AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE

Top 10 Fixed-Income Holdings

Portfolio %

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

2.15%

2) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54

2.00%

3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53

1.96%

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

1.93%

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

1.92%

6) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54

1.86%

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

1.86%

8) Worthington City School District Series 2025-2 5.50%, 12/01/54

1.86%

9) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55

1.85%

10) County of Miami-Dade FL Aviation Revenue Series 2025-2 5.50%, 10/01/55

1.83%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care – Not-for-Profit

13.42%

Airport

10.28%

Revenue – Miscellaneous

7.20%

Toll Roads/Transit

5.51%

Prepay Energy

4.70%

Industrial Development – Airline

4.14%

Primary/Secondary Ed. – Public

3.56%

Higher Education – Private

3.49%

Port

2.61%

Industrial Development – Industry

2.18%

Higher Education – Public

1.78%

Electric Utility

1.47%

Senior Living

1.34%

Water & Sewer

0.80%

Tobacco Securitization

0.30%

Primary/Secondary Ed. – Private

0.18%

SUBTOTAL

62.96%

Tax Supported

Local G.O.

11.03%

State G.O.

6.42%

Special Tax

3.69%

Local Lease

1.49%

Assessment District

0.18%

SUBTOTAL

22.81%

Guaranteed

11.83%

Asset-Backed

Housing – Multi-Family

0.86%

SUBTOTAL

0.86%

Commercial Mortgage-Backed Securities

Non-Agency Fixed Rate CMBS

0.49%

Non-Agency Floating Rate CMBS

0.35%

SUBTOTAL

0.84%

Prerefunded/ETM

0.36%

Cash & Cash Equivalents

Funds and Investment Trusts

0.34%

SUBTOTAL

0.34%

Total

100.00%

State Breakdown

Portfolio %

Texas

14.45%

California

8.95%

Florida

8.58%

Illinois

8.14%

New York

6.97%

Massachusetts

5.85%

Wisconsin

5.50%

Georgia

4.59%

Ohio

4.20%

Pennsylvania

3.02%

South Carolina

2.98%

District of Columbia

2.60%

New Hampshire

2.55%

Oklahoma

2.35%

Arizona

2.04%

Louisiana

1.96%

Michigan

1.91%

Hawaii

1.86%

Colorado

1.74%

Minnesota

1.31%

Alabama

0.97%

Nebraska

0.93%

Indiana

0.86%

North Carolina

0.76%

Virginia

0.76%

Washington

0.69%

Tennessee

0.51%

Alaska

0.49%

Maryland

0.37%

North Dakota

0.36%

Arkansas

0.35%

New Jersey

0.35%

Oregon

0.24%

Connecticut

0.20%

South Dakota

0.14%

Other

0.47%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

12.40%

AA

38.51%

A

19.95%

BBB

16.55%

BB

7.13%

B

0.53%

Not Rated

4.23%

Pre-refunded Bonds

0.36%

Short Term Investments

0.34%

Total

100.00%

Bonds by Maturity

Portfolio %

Less than 1 Year

0.84%

1 to 5 Years

0.13%

5 to 10 Years

2.29%

10 to 20 Years

12.52%

20 to 30 Years

65.74%

More than 30 Years

18.48%

Other

0.00%

Total Net Assets

100.00%

Portfolio Statistics:

AMT Percent:

17.93%

Average Coupon:

4.96%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

23.05%

VMTP Shares:

0.00%

VRDP Shares:

17.38%

Total Fund Leverage:

40.43%*

Average Maturity:

13.26 Years

Effective Duration:

11.57 Years

Total Net Assets:

$349.99 Million**

Common Stock Net Asset Value:

$12.18

Total Number of Holdings:

173

Portfolio Turnover:

32.00%