AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

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

2.02 %

2) Commonwealth of Massachusetts Series 2024-A 5.00%, 01/01/54

1.99 %

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

1.88 %

4) Worthington City School District Series 2023 5.50%, 12/01/54

1.85 %

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

1.84 %

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

1.83 %

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

1.82 %

8) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55

1.82 %

9) Greenwood Independent School District Series 2024 5.00%, 02/15/49

1.81 %

10) Leander Independent School District Series 2025-A 5.00%, 08/15/55

1.80 %

Investment Type

Portfolio %

State Breakdown

Portfolio %

Texas

14.22 %

California

9.49 %

Florida

9.43 %

Illinois

9.20 %

Wisconsin

7.00 %

New York

6.27 %

Massachusetts

5.76 %

Ohio

4.11 %

Pennsylvania

3.21 %

South Carolina

2.86 %

New Hampshire

2.69 %

District of Columbia

2.57 %

Oklahoma

2.26 %

Michigan

2.16 %

Colorado

2.06 %

Arizona

2.01 %

Louisiana

1.94 %

Hawaii

1.83 %

Minnesota

1.28 %

Georgia

1.20 %

Alabama

0.95 %

Nebraska

0.95 %

Indiana

0.82 %

North Carolina

0.75 %

Alaska

0.64 %

Virginia

0.58 %

Washington

0.51 %

Tennessee

0.49 %

Utah

0.44 %

Maryland

0.37 %

New Jersey

0.36 %

Arkansas

0.35 %

North Dakota

0.35 %

Nevada

0.34 %

Oregon

0.23 %

Connecticut

0.19 %

South Dakota

0.13 %

Total Investments

100.00 %

Net Currency Exposure Breakdown

Portfolio %

US Dollar

100.00 %

Total Net Assets

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

12.02 %

AA

36.20 %

A

25.02 %

BBB

15.62 %

BB

7.04 %

B

0.53 %

Not Rated

3.55 %

Pre-refunded Bonds

0.02 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.19 %

1 to 5 Years

0.18 %

5 to 10 Years

2.66 %

10 to 20 Years

14.52 %

20 to 30 Years

59.89 %

More than 30 Years

22.56 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

22.91 %

Average Coupon:

4.69 %

Percentage of Leverage(based on gross assets):

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

11.56 %

VMTP Shares:

15.69 %

VRDP Shares:

17.77 %

Total Fund Leverage:

45.02 %

Average Maturity:

   17.67 Years

Effective Duration:

   11.99 Years

Total Net Assets:

$325.11 Million

Net Asset Value:

Total Number of Holdings:

Portfolio Turnover:

32.00 %

* Investment Operations 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 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.