<p>，/PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB]（以下简称 “基金”）今天发布了截至 2026 年 3 月 31 日的月度投资组合更新。</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>AllianceBernstein National Municipal Income Fund, Inc.</td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>前十大固定收益持仓</strong></td>
<td></td>
<td><strong>投资组合百分比</strong></td>
</tr>
<tr>
<td>1) 旧金山国际机场 2026-2 系列 5.50%，05/01/55</td>
<td></td>
<td>3.68 %</td>
</tr>
<tr>
<td>2) 梅丽莎独立学区 2024-2 系列 4.25%，02/01/53</td>
<td></td>
<td>2.09 %</td>
</tr>
<tr>
<td>3) 马萨诸塞州联邦 2025-2 系列 5.00%，01/01/54</td>
<td></td>
<td>1.98 %</td>
</tr>
<tr>
<td>4) 纽约交通发展公司 2024 零息债券，12/31/54</td>
<td></td>
<td>1.92 %</td>
</tr>
<tr>
<td>5) 俄克拉荷马州收费公路管理局 2023 系列 4.50%，01/01/53</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>6) 夏威夷州机场系统收入 2025-2 系列 5.50%，07/01/54</td>
<td></td>
<td>1.85 %</td>
</tr>
<tr>
<td>7) 华盛顿大都会机场管理局航空收入 2025-2 系列 5.50%，10/01/55</td>
<td></td>
<td>1.84 %</td>
</tr>
<tr>
<td>8) 达拉斯独立学区 2024-2 系列 4.00%，02/15/54</td>
<td></td>
<td>1.84 %</td>
</tr>
<tr>
<td>9) 亚特兰大市航空局 2025-2 系列 5.50%，07/01/55</td>
<td></td>
<td>1.83 %</td>
</tr>
<tr>
<td>10) 沃辛顿市学区 2025-2 系列 5.50%，12/01/54</td>
<td></td>
<td>1.83 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>行业/部门分布</strong></td>
<td></td>
<td><strong>投资组合百分比</strong></td>
</tr>
<tr>
<td>收入</td>
<td></td>
<td></td>
</tr>
<tr>
<td>机场</td>
<td></td>
<td>13.48 %</td>
</tr>
<tr>
<td>医疗保健 - 非营利</td>
<td></td>
<td>10.98 %</td>
</tr>
<tr>
<td>收入 - 杂项</td>
<td></td>
<td>7.17 %</td>
</tr>
<tr>
<td>收费公路/交通</td>
<td></td>
<td>5.73 %</td>
</tr>
<tr>
<td>工业开发 - 航空公司</td>
<td></td>
<td>5.10 %</td>
</tr>
<tr>
<td>预付能源</td>
<td></td>
<td>4.58 %</td>
</tr>
<tr>
<td>公立初中/高中教育</td>
<td></td>
<td>4.00 %</td>
</tr>
<tr>
<td>私立高等教育</td>
<td></td>
<td>3.80 %</td>
</tr>
<tr>
<td>港口</td>
<td></td>
<td>2.27 %</td>
</tr>
<tr>
<td>工业开发 - 行业</td>
<td></td>
<td>1.95 %</td>
</tr>
<tr>
<td>公立高等教育</td>
<td></td>
<td>1.75 %</td>
</tr>
<tr>
<td>老年生活</td>
<td></td>
<td>1.51 %</td>
</tr>
<tr>
<td>电力公用事业</td>
<td></td>
<td>1.11 %</td>
</tr>
<tr>
<td>水和污水</td>
<td></td>
<td>0.80 %</td>
</tr>
<tr>
<td>烟草证券化</td>
<td></td>
<td>0.29 %</td>
</tr>
<tr>
<td>私立初中/高中教育</td>
<td></td>
<td>0.17 %</td>
</tr>
<tr>
<td>小计</td>
<td></td>
<td>64.69 %</td>
</tr>
<tr>
<td>税收支持</td>
<td></td>
<td></td>
</tr>
<tr>
<td>地方一般义务债券</td>
<td></td>
<td>10.22 %</td>
</tr>
<tr>
<td>州一般义务债券</td>
<td></td>
<td>6.68 %</td>
</tr>
<tr>
<td>特殊税</td>
<td></td>
<td>4.95 %</td>
</tr>
<tr>
<td>地方租赁</td>
<td></td>
<td>1.47 %</td>
</tr>
<tr>
<td>评估区</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>小计</td>
<td></td>
<td>23.68 %</td>
</tr>
<tr>
<td>担保</td>
<td></td>
<td>9.78 %</td>
</tr>
<tr>
<td>资产支持</td>
<td></td>
<td></td>
</tr>
<tr>
<td>住房 - 多户</td>
<td></td>
<td>1.35 %</td>
</tr>
<tr>
<td>小计</td>
<td></td>
<td>1.35 %</td>
</tr>
<tr>
<td>商业抵押贷款支持证券</td>
<td></td>
<td></td>
</tr>
<tr>
<td>机构 CMBS</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>非机构固定利率 CMBS</td>
<td></td>
<td>0.12 %</td>
</tr>
<tr>
<td>小计</td>
<td></td>
<td>0.48 %</td>
</tr>
<tr>
<td>预偿还/ETM</td>
<td></td>
<td>0.02 %</td>
</tr>
<tr>
<td>总计</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>州分布</strong></td>
<td></td>
<td><strong>投资组合百分比</strong></td>
</tr>
<tr>
<td>德克萨斯州</td>
<td></td>
<td>13.45 %</td>
</tr>
<tr>
<td>加利福尼亚州</td>
<td></td>
<td>12.18 %</td>
</tr>
<tr>
<td>纽约州</td>
<td></td>
<td>8.15 %</td>
</tr>
<tr>
<td>佛罗里达州</td>
<td></td>
<td>7.81 %</td>
</tr>
<tr>
<td>伊利诺伊州</td>
<td></td>
<td>7.73 %</td>
</tr>
<tr>
<td>马萨诸塞州</td>
<td></td>
<td>6.16 %</td>
</tr>
<tr>
<td>威斯康星州</td>
<td></td>
<td>6.10 %</td>
</tr>
<tr>
<td>乔治亚州</td>
<td></td>
<td>4.19 %</td>
</tr>
<tr>
<td>俄亥俄州</td>
<td></td>
<td>4.11 %</td>
</tr>
<tr>
<td>新罕布什尔州</td>
<td></td>
<td>2.83 %</td>
</tr>
<tr>
<td>宾夕法尼亚州</td>
<td></td>
<td>2.82 %</td>
</tr>
<tr>
<td>哥伦比亚特区</td>
<td></td>
<td>2.57 %</td>
</tr>
<tr>
<td>俄克拉荷马州</td>
<td></td>
<td>2.24 %</td>
</tr>
<tr>
<td>路易斯安那州</td>
<td></td>
<td>2.09 %</td>
</tr>
<tr>
<td>亚利桑那州</td>
<td></td>
<td>1.99 %</td>
</tr>
<tr>
<td>科罗拉多州</td>
<td></td>
<td>1.93 %</td>
</tr>
<tr>
<td>密歇根州</td>
<td></td>
<td>1.89 %</td>
</tr>
<tr>
<td>夏威夷州</td>
<td></td>
<td>1.85 %</td>
</tr>
<tr>
<td>明尼苏达州</td>
<td></td>
<td>1.27 %</td>
</tr>
<tr>
<td>阿拉巴马州</td>
<td></td>
<td>0.96 %</td>
</tr>
<tr>
<td>内布拉斯加州</td>
<td></td>
<td>0.92 %</td>
</tr>
<tr>
<td>印第安纳州</td>
<td></td>
<td>0.82 %</td>
</tr>
<tr>
<td>北卡罗来纳州</td>
<td></td>
<td>0.75 %</td>
</tr>
<tr>
<td>弗吉尼亚州</td>
<td></td>
<td>0.74 %</td>
</tr>
<tr>
<td>南卡罗来纳州</td>
<td></td>
<td>0.68 %</td>
</tr>
<tr>
<td>华盛顿州</td>
<td></td>
<td>0.67 %</td>
</tr>
<tr>
<td>田纳西州</td>
<td></td>
<td>0.52 %</td>
</tr>
<tr>
<td>犹他州</td>
<td></td>
<td>0.44 %</td>
</tr>
<tr>
<td>马里兰州</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>新泽西州</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>阿肯色州</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>北达科他州</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>俄勒冈州</td>
<td></td>
<td>0.24 %</td>
</tr>
<tr>
<td>康涅狄格州</td>
<td></td>
<td>0.20 %</td>
</tr>
<tr>
<td>阿拉斯加州</td>
<td></td>
<td>0.15 %</td>
</tr>
<tr>
<td>南达科他州</td>
<td></td>
<td>0.13 %</td>
</tr>
<tr>
<td>总投资</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>信用质量分布</strong></td>
<td></td>
<td><strong>投资组合百分比</strong></td>
</tr>
<tr>
<td>AAA</td>
<td></td>
<td>10.33 %</td>
</tr>
<tr>
<td>AA</td>
<td></td>
<td>40.38 %</td>
</tr>
<tr>
<td>A</td>
<td></td>
<td>18.27 %</td>
</tr>
<tr>
<td>BBB</td>
<td></td>
<td>18.37 %</td>
</tr>
<tr>
<td>BB</td>
<td></td>
<td>7.53 %</td>
</tr>
<tr>
<td>B</td>
<td></td>
<td>0.52 %</td>
</tr>
<tr>
<td>未评级</td>
<td></td>
<td>4.58 %</td>
</tr>
<tr>
<td>预偿还债券</td>
<td></td>
<td>0.02 %</td>
</tr>
<tr>
<td>总计</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>按到期分布的债券</strong></td>
<td></td>
<td><strong>投资组合百分比</strong></td>
</tr>
<tr>
<td>少于 1 年</td>
<td></td>
<td>0.15 %</td>
</tr>
<tr>
<td>1 到 5 年</td>
<td></td>
<td>0.13 %</td>
</tr>
<tr>
<td>5 到 10 年</td>
<td></td>
<td>2.76 %</td>
</tr>
<tr>
<td>10 到 20 年</td>
<td></td>
<td>13.56 %</td>
</tr>
<tr>
<td>20 到 30 年</td>
<td></td>
<td>63.80 %</td>
</tr>
<tr>
<td>超过 30 年</td>
<td></td>
<td>19.60 %</td>
</tr>
<tr>
<td>其他</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>总净资产</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>投资组合统计数据：</strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td>AMT 百分比：</td>
<td></td>
<td>22.35 %</td>
</tr>
<tr>
<td>平均票息：</td>
<td></td>
<td>5.09 %</td>
</tr>
<tr>
<td>杠杆比例：</td>
<td></td>
<td></td>
</tr>
<tr>
<td>银行借款：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>投资操作：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>拍卖优先股（APS）：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>投标选择债券：</td>
<td></td>
<td>23.16 %</td>
</tr>
<tr>
<td>VMTP 股份：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>VRDP 股份：</td>
<td></td>
<td>17.47 %</td>
</tr>
<tr>
<td>基金总杠杆：</td>
<td></td>
<td>40.63%*</td>
</tr>
<tr>
<td>平均到期：</td>
<td></td>
<td>14.50 年</td>
</tr>
<tr>
<td>有效久期：</td>
<td></td>
<td>12.60 年</td>
</tr>
<tr>
<td>总净资产：</td>
<td></td>
<td>$338.21 百万 **</td>
</tr>
<tr>
<td>普通股净资产值：</td>
<td></td>
<td>$11.77</td>
</tr>
<tr>
<td>持仓总数：</td>
<td></td>
<td>181</td>
</tr>
<tr>
<td>投资组合周转率：</td>
<td></td>
<td>56.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>* 杠杆的总百分比由投标选择债券的 23.16%、已发行和未偿还的 VRDP 的 17.47% 和投资操作的 0.00% 构成，这可能包括使用某些投资组合管理技术，如信用违约掉期、美元回滚、负现金、反向回购协议和待发证券。</td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>** 基金还在清算价值上有$100,000,000 的 VRDP 未偿还，这不包括在总净资产中，因为它被视为财务报告目的下的负债。</td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>上述投资组合特征截至所示日期，预计会发生变化。该基金是由 AllianceBernstein L. P.顾问的美国注册封闭式管理投资公司。</td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<p>来源：AllianceBernstein National Municipal Income Fund, Inc.</p>

<p>AllianceBernstein 国家市政收入基金公司（NYSE: AFB）发布了截至 2026 年 3 月 31 日的月度投资组合更新。主要持仓包括旧金山国际机场 2026-2 系列和梅丽莎独立学区 2024-2 系列。投资组合在各个行业中实现了多元化，重点投资于机场和医疗保健领域。该基金的总净资产为 3.3821 亿美元，平均到期时间为 14.50 年，有效久期为 12.60 年。该基金通过投标选择债券和可变利率债务工具（VRDPs）使用杠杆，总计达到 40.63%</p>

<p>, /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the &#34;Fund&#34;) today released its monthly portfolio update as of March 31, 2026.</p>
<div class="lb-trans"><p>，/PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB]（以下简称 “基金”）今天发布了截至 2026 年 3 月 31 日的月度投资组合更新。</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>AllianceBernstein National Municipal Income Fund, Inc.</td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>Top 10 Fixed-Income Holdings</strong></td>
<td></td>
<td><strong>Portfolio %</strong></td>
</tr>
<tr>
<td>1) San Francisco Intl Airport Series 2026-2 5.50%, 05/01/55</td>
<td></td>
<td>3.68 %</td>
</tr>
<tr>
<td>2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53</td>
<td></td>
<td>2.09 %</td>
</tr>
<tr>
<td>3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54</td>
<td></td>
<td>1.98 %</td>
</tr>
<tr>
<td>4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54</td>
<td></td>
<td>1.92 %</td>
</tr>
<tr>
<td>5) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>6) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54</td>
<td></td>
<td>1.85 %</td>
</tr>
<tr>
<td>7) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55</td>
<td></td>
<td>1.84 %</td>
</tr>
<tr>
<td>8) Dallas Independent School District Series 2024-2 4.00%, 02/15/54</td>
<td></td>
<td>1.84 %</td>
</tr>
<tr>
<td>9) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55</td>
<td></td>
<td>1.83 %</td>
</tr>
<tr>
<td>10) Worthington City School District Series 2025-2 5.50%, 12/01/54</td>
<td></td>
<td>1.83 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>Sector/Industry Breakdown</strong></td>
<td></td>
<td><strong>Portfolio %</strong></td>
</tr>
<tr>
<td>Revenue</td>
<td></td>
<td></td>
</tr>
<tr>
<td>Airport</td>
<td></td>
<td>13.48 %</td>
</tr>
<tr>
<td>Health Care - Not-for-Profit</td>
<td></td>
<td>10.98 %</td>
</tr>
<tr>
<td>Revenue - Miscellaneous</td>
<td></td>
<td>7.17 %</td>
</tr>
<tr>
<td>Toll Roads/Transit</td>
<td></td>
<td>5.73 %</td>
</tr>
<tr>
<td>Industrial Development - Airline</td>
<td></td>
<td>5.10 %</td>
</tr>
<tr>
<td>Prepay Energy</td>
<td></td>
<td>4.58 %</td>
</tr>
<tr>
<td>Primary/Secondary Ed. - Public</td>
<td></td>
<td>4.00 %</td>
</tr>
<tr>
<td>Higher Education - Private</td>
<td></td>
<td>3.80 %</td>
</tr>
<tr>
<td>Port</td>
<td></td>
<td>2.27 %</td>
</tr>
<tr>
<td>Industrial Development - Industry</td>
<td></td>
<td>1.95 %</td>
</tr>
<tr>
<td>Higher Education - Public</td>
<td></td>
<td>1.75 %</td>
</tr>
<tr>
<td>Senior Living</td>
<td></td>
<td>1.51 %</td>
</tr>
<tr>
<td>Electric Utility</td>
<td></td>
<td>1.11 %</td>
</tr>
<tr>
<td>Water &amp; Sewer</td>
<td></td>
<td>0.80 %</td>
</tr>
<tr>
<td>Tobacco Securitization</td>
<td></td>
<td>0.29 %</td>
</tr>
<tr>
<td>Primary/Secondary Ed. - Private</td>
<td></td>
<td>0.17 %</td>
</tr>
<tr>
<td>SUBTOTAL</td>
<td></td>
<td>64.69 %</td>
</tr>
<tr>
<td>Tax Supported</td>
<td></td>
<td></td>
</tr>
<tr>
<td>Local G.O.</td>
<td></td>
<td>10.22 %</td>
</tr>
<tr>
<td>State G.O.</td>
<td></td>
<td>6.68 %</td>
</tr>
<tr>
<td>Special Tax</td>
<td></td>
<td>4.95 %</td>
</tr>
<tr>
<td>Local Lease</td>
<td></td>
<td>1.47 %</td>
</tr>
<tr>
<td>Assessment District</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>SUBTOTAL</td>
<td></td>
<td>23.68 %</td>
</tr>
<tr>
<td>Guaranteed</td>
<td></td>
<td>9.78 %</td>
</tr>
<tr>
<td>Asset-Backed</td>
<td></td>
<td></td>
</tr>
<tr>
<td>Housing - Multi-Family</td>
<td></td>
<td>1.35 %</td>
</tr>
<tr>
<td>SUBTOTAL</td>
<td></td>
<td>1.35 %</td>
</tr>
<tr>
<td>Commercial Mortgage-Backed Securities</td>
<td></td>
<td></td>
</tr>
<tr>
<td>Agency CMBS</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>Non-Agency Fixed Rate CMBS</td>
<td></td>
<td>0.12 %</td>
</tr>
<tr>
<td>SUBTOTAL</td>
<td></td>
<td>0.48 %</td>
</tr>
<tr>
<td>Prerefunded/ETM</td>
<td></td>
<td>0.02 %</td>
</tr>
<tr>
<td>Total</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>State Breakdown</strong></td>
<td></td>
<td><strong>Portfolio %</strong></td>
</tr>
<tr>
<td>Texas</td>
<td></td>
<td>13.45 %</td>
</tr>
<tr>
<td>California</td>
<td></td>
<td>12.18 %</td>
</tr>
<tr>
<td>New York</td>
<td></td>
<td>8.15 %</td>
</tr>
<tr>
<td>Florida</td>
<td></td>
<td>7.81 %</td>
</tr>
<tr>
<td>Illinois</td>
<td></td>
<td>7.73 %</td>
</tr>
<tr>
<td>Massachusetts</td>
<td></td>
<td>6.16 %</td>
</tr>
<tr>
<td>Wisconsin</td>
<td></td>
<td>6.10 %</td>
</tr>
<tr>
<td>Georgia</td>
<td></td>
<td>4.19 %</td>
</tr>
<tr>
<td>Ohio</td>
<td></td>
<td>4.11 %</td>
</tr>
<tr>
<td>New Hampshire</td>
<td></td>
<td>2.83 %</td>
</tr>
<tr>
<td>Pennsylvania</td>
<td></td>
<td>2.82 %</td>
</tr>
<tr>
<td>District of Columbia</td>
<td></td>
<td>2.57 %</td>
</tr>
<tr>
<td>Oklahoma</td>
<td></td>
<td>2.24 %</td>
</tr>
<tr>
<td>Louisiana</td>
<td></td>
<td>2.09 %</td>
</tr>
<tr>
<td>Arizona</td>
<td></td>
<td>1.99 %</td>
</tr>
<tr>
<td>Colorado</td>
<td></td>
<td>1.93 %</td>
</tr>
<tr>
<td>Michigan</td>
<td></td>
<td>1.89 %</td>
</tr>
<tr>
<td>Hawaii</td>
<td></td>
<td>1.85 %</td>
</tr>
<tr>
<td>Minnesota</td>
<td></td>
<td>1.27 %</td>
</tr>
<tr>
<td>Alabama</td>
<td></td>
<td>0.96 %</td>
</tr>
<tr>
<td>Nebraska</td>
<td></td>
<td>0.92 %</td>
</tr>
<tr>
<td>Indiana</td>
<td></td>
<td>0.82 %</td>
</tr>
<tr>
<td>North Carolina</td>
<td></td>
<td>0.75 %</td>
</tr>
<tr>
<td>Virginia</td>
<td></td>
<td>0.74 %</td>
</tr>
<tr>
<td>South Carolina</td>
<td></td>
<td>0.68 %</td>
</tr>
<tr>
<td>Washington</td>
<td></td>
<td>0.67 %</td>
</tr>
<tr>
<td>Tennessee</td>
<td></td>
<td>0.52 %</td>
</tr>
<tr>
<td>Utah</td>
<td></td>
<td>0.44 %</td>
</tr>
<tr>
<td>Maryland</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>New Jersey</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>Arkansas</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>North Dakota</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>Oregon</td>
<td></td>
<td>0.24 %</td>
</tr>
<tr>
<td>Connecticut</td>
<td></td>
<td>0.20 %</td>
</tr>
<tr>
<td>Alaska</td>
<td></td>
<td>0.15 %</td>
</tr>
<tr>
<td>South Dakota</td>
<td></td>
<td>0.13 %</td>
</tr>
<tr>
<td>Total Investments</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>Credit Quality Breakdown</strong></td>
<td></td>
<td><strong>Portfolio %</strong></td>
</tr>
<tr>
<td>AAA</td>
<td></td>
<td>10.33 %</td>
</tr>
<tr>
<td>AA</td>
<td></td>
<td>40.38 %</td>
</tr>
<tr>
<td>A</td>
<td></td>
<td>18.27 %</td>
</tr>
<tr>
<td>BBB</td>
<td></td>
<td>18.37 %</td>
</tr>
<tr>
<td>BB</td>
<td></td>
<td>7.53 %</td>
</tr>
<tr>
<td>B</td>
<td></td>
<td>0.52 %</td>
</tr>
<tr>
<td>Not Rated</td>
<td></td>
<td>4.58 %</td>
</tr>
<tr>
<td>Pre-refunded Bonds</td>
<td></td>
<td>0.02 %</td>
</tr>
<tr>
<td>Total</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>Bonds by Maturity</strong></td>
<td></td>
<td><strong>Portfolio %</strong></td>
</tr>
<tr>
<td>Less than 1 Year</td>
<td></td>
<td>0.15 %</td>
</tr>
<tr>
<td>1 to 5 Years</td>
<td></td>
<td>0.13 %</td>
</tr>
<tr>
<td>5 to 10 Years</td>
<td></td>
<td>2.76 %</td>
</tr>
<tr>
<td>10 to 20 Years</td>
<td></td>
<td>13.56 %</td>
</tr>
<tr>
<td>20 to 30 Years</td>
<td></td>
<td>63.80 %</td>
</tr>
<tr>
<td>More than 30 Years</td>
<td></td>
<td>19.60 %</td>
</tr>
<tr>
<td>Other</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>Total Net Assets</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>Portfolio Statistics:</strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td>AMT Percent:</td>
<td></td>
<td>22.35 %</td>
</tr>
<tr>
<td>Average Coupon:</td>
<td></td>
<td>5.09 %</td>
</tr>
<tr>
<td>Percentage of Leverage:</td>
<td></td>
<td></td>
</tr>
<tr>
<td>Bank Borrowing:</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>Investment Operations:</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>Auction Preferred Shares (APS):</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>Tender Option Bonds:</td>
<td></td>
<td>23.16 %</td>
</tr>
<tr>
<td>VMTP Shares:</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>VRDP Shares:</td>
<td></td>
<td>17.47 %</td>
</tr>
<tr>
<td>Total Fund Leverage:</td>
<td></td>
<td>40.63%*</td>
</tr>
<tr>
<td>Average Maturity:</td>
<td></td>
<td>14.50 Years</td>
</tr>
<tr>
<td>Effective Duration:</td>
<td></td>
<td>12.60 Years</td>
</tr>
<tr>
<td>Total Net Assets:</td>
<td></td>
<td>$338.21 Million**</td>
</tr>
<tr>
<td>Common Stock Net Asset Value:</td>
<td></td>
<td>$11.77</td>
</tr>
<tr>
<td>Total Number of Holdings:</td>
<td></td>
<td>181</td>
</tr>
<tr>
<td>Portfolio Turnover:</td>
<td></td>
<td>56.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>* The total percentage of leverage constitutes 23.16% through the use of tender option bonds, 17.47%</td>
<td></td>
<td></td>
</tr>
<tr>
<td>in issued and outstanding VRDPs and 0.00% in investment operations, which may include the use of</td>
<td></td>
<td></td>
</tr>
<tr>
<td>certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash,</td>
<td></td>
<td></td>
</tr>
<tr>
<td>reverse repurchase agreements and when-issued securities.</td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>** The Fund also had outstanding $100,000,000 of VRDPs at liquidation value, which is not included</td>
<td></td>
<td></td>
</tr>
<tr>
<td>in Total Net Assets because it is treated as a liability for financial reporting purposes.</td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The</td>
<td></td>
<td></td>
</tr>
<tr>
<td>Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.</td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>AllianceBernstein National Municipal Income Fund, Inc.</td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>前十大固定收益持仓</strong></td>
<td></td>
<td><strong>投资组合百分比</strong></td>
</tr>
<tr>
<td>1) 旧金山国际机场 2026-2 系列 5.50%，05/01/55</td>
<td></td>
<td>3.68 %</td>
</tr>
<tr>
<td>2) 梅丽莎独立学区 2024-2 系列 4.25%，02/01/53</td>
<td></td>
<td>2.09 %</td>
</tr>
<tr>
<td>3) 马萨诸塞州联邦 2025-2 系列 5.00%，01/01/54</td>
<td></td>
<td>1.98 %</td>
</tr>
<tr>
<td>4) 纽约交通发展公司 2024 零息债券，12/31/54</td>
<td></td>
<td>1.92 %</td>
</tr>
<tr>
<td>5) 俄克拉荷马州收费公路管理局 2023 系列 4.50%，01/01/53</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>6) 夏威夷州机场系统收入 2025-2 系列 5.50%，07/01/54</td>
<td></td>
<td>1.85 %</td>
</tr>
<tr>
<td>7) 华盛顿大都会机场管理局航空收入 2025-2 系列 5.50%，10/01/55</td>
<td></td>
<td>1.84 %</td>
</tr>
<tr>
<td>8) 达拉斯独立学区 2024-2 系列 4.00%，02/15/54</td>
<td></td>
<td>1.84 %</td>
</tr>
<tr>
<td>9) 亚特兰大市航空局 2025-2 系列 5.50%，07/01/55</td>
<td></td>
<td>1.83 %</td>
</tr>
<tr>
<td>10) 沃辛顿市学区 2025-2 系列 5.50%，12/01/54</td>
<td></td>
<td>1.83 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>行业/部门分布</strong></td>
<td></td>
<td><strong>投资组合百分比</strong></td>
</tr>
<tr>
<td>收入</td>
<td></td>
<td></td>
</tr>
<tr>
<td>机场</td>
<td></td>
<td>13.48 %</td>
</tr>
<tr>
<td>医疗保健 - 非营利</td>
<td></td>
<td>10.98 %</td>
</tr>
<tr>
<td>收入 - 杂项</td>
<td></td>
<td>7.17 %</td>
</tr>
<tr>
<td>收费公路/交通</td>
<td></td>
<td>5.73 %</td>
</tr>
<tr>
<td>工业开发 - 航空公司</td>
<td></td>
<td>5.10 %</td>
</tr>
<tr>
<td>预付能源</td>
<td></td>
<td>4.58 %</td>
</tr>
<tr>
<td>公立初中/高中教育</td>
<td></td>
<td>4.00 %</td>
</tr>
<tr>
<td>私立高等教育</td>
<td></td>
<td>3.80 %</td>
</tr>
<tr>
<td>港口</td>
<td></td>
<td>2.27 %</td>
</tr>
<tr>
<td>工业开发 - 行业</td>
<td></td>
<td>1.95 %</td>
</tr>
<tr>
<td>公立高等教育</td>
<td></td>
<td>1.75 %</td>
</tr>
<tr>
<td>老年生活</td>
<td></td>
<td>1.51 %</td>
</tr>
<tr>
<td>电力公用事业</td>
<td></td>
<td>1.11 %</td>
</tr>
<tr>
<td>水和污水</td>
<td></td>
<td>0.80 %</td>
</tr>
<tr>
<td>烟草证券化</td>
<td></td>
<td>0.29 %</td>
</tr>
<tr>
<td>私立初中/高中教育</td>
<td></td>
<td>0.17 %</td>
</tr>
<tr>
<td>小计</td>
<td></td>
<td>64.69 %</td>
</tr>
<tr>
<td>税收支持</td>
<td></td>
<td></td>
</tr>
<tr>
<td>地方一般义务债券</td>
<td></td>
<td>10.22 %</td>
</tr>
<tr>
<td>州一般义务债券</td>
<td></td>
<td>6.68 %</td>
</tr>
<tr>
<td>特殊税</td>
<td></td>
<td>4.95 %</td>
</tr>
<tr>
<td>地方租赁</td>
<td></td>
<td>1.47 %</td>
</tr>
<tr>
<td>评估区</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>小计</td>
<td></td>
<td>23.68 %</td>
</tr>
<tr>
<td>担保</td>
<td></td>
<td>9.78 %</td>
</tr>
<tr>
<td>资产支持</td>
<td></td>
<td></td>
</tr>
<tr>
<td>住房 - 多户</td>
<td></td>
<td>1.35 %</td>
</tr>
<tr>
<td>小计</td>
<td></td>
<td>1.35 %</td>
</tr>
<tr>
<td>商业抵押贷款支持证券</td>
<td></td>
<td></td>
</tr>
<tr>
<td>机构 CMBS</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>非机构固定利率 CMBS</td>
<td></td>
<td>0.12 %</td>
</tr>
<tr>
<td>小计</td>
<td></td>
<td>0.48 %</td>
</tr>
<tr>
<td>预偿还/ETM</td>
<td></td>
<td>0.02 %</td>
</tr>
<tr>
<td>总计</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>州分布</strong></td>
<td></td>
<td><strong>投资组合百分比</strong></td>
</tr>
<tr>
<td>德克萨斯州</td>
<td></td>
<td>13.45 %</td>
</tr>
<tr>
<td>加利福尼亚州</td>
<td></td>
<td>12.18 %</td>
</tr>
<tr>
<td>纽约州</td>
<td></td>
<td>8.15 %</td>
</tr>
<tr>
<td>佛罗里达州</td>
<td></td>
<td>7.81 %</td>
</tr>
<tr>
<td>伊利诺伊州</td>
<td></td>
<td>7.73 %</td>
</tr>
<tr>
<td>马萨诸塞州</td>
<td></td>
<td>6.16 %</td>
</tr>
<tr>
<td>威斯康星州</td>
<td></td>
<td>6.10 %</td>
</tr>
<tr>
<td>乔治亚州</td>
<td></td>
<td>4.19 %</td>
</tr>
<tr>
<td>俄亥俄州</td>
<td></td>
<td>4.11 %</td>
</tr>
<tr>
<td>新罕布什尔州</td>
<td></td>
<td>2.83 %</td>
</tr>
<tr>
<td>宾夕法尼亚州</td>
<td></td>
<td>2.82 %</td>
</tr>
<tr>
<td>哥伦比亚特区</td>
<td></td>
<td>2.57 %</td>
</tr>
<tr>
<td>俄克拉荷马州</td>
<td></td>
<td>2.24 %</td>
</tr>
<tr>
<td>路易斯安那州</td>
<td></td>
<td>2.09 %</td>
</tr>
<tr>
<td>亚利桑那州</td>
<td></td>
<td>1.99 %</td>
</tr>
<tr>
<td>科罗拉多州</td>
<td></td>
<td>1.93 %</td>
</tr>
<tr>
<td>密歇根州</td>
<td></td>
<td>1.89 %</td>
</tr>
<tr>
<td>夏威夷州</td>
<td></td>
<td>1.85 %</td>
</tr>
<tr>
<td>明尼苏达州</td>
<td></td>
<td>1.27 %</td>
</tr>
<tr>
<td>阿拉巴马州</td>
<td></td>
<td>0.96 %</td>
</tr>
<tr>
<td>内布拉斯加州</td>
<td></td>
<td>0.92 %</td>
</tr>
<tr>
<td>印第安纳州</td>
<td></td>
<td>0.82 %</td>
</tr>
<tr>
<td>北卡罗来纳州</td>
<td></td>
<td>0.75 %</td>
</tr>
<tr>
<td>弗吉尼亚州</td>
<td></td>
<td>0.74 %</td>
</tr>
<tr>
<td>南卡罗来纳州</td>
<td></td>
<td>0.68 %</td>
</tr>
<tr>
<td>华盛顿州</td>
<td></td>
<td>0.67 %</td>
</tr>
<tr>
<td>田纳西州</td>
<td></td>
<td>0.52 %</td>
</tr>
<tr>
<td>犹他州</td>
<td></td>
<td>0.44 %</td>
</tr>
<tr>
<td>马里兰州</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>新泽西州</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>阿肯色州</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>北达科他州</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>俄勒冈州</td>
<td></td>
<td>0.24 %</td>
</tr>
<tr>
<td>康涅狄格州</td>
<td></td>
<td>0.20 %</td>
</tr>
<tr>
<td>阿拉斯加州</td>
<td></td>
<td>0.15 %</td>
</tr>
<tr>
<td>南达科他州</td>
<td></td>
<td>0.13 %</td>
</tr>
<tr>
<td>总投资</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>信用质量分布</strong></td>
<td></td>
<td><strong>投资组合百分比</strong></td>
</tr>
<tr>
<td>AAA</td>
<td></td>
<td>10.33 %</td>
</tr>
<tr>
<td>AA</td>
<td></td>
<td>40.38 %</td>
</tr>
<tr>
<td>A</td>
<td></td>
<td>18.27 %</td>
</tr>
<tr>
<td>BBB</td>
<td></td>
<td>18.37 %</td>
</tr>
<tr>
<td>BB</td>
<td></td>
<td>7.53 %</td>
</tr>
<tr>
<td>B</td>
<td></td>
<td>0.52 %</td>
</tr>
<tr>
<td>未评级</td>
<td></td>
<td>4.58 %</td>
</tr>
<tr>
<td>预偿还债券</td>
<td></td>
<td>0.02 %</td>
</tr>
<tr>
<td>总计</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>按到期分布的债券</strong></td>
<td></td>
<td><strong>投资组合百分比</strong></td>
</tr>
<tr>
<td>少于 1 年</td>
<td></td>
<td>0.15 %</td>
</tr>
<tr>
<td>1 到 5 年</td>
<td></td>
<td>0.13 %</td>
</tr>
<tr>
<td>5 到 10 年</td>
<td></td>
<td>2.76 %</td>
</tr>
<tr>
<td>10 到 20 年</td>
<td></td>
<td>13.56 %</td>
</tr>
<tr>
<td>20 到 30 年</td>
<td></td>
<td>63.80 %</td>
</tr>
<tr>
<td>超过 30 年</td>
<td></td>
<td>19.60 %</td>
</tr>
<tr>
<td>其他</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>总净资产</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>投资组合统计数据：</strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td>AMT 百分比：</td>
<td></td>
<td>22.35 %</td>
</tr>
<tr>
<td>平均票息：</td>
<td></td>
<td>5.09 %</td>
</tr>
<tr>
<td>杠杆比例：</td>
<td></td>
<td></td>
</tr>
<tr>
<td>银行借款：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>投资操作：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>拍卖优先股（APS）：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>投标选择债券：</td>
<td></td>
<td>23.16 %</td>
</tr>
<tr>
<td>VMTP 股份：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>VRDP 股份：</td>
<td></td>
<td>17.47 %</td>
</tr>
<tr>
<td>基金总杠杆：</td>
<td></td>
<td>40.63%*</td>
</tr>
<tr>
<td>平均到期：</td>
<td></td>
<td>14.50 年</td>
</tr>
<tr>
<td>有效久期：</td>
<td></td>
<td>12.60 年</td>
</tr>
<tr>
<td>总净资产：</td>
<td></td>
<td>$338.21 百万 **</td>
</tr>
<tr>
<td>普通股净资产值：</td>
<td></td>
<td>$11.77</td>
</tr>
<tr>
<td>持仓总数：</td>
<td></td>
<td>181</td>
</tr>
<tr>
<td>投资组合周转率：</td>
<td></td>
<td>56.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>* 杠杆的总百分比由投标选择债券的 23.16%、已发行和未偿还的 VRDP 的 17.47% 和投资操作的 0.00% 构成，这可能包括使用某些投资组合管理技术，如信用违约掉期、美元回滚、负现金、反向回购协议和待发证券。</td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>** 基金还在清算价值上有$100,000,000 的 VRDP 未偿还，这不包括在总净资产中，因为它被视为财务报告目的下的负债。</td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>上述投资组合特征截至所示日期，预计会发生变化。该基金是由 AllianceBernstein L. P.顾问的美国注册封闭式管理投资公司。</td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
</div><p>SOURCE AllianceBernstein National Municipal Income Fund, Inc.</p>
<div class="lb-trans"><p>来源：AllianceBernstein National Municipal Income Fund, Inc.</p>
</div>

AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update | AFB Stock News

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AllianceBernstein National Municipal Income Fund, Inc. 发布月度投资组合更新 | AFB 股票新闻