AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Oct. 31, 2012 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of September 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

3.35%

2) Wayne State Univ MI   Series 2009  5.00%,

2.60%

11/15/29


3) Washington Fed Hwy Grant   Series 2012F 

2.58%

5.00%,  9/01/24


4) Metro Atlanta Rapid Tran Auth GA     5.00%,

2.18%

7/01/27


5) Triborough Brdg & Tunl Auth NY     5.00%,

1.70%

1/01/26


6) New York NY Trnsl Fin Auth   Series 2011B 

1.67%

5.00%,  2/01/26


7) Univ of Illinois   AGM Series 07A 5.25%,

1.66%

10/01/26


8) San Francisco City/Cnty CA Pub Util Commn Wtr

1.36%

5.00%,  11/01/27


9) Los Angeles CA Regl Arpts Impt Corp. (Laxfuel 

1.32%

Corp.) AMBAC Series 01  5.50%,  1/01/32


10) Texas GO   Series 02A  5.50%,  8/01/41 

1.32%



Sector/Industry Breakdown



Portfolio %

Revenue


  Water & Sewer 

10.11%

  Revenue - Miscellaneous 

5.40%

  Health Care - Not-for-Profit

4.70%

  Airport 

4.59%

  Toll Roads/Transit

4.06%

  Higher Education - Public 

3.92%

  Electric Utility 

3.52%

  Industrial Development - Utility 

2.42%

  Higher Education - Private

1.56%

  Industrial Development - Airline 

1.32%

  Primary/Secondary Ed. - Private  

0.84%

  Senior Living 

0.83%

  Prepay Energy

0.64%

  Primary/Secondary Ed. - Public

0.49%

SUBTOTAL  

44.40%

Tax Supported


  Special Tax 

16.23%

  Local G.O.    

11.59%

  State G.O. 

5.30%

  Tax-Supported Local Lease

3.45%

  Assessment District 

2.90%

  State Lease  

1.66%

  Tax-Supported State Lease 

1.49%

SUBTOTAL  

42.62%

Prerefunded/ETM 

5.64%

Insured/Guaranteed


  Insured  

2.53%

  Guaranteed 

1.48%

SUBTOTAL

4.01%

Asset-Backed


  Housing - Multi-Family

1.64%

  Housing - Single Family

0.69%

SUBTOTAL  

2.33%

Cash Equivalents


  Investment Companies  

1.00%

SUBTOTAL 

1.00%

Total       

100.00%



State Breakdown



Portfolio %

Texas    

16.83%

New York 

13.68%

California 

13.49%

Florida       

6.23%

Michigan     

5.29%

Washington   

4.89%

Louisiana       

4.32%

Illinois             

4.29%

South Carolina 

3.58%

Colorado            

2.76%

Georgia               

2.18%

Pennsylvania        

1.75%

Ohio                       

1.75%

New Jersey               

1.72%

Virginia                     

1.71%

Oregon                       

1.54%

Alaska                          

1.42%

Hawaii                           

1.41%

Puerto Rico                  

1.36%

Alabama                       

1.17%

Nevada                           

1.07%

Wisconsin                         

1.03%

Rhode Island                     

0.84%

Arizona                               

0.83%

Massachusetts                      

0.78%

North Carolina                       

0.60%

Mississippi                               

0.56%

Missouri                                    

0.39%

Tennessee                  

0.37%

Maine                          

0.34%

Indiana                         

0.33%

Kansas                           

0.20%

Minnesota                       

0.17%

New Hampshire                

0.12%

Other                                 

1.00%

Total Investments               

100.00%



Credit Quality Breakdown



Portfolio %

AAA                                     

21.18%

AA          

43.61%

A              

15.07%

BBB           

9.56%

BB               

0.28%

B                   

0.43%

Not Rated       

3.23%

Pre-refunded Bonds 

5.64%

Short Term Investments 

1.00%

Total Investments            

100.00%



Portfolio Statistics:


AMT Percentage:          

17.07%

Average Coupon:              

5.58%

Percentage of Leverage:


  Bank Borrowing:            

0.00%

  Investment Operations:   

0.00%

  Preferred Stock:                

35.56%

  Tender Option Bonds:       

6.28%

  Term Asset-Backed Loans Facility (TALF): 

0.00%

  Total Fund Leverage:        

                       41.84%*

Average Effective Maturity:   

                     5.48 Years

Effective Duration:                  

              4.94 Years

Total Net Assets:         

                  $681.21 Million**

Common Stock Net Asset Value:  

$15.28

Number of Holdings:              

201

Portfolio Turnover:                  

10%

* The total percentage of leverage constitutes 6.28% through the use of tender option bonds, 35.56% in issued and outstanding preferred stock 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.

** 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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