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, 2014
Date of reporting period: January 31, 2014
| ITEM 1. | SCHEDULE OF INVESTMENTS. |
AllianceBernstein National Municipal Income Fund
Portfolio of Investments
January 31, 2014 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS - 165.7% |
||||||||
| Long-Term Municipal Bonds - 165.7% |
||||||||
| Alabama - 2.1% |
||||||||
| Alabama Pub Sch & Clg Auth |
||||||||
| Series 2009A |
||||||||
| 5.00%, 5/01/19 (Pre-refunded/ETM) |
$ | 3,000 | $ | 3,585,540 | ||||
| Jefferson Cnty AL LT Sch Wts |
||||||||
| Series 2004A |
||||||||
| 5.25%, 1/01/18-1/01/23 |
3,100 | 3,105,913 | ||||||
| Montgomery AL BMC Spl Care (Baptist Health Montgomery) |
||||||||
| Series 2004C |
||||||||
| 5.125%, 11/15/24 |
1,500 | 1,511,550 | ||||||
|
|
|
|||||||
| 8,203,003 | ||||||||
|
|
|
|||||||
| Alaska - 1.1% |
||||||||
| Alaska Intl Arpt |
||||||||
| NPFGC Series 2003B |
||||||||
| 5.00%, 10/01/26 |
2,000 | 2,006,080 | ||||||
| Four Dam Pool AK Elec |
||||||||
| Series 2004A |
||||||||
| 5.00%, 7/01/14 (Pre-refunded/ETM) |
1,035 | 1,054,914 | ||||||
| 5.25%, 7/01/14 (Pre-refunded/ETM) |
1,385 | 1,413,046 | ||||||
|
|
|
|||||||
| 4,474,040 | ||||||||
|
|
|
|||||||
| Arizona - 1.5% |
||||||||
| Phoenix AZ Civic Impt Corp. (Phoenix AZ Wastewater) |
||||||||
| NPFGC Series 04 |
||||||||
| 5.00%, 7/01/23 |
1,250 | 1,272,338 | ||||||
| Salt Verde Fin Corp. Gas (Citigroup, Inc.) |
||||||||
| 5.25%, 12/01/22-12/01/23 |
4,150 | 4,603,690 | ||||||
|
|
|
|||||||
| 5,876,028 | ||||||||
|
|
|
|||||||
| California - 25.5% |
||||||||
| Bay Area Toll Auth CA |
||||||||
| Series 2013S |
||||||||
| 5.00%, 4/01/32 |
5,720 | 6,159,182 | ||||||
| California Econ Recovery (California Econ Rec Spl Tax) |
||||||||
| Series 2009A |
||||||||
| 5.25%, 7/01/21 |
4,860 | 5,747,387 | ||||||
| California GO |
||||||||
| 5.00%, 11/01/30-2/01/33 |
6,065 | 6,657,155 | ||||||
| California Poll Cntl Fin Auth (Poseidon Resources LP) |
||||||||
| 5.00%, 7/01/37-11/21/45 (a) |
7,370 | 6,614,905 | ||||||
| Chula Vista CA IDR (San Diego Gas & Elec Co.) |
||||||||
| Series 1996A |
||||||||
| 5.30%, 7/01/21 |
4,000 | 4,109,800 | ||||||
| Coast CA CCD GO |
||||||||
| AGM |
||||||||
| 5.00%, 8/01/23-8/01/24 (b) |
11,370 | 12,676,072 | ||||||
| Grossmont-Cuyamaca CCD CA GO |
||||||||
| AGC |
||||||||
| 5.00%, 8/01/22-8/01/23 (b) |
4,480 | 5,095,239 | ||||||
| Principal Amount (000) |
U.S. $ Value | |||||||
| La Quinta CA Fin Auth (La Quinta CA Local Agy Pool) |
||||||||
| AMBAC Series 2004A |
||||||||
| 5.25%, 9/01/24 |
2,000 | 2,033,080 | ||||||
| Los Angeles CA CCD GO |
||||||||
| Series 2008F-1 |
||||||||
| 5.00%, 8/01/28 |
5,800 | 6,396,530 | ||||||
| Los Angeles CA Dept Arpts (Los Angeles Intl Airport) |
||||||||
| Series 2009A |
||||||||
| 5.25%, 5/15/29 |
5,700 | 6,374,538 | ||||||
| Los Angeles CA Dept W&P Pwr |
||||||||
| Series 2013A |
||||||||
| 5.00%, 7/01/30 |
6,255 | 6,932,041 | ||||||
| Series 2013B |
||||||||
| 5.00%, 7/01/30 |
10,000 | 11,133,600 | ||||||
| Los Angeles CA Dept W&P Wtr |
||||||||
| Series 2013B |
||||||||
| 5.00%, 7/01/32 |
3,840 | 4,243,008 | ||||||
| Los Angeles Cnty CA MTA Sales Tax |
||||||||
| Series 2013B |
||||||||
| 5.00%, 7/01/34 |
1,770 | 1,939,531 | ||||||
| San Bernardino Cnty CA COP |
||||||||
| Series 2009A |
||||||||
| 5.25%, 8/01/26 |
1,455 | 1,539,419 | ||||||
| Univ of California |
||||||||
| Series 2012G |
||||||||
| 5.00%, 5/15/31 |
7,000 | 7,674,730 | ||||||
| Series 2013A |
||||||||
| 5.00%, 5/15/30 |
5,355 | 5,972,913 | ||||||
|
|
|
|||||||
| 101,299,130 | ||||||||
|
|
|
|||||||
| Colorado - 6.4% |
||||||||
| Colorado Hlth Fac Auth (Evangelical Luth Good Sam Soc) |
||||||||
| 5.25%, 6/01/19-6/01/23 |
2,425 | 2,525,852 | ||||||
| Colorado Hlth Fac Auth (Parkview Medical Center) |
||||||||
| Series 04 |
||||||||
| 5.00%, 9/01/25 |
2,560 | 2,564,557 | ||||||
| Denver City & Cnty CO Arpt (Denver Intl Airport) |
||||||||
| Series 2013B |
||||||||
| 5.25%, 11/15/31 |
6,680 | 7,192,823 | ||||||
| Denver CO Urban Renewal Auth (Stapleton) |
||||||||
| Series 2010B-1 |
||||||||
| 5.00%, 12/01/25 |
6,865 | 7,176,122 | ||||||
| Northwest Met Dist #3 CO |
||||||||
| 6.125%, 12/01/25 |
1,000 | 928,020 | ||||||
| Park Creek Met Dist CO |
||||||||
| Series 05 |
||||||||
| 5.25%, 12/01/25 |
3,000 | 3,131,850 | ||||||
| 5.50%, 12/01/30 |
890 | 927,380 | ||||||
| Todd Creek Farms Met Dist #1 CO |
||||||||
| 6.125%, 12/01/19 (c) |
1,180 | 590,000 | ||||||
| 6.125%, 12/01/22 (c)(d) |
1,970 | 492,500 | ||||||
|
|
|
|||||||
| 25,529,104 | ||||||||
|
|
|
|||||||
| Principal Amount (000) |
U.S. $ Value | |||||||
| Connecticut - 8.7% |
||||||||
| Connecticut GO |
||||||||
| Series 2013C |
||||||||
| 5.00%, 7/15/27 |
7,165 | 8,146,318 | ||||||
| Series 2013E |
||||||||
| 5.00%, 8/15/29 |
4,800 | 5,362,512 | ||||||
| Connecticut Spl Tax Obl (Connecticut Trnsp Prog Spl Tax) |
||||||||
| 5.00%, 1/01/29 |
13,855 | 15,410,501 | ||||||
| Series 2011A |
||||||||
| 5.00%, 12/01/28 |
5,000 | 5,548,800 | ||||||
|
|
|
|||||||
| 34,468,131 | ||||||||
|
|
|
|||||||
| District of Columbia - 1.4% |
||||||||
| District of Columbia GO |
||||||||
| Series 2013A |
||||||||
| 5.00%, 6/01/29 |
5,000 | 5,608,850 | ||||||
|
|
|
|||||||
| Florida - 5.3% |
||||||||
| Florida HFC MFHR (Westlake Apts) |
||||||||
| AGM Series 2002-D1 |
||||||||
| 5.40%, 3/01/42 |
8,780 | 8,781,668 | ||||||
| Florida Ports Fin Commn (Florida St Trnsp Trust Fund) |
||||||||
| Series 2011A |
||||||||
| 5.00%, 10/01/25-10/01/27 |
4,205 | 4,663,844 | ||||||
| Miami Beach FL Hlth Fac Auth (Mt. Sinai Medical Center FL) |
||||||||
| 6.75%, 11/15/24 |
4,000 | 4,152,080 | ||||||
| Midtown Miami CDD FL |
||||||||
| Series 2004A |
||||||||
| 6.00%, 5/01/24 |
1,940 | 1,941,843 | ||||||
| Univ of Central FL COP |
||||||||
| NPFGC-RE Series 2004A |
||||||||
| 5.125%, 10/01/24 |
1,325 | 1,330,035 | ||||||
|
|
|
|||||||
| 20,869,470 | ||||||||
|
|
|
|||||||
| Georgia - 0.4% |
||||||||
| Atlanta GA Arpt (Hartsfield Jackson Atlanta Intl Arpt) |
||||||||
| Series 2012B |
||||||||
| 5.00%, 1/01/28 |
1,355 | 1,478,617 | ||||||
|
|
|
|||||||
| Hawaii - 1.3% |
||||||||
| Hawaii Arpts Sys |
||||||||
| Series 2010A |
||||||||
| 5.00%, 7/01/34 |
5,000 | 5,191,100 | ||||||
|
|
|
|||||||
| Illinois - 9.4% |
||||||||
| Chicago IL GO |
||||||||
| AGM Series 2004A |
||||||||
| 5.00%, 1/01/25 |
380 | 380,498 | ||||||
| Chicago IL O’Hare Intl Arpt (O’hare Intl Arpt) |
||||||||
| XLCA Series 2003B-1 |
||||||||
| 5.25%, 1/01/34 |
4,860 | 4,870,255 | ||||||
| Principal Amount (000) |
U.S. $ Value | |||||||
| Chicago IL Wtr |
||||||||
| 5.00%, 11/01/26 |
2,000 | 2,117,400 | ||||||
| Cook Cnty IL HSD #29 GO |
||||||||
| AGM Series 04 |
||||||||
| 5.00%, 12/01/20 |
2,000 | 2,085,880 | ||||||
| Gilberts IL SSA #1 |
||||||||
| Series 03 |
||||||||
| 6.00%, 3/01/28 |
2,577 | 2,461,473 | ||||||
| Illinois Finance Auth (Illinois Institute of Technology) |
||||||||
| Series 2006A |
||||||||
| 5.00%, 4/01/31 |
1,250 | 1,113,437 | ||||||
| Illinois Toll Highway Auth |
||||||||
| Series 2013A |
||||||||
| 5.00%, 1/01/31-1/01/32 |
10,145 | 10,791,789 | ||||||
| Manhattan SSA #2004-1 IL |
||||||||
| Series 05 |
||||||||
| 5.875%, 3/01/28 |
1,700 | 1,651,635 | ||||||
| Univ of Illinois |
||||||||
| AGM |
||||||||
| 5.25%, 10/01/26 (b) |
10,800 | 11,910,564 | ||||||
|
|
|
|||||||
| 37,382,931 | ||||||||
|
|
|
|||||||
| Indiana - 0.6% |
||||||||
| Hendricks Cnty IN GO |
||||||||
| Series 04 |
||||||||
| 5.50%, 7/15/14 (Pre-refunded/ETM) |
2,150 | 2,200,590 | ||||||
|
|
|
|||||||
| Kentucky - 1.4% |
||||||||
| Kentucky Turnpike Auth (Kentucky Turnpike Auth Spl Tax) |
||||||||
| Series 2013A |
||||||||
| 5.00%, 7/01/29 |
5,000 | 5,575,300 | ||||||
|
|
|
|||||||
| Louisiana - 4.4% |
||||||||
| Louisiana Agric Fin Auth (Louisiana Agric Fin Auth Lease) |
||||||||
| 5.25%, 9/15/17 |
4,270 | 4,443,405 | ||||||
| Louisiana Loc Govt Envrn Fac & CDA (Jefferson Parish LA) |
||||||||
| Series 2009A |
||||||||
| 5.00%, 4/01/26 |
535 | 568,898 | ||||||
| New Orleans LA GO |
||||||||
| NPFGC |
||||||||
| 5.00%, 3/01/18 |
2,285 | 2,354,372 | ||||||
| 5.25%, 12/01/20 |
1,000 | 1,073,140 | ||||||
| NPFGC Series 05 |
||||||||
| 5.00%, 12/01/29 |
2,700 | 2,794,473 | ||||||
| RADIAN Series 2007A |
||||||||
| 5.00%, 12/01/22 |
5,875 | 6,219,804 | ||||||
|
|
|
|||||||
| 17,454,092 | ||||||||
|
|
|
|||||||
| Massachusetts - 6.7% |
||||||||
| Massachusetts Dev Fin Agy (Olin College) |
||||||||
| Series 2013E |
||||||||
| 5.00%, 11/01/38 |
5,000 | 5,247,350 | ||||||
| Principal Amount (000) |
U.S. $ Value | |||||||
| Massachusetts Sch Bldg Auth (Massachusetts Sch Sales Tax) |
||||||||
| Series 2011B |
||||||||
| 5.00%, 10/15/32 |
13,000 | 14,213,030 | ||||||
| Series 2012B |
||||||||
| 5.00%, 8/15/28-8/15/30 |
6,345 | 7,132,913 | ||||||
|
|
|
|||||||
| 26,593,293 | ||||||||
|
|
|
|||||||
| Michigan - 8.6% |
||||||||
| Detroit MI City SD GO |
||||||||
| Series 2012A |
||||||||
| 5.00%, 5/01/26-5/01/27 |
6,045 | 6,221,804 | ||||||
| Detroit MI Swr Disp |
||||||||
| NPFGC |
||||||||
| 5.25%, 7/01/22 |
5,000 | 4,949,600 | ||||||
| Michigan Strategic Fund (Detroit Renewable Pwr Proj) |
||||||||
| 8.50%, 12/01/30 (a) |
4,000 | 3,864,280 | ||||||
| Plymouth MI Ed Ctr Charter Sch |
||||||||
| 5.125%, 11/01/23 |
2,140 | 1,934,196 | ||||||
| Wayne State Univ MI |
||||||||
| Series 2009A |
||||||||
| 5.00%, 11/15/29 |
16,500 | 17,360,145 | ||||||
|
|
|
|||||||
| 34,330,025 | ||||||||
|
|
|
|||||||
| Minnesota - 0.3% |
||||||||
| Shakopee MN Hlthcare Fac (St Francis Reg Medical Ctr) |
||||||||
| Series 2004 |
||||||||
| 5.10%, 9/01/25 |
1,200 | 1,206,348 | ||||||
|
|
|
|||||||
| Mississippi - 1.0% |
||||||||
| Gulfport MS Hosp Fin Auth (Memorial Hosp At Gulfport) |
||||||||
| Series 2001A |
||||||||
| 5.75%, 7/01/31 |
4,000 | 4,007,960 | ||||||
|
|
|
|||||||
| Missouri - 0.6% |
||||||||
| Kansas City MO Spl Oblig (Kansas City MO Lease - Dntn Arena) |
||||||||
| Series 2008C |
||||||||
| 5.00%, 4/01/28 |
2,000 | 2,208,600 | ||||||
|
|
|
|||||||
| New Hampshire - 0.2% |
||||||||
| New Hampshire Hlth & Ed Fac Auth (Covenant Health Sys) |
||||||||
| Series 04 |
||||||||
| 5.375%, 7/01/24 |
820 | 832,144 | ||||||
|
|
|
|||||||
| New Jersey - 4.6% |
||||||||
| Morris-Union NJ Jt Comm COP |
||||||||
| RADIAN |
||||||||
| 5.00%, 5/01/14 (Pre-refunded/ETM) |
5,095 | 5,204,288 | ||||||
| New Jersey EDA |
||||||||
| Series 2005O |
||||||||
| 5.25%, 3/01/15 (Pre-refunded/ETM) |
500 | 526,920 | ||||||
| New Jersey Turnpike Auth (New Jersey Turnpike) |
||||||||
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2012B |
||||||||
| 5.00%, 1/01/29 |
6,500 | 7,094,685 | ||||||
| Series 2013A |
||||||||
| 5.00%, 1/01/31 |
5,000 | 5,379,650 | ||||||
|
|
|
|||||||
| 18,205,543 | ||||||||
|
|
|
|||||||
| New York - 28.4% |
||||||||
| Metropolitan Trnsp Auth NY |
||||||||
| Series 2012D |
||||||||
| 5.00%, 11/15/29 |
4,000 | 4,305,680 | ||||||
| Series 2012F |
||||||||
| 5.00%, 11/15/27-11/15/30 |
6,575 | 7,068,653 | ||||||
| Series 2013A |
||||||||
| 5.00%, 11/15/29 |
1,830 | 1,976,455 | ||||||
| Series 2013C |
||||||||
| 5.00%, 11/15/32 |
1,000 | 1,067,220 | ||||||
| New York NY GO |
||||||||
| Series 2004G |
||||||||
| 5.00%, 12/01/23 |
845 | 873,308 | ||||||
| Series 2006J |
||||||||
| 5.00%, 6/01/16 (Pre-refunded/ETM) |
1,155 | 1,276,829 | ||||||
| 5.00%, 6/01/22 |
5 | 5,472 | ||||||
| Series 2010E |
||||||||
| 5.00%, 8/01/28 |
1,690 | 1,839,075 | ||||||
| Series 2012B |
||||||||
| 5.00%, 8/01/30 |
5,070 | 5,527,111 | ||||||
| Series 2012I |
||||||||
| 5.00%, 8/01/28 |
8,780 | 9,658,702 | ||||||
| New York NY Mun Wtr Fin Auth |
||||||||
| 5.00%, 6/15/26 |
5,000 | 5,596,350 | ||||||
| Series 2013D |
||||||||
| 5.00%, 6/15/34 |
3,600 | 3,893,220 | ||||||
| New York NY Trnsl Fin Auth |
||||||||
| Series 2007B |
||||||||
| 5.00%, 11/01/24 |
7,395 | 8,212,591 | ||||||
| New York St Dormitory Auth (New York St Pers Income Tax) |
||||||||
| 5.00%, 3/15/26 (b) |
7,000 | 7,789,530 | ||||||
| Series 2012B |
||||||||
| 5.00%, 3/15/32 |
7,600 | 8,220,160 | ||||||
| Series 2012D |
||||||||
| 5.00%, 2/15/29 |
8,000 | 8,798,160 | ||||||
| New York St Envrn Fac Corp. (New York NY Mun Wtr Fin Auth) |
||||||||
| 5.00%, 6/15/24-6/15/27 (b) |
7,000 | 7,789,075 | ||||||
| 5.00%, 6/15/27 |
5,000 | 5,655,950 | ||||||
| New York St HFA (New York St Pers Income Tax) |
||||||||
| NPFGC-RE Series 2005A |
||||||||
| 5.00%, 9/15/25 |
300 | 312,951 | ||||||
| Port Authority of NY & NJ |
||||||||
| Series 20131 |
||||||||
| 5.00%, 12/01/32 |
4,400 | 4,655,244 | ||||||
| Triborough Brdg & Tunl Auth NY |
||||||||
| Series 2011A |
||||||||
| 5.00%, 1/01/26 |
10,000 | 11,233,400 | ||||||
| Ulster Cnty NY IDA (Kingston Regl Sr Lvg Corp.) |
||||||||
| Series 2007A |
||||||||
| 6.00%, 9/15/27 |
1,775 | 1,446,146 | ||||||
| Principal Amount (000) |
U.S. $ Value | |||||||
| Utility Debt Securitization Auth NY |
||||||||
| Series 2013T |
||||||||
| 5.00%, 12/15/30 |
5,000 | 5,665,300 | ||||||
|
|
|
|||||||
| 112,866,582 | ||||||||
|
|
|
|||||||
| North Carolina – 1.0% |
||||||||
| Charlotte NC Arpt (Charlotte Douglas Intl Arpt) |
||||||||
| NPFGC Series 2004A |
||||||||
| 5.25%, 7/01/24 |
2,895 | 2,939,264 | ||||||
| Iredell Cnty NC COP (Iredell Cnty Sch Proj) |
||||||||
| AGM |
||||||||
| 5.25%, 6/01/22 |
1,080 | 1,207,030 | ||||||
|
|
|
|||||||
| 4,146,294 | ||||||||
|
|
|
|||||||
| Ohio – 1.1% |
||||||||
| Central OH Solid Wst Auth |
||||||||
| 5.00%, 6/01/22 (Pre-refunded/ETM) |
355 | 428,407 | ||||||
| Columbiana Cnty Port Auth OH (Apex Environmental LLC) |
||||||||
| Series 2004A |
||||||||
| 7.125%, 8/01/25 (c) |
1,840 | 1,374,020 | ||||||
| Cuyahoga Cnty OH Port Auth (University Square Proj) |
||||||||
| Series 01 |
||||||||
| 7.35%, 12/01/31 (c) |
5,000 | 1,663,050 | ||||||
| Summit Cnty OH Port Auth |
||||||||
| 5.00%, 12/01/25 |
1,000 | 1,101,000 | ||||||
|
|
|
|||||||
| 4,566,477 | ||||||||
|
|
|
|||||||
| Oregon – 2.7% |
||||||||
| Forest Grove OR (Pacific Univ) |
||||||||
| RADIAN Series 2005A |
||||||||
| 5.00%, 5/01/28 |
4,760 | 4,790,892 | ||||||
| Oregon Dept of Admin Svcs (Oregon Lottery) |
||||||||
| Series 2011A |
||||||||
| 5.25%, 4/01/25 |
5,000 | 5,810,250 | ||||||
|
|
|
|||||||
| 10,601,142 | ||||||||
|
|
|
|||||||
| Pennsylvania – 2.4% |
||||||||
| Allegheny Cnty PA IDA (Residential Resources, Inc.) |
||||||||
| 5.00%, 9/01/21 |
500 | 502,985 | ||||||
| Delaware Riv Port Auth PA & NJ |
||||||||
| 5.00%, 1/01/26 |
1,700 | 1,771,876 | ||||||
| Montgomery Cnty PA IDA (New Regional Medical Ctr) |
||||||||
| 5.25%, 8/01/33 |
3,495 | 3,786,099 | ||||||
| Pennsylvania Hgr Ed Fac Auth (Univ of Pennsylvania) |
||||||||
| 5.00%, 9/01/28 |
1,500 | 1,664,490 | ||||||
| Principal Amount (000) |
U.S. $ Value | |||||||
| Philadelphia PA IDA (Leadership Learning Partners) |
||||||||
| Series 2005A |
||||||||
| 5.25%, 7/01/24 (c) |
1,150 | 883,177 | ||||||
| Wilkes-Barre PA Fin Auth (Wilkes Univ Proj) |
||||||||
| 5.00%, 3/01/22 |
990 | 1,017,175 | ||||||
|
|
|
|||||||
| 9,625,802 | ||||||||
|
|
|
|||||||
| Puerto Rico - 1.6% |
||||||||
| Puerto Rico GO |
||||||||
| Series 2001A |
||||||||
| 5.50%, 7/01/19 |
1,705 | 1,336,805 | ||||||
| Series 2006A |
||||||||
| 5.25%, 7/01/23 |
2,625 | 1,863,173 | ||||||
| Puerto Rico Govt Dev Bank |
||||||||
| Series 2006B |
||||||||
| 5.00%, 12/01/15 |
1,000 | 891,790 | ||||||
| Puerto Rico Pub Bldgs Auth (Puerto Rico GO) |
||||||||
| Series 2007N |
||||||||
| 5.50%, 7/01/22 |
3,370 | 2,416,661 | ||||||
|
|
|
|||||||
| 6,508,429 | ||||||||
|
|
|
|||||||
| Rhode Island - 1.5% |
||||||||
| Rhode Island Hlth & Ed Bldg Corp. (Times 2 Academy RI) |
||||||||
| Series 04 |
||||||||
| 5.00%, 12/15/24 |
5,845 | 5,877,440 | ||||||
|
|
|
|||||||
| South Carolina - 3.9% |
||||||||
| Charleston SC Edl Excellence Fin Corp. |
||||||||
| 5.25%, 12/01/15 (Pre-refunded/ETM) |
2,000 | 2,178,220 | ||||||
| Dorchester Cnty SC SD #2 Lease |
||||||||
| AGC |
||||||||
| 5.00%, 12/01/29 |
1,600 | 1,711,456 | ||||||
| Newberry Inv IN Children SC (Newberry Cnty SC SD Lease) |
||||||||
| AGC Series 05 |
||||||||
| 5.00%, 12/01/27 |
5,450 | 5,700,972 | ||||||
| South Carolina Pub Svc Auth |
||||||||
| Series 2012A |
||||||||
| 5.00%, 12/01/27 |
5,465 | 6,005,762 | ||||||
|
|
|
|||||||
| 15,596,410 | ||||||||
|
|
|
|||||||
| Tennessee - 0.6% |
||||||||
| Sullivan Cnty TN Hlth & Hfb (Wellmont Hlth Sys Proj) |
||||||||
| Series 2006C |
||||||||
| 5.00%, 9/01/22 |
1,760 | 1,809,931 | ||||||
| 5.25%, 9/01/26 |
725 | 742,291 | ||||||
|
|
|
|||||||
| 2,552,222 | ||||||||
|
|
|
|||||||
| Texas - 24.1% |
||||||||
| Alvin TX ISD GO |
||||||||
| Series 2009B |
||||||||
| 5.00%, 2/15/28 |
960 | 1,035,955 | ||||||
| Principal Amount (000) |
U.S. $ Value | |||||||
| Austin TX Wtr & Wstwtr Sys |
||||||||
| Series 2013A |
||||||||
| 5.00%, 11/15/28-11/15/29 |
8,075 | 9,070,873 | ||||||
| Bexar Cnty TX Hlth Fac Dev (Army Retirement Residence) |
||||||||
| 5.00%, 7/01/27 |
480 | 481,315 | ||||||
| Dallas TX ISD GO |
||||||||
| 6.00%, 2/15/28 |
2,500 | 2,874,650 | ||||||
| Dripping Springs TX ISD GO |
||||||||
| 5.125%, 2/15/28 |
5,715 | 6,200,261 | ||||||
| Fort Bend TX ISD GO |
||||||||
| Series 2009 |
||||||||
| 5.00%, 2/15/27 |
7,560 | 8,639,115 | ||||||
| Frisco TX GO |
||||||||
| NPFGC-RE |
||||||||
| 5.00%, 2/15/16 (Pre-refunded/ETM) |
3,220 | 3,522,261 | ||||||
| Harris Cnty TX Met Trnsp Auth |
||||||||
| Series 2011A |
||||||||
| 5.00%, 11/01/26 |
4,000 | 4,498,680 | ||||||
| Houston TX Util Sys |
||||||||
| Series 2011D |
||||||||
| 5.00%, 11/15/25-11/15/26 |
8,500 | 9,666,360 | ||||||
| Lewisville TX Spl AD #2 |
||||||||
| ACA Series 05 |
||||||||
| 6.00%, 10/01/25 |
1,100 | 1,136,443 | ||||||
| Matagorda Cnty TX Nav Dist (Centerpoint Energy Houston) |
||||||||
| Series 04 |
||||||||
| 5.60%, 3/01/27 |
2,000 | 2,021,760 | ||||||
| Seguin Hgr Ed Fac Corp. TX |
||||||||
| Series 04 |
||||||||
| 5.25%, 9/01/14 (Pre-refunded/ETM) |
2,250 | 2,314,935 | ||||||
| Texas GO |
||||||||
| Series 2005A |
||||||||
| 5.00%, 4/01/28 |
8,000 | 8,296,880 | ||||||
| Texas Private Acvty Bond Srfc Trnsp Corp. (NTE Mobility Partners LLC Proj Segment#3) |
||||||||
| 6.75%, 6/30/43 |
3,000 | 3,193,320 | ||||||
| Texas Private Acvty Bond Srfc Trnsp Corp. (NTE Mobility Partners LLC Project) |
||||||||
| 6.875%, 12/31/39 |
1,720 | 1,876,640 | ||||||
| Texas Trnsp Comm |
||||||||
| 5.00%, 4/01/23 (b) |
20,600 | 23,180,356 | ||||||
| Univ of Texas |
||||||||
| Series 2009A |
||||||||
| 5.25%, 8/15/22 |
6,825 | 7,934,745 | ||||||
|
|
|
|||||||
| 95,944,549 | ||||||||
|
|
|
|||||||
| Virginia - 1.5% |
||||||||
| Virginia Trnsp Brd (Virginia Lease Trnsp Fund) |
||||||||
| 5.00%, 5/15/28 |
5,340 | 5,976,208 | ||||||
|
|
|
|||||||
| Washington - 4.0% |
||||||||
| Energy Northwest WA (Bonneville Power Admin) |
||||||||
| Series 2011A |
||||||||
| 5.00%, 7/01/23 |
5,250 | 6,055,455 | ||||||
| Principal Amount (000) |
U.S. $ Value | |||||||
| FYI Properties (Washington St Lease Dept Info Svc Proj) |
||||||||
| 5.125%, 6/01/28 |
5,200 | 5,588,544 | ||||||
| Series 2009 |
||||||||
| 5.00%, 6/01/27 |
3,885 | 4,175,326 | ||||||
|
|
|
|||||||
| 15,819,325 | ||||||||
|
|
|
|||||||
| Wisconsin - 1.4% |
||||||||
| Wisconsin GO |
||||||||
| Series 20033 |
||||||||
| 5.00%, 11/01/26 |
1,735 | 1,738,175 | ||||||
| Wisconsin Hsg & Econ Dev Auth SFMR (Wisconsin Hsg & Econ Dev Auth) |
||||||||
| NPFGC Series 2002A |
||||||||
| 5.60%, 5/01/33 |
3,975 | 3,976,749 | ||||||
|
|
|
|||||||
| 5,714,924 | ||||||||
|
|
|
|||||||
| Total Municipal Obligations |
658,790,103 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| SHORT-TERM INVESTMENTS - 4.1% |
||||||||
| Investment Companies - 4.1% |
||||||||
| AllianceBernstein Fixed-Income Shares, Inc. - |
16,172,270 | 16,172,270 | ||||||
|
|
|
|||||||
| Total Investments - 169.8% |
674,962,373 | |||||||
| Other assets less liabilities - (8.9)% |
(35,215,581 | ) | ||||||
| Preferred Shares at liquidation value - (60.9)% |
(242,225,000 | ) | ||||||
|
|
|
|||||||
| Net Assets Applicable to Common Shareholders - 100.0% (g) |
$ | 397,521,792 | ||||||
|
|
|
|||||||
| (a) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2014, the aggregate market value of these securities amounted to $10,479,185 or 2.6% of net assets. |
| (b) | Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
| (c) | Illiquid security. |
| (d) | Security is in default and is non-income producing. |
| (e) | Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end. |
| (f) | As of January 31, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $28,816,647 and gross unrealized depreciation of investments was $(12,761,727), resulting in net unrealized appreciation of $16,054,920. |
| (g) | Portfolio percentages are calculated based on net assets applicable to common shareholders. |
As of January 31, 2014, the Fund held 25.2% of net assets in insured bonds (of this amount 8.7% represents the Fund’s holding in pre-refunded or escrowed to maturity bonds).
Glossary:
| ACA | - | ACA Financial Guaranty Corporation | ||
| AD | - | Assessment District | ||
| AGC | - | Assured Guaranty Corporation | ||
| AGM | - | Assured Guaranty Municipal | ||
| AMBAC | - | Ambac Assurance Corporation | ||
| BMC | - | Baptist Medical Center | ||
| CCD | - | Community College District | ||
| CDA | - | Community Development Authority | ||
| CDD | - | Community Development District | ||
| COP | - | Certificate of Participation | ||
| EDA | - | Economic Development Agency | ||
| ETM | - | Escrowed to Maturity | ||
| GO | - | General Obligation | ||
| HFA | - | Housing Finance Authority | ||
| HFC | - | Housing Finance Corporation | ||
| HSD | - | High School District | ||
| IDA | - | Industrial Development Authority/Agency | ||
| IDR | - | Industrial Development Revenue Bond | ||
| ISD | - | Independent School District | ||
| MFHR | - | Multi-Family Housing Revenue | ||
| MTA | - | Metropolitan Transportation Authority | ||
| NPFGC | - | National Public Finance Guarantee Corporation | ||
| NPFGC-RE | - | National Public Finance Guarantee Corporation Reinsuring Financial Guaranty Insurance Company | ||
| RADIAN | - | Radian Asset Assurance Inc. | ||
| SD | - | School District | ||
| SFMR | - | Single Family Mortgage Revenue | ||
| SSA | - | Special Services Area | ||
| XLCA | - | XL Capital Assurance Inc. |
AllianceBernstein National Municipal Income Fund
January 31, 2014 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, 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. U.S. GAAP 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 (including those valued based on their market values). 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 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 fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rates, coupon rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.
Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2014:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: |
||||||||||||||||
| Long-Term Municipal Bonds |
$ | – 0 | – | $ | 637,461,149 | $ | 21,328,954 | $ | 658,790,103 | |||||||
| Short-Term Investments |
16,172,270 | – 0 | – | – 0 | – | 16,172,270 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities |
16,172,270 | 637,461,149 | 21,328,954 | 674,962,373 | ||||||||||||
| Other Financial Instruments* |
– 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total^ |
$ | 16,172,270 | $ | 637,461,149 | $ | 21,328,954 | $ | 674,962,373 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument. |
| ^ | There were no transfers between Level 1 and level 2 during the reporting period. |
The Fund recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.
| Long-Term Municipal Bonds |
Total | |||||||
| Balance as of 10/31/13 |
$ | 23,128,578 | $ | 23,128,578 | ||||
| Accrued discounts/(premiums) |
(5,370 | ) | (5,370 | ) | ||||
| Realized gain (loss) |
– 0 | – | – 0 | – | ||||
| Change in unrealized appreciation/depreciation |
(1,794,254 | ) | (1,794,254 | ) | ||||
| Purchases |
– 0 | – | – 0 | – | ||||
| Sales |
– 0 | – | – 0 | – | ||||
| Transfers in to Level 3 |
– 0 | – | – 0 | – | ||||
| Transfers out of Level 3 |
– 0 | – | – 0 | – | ||||
|
|
|
|
|
|||||
| Balance as of 1/31/14 |
$ | 21,328,954 | $ | 21,328,954 | ||||
|
|
|
|
|
|||||
| Net change in unrealized appreciation/depreciation from Investments held as of 1/31/14 |
$ | (1,794,254 | ) | $ | (1,794,254 | ) | ||
|
|
|
|
|
|||||
The following presents information about significant unobservable inputs related to the Fund with material categories of Level 3 investments at January 31, 2014:
Quantitative Information about Level 3 Fair Value Measurements
| Fair Value at 1/31/14 |
Valuation Technique |
Unobservable Input | Range/ Weighted Average |
|||||||||
| Long-Term Municipal Bonds |
$ | 21,328,954 | Third Party Vendor |
Evaluated Quotes | $ | 25.00 – $120.68/ $87.00 | ||||||
The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Fund. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.
The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.
In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).
| 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 17, 2014 | |
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 17, 2014 | |
| By: | /s/ Joseph J. Mantineo | |
| Joseph J. Mantineo | ||
| Treasurer and Chief Financial Officer | ||
| Date: | March 17, 2014 | |