AB National Portfolio
AB MUNICIPAL INCOME FUND, INC. · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
AB National Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The investment objective of the Portfolio is to earn the highest level of current income, exempt from federal income tax, that is available without assuming what the Adviser considers to be undue risk to principal or income.
The fund invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax, selecting holdings based on the adviser's assessment of credit quality, interest-rate sensitivity, and contribution to overall portfolio risk and return. The fund may concentrate more than 25% of assets in a single state and may hold tender option bonds, zero-coupon municipals, floating-rate securities, and derivatives. Because security selection depends on the adviser's assessment of individual holdings' risk characteristics, portfolio composition will reflect those judgments.
| Share class | Gross | Net |
|---|---|---|
| ALTHX | 0.78% | 0.75% |
| ALNCX | 1.53% | 1.50% |
| ALTVX | 0.53% | 0.50% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 33.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 98.59% |
| Securitized | 0.63% |
| Cash & short-term | 0.50% |
| Stocks | 0.01% |
| Derivatives | -0.04% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: FHLMC Multifamily VRD Certificates, 2026 Loan Holding-1, County of Lee FL Airport Revenue, State of Washington, Intercontinental Exchange, Inc., Oklahoma City Public Property Authority, Massachusetts Development Finance Agency, The Ohio State University
Largest exited: Triborough Bridge & Tunnel Authority ×2, 2025 Loan Holding - 1, Colorado State Education Loan Program, South Carolina Jobs-Economic Development Authority, South Carolina Public Service Authority, County of Hudson NJ, Geisinger Authority
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.67% | +10.73% | +4.09% | 3.97% | -4.93% | |
| +4.88% | +8.29% | +0.30% | 3.99% | -5.29% | |
| +5.81% | +11.56% | +5.43% | 3.96% | -4.86% |
These classes hold the same portfolio, so the 5.13pp spread over 5 years is the cost difference between them — roughly 1.03pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 79.4% |
| Floating rate | 18.9% |
| Zero-coupon or unclassified | 1.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.1% |
| 1-3y | 2.7% |
| 3-5y | 3.3% |
| 5-10y | 15.1% |
| 10y+ | 77.7% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 54% |
| Interest rates | 46% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.75 yr |
| High yield | +1.08 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.25 yr | 4% |
| 5 yr | 1.58 yr | 27% |
| 10 yr | 2.88 yr | 49% |
| 30 yr | 1.17 yr | 20% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.34 yr | 5% |
| 5 yr | 1.57 yr | 23% |
| 10 yr | 3.55 yr | 52% |
| 30 yr | 1.35 yr | 20% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.02 | +0.01 | $3.5k | $1.0k |
| 1 yr | +0.25 | +0.27 | +0.07 | $53.3k | $14.9k |
| 5 yr | +1.58 | +1.43 | +0.14 | $286.9k | $27.4k |
| 10 yr | +2.88 | +3.00 | +0.56 | $600.8k | $111.5k |
| 30 yr | +1.17 | +1.04 | +0.31 | $207.7k | $62.3k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Lamar Consolidated Independent School District5.50% · due 2058-02-15 | 1.01% | $20.18M | — |
| — | San Francisco City & County Airport Comm-San Francisco International Airport5.00% · due 2044-05-01 | 0.87% | $17.37M | — |
| — | Illinois State Toll Highway Authority5.00% · due 2043-01-01 | 0.80% | $15.97M | — |
| — | City of Tacoma WA Electric System Revenue5.25% · due 2055-01-01 | 0.78% | $15.54M | — |
| — | New York Transportation Development Corp5.50% · due 2060-06-30 | 0.75% | $14.97M | — |
| — | California Municipal Finance Authority5.00% · due 2043-12-31 | 0.62% | $12.42M | — |
| — | Private Colleges & Universities Authority5.00% · due 2033-09-01 | 0.62% | $12.40M | — |
| — | District of Columbia Income Tax Revenue5.00% · due 2036-10-01 | 0.59% | $11.88M | — |
| — | San Diego County Regional Airport Authority5.00% · due 2043-07-01 | 0.58% | $11.68M | — |
| — | Port of Seattle WA5.00% · due 2047-08-01 | 0.57% | $11.46M | — |
Top 10 positions are 7.18% of net assets, top 25 14.89%, across 358 issuers.
See more of this fund's book
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