UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10573
ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC.
(Exact name of registrant as specified in charter)
1345 Avenue of the Americas, New York, New York 10105
(Address of principal executive offices) (Zip code)
Joseph J. Mantineo
AllianceBernstein L.P.
1345 Avenue of the Americas
New York, New York 10105
(Name and address of agent for service)
Registrants telephone number, including area code: (800) 221-5672
Date of fiscal year end: October 31, 2009
Date of reporting period: July 31, 2009
ITEM 1. | SCHEDULE OF INVESTMENTS. |
AllianceBernstein National Municipal Income Fund
Portfolio of Investments
July 31, 2009 (unaudited)
Principal Amount (000) |
U.S. $ Value | |||||
MUNICIPAL OBLIGATIONS - 179.1% |
||||||
Long-Term Municipal Bonds - 174.6% |
||||||
Alabama - 5.9% |
||||||
Huntsville AL Hlth Care Auth |
||||||
Series 02B |
||||||
5.75%, 6/01/32 (Prerefunded/ETM) |
$ | 6,000 | $ | 6,793,440 | ||
Jefferson Cnty AL GO |
||||||
Series 04A |
||||||
5.25%, 1/01/18 - 1/01/23 |
3,100 | 1,880,445 | ||||
Jefferson Cnty AL Swr |
||||||
FGIC Series 02 |
||||||
5.00%, 2/01/41 (Prerefunded/ETM) |
1,535 | 1,662,835 | ||||
FGIC Series 02B |
||||||
5.00%, 2/01/41 (Prerefunded/ETM) |
2,465 | 2,700,309 | ||||
Marshall Cnty AL Hlth Care Au |
||||||
Series 02A |
||||||
5.75%, 1/01/32 |
2,500 | 2,299,475 | ||||
Series 02D |
||||||
5.75%, 1/01/32 |
3,000 | 2,743,530 | ||||
Montgomery AL BMC Spl Care |
||||||
Series 04C |
||||||
5.25%, 11/15/29 (Prerefunded/ETM) |
1,810 | 2,064,214 | ||||
Montgomery AL BMC Spl Care (Baptist Health Montgomery) |
||||||
Series 04C |
||||||
5.125%, 11/15/24 |
1,500 | 1,338,930 | ||||
21,483,178 | ||||||
Alaska - 2.8% |
||||||
Alaska Intl Arpt |
||||||
MBIA Series 03B |
||||||
5.00%, 10/01/26 |
2,000 | 2,001,360 | ||||
Alaska Muni Bond Bank Auth |
||||||
MBIA Series 04G |
||||||
5.00%, 2/15/22 - 2/15/24 |
2,930 | 2,997,502 | ||||
Four Dam Pool AK Elec |
||||||
Series 04 |
||||||
5.00%, 7/01/24 (Prerefunded/ETM) |
1,035 | 1,194,028 | ||||
5.25%, 7/01/25 - 7/01/26 (Prerefunded/ETM) |
3,580 | 4,171,989 | ||||
10,364,879 | ||||||
Arizona - 1.7% |
||||
Arizona Cap Fac Fin Corp. |
||||
Series 00 |
||||
6.25%, 9/01/32 |
1,550 | 1,355,599 | ||
Phoenix AZ Civic Impt Corp. |
||||
MBIA Series 04 |
||||
5.00%, 7/01/23 |
1,250 | 1,301,175 | ||
Salt Verde Fin Corp. Gas |
||||
5.25%, 12/01/22 - 12/01/23 |
4,150 | 3,634,869 | ||
6,291,643 | ||||
Arkansas - 0.7% |
||||
Arkansas Dev Fin Auth SFMR |
||||
GNMA/ FNMA Series 02A |
||||
5.30%, 7/01/34 |
2,410 | 2,413,109 | ||
California - 15.3% |
||||
California GO |
||||
5.00%, 2/01/32 |
2,450 | 2,305,033 | ||
5.25%, 4/01/30 |
20 | 19,677 | ||
Series 04 |
||||
5.00%, 2/01/33 |
1,100 | 1,020,283 | ||
Coachella Valley CA USD COP |
||||
MBIA Series 03 |
||||
5.00%, 9/01/31 |
1,000 | 933,160 | ||
Coast CCD |
||||
FSA Series 06B |
||||
5.00%, 8/01/23 - 8/01/24 (a) |
11,370 | 11,792,981 | ||
Golden St Tobacco Sec CA |
||||
RADIAN Series 03 |
||||
5.50%, 6/01/43 (Prerefunded/ETM) |
2,250 | 2,555,212 | ||
XLCA Series 03B |
||||
5.50%, 6/01/33 (Prerefunded/ETM) |
3,000 | 3,406,950 | ||
Grossmont-Cuyamaca CCD GO |
||||
ASSURED GTY |
||||
5.00%, 8/01/22 - 8/01/23 (a) |
4,480 | 4,731,804 | ||
Hartnell CA CCD GO |
||||
MBIA Series 03A |
||||
5.00%, 8/01/27 (Prerefunded/ETM) |
1,155 | 1,327,395 | ||
LA Quinta CA Fin Auth |
||||
AMBAC Series 04A |
||||
5.25%, 9/01/24 |
2,000 | 1,935,200 | ||
Los Angeles CA CCD GO |
||||
Series F-1 |
||||
5.00%, 8/01/28 |
5,800 | 5,820,822 | ||
Los Angeles CA Cmnty Redev Agy |
||||
Series 04L |
||||
5.00%, 3/01/18 |
1,715 | 1,599,581 |
Los Angeles CA Regl Arpts |
||||
AMBAC Series 01 |
||||
5.50%, 1/01/32 |
9,500 | 8,503,545 | ||
Pomona CA COP |
||||
AMBAC Series 03 |
||||
5.50%, 6/01/34 |
3,000 | 2,932,230 | ||
San Diego Gas & Elec Company |
||||
Series 96A |
||||
5.30%, 7/01/21 |
4,000 | 4,156,800 | ||
San Rafael CA Elem SD GO |
||||
FSA Series 03A |
||||
5.00%, 8/01/28 |
2,820 | 2,839,402 | ||
55,880,075 | ||||
Colorado - 4.6% |
||||
Avon Cnty Hsg Auth MFHR |
||||
GNMA Series 02A |
||||
5.70%, 10/20/43 |
4,950 | 4,992,768 | ||
Colorado Ed Cul Fac Auth |
||||
Series 05 |
||||
6.50%, 5/01/36 |
490 | 373,047 | ||
Colorado Hlth Fac Auth |
||||
5.25%, 6/01/19 - 6/01/23 |
2,425 | 2,321,865 | ||
Colorado Hlth Fac Auth |
||||
Series 04 |
||||
5.00%, 9/01/25 |
2,560 | 2,223,283 | ||
E-470 Pub Hwy Auth Co. |
||||
Series 00 |
||||
Zero Coupon, 9/01/35 (Prerefunded/ETM) |
10,000 | 1,505,700 | ||
Northwest Met Dist #3 Co. |
||||
6.125%, 12/01/25 |
1,000 | 632,740 | ||
Park Creek Met Dist Co. |
||||
Series 05 |
||||
5.25%, 12/01/25 |
3,000 | 2,493,660 | ||
5.50%, 12/01/30 |
890 | 731,277 | ||
Todd Creek Farms Met Dist #1 Co. |
||||
6.125%, 12/01/22 |
1,970 | 1,090,021 | ||
Todd Creek Farms Met Dist #1 Co. |
||||
Series 04 |
||||
6.125%, 12/01/19 (b) |
1,180 | 593,788 | ||
16,958,149 | ||||
District Of Columbia - 1.0% |
||||
District of Columbia Tax Incr |
||||
FSA Series 02 |
||||
5.40%, 7/01/31 |
3,500 | 3,509,135 | ||
Florida - 16.4% |
||||
Bard Cnty FL HFA SFMR |
||||
GNMA Series 02C |
||||
5.40%, 3/01/33 |
595 | 584,082 | ||
Beacon Tradeport CDD FL |
||||
Series 02B |
||||
7.25%, 5/01/33 |
4,930 | 4,968,355 | ||
Fiddlers Creek CDD FL |
||||
Series 02A |
||||
6.875%, 5/01/33 (b)(c) |
2,820 | 1,406,898 | ||
Series 02B |
||||
6.625%, 5/01/33 (b)(c) |
2,120 | 1,057,689 | ||
Florida HFC MFHR |
||||
FSA Series 02-D1 |
||||
5.40%, 3/01/42 |
8,780 | 8,317,118 | ||
Florida HFC MFHR |
||||
FSA Series 02E-1 |
||||
5.40%, 4/01/42 |
3,000 | 2,841,600 | ||
Florida St Univ Fin Asst |
||||
AMBAC Series 02 |
||||
5.00%, 10/01/31 |
5,000 | 5,015,600 | ||
Hamal CDD FL |
||||
Series 01 |
||||
6.75%, 5/01/31 (Prerefunded/ETM) |
2,460 | 2,734,659 | ||
Lee Cnty FL Port Auth Arpt |
||||
FSA Series 00A |
||||
5.75%, 10/01/22 - 10/01/25 |
9,500 | 9,552,840 | ||
Lee Cnty IDA FL Hlth Fac |
||||
Series 99A |
||||
5.50%, 11/15/29 (Prerefunded/ETM) |
6,170 | 6,319,746 | ||
Miami Beach FL Hlth Fac Auth |
||||
6.75%, 11/15/24 |
4,000 | 3,228,720 | ||
Miami-Dade Cnty FL Aviation |
||||
FGIC Series 02 |
||||
5.375%, 10/01/32 |
6,040 | 5,328,126 | ||
Midtown Miami CDD FL |
||||
Series 04A |
||||
6.00%, 5/01/24 |
2,380 | 1,723,025 | ||
Miromar Lakes CDD FL |
||||
Series 00A |
||||
7.25%, 5/01/12 |
1,140 | 1,071,885 | ||
Orange Cnty FL Hlth Fac Auth |
||||
Series 02 |
||||
5.75%, 12/01/32 (Prerefunded/ETM) |
2,800 | 3,214,652 |
Pinellas Cnty FL HFA SFMR |
||||
GNMA/ FNMA Series 02A |
||||
5.40%, 3/01/32 |
695 | 682,518 | ||
Univ of Central FL COP |
||||
FGIC Series 04A |
||||
5.125%, 10/01/24 |
1,325 | 1,248,481 | ||
Village CDD #5 FL |
||||
Series 03A |
||||
6.00%, 5/01/22 |
665 | 617,971 | ||
59,913,965 | ||||
Georgia - 1.6% |
||||
Cartersville GA Dev Auth |
||||
Series 02 |
||||
5.95%, 2/01/32 |
2,510 | 2,284,728 | ||
Georgia HFA SFMR (Georgia HFA) |
||||
Series 02A-02 |
||||
5.60%, 12/01/32 |
3,735 | 3,663,213 | ||
5,947,941 | ||||
Hawaii - 1.1% |
||||
Hawaii Dept Budget & Finance |
||||
XLCA Series 03B |
||||
5.00%, 12/01/22 |
4,500 | 4,052,565 | ||
Illinois - 19.8% |
||||
Bolingbrook IL GO |
||||
FGIC Series 02A |
||||
5.375%, 1/01/38 (Prerefunded/ETM) |
5,000 | 5,504,750 | ||
Chicago IL GO |
||||
FGIC Series 00C |
||||
5.50%, 1/01/40 |
5,450 | 5,461,390 | ||
5.50%, 1/01/40 (Prerefunded/ETM) |
9,135 | 9,643,271 | ||
FSA Series A |
||||
5.00%, 1/01/25 |
380 | 390,249 | ||
Chicago IL HFA SFMR |
||||
GNMA/ FNMA Series 02B |
||||
6.00%, 10/01/33 |
395 | 400,731 | ||
Chicago IL Ohare Intl Arpt |
||||
MBIA Series A |
||||
5.375%, 1/01/32 |
15,000 | 13,185,450 | ||
XLCA Series 03B-1 |
||||
5.25%, 1/01/34 |
4,860 | 4,761,536 | ||
Chicago IL Sales Tax |
||||
FGIC Series 98 |
||||
5.25%, 1/01/28 |
5,710 | 5,758,421 |
Chicago IL Tax Increment |
||||
7.46%, 2/15/26 |
1,880 | 1,563,276 | ||
Cook Cnty IL SD #29 GO |
||||
FSA Series 04 |
||||
5.00%, 12/01/20 |
2,000 | 2,111,460 | ||
Gilberts IL SSA #1 |
||||
Series 03 |
||||
6.00%, 3/01/28 |
2,745 | 1,969,620 | ||
Hampshire IL SSA |
||||
5.80%, 3/01/26 |
1,845 | 1,346,407 | ||
Illinois Finance Auth |
||||
Series 06A |
||||
5.00%, 4/01/31 |
1,250 | 937,213 | ||
Illinois Finance Auth |
||||
XLCA Series 04A |
||||
5.00%, 7/01/24 |
1,495 | 1,519,623 | ||
Manhattan SSA #2004-1 IL |
||||
Series 05 |
||||
5.875%, 3/01/28 |
1,856 | 1,423,274 | ||
Metro Pier & Expo Auth IL Spl Tax |
||||
MBIA Series 02A |
||||
5.25%, 6/15/42 |
5,500 | 5,373,335 | ||
Univ of Illinois |
||||
FSA Series 07A |
||||
5.25%, 10/01/26 (a) |
10,800 | 11,080,152 | ||
72,430,158 | ||||
Indiana - 4.9% |
||||
Hendricks Cnty IN GO |
||||
Series 04 |
||||
5.50%, 7/15/21 - 7/15/22 |
2,150 | 2,274,403 | ||
Indiana Dev Fin Auth |
||||
Series 97 |
||||
5.75%, 10/01/11 |
2,925 | 2,859,860 | ||
Indiana HFA SFMR |
||||
GNMA/ FNMA Series 02 |
||||
5.55%, 7/01/32 |
1,520 | 1,520,243 | ||
Indianapolis IN Loc Bond Bank |
||||
MBIA Series 2A |
||||
5.25%, 7/01/33 (Prerefunded/ETM) |
10,000 | 11,241,600 | ||
17,896,106 | ||||
Iowa - 0.1% |
||||
Coralville IA BANS |
||||
Series 07C |
||||
5.00%, 6/01/18 |
260 | 261,487 |
Iowa Finance Auth SFMR |
||||
GNMA/ FNMA Series 02 |
||||
5.40%, 7/01/32 |
295 | 291,546 | ||
553,033 | ||||
Kansas - 0.3% |
||||
Lenexa KS Hlth Care Fac |
||||
5.25%, 5/15/22 |
1,395 | 1,014,151 | ||
Louisiana - 4.5% |
||||
Louisiana Agric Fin Auth |
||||
5.25%, 9/15/17 |
4,270 | 3,957,607 | ||
Louisiana HFA SFMR |
||||
GNMA/ FNMA Series 02C |
||||
5.60%, 6/01/33 |
815 | 808,300 | ||
Louisiana Loc Govt CDA |
||||
Series 2009A |
||||
5.00%, 4/01/26 (d) |
535 | 529,008 | ||
New Orleans LA GO |
||||
MBIA |
||||
5.00%, 3/01/18 |
2,285 | 2,221,317 | ||
5.25%, 12/01/20 |
1,000 | 1,000,450 | ||
MBIA Series 05 |
||||
5.00%, 12/01/29 |
2,700 | 2,411,316 | ||
RADIAN Series A |
||||
5.00%, 12/01/22 |
5,875 | 5,637,180 | ||
16,565,178 | ||||
Massachusetts - 4.5% |
||||
Massachusetts GO |
||||
Series 02C |
||||
5.25%, 11/01/30 (Prerefunded/ETM) |
7,000 | 7,852,670 | ||
Massachusetts HFA MFHR |
||||
AMBAC Series 95E |
||||
6.00%, 7/01/41 |
1,740 | 1,743,584 | ||
MBIA Series 00H |
||||
6.65%, 7/01/41 |
535 | 538,590 | ||
Massachusetts Hlth & Ed Facs Auth |
||||
RADIAN Series 01E |
||||
5.70%, 10/01/25 |
2,000 | 1,922,320 | ||
Massachusetts Hlth & Ed Facs Auth |
||||
RADIAN Series 01C |
||||
5.25%, 11/15/31 |
2,100 | 1,493,520 | ||
Massachusetts Hlth & Ed Facs Auth |
||||
MBIA Series 93 |
||||
5.38%, 7/01/18 |
2,900 | 2,801,574 | ||
16,352,258 | ||||
Michigan - 5.1% |
||||
Detroit MI Swr Disp |
||||
MBIA |
||||
5.25%, 7/01/22 |
5,000 | 4,967,350 | ||
Kent MI Hosp Fin Auth |
||||
Series 05A |
||||
5.75%, 7/01/25 |
1,080 | 832,799 | ||
Michigan Hosp Fin Auth |
||||
Series 00A |
||||
6.00%, 12/01/27 |
3,000 | 3,030,060 | ||
Michigan Strategic Fund |
||||
XLCA Series 02C |
||||
5.45%, 12/15/32 |
5,000 | 4,261,550 | ||
Plymouth MI Ed Ctr Charter Sch |
||||
Series 05 |
||||
5.125%, 11/01/23 |
2,140 | 1,606,006 | ||
Saginaw MI Hosp Fin Auth |
||||
Series 00F |
||||
6.50%, 7/01/30 |
3,920 | 3,906,397 | ||
18,604,162 | ||||
Minnesota - 0.5% |
||||
Shakopee MN Hlthcare Fac |
||||
Series 04 |
||||
5.10%, 9/01/25 |
1,200 | 1,112,892 | ||
St. Paul MN Hsg & Redev Auth |
||||
Series 05 |
||||
6.00%, 11/15/25 |
1,000 | 811,780 | ||
1,924,672 | ||||
Mississippi - 1.3% |
||||
Adams Cnty MS Envrn Impt PCR |
||||
Series 99 |
||||
6.25%, 9/01/23 |
1,000 | 899,180 | ||
Gulfport MS Hosp Fin Auth |
||||
Series 01A |
||||
5.75%, 7/01/31 |
4,000 | 3,694,320 | ||
4,593,500 | ||||
Missouri - 0.9% |
||||
Kansas City MO Spl Oblig |
||||
Series 08C |
||||
5.00%, 4/01/28 |
2,000 | 1,990,260 | ||
Missouri HDC SFMR |
||||
GNMA/ FNMA Series 02A-1 |
||||
5.58%, 9/01/32 |
855 | 851,948 |
Riverside MO IDA |
||||
ACA Series 07A |
||||
5.00%, 5/01/27 |
600 | 531,390 | ||
3,373,598 | ||||
Nevada - 7.2% |
||||
Carson City NV Hosp |
||||
RADIAN Series 03A |
||||
5.00%, 9/01/23 |
4,700 | 3,758,825 | ||
Clark Cnty NV Arpt |
||||
FGIC Series 01B |
||||
5.25%, 7/01/34 (Prerefunded/ETM) |
11,920 | 12,911,506 | ||
Nevada Dept Business & Ind |
||||
AMBAC Series 00 |
||||
5.625%, 1/01/32 |
6,720 | 1,879,584 | ||
Reno NV Spl Tax |
||||
FGIC Series 02 |
||||
5.375%, 6/01/32 |
2,790 | 2,433,466 | ||
5.375%, 6/01/32 (Prerefunded/ETM) |
4,710 | 5,273,551 | ||
26,256,932 | ||||
New Hampshire - 1.5% |
||||
New Hampshire Hlth & Ed Fac Auth |
||||
Series 02 |
||||
6.125%, 7/01/31 (Prerefunded/ETM) |
4,200 | 4,712,652 | ||
New Hampshire Hlth & Ed Fac Auth |
||||
Series 04 |
||||
5.375%, 7/01/24 |
820 | 795,031 | ||
5,507,683 | ||||
New Jersey - 1.6% |
||||
Morris-Union NJ Jt Comm COP |
||||
RADIAN Series 04 |
||||
5.00%, 5/01/24 |
5,595 | 5,181,194 | ||
New Jersey EDA |
||||
Series 05 |
||||
5.25%, 3/01/25 |
500 | 517,285 | ||
5,698,479 | ||||
New York - 5.2% |
||||
New York NY GO |
||||
Series 04G |
||||
5.00%, 12/01/23 |
1,600 | 1,638,144 | ||
Series 06 |
||||
5.00%, 6/01/22 |
1,160 | 1,201,261 | ||
New York St Dorm Auth |
||||
5.00%, 3/15/26 (a) |
7,000 | 7,292,950 | ||
New York St Envrn Fac Corp |
||||
5.00%, 6/15/24 - 6/15/27 (a) |
7,000 | 7,384,370 |
New York St HFA |
||||
FGIC Series 05A |
||||
5.00%, 9/15/25 |
300 | 311,418 | ||
Ulster Cnty NY IDA |
||||
6.00%, 9/15/27 |
1,775 | 1,354,964 | ||
19,183,107 | ||||
North Carolina - 1.1% |
||||
Charlotte NC Arpt |
||||
MBIA Series 04A |
||||
5.25%, 7/01/24 |
2,895 | 3,019,254 | ||
Iredell Cnty NC COP |
||||
FSA Series 08 |
||||
5.25%, 6/01/22 |
1,080 | 1,194,685 | ||
4,213,939 | ||||
North Dakota - 1.0% |
||||
North Dakota HFA SFMR |
||||
Series 02 |
||||
5.65%, 1/01/34 |
825 | 802,601 | ||
Series 98E |
||||
5.25%, 1/01/30 |
1,005 | 991,382 | ||
Ward Cnty ND Hlth Care Fac |
||||
5.125%, 7/01/18 - 7/01/20 |
2,075 | 1,866,514 | ||
3,660,497 | ||||
Ohio - 3.5% |
||||
Columbiana Cnty Port Auth OH |
||||
Series 04A |
||||
7.125%, 8/01/25 |
1,840 | 1,557,302 | ||
Cuyahoga Cnty OH Hosp |
||||
Series 00 |
||||
7.50%, 1/01/30 |
2,400 | 2,333,952 | ||
Cuyahoga Cnty OH Port Auth |
||||
Series 01 |
||||
7.35%, 12/01/31 |
5,000 | 4,538,750 | ||
Fairfield Cnty OH Hosp Fac |
||||
RADIAN Series 03 |
||||
5.00%, 6/15/22 - 6/15/24 |
5,210 | 4,408,136 | ||
12,838,140 | ||||
Oregon - 1.1% |
||||
Forest Grove OR |
||||
RADIAN Series 05A |
||||
5.00%, 5/01/28 |
4,760 | 4,075,179 | ||
Pennsylvania - 2.9% |
||||
Allegheny Cnty PA Hosp Dev Auth |
||||
5.00%, 11/15/28 |
4,800 | 2,998,032 | ||
Allegheny Cnty PA IDA |
||||
5.00%, 9/01/21 |
500 | 429,620 | ||
Pennsylvania Econ Dev Fin Auth |
||||
ACA Series 02 |
||||
5.875%, 6/01/33 |
4,100 | 3,337,810 | ||
Pennsylvania Turnpike Comm |
||||
AMBAC Series 01 |
||||
5.00%, 7/15/41 (Prerefunded/ETM) |
2,000 | 2,187,980 | ||
Philadelphia PA IDA |
||||
Series 05A |
||||
5.25%, 7/01/24 |
1,150 | 870,803 | ||
Wilkes-Barre PA Fin Auth |
||||
5.00%, 3/01/22 |
990 | 888,070 | ||
10,712,315 | ||||
Puerto Rico - 2.4% |
||||
Puerto Rico GO |
||||
5.25%, 7/01/23 |
2,625 | 2,429,752 | ||
Series 01A |
||||
5.50%, 7/01/19 |
1,705 | 1,697,191 | ||
Series 03A |
||||
5.25%, 7/01/23 |
500 | 462,810 | ||
Puerto Rico Govt Dev Bank |
||||
Series 06B |
||||
5.00%, 12/01/15 |
1,000 | 994,050 | ||
Puerto Rico Pub Bldgs Auth |
||||
Series N |
||||
5.50%, 7/01/22 |
3,370 | 3,170,631 | ||
8,754,434 | ||||
Rhode Island - 1.4% |
||||
Rhode Island Hlth Ed Bldg Corp. |
||||
Series 04 |
||||
5.00%, 12/15/24 |
5,845 | 5,274,879 | ||
South Carolina - 2.9% |
||||
Charleston SC Eld Excel Fin Corp. |
||||
5.25%, 12/01/30 |
2,000 | 2,012,660 | ||
Dorchester Cnty SC SD #2 Lease |
||||
ASSURED GTY |
||||
5.00%, 12/01/29 |
1,600 | 1,599,888 | ||
Newberry Inv IN Children SC |
||||
ASSURED GTY Series 05 |
||||
5.00%, 12/01/27 |
5,450 | 5,544,121 |
Series 05 |
||||
5.00%, 12/01/30 |
550 | 462,490 | ||
SCAGO Edl Facs Corp. |
||||
RADIAN |
||||
5.00%, 12/01/21 |
1,000 | 1,003,580 | ||
10,622,739 | ||||
Tennessee - 4.4% |
||||
Sullivan Cnty TN Hlth & Hfb |
||||
Series 06C |
||||
5.00%, 9/01/22 |
1,760 | 1,386,123 | ||
5.25%, 9/01/26 |
725 | 548,209 | ||
Tennessee Ed Fndg Corp. |
||||
Series 97A |
||||
6.20%, 12/01/21 |
7,705 | 7,704,769 | ||
Tennessee Energy Acq Corp. Gas |
||||
Series A |
||||
5.25%, 9/01/21 - 9/01/22 |
7,000 | 6,468,080 | ||
16,107,181 | ||||
Texas - 33.2% |
||||
Alvin TX ISD GO |
||||
Series 2004B |
||||
5.00%, 2/15/28 (d) |
960 | 996,403 | ||
Bexar Cnty TX HFC MFHR |
||||
MBIA Series 01A |
||||
5.55%, 10/01/36 |
14,425 | 10,383,548 | ||
Bexar Cnty TX Hlth Fac Dev |
||||
5.00%, 7/01/27 |
525 | 404,066 | ||
Camino Real Regl Mob Auth |
||||
5.00%, 2/15/22 |
480 | 455,928 | ||
Series 2008 |
||||
5.00%, 8/15/21 |
1,210 | 1,160,729 | ||
Dallas Fort Worth TX Intl Arpt |
||||
FGIC Series 01 |
||||
5.50%, 11/01/35 |
6,500 | 5,803,070 | ||
MBIA Series 03A |
||||
5.25%, 11/01/25 |
2,000 | 1,892,480 | ||
Dallas TX ISD GO |
||||
6.00%, 2/15/28 |
2,500 | 2,833,125 | ||
Dripping Springs TX ISD GO |
||||
5.125%, 2/15/28 |
5,715 | 6,041,727 | ||
Fort Bend TX ISD GO |
||||
Series 2009 |
||||
5.00%, 2/15/27 |
7,560 | 7,788,388 | ||
Frisco TX GO |
||||
FGIC |
||||
5.00%, 2/15/23 |
3,220 | 3,393,880 |
Garza Cnty Pub Fac Corp. |
||||
5.50%, 10/01/19 |
865 | 775,784 | ||
Gulf Coast Wst Disp Auth TX |
||||
Series 02 |
||||
5.90%, 4/01/36 |
9,000 | 8,038,530 | ||
Harris City TX Toll Road |
||||
FSA Series 02 |
||||
5.125%, 8/15/32 (Prerefunded/ETM) |
7,500 | 8,430,000 | ||
Hidalgo Cnty TX Hlth Fac Svcs |
||||
Series 05 |
||||
5.00%, 8/15/14 - 8/15/19 |
1,090 | 1,000,530 | ||
Lewisville TX Spl AD #2 |
||||
ACA Series 05 |
||||
6.00%, 10/01/25 |
1,100 | 1,065,658 | ||
Lower Colorado River Auth TX |
||||
AMBAC Series 03 |
||||
5.25%, 5/15/25 |
1,675 | 1,702,939 | ||
5.25%, 5/15/25 (Prerefunded/ETM) |
125 | 143,092 | ||
MBIA |
||||
5.00%, 5/15/31 |
1,460 | 1,387,409 | ||
5.00%, 5/15/31 (Prerefunded/ETM) |
30 | 34,126 | ||
MBIA Series 02A |
||||
5.00%, 5/15/31 (Prerefunded/ETM) |
10 | 11,375 | ||
Matagorda Cnty TX Nav Dist |
||||
Series 04 |
||||
5.60%, 3/01/27 (e) |
2,000 | 1,907,480 | ||
San Antonio TX Arpt Sys |
||||
FGIC Series 02A |
||||
5.25%, 7/01/27 |
5,250 | 4,875,780 | ||
San Antonio TX Elec & Gas |
||||
Series 2006A |
||||
5.00%, 2/01/22 |
2,970 | 3,145,230 | ||
Seguin Hgr Ed Fac Corp. TX |
||||
Series 04 |
||||
5.25%, 9/01/28 - 9/01/33 |
2,250 | 1,716,522 | ||
Texas GO |
||||
Series 02A |
||||
5.50%, 8/01/41 |
9,470 | 8,156,606 | ||
Series 05 |
||||
5.00%, 4/01/28 |
8,000 | 8,229,520 | ||
Texas Transp Commission |
||||
Series 07 |
||||
5.00%, 4/01/23 (a) |
20,600 | 22,142,734 | ||
Univ of Texas |
||||
5.25%, 8/15/22 |
6,825 | 7,625,027 | ||
121,541,686 | ||||
Utah - 0.4% |
||||
Utah Hsg Corp. MFHR |
||||
GNMA Series 02A |
||||
5.60%, 7/20/30 |
1,480 | 1,484,396 | ||
Virginia - 2.0% |
||||
Fauquier Cnty VA IDA |
||||
RADIAN Series 02 |
||||
5.25%, 10/01/31 |
8,500 | 7,305,325 | ||
Washington - 3.3% |
||||
King Cnty WA Swr |
||||
FSA Series 02A |
||||
5.25%, 1/01/32 |
3,000 | 3,036,300 | ||
Twenty Fifth Ave Pptys WA |
||||
MBIA Series 02 |
||||
5.25%, 6/01/33 |
9,750 | 9,145,012 | ||
12,181,312 | ||||
Wisconsin - 6.5% |
||||
Wisconsin GO |
||||
Series 03 |
||||
5.00%, 11/01/26 |
3,700 | 3,774,703 | ||
Wisconsin Hlth & Ed Fac Auth |
||||
FHLB Series 05 |
||||
5.00%, 7/01/25 |
1,000 | 888,860 | ||
Series 05 |
||||
5.00%, 7/01/20 |
1,785 | 1,709,262 | ||
Wisconsin Hlth & Ed Fac Auth |
||||
MBIA Series 02A |
||||
5.25%, 2/15/32 |
13,615 | 11,673,365 | ||
Wisconsin Hsg & Econ Dev Auth MFHR |
||||
Series 02A |
||||
5.50%, 9/01/32 |
1,090 | 1,091,003 | ||
Wisconsin Hsg & Econ Dev Auth SFMR |
||||
MBIA Series A |
||||
5.60%, 5/01/33 |
4,865 | 4,721,629 | ||
23,858,822 | ||||
Total Long-Term Municipal Bonds |
639,398,500 | |||
Short-Term Municipal Notes - 4.5% |
||||
Colorado - 1.3% |
||||
Colorado Edl & Cultural Facs Auth |
||||
0.35%, 9/01/37 - 5/01/38 (f) |
1,500 | 1,500,000 | ||
0.38%, 9/01/33 - 7/01/36 (f) |
1,600 | 1,600,000 | ||
Series A-9 |
||||
0.35%, 9/01/36 (f) |
1,200 | 1,200,000 |
Colorado Edl & Cultural Facs Auth |
||||
Series 2008 |
||||
0.35%, 10/01/38 (f) |
300 | 300,000 | ||
4,600,000 | ||||
Connecticut - 0.2% |
||||
Connecticut Hlth & Ed Fac Auth |
||||
0.34%, 7/01/38 (f) |
700 | 700,000 | ||
Florida - 0.6% |
||||
Florida Mun Pwr Agy |
||||
Series 2008 |
||||
0.35%, 10/01/35 (f) |
2,100 | 2,100,000 | ||
Iowa - 0.7% |
||||
Iowa Finance Auth |
||||
Series 2009D |
||||
0.35%, 2/15/35 (f) |
2,600 | 2,600,000 | ||
Mississippi - 0.1% |
||||
Jackson Cnty MS PCR |
||||
Series 1993 |
||||
0.25%, 6/01/23 (f) |
300 | 300,000 | ||
Missouri - 0.6% |
||||
Missouri Hlth & Ed Fac Auth |
||||
0.30%, 10/01/35 (f) |
2,200 | 2,200,000 | ||
Ohio - 0.1% |
||||
Ohio Hgr Edl Fac Commn |
||||
Series 08B-1 |
||||
0.29%, 12/01/44 (f) |
400 | 400,000 | ||
Pennsylvania - 0.1% |
||||
Lancaster Cnty PA Hosp Auth |
||||
Series 2008 |
||||
0.39%, 7/01/41 (f) |
380 | 380,000 | ||
Tennessee - 0.6% |
||||
Clarksville TN Pub Bldg Auth |
||||
Series 2008 |
||||
0.35%, 7/01/26 (f) |
2,205 | 2,205,000 | ||
Virginia - 0.2% |
||||
Virginia Small Business Fin Auth |
||||
0.35%, 7/01/30 (f) |
900 | 900,000 | ||
Total Short-Term Municipal Notes |
16,385,000 | |||
Total Investments - 179.1% |
655,783,500 | |||||
Other assets less liabilities - (12.9)% |
(47,431,250 | ) | ||||
Preferred Stock at redemption value - (66.2)% |
(242,225,000 | ) | ||||
Net Assets Applicable to |
$ | 366,127,250 | ||||
INTEREST RATE SWAP TRANSACTIONS
Rate Type | |||||||||||||||
Swap Counterparty |
Notional Amount (000) |
Termination Date |
Payments made by the Portfolio |
Payments received by the Portfolio |
Unrealized Appreciation/ (Depreciation) |
||||||||||
Goldman Sachs |
$ | 47,500 | 12/15/11 | 1.828 | % | SIFMA | * | $ | (318,210 | ) | |||||
JP Morgan Chase |
47,500 | 9/18/10 | 2.080 | % | SIFMA | * | (845,871 | ) | |||||||
JP Morgan Chase |
47,500 | 11/20/10 | 1.855 | % | SIFMA | * | (800,388 | ) | |||||||
Merrill Lynch |
3,000 | 7/30/26 | 4.090 | % | SIFMA | * | (277,499 | ) | |||||||
Merrill Lynch |
6,500 | 8/09/26 | 4.063 | % | SIFMA | * | (627,719 | ) | |||||||
Merrill Lynch |
7,100 | 11/15/26 | 4.377 | % | SIFMA | * | (970,603 | ) |
(a) | Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
(b) | Illiquid security. |
(c) | Security is in default and is non-income producing. |
(d) | When-Issued or delayed delivery security. |
(e) | Variable rate coupon, rate shown as of July 31, 2009. |
(f) | Variable Rate Demand Notes (VRDN) are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
(g) | As of July 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $16,174,843 and gross unrealized depreciation of investments was $(52,299,102), resulting in net unrealized depreciation of $(36,124,259). |
(h) | Portfolio percentages are calculated based on net assets applicable to common shareholders. |
As of July 31, 2009, the Fund held 51.2% of net assets in insured bonds (of this amount 11.0% represents the Funds holding in pre-refunded insured bonds).
* | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA). |
Glossary:
ACA | - ACA Financial Guaranty Corporation |
AD | - Assessment District |
AMBAC | - Ambac Assurance Corporation |
ASSURED GTY - Assured Guaranty Ltd.
BAN | - Bond Anticipation Note |
CCD | - Community College District |
CDA | - Community Development Authority |
CDD | - Community Development District |
COP | - Certificate of Participation |
EDA | - Economic Development Agency |
ETM | - Escrowed to Maturity |
FGIC | - Financial Guaranty Insurance Company |
FHLB | - Federal Home Loan Bank |
FNMA | - Federal National Mortgage Association |
FSA | - Financial Security Assurance Inc. |
GNMA | - Government National Mortgage Association |
GO | - General Obligation |
HDC | - Housing Development Corporation |
HFA | - Housing Finance Authority |
HFC | - Housing Finance Corporation |
IDA | - Industrial Development Authority/Agency |
ISD | - Independent School District |
MBIA | - MBIA Insurance Corporation |
MFHR | - Multi-Family Housing Revenue |
PCR | - Pollution Control Revenue Bond |
RADIAN | - Radian Asset Assurance Inc. |
SD | - School District |
SFMR | - Single Family Mortgage Revenue |
SRF | - State Revolving Fund |
SSA | - Special Services Area |
USD | - Unified School District |
XLCA | - XL Capital Assurance Inc. |
FINANCIAL ACCOUNTING STANDARDS NO. 157
July 31, 2009 (unaudited)
The Fund adopted Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), effective November 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Funds own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
| Level 1quoted prices in active markets for identical investments |
| Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments) |
The following table summarizes the valuation of the Funds investments by the above fair value hierarchy levels as of July 31, 2009:
Investments in Securities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Municipal Obligations |
$ | | $ | 655,783,500 | $ | | $ | 655,783,500 | ||||||
Total Investments in Securities |
| 655,783,500 | | 655,783,500 | ||||||||||
Other Financial Instruments* |
| (3,840,290 | ) | | (3,840,290 | ) | ||||||||
$ | | $ | 651,943,210 | $ | | $ | 651,943,210 | |||||||
* | Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Other Financial Instruments |
Total | |||||||
Balance as of 10/31/08 |
$ | (840,937 | ) | $ | (840,937 | ) | ||
Accrued discounts /premiums |
| | ||||||
Realized gain (loss) |
| | ||||||
Change in unrealized appreciation/depreciation |
| | ||||||
Net purchases (sales) |
| | ||||||
Net transfers in and/or out of Level 3 |
840,937 | 840,937 | ||||||
Balance as of 7/31/09 |
$ | | $ | | ||||
Net change in unrealized appreciation/depreciation from Investments held as of 7/31/09 |
$ | | $ | | ||||
ITEM 2. | CONTROLS AND PROCEDURES. |
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b) There were no changes in the registrants internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
ITEM 3. | EXHIBITS. |
The following exhibits are attached to this Form N-Q:
EXHIBIT NO. |
DESCRIPTION OF EXHIBIT | |
3 (a) (1) | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
3 (a) (2) | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): AllianceBernstein National Municipal Income Fund, Inc.
By: | /s/ Robert M. Keith | |
Robert M. Keith | ||
President | ||
Date: | September 23, 2009 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Robert M. Keith | |
Robert M. Keith | ||
President | ||
Date: | September 23, 2009 | |
By: | /s/ Joseph J. Mantineo | |
Joseph J. Mantineo | ||
Treasurer and Chief Financial Officer | ||
Date: | September 23, 2009 |