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

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

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

2.72 %

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

2.18 %

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

1.93 %

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

1.89 %

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

1.86 %

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

1.86 %

7) City of El Paso TX Series 2021-C 4.00%, 08/15/47

1.74 %

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

1.74 %

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

1.71 %

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

1.69 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

13.80 %

Revenue - Miscellaneous

6.12 %

Airport

5.31 %

Prepay Energy

5.30 %

Toll Roads/Transit

4.26 %

Higher Education - Private

3.44 %

Electric Utility

3.23 %

Industrial Development - Industry

2.88 %

Tobacco Securitization

2.03 %

Primary/Secondary Ed. - Public

1.75 %

Port

0.91 %

Industrial Development - Utility

0.52 %

Water & Sewer

0.40 %

Senior Living

0.23 %

SUBTOTAL

50.18 %

Tax Supported

Local G.O.

17.92 %

State G.O.

7.62 %

Special Tax

7.59 %

State Lease

0.59 %

Assessment District

0.17 %

SUBTOTAL

33.89 %

Insured/Guaranteed

Guaranteed

8.11 %

SUBTOTAL

8.11 %

Prerefunded/ETM

3.70 %

Commercial Mortgage-Backed Securities

2.26 %

Cash & Cash Equivalents

Funds and Investment Trusts

1.86 %

SUBTOTAL

1.86 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

13.12 %

Illinois

10.07 %

New York

6.27 %

Michigan

6.17 %

Florida

6.06 %

Wisconsin

5.91 %

California

5.72 %

Pennsylvania

4.90 %

New Jersey

4.85 %

Massachusetts

3.77 %

South Carolina

3.07 %

Louisiana

2.91 %

Georgia

2.30 %

New Hampshire

2.10 %

Arizona

2.00 %

Washington

1.93 %

Ohio

1.91 %

Minnesota

1.63 %

Nebraska

1.63 %

Nevada

1.55 %

Oklahoma

1.51 %

Virginia

1.43 %

Colorado

1.25 %

Utah

1.22 %

Iowa

1.04 %

North Carolina

0.73 %

West Virginia

0.68 %

Indiana

0.50 %

North Dakota

0.43 %

Maryland

0.37 %

Arkansas

0.34 %

Oregon

0.22 %

Connecticut

0.19 %

South Dakota

0.14 %

Puerto Rico

0.10 %

Tennessee

0.07 %

Alabama

0.05 %

Other

1.86 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

11.48 %

AA

30.07 %

A

29.71 %

BBB

17.98 %

BB

3.93 %

B

0.13 %

CCC

0.15 %

D

0.22 %

Not Rated

0.77 %

Pre-refunded Bonds

3.70 %

Short Term Investments

1.86 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

4.91 %

1 To 5 Years

2.14 %

5 To 10 Years

6.19 %

10 To 20 Years

21.35 %

20 To 30 Years

53.73 %

More than 30 Years

11.68 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

12.13 %

Average Coupon:

4.47 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

39.15 %

Total Fund Leverage:

39.15%*

Average Maturity:

    9.04 Years

Effective Duration:

    6.90 Years

Total Net Assets:

$367.40 Million**

Common Stock Net Asset Value:

$12.78

Total Number of Holdings:

171

Portfolio Turnover:

55.00 %

* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 39.15% in issued and outstanding VMTPs and 0.00% 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 $232,125,000 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 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.