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

Top 10 Fixed-Income Holdings

Portfolio %

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

2.16 %

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

2.00 %

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

1.97 %

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

1.93 %

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

1.92 %

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

1.86 %

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

1.86 %

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

1.85 %

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

1.85 %

10) County of Miami-Dade FL Aviation Revenue Series 2025-2 5.50%, 10/01/55

1.83 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

12.77 %

Airport

10.26 %

Revenue - Miscellaneous

7.18 %

Toll Roads/Transit

5.51 %

Industrial Development - Airline

5.14 %

Prepay Energy

4.74 %

Higher Education - Private

3.83 %

Primary/Secondary Ed. - Public

3.57 %

Port

2.61 %

Industrial Development - Industry

2.05 %

Higher Education - Public

1.77 %

Electric Utility

1.47 %

Senior Living

1.35 %

Water & Sewer

0.80 %

Tobacco Securitization

0.30 %

Primary/Secondary Ed. - Private

0.17 %

SUBTOTAL

63.52 %

Tax Supported

Local G.O.

10.73 %

State G.O.

6.41 %

Special Tax

3.70 %

Local Lease

1.49 %

Assessment District

0.36 %

SUBTOTAL

22.69 %

Guaranteed

11.85 %

Asset-Backed

Housing - Multi-Family

0.86 %

SUBTOTAL

0.86 %

Commercial Mortgage-Backed Securities

Non-Agency Fixed Rate CMBS

0.49 %

Non-Agency Floating Rate CMBS

0.35 %

SUBTOTAL

0.84 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.22 %

SUBTOTAL

0.22 %

Prerefunded/ETM

0.02 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

14.47 %

California

8.86 %

New York

7.95 %

Florida

7.89 %

Illinois

7.85 %

Massachusetts

5.84 %

Wisconsin

5.48 %

Georgia

4.58 %

Ohio

4.18 %

Pennsylvania

3.00 %

District of Columbia

2.58 %

New Hampshire

2.53 %

South Carolina

2.38 %

Oklahoma

2.36 %

Louisiana

2.30 %

Colorado

2.08 %

Arizona

2.05 %

Michigan

1.91 %

Hawaii

1.86 %

Minnesota

1.31 %

Alabama

0.97 %

Nebraska

0.95 %

Indiana

0.85 %

North Carolina

0.76 %

Virginia

0.76 %

Washington

0.69 %

Tennessee

0.52 %

Alaska

0.49 %

Maryland

0.37 %

New Jersey

0.36 %

North Dakota

0.36 %

Arkansas

0.35 %

Oregon

0.24 %

Connecticut

0.20 %

Utah

0.18 %

South Dakota

0.14 %

Other

0.35 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

12.41 %

AA

38.08 %

A

19.97 %

BBB

17.87 %

BB

6.60 %

B

0.53 %

Not Rated

4.30 %

Pre-refunded Bonds

0.02 %

Short Term Investments

0.22 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.37 %

1 to 5 Years

0.13 %

5 to 10 Years

2.61 %

10 to 20 Years

14.00 %

20 to 30 Years

64.21 %

More than 30 Years

18.68 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

19.78 %

Average Coupon:

4.88 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

23.13 %

VMTP Shares:

0.00 %

VRDP Shares:

17.45 %

Total Fund Leverage:

40.58%*

Average Maturity:

13.64 Years

Effective Duration:

11.82 Years

Total Net Assets:

$347.22 Million**

Common Stock Net Asset Value:

$12.08

Total Number of Holdings:

176

Portfolio Turnover:

56.00 %

* The total percentage of leverage constitutes 23.13% through the use of tender option bonds, 17.45%

 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.