Market Overview

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Dec. 24, 2012 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of November 30, 2012.

AllianceBernstein National Municipal Income Fund, Inc.






Top 10 Fixed-Income Holdings





Portfolio %


1)

Texas Trnsp Comm   Series 07  5.00%,  4/01/23    

3.21%


2)

Metropolitan Trnsp Auth NY (Metro Trnsp Auth     

2.78%



Ny Ded Tax)  Series 2012A  5.00%,  11/15/28



3)

Wayne State Univ MI   Series 2009  5.00%,         

2.51%



11/15/29



4)

Washington Fed Hwy Grant   Series 2012F         

2.49%



5.00%,  9/01/24



5)

Metro Atlanta Rapid Tran Auth GA     5.00%,         

2.13%



7/01/27



6)

Harris City TX Toll Road (Harris Cnty Tx Toll       

1.96%



Road)  Series 2012  5.00%,  8/15/30



7)

Triborough Brdg & Tunl Auth NY     5.00%,         

1.65%



1/01/26



8)

New York NY Trnsl Fin Auth   Series 2011B      

1.63%



5.00%,  2/01/26



9)

Univ of Illinois   AGM Series 07A 5.25%,          

1.62%



10/01/26



10)

Univ of Illinois   AGM Series 07A 5.25%,           

1.62%



10/01/26








Sector/Industry Breakdown





Portfolio %


Tax Supported



Special Tax                     

18.46%



Local G.O.                           

11.24%



State G.O.                            

5.01%



State Lease                               

3.23%



Tax-Supported Local Lease          

3.22%



Assessment District                   

2.73%



Tax-Supported State Lease           

1.44%


SUBTOTAL                                 

45.33%


Revenue




Water & Sewer                         

9.81%



Revenue - Miscellaneous                

7.07%



Toll Roads/Transit                         

6.73%



Airport                                         

4.08%



Higher Education - Public               

3.78%



Electric Utility                              

3.39%



Health Care - Not-for-Profit             

3.19%



Industrial Development - Utility        

2.30%



Higher Education - Private              

1.50%



Primary/Secondary Ed. - Private       

0.80%



Senior Living                              

0.80%



Prepay Energy                               

0.65%



Primary/Secondary Ed. - Public             

0.48%


SUBTOTAL                                            

44.58%


Prerefunded/ETM                                     

4.03%


Insured/Guaranteed




Insured                                      

2.41%



Guaranteed                                

1.44%


SUBTOTAL                                      

3.85%


Asset-Backed




Housing - Multi-Family              

1.56%



Housing - Single Family              

0.65%


SUBTOTAL                     

2.21%


Total                              

100.00%







State Breakdown






Portfolio %


Texas                                      

18.48%


New York                                 

16.04%


California

11.60%


Florida                                      

7.72%


Illinois                                      

5.72%


Michigan                                  

5.11%


Washington                               

4.73%


Louisiana                                     

4.15%


South Carolina                           

3.44%


Colorado                                 

2.64%


Georgia                                   

2.13%


Ohio                                       

1.68%


New Jersey                                   

1.66%


Oregon                                       

1.48%


Hawaii                                      

1.37%


Alaska                                   

1.34%


Puerto Rico                              

1.23%


Pennsylvania                            

1.14%


Alabama                                   

1.12%


Nevada                                   

1.01%


Wisconsin                              

0.94%


Arizona                                    

0.83%


Rhode Island                           

0.80%


North Carolina                            

0.58%


Mississippi                              

0.53%


Virginia                                  

0.49%


Tennessee                                 

0.36%


Maine                                      

0.33%


Indiana                                  

0.31%


Missouri                                

0.30%


Massachusetts                            

0.28%


Kansas                                       

0.19%


Minnesota                                   

0.16%


New Hampshire                            

0.11%


Total Investments                             

100.00%








Credit Quality Breakdown






Portfolio %




AAA                                        

22.00%




AA                                       

50.16%




A                                            

12.43%




BBB                                       

7.65%




BB                                           

0.27%




B                                           

0.41%




Not Rated                                  

3.05%




Pre-refunded Bonds                  

4.03%




Total Investments                     

100.00%







Portfolio Statistics:




AMT Percentage:                        

16.13%



Average Coupon:                        

5.72%



Percentage of Leverage:





Bank Borrowing:                         

0.00%




Investment Operations:                

3.08%




Preferred Stock:                       

35.05%




Tender Option Bonds:                

6.19%




Term Asset-Backed Loans Facility (TALF):     

0.00%




Total Fund Leverage:                  

               44.32%*



Average Effective Maturity:           

               6.13 Years



Effective Duration:                     

             5.47 Years



Total Net Assets:                   

          $691.00 Million**



Common Stock Net Asset Value:             

$15.62



Number of Holdings:                             

193



Portfolio Turnover:                            

10%

* The total percentage of leverage constitutes 6.19% through the use of tender option bonds, 35.05% in issued and outstanding preferred stock and 3.08% 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.

** Includes 242,225,000 of preferred stock at liquidation value.

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.

 

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

 

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