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

2.65 %

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

2.61 %

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

2.26 %

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

2.11 %

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

1.91 %

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

1.84 %

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

1.83 %

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

1.82 %

9) State of Hawaii Airports System Revenue Series 2025-A 5.50%, 07/01/54

1.81 %

10) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55

1.79 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care – Not-for-Profit

11.09 %

Airport

8.57 %

Revenue – Miscellaneous

8.19 %

Prepay Energy

7.22 %

Industrial Development – Airline

3.58 %

Toll Roads/Transit

3.56 %

Higher Education – Private

2.49 %

Port

2.33 %

Primary/Secondary Ed. – Public

2.30 %

Water & Sewer

2.13 %

Industrial Development – Industry

2.09 %

Electric Utility

2.05 %

Tobacco Securitization

1.83 %

Senior Living

0.95 %

Industrial Development – Utility

0.51 %

SUBTOTAL

58.89 %

Tax Supported

Local G.O.

13.68 %

State G.O.

5.96 %

Special Tax

4.53 %

Assessment District

0.18 %

SUBTOTAL

24.35 %

Guaranteed

14.41 %

Prerefunded/ETM

0.98 %

Asset-Backed

Housing – Multi-Family

0.91 %

SUBTOTAL

0.91 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.46 %

SUBTOTAL

0.46 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

17.81 %

Illinois

7.92 %

Florida

7.61 %

New York

7.35 %

Wisconsin

6.24 %

California

5.63 %

Michigan

4.49 %

South Carolina

4.41 %

Massachusetts

3.78 %

Pennsylvania

3.38 %

Louisiana

2.61 %

New Jersey

2.51 %

Colorado

2.41 %

Alabama

2.10 %

Washington

1.86 %

Hawaii

1.81 %

Arizona

1.80 %

Ohio

1.75 %

Nebraska

1.60 %

New Hampshire

1.45 %

Georgia

1.33 %

Nevada

1.17 %

Iowa

0.96 %

Minnesota

0.95 %

Virginia

0.86 %

Indiana

0.84 %

Utah

0.77 %

North Carolina

0.75 %

Alaska

0.66 %

Tennessee

0.51 %

Maryland

0.36 %

North Dakota

0.34 %

Arkansas

0.33 %

Oklahoma

0.33 %

Puerto Rico

0.32 %

Oregon

0.22 %

Connecticut

0.19 %

South Dakota

0.13 %

Other

0.46 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

17.30 %

AA

29.08 %

A

26.43 %

BBB

16.78 %

BB

5.80 %

B

0.80 %

Not Rated

2.37 %

Pre-refunded Bonds

0.98 %

Short Term Investments

0.46 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.64 %

1 To 5 Years

2.92 %

5 To 10 Years

4.31 %

10 To 20 Years

17.80 %

20 To 30 Years

60.63 %

More than 30 Years

13.70 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

18.29 %

Average Coupon:

4.78 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

1.78 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

7.33 %

VMTP Shares:

14.71 %

VRDP Shares:

16.66 %

Total Fund Leverage:

40.48%*

Average Maturity:

   11.70 Years

Effective Duration:

    8.95 Years

Total Net Assets:

$362.03 Million**

Common Stock Net Asset Value:

$12.59

Total Number of Holdings:

163

Portfolio Turnover:

32.00 %

* The total percentage of leverage constitutes 7.33% through the use of tender option bonds, 14.71%

in issued and outstanding VMTPs, 16.66% in issued and outstanding VRDPs and 1.78% 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.