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

3.91 %

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

2.15 %

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

2.10 %

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

2.00 %

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

1.95 %

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

1.94 %

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

1.94 %

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

1.94 %

9) Greenwood Independent School District Series 2025-2 5.00%, 02/15/49

1.92 %

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

1.92 %

Sector/Industry Breakdown

Portfolio %

Revenue

Airport

15.47 %

Health Care - Not-for-Profit

10.32 %

Toll Roads/Transit

6.02 %

Industrial Development - Airline

5.28 %

Primary/Secondary Ed. - Public

4.31 %

Revenue - Miscellaneous

4.20 %

Prepay Energy

3.57 %

Higher Education - Private

3.32 %

Student Housing

2.49 %

Port

2.25 %

Industrial Development - Industry

2.07 %

Higher Education - Public

1.85 %

Senior Living

1.74 %

Water & Sewer

1.03 %

Electric Utility

0.59 %

Tobacco Securitization

0.32 %

Primary/Secondary Ed. - Private

0.18 %

SUBTOTAL

65.01 %

Tax Supported

Local G.O.

10.13 %

State G.O.

7.12 %

Special Tax

3.56 %

Local Lease

1.67 %

Assessment District

0.57 %

State Lease

0.30 %

SUBTOTAL

23.35 %

Guaranteed

8.36 %

Asset-Backed

Housing - Multi-Family

2.40 %

SUBTOTAL

2.40 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.86 %

SUBTOTAL

0.86 %

Prerefunded/ETM

0.02 %

Total

100.00 %

State Breakdown

Portfolio %

California

12.14 %

Texas

11.32 %

Florida

8.36 %

New York

8.23 %

Illinois

7.73 %

Massachusetts

6.56 %

Wisconsin

5.98 %

Ohio

4.43 %

Georgia

4.25 %

New Hampshire

3.64 %

Hawaii

3.06 %

District of Columbia

2.73 %

Oklahoma

2.36 %

Arizona

2.10 %

Colorado

2.08 %

Pennsylvania

1.52 %

Louisiana

1.43 %

Minnesota

1.36 %

Michigan

1.27 %

Connecticut

0.87 %

Utah

0.80 %

Nebraska

0.79 %

Virginia

0.79 %

Washington

0.72 %

South Carolina

0.70 %

Maryland

0.57 %

Alabama

0.55 %

Tennessee

0.54 %

Indiana

0.52 %

Oregon

0.43 %

New Jersey

0.40 %

Arkansas

0.38 %

North Dakota

0.36 %

South Dakota

0.13 %

North Carolina

0.04 %

Other

0.86 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

8.92 %

AA

39.40 %

A

17.81 %

BBB

15.98 %

BB

8.15 %

B

0.55 %

Not Rated

8.31 %

Pre-refunded Bonds

0.02 %

Short Term Investments

0.86 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.95 %

1 to 5 Years

0.93 %

5 to 10 Years

1.37 %

10 to 20 Years

13.73 %

20 to 30 Years

63.57 %

More than 30 Years

19.45 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

25.67 %

Average Coupon:

5.74 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

25.67 %

VMTP Shares:

0.00 %

VRDP Shares:

19.52 %

Total Fund Leverage:

45.19%*

Average Maturity:

   22.39 Years

Effective Duration:

   17.13 Years

Total Net Assets:

$301.71 Million**

Common Stock Net Asset Value:

$10.50

Total Number of Holdings:

185

Portfolio Turnover:

56.00 %

* The total percentage of leverage constitutes 25.67% through the use of tender option bonds, 19.52%

 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.