ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC. 
By NEW YORK, Jan. 25, 2012 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.(NYSE: AFB) (the "Fund") today released its monthly portfolio update as of December 31, 2011.
AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings
Portfolio %
1) Texas Trnsp Comm Series 07 5.00%, 4/01/23 3.37%
2) Wayne State Univ MI Series 2009 5.00%, 2.51%
11/15/29
3) Chicago IL O'Hare Intl Arpt (O'hare Intl Arpt) 2.14%
NPFGC Series A 5.375%, 1/01/32
4) Wisconsin Hlth & Ed Fac Auth (Ministry Health 1.95%
Care, Inc.) NPFGC Series 02A 5.25%, 2/15/32
5) Bexar Cnty TX HFC MFHR (Doral Club & Sutton 1.71%
House Apts) NPFGC Series 01A 5.55%, 10/01/36
6) Triborough Brdg & Tunl Auth NY 5.00%, 1.67%
1/01/26
7) New York NY Trnsl Fin Auth Series 2011B 1.65%
5.00%, 2/01/26
8) Univ of Illinois AGM Series 07A 5.25%, 1.64%
10/01/26
9) Indianapolis IN Loc Bond Bank NPFGC Series
2A 1.46%
5.25%, 7/01/33 (Prerefunded/ETM)
10) Twenty Fifth Ave Pptys WA (Univ of WA Dorm 1.39%
25th Ave) NPFGC Series 02 5.25%, 6/01/33
Sector/Industry Breakdown
Portfolio %
Revenue
Health Care - Not-for-Profit 7.89%
Airport 7.87%
Water & Sewer 6.47%
Higher Education - Public 4.58%
Revenue - Miscellaneous 3.82%
Industrial Development - Utility 2.49%
Toll Roads/Transit 1.94%
Higher Education - Private 1.74%
Industrial Development - Industry 1.64%
Industrial Development - Airline 1.35%
Electric Utility 1.13%
Primary/Secondary Ed. - Private 0.84%
Health Care - Municipal 0.79%
Senior Living 0.79%
Prepay Energy 0.60%
Primary/Secondary Ed. - Public 0.47%
SUBTOTAL 44.41%
Tax Supported
Special Tax 12.36%
Local G.O. 5.84%
State G.O. 4.84%
Assessment District 4.66%
Tax-Supported Local Lease 3.35%
Tax-Supported State Lease 2.36%
State Lease 1.64%
SUBTOTAL 35.05%
Prerefunded/ETM 10.56%
Asset-Backed
Housing - Multi-Family 3.61%
Housing - Single Family 1.27%
Student Loan 1.10%
SUBTOTAL 5.98%
Insured/Guaranteed
Insured 2.52%
Guaranteed 1.48%
SUBTOTAL 4.00%
Total 100.00%
State Breakdown
Portfolio %
Texas 20.48%
California 11.72%
New York 9.33%
Illinois 7.58%
Florida 6.39%
Michigan 4.26%
Washington 4.13%
Alabama 3.42%
Wisconsin 3.11%
Colorado 2.71%
Louisiana 2.58%
Indiana 1.90%
Nevada 1.75%
Pennsylvania 1.70%
Oregon 1.52%
Alaska 1.48%
Tennessee 1.46%
Puerto Rico 1.40%
Hawaii 1.39%
South Carolina 1.35%
Virginia 1.22%
Massachusetts 1.10%
Arizona 1.02%
Ohio 0.93%
Rhode Island 0.84%
New Jersey 0.80%
New Hampshire 0.73%
North Carolina 0.61%
Mississippi 0.57%
District of Columbia 0.51%
Missouri 0.48%
North Dakota 0.38%
Georgia 0.36%
Utah 0.21%
Arkansas 0.18%
Kansas 0.18%
Minnesota 0.17%
Iowa 0.05%
Total Investments 100.00%
Credit Quality Breakdown
Portfolio %
AAA 21.10%
AA 27.09%
A 23.29%
BBB 13.50%
B 0.41%
Not Rated 4.05%
Pre-refunded Bonds 10.56%
Total Investments 100.00%
Portfolio Statistics:
AMT Percentage: 18.72%
Average Coupon: 5.67
Percentage of Leverage:
Bank Borrowing: 0.00%
Investment Operations: 1.13%
Preferred Stock: 36.69%
Tender Option Bonds: 6.48%
Term Asset-Backed Loans Facility (TALF): 0.00%
Total Fund Leverage: 44.30%*
Average Maturity: 4.77 Years
Effective Duration: 4.73 Years
Total Net Assets: $660.14 Million**
Common Stock Net Asset Value: $14.56
Number of Holdings: 204
* The total percentage of leverage constitutes 6.48% through the use of tender option bonds, 36.69% in issued and outstanding preferred
stock and 1.13% 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.
