AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) San Francisco Intl Airport Series 2026-2 5.50%, 05/01/55

3.71 %

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

2.10 %

3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54

1.99 %

4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54

1.97 %

5) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53

1.92 %

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

1.90 %

7) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54

1.84 %

8) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55

1.84 %

9) Worthington City School District Series 2025-2 5.50%, 12/01/54

1.84 %

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

1.83 %

Sector/Industry Breakdown

Portfolio %

Revenue

Airport

13.53 %

Health Care - Not-for-Profit

11.11 %

Revenue - Miscellaneous

6.94 %

Toll Roads/Transit

5.82 %

Industrial Development - Airline

5.18 %

Prepay Energy

4.78 %

Primary/Secondary Ed. - Public

3.92 %

Higher Education - Private

3.83 %

Port

2.32 %

Industrial Development - Industry

2.00 %

Higher Education - Public

1.77 %

Electric Utility

1.47 %

Senior Living

1.34 %

Water & Sewer

0.80 %

Tobacco Securitization

0.30 %

Primary/Secondary Ed. - Private

0.17 %

SUBTOTAL

65.28 %

Tax Supported

Local G.O.

10.57 %

State G.O.

6.37 %

Special Tax

3.69 %

Local Lease

1.47 %

Assessment District

0.36 %

SUBTOTAL

22.46 %

Guaranteed

9.90 %

Asset-Backed

Housing - Multi-Family

1.02 %

SUBTOTAL

1.02 %

Commercial Mortgage-Backed Securities

Non-Agency Fixed Rate CMBS

0.85 %

SUBTOTAL

0.85 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.47 %

SUBTOTAL

0.47 %

Prerefunded/ETM

0.02 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

12.57 %

California

12.39 %

New York

8.34 %

Florida

7.89 %

Illinois

7.45 %

Massachusetts

6.21 %

Wisconsin

5.83 %

Georgia

4.55 %

Ohio

4.15 %

Pennsylvania

2.82 %

New Hampshire

2.61 %

District of Columbia

2.57 %

Oklahoma

2.31 %

Louisiana

2.28 %

Arizona

2.07 %

Colorado

1.94 %

Michigan

1.90 %

Hawaii

1.84 %

Minnesota

1.30 %

Alabama

0.97 %

Nebraska

0.95 %

Indiana

0.84 %

North Carolina

0.76 %

Virginia

0.76 %

South Carolina

0.69 %

Washington

0.69 %

Tennessee

0.52 %

Maryland

0.37 %

New Jersey

0.35 %

North Dakota

0.35 %

Arkansas

0.34 %

Oregon

0.24 %

Connecticut

0.20 %

Utah

0.18 %

Alaska

0.16 %

South Dakota

0.14 %

Other

0.47 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

10.47 %

AA

39.77 %

A

18.76 %

BBB

18.92 %

BB

7.01 %

B

0.54 %

Not Rated

4.04 %

Pre-refunded Bonds

0.02 %

Short Term Investments

0.47 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.62 %

1 to 5 Years

0.13 %

5 to 10 Years

2.56 %

10 to 20 Years

13.76 %

20 to 30 Years

64.35 %

More than 30 Years

18.58 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

23.81 %

Average Coupon:

5.32 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

22.83 %

VMTP Shares:

0.00 %

VRDP Shares:

17.22 %

Total Fund Leverage:

40.05%*

Average Maturity:

   12.72 Years

Effective Duration:

   11.55 Years

Total Net Assets:

$353.27 Million**

Common Stock Net Asset Value:

$12.29

Total Number of Holdings:

176

Portfolio Turnover:

56.00 %

* The total percentage of leverage constitutes 22.83% through the use of tender option bonds, 17.22%

 in issued and outstanding VRDPs 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 $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.