<p>, /PRNewswire/ -- AllianceBernstein 國家市政收入基金公司 [NYSE: AFB]（以下簡稱 “基金”）今天發佈了截至 2025 年 11 月 30 日的月度投資組合更新。</p>
<p>AllianceBernstein 國家市政收入基金公司</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>前十大固定收益持倉</strong></td>
<td></td>
<td><strong>投資組合百分比</strong></td>
</tr>
<tr>
<td>1) Melissa 獨立學區 2024-2 系列 4.25%，到期日：02/01/53</td>
<td></td>
<td>2.15 %</td>
</tr>
<tr>
<td>2) 馬薩諸塞州聯邦 2025-2 系列 5.00%，到期日：01/01/54</td>
<td></td>
<td>2.00 %</td>
</tr>
<tr>
<td>3) 俄克拉荷馬州收費公路管理局 2023 系列 4.50%，到期日：01/01/53</td>
<td></td>
<td>1.96 %</td>
</tr>
<tr>
<td>4) 紐約交通發展公司 2024 零息債券，到期日：12/31/54</td>
<td></td>
<td>1.93 %</td>
</tr>
<tr>
<td>5) 達拉斯獨立學區 2024-2 系列 4.00%，到期日：02/15/54</td>
<td></td>
<td>1.92 %</td>
</tr>
<tr>
<td>6) 夏威夷州機場系統收入 2025-2 系列 5.50%，到期日：07/01/54</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>7) 華盛頓大都會機場管理局航空收入 2025-2 系列 5.50%，到期日：10/01/55</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>8) Worthington 市學區 2025-2 系列 5.50%，到期日：12/01/54</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>9) 亞特蘭大市航空局 2025-2 系列 5.50%，到期日：07/01/55</td>
<td></td>
<td>1.85 %</td>
</tr>
<tr>
<td>10) 邁阿密 - 戴德縣航空收入 2025-2 系列 5.50%，到期日：10/01/55</td>
<td></td>
<td>1.83 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>行業/部門分佈</strong></td>
<td></td>
<td><strong>投資組合百分比</strong></td>
</tr>
<tr>
<td>收入</td>
<td></td>
<td></td>
</tr>
<tr>
<td>醫療保健 - 非營利</td>
<td></td>
<td>13.42 %</td>
</tr>
<tr>
<td>機場</td>
<td></td>
<td>10.28 %</td>
</tr>
<tr>
<td>收入 - 其他</td>
<td></td>
<td>7.20 %</td>
</tr>
<tr>
<td>收費公路/交通</td>
<td></td>
<td>5.51 %</td>
</tr>
<tr>
<td>預付能源</td>
<td></td>
<td>4.70 %</td>
</tr>
<tr>
<td>工業發展 - 航空</td>
<td></td>
<td>4.14 %</td>
</tr>
<tr>
<td>公立中小學教育</td>
<td></td>
<td>3.56 %</td>
</tr>
<tr>
<td>私立高等教育</td>
<td></td>
<td>3.49 %</td>
</tr>
<tr>
<td>港口</td>
<td></td>
<td>2.61 %</td>
</tr>
<tr>
<td>工業發展 - 行業</td>
<td></td>
<td>2.18 %</td>
</tr>
<tr>
<td>公立高等教育</td>
<td></td>
<td>1.78 %</td>
</tr>
<tr>
<td>電力公用事業</td>
<td></td>
<td>1.47 %</td>
</tr>
<tr>
<td>老年生活</td>
<td></td>
<td>1.34 %</td>
</tr>
<tr>
<td>水和污水</td>
<td></td>
<td>0.80 %</td>
</tr>
<tr>
<td>煙草證券化</td>
<td></td>
<td>0.30 %</td>
</tr>
<tr>
<td>私立中小學教育</td>
<td></td>
<td>0.18 %</td>
</tr>
<tr>
<td>小計</td>
<td></td>
<td>62.96 %</td>
</tr>
<tr>
<td>税收支持</td>
<td></td>
<td></td>
</tr>
<tr>
<td>地方一般義務債券</td>
<td></td>
<td>11.03 %</td>
</tr>
<tr>
<td>州一般義務債券</td>
<td></td>
<td>6.42 %</td>
</tr>
<tr>
<td>特殊税</td>
<td></td>
<td>3.69 %</td>
</tr>
<tr>
<td>地方租賃</td>
<td></td>
<td>1.49 %</td>
</tr>
<tr>
<td>評估區</td>
<td></td>
<td>0.18 %</td>
</tr>
<tr>
<td>小計</td>
<td></td>
<td>22.81 %</td>
</tr>
<tr>
<td>擔保</td>
<td></td>
<td>11.83 %</td>
</tr>
<tr>
<td>資產支持</td>
<td></td>
<td></td>
</tr>
<tr>
<td>住房 - 多户</td>
<td></td>
<td>0.86 %</td>
</tr>
<tr>
<td>小計</td>
<td></td>
<td>0.86 %</td>
</tr>
<tr>
<td>商業抵押貸款支持證券</td>
<td></td>
<td></td>
</tr>
<tr>
<td>非機構固定利率 CMBS</td>
<td></td>
<td>0.49 %</td>
</tr>
<tr>
<td>非機構浮動利率 CMBS</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>小計</td>
<td></td>
<td>0.84 %</td>
</tr>
<tr>
<td>預償還/ETM</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>現金及現金等價物</td>
<td></td>
<td></td>
</tr>
<tr>
<td>基金和投資信託</td>
<td></td>
<td>0.34 %</td>
</tr>
<tr>
<td>小計</td>
<td></td>
<td>0.34 %</td>
</tr>
<tr>
<td>總計</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>州分佈</strong></td>
<td></td>
<td><strong>投資組合百分比</strong></td>
</tr>
<tr>
<td>德克薩斯州</td>
<td></td>
<td>14.45 %</td>
</tr>
<tr>
<td>加利福尼亞州</td>
<td></td>
<td>8.95 %</td>
</tr>
<tr>
<td>佛羅里達州</td>
<td></td>
<td>8.58 %</td>
</tr>
<tr>
<td>伊利諾伊州</td>
<td></td>
<td>8.14 %</td>
</tr>
<tr>
<td>紐約州</td>
<td></td>
<td>6.97 %</td>
</tr>
<tr>
<td>馬薩諸塞州</td>
<td></td>
<td>5.85 %</td>
</tr>
<tr>
<td>威斯康星州</td>
<td></td>
<td>5.50 %</td>
</tr>
<tr>
<td>喬治亞州</td>
<td></td>
<td>4.59 %</td>
</tr>
<tr>
<td>俄亥俄州</td>
<td></td>
<td>4.20 %</td>
</tr>
<tr>
<td>賓夕法尼亞州</td>
<td></td>
<td>3.02 %</td>
</tr>
<tr>
<td>南卡羅來納州</td>
<td></td>
<td>2.98 %</td>
</tr>
<tr>
<td>哥倫比亞特區</td>
<td></td>
<td>2.60 %</td>
</tr>
<tr>
<td>新罕布什爾州</td>
<td></td>
<td>2.55 %</td>
</tr>
<tr>
<td>俄克拉荷馬州</td>
<td></td>
<td>2.35 %</td>
</tr>
<tr>
<td>亞利桑那州</td>
<td></td>
<td>2.04 %</td>
</tr>
<tr>
<td>路易斯安那州</td>
<td></td>
<td>1.96 %</td>
</tr>
<tr>
<td>密歇根州</td>
<td></td>
<td>1.91 %</td>
</tr>
<tr>
<td>夏威夷州</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>科羅拉多州</td>
<td></td>
<td>1.74 %</td>
</tr>
<tr>
<td>明尼蘇達州</td>
<td></td>
<td>1.31 %</td>
</tr>
<tr>
<td>阿拉巴馬州</td>
<td></td>
<td>0.97 %</td>
</tr>
<tr>
<td>內布拉斯加州</td>
<td></td>
<td>0.93 %</td>
</tr>
<tr>
<td>印第安納州</td>
<td></td>
<td>0.86 %</td>
</tr>
<tr>
<td>北卡羅來納州</td>
<td></td>
<td>0.76 %</td>
</tr>
<tr>
<td>弗吉尼亞州</td>
<td></td>
<td>0.76 %</td>
</tr>
<tr>
<td>華盛頓州</td>
<td></td>
<td>0.69 %</td>
</tr>
<tr>
<td>田納西州</td>
<td></td>
<td>0.51 %</td>
</tr>
<tr>
<td>阿拉斯加州</td>
<td></td>
<td>0.49 %</td>
</tr>
<tr>
<td>馬里蘭州</td>
<td></td>
<td>0.37 %</td>
</tr>
<tr>
<td>北達科他州</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>阿肯色州</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>新澤西州</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>俄勒岡州</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>南達科他州</td>
<td></td>
<td>0.14 %</td>
</tr>
<tr>
<td>其他</td>
<td></td>
<td>0.47 %</td>
</tr>
<tr>
<td>總投資</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>信用質量分佈</strong></td>
<td></td>
<td><strong>投資組合百分比</strong></td>
</tr>
<tr>
<td>AAA</td>
<td></td>
<td>12.40 %</td>
</tr>
<tr>
<td>AA</td>
<td></td>
<td>38.51 %</td>
</tr>
<tr>
<td>A</td>
<td></td>
<td>19.95 %</td>
</tr>
<tr>
<td>BBB</td>
<td></td>
<td>16.55 %</td>
</tr>
<tr>
<td>BB</td>
<td></td>
<td>7.13 %</td>
</tr>
<tr>
<td>B</td>
<td></td>
<td>0.53 %</td>
</tr>
<tr>
<td>未評級</td>
<td></td>
<td>4.23 %</td>
</tr>
<tr>
<td>預償還債券</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>短期投資</td>
<td></td>
<td>0.34 %</td>
</tr>
<tr>
<td>總計</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>按到期日劃分的債券</strong></td>
<td></td>
<td><strong>投資組合百分比</strong></td>
</tr>
<tr>
<td>少於 1 年</td>
<td></td>
<td>0.84 %</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>2.29 %</td>
</tr>
<tr>
<td>10 到 20 年</td>
<td></td>
<td>12.52 %</td>
</tr>
<tr>
<td>20 到 30 年</td>
<td></td>
<td>65.74 %</td>
</tr>
<tr>
<td>超過 30 年</td>
<td></td>
<td>18.48 %</td>
</tr>
<tr>
<td>其他</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>總淨資產</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>投資組合統計數據：</strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td>AMT 百分比：</td>
<td></td>
<td>17.93 %</td>
</tr>
<tr>
<td>平均票息：</td>
<td></td>
<td>4.96 %</td>
</tr>
<tr>
<td>槓桿比例：</td>
<td></td>
<td></td>
</tr>
<tr>
<td>銀行借款：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>投資運營：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>拍賣優先股（APS）：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>投標選擇債券：</td>
<td></td>
<td>23.05 %</td>
</tr>
<tr>
<td>VMTP 股份：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>VRDP 股份：</td>
<td></td>
<td>17.38 %</td>
</tr>
<tr>
<td>基金總槓桿：</td>
<td></td>
<td>40.43%*</td>
</tr>
<tr>
<td>平均到期：</td>
<td></td>
<td>13.26 年</td>
</tr>
<tr>
<td>有效久期：</td>
<td></td>
<td>11.57 年</td>
</tr>
<tr>
<td>總淨資產：</td>
<td></td>
<td>$349.99 百萬 **</td>
</tr>
<tr>
<td>普通股淨資產值：</td>
<td></td>
<td>$12.18</td>
</tr>
<tr>
<td>持倉總數：</td>
<td></td>
<td>173</td>
</tr>
<tr>
<td>投資組合週轉率：</td>
<td></td>
<td>32.00 %</td>
</tr>
</tbody>
</table>
<p>來源：AllianceBernstein 國家市政收入基金公司</p>

<p>AllianceBernstein 國家市政收入基金公司（NYSE: AFB）發佈了截至 2025 年 11 月 30 日的月度投資組合更新。更新內容包括前 10 大固定收益持倉、行業分佈、州分佈和投資組合的信用質量。主要持倉包括來自德克薩斯州、加利福尼亞州和佛羅里達州的各種市政債券，其中健康護理和機場行業佔據了重要部分。信用質量主要評級在 AAA 到 A 之間，表明其為強投資級</p>

<p>, /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the &#34;Fund&#34;) today released its monthly portfolio update as of November 30, 2025.</p>
<div class="lb-trans"><p>, /PRNewswire/ -- AllianceBernstein 國家市政收入基金公司 [NYSE: AFB]（以下簡稱 “基金”）今天發佈了截至 2025 年 11 月 30 日的月度投資組合更新。</p>
</div><p>AllianceBernstein National Municipal Income Fund, Inc.</p>
<div class="lb-trans"><p>AllianceBernstein 國家市政收入基金公司</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Top 10 Fixed-Income Holdings</strong></td>
<td></td>
<td><strong>Portfolio %</strong></td>
</tr>
<tr>
<td>1) Melissa Independent School District Series 2024-2 4.25%, 02/01/53</td>
<td></td>
<td>2.15 %</td>
</tr>
<tr>
<td>2) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54</td>
<td></td>
<td>2.00 %</td>
</tr>
<tr>
<td>3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53</td>
<td></td>
<td>1.96 %</td>
</tr>
<tr>
<td>4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54</td>
<td></td>
<td>1.93 %</td>
</tr>
<tr>
<td>5) Dallas Independent School District Series 2024-2 4.00%, 02/15/54</td>
<td></td>
<td>1.92 %</td>
</tr>
<tr>
<td>6) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>7) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>8) Worthington City School District Series 2025-2 5.50%, 12/01/54</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>9) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55</td>
<td></td>
<td>1.85 %</td>
</tr>
<tr>
<td>10) County of Miami-Dade FL Aviation Revenue Series 2025-2 5.50%, 10/01/55</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>Health Care - Not-for-Profit</td>
<td></td>
<td>13.42 %</td>
</tr>
<tr>
<td>Airport</td>
<td></td>
<td>10.28 %</td>
</tr>
<tr>
<td>Revenue - Miscellaneous</td>
<td></td>
<td>7.20 %</td>
</tr>
<tr>
<td>Toll Roads/Transit</td>
<td></td>
<td>5.51 %</td>
</tr>
<tr>
<td>Prepay Energy</td>
<td></td>
<td>4.70 %</td>
</tr>
<tr>
<td>Industrial Development - Airline</td>
<td></td>
<td>4.14 %</td>
</tr>
<tr>
<td>Primary/Secondary Ed. - Public</td>
<td></td>
<td>3.56 %</td>
</tr>
<tr>
<td>Higher Education - Private</td>
<td></td>
<td>3.49 %</td>
</tr>
<tr>
<td>Port</td>
<td></td>
<td>2.61 %</td>
</tr>
<tr>
<td>Industrial Development - Industry</td>
<td></td>
<td>2.18 %</td>
</tr>
<tr>
<td>Higher Education - Public</td>
<td></td>
<td>1.78 %</td>
</tr>
<tr>
<td>Electric Utility</td>
<td></td>
<td>1.47 %</td>
</tr>
<tr>
<td>Senior Living</td>
<td></td>
<td>1.34 %</td>
</tr>
<tr>
<td>Water &amp; Sewer</td>
<td></td>
<td>0.80 %</td>
</tr>
<tr>
<td>Tobacco Securitization</td>
<td></td>
<td>0.30 %</td>
</tr>
<tr>
<td>Primary/Secondary Ed. - Private</td>
<td></td>
<td>0.18 %</td>
</tr>
<tr>
<td>SUBTOTAL</td>
<td></td>
<td>62.96 %</td>
</tr>
<tr>
<td>Tax Supported</td>
<td></td>
<td></td>
</tr>
<tr>
<td>Local G.O.</td>
<td></td>
<td>11.03 %</td>
</tr>
<tr>
<td>State G.O.</td>
<td></td>
<td>6.42 %</td>
</tr>
<tr>
<td>Special Tax</td>
<td></td>
<td>3.69 %</td>
</tr>
<tr>
<td>Local Lease</td>
<td></td>
<td>1.49 %</td>
</tr>
<tr>
<td>Assessment District</td>
<td></td>
<td>0.18 %</td>
</tr>
<tr>
<td>SUBTOTAL</td>
<td></td>
<td>22.81 %</td>
</tr>
<tr>
<td>Guaranteed</td>
<td></td>
<td>11.83 %</td>
</tr>
<tr>
<td>Asset-Backed</td>
<td></td>
<td></td>
</tr>
<tr>
<td>Housing - Multi-Family</td>
<td></td>
<td>0.86 %</td>
</tr>
<tr>
<td>SUBTOTAL</td>
<td></td>
<td>0.86 %</td>
</tr>
<tr>
<td>Commercial Mortgage-Backed Securities</td>
<td></td>
<td></td>
</tr>
<tr>
<td>Non-Agency Fixed Rate CMBS</td>
<td></td>
<td>0.49 %</td>
</tr>
<tr>
<td>Non-Agency Floating Rate CMBS</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>SUBTOTAL</td>
<td></td>
<td>0.84 %</td>
</tr>
<tr>
<td>Prerefunded/ETM</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>Cash &amp; Cash Equivalents</td>
<td></td>
<td></td>
</tr>
<tr>
<td>Funds and Investment Trusts</td>
<td></td>
<td>0.34 %</td>
</tr>
<tr>
<td>SUBTOTAL</td>
<td></td>
<td>0.34 %</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>14.45 %</td>
</tr>
<tr>
<td>California</td>
<td></td>
<td>8.95 %</td>
</tr>
<tr>
<td>Florida</td>
<td></td>
<td>8.58 %</td>
</tr>
<tr>
<td>Illinois</td>
<td></td>
<td>8.14 %</td>
</tr>
<tr>
<td>New York</td>
<td></td>
<td>6.97 %</td>
</tr>
<tr>
<td>Massachusetts</td>
<td></td>
<td>5.85 %</td>
</tr>
<tr>
<td>Wisconsin</td>
<td></td>
<td>5.50 %</td>
</tr>
<tr>
<td>Georgia</td>
<td></td>
<td>4.59 %</td>
</tr>
<tr>
<td>Ohio</td>
<td></td>
<td>4.20 %</td>
</tr>
<tr>
<td>Pennsylvania</td>
<td></td>
<td>3.02 %</td>
</tr>
<tr>
<td>South Carolina</td>
<td></td>
<td>2.98 %</td>
</tr>
<tr>
<td>District of Columbia</td>
<td></td>
<td>2.60 %</td>
</tr>
<tr>
<td>New Hampshire</td>
<td></td>
<td>2.55 %</td>
</tr>
<tr>
<td>Oklahoma</td>
<td></td>
<td>2.35 %</td>
</tr>
<tr>
<td>Arizona</td>
<td></td>
<td>2.04 %</td>
</tr>
<tr>
<td>Louisiana</td>
<td></td>
<td>1.96 %</td>
</tr>
<tr>
<td>Michigan</td>
<td></td>
<td>1.91 %</td>
</tr>
<tr>
<td>Hawaii</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>Colorado</td>
<td></td>
<td>1.74 %</td>
</tr>
<tr>
<td>Minnesota</td>
<td></td>
<td>1.31 %</td>
</tr>
<tr>
<td>Alabama</td>
<td></td>
<td>0.97 %</td>
</tr>
<tr>
<td>Nebraska</td>
<td></td>
<td>0.93 %</td>
</tr>
<tr>
<td>Indiana</td>
<td></td>
<td>0.86 %</td>
</tr>
<tr>
<td>North Carolina</td>
<td></td>
<td>0.76 %</td>
</tr>
<tr>
<td>Virginia</td>
<td></td>
<td>0.76 %</td>
</tr>
<tr>
<td>Washington</td>
<td></td>
<td>0.69 %</td>
</tr>
<tr>
<td>Tennessee</td>
<td></td>
<td>0.51 %</td>
</tr>
<tr>
<td>Alaska</td>
<td></td>
<td>0.49 %</td>
</tr>
<tr>
<td>Maryland</td>
<td></td>
<td>0.37 %</td>
</tr>
<tr>
<td>North Dakota</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>Arkansas</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>New Jersey</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>South Dakota</td>
<td></td>
<td>0.14 %</td>
</tr>
<tr>
<td>Other</td>
<td></td>
<td>0.47 %</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>12.40 %</td>
</tr>
<tr>
<td>AA</td>
<td></td>
<td>38.51 %</td>
</tr>
<tr>
<td>A</td>
<td></td>
<td>19.95 %</td>
</tr>
<tr>
<td>BBB</td>
<td></td>
<td>16.55 %</td>
</tr>
<tr>
<td>BB</td>
<td></td>
<td>7.13 %</td>
</tr>
<tr>
<td>B</td>
<td></td>
<td>0.53 %</td>
</tr>
<tr>
<td>Not Rated</td>
<td></td>
<td>4.23 %</td>
</tr>
<tr>
<td>Pre-refunded Bonds</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>Short Term Investments</td>
<td></td>
<td>0.34 %</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>0.84 %</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>2.29 %</td>
</tr>
<tr>
<td>10 to 20 Years</td>
<td></td>
<td>12.52 %</td>
</tr>
<tr>
<td>20 to 30 Years</td>
<td></td>
<td>65.74 %</td>
</tr>
<tr>
<td>More than 30 Years</td>
<td></td>
<td>18.48 %</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>17.93 %</td>
</tr>
<tr>
<td>Average Coupon:</td>
<td></td>
<td>4.96 %</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>23.05 %</td>
</tr>
<tr>
<td>VMTP Shares:</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>VRDP Shares:</td>
<td></td>
<td>17.38 %</td>
</tr>
<tr>
<td>Total Fund Leverage:</td>
<td></td>
<td>40.43%*</td>
</tr>
<tr>
<td>Average Maturity:</td>
<td></td>
<td>13.26 Years</td>
</tr>
<tr>
<td>Effective Duration:</td>
<td></td>
<td>11.57 Years</td>
</tr>
<tr>
<td>Total Net Assets:</td>
<td></td>
<td>$349.99 Million**</td>
</tr>
<tr>
<td>Common Stock Net Asset Value:</td>
<td></td>
<td>$12.18</td>
</tr>
<tr>
<td>Total Number of Holdings:</td>
<td></td>
<td>173</td>
</tr>
<tr>
<td>Portfolio Turnover:</td>
<td></td>
<td>32.00 %</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>前十大固定收益持倉</strong></td>
<td></td>
<td><strong>投資組合百分比</strong></td>
</tr>
<tr>
<td>1) Melissa 獨立學區 2024-2 系列 4.25%，到期日：02/01/53</td>
<td></td>
<td>2.15 %</td>
</tr>
<tr>
<td>2) 馬薩諸塞州聯邦 2025-2 系列 5.00%，到期日：01/01/54</td>
<td></td>
<td>2.00 %</td>
</tr>
<tr>
<td>3) 俄克拉荷馬州收費公路管理局 2023 系列 4.50%，到期日：01/01/53</td>
<td></td>
<td>1.96 %</td>
</tr>
<tr>
<td>4) 紐約交通發展公司 2024 零息債券，到期日：12/31/54</td>
<td></td>
<td>1.93 %</td>
</tr>
<tr>
<td>5) 達拉斯獨立學區 2024-2 系列 4.00%，到期日：02/15/54</td>
<td></td>
<td>1.92 %</td>
</tr>
<tr>
<td>6) 夏威夷州機場系統收入 2025-2 系列 5.50%，到期日：07/01/54</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>7) 華盛頓大都會機場管理局航空收入 2025-2 系列 5.50%，到期日：10/01/55</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>8) Worthington 市學區 2025-2 系列 5.50%，到期日：12/01/54</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>9) 亞特蘭大市航空局 2025-2 系列 5.50%，到期日：07/01/55</td>
<td></td>
<td>1.85 %</td>
</tr>
<tr>
<td>10) 邁阿密 - 戴德縣航空收入 2025-2 系列 5.50%，到期日：10/01/55</td>
<td></td>
<td>1.83 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>行業/部門分佈</strong></td>
<td></td>
<td><strong>投資組合百分比</strong></td>
</tr>
<tr>
<td>收入</td>
<td></td>
<td></td>
</tr>
<tr>
<td>醫療保健 - 非營利</td>
<td></td>
<td>13.42 %</td>
</tr>
<tr>
<td>機場</td>
<td></td>
<td>10.28 %</td>
</tr>
<tr>
<td>收入 - 其他</td>
<td></td>
<td>7.20 %</td>
</tr>
<tr>
<td>收費公路/交通</td>
<td></td>
<td>5.51 %</td>
</tr>
<tr>
<td>預付能源</td>
<td></td>
<td>4.70 %</td>
</tr>
<tr>
<td>工業發展 - 航空</td>
<td></td>
<td>4.14 %</td>
</tr>
<tr>
<td>公立中小學教育</td>
<td></td>
<td>3.56 %</td>
</tr>
<tr>
<td>私立高等教育</td>
<td></td>
<td>3.49 %</td>
</tr>
<tr>
<td>港口</td>
<td></td>
<td>2.61 %</td>
</tr>
<tr>
<td>工業發展 - 行業</td>
<td></td>
<td>2.18 %</td>
</tr>
<tr>
<td>公立高等教育</td>
<td></td>
<td>1.78 %</td>
</tr>
<tr>
<td>電力公用事業</td>
<td></td>
<td>1.47 %</td>
</tr>
<tr>
<td>老年生活</td>
<td></td>
<td>1.34 %</td>
</tr>
<tr>
<td>水和污水</td>
<td></td>
<td>0.80 %</td>
</tr>
<tr>
<td>煙草證券化</td>
<td></td>
<td>0.30 %</td>
</tr>
<tr>
<td>私立中小學教育</td>
<td></td>
<td>0.18 %</td>
</tr>
<tr>
<td>小計</td>
<td></td>
<td>62.96 %</td>
</tr>
<tr>
<td>税收支持</td>
<td></td>
<td></td>
</tr>
<tr>
<td>地方一般義務債券</td>
<td></td>
<td>11.03 %</td>
</tr>
<tr>
<td>州一般義務債券</td>
<td></td>
<td>6.42 %</td>
</tr>
<tr>
<td>特殊税</td>
<td></td>
<td>3.69 %</td>
</tr>
<tr>
<td>地方租賃</td>
<td></td>
<td>1.49 %</td>
</tr>
<tr>
<td>評估區</td>
<td></td>
<td>0.18 %</td>
</tr>
<tr>
<td>小計</td>
<td></td>
<td>22.81 %</td>
</tr>
<tr>
<td>擔保</td>
<td></td>
<td>11.83 %</td>
</tr>
<tr>
<td>資產支持</td>
<td></td>
<td></td>
</tr>
<tr>
<td>住房 - 多户</td>
<td></td>
<td>0.86 %</td>
</tr>
<tr>
<td>小計</td>
<td></td>
<td>0.86 %</td>
</tr>
<tr>
<td>商業抵押貸款支持證券</td>
<td></td>
<td></td>
</tr>
<tr>
<td>非機構固定利率 CMBS</td>
<td></td>
<td>0.49 %</td>
</tr>
<tr>
<td>非機構浮動利率 CMBS</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>小計</td>
<td></td>
<td>0.84 %</td>
</tr>
<tr>
<td>預償還/ETM</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>現金及現金等價物</td>
<td></td>
<td></td>
</tr>
<tr>
<td>基金和投資信託</td>
<td></td>
<td>0.34 %</td>
</tr>
<tr>
<td>小計</td>
<td></td>
<td>0.34 %</td>
</tr>
<tr>
<td>總計</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>州分佈</strong></td>
<td></td>
<td><strong>投資組合百分比</strong></td>
</tr>
<tr>
<td>德克薩斯州</td>
<td></td>
<td>14.45 %</td>
</tr>
<tr>
<td>加利福尼亞州</td>
<td></td>
<td>8.95 %</td>
</tr>
<tr>
<td>佛羅里達州</td>
<td></td>
<td>8.58 %</td>
</tr>
<tr>
<td>伊利諾伊州</td>
<td></td>
<td>8.14 %</td>
</tr>
<tr>
<td>紐約州</td>
<td></td>
<td>6.97 %</td>
</tr>
<tr>
<td>馬薩諸塞州</td>
<td></td>
<td>5.85 %</td>
</tr>
<tr>
<td>威斯康星州</td>
<td></td>
<td>5.50 %</td>
</tr>
<tr>
<td>喬治亞州</td>
<td></td>
<td>4.59 %</td>
</tr>
<tr>
<td>俄亥俄州</td>
<td></td>
<td>4.20 %</td>
</tr>
<tr>
<td>賓夕法尼亞州</td>
<td></td>
<td>3.02 %</td>
</tr>
<tr>
<td>南卡羅來納州</td>
<td></td>
<td>2.98 %</td>
</tr>
<tr>
<td>哥倫比亞特區</td>
<td></td>
<td>2.60 %</td>
</tr>
<tr>
<td>新罕布什爾州</td>
<td></td>
<td>2.55 %</td>
</tr>
<tr>
<td>俄克拉荷馬州</td>
<td></td>
<td>2.35 %</td>
</tr>
<tr>
<td>亞利桑那州</td>
<td></td>
<td>2.04 %</td>
</tr>
<tr>
<td>路易斯安那州</td>
<td></td>
<td>1.96 %</td>
</tr>
<tr>
<td>密歇根州</td>
<td></td>
<td>1.91 %</td>
</tr>
<tr>
<td>夏威夷州</td>
<td></td>
<td>1.86 %</td>
</tr>
<tr>
<td>科羅拉多州</td>
<td></td>
<td>1.74 %</td>
</tr>
<tr>
<td>明尼蘇達州</td>
<td></td>
<td>1.31 %</td>
</tr>
<tr>
<td>阿拉巴馬州</td>
<td></td>
<td>0.97 %</td>
</tr>
<tr>
<td>內布拉斯加州</td>
<td></td>
<td>0.93 %</td>
</tr>
<tr>
<td>印第安納州</td>
<td></td>
<td>0.86 %</td>
</tr>
<tr>
<td>北卡羅來納州</td>
<td></td>
<td>0.76 %</td>
</tr>
<tr>
<td>弗吉尼亞州</td>
<td></td>
<td>0.76 %</td>
</tr>
<tr>
<td>華盛頓州</td>
<td></td>
<td>0.69 %</td>
</tr>
<tr>
<td>田納西州</td>
<td></td>
<td>0.51 %</td>
</tr>
<tr>
<td>阿拉斯加州</td>
<td></td>
<td>0.49 %</td>
</tr>
<tr>
<td>馬里蘭州</td>
<td></td>
<td>0.37 %</td>
</tr>
<tr>
<td>北達科他州</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>阿肯色州</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>新澤西州</td>
<td></td>
<td>0.35 %</td>
</tr>
<tr>
<td>俄勒岡州</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>南達科他州</td>
<td></td>
<td>0.14 %</td>
</tr>
<tr>
<td>其他</td>
<td></td>
<td>0.47 %</td>
</tr>
<tr>
<td>總投資</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>信用質量分佈</strong></td>
<td></td>
<td><strong>投資組合百分比</strong></td>
</tr>
<tr>
<td>AAA</td>
<td></td>
<td>12.40 %</td>
</tr>
<tr>
<td>AA</td>
<td></td>
<td>38.51 %</td>
</tr>
<tr>
<td>A</td>
<td></td>
<td>19.95 %</td>
</tr>
<tr>
<td>BBB</td>
<td></td>
<td>16.55 %</td>
</tr>
<tr>
<td>BB</td>
<td></td>
<td>7.13 %</td>
</tr>
<tr>
<td>B</td>
<td></td>
<td>0.53 %</td>
</tr>
<tr>
<td>未評級</td>
<td></td>
<td>4.23 %</td>
</tr>
<tr>
<td>預償還債券</td>
<td></td>
<td>0.36 %</td>
</tr>
<tr>
<td>短期投資</td>
<td></td>
<td>0.34 %</td>
</tr>
<tr>
<td>總計</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>按到期日劃分的債券</strong></td>
<td></td>
<td><strong>投資組合百分比</strong></td>
</tr>
<tr>
<td>少於 1 年</td>
<td></td>
<td>0.84 %</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>2.29 %</td>
</tr>
<tr>
<td>10 到 20 年</td>
<td></td>
<td>12.52 %</td>
</tr>
<tr>
<td>20 到 30 年</td>
<td></td>
<td>65.74 %</td>
</tr>
<tr>
<td>超過 30 年</td>
<td></td>
<td>18.48 %</td>
</tr>
<tr>
<td>其他</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>總淨資產</td>
<td></td>
<td>100.00 %</td>
</tr>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>投資組合統計數據：</strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td>AMT 百分比：</td>
<td></td>
<td>17.93 %</td>
</tr>
<tr>
<td>平均票息：</td>
<td></td>
<td>4.96 %</td>
</tr>
<tr>
<td>槓桿比例：</td>
<td></td>
<td></td>
</tr>
<tr>
<td>銀行借款：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>投資運營：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>拍賣優先股（APS）：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>投標選擇債券：</td>
<td></td>
<td>23.05 %</td>
</tr>
<tr>
<td>VMTP 股份：</td>
<td></td>
<td>0.00 %</td>
</tr>
<tr>
<td>VRDP 股份：</td>
<td></td>
<td>17.38 %</td>
</tr>
<tr>
<td>基金總槓桿：</td>
<td></td>
<td>40.43%*</td>
</tr>
<tr>
<td>平均到期：</td>
<td></td>
<td>13.26 年</td>
</tr>
<tr>
<td>有效久期：</td>
<td></td>
<td>11.57 年</td>
</tr>
<tr>
<td>總淨資產：</td>
<td></td>
<td>$349.99 百萬 **</td>
</tr>
<tr>
<td>普通股淨資產值：</td>
<td></td>
<td>$12.18</td>
</tr>
<tr>
<td>持倉總數：</td>
<td></td>
<td>173</td>
</tr>
<tr>
<td>投資組合週轉率：</td>
<td></td>
<td>32.00 %</td>
</tr>
</tbody>
</table>
</div><p>SOURCE AllianceBernstein National Municipal Income Fund, Inc.</p>
<div class="lb-trans"><p>來源：AllianceBernstein 國家市政收入基金公司</p>
</div>

AllianceBernstein 國家市政收入基金公司發佈了月度投資組合更新