NPORT-EX 2 NPORT_64C1_73175158_0125.htm HTML

AllianceBernstein National Municipal Income Fund, Inc.

Portfolio of Investments

January 31, 2025 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

MUNICIPAL OBLIGATIONS – 163.5%

           

Long-Term Municipal Bonds – 163.5%

           

Alabama – 3.5%

           

County of Jefferson AL Sewer Revenue

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

    $          3,000        $ 3,168,242  

5.50%, 10/01/2053

         5,000          5,359,741  

Mobile County Industrial Development Authority

(ArcelorMittal SA)
Series 2024
4.75%, 12/01/2054

         2,000          1,961,458  

5.00%, 06/01/2054

         2,000          2,021,867  
          

 

 

  
             12,511,308  
          

 

 

  

Alaska – 1.1%

           

Municipality of Anchorage AK

(Municipality of Anchorage AK)
Series 2024-A
4.50%, 02/01/2060

         3,000          2,833,793  

Municipality of Anchorage AK Solid Waste Services Revenue

(Municipality of Anchorage AK Solid Waste Services Revenue)
Series 2022-A
5.25%, 11/01/2062

         1,000          1,056,575  
          

 

 

  
             3,890,368  
          

 

 

  

Arizona – 3.2%

           

Arizona Industrial Development Authority

(Heritage Academy Laveen & Gateway Obligated Group)
Series 2021
5.00%, 07/01/2051(a)

         1,000          913,870  

Salt Verde Financial Corp.

(Citigroup, Inc.)
Series 2007
5.00%, 12/01/2032

         1,200          1,286,404  

5.00%, 12/01/2037

         8,700          9,370,138  
          

 

 

  
               11,570,412  
          

 

 

  

Arkansas – 0.6%

           

Pulaski County Public Facilities Board

(Baptist Health Obligated Group)
Series 2014
5.00%, 12/01/2042

         2,000          1,999,996  
          

 

 

  

California – 9.3%

           

Alameda Corridor Transportation Authority

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

         10,000          5,691,940  

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

         6,500          1,768,518  

Zero Coupon, 10/01/2053

         6,000          1,549,877  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

California Enterprise Development Authority

(Real Journey Academies Obligated Group)
Series 2024-A
5.00%, 06/01/2064(a)

    $          2,000        $ 1,952,785  

California Housing Finance Agency

(CAHFA 2021-1)
Series 2021-1, Class A
3.50%, 11/20/2035

         941          899,633  

California Pollution Control Financing Authority

(Poseidon Resources Channelside)
Series 2012
5.00%, 07/01/2037(a)

         3,075          3,080,435  

California Statewide Communities Development Authority

(Enloe Medical Center Obligated Group)
AGM Series 2022-A
5.375%, 08/15/2057

         2,000          2,126,900  

California Statewide Communities Development Authority

(Loma Linda University Medical Center)
Series 2016-A
5.00%, 12/01/2036(a)

         800          810,579  

5.25%, 12/01/2056(a)

         2,000          2,011,079  

Long Beach Bond Finance Authority

(Bank of America Corp.)
Series 2007-A
5.50%, 11/15/2037

         2,000          2,293,016  

M-S-R Energy Authority

(Citigroup, Inc.)
Series 2009-A
6.50%, 11/01/2039

         2,000          2,468,572  

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

         2,000          2,468,572  

Southern California Public Power Authority

(Goldman Sachs Group)
Series 2007-A
5.00%, 11/01/2033

         3,335          3,553,868  

Washington Township Health Care District

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

         2,625          2,671,510  
          

 

 

  
               33,347,284  
          

 

 

  

Colorado – 4.0%

           

Colorado Health Facilities Authority

(CommonSpirit Health)
Series 2019-A
5.00%, 08/01/2044

         705          717,760  

E-470 Public Highway Authority

(E-470 Public Highway Authority)
Series 2024-B
3.665% (SOFR + 0.75%), 09/01/2039(c)

         2,000          2,002,473  

Public Authority for Colorado Energy

(Bank of America Corp.)
Series 2008
6.50%, 11/15/2038

         8,975          10,738,814  

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          725,991  
          

 

 

  
             14,185,038  
          

 

 

  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

Connecticut – 0.3%

           

Connecticut State Health & Educational Facilities Authority

(University of Hartford/The)
Series 2019
4.00%, 07/01/2049

    $          1,500        $    1,144,300  
          

 

 

  

Florida – 9.7%

           

Capital Trust Authority

(Mason Classical Academy)
Series 2024
5.00%, 06/01/2054(a)

         2,750          2,679,614  

County of Lee FL Airport Revenue

(County of Lee FL Airport Revenue)
AGC Series 2024
5.25%, 10/01/2054

         4,000          4,186,407  

County of Miami-Dade FL

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

         6,355          5,972,602  

Florida Development Finance Corp.

(Brightline Trains Florida)
AGM Series 2024
5.25%, 07/01/2053

         2,000          2,076,291  

Florida Development Finance Corp.

(Cornerstone Charter Academy Obligated Group)
Series 2022
5.125%, 10/01/2052(a)

         1,000          977,515  

Florida Development Finance Corp.

(GFL Solid Waste Southeast)
Series 2024
4.375%, 10/01/2054(a)

         2,000          2,014,639  

Florida Development Finance Corp.

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

         3,250          2,749,683  

Florida Higher Educational Facilities Financial Authority

(Ringling College of Art & Design)
Series 2017
5.00%, 03/01/2042

         1,000          1,005,936  

Halifax Hospital Medical Center

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

         3,000          2,806,330  

Lakewood Ranch Stewardship District

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

         990          1,041,836  

Lee County Industrial Development Authority/FL

(Shell Point Obligated Group)
Series 2024
5.25%, 11/15/2054

         2,000          2,071,787  

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

         2,000          2,028,297  

 

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        $ 5,062,808  
          

 

 

  
               34,673,745  
          

 

 

  

Georgia – 2.2%

           

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          1,717,696  

Main Street Natural Gas, Inc.

(Citadel LP)
Series 2022-C
4.00%, 08/01/2052(a)

         1,000          992,062  

Municipal Electric Authority of Georgia

(Municipal Electric Authority of Georgia)
Series 2019
5.00%, 01/01/2049

         2,000          2,037,450  

5.00%, 01/01/2063

         3,165          3,201,469  
          

 

 

  
             7,948,677  
          

 

 

  

Illinois – 12.4%

           

Chicago Board of Education

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

         5,005          4,877,717  

Chicago O’Hare International Airport

(Chicago O’Hare Intl Airport)
Series 2017-D
5.00%, 01/01/2042

         6,500          6,572,736  

Series 2022
4.625%, 01/01/2053

         6,000          5,887,238  

Series 2024-A
5.50%, 01/01/2059

         2,000          2,131,602  

Illinois Finance Authority

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

         4,500          4,497,446  

Metropolitan Pier & Exposition Authority

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

         8,755          8,833,622  

State of Illinois

(State of Illinois)
Series 2022-C
5.50%, 10/01/2040

         6,250          6,942,058  

Series 2024-B
4.25%, 05/01/2046

         4,900          4,654,197  
          

 

 

  
             44,396,616  
          

 

 

  

Indiana – 1.4%

           

Indiana Finance Authority

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

         2,000          2,023,658  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

Indiana Finance Authority

(University of Evansville)
Series 2022
5.25%, 09/01/2057

    $          3,000        $ 2,960,709  
          

 

 

  
             4,984,367  
          

 

 

  

Iowa – 1.6%

           

Iowa Finance Authority

(Prerefunded - US Treasuries)
Series 2022
5.00%, 12/01/2050

         5,000          5,714,607  
          

 

 

  

Louisiana – 4.4%

           

City of New Orleans LA

(City of New Orleans LA)
Series 2021-A
5.00%, 12/01/2046

         15,000          15,549,838  
          

 

 

  

Maryland – 0.6%

           

Maryland Economic Development Corp.

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

         2,000          2,179,356  
          

 

 

  

Massachusetts – 6.3%

           

Commonwealth of Massachusetts

(Commonwealth of Massachusetts)
Series 2023-D
5.00%, 10/01/2053

         5,000          5,274,248  

Series 2024-2
5.00%, 05/01/2053(a) (d)

         10,000          10,526,313  

Massachusetts Development Finance Agency

(CHF Merrimack, Inc.)
Series 2024
5.00%, 07/01/2060(a)

         1,000          997,153  

Massachusetts Development Finance Agency

(Emerson College)
Series 2016-A
5.00%, 01/01/2047

         5,750          5,738,789  
          

 

 

  
               22,536,503  
          

 

 

  

Michigan – 7.5%

           

Ann Arbor School District

(Ann Arbor School District)
AGM Series 2023
4.00%, 05/01/2042

         4,170          4,214,480  

City of Detroit MI

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

         1,970          2,048,011  

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

         2,300          2,564,473  

Detroit City School District

(Detroit City School District)
AGM Series 2001-A
6.00%, 05/01/2029

         7,875          8,475,269  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

Detroit Downtown Development Authority

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

    $          6,000        $ 6,246,695  

Michigan Finance Authority

(Public Lighting Authority)
Series 2014-B
5.00%, 07/01/2034

         2,250          2,252,460  

Plymouth Educational Center Charter School

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

         2,140          1,070,000  
          

 

 

  
               26,871,388  
          

 

 

  

Minnesota – 1.9%

           

City of Ramsey MN

(Pact Charter School)
Series 2022-A
5.00%, 06/01/2032

         1,000          991,421  

Duluth Economic Development Authority

(Essentia Health Obligated Group)
Series 2018
5.00%, 02/15/2053

         5,625          5,639,613  
          

 

 

  
             6,631,034  
          

 

 

  

Nebraska – 2.7%

           

Central Plains Energy Project

(Goldman Sachs Group)
Series 2017-A
5.00%, 09/01/2029

         4,000          4,214,081  

5.00%, 09/01/2031

         5,000          5,336,594  
          

 

 

  
             9,550,675  
          

 

 

  

Nevada – 2.0%

           

Las Vegas Valley Water District

(Las Vegas Valley Water District)
Series 2022-A
4.00%, 06/01/2051

         3,645          3,444,224  

Reno-Tahoe Airport Authority

(Reno-Tahoe Airport Authority)
Series 2024
5.25%, 07/01/2054

         1,925          2,003,953  

State of Nevada Department of Business & Industry

(Desertxpress Enterprises)
Series 2024
8.125%, 01/01/2050

         1,500          1,545,742  
          

 

 

  
             6,993,919  
          

 

 

  

New Hampshire – 2.4%

           

New Hampshire Business Finance Authority

(Bridgeland Water & Utility Districts 490, 491 & 158)
Series 2024
5.375%, 12/15/2035(a)

         972          975,119  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

New Hampshire Business Finance Authority

(Lakes Fresh Water Supply District of Denton County)
Series 2024
5.00%, 12/01/2028(a)

    $          1,000        $ 999,956  

New Hampshire Business Finance Authority

(New Hampshire Business Finance Authority)
Series 2024
4.15%, 10/20/2040

         2,000          1,956,319  

New Hampshire Business Finance Authority

(NFA 2020-1)
Series 2020-1, Class A
4.125%, 01/20/2034

         743          740,073  

New Hampshire Business Finance Authority

(Reworld Holding Corp.)
Series 2020-A
3.625%, 07/01/2043(a)

         1,000          830,286  

New Hampshire Business Finance Authority

(Valencia Project)
Series 2024
5.30%, 12/01/2032(a)

         1,000          1,003,065  

New Hampshire Health & Education Facilities Authority Act

(Dartmouth-Hitchcock Obligated Group)
Series 2020-A
5.00%, 08/01/2059

         2,000          2,145,082  
          

 

 

  
             8,649,900  
          

 

 

  

New Jersey – 4.2%

           

New Jersey Economic Development Authority

(NYNJ Link Borrower LLC)
Series 2013
5.125%, 01/01/2034

         1,000          1,000,993  

New Jersey Transportation Trust Fund Authority

(New Jersey Transportation Fed Hwy Grant)
Series 2016
5.00%, 06/15/2029

         3,750          3,837,498  

South Jersey Transportation Authority

(South Jersey Transportation Authority)
Series 2022
4.625%, 11/01/2047

         1,000          1,020,478  

Tobacco Settlement Financing Corp./NJ

(Tobacco Settlement Financing Corp/NJ)
Series 2018-A
5.25%, 06/01/2046

         8,990          9,153,706  
          

 

 

  
               15,012,675  
          

 

 

  

New York – 12.2%

           

City of New York NY

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

         11,300          10,911,971  

5.00%, 08/01/2051

         2,000          2,108,667  

New York City Transitional Finance Authority Future Tax Secured Revenue

(New York City Transitional Finance Authority Future Tax Secured Revenue)
Series 2015A-1
5.00%, 08/01/2034

         4,000          4,031,741  

5.00%, 08/01/2037

         4,000          4,031,152  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

New York Transportation Development Corp.

(JFK Millennium Partners)
AGC Series 2024
0.00%, 12/31/2054(b)

    $          17,000        $ 10,597,817  

New York Transportation Development Corp.

(JFK NTO LLC)
AGM Series 2024
5.00%, 06/30/2049

         10,000          10,309,991  

Ulster County Capital Resource Corp.

(Woodland Pond at New Paltz)
Series 2017
5.00%, 09/15/2037

         490          439,881  

5.25%, 09/15/2042

         205          178,026  

5.25%, 09/15/2047

         355          293,447  

5.25%, 09/15/2053

         760          604,600  
          

 

 

  
             43,507,293  
          

 

 

  

North Carolina – 1.2%

           

Greater Asheville Regional Airport Authority

(Greater Asheville Regional Airport Authority)
AGM Series 2023
5.25%, 07/01/2053

         4,000          4,166,191  

North Carolina Turnpike Authority

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

         1,000          255,513  
          

 

 

  
             4,421,704  
          

 

 

  

North Dakota – 0.6%

           

City of Grand Forks ND

(Altru Health System Obligated Group)
AGM Series 2023-A
5.00%, 12/01/2053

         2,000          2,039,576  
          

 

 

  

Ohio – 2.9%

           

Buckeye Tobacco Settlement Financing Authority

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

         2,000          1,786,931  

City of Chillicothe OH

(Adena Health System Obligated Group)
Series 2017
5.00%, 12/01/2047

         1,800          1,814,387  

County of Cuyahoga OH

(MetroHealth System/The)
Series 2017
5.00%, 02/15/2052

         2,240          2,240,532  

5.50%, 02/15/2052

         4,585          4,647,574  
          

 

 

  
               10,489,424  
          

 

 

  

Oklahoma – 2.5%

           

Oklahoma City Airport Trust

(Oklahoma City Airport Trust)
Series 2018
5.00%, 07/01/2043

         2,000          2,030,451  

5.00%, 07/01/2047

         5,000          5,046,430  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

Oklahoma Turnpike Authority

(Oklahoma Turnpike Authority)
AGC Series 2025-A
4.25%, 01/01/2055(g)

    $          2,000        $ 1,960,215  
          

 

 

  
             9,037,096  
          

 

 

  

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          1,306,893  
          

 

 

  

Pennsylvania – 5.9%

           

Berks County Municipal Authority (The)

(Tower Health Obligated Group)
Series 2024
0.00%, 06/30/2044(b)

         350          250,932  

5.00%, 06/30/2039

         700          696,578  

Series 2024-A
6.00%, 06/30/2034

         155          168,390  

Bucks County Industrial Development Authority

(Grand View Hospital/Sellersville PA Obligated Group)
Series 2021
4.00%, 07/01/2051

         2,250          1,912,132  

Chester County Industrial Development Authority

(Collegium Charter School)
Series 2022
6.00%, 10/15/2052(a)

         1,000          1,039,212  

Pennsylvania Economic Development Financing Authority

(Commonwealth of Pennsylvania Dept. of Transportation)
AGM Series 2022
5.75%, 12/31/2062

         7,500          8,092,215  

Pennsylvania Economic Development Financing Authority

(PA Bridges Finco LP)
Series 2015
5.00%, 12/31/2038

         1,940          1,961,145  

5.00%, 06/30/2042

         6,060          6,102,405  

Scranton School District/PA

(Scranton School District/PA)
BAM Series 2017-E
4.00%, 12/01/2037

         1,025          1,011,747  
          

 

 

  
               21,234,756  
          

 

 

  

Puerto Rico – 0.5%

           

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth

(San Juan Cruise Port LLC)
Series 2024
6.75%, 01/01/2046

         1,600          1,892,564  
          

 

 

  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

South Carolina – 7.4%

           

South Carolina Jobs-Economic Development Authority

(Beaufort Memorial Hospital Obligated Group)
Series 2024
5.75%, 11/15/2054

    $          3,250        $ 3,403,134  

South Carolina Jobs-Economic Development Authority

(Novant Health Obligated Group)
Series 2024
4.50%, 11/01/2054

         10,000          9,870,522  

South Carolina Jobs-Economic Development Authority

(Prisma Health Obligated Group)
Series 2018-A
5.00%, 05/01/2048

         5,900          5,960,100  

South Carolina Public Service Authority

(South Carolina Public Service Authority)
Series 2016-B
5.00%, 12/01/2041

         5,000          5,067,604  

Series 2022
3.00%, 12/01/2046

         1,132          830,164  

3.00%, 12/01/2049

         1,566          1,104,546  
          

 

 

  
               26,236,070  
          

 

 

  

South Dakota – 0.2%

           

County of Lincoln SD

(Augustana College Association/SD)
Series 2021
4.00%, 08/01/2061

         1,000          779,802  
          

 

 

  

Tennessee – 0.9%

           

Shelby County Health & Educational Facilities Board

(Madrone Memphis Student Housing I)
Series 2024
5.00%, 06/01/2044(a)

         1,000          1,004,595  

5.25%, 06/01/2056(a)

         2,050          2,063,823  
          

 

 

  
             3,068,418  
          

 

 

  

Texas – 31.3%

           

Arlington Higher Education Finance Corp.

(Uplift Education)
Series 2023-A
4.375%, 12/01/2058

         3,000          2,955,724  

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

         3,000          2,897,388  

Celina Independent School District

(Celina Independent School District)
Series 2023
4.00%, 02/15/2053

         10,000          9,442,835  

County of Smith TX

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

         7,000          7,313,949  

 

10

      Principal
Amount
(000)		        U.S. $ Value  

Dallas Independent School District

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

    $          12,000        $ 11,322,322  

Denton Independent School District

(Denton Independent School District)
Series 2024-2
5.00%, 08/15/2048(a) (d)

         10,000          10,674,368  

El Paso County Hospital District

(El Paso County Hospital District)
AGC Series 2024
5.00%, 08/15/2041

         3,000          3,197,535  

5.00%, 08/15/2043

         3,200          3,390,134  

Greenwood Independent School District

(Greenwood Independent School District)
Series 2024
4.00%, 02/15/2054

         14,250          13,379,858  

Hidalgo County Regional Mobility Authority

(Hidalgo County Regional Mobility Authority)
Series 2022-A
Zero Coupon, 12/01/2043

         2,000          758,045  

Zero Coupon, 12/01/2044

         2,420          867,796  

Zero Coupon, 12/01/2045

         3,360          1,139,666  

Lamar Consolidated Independent School District

(Lamar Consolidated Independent School District)
Series 2024-2
5.00%, 02/15/2053(a) (d)

         15,000          15,804,458  

Melissa Independent School District

(Melissa Independent School District)
Series 2024-2
4.25, 02/01/2053(a) (d)

         12,780          12,956,540  

New Hope Cultural Education Facilities Finance Corp.

(CHF-Collegiate Housing Denton)
AGM Series 2018-A1
5.00%, 07/01/2038

         500          512,029  

Prosper Independent School District

(Prosper Independent School District)
Series 2024
4.00%, 02/15/2054

         15,000          14,105,744  

Texas Water Development Board

(State Water Implementation Revenue Fund for Texas)
Series 2022
5.00%, 10/15/2057

         1,000          1,060,236  
          

 

 

  
              111,778,627  
          

 

 

  

Utah – 1.3%

           

City of Salt Lake City UT Airport Revenue

(City of Salt Lake City UT Airport Revenue)
BAM Series 2018-A
5.00%, 07/01/2043

         4,500          4,575,628  
          

 

 

  

Virginia – 1.4%

           

Virginia Small Business Financing Authority

(Capital Beltway Express)
Series 2022
5.00%, 12/31/2047

         5,000          5,121,470  
          

 

 

  

 

11

      Principal
Amount
(000)		        U.S. $ Value  

Washington – 3.1%

           

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        $ 1,101,479  

State of Washington

(State of Washington)
Series 2023-2
5.00%, 08/01/2048

         7,685          8,172,972  

Washington State Housing Finance Commission

(WSHFC 2021-1)
Series 2021-1, Class A
3.50%, 12/20/2035

         945          882,265  

Washington State Housing Finance Commission

(WSHFC 2023-1)
Series 2023-1, Class A
3.375%, 04/20/2037

         990          889,392  
          

 

 

  
               11,046,108  
          

 

 

  

Wisconsin – 10.4%

           

Wisconsin Health & Educational Facilities Authority

(Marshfield Clinic Health System Obligated Group)
BAM Series 2024
4.50%, 02/15/2054

         5,000          4,955,006  

Wisconsin Public Finance Authority

(Alpha Ranch Water Control & Improvement District of Denton & Wise Counties)
Series 2024
Zero Coupon, 12/15/2038(a)

         2,000          875,260  

Wisconsin Public Finance Authority

(CFC-SA LLC)
Series 2022
5.00%, 02/01/2062

         10,000          10,111,333  

Wisconsin Public Finance Authority

(CHF - Wilmington LLC)
AGM Series 2018
5.00%, 07/01/2058

         10,000          10,074,445  

Wisconsin Public Finance Authority

(Foundation Academy Charter School A NJ Nonprofit)
Series 2024
5.00%, 07/01/2060(a)

         1,500          1,414,662  

Wisconsin Public Finance Authority

(Montgomery County Municipal Utility District Nos 123 & 153)
Series 2024
Zero Coupon, 12/15/2034(a)

         1,000          555,630  

Wisconsin Public Finance Authority

(Pinecrest Academy of Nevada)
Series 2024
4.25%, 07/15/2044(a)

         1,000          936,733  

4.50%, 07/15/2049(a)

         1,000          941,260  

4.50%, 07/15/2053(a)

         1,000          925,084  

 

12

      Principal
Amount
(000)		        U.S. $ Value  

Wisconsin Public Finance Authority

(Prerefunded - US Treasuries)
Series 2022
4.00%, 04/01/2052(a)

    $          90        $ 94,539  

Wisconsin Public Finance Authority

(Queens University of Charlotte)
Series 2022
5.25%, 03/01/2047

         4,000          4,022,258  

Wisconsin Public Finance Authority

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

         1,505          1,332,964  

Wisconsin Public Finance Authority

(Waterstone Projects)
Series 2024
5.50%, 12/15/2038(a)

         1,000          1,001,992  
          

 

 

  
             37,241,166  
          

 

 

  

Total Municipal Obligations
(cost $583,676,513)

              584,118,601  
          

 

 

  
     Shares           

SHORT-TERM INVESTMENTS – 0.3%

           

Investment Companies – 0.3%

           

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.27%(h) (i) (j)
(cost $860,882)

         860,882          860,882  
          

 

 

  

Total Investments – 163.8%
(cost $584,537,395)(k)

              584,979,483  

Other assets less liabilities – (63.8)%

              (227,789,121 ) 
          

 

 

  

Net Assets – 100.0%

            $  357,190,362  
          

 

 

  

 

(a)

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 January 31, 2025, the aggregate market value of these securities amounted to $94,818,635 or 26.5% of net assets.

(b)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at January 31, 2025.

(c)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2025.

(d)

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

(e)

Defaulted matured security.

(f)

Non-income producing security.

(g)

When-Issued or delayed delivery security.

(h)

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

(i)

Affiliated investments.

(j)

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.

 

13

(k)

As of January 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $10,077,577 and gross unrealized depreciation of investments was $(9,635,489), resulting in net unrealized appreciation of $442,088.

 

 

As of January 31, 2025, the Fund’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 15.8% and 0.0%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CFC – Community Finance Corporation

CHF – Collegiate Housing Foundation

OSF – Order of St. Francis

SOFR – Secured Overnight Financing Rate

 

14

AllianceBernstein National Municipal Income Fund, Inc.

January 31, 2025 (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 is 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 January 31, 2025:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:

 

Long-Term Municipal Bonds    $ —      $ 584,118,601      $ —      $ 584,118,601  
Short-Term Investments      860,882        —        —        860,882  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      860,882        584,118,601        —        584,979,483  
Other Financial Instruments(a)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $  860,882      $  584,118,601      $     —      $  584,979,483  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

15

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 three months ended January 31, 2025 is as follows:

 

Fund   

Market Value

10/31/2024

(000)

     

Purchases

at Cost

(000)

     

Sales

Proceeds

(000)

     

Market Value

01/31/2025

(000)

     

Dividend

Income

(000)

  
AB Government Money Market Portfolio    $  544      $  7,943      $  7,626      $  861      $  12  

 

16