AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE

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

3.76 %

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

2.13 %

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

2.02 %

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

1.96 %

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

1.92 %

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

1.88 %

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

1.87 %

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

1.87 %

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

1.87 %

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

1.87 %

Sector/Industry Breakdown

Portfolio %

Revenue

Airport

15.71 %

Health Care - Not-for-Profit

10.41 %

Toll Roads/Transit

5.93 %

Industrial Development - Airline

5.23 %

Revenue - Miscellaneous

4.71 %

Primary/Secondary Ed. - Public

4.22 %

Prepay Energy

4.01 %

Higher Education - Private

3.21 %

Student Housing

2.42 %

Port

2.22 %

Industrial Development - Industry

2.01 %

Senior Living

1.87 %

Higher Education - Public

1.82 %

Water & Sewer

1.51 %

Electric Utility

0.58 %

Tobacco Securitization

0.31 %

Primary/Secondary Ed. - Private

0.17 %

SUBTOTAL

66.34 %

Tax Supported

Local G.O.

9.84 %

State G.O.

6.84 %

Special Tax

3.70 %

Local Lease

1.59 %

Assessment District

0.55 %

State Lease

0.28 %

SUBTOTAL

22.80 %

Guaranteed

8.14 %

Asset-Backed

Housing - Multi-Family

2.32 %

SUBTOTAL

2.32 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.38 %

SUBTOTAL

0.38 %

Prerefunded/ETM

0.02 %

Total

100.00 %

State Breakdown

Portfolio %

California

12.21 %

Texas

11.03 %

Florida

8.53 %

New York

8.34 %

Illinois

7.60 %

Massachusetts

6.30 %

Wisconsin

5.84 %

Ohio

4.24 %

Georgia

4.10 %

Hawaii

3.71 %

New Hampshire

3.48 %

District of Columbia

2.62 %

Pennsylvania

2.54 %

Oklahoma

2.31 %

Arizona

1.99 %

Colorado

1.98 %

Louisiana

1.40 %

Minnesota

1.31 %

Michigan

1.21 %

Alabama

0.98 %

Nebraska

0.94 %

Connecticut

0.91 %

Utah

0.78 %

Virginia

0.77 %

South Carolina

0.69 %

Washington

0.69 %

Maryland

0.54 %

Tennessee

0.53 %

Indiana

0.52 %

New Jersey

0.37 %

Arkansas

0.36 %

North Dakota

0.36 %

Oregon

0.25 %

South Dakota

0.13 %

North Carolina

0.05 %

Other

0.39 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

8.71 %

AA

40.29 %

A

17.92 %

BBB

16.90 %

BB

8.02 %

B

0.53 %

Not Rated

7.23 %

Pre-refunded Bonds

0.02 %

Short Term Investments

0.38 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.47 %

1 to 5 Years

0.13 %

5 to 10 Years

2.62 %

10 to 20 Years

14.04 %

20 to 30 Years

63.81 %

More than 30 Years

18.93 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

22.73 %

Average Coupon:

5.84 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

4.23 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

24.58 %

VMTP Shares:

0.00 %

VRDP Shares:

18.00 %

Total Fund Leverage:

46.81%*

Average Maturity:

   14.35 Years

Effective Duration:

   12.54 Years

Total Net Assets:

$333.69 Million**

Common Stock Net Asset Value:

$11.61

Total Number of Holdings:

190

Portfolio Turnover:

56.00 %

* The total percentage of leverage constitutes 24.58% through the use of tender option bonds, 18.00%

 in issued and outstanding VRDPs and 4.23% 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.