AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

May 23, 2014, 16:06 ET from AllianceBernstein National Municipal Income Fund, Inc.

NEW YORK, May 23, 2014 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of April 30, 2014.

AllianceBernstein National Municipal Income Fund, Inc.





Top 10 Fixed-Income Holdings

Portfolio %

1) Texas Trnsp Comm 5.00%, 4/01/23

3.33%

2) Wayne State Univ MI Series 2009A 5.00%, 11/15/29

2.56%

3) Connecticut Spl Tax Obl (Connecticut Trnsp Prog Spl Tax) 5.00%, 1/01/29

2.29%

4) Massachusetts Sch Bldg Auth (Massachusetts Sch Sales Tax)  Series 2011B 5.00%, 10/15/32

2.10%

5) Univ of Illinois   AGM 5.25%, 10/01/26

1.76%

6) Triborough Brdg & Tunl Auth NY Series 2011A 5.00%, 1/01/26

1.66%

7) Los Angeles CA Dept W&P Pwr Series 2013B 5.00%, 7/01/30

1.65%

8) New York NY GO Series 2012I 5.00%, 8/01/28

1.43%

9) New York St Dormitory Auth (New York St Pers Income Tax)  Series 2012D 5.00%, 2/15/29

1.30%

10) Fort Bend TX ISD GO Series 2009 5.00%, 2/15/27

1.27%





Sector/Industry Breakdown

Portfolio %

Revenue


Toll Roads/Transit

10.09%

Water & Sewer

7.96%

Higher Education - Public

6.64%

Airport

5.66%

Electric Utility

4.27%

Revenue - Miscellaneous

4.18%

Health Care - Not-for-Profit

3.06%

Higher Education - Private

2.05%

Primary/Secondary Ed. - Private

0.85%

Industrial Development - Utility

0.79%

Prepay Energy

0.69%

Senior Living

0.65%

Primary/Secondary Ed. - Public

0.41%

SUBTOTAL

47.30%

Tax Supported


Special Tax

22.13%

Local G.O.

8.04%

State G.O.

5.89%

Tax-Supported State Lease

2.31%

Assessment District

1.82%

Tax-Supported Local Lease

1.79%

State Lease

1.76%

SUBTOTAL

43.74%

Prerefunded/ETM

3.63%

Insured/Guaranteed


Guaranteed

1.47%

Insured

0.74%

SUBTOTAL

2.21%

Asset-Backed


Housing - Multi-Family

1.84%

SUBTOTAL

1.84%

Cash Equivalents


Investment Companies

1.28%

SUBTOTAL

1.28%

Total

100.00%

State Breakdown



Portfolio %

New York

16.47%

California

15.76%

Texas

13.67%

Illinois

5.43%

Connecticut

5.11%

Michigan

5.06%

Massachusetts

3.93%

Florida

3.93%

Colorado

3.72%

New Jersey

2.67%

Louisiana

2.52%

Pennsylvania

2.43%

Washington

2.31%

South Carolina

2.08%

Oregon

1.56%

Alabama

1.18%

Virginia

0.88%

Arizona

0.87%

Rhode Island

0.85%

District of Columbia

0.83%

Kentucky

0.82%

Puerto Rico

0.80%

Wisconsin

0.79%

Hawaii

0.76%

Georgia

0.75%

Alaska

0.64%

North Carolina

0.60%

Mississippi

0.58%

Ohio

0.43%

Tennessee

0.37%

Missouri

0.32%

Indiana

0.31%

Minnesota

0.17%

New Hampshire

0.12%

Other

1.28%

Total Investments

100.00%



Credit Quality Breakdown

Portfolio %

AAA

19.97%

AA

50.46%

A

15.88%

BBB

5.27%

BB

1.09%

Not Rated

2.42%

Pre-refunded Bonds

3.63%

Short Term Investments

1.28%

Total Investments

100.00%



Bonds By Maturity

Portfolio %

Less than 1 year

3.28%

1 to 5 years

2.37%

5 to 10 years

13.39%

10 to 20 years

74.81%

20 to 30 years

5.96%

More than 30 years

0.19%

Other

0.00%

Total Investments

100.00%



Portfolio Statistics:


AMT Percentage:

7.07%

Average Coupon:

5.53%

Percentage of Leverage:


Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

37.22%

Tender Option Bonds:

6.35%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

42.58%*

Average Effective Maturity:

6.04 Years

Effective Duration:

5.37 Years

Total Net Assets:

$650.84 Million**

Common Stock Net Asset Value:

$14.22

Number of Holdings:

174

Portfolio Turnover:

41%

* The total percentage of leverage constitutes 5.36% through the use of tender option bonds, 37.22% 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.