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

2.73 %

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

2.71 %

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

2.27 %

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

2.14 %

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

1.94 %

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

1.86 %

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

1.86 %

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

1.85 %

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

1.85 %

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

1.83 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

12.36 %

Revenue - Miscellaneous

8.49 %

Airport

7.47 %

Prepay Energy

7.39 %

Toll Roads/Transit

3.71 %

Industrial Development - Airline

3.65 %

Primary/Secondary Ed. - Public

2.69 %

Higher Education - Private

2.58 %

Water & Sewer

2.36 %

Electric Utility

2.14 %

Port

2.07 %

Tobacco Securitization

1.90 %

Industrial Development - Industry

1.89 %

Senior Living

0.97 %

Industrial Development - Utility

0.54 %

SUBTOTAL

60.21 %

Tax Supported

Local G.O.

12.19 %

State G.O.

6.11 %

Special Tax

4.74 %

Assessment District

0.18 %

SUBTOTAL

23.22 %

Guaranteed

14.63 %

Prerefunded/ETM

1.01 %

Asset-Backed

Housing - Multi-Family

0.93 %

SUBTOTAL

0.93 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

17.19 %

Illinois

8.19 %

Florida

7.83 %

New York

7.55 %

Wisconsin

6.73 %

California

5.78 %

South Carolina

4.56 %

Massachusetts

3.92 %

Michigan

3.76 %

Pennsylvania

3.50 %

Ohio

2.72 %

Louisiana

2.71 %

New Jersey

2.61 %

Colorado

2.45 %

Alabama

2.32 %

Washington

1.91 %

Arizona

1.83 %

Nebraska

1.67 %

New Hampshire

1.50 %

Georgia

1.39 %

Iowa

0.99 %

Minnesota

0.98 %

Nevada

0.93 %

Virginia

0.90 %

Indiana

0.86 %

Utah

0.80 %

North Carolina

0.77 %

Alaska

0.68 %

Tennessee

0.53 %

Hawaii

0.47 %

Maryland

0.38 %

Arkansas

0.35 %

North Dakota

0.35 %

Oklahoma

0.33 %

Oregon

0.23 %

Connecticut

0.20 %

South Dakota

0.13 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

17.63 %

AA

26.10 %

A

27.40 %

BBB

18.42 %

BB

6.30 %

B

0.47 %

Not Rated

2.67 %

Pre-refunded Bonds

1.01 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.19 %

1 To 5 Years

2.88 %

5 To 10 Years

4.49 %

10 To 20 Years

16.70 %

20 To 30 Years

61.36 %

More than 30 Years

14.38 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

19.79 %

Average Coupon:

4.48 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.35 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

7.81 %

VMTP Shares:

15.69 %

VRDP Shares:

17.78 %

Total Fund Leverage:

41.63%*

Average Maturity:

   14.01 Years

Effective Duration:

   10.01 Years

Total Net Assets:

$346.67 Million**

Common Stock Net Asset Value:

$12.06

Total Number of Holdings:

159

Portfolio Turnover:

32.00 %

* The total percentage of leverage constitutes 7.81% through the use of tender option bonds, 15.69%

in issued and outstanding VMTPs, 17.78% in issued and outstanding VRDPs and 0.35% 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.