ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC. 
By NEW YORK, Jan. 27, 2014 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of December 31, 2013.
AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings
Portfolio %
1) Texas Trnsp Comm 5.00%, 4/01/23 3.46%
2) Wayne State Univ MI Series 2009A 5.00%, 11/15/29 2.58%
3) Connecticut Spl Tax Obl (Connecticut Trnsp Prog Spl Tax) 5.00%, 1/01/29 2.28%
4) Massachusetts Sch Bldg Auth (Massachusetts Sch Sales Tax) Series 2011B 5.00%, 10/15/32 2.09%
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 1.63%
8) Texas GO Series 2002A 5.50%, 8/01/41 1.43%
9) New York NY GO Series 2012I 5.00%, 8/01/28 1.43%
10) Coast CA CCD GO AGM 5.00%, 8/01/24 1.36%
Sector/Industry Breakdown
Portfolio %
Revenue
Toll Roads/Transit 9.10%
Water & Sewer 8.19%
Higher Education - Public 5.95%
Airport 5.15%
Electric Utility 4.43%
Revenue - Miscellaneous 4.07%
Health Care - Not-for-Profit 3.17%
Higher Education - Private 2.04%
Industrial Development - Utility 1.13%
Primary/Secondary Ed. - Private 0.89%
Prepay Energy 0.68%
Senior Living 0.66%
Primary/Secondary Ed. - Public 0.42%
SUBTOTAL 45.88%
Tax Supported
Special Tax 19.70%
Local G.O. 8.42%
State G.O. 7.65%
Tax-Supported State Lease 2.33%
Assessment District 2.17%
Tax-Supported Local Lease 1.85%
State Lease 1.76%
SUBTOTAL 43.88%
Insured/Guaranteed
Insured 2.68%
Guaranteed 1.51%
SUBTOTAL 4.19%
Prerefunded/ETM 3.49%
Asset-Backed
Housing - Multi-Family 1.92%
SUBTOTAL 1.92%
Cash Equivalents
Investment Companies 0.64%
SUBTOTAL 0.64%
Total 100.00%
State Breakdown
Portfolio %
New York 16.83%
Texas 15.72%
California 14.91%
Illinois 5.52%
Connecticut 5.08%
Michigan 5.08%
Massachusetts 3.90%
Colorado 3.81%
Florida 3.13%
New Jersey 2.70%
Louisiana 2.61%
Washington 2.35%
South Carolina 2.33%
Oregon 1.59%
Pennsylvania 1.43%
Alabama 1.23%
Puerto Rico 1.04%
Wisconsin 0.90%
Rhode Island 0.89%
Virginia 0.88%
Arizona 0.87%
District of Columbia 0.82%
Kentucky 0.82%
Hawaii 0.77%
Ohio 0.68%
Alaska 0.68%
North Carolina 0.62%
Mississippi 0.60%
Tennessee 0.38%
Missouri 0.33%
Indiana 0.33%
Georgia 0.22%
Minnesota 0.18%
New Hampshire 0.13%
Other 0.64%
Total Investments 100.00%
Credit Quality Breakdown
Portfolio %
AAA 21.88%
AA 46.89%
A 17.83%
BBB 6.24%
BB 0.29%
Not Rated 2.74%
Pre-refunded Bonds 3.49%
Short Term Investments 0.64%
Total Investments 100.00%
Bonds By Maturity
Portfolio %
Less than 1 year 2.49%
1 to 5 years 2.40%
5 to 10 years 14.83%
10 to 20 years 72.74%
20 to 30 years 7.38%
More than 30 years 0.16%
Other 0.00%
Total Investments 100.00%
Portfolio Statistics:
AMT Percentage: 8.32%
Average Coupon: 5.46%
Percentage of Leverage:
Bank Borrowing: 0.00%
Investment Operations: 0.00%
Preferred Stock: 38.53%
Tender Option Bonds: 6.80%
Term Asset-Backed Loans Facility (TALF): 0.00%
Total Fund Leverage: 45.33%*
Average Effective Maturity: 6.19 Years
Effective Duration: 5.60 Years
Total Net Assets: $628.59 Million**
Common Stock Net Asset Value: $13.44
Number of Holdings: 173
Portfolio Turnover: 41%
* The total percentage of leverage constitutes 6.80% through the use of tender option bonds, 38.53% 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.
