AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Nov. 23 /PRNewswire-FirstCall/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of October 31, 2009.

           AllianceBernstein National Municipal Income Fund, Inc.


Top 10 Fixed-Income Holdings
                                                       Portfolio %
    1)Texas Transp Commission Series 07 5.00%,               3.30%
      4/01/23
    2)Wayne State Univ MI Series 2009 5.00%,                 2.50%
      11/15/29
    3)Chicago IL O'hare Intl Arpt (O'hare Intl               2.08%
      Arpt) MBIA Series A 5.375%, 1/01/32
    4)Wisconsin Hlth & Ed Fac Auth (Ministry                 1.99%
      Health Care, Inc.) MBIA Series 02A 5.25%,
    5)Univ of Illinois FSA Series 07A 5.25%,                 1.66%
      10/01/26
    6)Indianapolis IN Loc Bond Bank MBIA Series 2A           1.64%
      5.25%, 7/01/33 (Prerefunded/ETM)
    7)Bexar Cnty TX HFC MFHR (Doral Club & Sutton            1.62%
      House Apts) MBIA Series 01A 5.55%, 10/01/36
    8)Twenty Fifth Ave Pptys WA (Univ of WA Dorm             1.43%
      25th Ave) MBIA Series 02 5.25%, 6/01/33
    9)Los Angeles CA Regl Arpts (Laxfuel                     1.37%
      Corporation) AMBAC Series 01 5.50%, 1/01/32
   10)Gulf Coast Wtr Auth TX (Anheuser-Busch                 1.34%
      Companies, Inc.) Series 02 5.90%, 4/01/36


    Sector/Industry Breakdown
                                                      Portfolio %
        Prerefunded/ETM                                    12.70%
        Health Care - Not-for-Profit                       11.36%
        Airport/Ports                                       6.39%
        Insured                                             6.15%
        Local G.O.                                          5.98%
        Higher Education - Public                           5.04%
        Special Tax                                         4.45%
        State G.O.                                          4.33%
        Higher Education                                    4.14%
        Revenue - Miscellaneous                             3.83%
        Assessment District                                 3.64%
        Transportation                                      3.30%
        Housing - Multi-Family                              3.07%
        Tax-Supported Local Lease                           2.46%
        Housing - Single Family                             2.41%
        Industrial Development - Industry                   2.29%
        Industrial Development - Utility                    2.29%
        Guaranteed                                          2.28%
        Tax-Supported State Lease                           2.08%
        Water & Sewer                                       1.83%
        Money Market                                        1.77%
        Prepay Energy                                       1.60%
        Higher Education - Private                          1.45%
        Industrial Development - Airline                    1.37%
        Health Care - Municipal                             1.26%
        Student Loan                                        1.14%
        Electric Utility                                    0.94%
        Primary/Secondary Ed. - Public                      0.45%
        Total                                             100.00%

        State Breakdown
                                                      Portfolio %
        Texas                                              18.68%
        Illinois                                            9.62%
        California                                          9.29%
        Florida                                             8.33%
        Michigan                                            5.36%
        Alabama                                             3.80%
        Wisconsin                                           3.72%
        Nevada                                              3.24%
        Washington                                          3.14%
        New York                                            2.91%
        Colorado                                            2.65%
        Indiana                                             2.63%
        Louisiana                                           2.51%
        Tennessee                                           2.48%
        Massachusetts                                       2.46%
        Ohio                                                2.05%
        Pennsylvania                                        1.76%
        South Carolina                                      1.57%
        Alaska                                              1.53%
        Puerto Rico                                         1.37%
        Virginia                                            1.23%
        Arizona                                             0.99%
        Georgia                                             0.93%
        New Jersey                                          0.89%
        New Hampshire                                       0.81%
        Rhode Island                                        0.80%
        Mississippi                                         0.73%
        Hawaii                                              0.65%
        Oregon                                              0.65%
        North Carolina                                      0.63%
        District Of Columbia                                0.52%
        Missouri                                            0.50%
        North Dakota                                        0.43%
        Arkansas                                            0.36%
        Minnesota                                           0.31%
        Utah                                                0.22%
        Kansas                                              0.17%
        Iowa                                                0.08%
        Total                                             100.00%

             Credit Quality Breakdown
                                                      Portfolio %
                AAA                                        34.37%
                AA                                         21.53%
                A                                          25.10%
                BBB                                        14.52%
                BB                                          3.77%
                B                                           0.33%
                CCC                                         0.28%
                A-1                                         0.10%
                Total Investments                         100.00%

     Portfolio Statistics:
          AMT Percentage:                20.80%
          Average Coupon:                5.52%
          Percentage of Leverage:
             Bank Borrowing:             0.00%
             Investment Operations:      5.09%
             Preferred Stock:            26.23%
          Total Fund Leverage:           31.32%*

          Avg. Maturity:                 10.73 Years
          Effective Duration:            7.20 Years
          Total Net Assets:              $634.4 Million
          Net Asset Value:               $13.68
          Number of Holdings:            220

* The total percentage of leverage constitutes 26.23% in issued and outstanding preferred stock and 5.09% in investment operations, which may include the use of certain portfolio management techniques such as tender option bonds, 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.