AFB AllianceBernstein National Municipal Income Fund Inc

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Lamar Consolidated Independent School District Series 2023-A 5.00%, 02/15/53

2.69 %

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

2.65 %

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

2.39 %

4) Melissa Independent School District Series 2023 4.25%, 02/01/53

2.12 %

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

1.91 %

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

1.84 %

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

1.82 %

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

1.80 %

9) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58

1.69 %

10) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62

1.64 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

13.27 %

Prepay Energy

6.37 %

Revenue - Miscellaneous

6.00 %

Airport

5.18 %

Toll Roads/Transit

3.72 %

Higher Education - Private

3.38 %

Electric Utility

3.14 %

Industrial Development - Industry

2.75 %

Tobacco Securitization

1.85 %

Port

1.42 %

Primary/Secondary Ed. - Public

1.30 %

Industrial Development - Utility

0.51 %

Water & Sewer

0.39 %

Senior Living

0.23 %

SUBTOTAL

49.51 %

Tax Supported

Local G.O.

15.68 %

State G.O.

7.40 %

Special Tax

6.80 %

State Lease

0.57 %

Assessment District

0.17 %

SUBTOTAL

30.62 %

Insured/Guaranteed

Guaranteed

13.00 %

SUBTOTAL

13.00 %

Prerefunded/ETM

3.10 %

Commercial Mortgage-Backed Securities

2.15 %

Cash & Cash Equivalents

Funds and Investment Trusts

1.62 %

SUBTOTAL

1.62 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

16.24 %

Illinois

9.82 %

New York

7.43 %

Michigan

5.96 %

Florida

5.47 %

California

5.36 %

Wisconsin

5.21 %

Pennsylvania

4.81 %

New Jersey

4.75 %

Massachusetts

3.65 %

South Carolina

3.00 %

Louisiana

2.84 %

Georgia

2.24 %

New Hampshire

2.01 %

Arizona

1.94 %

Ohio

1.87 %

Washington

1.87 %

Minnesota

1.60 %

Nebraska

1.57 %

Nevada

1.50 %

Oklahoma

1.47 %

Utah

1.19 %

Colorado

1.14 %

Iowa

0.87 %

Virginia

0.86 %

North Carolina

0.75 %

West Virginia

0.66 %

Indiana

0.48 %

North Dakota

0.42 %

Maryland

0.37 %

Arkansas

0.33 %

Oregon

0.21 %

Connecticut

0.19 %

South Dakota

0.13 %

Puerto Rico

0.10 %

Tennessee

0.07 %

Other

1.62 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

16.27 %

AA

28.45 %

A

29.01 %

BBB

16.44 %

BB

3.90 %

B

0.13 %

CCC

0.10 %

D

0.22 %

Not Rated

0.76 %

Pre-refunded Bonds

3.10 %

Short Term Investments

1.62 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

4.08 %

1 To 5 Years

2.09 %

5 To 10 Years

6.10 %

10 To 20 Years

21.50 %

20 To 30 Years

55.29 %

More than 30 Years

10.94 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

11.74 %

Average Coupon:

4.55 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

2.37 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

38.40 %

Total Fund Leverage:

40.77%*

Average Maturity:

   10.90 Years

Effective Duration:

    7.95 Years

Total Net Assets:

$362.71 Million**

Common Stock Net Asset Value:

$12.62

Total Number of Holdings:

169

Portfolio Turnover:

55.00 %

* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 38.40%in issued and outstanding VMTPs and 2.37% 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 $232,125,000 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 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.