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

Top 10 Fixed-Income Holdings

Portfolio %

1) Lamar Consolidated Independent School District Series 2023-A 5.00%, 02/15/53

2.77 %

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

2.71 %

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

2.45 %

4) Melissa Independent School District Series 2023 4.25%, 02/01/53

2.17 %

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

1.94 %

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

1.89 %

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

1.88 %

8) Denton Independent School District Series 2023 5.00%, 08/15/48

1.87 %

9) Commonwealth of Massachusetts Series 2023 5.00%, 05/01/53

1.83 %

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

1.74 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

13.64 %

Prepay Energy

7.39 %

Revenue - Miscellaneous

6.18 %

Airport

5.34 %

Higher Education - Private

3.50 %

Electric Utility

3.24 %

Industrial Development - Industry

2.86 %

Toll Roads/Transit

2.60 %

Tobacco Securitization

1.92 %

Port

1.48 %

Primary/Secondary Ed. - Public

1.34 %

Water & Sewer

0.58 %

Industrial Development - Utility

0.53 %

Senior Living

0.24 %

SUBTOTAL

50.84 %

Tax Supported

Local G.O.

15.89 %

State G.O.

7.59 %

Special Tax

6.93 %

State Lease

0.59 %

Assessment District

0.18 %

SUBTOTAL

31.18 %

Insured/Guaranteed

Guaranteed

13.31 %

SUBTOTAL

13.31 %

Prerefunded/ETM

2.46 %

Commercial Mortgage-Backed Securities

1.24 %

Asset-Backed

Housing - Multi-Family

0.97 %

SUBTOTAL

0.97 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

16.57 %

Illinois

10.12 %

New York

6.21 %

Michigan

5.95 %

Florida

5.60 %

California

5.53 %

Wisconsin

5.42 %

New Jersey

4.90 %

Pennsylvania

4.41 %

Massachusetts

3.73 %

South Carolina

3.09 %

Louisiana

2.91 %

Georgia

2.31 %

New Hampshire

2.06 %

Colorado

2.02 %

Arizona

1.98 %

Ohio

1.93 %

Washington

1.92 %

Minnesota

1.64 %

Nebraska

1.63 %

Nevada

1.54 %

Oklahoma

1.52 %

Utah

1.23 %

Iowa

0.90 %

Virginia

0.88 %

North Carolina

0.77 %

West Virginia

0.68 %

Indiana

0.49 %

North Dakota

0.43 %

Maryland

0.38 %

Arkansas

0.34 %

Oregon

0.22 %

Connecticut

0.19 %

Alaska

0.18 %

South Dakota

0.14 %

Puerto Rico

0.11 %

Tennessee

0.07 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

16.67 %

AA

29.49 %

A

29.16 %

BBB

17.34 %

BB

3.63 %

B

0.13 %

CCC

0.11 %

D

0.22 %

Not Rated

0.79 %

Pre-refunded Bonds

2.46 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

1.80 %

1 To 5 Years

2.15 %

5 To 10 Years

6.11 %

10 To 20 Years

21.72 %

20 To 30 Years

56.77 %

More than 30 Years

11.45 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

11.52 %

Average Coupon:

4.53 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

39.64 %

Total Fund Leverage:

39.64%*

Average Maturity:

   11.04 Years

Effective Duration:

    8.12 Years

Total Net Assets:

$360.43 Million**

Common Stock Net Asset Value:

$12.54

Total Number of Holdings:

167

Portfolio Turnover:

55.00 %