Company Announcements

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Lamar Consolidated Independent School District Series 2024-2 5.00%, 02/15/53

2.68 %

2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46

2.66 %

3) Prosper Independent School District Series 2024 4.00%, 02/15/54

2.42 %

4) Greenwood Independent School District Series 2024 4.00%, 02/15/54

2.30 %

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

2.14 %

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

1.95 %

7) City of New York NY Series 2023 4.125%, 08/01/53

1.87 %

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

1.86 %

9) Denton Independent School District Series 2024-2 5.00%, 08/15/48

1.81 %

10) Commonwealth of Massachusetts Series 2024-2 5.00%, 05/01/53

1.80 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

10.95 %

Prepay Energy

7.30 %

Revenue - Miscellaneous

7.20 %

Airport

6.20 %

Toll Roads/Transit

3.26 %

Electric Utility

2.45 %

Industrial Development - Industry

2.44 %

Higher Education - Private

2.29 %

Port

1.86 %

Tobacco Securitization

1.85 %

Water & Sewer

1.81 %

Primary/Secondary Ed. - Public

1.79 %

Industrial Development - Airline

1.74 %

Senior Living

0.96 %

Industrial Development - Utility

0.51 %

SUBTOTAL

52.61 %

Tax Supported

Local G.O.

16.75 %

State G.O.

6.09 %

Special Tax

5.62 %

Assessment District

0.18 %

State Lease

0.13 %

SUBTOTAL

28.77 %

Guaranteed

15.43 %

Prerefunded/ETM

2.07 %

Asset-Backed

Housing - Multi-Family

0.76 %

SUBTOTAL

0.76 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.36 %

SUBTOTAL

0.36 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

19.31 %

Illinois

8.77 %

Florida

7.01 %

New York

6.56 %

California

5.52 %

Wisconsin

4.80 %

Michigan

4.50 %

South Carolina

3.87 %

Massachusetts

3.84 %

Pennsylvania

3.58 %

New Jersey

2.83 %

Louisiana

2.81 %

Georgia

2.44 %

Colorado

2.43 %

Nevada

2.00 %

Arizona

1.98 %

Washington

1.89 %

Ohio

1.88 %

Alabama

1.79 %

Nebraska

1.60 %

Oklahoma

1.19 %

Minnesota

1.12 %

Iowa

0.97 %

Virginia

0.88 %

Indiana

0.85 %

New Hampshire

0.81 %

Utah

0.77 %

North Carolina

0.76 %

Tennessee

0.60 %

North Dakota

0.43 %

Puerto Rico

0.42 %

Maryland

0.37 %

Arkansas

0.33 %

Oregon

0.22 %

Connecticut

0.19 %

Alaska

0.18 %

South Dakota

0.14 %

Other

0.36 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

18.69 %

AA

29.45 %

A

26.06 %

BBB

17.39 %

BB

3.97 %

B

0.14 %

Not Rated

1.87 %

Pre-refunded Bonds

2.07 %

Short Term Investments

0.36 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

1.62 %

1 To 5 Years

3.11 %

5 To 10 Years

4.74 %

10 To 20 Years

19.61 %

20 To 30 Years

56.06 %

More than 30 Years

14.86 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

14.17 %

Average Coupon:

4.57 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

1.06 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

7.27 %

VMTP Shares:

14.61 %

VRDP Shares:

16.55 %

Total Fund Leverage:

39.49%*

Average Maturity:

   10.09 Years

Effective Duration:

    8.05 Years

Total Net Assets:

$371.52 Million**

Common Stock Net Asset Value:

$12.92

Total Number of Holdings:

171

Portfolio Turnover:

55.00 %

* The total percentage of leverage constitutes 7.27% through the use of tender option bonds, 14.61% in issued and outstanding VMTPs, 16.55% in issued and outstanding VRDPs and 1.06% 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 $88,275,000 of VMTPs at liquidation value, which is not included in Total Net Assets because it is treated as a liability for financial reporting purposes.

** 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.