AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Jan. 25, 2011 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.(NYSE: AFB) (the "Fund") today released its monthly portfolio update as of December 31, 2010.

    
    
    AllianceBernstein National Municipal Income Fund, Inc.
    
    Top 10 Fixed-Income Holdings 
                                                           Portfolio % 
      1) Texas Transp Commission   Series 07  5.00%,             3.35%
          4/01/23
      2) Wayne State Univ MI   Series 2009  5.00%,               2.49%
         11/15/29
      3) Chicago IL O'Hare Intl Arpt (O'hare Intl Arpt)          2.16%
         NPFGC Series A  5.375%,  1/01/32
      4) Wisconsin Hlth & Ed Fac Auth (Ministry Health           1.94%
         Care, Inc.) NPFGC Series 02A  5.25%,  2/15/32
      5) Univ of Illinois     AGM Series 07A    5.25%,           1.66%
         10/01/26
      6) Indianapolis IN Loc Bond Bank     NPFGC Series 2A       1.63%
         5.25%,  7/01/33 (Prerefunded/ETM)
      7) Bexar Cnty TX HFC MFHR (Doral Club & Sutton             1.62%
         House Apts) NPFGC Series 01A  5.55%,  10/01/36
      8) Texas GO   Series 02A  5.50%,  8/01/41                  1.45%
      9) Twenty Fifth Ave Pptys WA (Univ of WA Dorm              1.38%
         25th Ave) NPFGC Series 02  5.25%,  6/01/33
      10) Gulf Coast Wtr Auth TX (Anheuser-busch Cos.,           1.37%
          Inc.)   Series 02 5.90%,  4/01/36
    
    Sector/Industry Breakdown
                                                           Portfolio %
      Prerefunded/ETM                                           11.62%
      Health Care - Not-for-Profit                              10.32%
      Special Tax                                                8.10%
      Airport                                                    8.06%
      Insured                                                    7.90%
      Local G.O.                                                 6.29%
      State G.O.                                                 5.64%
      Assessment District                                        4.82%
      Higher Education - Public                                  4.55%
      Revenue - Miscellaneous                                    3.42%
      Water & Sewer                                              3.40%
      Housing - Multi-Family                                     2.94%
      Industrial Development - Utility                           2.53%
      Tax-Supported Local Lease                                  2.41%
      Guaranteed                                                 2.34%
      Industrial Development - Industry                          2.21%
      Tax-Supported State Lease                                  2.19%
      Housing - Single Family                                    2.12%
      Higher Education - Private                                 1.80%
      State Lease                                                1.66%
      Industrial Development - Airline                           1.24%
      Student Loan                                               1.18%
      Senior Living                                              0.85%
      Health Care - Municipal                                    0.80%
      Prepay Energy                                              0.62%
      Primary/Secondary Ed. - Public                             0.48%
      Toll Roads/Transit                                         0.26%
      Electric Utility                                           0.25%
      Total                                                    100.00%
    
    State Breakdown
                                                           Portfolio %
    Texas                                                       18.84%
    California                                                  11.57%
    Illinois                                                     8.88%
    Florida                                                      7.33%
    Michigan                                                     4.38%
    Washington                                                   3.64%
    Alabama                                                      3.60%
    Colorado                                                     3.51%
    Wisconsin                                                    3.24%
    New York                                                     3.19%
    Louisiana                                                    2.61%
    Indiana                                                      2.60%
    Pennsylvania                                                 2.55%
    Nevada                                                       2.47%
    Ohio                                                         2.10%
    Massachusetts                                                1.86%
    Alaska                                                       1.56%
    South Carolina                                               1.55%
    Tennessee                                                    1.53%
    Puerto Rico                                                  1.44%
    Hawaii                                                       1.37%
    Virginia                                                     1.26%
    Arizona                                                      1.03%
    Georgia                                                      0.92%
    New Jersey                                                   0.89%
    Rhode Island                                                 0.86%
    New Hampshire                                                0.80%
    Oregon                                                       0.71%
    North Carolina                                               0.63%
    Mississippi                                                  0.61%
    District of Columbia                                         0.53%
    Missouri                                                     0.49%
    North Dakota                                                 0.41%
    Minnesota                                                    0.32%
    Arkansas                                                     0.24%
    Utah                                                         0.23%
    Kansas                                                       0.19%
    Iowa                                                         0.06%
    Total Investments                                          100.00%
    
    Credit Quality Breakdown
                                                           Portfolio %
      AAA                                                       18.32%
      AAA(Pre-refunded Bonds)                                   11.59%
      AA                                                        25.43%
      A                                                         22.34%
      BBB                                                       15.85%
      BB                                                         1.41%
      Not Rated                                                  5.06%
      Total Investments                                        100.00%
    
    Portfolio Statistics:
      AMT Percentage:                                           19.60%
      Average Coupon:                                            5.40%
      Percentage of Leverage:
        Bank Borrowing:                                          0.00%
        Investment Operations:                                   0.00%
        Preferred Stock:                                        38.70%
        Tender Option Bonds:                                     6.83%
        Term Asset-Backed Loans Facility (TALF):                 0.00%
        Total Fund Leverage:                                    45.53%*
      Average Maturity:                                    11.35 Years
      Effective Duration:                                   7.57 Years
      Total Net Assets:                                $625.93 Million**
      Common Stock Net Asset Value:                            $13.37
      Number of Holdings:                                         216
    

* The total percentage of leverage constitutes 6.83% through the use of tender option bonds, 38.70% 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.