AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE

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AllianceBernstein National Municipal Income Fund (NYSE: AFB) released its monthly portfolio update as of May 31, 2026. Total net assets were $347.05 million across 182 holdings, with a common stock NAV of $12.07.

The portfolio showed 42.65% total leverage, an average coupon of 5.97%, effective duration of 10.97 years, and average maturity of 12.04 years. Airport revenue bonds, AA-rated credits, Texas and California were among the largest sector, rating, and state exposures.

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NEW YORK, June 22, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of May 31, 2026.

AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings		Portfolio %
1) San Francisco Intl Airport Series 2026-2 5.50%, 05/01/55		3.69 %
2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.14 %
3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54		1.99 %
4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.96 %
5) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53		1.96 %
6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.89 %
7) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54		1.85 %
8) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55		1.85 %
9) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.85 %
10) Worthington City School District Series 2025-2 5.50%, 12/01/54		1.84 %
Sector/Industry Breakdown		Portfolio %
Revenue
Airport		14.86 %
Health Care - Not-for-Profit		11.02 %
Revenue - Miscellaneous		7.04 %
Toll Roads/Transit		5.88 %
Industrial Development - Airline		5.16 %
Prepay Energy		4.61 %
Primary/Secondary Ed. - Public		4.09 %
Higher Education - Private		3.02 %
Port		2.32 %
Industrial Development - Industry		2.00 %
Higher Education - Public		1.76 %
Senior Living		1.53 %
Water & Sewer		0.80 %
Electric Utility		0.58 %
Tobacco Securitization		0.30 %
Primary/Secondary Ed. - Private		0.17 %
SUBTOTAL		65.14 %
Tax Supported
Local G.O.		10.03 %
State G.O.		6.75 %
Special Tax		3.49 %
Local Lease		1.48 %
Assessment District		0.54 %
State Lease		0.27 %
SUBTOTAL		22.56 %
Guaranteed		9.91 %
Asset-Backed
Housing - Multi-Family		1.70 %
SUBTOTAL		1.70 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS		0.65 %
SUBTOTAL		0.65 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.02 %
SUBTOTAL		0.02 %
Prerefunded/ETM		0.02 %
Total		100.00 %
State Breakdown		Portfolio %
Texas		12.60 %
California		12.38 %
New York		8.30 %
Florida		7.93 %
Illinois		7.87 %
Massachusetts		6.24 %
Wisconsin		5.83 %
Ohio		4.17 %
Georgia		3.68 %
Hawaii		3.66 %
New Hampshire		3.36 %
Pennsylvania		2.84 %
District of Columbia		2.58 %
Oklahoma		2.34 %
Arizona		1.99 %
Colorado		1.95 %
Louisiana		1.75 %
Michigan		1.31 %
Minnesota		1.30 %
Alabama		0.97 %
Nebraska		0.92 %
Virginia		0.76 %
South Carolina		0.69 %
Washington		0.68 %
Utah		0.62 %
Maryland		0.54 %
Tennessee		0.52 %
New Jersey		0.36 %
Arkansas		0.35 %
Indiana		0.35 %
North Dakota		0.35 %
Oregon		0.24 %
Connecticut		0.21 %
Alaska		0.16 %
South Dakota		0.13 %
North Carolina		0.05 %
Other		0.02 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		10.47 %
AA		39.86 %
A		18.41 %
BBB		16.43 %
BB		7.67 %
B		0.52 %
Not Rated		6.60 %
Pre-refunded Bonds		0.02 %
Short Term Investments		0.02 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.17 %
1 to 5 Years		0.13 %
5 to 10 Years		2.75 %
10 to 20 Years		14.94 %
20 to 30 Years		63.93 %
More than 30 Years		18.08 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		22.75 %
Average Coupon:		5.97 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.39 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		24.84 %
VMTP Shares:		0.00 %
VRDP Shares:		17.42 %
Total Fund Leverage:		42.65%*
Average Maturity:		12.04 Years
Effective Duration:		10.97 Years
Total Net Assets:		$347.05 Million**
Common Stock Net Asset Value:		$12.07
Total Number of Holdings:		182
Portfolio Turnover:		56.00 %
* The total percentage of leverage constitutes 24.84% through the use of tender option bonds, 17.42%
in issued and outstanding VRDPs and 0.39% in investment operations, which may include the use of
certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash,
reverse repurchase agreements and when-issued securities.
** The Fund also had outstanding $100,000,000 of VRDPs at liquidation value, which is not included
in Total Net Assets because it is treated as a liability for financial reporting purposes.
The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The
Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.

 

View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-releases-monthly-portfolio-update-302806809.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What did AllianceBernstein National Municipal Income Fund (NYSE: AFB) report in its May 31, 2026 portfolio update?

AllianceBernstein National Municipal Income Fund reported a detailed portfolio snapshot as of May 31, 2026. According to the fund, total net assets were $347.05 million, with 182 holdings and a common stock net asset value of $12.07 per share.

What is the total leverage reported by AllianceBernstein National Municipal Income Fund (AFB) as of May 31, 2026?

AllianceBernstein National Municipal Income Fund reported total fund leverage of 42.65% as of May 31, 2026. According to the fund, this includes 24.84% from tender option bonds, 17.42% from VRDP shares, and 0.39% from investment operations and related techniques.

What are the largest sector exposures in the AFB municipal bond portfolio as of May 31, 2026?

The largest sector exposures are airport revenue, health care not-for-profit, and miscellaneous revenue bonds. According to the fund, airport revenue represents 14.86% of the portfolio, health care 11.02%, and revenue-miscellaneous 7.04% of total investments.

How is AllianceBernstein National Municipal Income Fund (AFB) allocated by state in its May 31, 2026 update?

The portfolio is diversified across many states, with Texas, California, and New York as top allocations. According to the fund, Texas is 12.60%, California 12.38%, and New York 8.30% of total investments, with additional exposure across numerous other states.

What is the credit quality distribution of AllianceBernstein National Municipal Income Fund (AFB) as of May 31, 2026?

AFB’s portfolio is concentrated in investment-grade municipal bonds. According to the fund, AA-rated securities are 39.86%, A-rated 18.41%, AAA 10.47%, BBB 16.43%, with smaller allocations to BB, B, not rated, and pre-refunded bonds.

What are the key duration and maturity characteristics of AFB’s portfolio in the May 31, 2026 report?

The fund reported intermediate-to-long interest rate exposure. According to the fund, effective duration is 10.97 years, average maturity is 12.04 years, and most bonds mature between 20 and 30 years, representing 63.93% of the portfolio by value.

Which individual holdings are the largest positions in AllianceBernstein National Municipal Income Fund (AFB) as of May 31, 2026?

The largest holdings are municipal issues tied to airports and schools. According to the fund, top positions include San Francisco International Airport 2026-2 at 3.69% of the portfolio and Melissa Independent School District 2024-2 at 2.14%, among other municipal issuers.