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

Q: What are the key portfolio statistics for AllianceBernstein National Municipal Income Fund (NYSE:AFB) as of April 30, 2026?

As of April 30, 2026, AFB reported total net assets of $345.32 million and a common stock NAV of $12.01 . According to the fund, it held 180 positions , with a 4.77% average coupon, 12.94-year average maturity, and 11.59-year effective duration.

Q: How much leverage does AllianceBernstein National Municipal Income Fund (AFB) use in its portfolio?

AFB reported total fund leverage of 40.74% as of April 30, 2026. According to the fund, this includes 23.22% from tender option bonds and 17.52% from VRDP shares, with 0.00% from bank borrowing, APS, VMTP, or investment operations.

Q: Which sectors and states dominate the AllianceBernstein National Municipal Income Fund (AFB) portfolio?

AFB’s largest sectors are airport revenue (13.65%) and health care not-for-profit (11.04%) . According to the fund, top state exposures include Texas (13.63%) , California (12.22%) , New York (8.31%) , and Florida (7.93%) , indicating broad geographic diversification.

Q: What is the maturity profile of municipal bonds in AllianceBernstein National Municipal Income Fund (AFB)?

AFB is heavily tilted to longer maturities, with 63.48% in 20–30 year bonds and 19.05% beyond 30 years. According to the fund, shorter maturities are limited, with only 0.57% under one year and 2.78% between five and ten years.

Q: Does AllianceBernstein National Municipal Income Fund (AFB) have exposure to AMT-subject municipal bonds?

Yes, AFB reported an AMT percent of 21.54% in its portfolio statistics. According to the fund, this portion of holdings may be subject to the alternative minimum tax, which can influence after-tax income for certain municipal bond investors.

Q: What are the top individual holdings in AllianceBernstein National Municipal Income Fund (AFB)?

AFB’s largest positions include San Francisco Intl Airport Series 2026-2 5.50% (3.72%) and Melissa Independent School District Series 2024-2 4.25% (2.16%) . According to the fund, the top ten fixed-income holdings range from 1.85% to 3.72% of the portfolio.

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Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (NYSE:AFB) released its monthly portfolio update as of April 30, 2026. Total net assets were $345.32 million, with common stock NAV of $12.01 and 180 holdings.

The portfolio used 40.74% total leverage, primarily via tender option bonds (23.22%) and VRDP shares (17.52%). Average coupon was 4.77%, average maturity 12.94 years, and effective duration 11.59 years. Portfolio turnover was 56%, AMT exposure 21.54%.

Largest sector allocations were airport revenue (13.65%) and health care not-for-profit (11.04%). Top state exposures were Texas (13.63%), California (12.22%), and New York (8.31%). The largest rating buckets were AA (41.44%), A (17.46%), and BBB (17.26%).

Positive

Total net assets of $345.32 million as of April 30, 2026
High exposure to AA-rated bonds at 41.44% of the portfolio
Broad state diversification; no single state exceeds 13.63% exposure
Largest sector, airport revenue, limited to 13.65% of assets
Portfolio spread across 180 holdings, reducing single-issuer concentration
No leverage from bank borrowing, APS, VMTP, or investment operations (all 0.00%)

Negative

Total fund leverage of 40.74%, increasing sensitivity to market moves
Long interest-rate exposure with effective duration of 11.59 years
High maturity profile: 63.48% in 20–30 year bonds, 19.05% beyond 30 years
Below-investment-grade (BB and B) exposure totals 8.20% of the portfolio
AMT-subject investments at 21.54% may affect after-tax returns for some investors

News Market Reaction – AFB

+0.64%

+0.64% Session close to close

In the May 26 session, AFB gained 0.64%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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05/22/2026 - 04:06 PM

NEW YORK, May 22, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of April 30, 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		3.72 %
2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.16 %
3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54		2.00 %
4) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53		1.97 %
5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.96 %
6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.91 %
7) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54		1.87 %
8) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55		1.86 %
9) Worthington City School District Series 2025-2 5.50%, 12/01/54		1.85 %
10) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.85 %

Sector/Industry Breakdown		Portfolio %
Revenue
Airport		13.65 %
Health Care - Not-for-Profit		11.04 %
Revenue - Miscellaneous		7.51 %
Toll Roads/Transit		5.89 %
Industrial Development - Airline		5.17 %
Prepay Energy		4.63 %
Primary/Secondary Ed. - Public		4.08 %
Higher Education - Private		3.03 %
Port		2.32 %
Industrial Development - Industry		2.01 %
Higher Education - Public		1.77 %
Senior Living		1.53 %
Water & Sewer		0.80 %
Electric Utility		0.58 %
Tobacco Securitization		0.30 %
Primary/Secondary Ed. - Private		0.17 %
SUBTOTAL		64.48 %
Tax Supported
Local G.O.		9.83 %
State G.O.		6.79 %
Special Tax		4.42 %
Local Lease		1.49 %
Assessment District		0.36 %
SUBTOTAL		22.89 %
Guaranteed		10.00 %
Asset-Backed
Housing - Multi-Family		1.36 %
SUBTOTAL		1.36 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS		0.47 %
Agency CMBS		0.36 %
SUBTOTAL		0.83 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.42 %
SUBTOTAL		0.42 %
Prerefunded/ETM		0.02 %
Total		100.00 %

State Breakdown		Portfolio %
Texas		13.63 %
California		12.22 %
New York		8.31 %
Florida		7.93 %
Illinois		7.87 %
Massachusetts		6.26 %
Wisconsin		5.84 %
Ohio		4.19 %
Georgia		3.70 %
New Hampshire		3.38 %
Pennsylvania		2.85 %
District of Columbia		2.59 %
Oklahoma		2.36 %
Arizona		2.01 %
Colorado		1.96 %
Hawaii		1.87 %
Louisiana		1.55 %
Michigan		1.31 %
Minnesota		1.31 %
Alabama		0.97 %
Nebraska		0.92 %
North Carolina		0.76 %
Virginia		0.76 %
South Carolina		0.69 %
Washington		0.68 %
Maryland		0.54 %
Tennessee		0.52 %
Utah		0.45 %
New Jersey		0.36 %
Arkansas		0.35 %
Indiana		0.35 %
North Dakota		0.35 %
Oregon		0.24 %
Connecticut		0.20 %
Alaska		0.16 %
South Dakota		0.13 %
Other		0.43 %
Total Investments		100.00 %

Credit Quality Breakdown		Portfolio %
AAA		10.57 %
AA		41.44 %
A		17.46 %
BBB		17.26 %
BB		7.67 %
B		0.53 %
Not Rated		4.63 %
Pre-refunded Bonds		0.02 %
Short Term Investments		0.42 %
Total		100.00 %

Bonds by Maturity		Portfolio %
Less than 1 Year		0.57 %
1 to 5 Years		0.13 %
5 to 10 Years		2.78 %
10 to 20 Years		13.99 %
20 to 30 Years		63.48 %
More than 30 Years		19.05 %
Other		0.00 %
Total Net Assets		100.00 %

Portfolio Statistics:
AMT Percent:		21.54 %
Average Coupon:		4.77 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.00 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		23.22 %
VMTP Shares:		0.00 %
VRDP Shares:		17.52 %
Total Fund Leverage:		40.74%*
Average Maturity:		12.94 Years
Effective Duration:		11.59 Years
Total Net Assets:		$345.32 Million**
Common Stock Net Asset Value:		$12.01
Total Number of Holdings:		180
Portfolio Turnover:		56.00 %

* The total percentage of leverage constitutes 23.22% through the use of tender option bonds, 17.52%
in issued and outstanding VRDPs and 0.00% 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-302780333.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What are the key portfolio statistics for AllianceBernstein National Municipal Income Fund (NYSE:AFB) as of April 30, 2026?

As of April 30, 2026, AFB reported total net assets of $345.32 million and a common stock NAV of $12.01. According to the fund, it held 180 positions, with a 4.77% average coupon, 12.94-year average maturity, and 11.59-year effective duration.

How much leverage does AllianceBernstein National Municipal Income Fund (AFB) use in its portfolio?

AFB reported total fund leverage of 40.74% as of April 30, 2026. According to the fund, this includes 23.22% from tender option bonds and 17.52% from VRDP shares, with 0.00% from bank borrowing, APS, VMTP, or investment operations.

What is the credit quality breakdown of AllianceBernstein National Municipal Income Fund (AFB)?

AFB’s portfolio is concentrated in investment-grade municipals, with 41.44% AA, 17.46% A, and 17.26% BBB. According to the fund, it also holds 10.57% AAA, 7.67% BB, 0.53% B, 4.63% not rated, plus minor pre-refunded and short-term investments.

Which sectors and states dominate the AllianceBernstein National Municipal Income Fund (AFB) portfolio?

AFB’s largest sectors are airport revenue (13.65%) and health care not-for-profit (11.04%). According to the fund, top state exposures include Texas (13.63%), California (12.22%), New York (8.31%), and Florida (7.93%), indicating broad geographic diversification.

What is the maturity profile of municipal bonds in AllianceBernstein National Municipal Income Fund (AFB)?

AFB is heavily tilted to longer maturities, with 63.48% in 20–30 year bonds and 19.05% beyond 30 years. According to the fund, shorter maturities are limited, with only 0.57% under one year and 2.78% between five and ten years.

Does AllianceBernstein National Municipal Income Fund (AFB) have exposure to AMT-subject municipal bonds?

Yes, AFB reported an AMT percent of 21.54% in its portfolio statistics. According to the fund, this portion of holdings may be subject to the alternative minimum tax, which can influence after-tax income for certain municipal bond investors.

What are the top individual holdings in AllianceBernstein National Municipal Income Fund (AFB)?

AFB’s largest positions include San Francisco Intl Airport Series 2026-2 5.50% (3.72%) and Melissa Independent School District Series 2024-2 4.25% (2.16%). According to the fund, the top ten fixed-income holdings range from 1.85% to 3.72% of the portfolio.