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AllianceBernstein National Municipal Income Fund, Inc.

Portfolio of Investments

July 31, 2026 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

MUNICIPAL OBLIGATIONS – 166.7%

        

Long-Term Municipal Bonds – 166.7%

        

Alabama – 1.6%

        

County of Jefferson AL Sewer Revenue
(County of Jefferson AL Sewer Revenue)
Series 2024
5.25%, 10/01/2049

    $ 2,000        $ 2,064,118  

5.50%, 10/01/2053

      2,410          2,503,526  

Mobile County Industrial Development Authority
(ArcelorMittal SA)
Series 2024
4.75%, 12/01/2054

      1,030          962,292  
       

 

 

  
          5,529,936  
       

 

 

  

Arizona – 3.3%

        

Maricopa County Industrial Development Authority
(Legacy Traditional School Obligated Group)
Series 2025
5.50%, 07/01/2060

      1,000          960,763  

Salt Verde Financial Corp.
(Citigroup, Inc.)
Series 2007
5.00%, 12/01/2032

      1,200          1,249,976  

5.00%, 12/01/2037

      8,700          8,892,210  
       

 

 

  
           11,102,949  
       

 

 

  

Arkansas – 0.6%

        

Pulaski County Public Facilities Board
(Baptist Health Obligated Group)
Series 2014
5.00%, 12/01/2042

      2,000          2,000,866  
       

 

 

  

California – 20.1%

        

Alameda Corridor Transportation Authority
(Alameda Corridor Transportation Authority)
Series 2022-A
0.00%, 10/01/2050(a)

      10,000          5,773,888  

AG Series 2024-A
Zero Coupon, 10/01/2052

      6,500          1,860,522  

Zero Coupon, 10/01/2053

      6,000          1,627,908  

California Enterprise Development Authority
(Real Journey Academies Obligated Group)
Series 2024-A
5.00%, 06/01/2064(b)

     2,000          1,839,961  

California Infrastructure & Economic Development Bank
(Desertxpress Enterprises)
Series 2025
12.00%, 01/01/2065(b)

     1,445          924,800  

California State University
(California State University)
Series 2025-2
4.63%, 11/01/2056(b)(c)

     10,000          10,067,206  

California Statewide Communities Development Authority
(Enloe Medical Center Obligated Group)
AG Series 2022-A
5.375%, 08/15/2057

      2,000          2,020,324  

California Statewide Communities Development Authority
(Loma Linda University Medical Center)
Series 2016-A
5.25%, 12/01/2056(b)

     1,000          1,000,057  

Golden State Connect Authority
(Golden State Connect Authority)
Series 2025
6.50%, 12/01/2060(b)

     1,000          967,368  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

Long Beach Bond Finance Authority
(Bank of America Corp.)
Series 2007-A
5.50%, 11/15/2037

    $ 2,000        $ 2,214,377  

M-S-R Energy Authority
(Citigroup, Inc.)
Series 2009-A
6.50%, 11/01/2039

      2,000          2,358,500  

Series 2009-C
6.50%, 11/01/2039

      2,000          2,358,499  

San Francisco Intl Airport
(San Francisco Intl Airport)
Series 2025-2
5.00%, 05/01/2044(b)(c)

      10,000          10,168,919  

Series 2026-2
5.50%, 05/01/2055(b)(c)

     20,000          20,996,102  

Southern California Public Power Authority
(Goldman Sachs Group)
Series 2007-A
5.00%, 11/01/2033

      2,335          2,444,941  

Washington Township Health Care District
(Washington Township Health Care District)
AG Series 2023-B
4.50%, 08/01/2053

      1,625          1,516,122  
       

 

 

  
           68,139,494  
       

 

 

  

Colorado – 3.3%

        

Colorado State University Research Foundation
(Colorado State University Research Foundation - The Prospect)
Series 2025-A
5.50%, 03/01/2065(b)

     2,000          1,942,506  

Denver Health & Hospital Authority
(Denver Health & Hospital Authority)
Series 2025-A
6.00%, 12/01/2055

      1,000          1,055,259  

St. Vrain Lakes Metropolitan District No. 4
(St. Vrain Lakes Metropolitan District No. 4)
Series 2024-A
0.00%, 09/20/2054(a)(b)

     1,000          748,846  

Town of Vail CO
(Town of Vail CO COP)
Series 2025
5.50%, 12/01/2064

      6,000          6,331,729  

Vail Home Partners Corp.
(Vail Home Partners Corp.)
Series 2025
6.00%, 10/01/2064(b)

     1,000          1,027,403  
       

 

 

  
          11,105,743  
       

 

 

  

Connecticut – 1.5%

        

Aquarion Water Authority
(Aquarion Water Authority Water System Revenue)
Series 2026-C
Zero Coupon, 08/01/2051

      3,615          998,623  

Zero Coupon, 08/01/2052

      2,990          780,737  

Zero Coupon, 08/01/2053

      2,965          729,139  

Zero Coupon, 08/01/2054

      3,210          745,108  

Zero Coupon, 08/01/2055

      3,150          688,630  

Connecticut State Health & Educational Facilities Authority
(University of Hartford/The)
Series 2019
4.00%, 07/01/2049

      1,500          1,159,209  
       

 

 

  
          5,101,446  
       

 

 

  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

District of Columbia – 4.3%

        

District of Columbia
(Catholic University of America)
Series 2025
5.75%, 10/01/2055

    $ 2,000        $ 2,017,651  

Metropolitan Washington Airports Authority Aviation Revenue
(Metropolitan Washington Airports Authority Aviation Revenue)
Series 2025-2
5.50%, 10/01/2055(b)(c)

      10,000          10,456,774  

Washington Metropolitan Area Transit Authority Dedicated Revenue
(Washington Metropolitan Area Transit Authority Dedicated Revenue Lease)
Series 2025-A
5.25%, 07/15/2055

      2,000          2,074,543  
       

 

 

  
           14,548,968  
       

 

 

  

Florida – 14.1%

        

Capital Trust Authority
(Mason Classical Academy)
Series 2024
5.00%, 06/01/2054(b)

     2,750          2,501,035  

County of Miami-Dade FL
(County of Miami-Dade FL)
Series 2021
4.00%, 07/01/2050

      2,355          2,179,600  

County of Miami-Dade FL Aviation Revenue
(County of Miami-Dade FL Aviation Revenue)
Series 2025-2
5.50%, 10/01/2055(b)(c)

     10,000          10,395,595  

Florida Development Finance Corp.
(Brightline Trains Florida)
AG Series 2024
5.25%, 07/01/2053

      10,000          9,772,995  

Florida Development Finance Corp.
(Cornerstone Charter Academy Obligated Group)
Series 2022
5.125%, 10/01/2052(b)

     1,000          888,956  

Florida Development Finance Corp.
(Mater Academy, Inc.)
Series 2022-A
4.00%, 06/15/2052

      3,250          2,651,122  

Florida Local Government Finance Commission
(Ponte Vedra Pine Obligated Group)
Series 2025
6.875%, 11/15/2064(b)

     1,000          1,052,431  

Halifax Hospital Medical Center
(Halifax Hospital Medical Center Obligated Group)
Series 2024
4.25%, 06/01/2054

      3,000          2,670,273  

Lakewood Ranch Stewardship District
(Lakewood Ranch Stewardship District Series 2023 Assessment)
Series 2023
6.30%, 05/01/2054

      990          1,037,402  

Lee County Industrial Development Authority/FL
(Cypress Cove at Healthpark Florida Obligated Group)
Series 2026
6.00%, 10/01/2061(b)

     1,750          1,769,152  

Lee County Industrial Development Authority/FL
(Shell Point Obligated Group)
Series 2024
5.25%, 11/15/2054

      2,000          2,017,195  

Series 2024-C
5.00%, 11/15/2054

      2,000          1,966,116  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

Miami-Dade County Expressway Authority
(Miami-Dade County Expressway Authority)
Series 2014-A
5.00%, 07/01/2044

    $ 5,000        $ 5,001,327  

Miami-Dade County Industrial Development Authority
(Mater Academy, Inc.)
Series 2026
5.375%, 06/15/2060

      1,000          988,459  

Palm Beach County Health Facilities Authority
(Jupiter Medical Center Obligated Group)
Series 2025
5.25%, 11/01/2055

      3,000          2,963,086  
       

 

 

  
           47,854,744  
       

 

 

  

Georgia – 6.1%

        

Atlanta Development Authority (The)
(City of Atlanta GA Westside Tax Allocation District Gulch Area)
Series 2024
0.00%, 12/15/2048(a)(b)

     2,000          1,832,171  

City of Atlanta GA Department of Aviation
(City of Atlanta GA Dept. of Aviation)
Series 2025-2
5.50%, 07/01/2055(b)(c)

      10,000          10,432,499  

Municipal Electric Authority of Georgia
(PowerSouth Energy Cooperative)
Series 2023
5.50%, 07/01/2064

      1,340          1,361,992  

Savannah Georgia Convention Center Authority
(Savannah Georgia Convention Center Authority)
Series 2025
5.25%, 06/01/2061

      2,000          1,936,175  

AG Series 2025
5.00%, 06/01/2058

      4,000          4,009,596  

5.50%, 06/01/2050

      1,230          1,289,297  
       

 

 

  
          20,861,730  
       

 

 

  

Hawaii – 6.1%

        

State of Hawaii Airports System Revenue
(State of Hawaii Airports System Revenue)
Series 2025-2
5.50%, 07/01/2054(b)(c)

     10,000          10,492,364  

Series 2026-2
5.25%, 07/01/2051(b)(c)

     10,000          10,279,957  
       

 

 

  
          20,772,321  
       

 

 

  

Illinois – 12.5%

        

Chicago Board of Education
(Chicago Board of Education)
Series 2018-D
5.00%, 12/01/2046

      5,005          4,558,601  

Series 2025-C
5.50%, 12/01/2045

      5,000          4,965,251  

City of Chicago IL
(City of Chicago IL)
Series 2025-A
6.00%, 01/01/2050

      2,000          2,072,970  

Eastern Illinois Economic Development Authority
(City of Mattoon IL)
Series 2025
7.00%, 02/15/2056

      1,000          970,878  

Illinois Finance Authority
(Centerpoint Joliet Terminal Railroad)
Series 2025
4.80%, 12/01/2043(b)

     2,000          2,030,154  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

Illinois Finance Authority
(OSF Healthcare System Obligated Group)
Series 2015-A
5.00%, 11/15/2045

    $ 2,495        $ 2,455,493  

Metropolitan Pier & Exposition Authority
(Metropolitan Pier & Exposition Authority)
Series 2017-A
5.00%, 06/15/2057

      8,755          8,613,279  

State of Illinois
(State of Illinois)
Series 2024-B
4.25%, 05/01/2046

      4,900          4,471,009  

Series 2025-2
5.25%, 09/01/2049(b)(c)

      10,000          10,196,152  

Series 2026-C
5.50%, 04/01/2051

      2,000          2,092,150  
       

 

 

  
           42,425,937  
       

 

 

  

Indiana – 0.9%

        

Indiana Finance Authority
(Marian University Inc/IN)
Series 2026
5.25%, 09/15/2056

      1,000          968,448  

Indiana Finance Authority
(SFP-PUFW I LLC)
Series 2024
5.25%, 07/01/2064

      2,000          1,940,804  
       

 

 

  
          2,909,252  
       

 

 

  

Louisiana – 2.3%

        

City of New Orleans LA
(City of New Orleans LA)
Series 2021-A
5.00%, 12/01/2050

      4,000          3,895,440  

Series 2026-A
5.50%, 12/01/2051

      1,000          1,045,595  

Louisiana Public Facilities Authority
(Acadiana Renaissance Charter Academy)
Series 2025
6.00%, 06/15/2059(b)

     1,000          996,385  

Louisiana Public Facilities Authority
(Loyola University New Orleans)
Series 2023
5.25%, 10/01/2053

      2,000          1,955,015  
       

 

 

  
          7,892,435  
       

 

 

  

Maryland – 0.9%

        

Maryland Economic Development Corp.
(Maryland Econ Dev Corp-Morgan View & Thurgood Marshall Student Hsg)
Series 2022
6.00%, 07/01/2058

      2,000          2,096,496  

AG Series 2026
4.75%, 07/01/2065

      1,000          935,485  
       

 

 

  
          3,031,981  
       

 

 

  

Massachusetts – 10.4%

        

Commonwealth of Massachusetts
(Commonwealth of Massachusetts)
Series 2025-2
5.00%, 05/01/2053(b)(c)

     10,000          10,200,036  

5.00%, 01/01/2054(b)(c)

     11,060          11,312,794  

Massachusetts Development Finance Agency
(Care Communities Obligated Group)
Series 2025
6.375%, 07/15/2045(b)

     1,000          1,025,945  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

Massachusetts Development Finance Agency
(CHF Merrimack, Inc.)
Series 2024
5.00%, 07/01/2060(b)

   $  1,000        $ 919,992  

Massachusetts Development Finance Agency
(Emerson College)
Series 2016-A
5.00%, 01/01/2047

      5,750          5,515,650  

Massachusetts Development Finance Agency
(Lifespan Obligated Group)
Series 2025
5.50%, 08/15/2050

      2,000          2,092,740  

Massachusetts Development Finance Agency
(PRG Medford Properties)
Series 2025
5.25%, 06/01/2065

      2,000          2,024,540  

Massachusetts Development Finance Agency
(Tufts Medicine Obligated Group)
Series 2026
6.00%, 10/01/2049

      2,000          2,158,433  
       

 

 

  
           35,250,130  
       

 

 

  

Michigan – 2.1%

        

City of Detroit MI
(City of Detroit MI)
Series 2020
5.50%, 04/01/2050

      1,970          2,004,046  

Series 2023-C
6.00%, 05/01/2043

      2,300          2,510,985  

Detroit Downtown Development Authority
(Detroit Downtown Development Authority Catalyst Development Area)
Series 2024
5.00%, 07/01/2048

      1,750          1,787,677  

Plymouth Educational Center Charter School
(Plymouth Educational Center Charter School)
Series 2005
5.125%, 11/01/2023(d)(e)

     2,140          856,000  
       

 

 

  
          7,158,708  
       

 

 

  

Minnesota – 2.2%

        

City of Woodbury MN
(Math & Science Academy/MN)
Series 2025
5.50%, 06/01/2063(b)

     2,000          1,799,218  

Duluth Economic Development Authority
(Essentia Health Obligated Group)
Series 2018
5.00%, 02/15/2053

      5,625          5,550,480  
       

 

 

  
          7,349,698  
       

 

 

  

Nebraska – 1.5%

        

Central Plains Energy Project
(Goldman Sachs Group)
Series 2017-A
5.00%, 09/01/2031

      5,000          5,179,179  
       

 

 

  

New Hampshire – 5.7%

        

National Finance Authority Affordable Housing Certificates Series 2024-1
(ARC70 2024-1)
Series 2024-1, Class A
4.15%, 10/20/2040(f)

     1,987          1,935,586  

New Hampshire Business Finance Authority
(ARC70 2025-1)
Series 2025-1, Class A2
5.15%, 06/20/2041(f)

     1,992          2,001,232  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

New Hampshire Business Finance Authority
(Bridgeland Water & Utility Districts 490, 491 & 158)
Series 2024
5.375%, 12/15/2035(b)

   $ 741        $ 735,403  

New Hampshire Business Finance Authority
(Greater Raleigh Area Christian Education)
Series 2025
6.00%, 08/01/2065

       1,000          980,173  

New Hampshire Business Finance Authority
(Hays Consolidated Independent School District Lease)
Series 2026-A
Zero Coupon, 12/15/2067(g)

     5,500          530,036  

New Hampshire Business Finance Authority
(Lakes Fresh Water Supply District of Denton County)
Series 2024
5.00%, 12/01/2028(b)

     747          745,285  

New Hampshire Business Finance Authority
(New Hampshire Business Finance Authority State Lease)
Series 2026
Zero Coupon, 12/15/2034(b)

     1,000          576,368  

6.50%, 12/01/2034(b)

     989          989,235  

New Hampshire Business Finance Authority
(NFA 2025-3)
Series 2025-3, Class B
4.795%, 10/20/2042

      1,000          704,844  

New Hampshire Business Finance Authority
(NFA 2026-1)
Series 2026-1, Class A1
4.25%, 07/20/2041

      1,996           1,884,083  

Series 2026-1, Class A2
4.25%, 07/20/2041

      998          899,555  

New Hampshire Business Finance Authority
(NFAAH 2025-1)
Series 2025-1, Class B1
5.75%, 04/28/2042

      2,000          2,011,952  

New Hampshire Business Finance Authority
(Novant Health Obligated Group)
Series 2025
5.00%, 06/01/2055

      2,000          1,951,325  

New Hampshire Business Finance Authority
(Reworld Holding Corp.)
Series 2020-A
3.625%, 07/01/2043(b)

     1,000          794,113  

New Hampshire Business Finance Authority
(Valencia Project)
Series 2024
5.30%, 12/01/2032(b)

     736          730,533  

New Hampshire Health & Education Facilities Authority Act
(Dartmouth Health Obligated Group)
Series 2020-A
5.00%, 08/01/2059

      2,000          1,953,063  
       

 

 

  
          19,422,786  
       

 

 

  

New Jersey – 0.6%

        

New Jersey Economic Development Authority
(DRP Urban Renewal 4 LLC)
Series 2025
6.625%, 01/01/2045(b)

     1,000          1,049,707  

New Jersey Economic Development Authority
(NYNJ Link Borrower LLC)
Series 2013
5.125%, 01/01/2034

      1,000          1,002,935  
       

 

 

  
          2,052,642  
       

 

 

  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

New York – 13.9%

        

Build NYC Resource Corp.
(Zeta Charter Schools Obligated Group)
Series 2025
5.375%, 10/15/2061(b)

   $ 2,000        $ 1,868,666  

Series 2026
5.75%, 06/01/2066(b)

     1,000          991,437  

City of New York NY
(City of New York NY)
Series 2023
4.125%, 08/01/2053

      11,300           10,152,830  

Hempstead Town Local Development Corp.
(Evergreen Charter School)
Series 2022-A
5.25%, 06/15/2052

      1,000          941,859  

New York State Thruway Authority
(State of New York Pers Income Tax)
Series 2025
5.00%, 03/15/2055

      1,000          1,015,936  

New York Transportation Development Corp.
(JFK Millennium Partners)
Series 2024
5.50%, 12/31/2060

      2,000          2,023,399  

AG Series 2024
0.00%, 12/31/2054(a)

     17,000          11,106,088  

New York Transportation Development Corp.
(JFK NTO LLC)
Series 2024
5.50%, 06/30/2054

      3,745          3,791,871  

AG Series 2025
5.50%, 06/30/2059

      10,000          10,273,660  

Triborough Bridge & Tunnel Authority Sales Tax Revenue
(Triborough Bridge & Tunnel Authority Sales Tax Revenue)
Series 2023-A
4.125%, 05/15/2053

      3,500          3,152,699  

Ulster County Capital Resource Corp.
(Woodland Pond at New Paltz)
Series 2017
5.00%, 09/15/2037

      490          488,118  

5.25%, 09/15/2042

      205          202,025  

5.25%, 09/15/2047

      355          336,817  

5.25%, 09/15/2053

      760          696,405  
       

 

 

  
          47,041,810  
       

 

 

  

North Carolina – 0.1%

        

North Carolina Turnpike Authority
(North Carolina Turnpike Authority)
AG Series 2024
Zero Coupon, 01/01/2053

      1,000          260,508  
       

 

 

  

North Dakota – 0.6%

        

City of Grand Forks ND
(Altru Health System Obligated Group)
AG Series 2023-A
5.00%, 12/01/2053

      2,000          2,003,459  
       

 

 

  

Ohio – 7.0%

        

Buckeye Tobacco Settlement Financing Authority
(Buckeye Tobacco Settlement Financing Authority)
Series 2020-A
4.00%, 06/01/2048

      2,000          1,711,717  

County of Cuyahoga OH
(MetroHealth System/The)
Series 2017
5.50%, 02/15/2052

      4,585          4,595,442  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

County of Hamilton OH
(UC Health Obligated Group)
Series 2025-A
5.50%, 08/01/2051

    $ 5,000        $ 5,036,457  

Ohio Higher Educational Facility Commission
(John Carroll University)
Series 2025
5.50%, 10/01/2057

      2,000          1,918,149  

Worthington City School District
(Worthington City School District)
Series 2025-2
5.50%, 12/01/2054(b)(c)

      10,000          10,479,476  
       

 

 

  
           23,741,241  
       

 

 

  

Oklahoma – 3.9%

        

Oklahoma Turnpike Authority
(Oklahoma Turnpike Authority)
Series 2023
4.50%, 01/01/2053

      11,235          10,951,688  

Tulsa Municipal Airport Trust Trustees/OK
(American Airlines, Inc.)
Series 2025
6.25%, 12/01/2040

      2,000          2,190,481  
       

 

 

  
          13,142,169  
       

 

 

  

Oregon – 0.4%

        

Multnomah County School District No. 40
(Multnomah County School District No. 40)
Series 2023-A
Zero Coupon, 06/15/2051

      5,000          1,386,945  
       

 

 

  

Pennsylvania – 4.1%

        

Berks County Municipal Authority (The)
(Tower Health Obligated Group)
Series 2024-A
6.00%, 06/30/2034

      155          162,128  

Pennsylvania Economic Development Financing Authority
(Commonwealth of Pennsylvania Dept. of Transportation)
AG Series 2022
5.75%, 12/31/2062

      7,500          7,797,854  

Pennsylvania Economic Development Financing Authority
(PA Bridges Finco LP)
Series 2015
5.00%, 06/30/2042

      4,060          4,007,038  

Pennsylvania Higher Educational Facilities Authority
(University of Pennsylvania Health System Obligated Group)
Series 2025
5.50%, 08/15/2055

      2,000          2,129,530  
       

 

 

  
          14,096,550  
       

 

 

  

South Carolina – 1.1%

        

South Carolina Jobs-Economic Development Authority
(Beaufort Memorial Hospital Obligated Group)
Series 2024
5.75%, 11/15/2054

      2,000          1,996,624  

South Carolina Public Service Authority
(South Carolina Public Service Authority)
Series 2022
3.00%, 12/01/2046

      1,132          819,970  

3.00%, 12/01/2049

      1,566          1,070,369  
       

 

 

  
          3,886,963  
       

 

 

  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

South Dakota – 0.2%

        

County of Lincoln SD
(Augustana University Association/SD)
Series 2021
4.00%, 08/01/2061

    $ 1,000        $ 739,373  
       

 

 

  

Tennessee – 0.9%

        

Shelby County Health & Educational Facilities Board
(Madrone Memphis Student Housing I)
Series 2024
5.00%, 06/01/2044(b)

     1,000          993,808  

5.25%, 06/01/2056(b)

     2,050          1,960,029  
       

 

 

  
          2,953,837  
       

 

 

  

Texas – 21.0%

        

Arlington Higher Education Finance Corp.
(Uplift Education)
Series 2023-A
4.375%, 12/01/2058

      3,000          2,711,568  

Board of Managers Joint Guadalupe County-City of Seguin Hospital
(Board of Managers Joint Guadalupe County-City of Seguin Hospital)
Series 2015
5.00%, 12/01/2045

      4,000          3,683,234  

City of Houston TX Hotel Occupancy Tax & Special Revenue
(City of Houston TX Hotel Occupancy Tax & Special Revenue)
AG Series 2026-C
Zero Coupon, 09/01/2049

      2,000          619,500  

County of Smith TX
(County of Smith TX)
Series 2023
5.00%, 08/15/2048

      7,000          7,165,754  

Dallas Independent School District
(Dallas Independent School District)
Series 2024-2
4.00%, 02/15/2054(b)(c)

     12,000          10,598,141  

Greenwood Independent School District
(Greenwood Independent School District)
Series 2025-2
5.00%, 02/15/2049(b)(c)

      10,095          10,309,820  

Hidalgo County Regional Mobility Authority
(Hidalgo County Regional Mobility Authority)
Series 2022-A
Zero Coupon, 12/01/2044

      2,420          937,128  

Zero Coupon, 12/01/2045

      3,360          1,220,641  

Leander Independent School District
(Leander Independent School District)
Series 2025-2
5.00%, 08/15/2055(b)(c)

     10,000          10,179,545  

Melissa Independent School District
(Melissa Independent School District)
Series 2024-2
4.25%, 02/01/2053(b)(c)

     12,780          11,980,992  

Rockwall Independent School District
(Rockwall Independent School District)
Series 2024
5.00%, 02/15/2054

      10,000          10,241,719  

Tarrant County Cultural Education Facilities Finance Corp.
(Texas Health Resources Obligated Group)
Series 2025-A
5.00%, 11/15/2055

      1,500          1,516,005  
       

 

 

  
           71,164,047  
       

 

 

  

 

10

      Principal
Amount
(000)		        U.S. $ Value  

Utah – 1.3%

        

Deseret Public Infrastructure District No. 2
(Deseret Public Infrastructure District No. 2 Special Assmnt Deseret Assmnt Area 1)
Series 2026
6.50%, 12/01/2055(b)

   $  1,000        $  1,019,045  

Downtown Daybreak Public Infrastructure District No. 1
(Downtown Daybreak Public Infrastructure District No. 1)
Series 2026
5.875%, 03/01/2051(b)

     1,500          1,516,942  

Mida Mountain Village Public Infrastructure District
(Mida Mountain Village Public Infrastructure District)
Series 2025-1
5.75%, 06/01/2060(b)

     1,000          1,023,105  

Resort Core Public Infrastructure District No. 1
(Resort Core Public Infrastructure District No. 1)
Series 2026-A
0.00%, 03/01/2057(a)

     1,000          772,414  
       

 

 

  
          4,331,506  
       

 

 

  

Virginia – 1.3%

        

Henrico County Economic Development Authority
(Bon Secours Mercy Health)
Series 2025
5.00%, 11/01/2048

      1,000          1,020,939  

Powhatan County Economic Development Authority
(Powhatan County Economic Development Authority)
Series 2025
6.125%, 09/01/2060(b)

     1,000          999,921  

Virginia College Building Authority
(Regent University Obligated Group)
Series 2025
6.00%, 06/01/2055

      2,200          2,277,227  
       

 

 

  
          4,298,087  
       

 

 

  

Washington – 1.1%

        

Grays Harbor County Public Hospital District No. 1
(Grays Harbor County Public Hospital District No. 1)
Series 2023
6.875%, 12/01/2053

      1,000          1,076,268  

King County Public Hospital District No. 4
(King County Public Hospital District No. 4)
Series 2025
7.00%, 12/01/2060

      1,000          1,015,149  

Washington State Housing Finance Commission
(WSHFC 2021-1)
Series 2021-1, Class A
3.50%, 12/20/2035

      908          858,269  

Washington State Housing Finance Commission
(WSHFC 2023-1)
Series 2023-1, Class A
3.375%, 04/20/2037

      971          889,262  
       

 

 

  
          3,838,948  
       

 

 

  

Wisconsin – 9.7%

        

Wisconsin Health & Educational Facilities Authority
(Benevolent Cedar Community Obligated Group)
Series 2026
5.50%, 06/01/2061

      1,000          988,546  

Wisconsin Health & Educational Facilities Authority
(Hospital Sisters Services Obligated Group)
Series 2025
5.50%, 08/15/2048

      2,000          2,111,138  

Wisconsin Health & Educational Facilities Authority
(Sanford Obligated Group)
BAM Series 2024
4.50%, 02/15/2054

      3,000          2,787,846  

 

11

      Principal
Amount
(000)		        U.S. $ Value  

Wisconsin Public Finance Authority
(Alpha Ranch Water Control & Improvement District of Denton & Wise Counties)
Series 2024
Zero Coupon, 12/15/2038(b)

   $ 1,957        $ 895,367  

Wisconsin Public Finance Authority
(CFC-SA LLC)
Series 2022
5.00%, 02/01/2052

      8,500          8,196,217  

5.00%, 02/01/2062

      1,500          1,418,034  

Wisconsin Public Finance Authority
(Foundation Academy Charter School A NJ Nonprofit)
Series 2024
5.00%, 07/01/2060(b)

     1,500          1,311,869  

Wisconsin Public Finance Authority
(Heritage Bend Project)
Series 2025
Zero Coupon, 12/15/2042(b)

     2,000          631,554  

Wisconsin Public Finance Authority
(Montgomery County Municipal Utility District Nos 123 & 153)
Series 2024
Zero Coupon, 12/15/2034(b)

     877          517,911  

Wisconsin Public Finance Authority
(Pinecrest Academy of Nevada)
Series 2024
4.25%, 07/15/2044(b)

     1,000          907,208  

4.50%, 07/15/2049(b)

     1,000          882,651  

4.50%, 07/15/2053(b)

     1,000          857,989  

Wisconsin Public Finance Authority
(Prerefunded - US Treasuries)
Series 2022
4.00%, 04/01/2052(b)

     90          93,138  

Wisconsin Public Finance Authority
(Queens University of Charlotte)
Series 2022
5.25%, 03/01/2047

      2,000          2,029,860  

Wisconsin Public Finance Authority
(Southeastern Regional Medical Center Obligated Group)
Series 2021
4.00%, 02/01/2037

      1,505          1,316,781  

Wisconsin Public Finance Authority
(SR 400 Peach Partners LLC)
Series 2025
5.75%, 06/30/2060

      2,000          2,067,921  

5.75%, 12/31/2065

      2,000          2,063,617  

Wisconsin Public Finance Authority
(Triad Math & Science Academy)
Series 2025
5.25%, 06/15/2065

      3,150          2,832,468  

Wisconsin Public Finance Authority
(Waterstone Projects)
5.50%, 12/15/2038(b)

     924          923,798  
       

 

 

  
          32,833,913  
       

 

 

  

Total Municipal Obligations
(cost $571,047,594)

            565,410,301  
       

 

 

  
     Shares           

WARRANTS – 0.0%

        

Industrials – 0.0%

        

Construction & Engineering – 0.0%

        

DesertXpress Enterprises LLC, expiring 12/31/2026(d)(h)(i)(j)
(cost $0)

       12,014          18,021  
       

 

 

  

 

12

Company    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS – 0.3%

        

Investment Companies – 0.3%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.51%(k)(l)(m)
(cost $975,702)

      975,702        $ 975,702  
       

 

 

  

Total Investments – 167.0%
(cost $572,023,296)(n)

          566,404,024  

Other assets less liabilities – (67.0)%

           (227,329,697 ) 
       

 

 

  

Net Assets – 100.0%

         $   339,074,327  
       

 

 

  

 

(a)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at July 31, 2026.

(b)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At July 31, 2026, the aggregate market value of these securities amounted to $224,827,835 or 66.3% of net assets.

(c)

Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

(d)

Non-income producing security.

(e)

Defaulted matured security.

(f)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2026.

(g)

When-Issued or delayed delivery security.

(h)

Restricted and illiquid security.

 

Restricted & Illiquid Securities    Acquisition
Date		      Cost      Market
Value		      Percentage
of
Net Assets		  

DesertXpress Enterprises LLC 12/31/2026

      11/28/2025 - 12/16/2025      $  -0-      $  18,021        0.00 % 

 

(i)

Fair valued by the Adviser.

(j)

Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(k)

The rate shown represents the 7-day yield as of period end.

(l)

Affiliated investments.

(m)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(n)

As of July 31, 2026 the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,554,984 and gross unrealized depreciation of investments was $(12,174,256), resulting in net unrealized depreciation of $(5,619,272).

 

 

As of July 31, 2026, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 10.2% and 0.0%, respectively.

Glossary:

AG – Assured Guaranty Inc.

BAM – Build American Mutual

CHF – Collegiate Housing Foundation

COP – Certificate of Participation

OSF – Order of St. Francis

SD – School District

 

13

AllianceBernstein National Municipal Income Fund, Inc.

July 31, 2026 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1 - quoted prices in active markets for identical investments

  •  

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 2026:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:            
Long-Term Municipal Bonds    $ -0-      $ 565,410,301      $ -0-      $ 565,410,301  
Warrants      -0-        -0-        18,021        18,021  
Short-Term Investments      975,702        -0-        -0-        975,702  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      975,702        565,410,301        18,021        566,404,024  
Other Financial Instruments(a)      -0-        -0-        -0-        -0-  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $  975,702      $  565,410,301      $  18,021      $  566,404,024  
  

 

 

     

 

 

     

 

 

     

 

 

  

The Fund holds liabilities for floating rate note obligations which are not reflected in the table above. The fair value of the Fund’s liabilities for floating rate note obligations approximates their liquidation values. Floating rate note obligations are generally classified as level 2.

 

(a)

Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended July 31, 2026 is as follows:

 

Fund    Market Value
10/31/2025
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
7/31/2026
(000)		      Dividend
Income
(000)		  
AB Government Money Market Portfolio    $  3,942      $  43,388      $  46,354      $  976      $  51  

 

14