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

Top 10 Fixed-Income Holdings

Portfolio %

1) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 01/01/29

2.42 %

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

1.86 %

3) Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/46

1.82 %

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

1.77 %

5) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30

1.76 %

6) Central Plains Energy Project Series 2017-A 5.00%, 09/01/42

1.75 %

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

1.75 %

8) Virginia Small Business Financing Authority Series 2022 3.00%, 01/01/41

1.58 %

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

1.58 %

10) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.25%, 06/01/46

1.58 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

19.69 %

Airport

9.28 %

Revenue - Miscellaneous

7.86 %

Toll Roads/Transit

5.74 %

Electric Utility

5.61 %

Higher Education - Private

2.98 %

Tobacco Securitization

2.85 %

Industrial Development - Industry

2.61 %

Water & Sewer

2.60 %

Prepay Energy

2.39 %

Primary/Secondary Ed. - Public

2.31 %

Port

0.83 %

Industrial Development - Utility

0.54 %

Higher Education - Public

0.51 %

Senior Living

0.24 %

SUBTOTAL

66.04 %

Tax Supported

Special Tax

12.51 %

State G.O.

8.33 %

Local G.O.

5.08 %

State Lease

1.21 %

SUBTOTAL

27.13 %

Prerefunded/ETM

3.65 %

Commercial Mortgage-Backed Securities

1.61 %

Cash & Cash Equivalents

Funds and Investment Trusts

1.57 %

SUBTOTAL

1.57 %

Total

100.00 %

State Breakdown

Portfolio %

Illinois

11.59 %

California

9.57 %

New Jersey

8.19 %

Pennsylvania

7.00 %

New York

6.17 %

Wisconsin

6.00 %

Connecticut

5.17 %

Michigan

4.99 %

Florida

4.53 %

Texas

3.71 %

South Carolina

3.17 %

Virginia

2.31 %

Ohio

2.19 %

Alabama

2.05 %

Georgia

1.75 %

Nebraska

1.75 %

Minnesota

1.69 %

North Carolina

1.69 %

Maryland

1.55 %

Oklahoma

1.55 %

New Hampshire

1.48 %

Colorado

1.31 %

Utah

1.23 %

Arizona

1.06 %

District of Columbia

1.06 %

Iowa

0.96 %

Kansas

0.89 %

Hawaii

0.83 %

West Virginia

0.68 %

Washington

0.52 %

Louisiana

0.50 %

Indiana

0.48 %

Arkansas

0.35 %

Massachusetts

0.13 %

South Dakota

0.13 %

Puerto Rico

0.10 %

Tennessee

0.07 %

Kentucky

0.03 %

Other

1.57 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

3.66 %

AA

32.06 %

A

31.05 %

BBB

23.23 %

BB

3.14 %

D

0.23 %

Not Rated

0.34 %

Pre-refunded Bonds

3.65 %

Short Term Investments

2.64 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

3.50 %

1 To 5 Years

6.85 %

5 To 10 Years

17.56 %

10 To 20 Years

24.93 %

20 To 30 Years

34.87 %

More than 30 Years

12.29 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

14.12 %

Average Coupon:

4.49 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

40.57 %

Total Fund Leverage:

40.57%*

Average Maturity:

    9.45 Years

Effective Duration:

    6.52 Years

Total Net Assets:

$347.19 Million**

Common Stock Net Asset Value:

$12.08

Total Number of Holdings:

185

Portfolio Turnover:

18.00 %