AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

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

2.72 %

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

2.69 %

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

2.45 %

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

2.30 %

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

2.16 %

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

1.96 %

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

1.88 %

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

1.88 %

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

1.84 %

10) Commonwealth of Massachusetts Series 2024-2 5.00%, 05/01/53

1.82 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

11.69 %

Prepay Energy

7.34 %

Revenue - Miscellaneous

6.05 %

Airport

4.84 %

Toll Roads/Transit

3.29 %

Industrial Development - Industry

3.14 %

Electric Utility

3.12 %

Higher Education - Private

2.31 %

Tobacco Securitization

1.89 %

Water & Sewer

1.83 %

Industrial Development - Airline

1.76 %

Port

1.53 %

Primary/Secondary Ed. - Public

1.33 %

Senior Living

0.61 %

Industrial Development - Utility

0.52 %

SUBTOTAL

51.25 %

Tax Supported

Local G.O.

15.77 %

State G.O.

7.25 %

Special Tax

5.43 %

State Lease

0.57 %

Assessment District

0.18 %

SUBTOTAL

29.20 %

Guaranteed

15.57 %

Prerefunded/ETM

2.22 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.99 %

SUBTOTAL

0.99 %

Asset-Backed

Housing - Multi-Family

0.77 %

SUBTOTAL

0.77 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

18.42 %

Illinois

9.07 %

New York

7.29 %

Michigan

6.77 %

California

5.54 %

Florida

5.05 %

Wisconsin

4.86 %

South Carolina

3.90 %

Massachusetts

3.71 %

Pennsylvania

3.49 %

New Jersey

3.32 %

Louisiana

2.84 %

Colorado

2.34 %

Georgia

2.19 %

Arizona

2.00 %

Ohio

1.92 %

Washington

1.90 %

Nevada

1.80 %

Nebraska

1.62 %

Alabama

1.47 %

Oklahoma

1.21 %

Minnesota

1.14 %

Iowa

0.90 %

Virginia

0.88 %

Utah

0.78 %

North Carolina

0.76 %

West Virginia

0.67 %

New Hampshire

0.63 %

Indiana

0.50 %

North Dakota

0.43 %

Maryland

0.37 %

Arkansas

0.34 %

Oregon

0.22 %

Connecticut

0.19 %

Alaska

0.18 %

South Dakota

0.14 %

Puerto Rico

0.10 %

Tennessee

0.07 %

Other

0.99 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

18.88 %

AA

27.95 %

A

28.01 %

BBB

17.65 %

BB

2.80 %

B

0.14 %

CCC

0.11 %

D

0.18 %

Not Rated

1.07 %

Pre-refunded Bonds

2.22 %

Short Term Investments

0.99 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

3.38 %

1 To 5 Years

2.44 %

5 To 10 Years

4.17 %

10 To 20 Years

20.15 %

20 To 30 Years

56.67 %

More than 30 Years

13.19 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

10.23 %

Average Coupon:

4.54 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.25 %

VRDP Shares:

16.90 %

Tender Option Bonds:

7.51 %

VMTP Shares:

14.92 %

Total Fund Leverage:

39.58%*

Average Maturity:

10.52 Years

Effective Duration:

8.14 Years

Total Net Assets:

$363.57 Million**

Common Stock Net Asset Value:

$12.65

Total Number of Holdings:

158

Portfolio Turnover:

55.00 %

* The total percentage of leverage constitutes 7.51% through the use of tender option bonds, 14.92% in issued and outstanding VMTPs, 16.90% in issued and outstanding VRDPs and 0.25% 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.