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

NEW YORK, Feb. 27, 2024 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of January 31, 2024.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings		Portfolio %
1) Lamar Consolidated Independent School District Series 2023-A 5.00%, 02/15/53		2.70 %
2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46		2.66 %
3) Melissa Independent School District Series 2023 4.25%, 02/01/53		2.13 %
4) Dallas Independent School District Series 2024 4.00%, 02/15/54		1.93 %
5) City of New York NY Series 2023 4.125%, 08/01/53		1.86 %
6) Denton Independent School District Series 2023 5.00%, 08/15/48		1.82 %
7) Commonwealth of Massachusetts Series 2023 5.00%, 05/01/53		1.80 %
8) City of El Paso TX Series 2021-C 4.00%, 08/15/47		1.71 %
9) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58		1.69 %
10) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62		1.65 %

Sector/Industry Breakdown		Portfolio %
Revenue
Health Care - Not-for-Profit		13.44 %
Prepay Energy		6.39 %
Revenue - Miscellaneous		6.01 %
Airport		5.17 %
Toll Roads/Transit		4.22 %
Higher Education - Private		3.36 %
Electric Utility		3.14 %
Industrial Development - Industry		2.76 %
Tobacco Securitization		1.99 %
Primary/Secondary Ed. - Public		1.69 %
Port		1.40 %
Industrial Development - Utility		0.51 %
Water & Sewer		0.39 %
Senior Living		0.23 %
SUBTOTAL		50.70 %
Tax Supported
Local G.O.		17.46 %
State G.O.		7.42 %
Special Tax		6.84 %
State Lease		0.57 %
Assessment District		0.17 %
SUBTOTAL		32.46 %
Insured/Guaranteed
Guaranteed		10.67 %
SUBTOTAL		10.67 %
Prerefunded/ETM		3.62 %
Commercial Mortgage-Backed Securities		2.16 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.39 %
SUBTOTAL		0.39 %
Total		100.00 %

State Breakdown		Portfolio %
Texas		15.64 %
Illinois		9.84 %
California		6.31 %
New York		6.10 %
Michigan		6.00 %
Florida		5.86 %
Wisconsin		5.19 %
Pennsylvania		4.81 %
New Jersey		4.74 %
Massachusetts		3.66 %
South Carolina		2.99 %
Louisiana		2.85 %
Colorado		2.26 %
Georgia		2.24 %
New Hampshire		2.02 %
Arizona		1.92 %
Ohio		1.87 %
Washington		1.87 %
Minnesota		1.60 %
Nebraska		1.58 %
Nevada		1.50 %
Oklahoma		1.46 %
Virginia		1.39 %
Utah		1.19 %
Iowa		1.02 %
North Carolina		0.75 %
West Virginia		0.66 %
Indiana		0.49 %
North Dakota		0.42 %
Maryland		0.36 %
Arkansas		0.33 %
Oregon		0.21 %
Connecticut		0.18 %
South Dakota		0.13 %
Puerto Rico		0.10 %
Tennessee		0.07 %
Other		0.39 %
Total Investments		100.00 %

Credit Quality Breakdown		Portfolio %
AAA		13.96 %
AA		30.28 %
A		29.16 %
BBB		17.52 %
BB		3.86 %
B		0.13 %
CCC		0.10 %
D		0.22 %
Not Rated		0.76 %
Pre-refunded Bonds		3.62 %
Short Term Investments		0.39 %
Total		100.00 %

Bonds by Maturity		Portfolio %
Less than 1 Year		3.37 %
1 To 5 Years		2.08 %
5 To 10 Years		6.31 %
10 To 20 Years		21.20 %
20 To 30 Years		53.70 %
More than 30 Years		13.34 %
Other		0.00 %
Total Net Assets		100.00 %

Portfolio Statistics:
AMT Percent:		12.02 %
Average Coupon:		4.59 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		2.39 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		0.00 %
VMTP Shares:		38.34 %
Total Fund Leverage:		40.73%*
Average Maturity:		10.49 Years
Effective Duration:		7.73 Years
Total Net Assets:		$364.47 Million**
Common Stock Net Asset Value:		$12.68
Total Number of Holdings:		173
Portfolio Turnover:		55.00 %

* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 38.34% in issued and outstanding VMTPs and 2.39% 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.

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