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 %

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

2.22 %

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

2.19 %

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

2.00 %

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

1.96 %

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

1.96 %

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

1.95 %

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

1.95 %

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

1.93 %

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

1.92 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

12.45 %

Airport

8.97 %

Revenue - Miscellaneous

8.16 %

Prepay Energy

7.79 %

Toll Roads/Transit

5.40 %

Industrial Development - Airline

3.84 %

Primary/Secondary Ed. - Public

3.11 %

Higher Education - Private

2.70 %

Water & Sewer

2.44 %

Port

2.16 %

Tobacco Securitization

2.00 %

Industrial Development - Industry

1.96 %

Electric Utility

1.30 %

Senior Living

1.01 %

Industrial Development - Utility

0.58 %

SUBTOTAL

63.87 %

Tax Supported

Local G.O.

11.83 %

Special Tax

4.97 %

State G.O.

4.46 %

Assessment District

0.19 %

SUBTOTAL

21.45 %

Guaranteed

13.30 %

Asset-Backed

Housing - Multi-Family

1.36 %

SUBTOTAL

1.36 %

Prerefunded/ETM

0.02 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

16.00 %

Florida

10.05 %

Illinois

8.56 %

New York

7.54 %

Wisconsin

7.03 %

California

6.08 %

Michigan

3.98 %

South Carolina

3.82 %

Massachusetts

3.64 %

Pennsylvania

3.51 %

Colorado

2.58 %

Ohio

2.50 %

Louisiana

2.25 %

New Jersey

2.05 %

Alabama

2.03 %

Hawaii

1.96 %

New Hampshire

1.94 %

Arizona

1.93 %

Nebraska

1.76 %

Georgia

1.47 %

Minnesota

1.36 %

Nevada

0.98 %

Virginia

0.94 %

Indiana

0.89 %

North Carolina

0.81 %

Alaska

0.70 %

Tennessee

0.55 %

Washington

0.53 %

Utah

0.47 %

Maryland

0.40 %

North Dakota

0.38 %

Arkansas

0.37 %

Oklahoma

0.35 %

Oregon

0.24 %

Connecticut

0.21 %

South Dakota

0.14 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

13.66 %

AA

29.16 %

A

25.79 %

BBB

19.30 %

BB

7.60 %

B

0.34 %

Not Rated

4.13 %

Pre-refunded Bonds

0.02 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.20 %

1 to 5 Years

2.34 %

5 to 10 Years

3.71 %

10 to 20 Years

16.66 %

20 to 30 Years

61.37 %

More than 30 Years

15.72 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

19.37 %

Average Coupon:

4.47 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

12.08 %

VMTP Shares:

15.93 %

VRDP Shares:

18.04 %

Total Fund Leverage:

46.05%*

Average Maturity:

   15.62 Years

Effective Duration:

   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 %

* 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.