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.