AllianceBernstein National Municipal Income Fund Inc AFB

Top 10 Fixed-Income Holdings

Portfolio %

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

2.70 %

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

2.39 %

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

2.26 %

5) Melissa Independent School District Series 2023 4.25%, 02/01/53

2.09 %

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

1.91 %

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

1.83 %

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

1.82 %

9) Denton Independent School District Series 2023 5.00%, 08/15/48

1.82 %

10) Commonwealth of Massachusetts Series 2023 5.00%, 05/01/53

1.81 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

13.04 %

Prepay Energy

7.16 %

Revenue - Miscellaneous

6.04 %

Airport

5.22 %

Electric Utility

3.06 %

Higher Education - Private

2.98 %

Toll Roads/Transit

2.91 %

Industrial Development - Industry

2.79 %

Tobacco Securitization

1.87 %

Port

1.45 %

Primary/Secondary Ed. - Public

1.33 %

Water & Sewer

1.11 %

Industrial Development - Utility

0.52 %

Senior Living

0.24 %

SUBTOTAL

49.72 %

Tax Supported

Local G.O.

15.45 %

State G.O.

7.20 %

Special Tax

6.50 %

State Lease

0.58 %

Assessment District

0.18 %

SUBTOTAL

29.91 %

Insured/Guaranteed

Guaranteed

15.24 %

SUBTOTAL

15.24 %

Cash & Cash Equivalents

Funds and Investment Trusts

1.83 %

SUBTOTAL

1.83 %

Commercial Mortgage-Backed Securities

Non-Agency Fixed Rate CMBS

1.02 %

Non-Agency Floating Rate CMBS

0.18 %

SUBTOTAL

1.20 %

Prerefunded/ETM

1.16 %

Asset-Backed

Housing - Multi-Family

0.94 %

SUBTOTAL

0.94 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

18.00 %

Illinois

9.66 %

Michigan

5.87 %

Florida

5.64 %

New York

5.42 %

California

5.40 %

South Carolina

4.70 %

Pennsylvania

4.31 %

Wisconsin

3.93 %

Massachusetts

3.68 %

New Jersey

3.31 %

Louisiana

2.85 %

Georgia

2.16 %

New Hampshire

1.99 %

Colorado

1.95 %

Arizona

1.93 %

Ohio

1.89 %

Washington

1.87 %

Minnesota

1.62 %

Nebraska

1.59 %

Oklahoma

1.49 %

Nevada

1.48 %

Utah

1.21 %

Iowa

0.89 %

Virginia

0.86 %

North Carolina

0.75 %

West Virginia

0.67 %

Alabama

0.54 %

Indiana

0.50 %

North Dakota

0.42 %

Maryland

0.37 %

Arkansas

0.33 %

Oregon

0.22 %

Connecticut

0.19 %

Alaska

0.18 %

South Dakota

0.13 %

Puerto Rico

0.10 %

Tennessee

0.07 %

Other

1.83 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

18.54 %

AA

28.80 %

A

28.58 %

BBB

17.10 %

BB

2.74 %

B

0.14 %

CCC

0.11 %

D

0.22 %

Not Rated

0.78 %

Pre-refunded Bonds

1.16 %

Short Term Investments

1.83 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

2.34 %

1 To 5 Years

2.46 %

5 To 10 Years

4.56 %

10 To 20 Years

21.20 %

20 To 30 Years

56.84 %

More than 30 Years

12.60 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

11.34 %

Average Coupon:

4.22 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

2.32 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

39.42 %

Total Fund Leverage:

41.74%*

Average Maturity:

   12.14 Years

Effective Duration:

    8.77 Years

Total Net Assets:

$350.33 Million**

Common Stock Net Asset Value:

$12.19

Total Number of Holdings:

163

Portfolio Turnover:

55.00 %

* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 39.42% in issued and outstanding VMTPs and 2.32% 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 $232,125,000 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 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.