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

NEW YORK, Dec. 29, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of November 30, 2025.

AllianceBernstein National Municipal Income Fund, Inc.

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 %

38.51 %

19.95 %

BBB

16.55 %

7.13 %

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 %

* The total percentage of leverage constitutes 23.05% through the use of tender option bonds, 17.38% in issued and outstanding VRDPs and 0.00% in investment operations, which may include the use of certain portfolio management techniques such as credit defaultswaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.

** 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.

SOURCE AllianceBernstein National Municipal Income Fund, Inc.