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

3.68 %

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

2.09 %

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

1.98 %

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

1.92 %

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

1.86 %

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

1.85 %

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

1.84 %

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

1.84 %

9) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55

1.83 %

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

1.83 %

Sector/Industry Breakdown

Portfolio %

Revenue

Airport

13.48 %

Health Care - Not-for-Profit

10.98 %

Revenue - Miscellaneous

7.17 %

Toll Roads/Transit

5.73 %

Industrial Development - Airline

5.10 %

Prepay Energy

4.58 %

Primary/Secondary Ed. - Public

4.00 %

Higher Education - Private

3.80 %

Port

2.27 %

Industrial Development - Industry

1.95 %

Higher Education - Public

1.75 %

Senior Living

1.51 %

Electric Utility

1.11 %

Water & Sewer

0.80 %

Tobacco Securitization

0.29 %

Primary/Secondary Ed. - Private

0.17 %

SUBTOTAL

64.69 %

Tax Supported

Local G.O.

10.22 %

State G.O.

6.68 %

Special Tax

4.95 %

Local Lease

1.47 %

Assessment District

0.36 %

SUBTOTAL

23.68 %

Guaranteed

9.78 %

Asset-Backed

Housing - Multi-Family

1.35 %

SUBTOTAL

1.35 %

Commercial Mortgage-Backed Securities

Agency CMBS

0.36 %

Non-Agency Fixed Rate CMBS

0.12 %

SUBTOTAL

0.48 %

Prerefunded/ETM

0.02 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

13.45 %

California

12.18 %

New York

8.15 %

Florida

7.81 %

Illinois

7.73 %

Massachusetts

6.16 %

Wisconsin

6.10 %

Georgia

4.19 %

Ohio

4.11 %

New Hampshire

2.83 %

Pennsylvania

2.82 %

District of Columbia

2.57 %

Oklahoma

2.24 %

Louisiana

2.09 %

Arizona

1.99 %

Colorado

1.93 %

Michigan

1.89 %

Hawaii

1.85 %

Minnesota

1.27 %

Alabama

0.96 %

Nebraska

0.92 %

Indiana

0.82 %

North Carolina

0.75 %

Virginia

0.74 %

South Carolina

0.68 %

Washington

0.67 %

Tennessee

0.52 %

Utah

0.44 %

Maryland

0.36 %

New Jersey

0.36 %

Arkansas

0.35 %

North Dakota

0.35 %

Oregon

0.24 %

Connecticut

0.20 %

Alaska

0.15 %

South Dakota

0.13 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

10.33 %

AA

40.38 %

A

18.27 %

BBB

18.37 %

BB

7.53 %

B

0.52 %

Not Rated

4.58 %

Pre-refunded Bonds

0.02 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.15 %

1 to 5 Years

0.13 %

5 to 10 Years

2.76 %

10 to 20 Years

13.56 %

20 to 30 Years

63.80 %

More than 30 Years

19.60 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

22.35 %

Average Coupon:

5.09 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

23.16 %

VMTP Shares:

0.00 %

VRDP Shares:

17.47 %

Total Fund Leverage:

40.63%*

Average Maturity:

   14.50 Years

Effective Duration:

   12.60 Years

Total Net Assets:

$338.21 Million**

Common Stock Net Asset Value:

$11.77

Total Number of Holdings:

181

Portfolio Turnover:

56.00 %

* The total percentage of leverage constitutes 23.16% through the use of tender option bonds, 17.47%

 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.