AllianceBernstein National Municipal Income Fund, Inc

 

 

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)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: October 31, 2009

Date of reporting period: January 31, 2009

 

 

 

ITEM 1. SCHEDULE OF INVESTMENTS.

AllianceBernstein National Municipal Income Fund

Portfolio of Investments

January 31, 2009 (unaudited)

 

     Principal
Amount
(000)		      U.S. $ Value

MUNICIPAL OBLIGATIONS - 183.8%

        

Long-Term Municipal Bonds - 181.9%

        

Alabama - 6.3%

        

Huntsville Hlth Care Auth
(Huntsville Hosp Sys)
(Prerefunded)

        

Series 02B

        

5.75%, 6/01/32

    $ 6,000      $ 6,828,420

Jefferson Cnty Ltd Oblig Sch Warrants

        

Series 04A

        

5.25%, 1/01/18 - 1/01/23

      3,100        1,744,093

Jefferson Cnty Swr Rev
(Capital Impr Warrants)
(Prerefunded)

        

FGIC Series 02

        

5.00%, 2/01/41

      1,535        1,663,080

FGIC Series 02B

        

5.00%, 2/01/41

      2,465        2,694,886

Marshall Cnty Hlth Care Auth
(Marshall Cnty Med Ctr)

        

Series 02A

        

5.75%, 1/01/32

      2,500        2,133,275

Series 02D

        

5.75%, 1/01/32

      3,000        2,556,780

Montgomery Spl Care Fac Fin Auth
(Baptist Hlth)

        

Series 04C

        

5.125%, 11/15/24

      1,500        1,261,500

5.25%, 11/15/29

      1,810        2,093,157
           
          20,975,191
           

Alaska - 2.8%

       

Alaska Intl Arpt Rev

        

MBIA Series 03B

        

5.00%, 10/01/26

      2,000        1,853,620

Alaska Muni Bond Bank Auth

        

MBIA Series 04G

        

5.00%, 2/15/22 - 2/15/24

      2,930        3,016,653

Four Dam Pwr Agy

        

Series 04

        

5.00%, 7/01/24

      1,035        974,670

5.25%, 7/01/25 - 7/01/26

      3,580        3,410,991
           
          9,255,934
           

Arizona - 1.7%

        

Arizona Cap Fac Fin Corp
(Arizona St Univ Proj)

        

Series 00

        

6.25%, 9/01/32

    1,550      1,137,111

Phoenix Civic Impr Corp. Wastewtr Sys

        

MBIA Series 04

        

5.00%, 7/01/23

    1,250      1,289,338

Salt Verde Fin Corp.
(Prepaid Gas)

        

5.25%, 12/01/22 - 12/01/23

    4,150      3,241,224
         
        5,667,673
         

Arkansas - 0.7%

        

Arkansas Dev Fin Auth SFMR
(Mtg Rev)

        

GNMA/ FNMA Series 02A

        

5.30%, 7/01/34

    2,575      2,434,199
         

California - 16.3%

        

California

        

5.00%, 2/01/32

    2,450      2,230,088

Series 04

        

5.00%, 2/01/33

    1,100      993,003

California
(Unrefunded)

        

5.25%, 4/01/30

    20      19,402

Chula Vista IDR
(San Diego Gas)

        

Series 96A

        

5.30%, 7/01/21

    4,000      3,883,040

Coachella Valley Uni Sch Dist

        

MBIA Series 03

        

5.00%, 9/01/31

    1,000      878,210

Coast CCD

        

FSA Series 06B

        

5.00%, 8/01/23 - 8/01/24 (a)

    11,370      11,686,602

Golden St Tobacco Securitization Corp.
(Prerefunded)

        

RADIAN Series 03

        

5.50%, 6/01/43

    2,250      2,571,637

XLCA Series 03B

        

5.50%, 6/01/33

    3,000      3,428,850

Grossmont-Cuyamaca CCD

        

ASSURED GTY

        

5.00%, 8/01/23 (a)

    2,140      2,225,258

Grossmont-Cuyamaca CCD

        

ASSURED GTY

        

5.00%, 8/01/22 (a)

    2,340      2,481,523

Hartnell CCD
(Prerefunded)

        

MBIA Series 03A

        

5.00%, 8/01/27

    1,155      1,336,497

La Quinta Fin Auth

        

AMBAC Series 04A

        

5.25%, 9/01/24

    2,000      2,021,080

Los Angeles CCD

        

Series F-1

        

5.00%, 8/01/28

    5,800      5,721,816

Los Angeles Comnty Redev Agy
(Grand Central Square)

        

Series 04L

        

5.00%, 3/01/18

    1,715      1,651,991

Los Angeles Regl Arpt
(Laxfuel Corp) AMT

        

AMBAC Series 01

        

5.50%, 1/01/32

    9,500      8,048,685

Pomona COP

        

AMBAC Series 03

        

5.50%, 6/01/34

    3,000      2,789,460

San Rafael Elem Sch Dist

        

FSA Series 03A

        

5.00%, 8/01/28

    2,820      2,651,674
         
        54,618,816
         

Colorado - 4.8%

        

Avon Hsg Auth MFHR
(Buffalo Ridge II Proj) AMT

        

GNMA Series 02A

        

5.70%, 10/20/43 (b)

    4,950      4,927,230

Colorado Ed & Cultural Fac Auth
(Knowledge Quest Charter Sch)

        

Series 05

        

6.50%, 5/01/36

    495      354,336

Colorado Hlth Fac Auth
(Evangelical Lutheran Proj)

        

5.25%, 6/01/19 - 6/01/23

    2,425      2,078,059

Colorado Hlth Fac Auth
(Parkview Med Ctr)

        

Series 04

        

5.00%, 9/01/25

    2,560      2,050,355

Colorado Toll Rev
(Hwy E-470)
(Prerefunded)

        

Series 00

        

Zero Coupon, 9/01/35

    10,000      1,484,800

Northwest Metro Dist No 3

        

6.125%, 12/01/25

    1,000      541,680

Park Creek Metro Dist Rev Ltd
(Ref-Sr-Ltd Tax Ppty Tax)

        

Series 05

        

5.25%, 12/01/25

    3,000      1,998,960

5.50%, 12/01/30

    890      568,603

Todd Creek Farms Metro Dist No 1

        

6.125%, 12/01/22

    1,970      1,355,931

Series 04

        

6.125%, 12/01/19

    1,180      873,342
         
        16,233,296
         

District Of Columbia - 1.0%

        

Dist of Columbia Spl Tax Rev
(Gallery Place Proj)

        

FSA Series 02

        

5.40%, 7/01/31

    3,500      3,338,090
         

Florida - 16.9%

        

Beacon Tradeport CDD

        

Series 02B

        

7.25%, 5/01/33

    4,930      3,768,640

Brevard Cnty HFA SFMR
(Mtg Rev) AMT

        

GNMA Series 02C

        

5.40%, 3/01/33

    615      514,896

Collier Cnty CFD
(Fiddler’s Creek)

        

Series 02A

        

6.875%, 5/01/33

    2,865      1,970,891

Series 02B

        

6.625%, 5/01/33

    2,155      1,435,230

Dade Cnty Arpt Rev
(Miami Int’l Arpt) AMT

        

FGIC Series 02

        

5.375%, 10/01/32

    6,040      4,729,139

Florida Ed & Athletic Fac
(FSU Fin Assistance)

        

AMBAC Series 02

        

5.00%, 10/01/31

    5,000      4,721,300

Florida HFC MFHR
(Westlake Apts) AMT

        

FSA Series 02-D1

        

5.40%, 3/01/42

    8,780      7,591,451

Florida HFC MFHR
(Westminster Apts) AMT

        

FSA Series 02E-1

        

5.40%, 4/01/42

    3,000      2,593,560

Hamal CDD
(Prerefunded)

        

Series 01

        

6.75%, 5/01/31

    2,460      2,777,315

Lee Cnty Arpt Rev
(Southwest Fl Int’l) AMT

        

FSA Series 00A

        

5.75%, 10/01/22 - 10/01/25

    9,500      9,008,335

Lee Cnty IDA
(Shell Point)
(Prerefunded)

        

Series 99A

        

5.50%, 11/15/29

    6,170      6,467,949

Miami Beach Hlth Fac Auth
(Mount Sinai Med Ctr)

        

6.75%, 11/15/24

    4,000      2,666,200

Midtown Miami CDD

        

Series 04A

        

6.00%, 5/01/24

    2,475      1,759,478

Miromar Lakes CDD

        

Series 00A

        

7.25%, 5/01/12

    1,140      1,060,656

Orange Cnty Hosp
(Orlando Regl)
(Prerefunded)

        

Series 02

        

5.75%, 12/01/32

    2,800      3,246,348

Pinellas Cnty HFA SFMR
(Mtg Rev) AMT

        

GNMA/ FNMA Series 02A

        

5.40%, 3/01/32

    695      592,571

Univ of Central Florida Athletics Assoc, Inc.

        

FGIC Series 04A

        

5.125%, 10/01/24

    1,325      1,109,900

Village CDD

        

Series 03A

        

6.00%, 5/01/22

    695      582,639
         
        56,596,498
         

Georgia - 1.6%

        

Cartersville Dev Auth
(Anheuser Busch Proj) AMT

        

Series 02

        

5.95%, 2/01/32

    2,510      1,968,367

Georgia HFA SFMR
(Mtg Rev) AMT

        

Series 02A-02

        

5.60%, 12/01/32

    3,785      3,456,311
         
        5,424,678
         

Hawaii - 1.2%

        

Hawaii Dept of Budget & Fin Spl Purpose Rev
(Elec Co & Subsidiary Prog)

        

XLCA Series 03B

        

5.00%, 12/01/22

    4,500      3,991,320
         

Illinois - 20.8%

        

Bolingbrook
(Prerefunded)

        

FGIC Series 02A

        

5.375%, 1/01/38

    5,000      5,549,300

Chicago
(Prerefunded)

        

FGIC Series 00C

        

5.50%, 1/01/40 (c)

    9,135      9,822,591

Chicago
(Unrefunded)

        

FGIC Series 00C

        

5.50%, 1/01/40

    5,450      5,459,428

FSA Series A

        

5.00%, 1/01/25

    380      384,431

Chicago Arpt Rev
(O’Hare Int’l Arpt)

        

XLCA Series 03B-1

        

5.25%, 1/01/34

    4,860      4,248,758

Chicago Arpt Rev
(O’Hare Int’l Arpt) AMT

        

MBIA Series A

        

5.375%, 1/01/32 (b)

    15,000      11,659,800

Chicago Hsg Agy SFMR
(Mtg Rev) AMT

        

GNMA/ FNMA Series 02B

        

6.00%, 10/01/33 (d)

    410      398,200

Chicago Incr Alloc
(Diversey/Narragansett Redev Proj)

        

7.46%, 2/15/26

    1,880      1,489,167

Chicago Sales Tax Rev

        

FGIC Series 98

        

5.25%, 1/01/28

    5,710      5,724,275

Cook Cnty Sch Dist

        

FSA Series 04

        

5.00%, 12/01/20 (e)

    2,000      2,108,380

Gilberts Spl Svc Area No 15 Spl Tax
(Gilberts Town Ctr Proj)

        

Series 03

        

6.00%, 3/01/28

    2,766      1,848,601

Hampshire Spl Svc Area No 14

        

5.80%, 3/01/26

    1,845      1,218,586

Illinois Fin Auth
(Illinois Inst of Technology)

        

Series 06A

        

5.00%, 4/01/31

    1,250      882,487

Illinois Fin Auth
(Loyola Univ Chicago)

        

XLCA Series 04A

        

5.00%, 7/01/24

    1,495      1,482,263

Manhattan
(No 04-1 Brookstone Springs Proj)

        

Series 05

        

5.875%, 3/01/28

    1,856      1,234,667

Metro Pier & Expo Auth
(McCormick Place)

        

MBIA Series 02A

        

5.25%, 6/15/42

    5,500      5,314,980

Univ of Illinois

        

FSA Series 07A

        

5.25%, 10/01/26 (a)

    10,800      10,821,600
         
        69,647,514
         

Indiana - 5.3%

        

Hendricks Cnty Bldg Fac Corp.

        

Series 04

        

5.50%, 7/15/21

    1,045      1,106,174

Hendricks Cnty Bldg Fac Corp.
(First Mtg)

        

Series 04

        

5.50%, 7/15/22

    1,105      1,166,029

Indiana Dev Fin Auth
(Inland Steel)

        

Series 97

        

5.75%, 10/01/11

    2,925      2,798,611

Indiana HFA SFMR
(Mtg Rev) AMT

        

GNMA/ FNMA Series 02

        

5.55%, 7/01/32

    1,630      1,397,986

Indianapolis Pub Impr Bond Bank
(Prerefunded)

        

MBIA Series 2A

        

5.25%, 7/01/33

    10,000      11,312,600
         
        17,781,400
         

Iowa - 0.2%

        

Coralville Urban Rev Tax Incr

        

Series 07C

        

5.00%, 6/01/18

    260      262,806

Iowa Fin Auth SFMR
(Mtg Rev) AMT

        

GNMA/ FNMA Series 02

        

5.40%, 7/01/32

    340      285,110
         
        547,916
         

Kansas - 0.3%

        

Lenexa Hlth Care Fac
(Lakeview Village Inc.)

        

5.25%, 5/15/22

    1,395      935,933
         

Louisiana - 4.5%

        

Louisiana Agriculture Fin Auth

        

5.25%, 9/15/17

    4,270      3,807,602

Louisiana HFA SFMR
(Mtg Rev) Amt

        

GNMA/ FNMA Series 02C

        

5.60%, 6/01/33 (d)

    935      906,034

New Orleans

        

MBIA

        

5.00%, 3/01/18

    2,285      2,145,021

5.25%, 12/01/20

    1,000      950,850

MBIA Series 05

        

5.00%, 12/01/29

    2,700      2,129,787

RADIAN Series A

        

5.00%, 12/01/22

    5,875      5,176,462
         
        15,115,756
         

Massachusetts - 4.7%

        

Massachusetts
(Prerefunded)

        

Series 02C

        

5.25%, 11/01/30

    7,000      7,869,890

Massachusetts HEFA
(Berkshire Hlth Sys)

        

RADIAN Series 01E

        

5.70%, 10/01/25

    2,000      1,592,880

Massachusetts HEFA
(Cape Cod Hlthcare)

        

RADIAN Series 01C

        

5.25%, 11/15/31

    2,100      1,293,684

Massachusetts HEFA
(Tufts New England Med Ctr)

        

MBIA Series 93

        

5.38%, 7/01/18

    2,900      2,868,274

Massachusetts HFA MFHR
(Rental Rev)

        

AMBAC Series 95E

        

6.00%, 7/01/41

    1,740      1,564,173

Massachusetts HFA MFHR
(Rental Rev) AMT

        

MBIA Series 00H

        

6.65%, 7/01/41

    540      542,106
         
        15,731,007
         

Michigan - 6.3%

        

Detroit Swr Disp Rev

        

MBIA

        

5.25%, 7/01/22

    5,000      4,837,600

Kent Hosp Fin Auth
(Metro Hosp Proj)

        

Series 05A

        

5.75%, 7/01/25

    1,080      790,722

Michigan Hosp Fin Auth
(Trinity Hlth)

        

Series 00A

        

6.00%, 12/01/27

    3,000      2,984,670

Michigan Strategic Fund Hlth Fac
(Detroit Edison) AMT

        

XLCA Series 02C

        

5.45%, 12/15/32

    5,000      3,891,500

Plymouth Ed Ctr Pub Sch
(Academy Rev)

        

Series 05

        

5.125%, 11/01/23

    2,140      1,533,396

Saginaw Hosp Fin Auth
(Covenant Med Ctr)

        

Series 00F

        

6.50%, 7/01/30

    7,185      6,951,056
         
        20,988,944
         

Minnesota - 0.5%

        

Shakopee Hlth Care Fac
(St Francis Regl Med Ctr)

        

Series 04

        

5.10%, 9/01/25

    1,200      990,648

St. Paul Hsg & Redev Auth
(Hltheast Proj)

        

Series 05

        

6.00%, 11/15/25

    1,000      760,240
         
        1,750,888
         

Mississippi - 1.2%

        

Adams Cnty PCR
(Int’l Paper Co.) AMT

        

Series 99

        

6.25%, 9/01/23

    1,000      697,660

Gulfport Hosp Fac Rev
(Mem Hosp at Gulfport Proj)

        

Series 01A

        

5.75%, 7/01/31

    4,000      3,443,400
         
        4,141,060
         

Missouri - 1.0%

        

Kansas City
(Downtown Arena Proj)

        

Series 08C

        

5.00%, 4/01/28

    2,000      1,909,680

Missouri SFMR
(Mtg Rev) AMT

        

GNMA/ FNMA Series 02A-1

        

5.58%, 9/01/32 (d)

    950      934,391

Riverside IDA
(Riverside Horizons Proj)

        

ACA Series 07A

        

5.00%, 5/01/27

    600      468,222
         
        3,312,293
         

Nevada - 8.2%

        

Carson City Hosp Rev
(Carson-Tahoe Hosp Proj)

        

RADIAN Series 03A

        

5.00%, 9/01/23

    4,700      3,315,004

Clark Cnty Arpt Rev
(Prerefunded)

        

FGIC Series 01B

        

5.25%, 7/01/34

    11,920      12,979,211

Nevada Dept Business & Indl
(Las Vegas Monorail Proj)

        

AMBAC Series 00

        

5.625%, 1/01/32

    6,720      3,305,971

Reno Cap Impr Rev
(Prerefunded)

        

FGIC Series 02

        

5.375%, 6/01/32

    4,710      5,316,083

Reno Cap Impr Rev
(Unrefunded)

        

FGIC Series 02

        

5.375%, 6/01/32

    2,790      2,595,621
         
        27,511,890
         

New Hampshire - 1.6%

        

New Hampshire HEFA
(Covenant Hlth)

        

Series 04

        

5.375%, 7/01/24

    820      735,220

New Hampshire HEFA
(Covenant Med Ctr)
(Prerefunded)

        

Series 02

        

6.125%, 7/01/31 (c)

    4,200      4,758,684
         
        5,493,904
         

New Jersey - 1.8%

        

Morris-Union Jointure Comnty COP

        

RADIAN Series 04

        

5.00%, 5/01/24

    7,185      5,612,778

New Jersey EDA
(New Jersey St Contract)

        

Series 05

        

5.25%, 3/01/25

    500      502,040
         
        6,114,818
         

New Mexico - 0.1%

        

Dona Ana Cnty Tax Rev

        

AMBAC Series 03

        

5.25%, 5/01/25

    500      483,000
         

New York - 5.5%

        

New York City

        

Series 06J

        

5.00%, 6/01/22

    1,160      1,181,274

New York City

        

Series 04G

        

5.00%, 12/01/23

    1,600      1,612,752

New York St Dorm Auth
(Personal Income Tax)

        

5.00%, 3/15/26 (a)

    7,000      7,117,530

New York St Enviro Fac Corp.
(Revolving Funds - NYC Muni Wtr)

        

5.00%, 6/15/24 - 6/15/27 (a)

    7,000      7,131,425

New York St HFA
(Econ Dev & Hsg)

        

FGIC Series 05A

        

5.00%, 9/15/25

    300      302,814

Ulster Cnty IDA
(Kingston Regl Sr Living Corp.-Woodland
Pond at New Patlz Proj)

        

6.00%, 9/15/27

    1,775      1,225,354
         
        18,571,149
         

North Carolina - 1.2%

        

Charlotte Arpt Rev

        

MBIA Series 04A

        

5.25%, 7/01/24

    2,895      2,905,654

Iredell Cnty COP

        

FSA Series 08

        

5.25%, 6/01/22

    1,080      1,173,636
         
        4,079,290
         

North Dakota - 1.1%

        

North Dakota HFA SFMR
(Mtg Rev) AMT

        

Series 02

        

5.65%, 1/01/34

    1,020      899,814

Series 98E

        

5.25%, 1/01/30

    1,150      1,109,704

Ward Cnty Hlth Care Fac
(Trinity Hlth)

        

5.125%, 7/01/18 - 7/01/20

    2,075      1,641,836
         
        3,651,354
         

Ohio - 3.3%

        

Cleveland Cuyahoga Port Auth
(Univ Heights Ohio-Pub Parking Proj)

        

Series 01

        

7.35%, 12/01/31

    5,000      3,842,100

Cuyahoga Cnty Hosp Fac
(Univ Hosp Hlth)

        

Series 00

        

7.50%, 1/01/30

    2,400      2,051,256

Fairfield Cnty Hosp Rev
(Fairfield Med Ctr Proj)

        

RADIAN Series 03

        

5.00%, 6/15/22 - 6/15/24

    5,210      3,659,879

Port Auth of Columbiana Cnty SWFR
(Apex Enviro LLC) AMT

        

Series 04A

        

7.125%, 8/01/25

    1,840      1,536,087
         
        11,089,322
         

Oregon - 1.1%

        

Forest Grove Rev
(Ref & Campus Impr Pacific Proj A)

        

RADIAN Series 05A

        

5.00%, 5/01/28

    4,760      3,702,709
         

Pennsylvania - 3.1%

        

Allegheny Cnty Hosp Dev Auth
(West Pennsylvania Hlth Sys)

        

5.00%, 11/15/28

    4,800      2,589,648

Allegheny Cnty IDA
(Residential Reserves Inc Proj)

        

5.00%, 9/01/21

    500      407,095

Montgomery Cnty IDA
(Whitemarsh Continuing Care Ret
Comnty)

        

6.00%, 2/01/21

    875      624,934

Pennsylvania EDA
(30th St Station) AMT

        

ACA Series 02

        

5.875%, 6/01/33

    4,100      3,122,396

Pennsylvania Trpk Transp Rev
(Prerefunded)

        

AMBAC Series 01

        

5.00%, 7/15/41

    2,000      2,205,740

Philadelphia IDA
(Leadership Learning Partners)

        

Series 05A

        

5.25%, 7/01/24

    1,150      821,249

Wilkes-Barre Fin Auth
(Wilkes Univ Proj)

        

5.00%, 3/01/22

    990      766,597
         
        10,537,659
         

Puerto Rico - 2.5%

        

Puerto Rico
(Pub Impr)

        

5.25%, 7/01/23

    2,625      2,374,024

Series 01A

        

5.50%, 7/01/19

    1,705      1,653,526

Series 03A

        

5.25%, 7/01/23

    500      449,120

Puerto Rico Govt Dev Bank
(Sr Notes)

        

Series 06B

        

5.00%, 12/01/15

    1,000      951,530

Puerto Rico Pub Bldg Auth

        

Series N

        

5.50%, 7/01/22

    3,370      3,125,540
         
        8,553,740
         

Rhode Island - 1.6%

        

Rhode Island Hlth & Ed Bldg Corp.
(Times 2 Academy)

        

Series 04

        

5.00%, 12/15/24

    5,845      5,390,843
         

South Carolina - 3.0%

        

Charleston Cnty Sch Dist

        

5.25%, 12/01/30

    2,000      1,931,820

Dorchester Cnty Sch Dist No 2

        

ASSURED GTY

        

5.00%, 12/01/29

    1,600      1,512,112

Newberry Investing in Childrens Ed
(Newberry Cnty Sch Dist Proj)

        

ASSURED GTY Series 05

        

5.00%, 12/01/27

    5,450      5,287,917

Series 05

        

5.00%, 12/01/30

    550      429,995

Scago Ed Fac Corp.
(Calhoun Sch Dist)

        

RADIAN

        

5.00%, 12/01/21

    1,000      934,370
         
        10,096,214
         

Tennessee - 4.8%

        

Ed Loan Rev
(Ed Funding of South) AMT

        

Series 97A

        

6.20%, 12/01/21

    8,985      8,984,371

Sullivan Cnty Hlth Ed
(Wellmont Hlth Sys)

        

Series 06C

        

5.00%, 9/01/22

    1,760      1,213,362

5.25%, 9/01/26

    725      477,267

Tennessee Energy Acquisition Corp.

        

Series A

        

5.25%, 9/01/22

    5,000      3,810,000

Tennessee Energy Acquisition Corp.
(Prepaid Gas)

        

Series A

        

5.25%, 9/01/21

    2,000      1,547,160
         
        16,032,160
         

Texas - 32.6%

        

Bexar Cnty Hlth Fac Dev Corp.

        

5.00%, 7/01/27

    525      341,906

Bexar Cnty Hsg Fin Corp MFHR
(Doral Club & Sutton House Apts)

        

MBIA Series 01A

        

5.55%, 10/01/36 (b)

    14,425      9,706,582

Camino Real Regl Mobility Auth

        

5.00%, 2/15/22

    480      481,459

Series 2008

        

5.00%, 8/15/21

    1,210      1,218,095

Dallas Independent Sch Dist

        

Series 08

        

6.00%, 2/15/28

    2,500      2,725,350

Dallas-Fort Worth Arpt Rev
(Fort Worth Int’l Arpt) AMT

        

MBIA Series 03A

        

5.25%, 11/01/25

    2,000      1,771,280

Dallas-Fort Worth Arpt Rev
(Fort Worth Int’l Arpt)

        

FGIC Series 01

        

5.50%, 11/01/35

    6,500      5,479,760

Dripping Springs Independent Sch Dist

        

Series 08

        

5.125%, 2/15/28

    5,715      5,852,789

Frisco

        

FGIC

        

5.00%, 2/15/23

    3,220      3,363,419

Garza Cnty Pub Fac Corp.

        

5.50%, 10/01/19

    865      742,326

Gulf Coast Waste Disp Auth
(Anheuser-Busch Proj) AMT

        

Series 02

        

5.90%, 4/01/36

    9,000      6,869,070

Harris Cnty Toll Road Rev
(Prerefunded)

        

FSA Series 02

        

5.125%, 8/15/32

    7,500      8,486,775

Hidalgo Cnty Hlth Svc
(Mission Hosp Inc Proj)

        

Series 05

        

5.00%, 8/15/14 - 8/15/19

    1,090      914,404

Lewisville Combination Contract
(Spl Assmt Cap Impt Dist No 2)

        

ACA Series 05

        

6.00%, 10/01/25

    1,100      721,666

Lower Colorado River Auth
(Prerefunded)

        

AMBAC Series 03

        

5.25%, 5/15/25

    125      144,474

MBIA

        

5.00%, 5/15/31

    30      34,431

MBIA Series 02A

        

5.00%, 5/15/31

    10      11,477

Lower Colorado River Auth
(Unrefunded)

        

AMBAC Series 03

        

5.25%, 5/15/25

    1,675      1,656,809

MBIA

        

5.00%, 5/15/31

    1,460      1,290,144

Matagorda Cnty Rev
(Centerpoint Energy Houston Elec LLC)

        

Series 04

        

5.60%, 3/01/27 (d)(e)

    2,000      1,590,320

Richardson Hosp Auth
(Richardson Regl Med Ctr)

        

FSA Series 04

        

5.875%, 12/01/24

    3,465      2,629,311

Series 04

        

6.00%, 12/01/19

    2,745      2,265,147

San Antonio Arpt Rev AMT

        

FGIC Series 02A

        

5.25%, 7/01/27

    5,250      4,332,090

Seguin Hgr Ed Auth
(Texas Lutheran Univ Proj)

        

Series 04

        

5.25%, 9/01/28 - 9/01/33

    2,250      1,579,587

Texas

        

Series 05

        

5.00%, 4/01/28

    8,000      8,033,120

Texas AMT

        

Series 02A

        

5.50%, 8/01/41

    9,470      7,857,070

Texas Transp Commission

        

Series 07

        

5.00%, 4/01/23 (a)

    20,600      21,712,812

Univ of Texas

        

Series 08A

        

5.25%, 8/15/22

    6,825      7,495,420
         
        109,307,093
         

Utah - 0.4%

        

Utah Hsg Corp MFHR
(Bluffs Apts Proj) AMT

        

GNMA Series 02A

        

5.60%, 7/20/30

    1,480      1,354,378
         

Virginia - 1.8%

        

Fauquier Cnty IDA
(Fauquier Hosp)

        

RADIAN Series 02

        

5.25%, 10/01/31

    8,500      6,057,525
         

Washington - 3.5%

        

King Cnty Swr Rev

        

FSA Series 02A

        

5.25%, 1/01/32

    3,000      3,012,690

Twenty-Fifth Ave Ppty
(Univ of Washington)

        

MBIA Series 02

        

5.25%, 6/01/33

    9,750      8,607,983
         
        11,620,673
         

Wisconsin - 6.6%

        

Wisconsin

        

Series 03

        

5.00%, 11/01/26

    3,700      3,470,563

Wisconsin HEFA
(Bell Tower Residence Proj)

        

FHLB Series 05

        

5.00%, 7/01/25

    1,000      908,460

Series 05

        

5.00%, 7/01/20

    1,785      1,752,977

Wisconsin HEFA
(Ministry Hlth Care)

        

MBIA Series 02A

        

5.25%, 2/15/32 (b)

    13,615        10,623,240  

Wisconsin Hsg & EDA SFMR
(Mtg Rev) AMT

        

MBIA Series A

        

5.60%, 5/01/33

    4,870        4,302,499  

Series 02A

        

5.50%, 9/01/32

    1,130        1,134,678  
             
          22,192,417  
             

Total Long-Term Municipal Bonds
(cost $678,431,467)

           610,328,544  
             

Short-Term Municipal Notes - 1.9%

        

Alaska - 0.2%

        

Valdez Ak Frn Dd

        

0.30%, 12/01/33 (f)

    600        600,000  
             

Colorado - 0.6%

        

Colorado Ed & Cultural Fac Auth
(Natl Jewish Fed Bd Prog)

        

Series A-13

        

0.40%, 5/01/38 (f)

    1,100        1,100,000  

Colorado Ed & Cultural Fac Auth
(Natl Jewish Fed Bd Prog)

        

0.65%, 9/01/33 (f)

    600        600,000  

Colorado Ed & Cultural Fac Auth
(YMCA of the Rockies)

        

Series 2008

        

0.40%, 10/01/38 (f)

    300        300,000  
             
          2,000,000  
             

Florida - 0.3%

        

Pinellas Cnty Hlth Fac Auth
(Bayfront Hosp)

        

Series 2006A

        

0.47%, 7/01/36 (f)

    1,000        1,000,000  
             

New Jersey - 0.0%

        

Camden Cnty Impr Auth
(Harvest Village Proj)

        

Series 1999

        

0.35%, 7/01/29 (f)

    195        195,000  
             

New York - 0.8%

        

New York City Muni Wtr Fin Auth

        

1.00%, 6/15/32 (f)

    2,600        2,600,000  
             

Total Short-Term Municipal Notes
(cost $6,395,000)

           6,395,000  
             

Total Investments - 183.8%
(cost $684,826,467) (g)

           616,723,544  

Other assets less liabilities - (11.6)%

           (38,859,867 )

Preferred Stock at redemption value - (72.2)%

           (242,225,000 )
             

Net Assets Applicable to
Common Shareholders - 100.0% (h)

         $ 335,638,677  
             

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 *   $ 178,922  

JP Morgan Chase

      47,500    9/18/10    2.080 %   SIFMA *     (567,255 )

JP Morgan Chase

      47,500    11/20/10    1.855 %   SIFMA *     (501,238 )

Merrill Lynch

      3,000    7/30/26    4.090 %   SIFMA *     (342,127 )

Merrill Lynch

      6,500    8/09/26    4.063 %   SIFMA *     (759,194 )

Merrill Lynch

      7,100    11/15/26    4.377 %   SIFMA *     (1,137,809 )

 

(a) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.
(b) Position, or portion thereof, has been segregated to collateralize tender option bonds.
(c) Position, or a portion thereof, has been segregated to collateralize interest rate swaps.
(d) Variable rate coupon, rate shown as of January 31, 2009.
(e) Indicates a security that has a zero coupon that remains in effect until a predetermined date at which time the stated coupon rate becomes effective until final maturity.
(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 January 31, 2009, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $14,205,172 and gross unrealized depreciation of investments was $82,308,095, resulting in net unrealized depreciation of $68,102,923.
(h) Portfolio percentages are calculated based on net assets applicable to common shareholders.
* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA).

As of January 31, 2009, the Portfolio held 89% of net assets in insured bonds (of this amount 20% represents the Portfolio’s holding in pre-refunded insured bonds). 27% of the Portfolio’s insured bonds were insured by MBIA.

Glossary:

 

ACA -    ACA Capital
AMBAC -    American Bond Assurance Corporation
AMT -    Alternative Minimum Tax (subject to)
ASSURED GTY -    Assured Guaranty
CDD -    Community Development District
CFD -    Community Facilities District
COP -    Certificate of Participation

EDA -    Economic Development Agency
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
HEFA -    Health & Education Facility Authority
HFA -    Housing Finance Authority
HFC -    Housing Finance Corporation
IDA -    Industrial Development Authority/Agency
IDR -    Industrial Development Revenue
MBIA -    Municipal Bond Investors Assurance
MFHR -    Multi-Family Housing Revenue
PCR -    Pollution Control Revenue Bond
RADIAN -    Radian Group, Inc.
SFMR -    Single Family Mortgage Revenue
SWFR -    Solid Waste Facility Revenue
XLCA -    XL Capital Assurance Inc.

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Fund adopted Financial Accounting Standards Board 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 Fund’s 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 1—quoted prices in active markets for identical investments

  •  

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2009:

 

Level

    Investments in
Securities		     Other
Financial
Instruments*		  

Level 1

    $ – 0  –   $ – 0  –

Level 2

      616,723,544       – 0  –

Level 3

      – 0  –     (3,128,701 )
                

Total

    $     616,723,544     $     (3,128,701 )
                

 

* Other financial instruments are derivative instruments not reflected in the portfolio of investments, 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:

 

     Investments In
Securities		     Other
Financial
Instruments		  

Balance as of 11/1/2008

    $             – 0  –   $ (840,937 )

Accrued discounts /premiums

      – 0  –     – 0  –

Realized gain (loss)

      – 0  –     – 0  –*

Change in unrealized appreciation/depreciation

      – 0  –     (2,287,764 )

Net purchases (sales)

      – 0  –     – 0  –

Net transfers in and/or out of Level 3

      – 0  –     – 0  –
                

Balance as of 1/31/09

    $ – 0  –   $ (3,128,701 )
                

Net change in unrealized appreciation/depreciation from Investments still held as of 01/31/2009

    $ – 0  –   $     (2,287,764 )
                

 

* The realized gain (loss) recognized during the period ended 01/31/2009 for other financial instruments was $0.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s 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 registrant’s internal controls over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s 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:   March 27, 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:   March 27, 2009
By:   /s/    Joseph J. Mantineo
  Joseph J. Mantineo
  Treasurer and Chief Financial Officer
Date:   March 27, 2009