92 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.15 %

SUBTOTAL

0.15 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

19.11 %

Illinois

7.59 %

New York

7.44 %

Wisconsin

6.37 %

Florida

5.93 %

California

5.70 %

Michigan

4.59 %

South Carolina

4.48 %

Massachusetts

3.85 %

Pennsylvania

3.63 %

Louisiana

2.66 %

New Jersey

2.57 %

Colorado

2.42 %

Alabama

2.14 %

Arizona

1.98 %

Washington

1.89 %

Ohio

1.79 %

Nebraska

1.63 %

Oklahoma

1.54 %

New Hampshire

1.48 %

Georgia

1.36 %

Nevada

1.20 %

Minnesota

1.13 %

Iowa

0.98 %

Virginia

0.88 %

Indiana

0.85 %

Utah

0.78 %

North Carolina

0.76 %

Alaska

0.67 %

Tennessee

0.52 %

Maryland

0.37 %

North Dakota

0.35 %

Arkansas

0.34 %

Puerto Rico

0.32 %

Oregon

0.22 %

Connecticut

0.20 %

South Dakota

0.13 %

Other

0.15 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

18.45 %

AA

27.87 %

A

26.31 %

BBB

17.12 %

BB

5.73 %

B

0.81 %

Not Rated

2.57 %

Pre-refunded Bonds

0.99 %

Short Term Investments

0.15 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.33 %

1 To 5 Years

3.00 %

5 To 10 Years

4.57 %

10 To 20 Years

18.63 %

20 To 30 Years

61.33 %

More than 30 Years

12.14 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

17.83 %

Average Coupon:

4.58 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

7.52 %

VMTP Shares:

15.09 %

VRDP Shares:

17.09 %

Total Fund Leverage:

39.70%*

Average Maturity:

   11.99 Years

Effective Duration:

    9.04 Years

Total Net Assets:

$357.19 Million**

Common Stock Net Asset Value:

$12.43

Total Number of Holdings:

165

Portfolio Turnover:

32.00 %

* The total percentage of leverage constitutes 7.52% through the use of tender option bonds, 15.09%

in issued and outstanding VMTPs, 17.09% 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.