AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Greenwood Independent School District Series 2024 5.00%, 02/15/49

3.67 %

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

2.01 %

3) Commonwealth of Massachusetts Series 2024-A 5.00%, 01/01/54

2.00 %

4) Worthington City School District Series 2023 5.50%, 12/01/54

1.86 %

5) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55

1.85 %

6) State of Hawaii Airports System Revenue Series 2025-A 5.50%, 07/01/54

1.85 %

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

1.84 %

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

1.83 %

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

1.82 %

10) Leander Independent School District Series 2025-A 5.00%, 08/15/55

1.81 %

Investment Type

Portfolio %

State Breakdown

Portfolio %

Texas

17.67 %

Florida

9.34 %

California

8.09 %

Illinois

7.57 %

Wisconsin

6.95 %

New York

6.35 %

Massachusetts

5.01 %

Ohio

4.13 %

Pennsylvania

3.57 %

South Carolina

2.86 %

District of Columbia

2.59 %

New Hampshire

2.53 %

Michigan

2.34 %

Colorado

2.08 %

Arizona

2.02 %

Louisiana

1.91 %

Hawaii

1.85 %

Minnesota

1.29 %

Georgia

1.20 %

Virginia

1.11 %

Alabama

1.00 %

Nebraska

0.95 %

Indiana

0.82 %

North Carolina

0.75 %

Alaska

0.64 %

Washington

0.51 %

Tennessee

0.50 %

Utah

0.44 %

Oklahoma

0.39 %

Maryland

0.37 %

Arkansas

0.36 %

New Jersey

0.36 %

North Dakota

0.35 %

Nevada

0.34 %

Oregon

0.22 %

Connecticut

0.19 %

South Dakota

0.13 %

Other

1.22 %

Total Investments

100.00 %

Net Currency Exposure Breakdown

Portfolio %

US Dollar

100.00 %

Total Net Assets

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

15.44 %

AA

31.01 %

A

23.54 %

BBB

16.47 %

BB

7.19 %

B

0.53 %

Not Rated

4.58 %

Pre-refunded Bonds

0.02 %

Short Term Investments

1.22 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

1.41 %

1 to 5 Years

0.18 %

5 to 10 Years

2.85 %

10 to 20 Years

14.84 %

20 to 30 Years

57.24 %

More than 30 Years

23.48 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

22.86 %

Average Coupon:

4.60 %

Percentage of Leverage(based on gross assets):

Bank Borrowing:

0.00 %

Investment Operations:

2.32 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

12.88 %

VMTP Shares:

15.65 %

VRDP Shares:

17.73 %

Total Fund Leverage:

48.58 %

Average Maturity:

   17.96 Years

Effective Duration:

   12.26 Years

Total Net Assets:

$322.75 Million

Net Asset Value:

$11.23

Total Number of Holdings:

173

Portfolio Turnover:

32.00 %

* Investment Operations 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 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.