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

Top 10 Fixed-Income Holdings

Portfolio %

1) Lamar Consolidated Independent School District Series 2023-A 5.00%, 02/15/53

2.67 %

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

2.03 %

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

1.97 %

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

1.84 %

5) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38

1.84 %

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

1.83 %

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

1.82 %

8) State of Hawaii Airports System Revenue Series 2025-2 5.00%, 07/01/54

1.82 %

9) Greenwood Independent School District Series 2025-2 5.50%, 02/15/49

1.81 %

10) Rockwall Independent School District Series 2025-2 5.00%, 02/15/54

1.79 %

Investment Type

Portfolio %

State Breakdown

Portfolio %

Texas

19.38 %

Florida

8.75 %

Illinois

7.88 %

Wisconsin

6.49 %

New York

6.41 %

California

5.96 %

Massachusetts

5.24 %

Ohio

4.12 %

Colorado

3.88 %

South Carolina

3.52 %

Pennsylvania

2.74 %

Michigan

2.43 %

New Hampshire

2.14 %

New Jersey

2.10 %

Alabama

1.90 %

Hawaii

1.82 %

Arizona

1.80 %

Louisiana

1.72 %

Nebraska

1.66 %

Georgia

1.36 %

Minnesota

1.28 %

Virginia

1.05 %

Indiana

0.83 %

North Carolina

0.75 %

Alaska

0.64 %

Tennessee

0.51 %

Washington

0.50 %

Utah

0.43 %

Oklahoma

0.38 %

Maryland

0.37 %

District of Columbia

0.36 %

Arkansas

0.35 %

North Dakota

0.35 %

Nevada

0.34 %

Oregon

0.23 %

Connecticut

0.19 %

South Dakota

0.13 %

Other

0.01 %

Total Investments

100.00 %

Net Currency Exposure Breakdown

Portfolio %

US Dollar

100.00 %

Total Net Assets

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

17.94 %

AA

29.86 %

A

24.24 %

BBB

17.88 %

BB

7.00 %

B

0.52 %

Not Rated

2.53 %

Pre-refunded Bonds

0.02 %

Short Term Investments

0.01 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.20 %

1 to 5 Years

0.91 %

5 to 10 Years

2.78 %

10 to 20 Years

14.84 %

20 to 30 Years

62.53 %

More than 30 Years

18.74 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

19.86 %

Average Coupon:

4.75 %

Percentage of Leverage(based on gross assets):

Bank Borrowing:

0.00 %

Investment Operations:

2.83 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

10.34 %

VMTP Shares:

15.47 %

VRDP Shares:

17.53 %

Total Fund Leverage:

46.17 %

Average Maturity:

   17.42 Years

Effective Duration:

   12.06 Years

Total Net Assets:

$329.67 Million

Net Asset Value:

$11.47

Total Number of Holdings:

164

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.