NEW YORK, Nov. 19 /PRNewswire-FirstCall/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of October 31, 2008.

AllianceBernstein National Municipal Income Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) Texas St Transpo Commission Serious 07 5.00%, 4/01/23 3.35% 2) Clark Cnty Arpt Rev (Prerefunded) FGIC Series 01B 5.25% 2.06% 3) Wisconsin HEFA (Ministry Hlth Care) MBIA Series 02A 5.25% 2/15/32 2.02% 4) Bexar Cnty Hsg Fin Corp MFHR (Doral Club & Sutton House Apts) MBIA Series 01A 5.55% 10/01/36 1.99% 5) Chicago Arpt Rev (O'Hare Int'l Arpt) AMT MBIA 5.375% 1/01/32 1.99% 6) Indianapolis Pub Impr Bond Bank (Prerefunded) MBIA Series 2A 5.25% 7/01/33 1.75% 7) Univ of Illinois FSA Series 07A 5.25%, 10/01/26 1.66% 8) Chicago (Prerefunded) FGIC Series 00C 5.50% 1/01/40 1.58% 9) Ed Loan Rev (Educational Funding of South) AMT Series 97A 6.20%, 12/01/21 1.47% 10) Texas AMT Series 02A 5.50% 8/01/41 1.38% Sector/Industry Breakdown Portfolio% Hospital/Health Care 15.40% Airport Facility 9.55% General Obligation 9.06% Higher Education 8.49% Transportation 7.54% Education 7.09% Housing-Rental Units 4.95% Corporate - Utility (Water) 4.91% Special Tax 4.36% Water/SWR 4.25% Community Facility 4.22% Continuing Care Facility 2.91% Housing-Mortgages 2.72% Miscellaneous 2.53% COP/Lease Rental 2.47% Resource Recovery/Solid Waste 2.07% Student Loan 1.47% Corporate - Utility (Gas) 1.34% Utility 1.29% Industrial 0.87% Assessment District 0.83% Corporate - Industrial 0.80% Port Facility 0.26% Housing 0.25% Corporate - Energy 0.22% Public Housing Authority 0.15% Total 100.00% State Breakdown Portfolio% Texas 15.87% Illinois 11.38% Florida 9.54% California 8.65% Nevada 4.67% Wisconsin 3.77% Michigan 3.48% Alabama 3.42% New York 3.19% Colorado 3.01% Indiana 2.79% Tennessee 2.60% Massachusetts 2.58% Louisiana 2.53% Pennsylvania 2.33% Ohio 2.11% Washington 2.03% South Carolina 1.58% Alaska 1.58% Puerto Rico 1.37% New Jersey 1.13% Virginia 1.13% Rhode Island 0.92% Arizona 0.91% New Hampshire 0.87% Georgia 0.80% Mississippi 0.67% North Carolina 0.65% Oregon 0.64% North Dakota 0.61% Hawaii 0.61% Utah 0.53% District Of Columbia 0.53% Missouri 0.52% Arkansas 0.37% Minnesota 0.29% Kansas 0.17% Iowa 0.09% New Mexico 0.08% Total 100.00% Credit Quality Breakdown Portfolio% AAA 37.46% AA 31.63% A 11.60% BBB 13.41% BB 3.41% B 0.47% A-1+ 1.76% A-1 0.16% SP-1+ 0.10% Total Investments 100.00% Portfolio Statistics AMT Percentage: 20.63% Average Coupon: 5.29% Percentage of Leverage: Bank Loans: 0% Investment Operations: 2.04% Preferred Stock: 28.89% Total: 30.93%* Avg. Maturity: 15.39 Years Duration: 8.55 Years Total Net Assets: $579.2 Million Net Asset Value: $11.76 Number of Holdings: 232

* The total percentage of leverage constitutes 28.89% in issued and outstanding preferred stock and 2.04% 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.

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.