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: 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.
(Ariz St Univ)

        

Series 00

        

6.25%, 9/01/32

    1,550      1,355,599

Phoenix AZ Civic Impt Corp.
(Phoenix AZ Wastewater)

        

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
(LA Quinta CA Local Agy Pool)

        

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
(Los Angeles CA CRA Bunker Hill)

        

Series 04L

        

5.00%, 3/01/18

    1,715      1,599,581

Los Angeles CA Regl Arpts
(Laxfuel Corporation)

        

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
(Buffalo-Ridge II Apts)

        

GNMA Series 02A

        

5.70%, 10/20/43

    4,950      4,992,768

Colorado Ed Cul Fac Auth
(Knowledge Quest Charter Sch)

        

Series 05

        

6.50%, 5/01/36

    490      373,047

Colorado Hlth Fac Auth
(Evangelical Luth Good Sam Soc)

        

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

    2,425      2,321,865

Colorado Hlth Fac Auth
(Parkview Medical Center)

        

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.
(Todd Creek Farms Met Wtr COP)

        

6.125%, 12/01/22

    1,970      1,090,021

Todd Creek Farms Met Dist #1 Co.
(Todd Creek Farms Met Wtr)

        

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
(Gallery Place Proj)

        

FSA Series 02

        

5.40%, 7/01/31

    3,500      3,509,135
         

Florida - 16.4%

        

Bard Cnty FL HFA SFMR
(Bard Cnty FL HFA)

        

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
(Westlake Apts)

        

FSA Series 02-D1

        

5.40%, 3/01/42

    8,780      8,317,118

Florida HFC MFHR
(Westminster Apts)

        

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
(Southwest Florida Intl Airport)

        

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
(Mt. Sinai Medical Center FL)

        

6.75%, 11/15/24

    4,000      3,228,720

Miami-Dade Cnty FL Aviation
(Miami-Dade Intl Airport)

        

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
(Pinellas Cnty FL HFA)

        

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
(Anheuser-Busch Companies, Inc.)

        

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
(Hawaiian Electric Company)

        

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
(Chicago IL HFA)

        

GNMA/ FNMA Series 02B

        

6.00%, 10/01/33

    395      400,731

Chicago IL O’hare Intl Arpt
(O’hare 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
(Diversey/Narragansett Proj)

        

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
(Illinois Institute of Technology)

        

Series 06A

        

5.00%, 4/01/31

    1,250      937,213

Illinois Finance Auth
(Loyola Univ)

        

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
(Inland Steel Company)

        

Series 97

        

5.75%, 10/01/11

    2,925      2,859,860

Indiana HFA SFMR
(Indiana HFA)

        

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
(Iowa Finance Auth)

        

GNMA/ FNMA Series 02

        

5.40%, 7/01/32

    295      291,546
         
        553,033
         

Kansas - 0.3%

        

Lenexa KS Hlth Care Fac
(Lakeview Village, Inc.)

        

5.25%, 5/15/22

    1,395      1,014,151
         

Louisiana - 4.5%

        

Louisiana Agric Fin Auth
(Louisiana Agric Fin Auth Lease)

        

5.25%, 9/15/17

    4,270      3,957,607

Louisiana HFA SFMR
(Louisiana HFA)

        

GNMA/ FNMA Series 02C

        

5.60%, 6/01/33

    815      808,300

Louisiana Loc Govt CDA
(Jefferson Parish LA)

        

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
(Massachusetts HFA)

        

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
(Berkshire Health Sys)

        

RADIAN Series 01E

        

5.70%, 10/01/25

    2,000      1,922,320

Massachusetts Hlth & Ed Facs Auth
(Cape Cod Healthcare)

        

RADIAN Series 01C

        

5.25%, 11/15/31

    2,100      1,493,520

Massachusetts Hlth & Ed Facs Auth
(New England Medical Ctr Hosp)

        

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
(Kent Metropolitan Hospital)

        

Series 05A

        

5.75%, 7/01/25

    1,080      832,799

Michigan Hosp Fin Auth
(Trinity Health Credit Group)

        

Series 00A

        

6.00%, 12/01/27

    3,000      3,030,060

Michigan Strategic Fund
(Detroit Edison Company)

        

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
(Covenant Medical Ctr)

        

Series 00F

        

6.50%, 7/01/30

    3,920      3,906,397
         
        18,604,162
         

Minnesota - 0.5%

        

Shakopee MN Hlthcare Fac
(St Francis Reg Medical Ctr)

        

Series 04

        

5.10%, 9/01/25

    1,200      1,112,892

St. Paul MN Hsg & Redev Auth
(Healtheast)

        

Series 05

        

6.00%, 11/15/25

    1,000      811,780
         
        1,924,672
         

Mississippi - 1.3%

        

Adams Cnty MS Envrn Impt PCR
(International Paper Company)

        

Series 99

        

6.25%, 9/01/23

    1,000      899,180

Gulfport MS Hosp Fin Auth
(Memorial Hosp at Gulfport)

        

Series 01A

        

5.75%, 7/01/31

    4,000      3,694,320
         
        4,593,500
         

Missouri - 0.9%

        

Kansas City MO Spl Oblig
(Kansas City MO Lease - Dntn Arena)

        

Series 08C

        

5.00%, 4/01/28

    2,000      1,990,260

Missouri HDC SFMR
(Missouri HDC)

        

GNMA/ FNMA Series 02A-1

        

5.58%, 9/01/32

    855      851,948

Riverside MO IDA
(Riverside Horizons Proj)

        

ACA Series 07A

        

5.00%, 5/01/27

    600      531,390
         
        3,373,598
         

Nevada - 7.2%

        

Carson City NV Hosp
(Carson Tahoe Hospital)

        

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
(Las Vegas Monorail Proj)

        

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
(Covenant Health Sys)

        

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
(New Jersey Lease Sch Fac)

        

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
(Personal Income Tax)

        

5.00%, 3/15/26 (a)

    7,000      7,292,950

New York St Envrn Fac Corp
(New York NY Mun Wtr Fin Auth)

        

5.00%, 6/15/24 - 6/15/27 (a)

    7,000      7,384,370

New York St HFA
(New York St Pers Income Tax)

        

FGIC Series 05A

        

5.00%, 9/15/25

    300      311,418

Ulster Cnty NY IDA
(Kingston Regl Sr Lvg Corp.)

        

6.00%, 9/15/27

    1,775      1,354,964
         
        19,183,107
         

North Carolina - 1.1%

        

Charlotte NC Arpt
(Charlotte Douglas Intl Arpt)

        

MBIA Series 04A

        

5.25%, 7/01/24

    2,895      3,019,254

Iredell Cnty NC COP
(Iredell Cnty Sch Proj)

        

FSA Series 08

        

5.25%, 6/01/22

    1,080      1,194,685
         
        4,213,939
         

North Dakota - 1.0%

        

North Dakota HFA SFMR
(North Dakota HFA)

        

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
(Trinity Health)

        

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

    2,075      1,866,514
         
        3,660,497
         

Ohio - 3.5%

        

Columbiana Cnty Port Auth OH
(Apex Environmental LLC)

        

Series 04A

        

7.125%, 8/01/25

    1,840      1,557,302

Cuyahoga Cnty OH Hosp
(UHHS/CSAHS Cuyahoga & Canton)

        

Series 00

        

7.50%, 1/01/30

    2,400      2,333,952

Cuyahoga Cnty OH Port Auth
(University Square Proj)

        

Series 01

        

7.35%, 12/01/31

    5,000      4,538,750

Fairfield Cnty OH Hosp Fac
(Fairfield Med Ctr)

        

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
(Pacific Univ)

        

RADIAN Series 05A

        

5.00%, 5/01/28

    4,760      4,075,179
         

Pennsylvania - 2.9%

        

Allegheny Cnty PA Hosp Dev Auth
(West Penn Allegheny Hlth Sys)

        

5.00%, 11/15/28

    4,800      2,998,032

Allegheny Cnty PA IDA
(Residential Resources, Inc.)

        

5.00%, 9/01/21

    500      429,620

Pennsylvania Econ Dev Fin Auth
(30th St Station Pkg Garage PA)

        

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
(Leadership Learning Partners)

        

Series 05A

        

5.25%, 7/01/24

    1,150      870,803

Wilkes-Barre PA Fin Auth
(Wilkes Univ Proj)

        

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
(Puerto Rico GO)

        

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.
(Times 2 Academy RI)

        

Series 04

        

5.00%, 12/15/24

    5,845      5,274,879
         

South Carolina - 2.9%

        

Charleston SC Eld Excel Fin Corp.
(Charleston Cnty SC SD Lease)

        

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
(Newberry Cnty SC SD Lease)

        

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.
(Calhoun Sch Proj)

        

RADIAN

        

5.00%, 12/01/21

    1,000      1,003,580
         
        10,622,739
         

Tennessee - 4.4%

        

Sullivan Cnty TN Hlth & Hfb
(Wellmont Hlth Sys Proj)

        

Series 06C

        

5.00%, 9/01/22

    1,760      1,386,123

5.25%, 9/01/26

    725      548,209

Tennessee Ed Fndg Corp.
(Tennessee Ed Fndg Stud Ln)

        

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
(Doral Club & Sutton House Apts)

        

MBIA Series 01A

        

5.55%, 10/01/36

    14,425      10,383,548

Bexar Cnty TX Hlth Fac Dev
(Army Retirement Residence)

        

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.
(Garza Cnty TX Lease Corr Fac)

        

5.50%, 10/01/19

    865      775,784

Gulf Coast Wst Disp Auth TX
(Anheuser-Busch Companies, Inc.)

        

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
(Mission Hospital, Inc.)

        

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
(Centerpoint Energy Houston)

        

Series 04

        

5.60%, 3/01/27 (e)

    2,000      1,907,480

San Antonio TX Arpt Sys
(San Antonio TX Intl Airport)

        

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
(Texas Lutheran Univ)

        

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
(Bluffs Apts)

        

GNMA Series 02A

        

5.60%, 7/20/30

    1,480      1,484,396
         

Virginia - 2.0%

        

Fauquier Cnty VA IDA
(Fauquier Hospital Obl Grp)

        

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
(Univ of WA Dorm 25th Ave)

        

MBIA Series 02

        

5.25%, 6/01/33

    9,750      9,145,012
         
        12,181,312
         

Wisconsin - 6.5%

        

Wisconsin GO
(Wisconsin SRF)

        

Series 03

        

5.00%, 11/01/26

    3,700      3,774,703

Wisconsin Hlth & Ed Fac Auth
(Bell Tower Residence)

        

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
(Ministry Health Care, Inc.)

        

MBIA Series 02A

        

5.25%, 2/15/32

    13,615      11,673,365

Wisconsin Hsg & Econ Dev Auth MFHR
(Wisconsin Hsg & Econ Dev Auth)

        

Series 02A

        

5.50%, 9/01/32

    1,090      1,091,003

Wisconsin Hsg & Econ Dev Auth SFMR
(Wisconsin Hsg & Econ Dev Auth)

        

MBIA Series A

        

5.60%, 5/01/33

    4,865      4,721,629
         
        23,858,822
         

Total Long-Term Municipal Bonds
(cost $675,522,759)

         639,398,500
         

Short-Term Municipal Notes - 4.5%

        

Colorado - 1.3%

        

Colorado Edl & Cultural Facs Auth
(Natl Jewish Fed Bd Prog)

        

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
(YMCA)

        

Series 2008

        

0.35%, 10/01/38 (f)

    300      300,000
         
        4,600,000
         

Connecticut - 0.2%

        

Connecticut Hlth & Ed Fac Auth
(Greater Hartford YMCA)

        

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
(Iowa Hlth Sys)

        

Series 2009D

        

0.35%, 2/15/35 (f)

    2,600      2,600,000
         

Mississippi - 0.1%

        

Jackson Cnty MS PCR
(Chevron Corporation)

        

Series 1993

        

0.25%, 6/01/23 (f)

    300      300,000
         

Missouri - 0.6%

        

Missouri Hlth & Ed Fac Auth
(St. Louis Univ)

        

0.30%, 10/01/35 (f)

    2,200      2,200,000
         

Ohio - 0.1%

        

Ohio Hgr Edl Fac Commn
(Case Western Reserve Univ)

        

Series 08B-1

        

0.29%, 12/01/44 (f)

    400      400,000
         

Pennsylvania - 0.1%

        

Lancaster Cnty PA Hosp Auth
(Lancaster Area Swr Auth PA)

        

Series 2008

        

0.39%, 7/01/41 (f)

    380      380,000
         

Tennessee - 0.6%

        

Clarksville TN Pub Bldg Auth
(Met Govt Nashville Dav TN)

        

Series 2008

        

0.35%, 7/01/26 (f)

    2,205      2,205,000
         

Virginia - 0.2%

        

Virginia Small Business Fin Auth
(Virginia St Univ Real Estate Fndtn)

        

0.35%, 7/01/30 (f)

    900      900,000
         

Total Short-Term Municipal Notes
(cost $16,385,000)

         16,385,000
         

Total Investments - 179.1%
(cost $691,907,759) (g)

           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
Common Shareholders - 100.0% (h)

         $ 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 Fund’s 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 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 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 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 second fiscal quarter of the period 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:   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