AllianceBernstein National Municipal Income Fund, Inc.

Portfolio of Investments

July 31, 2022 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

MUNICIPAL OBLIGATIONS – 165.7%

 

Long-Term Municipal Bonds – 165.7%

 

Alabama – 4.4%

 

Jefferson County Board of Education/AL
Series 2018
5.00%, 02/01/2046

    $      10,000        $         10,974,252  

State of Alabama Docks Department
AGM Series 2017-A
5.00%, 10/01/2034

      2,000          2,180,294  

AGM Series 2017-C
5.00%, 10/01/2036

      2,000          2,202,467  

Sumter County Industrial Development Authority/AL

(Enviva, Inc.)
Series 2022
6.00%, 07/15/2052

      1,400          1,427,245  
       

 

 

  
          16,784,258  
       

 

 

  

Arizona – 2.4%

 

Arizona Industrial Development Authority

(Equitable School Revolving Fund LLC Obligated Group)
Series 2020
4.00%, 11/01/2045

      1,100          1,046,780  

4.00%, 11/01/2050

      2,855          2,674,277  

Maricopa County Industrial Development Authority

(Commercial Metals Co.)
Series 2022
4.00%, 10/15/2047(a)

      1,000          926,455  

Salt Verde Financial Corp.

(Citigroup, Inc.)
Series 2007
5.25%, 12/01/2022

      1,485          1,498,907  

5.25%, 12/01/2023

      2,665          2,757,895  
       

 

 

  
          8,904,314  
       

 

 

  

Arkansas – 0.5%

 

Pulaski County Public Facilities Board

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

      2,000          2,050,229  
       

 

 

  

California – 17.4%

 

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

      10,000          5,212,530  

Anaheim Public Financing Authority
Series 2014-A
5.00%, 05/01/2039 (Pre-refunded/ETM)

      3,500          3,700,472  

California Housing Finance Agency
Series 2019-2, Class A
4.00%, 03/20/2033

      1,127          1,144,795  

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

      981          948,727  

California Pollution Control Financing Authority

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

      3,075          3,088,062  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

California Statewide Communities Development Authority

(CHF-Irvine LLC)
BAM Series 2021
3.00%, 05/15/2054

    $ 9,895        $           7,480,067  

California Statewide Communities Development Authority

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

      800          815,791  

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue
Series 2013-B
5.00%, 07/01/2034

      1,770          1,817,949  

Los Angeles Department of Water & Power Power System Revenue
Series 2013-A
5.00%, 07/01/2030

      6,165          6,241,955  

5.00%, 07/01/2030 (Pre-refunded/ETM)

      90          91,330  

Series 2013-B
5.00%, 07/01/2030

           10,000          10,284,731  

Los Angeles Department of Water & Power Water System Revenue
Series 2013-B
5.00%, 07/01/2032

      3,840          3,946,503  

San Bernardino County Transportation Authority
Series 2015-2
5.00%, 03/01/2032(b)

      3,915          4,106,314  

5.00%, 03/01/2033(b)

      4,470          4,687,003  

5.00%, 03/01/2034(b)

      2,955          3,097,509  

State of California
Series 2013
5.00%, 11/01/2030

      5,800          6,027,369  

University of California
Series 2013-A
5.00%, 05/15/2030

      2,875          2,945,927  
       

 

 

  
          65,637,034  
       

 

 

  

Colorado – 3.1%

 

City & County of Denver CO. Airport System Revenue

(Denver Intl Airport)
Series 2013-B
5.25%, 11/15/2031

      6,680          6,926,664  

Colorado Health Facilities Authority

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

      4,335          4,608,581  
       

 

 

  
          11,535,245  
       

 

 

  

Connecticut – 8.0%

 

Connecticut State Health & Educational Facilities Authority

(Sacred Heart University, Inc.)
Series 2017-I1
5.00%, 07/01/2042

      2,410          2,561,718  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

Connecticut State Health & Educational Facilities Authority

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

    $ 1,500        $           1,256,174  

State of Connecticut
Series 2013-C
5.00%, 07/15/2027

      7,165          7,386,351  

Series 2013-E
5.00%, 08/15/2029

      4,800          4,952,187  

State of Connecticut Special Tax Revenue
Series 2012-A
5.00%, 01/01/2029

           13,855          14,034,458  
       

 

 

  
          30,190,888  
       

 

 

  

District of Columbia – 1.6%

 

District of Columbia
Series 2013-A
5.00%, 06/01/2029

      5,000          5,139,643  

Metropolitan Washington Airports Authority Aviation Revenue
Series 2016-A
5.00%, 10/01/2035

      1,000          1,069,901  
       

 

 

  
          6,209,544  
       

 

 

  

Florida – 8.9%

 

Alachua County Health Facilities Authority

(Shands Teaching Hospital & Clinics Obligated Group)
Series 2014-A
5.00%, 12/01/2044

      4,560          4,716,912  

Brevard County Health Facilities Authority

(Health First, Inc. Obligated Group)
Series 2014
5.00%, 04/01/2033

      1,000          1,049,530  

Florida Development Finance Corp.

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

      3,250          2,955,483  

Florida Higher Educational Facilities Financial Authority

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

      1,000          1,025,845  

Halifax Hospital Medical Center
Series 2015
5.00%, 06/01/2035 (Pre-refunded/ETM)

      2,655          2,886,533  

Miami Beach Health Facilities Authority

(Mount Sinai Medical Center of Florida, Inc.)
Series 2014
5.00%, 11/15/2039

      9,250          9,501,357  

Palm Beach County Health Facilities Authority

(Baptist Health South Florida Obligated Group)
Series 2019
3.00%, 08/15/2044

      8,000          6,598,047  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

Putnam County Development Authority/FL

(Seminole Electric Cooperative, Inc.)
Series 2018-A
5.00%, 03/15/2042

    $ 4,500        $ 4,951,608  
       

 

 

  
                  33,685,315  
       

 

 

  

Georgia – 2.8%

 

Augusta Development Authority

(AU Health System Obligated Group)
Series 2018
5.00%, 07/01/2036

             4,170          3,966,481  

City of Atlanta GA Department of Aviation
Series 2014-B
5.00%, 01/01/2032

      1,275          1,321,975  

Main Street Natural Gas, Inc.

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

      1,000          991,634  

Municipal Electric Authority of Georgia
Series 2019
5.00%, 01/01/2038

      100          106,018  

5.00%, 01/01/2048

      160          167,265  

5.00%, 01/01/2056

      635          669,560  

5.00%, 01/01/2059

      165          171,073  

Series 2021
4.00%, 01/01/2046

      330          317,312  

4.00%, 01/01/2051

      2,375          2,288,865  

5.00%, 01/01/2056

      650          679,100  
       

 

 

  
          10,679,283  
       

 

 

  

Hawaii – 0.7%

 

State of Hawaii Airports System Revenue
Series 2015-A
5.00%, 07/01/2045

      2,500          2,597,895  
       

 

 

  

Illinois – 19.5%

 

Chicago Board of Education
Series 2017-C
5.00%, 12/01/2034

      1,945          2,056,199  

Series 2019-A
5.00%, 12/01/2029

      1,260          1,370,868  

Series 2022-B
4.00%, 12/01/2041

      2,000          1,924,507  

Chicago O’Hare International Airport
Series 2016-B
5.00%, 01/01/2041

      8,000          8,484,821  

Series 2016-C
5.00%, 01/01/2038

      2,350          2,500,444  

Series 2018-A
5.00%, 01/01/2048

      6,300          6,639,907  

Illinois Finance Authority

(Bradley University)
Series 2021-A
4.00%, 08/01/2051

      4,750          4,222,996  

Illinois Finance Authority

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

      4,500          4,703,040  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

Illinois Finance Authority

(University of Illinois)
Series 2020
4.00%, 10/01/2055

    $       3,565        $ 3,222,079  

Illinois State Toll Highway Authority
Series 2015-B
5.00%, 01/01/2040

      3,000          3,186,101  

Metropolitan Pier & Exposition Authority
Series 2020
5.00%, 06/15/2050

      8,755          9,089,114  

State of Illinois
Series 2014
5.00%, 04/01/2030

      1,655          1,705,767  

5.00%, 05/01/2030

      1,300          1,341,656  

5.00%, 05/01/2033

      1,150          1,176,619  

5.00%, 05/01/2035

      5,565          5,694,474  

5.00%, 02/01/2039

      2,400          2,441,184  

Series 2017-D
5.00%, 11/01/2028

      5,000          5,470,799  

Series 2018-A
5.00%, 10/01/2027

      1,000          1,101,310  

Series 2019-B
4.00%, 11/01/2036

      3,595          3,546,840  

4.00%, 11/01/2037

      3,865          3,785,316  
       

 

 

  
                  73,664,041  
       

 

 

  

Indiana – 0.8%

 

Indiana Finance Authority

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

      3,000          2,991,222  
       

 

 

  

Iowa – 1.6%

 

Iowa Finance Authority

(Iowa Fertilizer Co. LLC)
Series 2022
5.00%, 12/01/2050

      5,000          5,238,134  

Iowa Tobacco Settlement Authority
Series 2021-A
4.00%, 06/01/2049

      1,000          952,465  
       

 

 

  
          6,190,599  
       

 

 

  

Kansas – 1.4%

 

City of Lawrence KS

(Lawrence Memorial Hospital/KS)
Series 2018
5.00%, 07/01/2048

      5,000          5,259,178  
       

 

 

  

Kentucky – 0.0%

 

Kentucky Economic Development Finance Authority

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

      145          154,151  
       

 

 

  

Louisiana – 0.3%

 

Parish of St. John the Baptist LA

(Marathon Oil Corp.)
Series 2019
2.10%, 06/01/2037

      235          232,515  

2.20%, 06/01/2037

      950          904,175  
       

 

 

  
          1,136,690  
       

 

 

  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

Maryland – 1.8%

 

Maryland Health & Higher Educational Facilities Authority

(Meritus Medical Center Obligated Group)
Series 2015
5.00%, 07/01/2045

    $       6,725        $ 6,842,819  
       

 

 

  

Massachusetts – 0.2%

 

Massachusetts Development Finance Agency

(Lasell University)
Series 2021
4.00%, 07/01/2050

      1,000          855,715  
       

 

 

  

Michigan – 4.9%

 

Detroit Downtown Development Authority

(Detroit Downtown Development Authority Catalyst Development Area)
AGM Series 2018-A
5.00%, 07/01/2043

      3,020          3,175,228  

5.00%, 07/01/2048

      10,000          10,489,012  

Michigan Finance Authority

(Great Lakes Water Authority Water Supply System Revenue)
AGM Series 2014-D1
5.00%, 07/01/2035

      1,250          1,306,340  

Michigan Finance Authority

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

      2,250          2,311,637  

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

      2,140          1,305,400  
       

 

 

  
          18,587,617  
       

 

 

  

Minnesota – 2.5%

 

City of Rochester MN

(Mayo Clinic)
Series 2018
4.00%, 11/15/2048

      3,000          3,020,496  

Duluth Economic Development Authority

(Essentia Health Obligated Group)
Series 2018-A
5.00%, 02/15/2058

      6,000          6,235,387  
       

 

 

  
          9,255,883  
       

 

 

  

Nebraska – 3.0%

 

Central Plains Energy Project

(Goldman Sachs Group, Inc. (The))
Series 2017-A
5.00%, 09/01/2042

      10,000                  11,164,072  
       

 

 

  

New Hampshire – 1.0%

 

New Hampshire Business Finance Authority
Series 2020-1, Class A
4.125%, 01/20/2034

      776          780,683  

Series 2022-2
4.375%, 09/20/2036

      2,997          2,970,623  
       

 

 

  
          3,751,306  
       

 

 

  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

New Jersey – 10.3%

 

Essex County Improvement Authority

(Friends of TEAM Academy Charter School Obligated Group)
Series 2021
4.00%, 06/15/2056

    $ 1,000        $            893,058  

New Jersey Economic Development Authority
Series 2014-P
5.00%, 06/15/2031 (Pre-refunded/ETM)

      2,500          2,654,475  

Series 2016-B
5.50%, 06/15/2030 (Pre-refunded/ETM)

      5,000          5,770,434  

New Jersey Economic Development Authority

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

      1,000          1,022,174  

New Jersey Health Care Facilities Financing Authority

(New Jersey Health Care Facilities Financing Authority State Lease)
Series 2017
5.00%, 10/01/2036

      2,500          2,657,913  

New Jersey Health Care Facilities Financing Authority

(RWJ Barnabas Health Obligated Group)
Series 2014
5.00%, 07/01/2044

      6,450          6,697,981  

New Jersey Transportation Trust Fund Authority

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

      4,750          5,159,658  

New Jersey Transportation Trust Fund Authority

(New Jersey Transportation Trust Fund Authority State Lease)
Series 2018-A
5.00%, 12/15/2033

      3,370          3,689,147  

Series 2019-B
4.00%, 06/15/2037

      800          811,303  

Tobacco Settlement Financing Corp./NJ

        

Series 2018-A
5.00%, 06/01/2046

             8,990          9,386,368  
       

 

 

  
                  38,742,511  
       

 

 

  

New York – 13.9%

 

Broome County Local Development Corp.

(United Health Services Hospitals Obligated Group)
AGM Series 2020
3.00%, 04/01/2045

      3,000          2,427,356  

Metropolitan Transportation Authority
Series 2012-D
5.00%, 11/15/2029

      4,000          4,036,725  

Series 2012-F
5.00%, 11/15/2027

      1,575          1,591,292  

Series 2014-B
5.25%, 11/15/2034

      4,000          4,145,958  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

Metropolitan Transportation Authority

(Metropolitan Transportation Authority Dedicated Tax Fund)
Series 2016-A
5.25%, 11/15/2035(b)

    $      14,260        $         15,734,358  

New York City Municipal Water Finance Authority
Series 2013-D
5.00%, 06/15/2034

      3,600          3,699,323  

New York City NY Transitional
Series 2007B
5.00%, 08/01/2034(b)

      6,000          6,456,391  

5.00%, 08/01/2037(b)

      4,000          4,286,260  

New York State Thruway Authority

(State of New York Pers Income Tax)
Series 2022
4.125%, 03/15/2056

      4,000          4,008,691  

Port Authority of New York & New Jersey
Series 2013-178
5.00%, 12/01/2032

      4,400          4,519,830  

Ulster County Capital Resource Corp.

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

      490          415,263  

5.25%, 09/15/2042

      205          171,211  

5.25%, 09/15/2047

      355          285,526  

5.25%, 09/15/2053

      760          595,424  
       

 

 

  
          52,373,608  
       

 

 

  

North Carolina – 2.6%

 

North Carolina Medical Care Commission

(Vidant Health Obligated Group)
Series 2015
5.00%, 06/01/2045

      4,445          4,585,203  

North Carolina Turnpike Authority
Series 2018
5.00%, 01/01/2040

      5,000          5,276,982  
       

 

 

  
          9,862,185  
       

 

 

  

Ohio – 3.7%

 

Buckeye Tobacco Settlement Financing Authority
Series 2020-A
3.00%, 06/01/2048

      6,700          5,385,132  

4.00%, 06/01/2048

      2,000          1,928,044  

City of Chillicothe OH

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

      1,800          1,894,037  

County of Cuyahoga OH

(MetroHealth System (The))
Series 2017
5.00%, 02/15/2042

      1,500          1,547,170  

5.00%, 02/15/2052

      2,240          2,288,394  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

Ohio Higher Educational Facility Commission

(Kenyon College)
Series 2020
4.00%, 07/01/2040

    $ 730        $ 728,939  
       

 

 

  
          13,771,716  
       

 

 

  

Oklahoma – 2.9%

 

Norman Regional Hospital Authority

(Norman Regional Hospital Authority Obligated Group)
Series 2019
3.25%, 09/01/2038

             2,015          1,680,828  

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

      2,000          2,156,942  

5.00%, 07/01/2047

      5,000          5,365,934  

Tulsa Airports Improvement Trust
BAM Series 2015-A
5.00%, 06/01/2045 (Pre-refunded/ETM)

      1,700          1,791,817  
       

 

 

  
                  10,995,521  
       

 

 

  

Pennsylvania – 12.9%

 

Allegheny County Hospital Development Authority

(Allegheny Health Network Obligated Group)
Series 2018-A
5.00%, 04/01/2047

      5,000          5,252,506  

Berks County Municipal Authority (The)

(Tower Health Obligated Group)
Series 2020-B
5.00%, 02/01/2040

      1,000          913,396  

Bucks County Industrial Development Authority

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

      2,250          1,804,101  

Butler County Hospital Authority

(Butler Health System Obligated Group)
Series 2015
5.00%, 07/01/2035

      1,885          1,951,808  

5.00%, 07/01/2039

      1,625          1,662,215  

Montgomery County Higher Education and Health Authority

(Thomas Jefferson University Obligated Group)
Series 2018
5.00%, 09/01/2043

      6,000          6,445,364  

5.00%, 09/01/2048

      7,250          7,744,062  

Pennsylvania Economic Development Financing Authority

(PA Bridges Finco LP)
Series 2015
5.00%, 12/31/2034

      1,270          1,327,403  

5.00%, 12/31/2038

      1,940          2,013,669  

5.00%, 06/30/2042

      6,060          6,254,938  

Pennsylvania Turnpike Commission
Series 2014-A
5.00%, 12/01/2031

      2,500          2,649,371  

5.00%, 12/01/2032

      2,855          3,018,462  

5.00%, 12/01/2033

      1,000          1,054,980  

School District of Philadelphia (The)
Series 2016-F
5.00%, 09/01/2035

      5,000          5,339,022  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

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

    $ 1,025        $ 1,053,851  
       

 

 

  
                  48,485,148  
       

 

 

  

Puerto Rico – 0.9%

 

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
Series 2019-A
4.329%, 07/01/2040

      615          608,857  

5.00%, 07/01/2058

             2,625          2,647,762  
       

 

 

  
          3,256,619  
       

 

 

  

South Carolina – 5.1%

 

South Carolina Jobs-Economic Development Authority

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

      5,900          6,253,933  

South Carolina Ports Authority
Series 2015
5.00%, 07/01/2045 (Pre-refunded/ETM)

      5,000          5,417,977  

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

      5,000          5,252,707  

Series 2022
3.00%, 12/01/2046

      1,132          902,811  

3.00%, 12/01/2049

      1,566          1,224,205  
       

 

 

  
          19,051,633  
       

 

 

  

South Dakota – 0.2%

 

County of Lincoln SD

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

      1,000          833,884  
       

 

 

  

Tennessee – 2.4%

 

Chattanooga Health Educational & Housing Facility Board

(CommonSpirit Health)
Series 2019-A
4.00%, 08/01/2037

      145          146,244  

4.00%, 08/01/2038

      275          276,639  

5.00%, 08/01/2049

      705          745,498  

Chattanooga-Hamilton County Hospital Authority
Series 2014-A
5.00%, 10/01/2044

      7,500          7,860,179  
       

 

 

  
          9,028,560  
       

 

 

  

Texas – 6.6%

 

Arlington Higher Education Finance Corp.
Series 2014-A
5.00%, 08/15/2039 (Pre-refunded/ETM)

      4,805          5,110,951  

Baytown Municipal Development District

(Baytown Municipal Development District Hotel Occupancy Tax)
Series 2021
4.00%, 10/01/2050

      2,910          2,547,074  

 

10

      Principal
Amount
(000)		        U.S. $ Value  

City of Austin TX Water & Wastewater System Revenue
Series 2013-A
5.00%, 11/15/2029

    $ 5,000        $ 5,107,901  

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

      2,000          681,841  

Zero Coupon, 12/01/2044

      2,420          776,973  

Zero Coupon, 12/01/2045

      3,360          1,017,907  

New Hope Cultural Education Facilities Finance Corp.

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

      500          534,931  

5.00%, 07/01/2048

             1,100          1,162,354  

North Texas Tollway Authority

(North Texas Tollway System)
Series 2015-B
5.00%, 01/01/2040

      5,000          5,048,050  

Texas Private Activity Bond Surface Transportation Corp.

(NTE Mobility Partners Segments 3 LLC)
Series 2013
6.75%, 06/30/2043

      3,000          3,097,218  
       

 

 

  
                  25,085,200  
       

 

 

  

Utah – 2.0%

 

City of Salt Lake City UT Airport Revenue
Series 2017-A
5.00%, 07/01/2047

      4,500          4,778,413  

Series 2018-A
5.00%, 07/01/2048

      2,500          2,681,264  
       

 

 

  
          7,459,677  
       

 

 

  

Virginia – 3.9%

 

Virginia Small Business Financing Authority

(95 Express Lanes LLC)
Series 2022
4.00%, 01/01/2048

      5,000          4,720,420  

Virginia Small Business Financing Authority

(Elizabeth River Crossings OpCo LLC)
Series 2022
3.00%, 01/01/2041

      11,945          9,991,141  
       

 

 

  
          14,711,561  
       

 

 

  

Washington – 0.2%

 

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

      983          933,315  
       

 

 

  

West Virginia – 1.1%

 

West Virginia Hospital Finance Authority

(West Virginia United Health System Obligated Group)
Series 2018-A
5.00%, 06/01/2052

      3,875          4,062,605  
       

 

 

  

 

11

      Principal
Amount
(000)		        U.S. $ Value  

Wisconsin – 10.2%

 

Wisconsin Center District
AGM Series 2020-C
Zero Coupon, 12/15/2036

    $ 3,100        $ 1,814,072  

Zero Coupon, 12/15/2038

      3,155          1,667,989  

Zero Coupon, 12/15/2040

      3,300          1,565,445  

Wisconsin Public Finance Authority

(Appalachian Regional Healthcare System Obligated Group)
Series 2021
4.00%, 07/01/2056

      2,250          2,012,806  

Wisconsin Public Finance Authority

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

           10,000          10,431,607  

Wisconsin Public Finance Authority

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

      10,000          10,533,475  

Wisconsin Public Finance Authority

(Moses H Cone Memorial Hospital Obligated Group)
Series 2022-A
5.00%, 10/01/2052

      5,000          5,419,134  

Wisconsin Public Finance Authority

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

      2,000          2,075,580  

Wisconsin Public Finance Authority

(Roseman University of Health Sciences)
Series 2022
4.00%, 04/01/2052(a)

      3,350          2,824,164  
       

 

 

  
          38,344,272  
       

 

 

  

Total Municipal Obligations
(cost $635,254,133)

 

        625,125,313  
       

 

 

  
     Shares           

SHORT-TERM INVESTMENTS – 1.4%

 

Investment Companies – 1.4%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.72%(d) (e) (f)
(cost $5,352,577)

      5,352,577          5,352,577  
       

 

 

  

Total Investments – 167.1%
(cost $640,606,710)(g)

           630,477,890  

Other assets less liabilities – (67.1)%

           (253,142,855 ) 
       

 

 

  

Net Assets – 100.0%

         $     377,335,035  
       

 

 

  

 

(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 July 31, 2022, the aggregate market value of these securities amounted to $8,646,106 or 2.3% of net assets.

 

12

(b)

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

(c)

Restricted and illiquid security.

 

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

Plymouth Educational Center Charter School
Series 2005
5.125%, 11/01/2023

    11/30/2005    $     2,137,051      $     1,305,400      0.35%

 

(d)

Affiliated investments.

(e)

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

(f)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(g)

As of July 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $10,290,993 and gross unrealized depreciation of investments was $(20,419,813), resulting in net unrealized depreciation of $(10,128,820).

As of July 31, 2022, 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 7.9% and 0.3%, respectively.

Glossary:

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

ETM – Escrowed to Maturity

OSF – Order of St. Francis

SD – School District

 

13

AllianceBernstein National Municipal Income Fund, Inc.

July 31, 2022 (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 July 31, 2022:

 

     Level 1     Level 2     Level 3      Total  
Assets:

 

Long-Term Municipal Bonds    $ —     $ 625,125,313     $ —      $ 625,125,313  
Short-Term Investments      5,352,577       —       —        5,352,577  
Liabilities:

 

Variable Rate MuniFund Term Preferred Shares(a)      —       (232,053,151 )      —        (232,053,151 ) 
Floating Rate Notes(a)      (26,095,000 )      —       —        (26,095,000 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  
Total Investments in Securities      (20,742,423 )      393,072,162       —        372,329,739  
Other Financial Instruments(b)      —       —       —        —  
  

 

 

    

 

 

    

 

 

     

 

 

  
Total    $     (20,742,423 )    $     393,072,162     $                 —      $     372,329,739  
  

 

 

    

 

 

    

 

 

     

 

 

  

 

(a)

The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes.

 

(b)

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

 

14

A summary of the Fund’s transactions in AB mutual funds for the nine months ended July 31, 2022 is as follows:

 

Fund   

Market Value

10/31/2021

(000)

     

Purchases

at Cost

(000)

     

Sales

Proceeds

(000)

     

Market Value

07/31/2022

(000)

     

Dividend

Income

(000)

  
Government Money Market Portfolio    $     1,070      $     60,743      $     56,460      $     5,353      $     4  

 

15