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AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

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

2.25听%

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

2.22听%

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

2.19听%

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

2.00听%

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

1.96听%

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

1.96听%

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

1.95听%

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

1.95听%

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

1.93听%

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

1.92听%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

12.45听%

Airport

8.97听%

Revenue - Miscellaneous

8.16听%

Prepay Energy

7.79听%

Toll Roads/Transit

5.40听%

Industrial Development - Airline

3.84听%

Primary/Secondary Ed. - Public

3.11听%

Higher Education - Private

2.70听%

Water & Sewer

2.44听%

Port

2.16听%

Tobacco Securitization

2.00听%

Industrial Development - Industry

1.96听%

Electric Utility

1.30听%

Senior Living

1.01听%

Industrial Development - Utility

0.58听%

SUBTOTAL

63.87听%

Tax Supported

Local G.O.

11.83听%

Special Tax

4.97听%

State G.O.

4.46听%

Assessment District

0.19听%

SUBTOTAL

21.45听%

Guaranteed

13.30听%

Asset-Backed

Housing - Multi-Family

1.36听%

SUBTOTAL

1.36听%

Prerefunded/ETM

0.02听%

Total

100.00听%

State Breakdown

Portfolio %

Texas

16.00听%

Florida

10.05听%

Illinois

8.56听%

New York

7.54听%

Wisconsin

7.03听%

California

6.08听%

Michigan

3.98听%

South Carolina

3.82听%

Massachusetts

3.64听%

Pennsylvania

3.51听%

Colorado

2.58听%

Ohio

2.50听%

Louisiana

2.25听%

New Jersey

2.05听%

Alabama

2.03听%

Hawaii

1.96听%

New Hampshire

1.94听%

Arizona

1.93听%

Nebraska

1.76听%

Georgia

1.47听%

Minnesota

1.36听%

Nevada

0.98听%

Virginia

0.94听%

Indiana

0.89听%

North Carolina

0.81听%

Alaska

0.70听%

Tennessee

0.55听%

Washington

0.53听%

Utah

0.47听%

Maryland

0.40听%

North Dakota

0.38听%

Arkansas

0.37听%

Oklahoma

0.35听%

Oregon

0.24听%

Connecticut

0.21听%

South Dakota

0.14听%

Total Investments

100.00听%

Credit Quality Breakdown

Portfolio %

AAA

13.66听%

AA

29.16听%

A

25.79听%

BBB

19.30听%

BB

7.60听%

B

0.34听%

Not Rated

4.13听%

Pre-refunded Bonds

0.02听%

Total

100.00听%

Bonds by Maturity

Portfolio %

Less than 1 Year

0.20听%

1 to 5 Years

2.34听%

5 to 10 Years

3.71听%

10 to 20 Years

16.66听%

20 to 30 Years

61.37听%

More than 30 Years

15.72听%

Other

0.00听%

Total Net Assets

100.00听%

Portfolio Statistics:

AMT Percent:

19.37听%

Average Coupon:

4.47听%

Percentage of Leverage:

Bank Borrowing:

0.00听%

Investment Operations:

0.00听%

Auction Preferred Shares (APS):

0.00听%

Tender Option Bonds:

12.08听%

VMTP Shares:

15.93听%

VRDP Shares:

18.04听%

Total Fund Leverage:

46.05%*

Average Maturity:

听听 15.62 Years

Effective Duration:

听听 10.87 Years

Total Net Assets:

$337.84 Million**

Common Stock Net Asset Value:

$11.75

Total Number of Holdings:

156

Portfolio Turnover:

32.00听%

* The total percentage of leverage constitutes 12.08% through the use of tender option bonds, 15.93% in issued and outstanding VMTPs, 18.04% 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 $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.