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

2.67 %

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

2.64 %

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

2.42 %

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

2.27 %

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

2.13 %

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

1.95 %

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

1.84 %

8) New York Transportation Development Corp. Series 2024 1.00%, 12/31/54

1.83 %

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

1.81 %

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

1.80 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

10.67 %

Revenue - Miscellaneous

7.62 %

Prepay Energy

7.18 %

Airport

6.18 %

Industrial Development - Airline

3.56 %

Toll Roads/Transit

3.24 %

Industrial Development - Industry

2.43 %

Higher Education - Private

2.17 %

Water & Sewer

2.13 %

Electric Utility

2.06 %

Tobacco Securitization

1.85 %

Port

1.83 %

Primary/Secondary Ed. - Public

1.77 %

Senior Living

0.95 %

Industrial Development - Utility

0.51 %

SUBTOTAL

54.15 %

Tax Supported

Local G.O.

16.13 %

State G.O.

6.00 %

Special Tax

4.97 %

Assessment District

0.17 %

SUBTOTAL

27.27 %

Guaranteed

15.34 %

Prerefunded/ETM

2.06 %

Asset-Backed

Housing - Multi-Family

1.09 %

SUBTOTAL

1.09 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.09 %

SUBTOTAL

0.09 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

19.18 %

Illinois

8.73 %

New York

7.71 %

Florida

7.29 %

California

5.47 %

Wisconsin

5.02 %

Michigan

4.48 %

South Carolina

4.42 %

Massachusetts

3.82 %

Pennsylvania

3.56 %

New Jersey

2.70 %

Louisiana

2.64 %

Colorado

2.38 %

Arizona

1.95 %

Washington

1.86 %

Alabama

1.78 %

Ohio

1.76 %

Nebraska

1.59 %

Nevada

1.51 %

Georgia

1.32 %

Oklahoma

1.19 %

New Hampshire

1.13 %

Minnesota

1.12 %

Iowa

0.95 %

Virginia

0.87 %

Indiana

0.84 %

Utah

0.77 %

North Carolina

0.75 %

Tennessee

0.52 %

North Dakota

0.43 %

Puerto Rico

0.42 %

Maryland

0.37 %

Arkansas

0.33 %

Oregon

0.22 %

Connecticut

0.19 %

Alaska

0.18 %

South Dakota

0.13 %

Other

0.42 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

18.58 %

AA

29.86 %

A

25.06 %

BBB

16.90 %

BB

4.51 %

B

0.47 %

Not Rated

2.47 %

Pre-refunded Bonds

2.06 %

Short Term Investments

0.09 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

1.36 %

1 To 5 Years

3.28 %

5 To 10 Years

4.89 %

10 To 20 Years

18.85 %

20 To 30 Years

55.94 %

More than 30 Years

15.68 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

15.22 %

Average Coupon:

4.55 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

1.38 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

7.35 %

VMTP Shares:

14.77 %

VRDP Shares:

16.73 %

Total Fund Leverage:

40.23%*

Average Maturity:

11.53 Years

Effective Duration:

8.92 Years

Total Net Assets:

$361.43 Million**

Common Stock Net Asset Value:

$12.57

Total Number of Holdings:

166

Portfolio Turnover:

55.00 %

* The total percentage of leverage constitutes 7.35% through the use of tender option bonds, 14.77%

in issued and outstanding VMTPs, 16.73% in issued and outstanding VRDPs and 1.38% 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.