AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Nov. 23, 2010 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.(NYSE: AFB) (the "Fund") today released its monthly portfolio update as of October 31, 2010.

    
    
    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%,         2.53%
        11/15/29
        3) Chicago IL O'Hare Intl Arpt  (O'hare Intl Arpt)          2.17%
        NPFGC Series A                   5.375%,      1/01/32
        4) Wisconsin Hlth & Ed Fac Auth      (Ministry Health       1.97%
        Care, Inc.) NPFGC Series 02A     5.25%,    2/15/32
        5) Bexar Cnty TX HFC MFHR       (Doral Club & Sutton        1.67%
        House Apts) NPFGC Series 01A     5.55%,    10/01/36
        6) Univ of Illinois     AGM Series 07A   5.25%,             1.65%
        10/01/26
        7) Indianapolis IN Loc Bond Bank     NPFGC Series 2A        1.55%
        5.25%,  7/01/33 (Prerefunded/ETM)
        8) Twenty Fifth Ave Pptys WA (Univ of WA Dorm               1.41%
        25th Ave) NPFGC Series 02  5.25%,  6/01/33
        9) Texas GO   Series 02A  5.50%,  8/01/41                   1.39%
        10) Los Angeles CA Regl Arpts    (Laxfuel Corp.)            1.37%
        AMBAC Series 01   5.50%,  1/01/32
    
    Sector/Industry Breakdown                                                                                     
                                                                 Portfolio %
        Health Care - Not-for-Profit                               11.32%
        Prerefunded/ETM                                            11.08%
        Airport                                                     8.10%
        Special Tax                                                 8.08%
        Insured                                                     7.81%
        Local G.O.                                                  6.19%
        State G.O.                                                  5.53%
        Higher Education - Public                                   4.59%
        Assessment District                                         4.58%
        Revenue - Miscellaneous                                     3.44%
        Water & Sewer                                               3.27%
        Housing - Multi-Family                                      2.92%
        Tax-Supported Local Lease                                   2.70%
        Industrial Development - Utility                            2.55%
        Guaranteed                                                  2.30%
        Tax-Supported State Lease                                   2.15%
        Housing - Single Family                                     2.10%
        Industrial Development - Industry                           2.10%
        Higher Education - Private                                  1.80%
        State Lease                                                 1.65%
        Industrial Development - Airline                            1.37%
        Student Loan                                                1.11%
        Senior Living                                               0.85%
        Health Care - Municipal                                     0.80%
        Prepay Energy                                               0.62%
        Primary/Secondary Ed. - Public                              0.48%
        Toll Roads/Transit                                          0.27%
        Electric Utility                                            0.24%
        Total                                                     100.00%
        
        State Breakdown
                                                              Portfolio %
        Texas                                                      18.55%
        California                                                 11.74%
        Illinois                                                    8.79%
        Florida                                                     7.21%
        Michigan                                                    5.45%
        Washington                                                  3.65%
        Alabama                                                     3.50%
        Colorado                                                    3.45%
        Wisconsin                                                   3.21%
        New York                                                    3.20%
        Louisiana                                                   2.57%
        Pennsylvania                                                2.57%
        Indiana                                                     2.50%
        Nevada                                                      2.44%
        Ohio                                                        2.06%
        Massachusetts                                               1.79%
        South Carolina                                              1.57%
        Alaska                                                      1.50%
        Tennessee                                                   1.47%
        Puerto Rico                                                 1.41%
        Hawaii                                                      1.39%
        Virginia                                                    1.24%
        Arizona                                                     1.03%
        New Jersey                                                  0.90%
        Georgia                                                     0.88%
        Rhode Island                                                0.83%
        New Hampshire                                               0.77%
        Oregon                                                      0.70%
        North Carolina                                              0.61%
        Mississippi                                                 0.58%
        District of Columbia                                        0.51%
        Missouri                                                    0.48%
        North Dakota                                                0.41%
        Minnesota                                                   0.32%
        Arkansas                                                    0.24%
        Utah                                                        0.22%
        Kansas                                                      0.19%
        Iowa                                                        0.07%
        Total Investments                                         100.00%
    
            Credit Quality Breakdown
                                                               Portfolio %
                AAA                                                 18.56%
                AAA(Pre-refunded Bonds)                             11.08%
                AA                                                  25.16%
                A                                                   25.47%
                BBB                                                 13.33%
                BB                                                   1.45%
                N/R                                                  4.95%
                Total Investments                                  100.00%
    
        Portfolio Statistics:
            AMT Percentage:                                         19.65%
            Average Coupon:                                          5.48%
            Percentage of Leverage:
                Bank Borrowing:                                      0.00%
                Investment Operations:                               1.10%
                Preferred Stock:                                    36.89%
                Tender Option Bonds:                                 6.51%
                Term Asset-Backed Loans Facility (TALF):             0.00%
                Total Fund Leverage:                               44.50%*
        Average Maturity:                                       7.02 Years
        Effective Duration:                                     5.03 Years
        Total Net Assets:                                 $656.7 Million**
        Common Stock Net Asset Value:                               $14.44
        Number of Holdings:                                            219

The total percentage of leverage constitutes 6.51% through the use of tender option bonds, 36.89% in issued and outstanding preferred stock and 1.10% 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.