# EDGAR Filing Document

**Accession Number:** 0001162027
**File Stem:** 0001410368-25-011541
**Filing Date:** 2025-9
**Character Count:** 115916
**Document Hash:** 27e95eae33f842695d8fc978d2b45361
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-011541.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001410368-25-011541

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND
- **CENTRAL INDEX KEY:** 0001162027

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10573
- **FILM NUMBER:** 251344392

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2129692124

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE NATIONAL MUNICIPAL INCOME FUND
- **DATE OF NAME CHANGE:** 20011108

## Nport-Ex

**AllianceBernstein National Municipal Income Fund, Inc.** 

**Portfolio of Investments** 

**July 31, 2025 (unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 167.9%** |  |  |  |  |
|  **Long-Term Municipal Bonds – 167.9%** |  |  |  |  |
|  **Alabama – 1.7%** |  |  |  |  |
|  County of Jefferson AL Sewer Revenue<br> (County of Jefferson AL Sewer Revenue)<br>Series 2024<br>5.25%, 10/01/2049 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2053 |  | 2410 |  | 2447426 |
|  Mobile County Industrial Development Authority<br> (ArcelorMittal SA)<br>Series 2024<br>4.75%, 12/01/2054 |  | 1030 |  | 899140 |
|  |  |  |  | 5353659 |
|  **Alaska – 1.1%** | **Alaska – 1.1%** | **Alaska – 1.1%** | **Alaska – 1.1%** | **Alaska – 1.1%** |
|  Municipality of Anchorage AK<br> (Municipality of Anchorage AK)<br>Series 2024-A<br>4.50%, 02/01/2060 |  | 3000 |  | 2563901 |
|  Municipality of Anchorage AK Solid Waste Services Revenue<br> (Municipality of Anchorage AK Solid Waste Services Revenue)<br>Series 2022-A<br>5.25%, 11/01/2062 |  | 1000 |  | 1015948 |
|  |  |  |  | 3579849 |
|  **Arizona – 3.5%** | **Arizona – 3.5%** | **Arizona – 3.5%** | **Arizona – 3.5%** | **Arizona – 3.5%** |
|  Maricopa County Industrial Development Authority<br> (Legacy Traditional School Obligated Group)<br>Series 2025<br>5.50%, 07/01/2060 |  | 1000 |  | 960462 |
|  Salt Verde Financial Corp.<br> (Citigroup, Inc.)<br>Series 2007<br>5.00%, 12/01/2032 |  | 1200 |  | 1281078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 |  | 8700 |  | 9036975 |
|  |  |  |  | 11278515 |
|  **Arkansas – 0.6%** |  |  |  |  |
|  Pulaski County Public Facilities Board<br> (Baptist Health Obligated Group)<br>Series 2014<br>5.00%, 12/01/2042 |  | 2000 |  | 1979960 |
|  **California – 14.0%** |  |  |  |  |
|  Alameda Corridor Transportation Authority<br> (Alameda Corridor Transportation Authority)<br>Series 2022-A<br>0.00%, 10/01/2050<sup>(a)</sup> |  | 10000 |  | 5512223 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024-A<br>Zero Coupon, 10/01/2052 |  | 6500 |  | 1599676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2053 |  | 6000 |  | 1402352 |
|  California Enterprise Development Authority<br> (Real Journey Academies Obligated Group)<br>Series 2024-A<br>5.00%, 06/01/2064<sup>(b)</sup> |  | 2000 |  | 1731129 |

---

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| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  California Housing Finance Agency<br> (CAHFA 2021-1)<br>Series 2021-1, Class A<br>3.50%, 11/20/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | $870389 |
|  California Infrastructure & Economic Development Bank<br> (Desertxpress Enterprises)<br>Series 2025<br>9.50%, 01/01/2065<sup>(b)</sup> | 2000 | 1783290 |
|  California Pollution Control Financing Authority<br> (Channelside Water Resources)<br>Series 2012<br>5.00%, 07/01/2037<sup>(b)</sup> | 3075 | 3061205 |
|  California State University<br> (California State University)<br>Series 2025-2<br>10.90%, 11/01/2056<sup>(b) (c) (d)</sup> | 2000 | 1643706 |
|  California Statewide Communities Development Authority<br> (Enloe Medical Center Obligated Group)<br>AG Series 2022-A<br>5.375%, 08/15/2057 | 2000 | 2013731 |
|  California Statewide Communities Development Authority<br> (Loma Linda University Medical Center)<br>Series 2016-A<br>5.00%, 12/01/2036<sup>(b)</sup> | 800 | 801361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2056<sup>(b)</sup> | 2000 | 1845900 |
|  Long Beach Bond Finance Authority<br> (Bank of America Corp.)<br>Series 2007-A<br>5.50%, 11/15/2037 | 2000 | 2191317 |
|  M-S-R Energy Authority<br> (Citigroup, Inc.)<br>Series 2009-A<br>6.50%, 11/01/2039 | 2000 | 2365216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-C<br>6.50%, 11/01/2039 | 2000 | 2365216 |
|  San Francisco Intl Airport<br> (San Francisco Intl Airport)<br>Series 2025-2<br>5.00%, 05/01/2044<sup>(b) (e)</sup> | 10000 | 9917839 |
|  Southern California Public Power Authority<br> (Goldman Sachs Group)<br>Series 2007-A<br>5.00%, 11/01/2033 | 3335 | 3514296 |
|  Washington Township Health Care District<br> (Washington Township Health Care District)<br>AG Series 2023-B<br>4.50%, 08/01/2053 | 2625 | 2439380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45058226 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Colorado – 3.6%** |  |  |  |  |
|  Colorado Health Facilities Authority<br> (CommonSpirit Health Obligated Group)<br>Series 2019-A<br>5.00%, 08/01/2044 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | $| 689945 |
|  Denver Health & Hospital Authority<br> (Denver Health & Hospital Authority)<br>Series 2025-A<br>6.00%, 12/01/2055 |  | 1000 |  | 1044447 |
|  E-470 Public Highway Authority<br> (E-470 Public Highway Authority)<br>Series 2024-B<br>3.671% (SOFR + 0.75%), 09/01/2039<sup>(f)</sup> |  | 2000 |  | 1997786 |
|  St. Vrain Lakes Metropolitan District No. 4<br> (St. Vrain Lakes Metropolitan District No. 4)<br>Series 2024-A<br>0.00%, 09/20/2054<sup>(a) (b)</sup> |  | 1000 |  | 674475 |
|  Town of Vail CO<br> (Town of Vail CO COP)<br>Series 2025<br>5.50%, 12/01/2064 |  | 6000 |  | 6190890 |
|  Vail Home Partners Corp.<br> (Vail Home Partners Corp.)<br>Series 2025<br>6.00%, 10/01/2064<sup>(b)</sup> |  | 1000 |  | 980188 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11577731 |
|  **Connecticut – 0.3%** | **Connecticut – 0.3%** | **Connecticut – 0.3%** | **Connecticut – 0.3%** | **Connecticut – 0.3%** |
|  Connecticut State Health & Educational Facilities Authority<br> (University of Hartford/The)<br>Series 2019<br>4.00%, 07/01/2049 |  | 1500 |  | 1069313 |
|  **District of Columbia – 4.5%** | **District of Columbia – 4.5%** | **District of Columbia – 4.5%** | **District of Columbia – 4.5%** | **District of Columbia – 4.5%** |
|  District of Columbia<br> (Catholic University of America)<br>Series 2025<br>5.75%, 10/01/2055 |  | 2000 |  | 2047223 |
|  Metropolitan Washington Airports Authority Aviation Revenue<br> (Metropolitan Washington Airports Authority Aviation Revenue)<br>Series 2025-2<br>5.50%, 10/01/2055<sup>(b) (e)</sup> |  | 10000 |  | 10318783 |
|  Washington Metropolitan Area Transit Authority Dedicated Revenue<br> (Washington Metropolitan Area Transit Authority Dedicated Revenue Lease)<br>Series 2025-A<br>5.25%, 07/15/2055 |  | 2000 |  | 2053967 |
|  |  |  |  | 14419973 |
|  **Florida – 16.1%** | **Florida – 16.1%** | **Florida – 16.1%** | **Florida – 16.1%** | **Florida – 16.1%** |
|  Capital Trust Authority<br> (Madrone Florida Tech Student Housing I)<br>Series 2025<br>5.375%, 07/01/2065<sup>(b)</sup> |  | 2000 |  | 1835577 |
|  Capital Trust Authority<br> (Mason Classical Academy)<br>Series 2024<br>5.00%, 06/01/2054<sup>(b)</sup> |  | 2750 |  | 2378096 |

---

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| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  County of Lee FL Airport Revenue<br> (County of Lee FL Airport Revenue)<br>AG Series 2024<br>5.25%, 10/01/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | $4022228 |
|  County of Miami-Dade FL<br> (County of Miami-Dade FL)<br>Series 2021<br>4.00%, 07/01/2050 | 4355 | 3620288 |
|  County of Miami-Dade FL Aviation Revenue<br> (County of Miami-Dade FL Aviation Revenue)<br>Series 2025-A<br>5.50%, 10/01/2055 | 10000 | 10169511 |
|  Florida Development Finance Corp.<br> (Brightline Trains Florida)<br>AG Series 2024<br>5.25%, 07/01/2053 | 10000 | 9561981 |
|  Florida Development Finance Corp.<br> (Cornerstone Charter Academy Obligated Group)<br>Series 2022<br>5.125%, 10/01/2052<sup>(b)</sup> | 1000 | 882068 |
|  Florida Development Finance Corp.<br> (GFL Solid Waste Southeast)<br>Series 2024<br>4.375%, 10/01/2054<sup>(b)</sup> | 2000 | 1985884 |
|  Florida Development Finance Corp.<br> (Mater Academy, Inc.)<br>Series 2022-A<br>4.00%, 06/15/2052 | 3250 | 2513455 |
|  Halifax Hospital Medical Center<br> (Halifax Hospital Medical Center Obligated Group)<br>Series 2024<br>4.25%, 06/01/2054 | 3000 | 2571258 |
|  Lakewood Ranch Stewardship District<br> (Lakewood Ranch Stewardship District Series 2023 Assessment)<br>Series 2023<br>6.30%, 05/01/2054 | 990 | 1012433 |
|  Lee County Industrial Development Authority/FL<br> (Shell Point Obligated Group)<br>Series 2024<br>5.25%, 11/15/2054 | 2000 | 1914524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 11/15/2054 | 2000 | 1815740 |
|  Miami-Dade County Expressway Authority<br> (Miami-Dade County Expressway Authority)<br>Series 2014-A<br>5.00%, 07/01/2044 | 5000 | 4887246 |
|  Palm Beach County Health Facilities Authority<br> (Jupiter Medical Center Obligated Group)<br>Series 2025<br>5.25%, 11/01/2055 | 3000 | 2879206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52049495 |

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| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Georgia – 2.1%** | **Georgia – 2.1%** | **Georgia – 2.1%** |
|  Atlanta Development Authority (The)<br> (City of Atlanta GA Westside Tax Allocation District Gulch Area)<br>Series 2024<br>0.00%, 12/15/2048<sup>(a) (b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $1699279 |
|  Municipal Electric Authority of Georgia<br> (JEA Electric System Revenue)<br>Series 2019<br>5.00%, 01/01/2049 | 2000 | 1951049 |
|  Municipal Electric Authority of Georgia<br> (Municipal Electric Authority of Georgia)<br>Series 2019<br>5.00%, 01/01/2063 | 3165 | 3049148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6699476 |
|  **Hawaii – 3.2%** | **Hawaii – 3.2%** | **Hawaii – 3.2%** |
|  State of Hawaii Airports System Revenue<br> (State of Hawaii Airports System Revenue)<br>Series 2025-A<br>5.50%, 07/01/2054 | 10000 | 10298361 |
|  **Illinois – 13.1%** | **Illinois – 13.1%** | **Illinois – 13.1%** |
|  Chicago Board of Education<br> (Chicago Board of Education)<br>Series 2018-D<br>5.00%, 12/01/2046 | 8005 | 7123015 |
|  Chicago O'Hare International Airport<br> (Chicago O'Hare Intl Airport)<br>Series 2017-D<br>5.00%, 01/01/2042 | 6500 | 6411262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.625%, 01/01/2053 | 6000 | 5490163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.50%, 01/01/2053 | 2160 | 2202077 |
|  City of Chicago IL<br> (City of Chicago IL)<br>Series 2025-A<br>6.00%, 01/01/2050 | 2000 | 2043510 |
|  Illinois Finance Authority<br> (Centerpoint Joliet Terminal Railroad)<br>Series 2025<br>4.80%, 12/01/2043<sup>(b)</sup> | 2000 | 1997820 |
|  Illinois Finance Authority<br> (OSF Healthcare System Obligated Group)<br>Series 2015-A<br>5.00%, 11/15/2045 | 4500 | 4355901 |
|  Metropolitan Pier & Exposition Authority<br> (Metropolitan Pier & Exposition Authority)<br>Series 2017-A<br>5.00%, 06/15/2057 | 8755 | 8322238 |
|  State of Illinois<br> (State of Illinois)<br>Series 2024-B<br>4.25%, 05/01/2046 | 4900 | 4253091 |
|  |  | 42199077 |

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| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Indiana – 1.4%** | **Indiana – 1.4%** | **Indiana – 1.4%** |
|  Indiana Finance Authority<br> (SFP-PUFW I LLC)<br>Series 2024<br>5.25%, 07/01/2064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $1897508 |
|  Indiana Finance Authority<br> (University of Evansville)<br>Series 2022<br>5.25%, 09/01/2057 | 3000 | 2683503 |
|  |  | 4581011 |
|  **Louisiana – 3.3%** |  |  |
|  City of New Orleans LA<br> (City of New Orleans LA)<br>Series 2021-A<br>5.00%, 12/01/2046 | 4000 | 3887855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 | 6000 | 5811810 |
|  Louisiana Public Facilities Authority<br> (Acadiana Renaissance Charter Academy)<br>Series 2025<br>6.00%, 06/15/2059<sup>(b)</sup> | 1000 | 956315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10655980 |
|  **Maryland – 0.6%** |  |  |
|  Maryland Economic Development Corp.<br> (Maryland Econ Dev Corp-Morgan View & Thurgood Marshall Student Hsg)<br>Series 2022<br>6.00%, 07/01/2058 | 2000 | 2078511 |
|  **Massachusetts – 8.6%** |  |  |
|  Commonwealth of Massachusetts<br> (Commonwealth of Massachusetts)<br>Series 2024-A<br>5.00%, 01/01/2054 | 11060 | 11133495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2<br> 6.60%, 05/01/2053<sup>(b) (c) (d)</sup> | 5500 | 5567924 |
|  Massachusetts Development Finance Agency<br> (Care Communities Obligated Group)<br>Series 2025<br>6.375%, 07/15/2045<sup>(b)</sup> | 1000 | 970304 |
|  Massachusetts Development Finance Agency<br> (CHF Merrimack, Inc.)<br>Series 2024<br>5.00%, 07/01/2060<sup>(b)</sup> | 1000 | 873601 |
|  Massachusetts Development Finance Agency<br> (Emerson College)<br>Series 2016-A<br>5.00%, 01/01/2047 | 5750 | 5348111 |
|  Massachusetts Development Finance Agency<br> (Lifespan Obligated Group)<br>Series 2025<br>5.50%, 08/15/2050 | 2000 | 2002022 |
|  Massachusetts Development Finance Agency<br> (PRG Medford Properties)<br>Series 2025<br>5.25%, 06/01/2065 | 2000 | 2000851 |
|  |  | 27896308 |

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| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Michigan – 4.0%** |  |  |
|  City of Detroit MI<br> (City of Detroit MI)<br>Series 2020<br>5.50%, 04/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | $1979742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C<br>6.00%, 05/01/2043 | 2300 | 2458322 |
|  Detroit Downtown Development Authority<br> (Detroit Downtown Development Authority Catalyst Development Area)<br>Series 2024<br>5.00%, 07/01/2048 | 5335 | 5291816 |
|  Michigan Finance Authority<br> (Public Lighting Authority)<br>Series 2014-B<br>5.00%, 07/01/2034 | 2250 | 2252287 |
|  Plymouth Educational Center Charter School<br> (Plymouth Educational Center Charter School)<br>Series 2005<br>5.125%, 11/01/2023<sup>(g) (h)</sup> | 2140 | 1070000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13052167 |
|  **Minnesota – 2.2%** |  |  |
|  City of Woodbury MN<br> (Math & Science Academy/MN)<br>Series 2025<br>5.50%, 06/01/2063<sup>(b)</sup> | 2000 | 1764082 |
|  Duluth Economic Development Authority<br> (Essentia Health Obligated Group)<br>Series 2018<br>5.00%, 02/15/2053 | 5625 | 5437530 |
|  |  | 7201612 |
|  **Nebraska – 1.6%** |  |  |
|  Central Plains Energy Project<br> (Goldman Sachs Group)<br>Series 2017-A<br>5.00%, 09/01/2031 | 5000 | 5295033 |
|  **Nevada – 0.6%** |  |  |
|  Reno-Tahoe Airport Authority<br> (Reno-Tahoe Airport Authority)<br>Series 2024<br>5.25%, 07/01/2054 | 1925 | 1910164 |
|  **New Hampshire – 4.4%** |  |  |
|  New Hampshire Business Finance Authority<br> (ARC70 II TRUST)<br>Series 2024<br>4.15%, 10/20/2040 | 1998 | 1878725 |
|  New Hampshire Business Finance Authority<br> (Bridgeland Water & Utility Districts 490, 491 & 158)<br>Series 2024<br>5.375%, 12/15/2035<sup>(b)</sup> | 955 | 933030 |
|  New Hampshire Business Finance Authority<br> (Lakes Fresh Water Supply District of Denton County)<br>Series 2024<br>5.00%, 12/01/2028<sup>(b)</sup> | 1000 | 1001266 |

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| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority<br> (New Hampshire Business Finance Authority)<br>Series 2025-1, Class A2<br>5.15%, 06/20/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999 | $2006231 |
|  New Hampshire Business Finance Authority<br> (NFA 2020-1)<br>Series 2020-1, Class A<br>4.125%, 01/20/2034 | 735 | 727749 |
|  New Hampshire Business Finance Authority<br> (NFA 2025-1)<br>Series 2025<br>5.75%, 04/28/2042 | 2000 | 2009822 |
|  New Hampshire Business Finance Authority<br> (Novant Health Obligated Group)<br>Series 2025<br>5.00%, 06/01/2055 | 2000 | 1878213 |
|  New Hampshire Business Finance Authority<br> (Reworld Holding Corp.)<br>Series 2020-A<br>3.625%, 07/01/2043<sup>(b)</sup> | 1000 | 788364 |
|  New Hampshire Business Finance Authority<br> (Valencia Project)<br>Series 2024<br>5.30%, 12/01/2032<sup>(b)</sup> | 1000 | 996209 |
|  New Hampshire Health & Education Facilities Authority Act<br> (Dartmouth Health Obligated Group)<br>Series 2020-A<br>5.00%, 08/01/2059 | 2000 | 1898856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14118465 |
|  **New Jersey – 0.6%** |  |  |
|  New Jersey Economic Development Authority<br> (DRP Urban Renewal 4 LLC)<br>Series 2025<br>6.625%, 01/01/2045<sup>(b)</sup> | 1000 | 1016652 |
|  New Jersey Economic Development Authority<br> (NYNJ Link Borrower LLC)<br>Series 2013<br>5.125%, 01/01/2034 | 1000 | 1001374 |
|  |  | 2018026 |
|  **New York – 11.0%** |  |  |
|  City of New York NY<br> (City of New York NY)<br>Series 2023<br>4.125%, 08/01/2053 | 11300 | 9683263 |
|  New York State Thruway Authority<br> (State of New York Pers Income Tax)<br>Series 2025<br>5.00%, 03/15/2055 | 1000 | 1006785 |
|  New York Transportation Development Corp.<br> (JFK Millennium Partners)<br>AG Series 2024<br>0.00%, 12/31/2054<sup>(a)</sup> | 17000 | 10243712 |

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| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  New York Transportation Development Corp.<br> (JFK NTO LLC)<br>AG Series 2025<br>5.50%, 06/30/2059 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | $10004064 |
|  Triborough Bridge & Tunnel Authority Sales Tax Revenue<br> (Triborough Bridge & Tunnel Authority Sales Tax Revenue)<br>Series 2023-A<br>4.125%, 05/15/2053 | 3500 | 3006870 |
|  Ulster County Capital Resource Corp.<br> (Woodland Pond at New Paltz)<br>Series 2017<br>5.00%, 09/15/2037 | 490 | 435813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2042 | 205 | 171538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2047 | 355 | 277545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2053 | 760 | 569682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35399272 |
|  **North Carolina – 1.3%** |  |  |
|  Greater Asheville Regional Airport Authority<br> (Greater Asheville Regional Airport Authority)<br>AG Series 2023<br>5.25%, 07/01/2053 | 4000 | 3964833 |
|  North Carolina Turnpike Authority<br> (North Carolina Turnpike Authority)<br>AG Series 2024<br>Zero Coupon, 01/01/2053 | 1000 | 237652 |
|  |  | 4202485 |
|  **North Dakota – 0.6%** |  |  |
|  City of Grand Forks ND<br> (Altru Health System Obligated Group)<br>AG Series 2023-A<br>5.00%, 12/01/2053 | 2000 | 1946151 |
|  **Ohio – 7.1%** |  |  |
|  Buckeye Tobacco Settlement Financing Authority<br> (Buckeye Tobacco Settlement Financing Authority)<br>Series 2020-A<br>4.00%, 06/01/2048 | 2000 | 1614680 |
|  County of Cuyahoga OH<br> (MetroHealth System/The)<br>Series 2017<br>5.50%, 02/15/2052 | 4585 | 4352250 |
|  County of Hamilton OH<br> (UC Health Obligated Group)<br>Series 2025-A<br>5.50%, 08/01/2051 | 5000 | 4834031 |
|  Ohio Higher Educational Facility Commission<br> (John Carroll University)<br>Series 2025<br>5.50%, 10/01/2057 | 2000 | 1873166 |
|  Worthington City School District<br> (Worthington City School District)<br>Series 2023<br>5.50%, 12/01/2054 | 10000 | 10357088 |
|  |  | 23031215 |

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------

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Oklahoma – 3.9%** |  |  |
|  Oklahoma Turnpike Authority<br> (Oklahoma Turnpike Authority)<br>Series 2023<br>4.50%, 01/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;11235 | $10458999 |
|  Tulsa Municipal Airport Trust Trustees/OK<br> (American Airlines, Inc.)<br>Series 2025<br>6.25%, 12/01/2040 | 2000 | 2164410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12623409 |
|  **Oregon – 0.4%** |  |  |
|  Multnomah County School District No. 40<br> (Multnomah County School District No. 40)<br>Series 2023-A<br>Zero Coupon, 06/15/2051 | 5000 | 1238890 |
|  **Pennsylvania – 6.2%** |  |  |
|  Berks County Municipal Authority (The)<br> (Tower Health Obligated Group)<br>Series 2024<br>0.00%, 06/30/2044<sup>(a)</sup> | 350 | 251682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2039 | 1000 | 905621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>6.00%, 06/30/2034 | 155 | 161870 |
|  Pennsylvania Economic Development Financing Authority<br> (Commonwealth of Pennsylvania Dept. of Transportation)<br>AG Series 2022<br>5.75%, 12/31/2062 | 7500 | 7661257 |
|  Pennsylvania Economic Development Financing Authority<br> (PA Bridges Finco LP)<br>Series 2015<br>5.00%, 06/30/2042 | 6060 | 5875686 |
|  Pennsylvania Higher Educational Facilities Authority<br> (University of Pennsylvania Health System Obligated Group)<br>Series 2025<br>5.00%, 08/15/2055 | 2000 | 1992734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2055 | 2000 | 2090435 |
|  Scranton School District/PA<br> (Scranton School District/PA)<br>BAM Series 2017-E<br>4.00%, 12/01/2037 | 1025 | 963804 |
|  |  | 19903089 |
|  **South Carolina – 4.9%** |  |  |
|  South Carolina Jobs-Economic Development Authority<br> (Beaufort Memorial Hospital Obligated Group)<br>Series 2024<br>5.75%, 11/15/2054 | 5250 | 5245576 |
|  South Carolina Jobs-Economic Development Authority<br> (Novant Health Obligated Group)<br>Series 2024<br>4.50%, 11/01/2054 | 10000 | 8922186 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  South Carolina Public Service Authority<br>(South Carolina Public Service Authority)<br>Series 2022<br>3.00%, 12/01/2046<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 | $763286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2049 | 1566 | 1006941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15937989 |
|  **South Dakota – 0.2%** |  |  |
|  County of Lincoln SD<br>(Augustana College Association/SD)<br>Series 2021<br>4.00%, 08/01/2061 | 1000 | 709280 |
|  **Tennessee – 0.9%** |  |  |
|  Shelby County Health & Educational Facilities Board<br>(Madrone Memphis Student Housing I)<br>Series 2024<br>5.00%, 06/01/2044<sup>(b)</sup> | 1000 | 928015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2056<sup>(b)</sup> | 2050 | 1847296 |
|  |  | 2775311 |
|  **Texas – 24.7%** |  |  |
|  Arlington Higher Education Finance Corp.<br> (Uplift Education)<br>Series 2023-A<br>4.375%, 12/01/2058 | 3000 | 2647090 |
|  Board of Managers Joint Guadalupe County-City of Seguin Hospital<br>(Board of Managers Joint Guadalupe County-City of Seguin Hospital)<br>Series 2015<br>5.00%, 12/01/2045 | 4000 | 3634498 |
|  County of Smith TX<br>(County of Smith TX)<br>Series 2023<br>5.00%, 08/15/2048 | 7000 | 7020850 |
|  Dallas Independent School District<br>(Dallas Independent School District)<br>Series 2024-2<br>4.00%, 02/15/2054<sup>(b) (e)</sup> | 12000 | 10175106 |
|  Greenwood Independent School District<br>(Greenwood Independent School District)<br>Series 2024<br>5.00%, 02/15/2049 | 10095 | 10157465 |
|  Hidalgo County Regional Mobility Authority<br>(Hidalgo County Regional Mobility Authority)<br>Series 2022-A<br>Zero Coupon, 12/01/2043 | 2000 | 737881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2044 | 2420 | 843304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2045 | 3360 | 1108894 |
|  Lamar Consolidated Independent School District<br>(Lamar Consolidated Independent School District)<br>Series 2023-A<br>5.00%, 02/15/2053 | 10000 | 10065291 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Leander Independent School District<br> (Leander Independent School District)<br>Series 2025-A<br>5.00%, 08/15/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | $10067753 |
|  Melissa Independent School District<br>(Melissa Independent School District)<br>Series 2024-2<br>4.25%, 02/01/2053<sup>(b) (e)</sup> | 12780 | 11218365 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(CHF-Collegiate Housing Denton)<br>AG Series 2018-A1<br>5.00%, 07/01/2038 | 500 | 505833 |
|  Rockwall Independent School District<br>(Rockwall Independent School District)<br>Series 2024<br>5.00%, 02/15/2054 | 10000 | 10022653 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Texas Health Resources Obligated Group)<br>Series 2025-A<br>5.00%, 11/15/2055<sup>(c)</sup> | 1500 | 1480659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79685642 |
|  **Utah – 0.8%** |  |  |
|  City of Salt Lake City UT Airport Revenue<br> (City of Salt Lake City UT Airport Revenue)<br>BAM Series 2018-A<br>5.00%, 07/01/2043 | 2500 | 2466868 |
|  **Virginia – 1.9%** |  |  |
|  Henrico County Economic Development Authority<br> (Bon Secours Mercy Health)<br>Series 2025<br>5.00%, 11/01/2048 | 1000 | 990302 |
|  Virginia College Building Authority<br> (Regent University Obligated Group)<br>Series 2025<br>6.00%, 06/01/2055 | 2200 | 2285228 |
|  Virginia Small Business Financing Authority<br> (Capital Beltway Express)<br>Series 2022<br>5.00%, 12/31/2047 | 3065 | 2926556 |
|  |  | 6202086 |
|  **Washington – 0.9%** |  |  |
|  Grays Harbor County Public Hospital District No. 1<br> (Grays Harbor County Public Hospital District No. 1)<br>Series 2023<br>6.875%, 12/01/2053 | 1000 | 1073991 |
|  Washington State Housing Finance Commission<br> (WSHFC 2021-1)<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 | 936 | 879456 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Washington State Housing Finance Commission<br> (WSHFC 2023-1)<br>Series 2023-1, Class A<br>3.375%, 04/20/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | $890924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844371 |
|  **Wisconsin – 12.0%** |  |  |
|  Wisconsin Health & Educational Facilities Authority<br> (Hospital Sisters Services Obligated Group)<br>Series 2025<br>5.50%, 08/15/2048<sup>(c)</sup> | 2000 | 2052927 |
|  Wisconsin Health & Educational Facilities Authority<br> (Sanford Obligated Group)<br>BAM Series 2024<br>4.50%, 02/15/2054 | 3000 | 2683889 |
|  Wisconsin Public Finance Authority<br> (Alpha Ranch Water Control & Improvement District of Denton & Wise Counties)<br>Series 2024<br>Zero Coupon, 12/15/2038<sup>(b)</sup> | 2000 | 896118 |
|  Wisconsin Public Finance Authority<br> (CFC-SA LLC)<br>Series 2022<br>5.00%, 02/01/2052 | 8500 | 7964318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2062 | 1500 | 1383909 |
|  Wisconsin Public Finance Authority<br> (CHF - Wilmington LLC)<br>AG Series 2018<br>5.00%, 07/01/2058 | 10000 | 9544528 |
|  Wisconsin Public Finance Authority<br> (Foundation Academy Charter School A NJ Nonprofit)<br>Series 2024<br>5.00%, 07/01/2060<sup>(b)</sup> | 1500 | 1275242 |
|  Wisconsin Public Finance Authority<br> (Montgomery County Municipal Utility District Nos 123 & 153)<br>Series 2024<br>Zero Coupon, 12/15/2034<sup>(b)</sup> | 1000 | 569444 |
|  Wisconsin Public Finance Authority<br> (Pinecrest Academy of Nevada)<br>Series 2024<br>4.25%, 07/15/2044<sup>(b)</sup> | 1000 | 847230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/2049<sup>(b)</sup> | 1000 | 835036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/2053<sup>(b)</sup> | 1000 | 816429 |
|  Wisconsin Public Finance Authority<br> (Prerefunded - US Treasuries)<br>Series 2022<br>4.00%, 04/01/2052<sup>(b)</sup> | 90 | 94564 |
|  Wisconsin Public Finance Authority<br> (Queens University of Charlotte)<br>Series 2022<br>5.25%, 03/01/2047 | 4000 | 3745427 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br> (Southeastern Regional Medical Center Obligated Group)<br>Series 2021<br>4.00%, 02/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | $1293561 |
|  Wisconsin Public Finance Authority<br> (SR 400 Peach Partners LLC)<br>Series 2025<br>5.75%, 12/31/2065<sup>(c)</sup> | 2000 | 1906726 |
|  Wisconsin Public Finance Authority<br> (Triad Math & Science Academy)<br>Series 2025<br>5.25%, 06/15/2065 | 2000 | 1825625 |
|  Wisconsin Public Finance Authority<br> (Waterstone Projects)<br>Series 2024<br>5.50%, 12/15/2038<sup>(b)</sup> | 1000 | 984498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38719471 |
|  Total Municipal Obligations<br>(cost $565,164,004) |  | 542056441 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS – 2.1%** |  |  |
|  **Investment Companies – 2.1%** |  |  |
|  AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.15%<sup>(i) (j) (k)</sup><br>(cost $6,778,828) | 6778828 | 6778828 |
|  **Total Investments – 170.0%**<br> (cost $571,942,832)<sup>(l)</sup> |  | 548835269 |
|  Other assets less liabilities – (70.0)% |  | (226084688) |
|  **Net Assets – 100.0%** |  | $**322750581** |

---

*(a)* *Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at July 31, 2025.* 

*(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, 2025, the aggregate market value of these securities amounted to $88,891,690 or 27.5% of net assets.* 

*(c)* *When-Issued or delayed delivery security.* 

*(d)* *Inverse floater security.* 

*(e)* *Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.* 

*(f)* *Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2025.* 

*(g)* *Defaulted matured security.* 

*(h)* *Non-income producing security.* 

*(i)* *The rate shown represents the 7-day yield as of period end.* 

*(j)* *Affiliated investments.* 

*(k)* *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.* 

*(l)* *As of July 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,303,271 and gross unrealized depreciation of investments was $(25,410,834), resulting in net unrealized depreciation of $(23,107,563).* 

------

*As of July 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 13.1% and 0.0%, respectively.* 

*Glossary:* 

*AG – Assured Guaranty Inc.* 

*BAM – Build American Mutual* 

*CFC – Community Finance Corporation* 

*CHF – Collegiate Housing Foundation* 

*OSF – Order of St. Francis* 

*SOFR – Secured Overnight Financing Rate* 

------

**Alliance Bernstein National Municipal Income Fund, Inc.** 

**July 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical investments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Long-Term Municipal Bonds | $— | $542056441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $542056441 |
| Short-Term Investments | 6778828 |  |  | 6778828 |
| Total Investments in Securities | 6778828 | 542056441 |  | 548835269 |
| **Other Financial Instruments<sup>(a)</sup>** |  |  |  |  |
| **Total** | $**6778828** | $**542056441** | $**—** | $**548835269** |

---

------

*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.* 

*<sup>(a)</sup>* *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, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value**<br> **10/31/2024**<br> **(000)** | **Purchases**<br> **at Cost**<br> **(000)** | **Sales**<br> **Proceeds**<br> **(000)** | **Market Value**<br> **07/31/2025**<br> **(000)** | **Dividend**<br> **Income**<br> **(000)** |
| AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND

- **b. Investment Company Act file number:** 811-10573

- **c. CIK number of Registrant:** 0001162027

- **d. LEI of Registrant:** MNYPOOOZYY8V01GEIT28

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ALLIANCEBERNSTEIN LP

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10001

  - **Telephone number:** 212-969-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND

- **c. LEI of Series:** MNYPOOOZYY8V01GEIT28

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $615000130.18

**Total Liabilities:** $292246224.53

**Net Assets:** $322753905.65

**Delayed Delivery Securities:** $43567842.25

**Cash Not Reported:** $1843042.35

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -602.77000000 | **1-Year:** -12383.68000000 | **5-Year:** -61074.07000000 | **10-Year:** -225741.34000000 | **30-Year:** -146732.56000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -94.65000000 | **1-Year:** -2378.72000000 | **5-Year:** -9080.22000000 | **10-Year:** -27386.83000000 | **30-Year:** -13363.85000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.19%                | 0.00%                | -1.26%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1400408.18             | $-6997872.45                               |
| Month 2  | $-1429966.01             | $3028314.33                                |
| Month 3  | $-3664138.36             | $-5223502.97                               |

### Schedule of Portfolio Investments

| Name                                                             | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Public Finance Authority                                         | PUBLIC FIN AUTH WI EDU REVENUE                                   | CUSIP: 74442EMF4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $835036.10    | 0.26%             | 2049-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                              | CUSIP: 744396KH4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1275241.80   | 0.40%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                        | ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE                       | CUSIP: 010869MJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $1402352.40   | 0.43%             | 2053-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                    | MASSACHUSETTS ST                                                 | CUSIP: 57582R3A2<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |         0 | PA      | $0.00         | 0.00%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                      | WASHINGTON ST HSG FIN COMMISSION                                 | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    936349 | PA      | $879455.75    | 0.27%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                           | M-S-R CA ENERGY AUTH GAS REVENUE                                 | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2365216.40   | 0.73%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                             | COLORADO ST HLTH FACS AUTH REVENUE                               | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    705000 | PA      | $689944.87    | 0.21%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                    | MASSACHUSETTS ST                                                 | CUSIP: 57582R5R3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  11060000 | PA      | $11133494.81  | 3.45%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                               | DENVER CO HLTH & HOSP AUTH HLTHCARE REVENUE                      | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044446.90   | 0.32%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                       | MICHIGAN ST FIN AUTH REVENUE                                     | CUSIP: 59447PYS4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2252286.45   | 0.70%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lincoln SD                                             | LINCOLN CNTY SD ECON DEV REVENREV                                | CUSIP: 53340EAD9<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $709279.60    | 0.22%             | 2061-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Plymouth Educational Center Charter School                       | PLYMOUTH MI EDUCTNL CENTER CHRT SCH PUBLIC SCH ACADEMY REVEN     | CUSIP: 729693AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $1070000.00   | 0.33%             | 2024-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                          | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1614680.40   | 0.50%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                         | NATIONAL FIN AUTH NH SPL REVENUE                                 | CUSIP: 63608TAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001266.10   | 0.31%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reno-Tahoe Airport Authority                                     | RENO-TAHOE NV ARPT AUTH ARPT REVENUE                             | CUSIP: 759874CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1910163.64   | 0.59%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                            | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE                   | CUSIP: 26444CHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5625000 | PA      | $5437529.44   | 1.68%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit Downtown Development Authority                           | DETROIT MI DOWNTOWN DEV AUTH TAX INCREMENT REVENUE               | CUSIP: 251135HU6<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   5335000 | PA      | $5291816.38   | 1.64%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI EDU REVENUE                                   | CUSIP: 74442EME7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $847230.30    | 0.26%             | 2044-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                           | MIAMI-DADE CNTY FL EXPRESSWAY AUTH TOLL SYS REVENUE              | CUSIP: 59334KJP4<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4887246.00   | 1.51%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                       | ILLINOIS FIN AUTH SURFACE FREIGHT TRANSFER FACS REVENUE          | CUSIP: 45203PAE4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997819.60   | 0.62%             | 2043-12-01      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                    | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE                   | CUSIP: 69651ACZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2879205.60   | 0.89%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greenwood Independent School District                            | GREENWOOD TX INDEP SCH DIST                                      | CUSIP: 397370KH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10095000 | PA      | $10157464.83  | 3.15%             | 2049-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                     | CUSIP: 34061ULN6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $882068.30    | 0.27%             | 2052-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                       | CUSIP: 70869PHX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6060000 | PA      | $5875685.71   | 1.82%             | 2042-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                     | CUSIP: 1675934S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2202077.23   | 0.68%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ulster County Capital Resource Corp                              | ULSTER CNTY NY CAPITAL RESOURCE CORP REVENUE                     | CUSIP: 903768AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $171538.34    | 0.05%             | 2042-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                        | INDIANA ST FIN AUTH STUDENT HSG REVENUE                          | CUSIP: 45471FAZ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1897508.00   | 0.59%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipality of Anchorage AK Solid Waste Services Revenue        | ANCHORAGE AK SOL WST SVCS REVENUE                                | CUSIP: 033262AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015947.60   | 0.31%             | 2062-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                      | WASHINGTON ST HSG FIN COMMISSION                                 | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    983819 | PA      | $890924.19    | 0.28%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Alliance Bernstein                                               | AB Fixed Income Shares, Inc. - Government Money Market Portfolio | CUSIP: 018616748<br>LEI: 5493006YWHO7MNK2U579 | Long             | STIV             | RF                | US        |   6778828 | NS      | $6778828.42   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| New Hampshire Business Finance Authority                         | NATIONAL FIN AUTH NH AFFORDABLE HSG CTFS                         | CUSIP: 63607DAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1999403 | PA      | $2006230.94   | 0.62%             | 2041-06-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                   | LAMAR TX CONSOL INDEP SCH DIST                                   | CUSIP: 513174L91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10065291.00  | 3.12%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                         | NATIONAL FIN AUTH NH SPL REVENUE                                 | CUSIP: 63608TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $933030.42    | 0.29%             | 2035-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Shelby County Health & Educational Facilities Board              | SHELBY CNTY TENN HEALTH EDL & HSG FAC BRD STUDENT HSG REVENU     | CUSIP: 82170LAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928015.30    | 0.29%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI REVENUE                                       | CUSIP: 74442PG58<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $896117.60    | 0.28%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                        | SALT LAKE CITY UT ARPT REVENUE                                   | CUSIP: 795576LD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2466868.00   | 0.76%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                    | Commonwealth of Massachusetts                                    | CUSIP: 57582R5R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |         0 | PA      | $0.00         | 0.00%             | 2054-01-01      | Fixed         | 12.82%                | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                     | CUSIP: 167593X80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5490162.60   | 1.70%             | 2053-01-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Town of Vail CO                                                  | VAIL CO COPS                                                     | CUSIP: 91878DAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6190890.60   | 1.92%             | 2064-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Smith TX                                               | SMITH CNTY TX                                                    | CUSIP: 832033NH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7020849.50   | 2.18%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                         | MIAMI-DADE CNTY FL AVIATION REVENUE                              | CUSIP: 593340AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10169511.00  | 3.15%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                          | CAPITAL TRUST AUTH FL CHRTR SCH REVENUE                          | CUSIP: 14054YAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2378095.50   | 0.74%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                               | CHICAGO IL                                                       | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2043509.60   | 0.63%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                    | CUSIP: 154871CG0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5295033.50   | 1.64%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                   | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17000000 | PA      | $10243712.10  | 3.17%             | 2054-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                     | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1985884.20   | 0.62%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                        | ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE                       | CUSIP: 010869JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $5512223.00   | 1.71%             | 2050-10-01      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI REVENUE                                       | CUSIP: 74442PF42<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $569443.90    | 0.18%             | 2034-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ulster County Capital Resource Corp                              | ULSTER CNTY NY CAPITAL RESOURCE CORP REVENUE                     | CUSIP: 903768AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $435812.57    | 0.14%             | 2037-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                             | CUSIP: 57585BMX3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000851.20   | 0.62%             | 2065-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                        | CUSIP: 837151A66<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1132000 | PA      | $763286.32    | 0.24%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                      | CALIFORNIA ST ENTERPRISE DEV AUTH CHRT SCH REVENUE               | CUSIP: 13069ABE7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1731128.80   | 0.54%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI HOTEL REVENUE                                 | CUSIP: 74447DAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $7964318.10   | 2.47%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE               | CUSIP: 87638TJS3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480658.55   | 0.46%             | 2055-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scranton School District/PA                                      | SCRANTON PA SCH DIST                                             | CUSIP: 810827XJ9<br>LEI: 549300SDNGI3OKNOUW62 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $963804.12    | 0.30%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                      | OHIO ST HGR EDUCTNL FAC COMMISSION                               | CUSIP: 67756DY59<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1873165.60   | 0.58%             | 2057-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                   | E-470 CO PUBLIC HIGHWAY AUTH                                     | CUSIP: 26822LMX9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997786.00   | 0.62%             | 2039-09-01      | Floating      | 3.67%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                    | CUSIP: 70917TTV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1992733.60   | 0.62%             | 2055-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                            | LOUISIANA PUB FACS AUTH REVENUE                                  | CUSIP: 546399UY0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956315.10    | 0.30%             | 2059-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI REVENUE                                       | CUSIP: 74442PZY4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     90000 | PA      | $94563.57     | 0.03%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Halifax Hospital Medical Center                                  | HALIFAX FL HOSP MED CTR                                          | CUSIP: 405815LL3<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2571258.00   | 0.80%             | 2054-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ulster County Capital Resource Corp                              | ULSTER CNTY NY CAPITAL RESOURCE CORP REVENUE                     | CUSIP: 903768AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $277545.53    | 0.09%             | 2047-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTHCARE REVENUE            | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5245575.83   | 1.63%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                          | HAWAII ST ARPTS SYS REVENUE                                      | CUSIP: 419794J45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10298361.00  | 3.19%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                | CALIFORNIA HSG FIN AGY MUNI CTFS                                 | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    932868 | PA      | $870389.02    | 0.27%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ulster County Capital Resource Corp                              | ULSTER CNTY NY CAPITAL RESOURCE CORP REVENUE                     | CUSIP: 903768AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $569682.17    | 0.18%             | 2053-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipality of Anchorage AK                                     | ANCHORAGE AK PORT REVENUE                                        | CUSIP: 033252CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2563901.40   | 0.79%             | 2060-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No 4                        | ST VRAIN LAKES MET DIST NO 4                                     | CUSIP: 85237KAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $674474.60    | 0.21%             | 2054-09-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Bond Finance Authority                                | LONG BEACH CA BOND FIN AUTH NATURAL GAS PURCHASE REVENUE         | CUSIP: 54241AAZ6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2191317.20   | 0.68%             | 2037-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                          | MUNI ELEC AUTH OF GEORGIA                                        | CUSIP: 626207Z72<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3049148.34   | 0.94%             | 2063-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Woodbury MN                                              | WOODBURY MN CHRT SCH LEASE REVENUE                               | CUSIP: 979134BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1764082.40   | 0.55%             | 2063-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                            | CUYAHOGA CNTY OH HOSP REVENUE                                    | CUSIP: 2322655U8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   4585000 | PA      | $4352250.27   | 1.35%             | 2052-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                           | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2447426.34   | 0.76%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE                  | CUSIP: 20775DDY5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1069312.80   | 0.33%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                           | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007092.40   | 0.62%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                             | CUSIP: 57585BBU1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $873600.30    | 0.27%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                        | CUSIP: 837151A58<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1566000 | PA      | $1006940.66   | 0.31%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                            | HAMILTON CNTY OH HOSP FACS REVENUE                               | CUSIP: 4072722W2<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4834031.00   | 1.50%             | 2051-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hidalgo County Regional Mobility Authority                       | HIDALGO CNTY TX REGL MOBILITY AUTH TOLL & VEHICLE REGISTRATI     | CUSIP: 42934AAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $843303.45    | 0.26%             | 2044-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                          | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1845899.80   | 0.57%             | 2056-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                           | CUSIP: 74443DHH7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3745427.20   | 1.16%             | 2047-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                             | CUSIP: 57584XD57<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5348111.23   | 1.66%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Hospital District No 1                | GRAYS HARBOR CNTY WA PUBLIC HOSP DIST #1 HOSP REVENUE            | CUSIP: 389526AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073991.50   | 0.33%             | 2053-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI HOTEL REVENUE                                 | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1383909.30   | 0.43%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                   | CUSIP: 650116JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10004064.00  | 3.10%             | 2059-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Township Health Care District                         | WASHINGTON TWP CA HLTH CARE DIST                                 | CUSIP: 940642GG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2439380.21   | 0.76%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue           | TRIBOROUGH NY BRIDGE & TUNNEL AUTH SALES TAX REVENUE             | CUSIP: 896035CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3006870.30   | 0.93%             | 2053-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                   | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES          | CUSIP: 88035PX37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1917839.00   | 0.59%             | 2044-05-01      | Variable      | 11.00%                | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI EDU REVENUE                                   | CUSIP: 74442EMG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $816428.60    | 0.25%             | 2053-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                     | CUSIP: 167593F64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6411262.00   | 1.99%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pulaski County Public Facilities Board                           | PULASKI CNTY AR PUBLIC FACS BRD HLTHCARE REVENUE                 | CUSIP: 74540HAM6<br>LEI: 549300FW3F0WYTXI3E38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1979960.00   | 0.61%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                       | STHRN CA PUBLIC PWR AUTH NATURAL GAS PROJ REVENUE                | CUSIP: 842471AY0<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3514295.94   | 1.09%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI HOSP REVENUE                                  | CUSIP: 74442CDL5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1293561.20   | 0.40%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                          | MIAMI-DADE CNTY FL                                               | CUSIP: 59333FJ35<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   4355000 | PA      | $3620287.98   | 1.12%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                               | MARYLAND ST ECON DEV CORP STUDENT HSG REVENUE                    | CUSIP: 57420VSP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078510.80   | 0.64%             | 2058-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                         | NATIONAL FIN AUTH NH REVENUE                                     | CUSIP: 63607YAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $788363.60    | 0.24%             | 2043-07-01      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                       | ILLINOIS ST FIN AUTH REVENUE                                     | CUSIP: 45203H5F5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4355901.00   | 1.35%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI STUDENT HSG REVENUE                           | CUSIP: 74439YBG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9544528.00   | 2.96%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                       | CHICAGO IL BRD OF EDU                                            | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2671544.10   | 0.83%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV      | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7661256.75   | 2.37%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                     | CUSIP: 928104QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3065000 | PA      | $2926555.48   | 0.91%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                             | BERKS CNTY PA MUNI AUTH                                          | CUSIP: 084538JK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $251682.06    | 0.08%             | 2044-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                 | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE             | CUSIP: 650028C27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006784.70   | 0.31%             | 2055-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No 40                           | MULTNOMAH CNTY OR SCH DIST #40                                   | CUSIP: 625693JN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $1238890.50   | 0.38%             | 2051-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                        | NEW JERSEY ST ECON DEV AUTH DOCK & WHARF FAC REVENUE             | CUSIP: 64578TAB0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016652.20   | 0.31%             | 2045-01-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                   | MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE                | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1095554.38   | 0.34%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                   | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES          | CUSIP: 88035P3F3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2818783.00   | 0.87%             | 2055-10-01      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                          | CUSIP: 13080SMH4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    800000 | PA      | $801360.56    | 0.25%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE           | CUSIP: 837032CE9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8922186.00   | 2.76%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vail Home Partners Corp                                          | VAIL HOME PARTNERS CORP CO HSG FACS REVENUE                      | CUSIP: 91879VAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980188.40    | 0.30%             | 2064-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                         | NATIONAL FIN AUTH NH MUNI CTFS                                   | CUSIP: 63607WAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735430 | PA      | $727748.69    | 0.23%             | 2034-01-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Rockwall Independent School District                             | Rockwall Independent School District                             | CUSIP: 774286EV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |         0 | PA      | $0.00         | 0.00%             | 2054-02-15      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp              | NEW HOPE CULTURAL EDU FACS FIN CORP TX CAPITAL IMPT REVENUE      | CUSIP: 64542YAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505832.85    | 0.16%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health & Educational Facilities Board              | SHELBY CNTY TENN HEALTH EDL & HSG FAC BRD STUDENT HSG REVENU     | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1847296.21   | 0.57%             | 2056-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                               | DALLAS TX INDEP SCH DIST                                         | CUSIP: 235308Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $2675106.00   | 0.83%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Melissa Independent School District                              | MELISSA TX INDEP SCH DIST                                        | CUSIP: 585488YU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4430000 | PA      | $2868364.53   | 0.89%             | 2053-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                    | HENRICO CNTY VA ECON DEV AUTH HLTH FACS REVENUE                  | CUSIP: 42605XAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990302.20    | 0.31%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                          | CUSIP: 13080SM84<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013731.20   | 0.62%             | 2057-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                    | CUSIP: 70917TTU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090435.00   | 0.65%             | 2055-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                 | FLORIDA ST DEV FIN CORP                                          | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9561981.00   | 2.96%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                | ATLANTA GA DEV AUTH                                              | CUSIP: 04780NMY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1699278.40   | 0.53%             | 2048-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                | ILLINOIS ST                                                      | CUSIP: 452153KD0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4253091.22   | 1.32%             | 2046-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI REVENUE                                       | CUSIP: 74442PF91<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984498.00    | 0.31%             | 2038-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                         | MET PIER & EXPOSITION AUTH IL REVENUE                            | CUSIP: 592250CL6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   8755000 | PA      | $8322238.60   | 2.58%             | 2057-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                              | NEW YORK NY                                                      | CUSIP: 64966Q6R6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  11300000 | PA      | $9683262.67   | 3.00%             | 2053-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                 | CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE      | CUSIP: 13054WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3061205.24   | 0.95%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                             | BERKS CNTY PA MUNI AUTH                                          | CUSIP: 084538JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $161870.30    | 0.05%             | 2034-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                         | NATIONAL FIN AUTH NH MF AFFORDABLE HSG                           | CUSIP: 63610CAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009822.20   | 0.62%             | 2042-04-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                   | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES          | CUSIP: 88035RFJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1643705.62   | 0.51%             | 2056-11-01      | Variable      | 10.90%                | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                | NORTH CAROLINA ST TURNPIKE AUTH                                  | CUSIP: 65830RDE6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $237652.30    | 0.07%             | 2053-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                    | CUSIP: 97712JPH0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052926.80   | 0.64%             | 2048-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hidalgo County Regional Mobility Authority                       | HIDALGO CNTY TX REGL MOBILITY AUTH TOLL & VEHICLE REGISTRATI     | CUSIP: 42934AAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $737881.40    | 0.23%             | 2043-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                        | TULSA OK MUNI ARPT TRUST TRUSTEES                                | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2164410.00   | 0.67%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                 | LEE CNTY FL ARPT REVENUE                                         | CUSIP: 523470HX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4022227.60   | 1.25%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                               | DETROIT MI                                                       | CUSIP: 2510934Q0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1979742.24   | 0.61%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 56681NJJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960461.70    | 0.30%             | 2060-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                       | CUSIP: 14054WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1835577.00   | 0.57%             | 2065-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                         | NATIONAL FIN AUTH NH SPL REVENUE                                 | CUSIP: 63608TAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996208.80    | 0.31%             | 2032-12-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                               | DETROIT MI                                                       | CUSIP: 2510936E5<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2458321.65   | 0.76%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE            | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1012433.30   | 0.31%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                              | VIRGINIA CLG BLDG AUTH EDUCTNL FACS REVENUE                      | CUSIP: 92778FLZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2285228.00   | 0.71%             | 2055-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                          | MUNI ELEC AUTH OF GEORGIA                                        | CUSIP: 626207X25<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1951049.20   | 0.60%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                           | M-S-R CA ENERGY AUTH GAS REVENUE                                 | CUSIP: 55374SAJ9<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2365216.40   | 0.73%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hidalgo County Regional Mobility Authority                       | HIDALGO CNTY TX REGL MOBILITY AUTH TOLL & VEHICLE REGISTRATI     | CUSIP: 42934AAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3360000 | PA      | $1108894.42   | 0.34%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                    | CUSIP: 97712JKN2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2683889.40   | 0.83%             | 2054-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                           | GRAND FORKS ND HLTH CARE SYS REVENUE                             | CUSIP: 38546WEQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1946150.60   | 0.60%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rockwall Independent School District                             | ROCKWALL TX INDEP SCH DIST                                       | CUSIP: 774286EV6<br>LEI: 5493008ZIVPUZPQOR621 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10022653.00  | 3.11%             | 2054-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                    | CUSIP: 52349EEV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1815740.40   | 0.56%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                        | CUSIP: 041807DC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2647090.20   | 0.82%             | 2058-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                        | INDIANA FIN AUTH EDUCTNL FACS REVENUE                            | CUSIP: 45470ECC7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2683503.00   | 0.83%             | 2057-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                       | CHICAGO IL BRD OF EDU                                            | CUSIP: 167505WC6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5005000 | PA      | $4451471.52   | 1.38%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital | BRD OF MANAGERS TX JT GUADALUPE CNTY-CITY OF SEGUIN HOSP MTG     | CUSIP: 09659MAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3634498.40   | 1.13%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                         | NATIONAL FIN AUTH NH AFFORDABLE HSG CTFS                         | CUSIP: 63607DAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1997881 | PA      | $1878725.18   | 0.58%             | 2040-10-20      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                        | NEW JERSEY ST ECON DEV AUTH REVENUE                              | CUSIP: 6459182A0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001374.20   | 0.31%             | 2034-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI EDU REVENUE                                   | CUSIP: 74442EMS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1825625.20   | 0.57%             | 2065-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                         | MASSACHUSETTS ST DEV FIN AGY SENIOR LIVING REVENUE               | CUSIP: 57563WAB4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970304.20    | 0.30%             | 2045-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA                                           | NEW ORLEANS LA                                                   | CUSIP: 64763FZN2<br>LEI: 54930084B6KHR5PR2651 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5811809.40   | 1.80%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE             | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1783289.60   | 0.55%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                     | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE                 | CUSIP: 39160CBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3964832.40   | 1.23%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                         | NATIONAL FIN AUTH NH REVENUE                                     | CUSIP: 63607YCX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1878213.40   | 0.58%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                             | DIST OF COLUMBIA REVENUE                                         | CUSIP: 25483VE91<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047223.20   | 0.63%             | 2055-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA                                           | NEW ORLEANS LA                                                   | CUSIP: 64763FZJ1<br>LEI: 54930084B6KHR5PR2651 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3887855.20   | 1.20%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                    | CUSIP: 52349EEQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1914523.60   | 0.59%             | 2054-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE            | CUSIP: 93878YEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053966.80   | 0.64%             | 2055-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                             | CUSIP: 57585BKB3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002022.00   | 0.62%             | 2050-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                             | BERKS CNTY PA MUNI AUTH                                          | CUSIP: 084538JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905621.50    | 0.28%             | 2039-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                              | LEANDER TX INDEP SCH DIST                                        | CUSIP: 521841S98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10067753.00  | 3.12%             | 2055-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE                  | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1281078.00   | 0.40%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                         | PUBLIC FIN AUTH WI TOLL REVENUE                                  | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1906726.00   | 0.59%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                     | CUSIP: 34061UKN7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2513455.10   | 0.78%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                   | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES          | CUSIP: 88035RFD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5567924.12   | 1.73%             | 2053-05-01      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE                  | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   8700000 | PA      | $9036975.36   | 2.80%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Worthington City School District                                 | WORTHINGTON OH CITY SCH DIST                                     | CUSIP: 982038TL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10357088.00  | 3.21%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act      | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                    | CUSIP: 64461XFV2<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1898855.80   | 0.59%             | 2059-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                              | PROSPER TX INDEP SCH DIST                                        | CUSIP: 7436003S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8397628.00   | 2.60%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                        | ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE                       | CUSIP: 010869MH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $1599676.00   | 0.50%             | 2052-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND

**Signature:** Stephen Woetzel

**Name of Signer:** Stephen Woetzel

**Title:** Controller