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

2.71 %

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

2.47 %

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

2.35 %

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

2.17 %

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

1.99 %

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

1.90 %

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

1.90 %

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

1.82 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

11.37 %

Revenue - Miscellaneous

8.15 %

Prepay Energy

7.30 %

Airport

6.24 %

Industrial Development - Airline

3.65 %

Toll Roads/Transit

3.26 %

Higher Education - Private

2.19 %

Water & Sewer

2.16 %

Primary/Secondary Ed. - Public

2.13 %

Industrial Development - Industry

2.11 %

Electric Utility

2.08 %

Port

1.87 %

Tobacco Securitization

1.85 %

Senior Living

0.96 %

Industrial Development - Utility

0.51 %

SUBTOTAL

55.83 %

Tax Supported

Local G.O.

14.20 %

State G.O.

6.13 %

Special Tax

4.92 %

Assessment District

0.18 %

SUBTOTAL

25.43 %

Guaranteed

15.68 %

Prerefunded/ETM

2.07 %

Asset-Backed

Housing - Multi-Family

0.92 %

SUBTOTAL

0.92 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.07 %

SUBTOTAL

0.07 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

19.33 %

Illinois

8.82 %

New York

7.87 %

Florida

5.95 %

California

5.71 %

Wisconsin

5.25 %

Michigan

4.52 %

South Carolina

4.49 %

Massachusetts

3.86 %

Pennsylvania

3.60 %

New Jersey

2.70 %

Louisiana

2.66 %

Colorado

2.42 %

Arizona

1.98 %

Washington

1.90 %

Alabama

1.81 %

Ohio

1.77 %

Nebraska

1.60 %

Nevada

1.55 %

Georgia

1.34 %

Oklahoma

1.20 %

New Hampshire

1.15 %

Minnesota

1.13 %

Iowa

0.97 %

Virginia

0.88 %

Indiana

0.86 %

Utah

0.78 %

North Carolina

0.76 %

Tennessee

0.52 %

North Dakota

0.43 %

Maryland

0.37 %

Puerto Rico

0.34 %

Arkansas

0.33 %

Oregon

0.23 %

Connecticut

0.20 %

Alaska

0.18 %

South Dakota

0.14 %

Other

0.40 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

18.95 %

AA

28.21 %

A

25.37 %

BBB

16.88 %

BB

5.42 %

B

0.48 %

Not Rated

2.55 %

Pre-refunded Bonds

2.07 %

Short Term Investments

0.07 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

1.34 %

1 To 5 Years

3.28 %

5 To 10 Years

4.75 %

10 To 20 Years

18.38 %

20 To 30 Years

58.97 %

More than 30 Years

13.28 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

17.09 %

Average Coupon:

4.49 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.48 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

7.35 %

VMTP Shares:

14.76 %

VRDP Shares:

16.72 %

Total Fund Leverage:

39.31%*

Average Maturity:

9.83 Years

Effective Duration:

7.96 Years

Total Net Assets:

$370.42 Million**

Common Stock Net Asset Value:

$12.89

Total Number of Holdings:

166

Portfolio Turnover:

55.00 %

* The total percentage of leverage constitutes 7.35% through the use of tender option bonds, 14.76% in issued and outstanding VMTPs, 16.72% in issued and outstanding VRDPs and 0.48% 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.