Regulatory Filings • Mar 28, 2012
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Download Source FileN-Q 1 d298137dnq.htm ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC. 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)
Registrants telephone number, including area code: (800) 221-5672
Date of fiscal year end: October 31, 2012
Date of reporting period: January 31, 2012
ITEM 1. SCHEDULE OF INVESTMENTS.
AllianceBernstein National Municipal Income Fund
Portfolio of Investments
January 31, 2012 (unaudited)
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| MUNICIPAL OBLIGATIONS - 163.8% | ||
| Long-Term Municipal Bonds - 163.8% | ||
| Alabama - 5.6% | ||
| Alabama Pub Sch & Clg Auth | ||
| Series 2009 A | ||
| 5.00%, 5/01/29 (Pre-refunded/ETM) | $ 3,000 | $ 3,795,810 |
| Huntsville AL Hlth Care Auth | ||
| Series 02B | ||
| 5.75%, 6/01/32 (Pre-refunded/ETM) | 6,000 | 6,169,020 |
| Jefferson Cnty AL LT Sch Wts | ||
| Series 04A | ||
| 5.25%, 1/01/18-1/01/23 | 3,100 | 2,884,018 |
| Jefferson Cnty AL Swr | ||
| FGIC Series 02 | ||
| 5.00%, 2/01/41 (Pre-refunded/ETM) | 1,535 | 1,568,678 |
| FGIC Series 02B | ||
| 5.00%, 2/01/41 (Pre-refunded/ETM) | 2,465 | 2,522,188 |
| Marshall Cnty AL Hlth Care Auth | ||
| Series 02A | ||
| 5.75%, 1/01/32 | 2,500 | 2,526,150 |
| Series 02D | ||
| 5.75%, 1/01/32 | 3,000 | 3,031,380 |
| Montgomery AL BMC Spl Care (Baptist Health Montgomery) | ||
| Series 04C | ||
| 5.125%, 11/15/24 | 1,500 | 1,543,935 |
| 24,041,179 | ||
| Alaska - 2.4% | ||
| Alaska Intl Arpt | ||
| NPFGC Series 03B | ||
| 5.00%, 10/01/26 | 2,000 | 2,059,020 |
| Alaska Muni Bond Bank Auth | ||
| NPFGC Series 04G | ||
| 5.00%, 2/15/22 (Pre-refunded/ETM) | 1,585 | 1,733,182 |
| 5.00%, 2/15/24 (Pre-refunded/ETM) | 1,345 | 1,470,744 |
| Four Dam Pool AK Elec | ||
| Series 04 | ||
| 5.00%, 7/01/24 (Pre-refunded/ETM) | 1,035 | 1,146,749 |
| 5.25%, 7/01/25 (Pre-refunded/ETM) | 2,195 | 2,445,120 |
| 5.25%, 7/01/26 (Pre-refunded/ETM) | 1,385 | 1,542,821 |
| 10,397,636 | ||
| Arizona - 1.7% | ||
| Arizona Cap Fac Fin Corp. (Arizona St Univ) | ||
| Series 00 | ||
| 6.25%, 9/01/32 | 1,550 | 1,550,326 |
| Phoenix AZ Civic Impt Corp. (Phoenix AZ Wastewater) | ||
| NPFGC Series 04 | ||
| 5.00%, 7/01/23 | 1,250 | 1,368,500 |
| Salt Verde Fin Corp. Gas (Citigroup, Inc.) | ||
| 5.25%, 12/01/22-12/01/23 | 4,150 | 4,428,976 |
| 7,347,802 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| California - 19.4% | ||
| California Econ Recovery (California Econ Rec Spl Tax) | ||
| Series 2009A | ||
| 5.25%, 7/01/21 | $ 4,860 | $ 6,033,593 |
| California GO | ||
| 5.00%, 2/01/32 | 2,450 | 2,558,805 |
| 5.25%, 4/01/30 | 20 | 20,075 |
| Series 04 | ||
| 5.00%, 2/01/33 | 1,100 | 1,143,714 |
| Chula Vista CA IDR (San Diego Gas & Elec Co.) | ||
| Series 96A | ||
| 5.30%, 7/01/21 | 4,000 | 4,351,280 |
| Coachella Valley CA USD COP | ||
| NPFGC Series 03 | ||
| 5.00%, 9/01/31 | 1,000 | 1,008,100 |
| Coast CA CCD GO | ||
| AGM Series 06B | ||
| 5.00%, 8/01/23-8/01/24 (a) | 11,370 | 12,728,487 |
| Golden St Tobacco Sec CA | ||
| RADIAN Series 03 | ||
| 5.50%, 6/01/43 (Pre-refunded/ETM) | 2,250 | 2,398,995 |
| XLCA Series 03B | ||
| 5.50%, 6/01/33 (Pre-refunded/ETM) | 3,000 | 3,198,660 |
| Grossmont-Cuyamaca CCD CA GO | ||
| AGC | ||
| 5.00%, 8/01/22-8/01/23 (a) | 4,480 | 5,183,376 |
| Hartnell CA CCD GO | ||
| NPFGC Series 03A | ||
| 5.00%, 8/01/27 (Pre-refunded/ETM) | 1,155 | 1,236,069 |
| La Quinta CA Fin Auth (La Quinta CA Local Agy Pool) | ||
| AMBAC Series 04A | ||
| 5.25%, 9/01/24 | 2,000 | 2,060,100 |
| Long Beach CA Bond Fin Auth (Aquarium of The Pacific) | ||
| AMBAC Series 2001 | ||
| 5.00%, 11/01/26 | 1,460 | 1,466,993 |
| Los Angeles CA CCD GO | ||
| Series F-1 | ||
| 5.00%, 8/01/28 | 5,800 | 6,527,262 |
| Los Angeles CA Cmnty Redev Agy (Los Angeles CA CRA Bunker Hill) | ||
| Series 04L | ||
| 5.00%, 3/01/18 | 1,715 | 1,723,318 |
| Los Angeles CA Dept Arpts (Los Angeles Intl Airport) | ||
| Series 2009A | ||
| 5.25%, 5/15/29 | 5,700 | 6,577,572 |
| Los Angeles CA Regl Arpts Impt Corp. (Laxfuel Corp.) | ||
| AMBAC Series 01 | ||
| 5.50%, 1/01/32 | 9,500 | 9,503,800 |
| Los Angeles CA Wstwtr Sys | ||
| 5.00%, 6/01/26 | 7,000 | 8,221,780 |
| Pomona CA COP | ||
| AMBAC Series 03 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| 5.50%, 6/01/34 | $ 3,000 | $ 3,103,470 |
| San Bernardino Cnty CA COP | ||
| Series 2009 | ||
| 5.25%, 8/01/26 | 1,455 | 1,564,940 |
| San Rafael CA Elem SD GO | ||
| AGM Series 03A | ||
| 5.00%, 8/01/28 (Pre-refunded/ETM) | 2,820 | 2,886,862 |
| 83,497,251 | ||
| Colorado - 4.5% | ||
| Colorado Edl & Cultural Facs Auth (Knowledge Quest Charter Sch) | ||
| Series 05 | ||
| 6.50%, 5/01/36 | 480 | 439,618 |
| Colorado Hlth Fac Auth (Evangelical Luth Good Sam Soc) | ||
| 5.25%, 6/01/19-6/01/23 | 2,425 | 2,596,089 |
| Colorado Hlth Fac Auth (Parkview Medical Center) | ||
| Series 04 | ||
| 5.00%, 9/01/25 | 2,560 | 2,596,736 |
| Denver CO Urban Renewal Auth (Stapleton) | ||
| Series 2010B-1 | ||
| 5.00%, 12/01/25 | 6,865 | 7,411,934 |
| Northwest Met Dist #3 CO | ||
| 6.125%, 12/01/25 | 1,000 | 893,840 |
| Park Creek Met Dist CO | ||
| Series 05 | ||
| 5.25%, 12/01/25 | 3,000 | 3,067,710 |
| 5.50%, 12/01/30 | 890 | 906,340 |
| Todd Creek Farms Met Dist #1 CO | ||
| 6.125%, 12/01/22 (b)(c) | 1,970 | 886,500 |
| Series 04 | ||
| 6.125%, 12/01/19 (b) | 1,180 | 531,000 |
| 19,329,767 | ||
| District of Columbia - 0.8% | ||
| District of Columbia Tax Incr (Gallery Place Proj) | ||
| AGM Series 02 | ||
| 5.40%, 7/01/31 | 3,500 | 3,552,325 |
| Florida - 11.9% | ||
| Beacon Tradeport CDD FL | ||
| Series 02B | ||
| 7.25%, 5/01/33 | 4,930 | 4,995,125 |
| Florida Brd of Ed GO | ||
| Series 2011E | ||
| 5.00%, 6/01/25 | 4,800 | 5,945,952 |
| Florida HFC MFHR (Westlake Apts) | ||
| AGM Series 02-D1 | ||
| 5.40%, 3/01/42 | 8,780 | 8,783,073 |
| Florida HFC MFHR (Westminster Apts) | ||
| AGM Series 02E-1 | ||
| 5.40%, 4/01/42 | 3,000 | 3,002,220 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| Florida Ports Fin Commn (Florida St Trnsp Trust Fund) | ||
| Series 2011A | ||
| 5.00%, 10/01/25-10/01/27 | $ 4,205 | $ 4,966,704 |
| Florida St Univ Fin Asst | ||
| AMBAC Series 02 | ||
| 5.00%, 10/01/31 | 5,000 | 5,046,400 |
| Miami Beach FL Hlth Fac Auth (Mt. Sinai Medical Center FL) | ||
| 6.75%, 11/15/24 | 4,000 | 4,262,800 |
| Miami-Dade Cnty FL Aviation (Miami-Dade Intl Airport) | ||
| NPFGC-RE Series 02 | ||
| 5.375%, 10/01/32 | 6,040 | 6,079,139 |
| Midtown Miami CDD FL | ||
| Series 04A | ||
| 6.00%, 5/01/24 | 2,175 | 2,189,246 |
| Miromar Lakes CDD FL | ||
| Series 00A | ||
| 7.25%, 5/01/12 | 1,045 | 992,907 |
| Orange Cnty FL Hlth Fac Auth | ||
| Series 02 | ||
| 5.75%, 12/01/32 (Pre-refunded/ETM) | 2,800 | 2,924,124 |
| Univ of Central FL COP | ||
| NPFGC-RE Series 04A | ||
| 5.125%, 10/01/24 | 1,325 | 1,340,171 |
| Village CDD #5 FL | ||
| Series 03A | ||
| 6.00%, 5/01/22 | 535 | 543,576 |
| 51,071,437 | ||
| Georgia - 0.6% | ||
| Cartersville GA Dev Auth (Anheuser-Busch Cos., Inc.) | ||
| Series 02 | ||
| 5.95%, 2/01/32 | 2,510 | 2,512,435 |
| Hawaii - 2.3% | ||
| Hawaii Arpts Sys | ||
| Series 2010A | ||
| 5.00%, 7/01/34 | 5,000 | 5,424,600 |
| Hawaii Dept Budget & Finance (Hawaiian Electric Co.) | ||
| XLCA Series 03B | ||
| 5.00%, 12/01/22 | 4,500 | 4,564,125 |
| 9,988,725 | ||
| Illinois - 11.3% | ||
| Chicago IL GO | ||
| AGM Series A | ||
| 5.00%, 1/01/25 | 380 | 398,339 |
| Chicago IL HFA SFMR (Chicago IL HFA) | ||
| Series 02B | ||
| 6.00%, 10/01/33 | 240 | 245,220 |
| Chicago IL OHare Intl Arpt (OHare Intl Arpt) | ||
| NPFGC Series A |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| 5.375%, 1/01/32 | $ 15,000 | $ 15,008,550 |
| XLCA Series 03B-1 | ||
| 5.25%, 1/01/34 | 4,860 | 4,965,122 |
| Chicago IL Tax Increment (Diversey/Narragansett Proj) | ||
| 7.46%, 2/15/26 | 1,795 | 1,796,400 |
| Cook Cnty IL SD #29 GO | ||
| AGM Series 04 | ||
| 5.00%, 12/01/20 | 2,000 | 2,154,200 |
| Gilberts IL SSA #1 | ||
| Series 03 | ||
| 6.00%, 3/01/28 | 2,633 | 2,443,319 |
| Illinois Finance Auth (Illinois Institute of Technology) | ||
| Series 06A | ||
| 5.00%, 4/01/31 | 1,250 | 1,042,512 |
| Illinois Finance Auth (Loyola Univ) | ||
| XLCA Series 04A | ||
| 5.00%, 7/01/24 | 1,495 | 1,566,147 |
| Manhattan SSA #2004-1 IL | ||
| Series 05 | ||
| 5.875%, 3/01/28 | 1,785 | 1,736,983 |
| Metro Pier & Expo Auth IL Spl Tax | ||
| NPFGC Series 02A | ||
| 5.25%, 6/15/42 | 5,500 | 5,547,960 |
| Univ of Illinois | ||
| AGM Series 07A | ||
| 5.25%, 10/01/26(a) | 10,800 | 11,797,272 |
| 48,702,024 | ||
| Indiana - 2.9% | ||
| Hendricks Cnty IN GO | ||
| Series 04 | ||
| 5.50%, 7/15/21-7/15/22 | 2,150 | 2,208,660 |
| Indianapolis IN Loc Bond Bank | ||
| NPFGC Series 2A | ||
| 5.25%, 7/01/33 (Pre-refunded/ETM) | 10,000 | 10,207,400 |
| 12,416,060 | ||
| Iowa - 0.1% | ||
| Coralville IA BANS | ||
| Series 07C | ||
| 5.00%, 6/01/18 | 260 | 286,764 |
| Kansas - 0.3% | ||
| Lenexa KS Hlth Care Fac (Lakeview Village, Inc.) | ||
| 5.25%, 5/15/22 | 1,395 | 1,325,696 |
| Louisiana - 4.3% | ||
| Louisiana Agric Fin Auth (Louisiana Agric Fin Auth Lease) | ||
| 5.25%, 9/15/17 | 4,270 | 4,542,554 |
| Louisiana HFA SFMR (Louisiana HFA) | ||
| Series 02C | ||
| 5.60%, 6/01/33 | 495 | 505,994 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| Louisiana Loc Govt Envrn Fac & CDA (Jefferson Parish LA) | ||
| Series 2009A | ||
| 5.00%, 4/01/26 | $ 535 | $ 596,536 |
| New Orleans LA GO | ||
| NPFGC | ||
| 5.00%, 3/01/18 | 2,285 | 2,479,316 |
| 5.25%, 12/01/20 | 1,000 | 1,078,500 |
| NPFGC Series 05 | ||
| 5.00%, 12/01/29 | 2,700 | 2,793,825 |
| RADIAN Series A | ||
| 5.00%, 12/01/22 | 5,875 | 6,384,069 |
| 18,380,794 | ||
| Massachusetts - 1.8% | ||
| Massachusetts GO | ||
| Series 02C | ||
| 5.25%, 11/01/30 (Pre-refunded/ETM) | 3,470 | 3,600,264 |
| Massachusetts Hlth & Ed Facs Auth (Berkshire Health Sys) | ||
| RADIAN Series 01E | ||
| 5.70%, 10/01/25 | 2,000 | 2,020,880 |
| Massachusetts Hlth & Ed Facs Auth (Cape Cod Healthcare) | ||
| RADIAN Series 01C | ||
| 5.25%, 11/15/31 | 2,100 | 2,112,957 |
| 7,734,101 | ||
| Michigan - 7.1% | ||
| Detroit MI Swr Disp | ||
| NPFGC | ||
| 5.25%, 7/01/22 | 5,000 | 5,443,200 |
| Michigan Strategic Fund (Detroit Edison Co.) | ||
| XLCA Series 02C | ||
| 5.45%, 12/15/32 | 5,000 | 5,022,750 |
| Plymouth MI Ed Ctr Charter Sch | ||
| Series 05 | ||
| 5.125%, 11/01/23 | 2,140 | 1,971,689 |
| Wayne State Univ MI | ||
| Series 2009 | ||
| 5.00%, 11/15/29 | 16,500 | 18,279,360 |
| 30,716,999 | ||
| Minnesota - 0.3% | ||
| Shakopee MN Hlthcare Fac (St Francis Reg Medical Ctr) | ||
| Series 04 | ||
| 5.10%, 9/01/25 | 1,200 | 1,225,200 |
| Mississippi - 0.9% | ||
| Gulfport MS Hosp Fin Auth (Memorial Hosp At Gulfport) | ||
| Series 01A | ||
| 5.75%, 7/01/31 | 4,000 | 4,004,440 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| Missouri - 0.8% | ||
| Kansas City MO Spl Oblig (Kansas City MO Lease - Dntn Arena) | ||
| Series 08C | ||
| 5.00%, 4/01/28 | $ 2,000 | $ 2,210,380 |
| Missouri HDC SFMR (Missouri HDC) | ||
| Series 02A-1 | ||
| 5.58%, 9/01/32 | 585 | 601,257 |
| Riverside MO IDA (Riverside Horizons Proj) | ||
| ACA Series 07A | ||
| 5.00%, 5/01/27 | 600 | 617,220 |
| 3,428,857 | ||
| Nevada - 2.9% | ||
| Carson City NV Hosp (Carson Tahoe Hospital) | ||
| RADIAN Series 03A | ||
| 5.00%, 9/01/23 | 4,700 | 4,776,798 |
| Reno NV Spl Tax | ||
| NPFGC-RE Series 02 | ||
| 5.375%, 6/01/32 (Pre-refunded/ETM) | 4,710 | 4,788,233 |
| 5.375%, 6/01/32 | 2,790 | 2,795,134 |
| 12,360,165 | ||
| New Hampshire - 0.2% | ||
| New Hampshire Hlth & Ed Fac Auth (Covenant Health Sys) | ||
| Series 04 | ||
| 5.375%, 7/01/24 | 820 | 855,809 |
| New Jersey - 1.4% | ||
| Morris-Union NJ Jt Comm COP | ||
| RADIAN Series 04 | ||
| 5.00%, 5/01/24 | 5,095 | 5,245,150 |
| New Jersey EDA (New Jersey Lease Sch Fac) | ||
| Series 05 | ||
| 5.25%, 3/01/25 | 500 | 550,310 |
| 5,795,460 | ||
| New York - 15.8% | ||
| New York NY GO | ||
| 5.00%, 8/01/28 | 1,690 | 1,987,491 |
| Series 04G | ||
| 5.00%, 12/01/23 | 1,600 | 1,770,416 |
| Series 06 | ||
| 5.00%, 6/01/22 | 1,160 | 1,345,867 |
| New York NY Mun Wtr Fin Auth | ||
| 5.00%, 6/15/26 | 5,000 | 6,084,550 |
| New York NY Trnsl Fin Auth | ||
| Series 2007B | ||
| 5.00%, 11/01/24 | 7,395 | 8,510,018 |
| Series 2011B | ||
| 5.00%, 2/01/26 | 10,000 | 12,083,100 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| New York St Dormitory Auth (New York St Pers Income Tax) | ||
| 5.00%, 3/15/26 (a) | $ 7,000 | $ 8,155,000 |
| New York St Envrn Fac Corp. (New York NY Mun Wtr Fin Auth) | ||
| 5.00%, 6/15/24-6/15/27 (a) | 7,000 | 8,290,905 |
| New York St Envrn Fac Corp. (New York Ny Mun Wtr Fin Auth) | ||
| 5.00%, 6/15/27 | 5,000 | 5,987,150 |
| New York St HFA (New York St Pers Income Tax) | ||
| NPFGC-RE Series 05A | ||
| 5.00%, 9/15/25 | 300 | 331,272 |
| Triborough Brdg & Tunl Auth NY | ||
| 5.00%, 1/01/26 | 10,000 | 12,271,100 |
| Ulster Cnty NY IDA (Kingston Regl Sr Lvg Corp.) | ||
| 6.00%, 9/15/27 | 1,775 | 1,229,081 |
| 68,045,950 | ||
| North Carolina - 1.0% | ||
| Charlotte NC Arpt (Charlotte Douglas Intl Arpt) | ||
| NPFGC Series 04A | ||
| 5.25%, 7/01/24 | 2,895 | 3,080,106 |
| Iredell Cnty NC COP (Iredell Cnty Sch Proj) | ||
| AGM Series 08 | ||
| 5.25%, 6/01/22 | 1,080 | 1,262,434 |
| 4,342,540 | ||
| North Dakota - 0.6% | ||
| North Dakota HFA SFMR (North Dakota HFA) | ||
| Series 02 | ||
| 5.65%, 1/01/34 | 520 | 520,270 |
| Ward Cnty ND Hlth Care Fac (Trinity Health) | ||
| Series 2006 | ||
| 5.125%, 7/01/18-7/01/20 | 2,075 | 2,170,710 |
| 2,690,980 | ||
| Ohio - 1.5% | ||
| Columbiana Cnty Port Auth OH (Apex Environmental LLC) | ||
| Series 04A | ||
| 7.125%, 8/01/25 (b)(d) | 1,840 | 1,515,461 |
| Cuyahoga Cnty OH Port Auth (University Square Proj) | ||
| Series 01 | ||
| 7.35%, 12/01/31 | 5,000 | 5,082,650 |
| 6,598,111 | ||
| Oregon - 2.6% | ||
| Forest Grove OR (Pacific Univ) |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| RADIAN Series 05A | ||
| 5.00%, 5/01/28 | $ 4,760 | $ 4,792,178 |
| Oregon Dept of Admin Svcs (Oregon Lottery) | ||
| Series 2011A | ||
| 5.25%, 4/01/25 | 5,000 | 6,263,600 |
| 11,055,778 | ||
| Pennsylvania - 2.9% | ||
| Allegheny Cnty PA IDA (Residential Resources, Inc.) | ||
| 5.00%, 9/01/21 | 500 | 484,450 |
| Montgomery Cnty PA IDA (New Regional Medical Ctr) | ||
| 5.25%, 8/01/33 | 3,495 | 3,905,697 |
| Pennsylvania Econ Dev Fin Auth (30th St Station Pkg Garage PA) | ||
| ACA Series 02 | ||
| 5.875%, 6/01/33 | 4,100 | 4,114,186 |
| Pennsylvania Hgr Ed Fac Auth (Univ of Pennsylvania) | ||
| 5.00%, 9/01/28 | 1,500 | 1,782,780 |
| Philadelphia PA IDA (Leadership Learning Partners) | ||
| Series 05A | ||
| 5.25%, 7/01/24 (b) | 1,150 | 996,015 |
| Wilkes-Barre PA Fin Auth (Wilkes Univ Proj) | ||
| 5.00%, 3/01/22 | 990 | 1,049,529 |
| 12,332,657 | ||
| Puerto Rico - 2.3% | ||
| Puerto Rico GO | ||
| 5.25%, 7/01/23 | 2,625 | 2,778,143 |
| Series 01A | ||
| 5.50%, 7/01/19 | 1,705 | 1,946,155 |
| Series 03A | ||
| 5.25%, 7/01/23 | 500 | 514,365 |
| Puerto Rico Govt Dev Bank | ||
| Series 06B | ||
| 5.00%, 12/01/15 | 1,000 | 1,086,870 |
| Puerto Rico Pub Bldgs Auth (Puerto Rico GO) | ||
| Series N | ||
| 5.50%, 7/01/22 | 3,370 | 3,623,828 |
| 9,949,361 | ||
| Rhode Island - 1.4% | ||
| Rhode Island Hlth Ed Bldg Corp. (Times 2 Academy RI) | ||
| Series 04 | ||
| 5.00%, 12/15/24 | 5,845 | 5,969,791 |
| South Carolina - 2.2% | ||
| Charleston SC Eld Excellence Fin Corp. (Charleston Cnty SC SD Lease) | ||
| 5.25%, 12/01/30 | 2,000 | 2,166,780 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| Dorchester Cnty SC SD #2 Lease | ||
| AGC | ||
| 5.00%, 12/01/29 | $ 1,600 | $ 1,675,248 |
| Newberry Inv IN Children SC (Newberry Cnty SC SD Lease) | ||
| Series 05 | ||
| 5.00%, 12/01/27 | 5,450 | 5,756,235 |
| 9,598,263 | ||
| Tennessee - 2.4% | ||
| Sullivan Cnty TN Hlth & Hfb (Wellmont Hlth Sys Proj) | ||
| Series 06C | ||
| 5.00%, 9/01/22 | 1,760 | 1,857,768 |
| 5.25%, 9/01/26 | 725 | 758,531 |
| Tennessee Ed Fndg Corp. (Tennessee Ed Fndg Stud Ln) | ||
| Series 97A | ||
| 6.20%, 12/01/21 | 7,705 | 7,728,963 |
| 10,345,262 | ||
| Texas - 34.0% | ||
| Alvin TX ISD GO | ||
| Series 2004B | ||
| 5.00%, 2/15/28 | 960 | 1,115,923 |
| Bexar Cnty TX HFC MFHR (Doral Club & Sutton House Apts) | ||
| NPFGC Series 01A | ||
| 5.55%, 10/01/36 | 13,750 | 12,675,712 |
| Bexar Cnty TX Hlth Fac Dev (Army Retirement Residence) | ||
| 5.00%, 7/01/27 | 525 | 529,678 |
| Camino Real Regl Mob Auth TX | ||
| 5.00%, 2/15/22 | 480 | 480,989 |
| Series 2008 | ||
| 5.00%, 8/15/21 | 1,210 | 1,212,505 |
| Dallas Fort Worth TX Intl Arpt | ||
| NPFGC Series 03A | ||
| 5.25%, 11/01/25 | 2,000 | 2,057,240 |
| NPFGC-RE Series 01 | ||
| 5.50%, 11/01/35 | 5,290 | 5,313,011 |
| Dallas TX ISD GO | ||
| 6.00%, 2/15/28 | 2,500 | 3,032,425 |
| Dripping Springs TX ISD GO | ||
| 5.125%, 2/15/28(e) | 5,715 | 6,504,413 |
| Fort Bend TX ISD GO | ||
| Series 2009 | ||
| 5.00%, 2/15/27 | 7,560 | 9,132,858 |
| Frisco TX GO | ||
| NPFGC-RE | ||
| 5.00%, 2/15/23 | 3,220 | 3,612,454 |
| Garza Cnty Pub Fac Corp. (Garza Cnty TX Lease Corr Fac) | ||
| 5.50%, 10/01/19 | 865 | 886,893 |
| Gulf Coast Wtr Auth TX (Anheuser-Busch Cos., Inc.) | ||
| Series 02 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| 5.90%, 4/01/36 | $ 9,000 | $ 9,018,540 |
| Harris City TX Toll Road | ||
| AGM Series 02 | ||
| 5.125%, 8/15/32 (Pre-refunded/ETM) (e) | 7,500 | 7,696,800 |
| Harris Cnty TX Met Trnsp Auth | ||
| 5.00%, 11/01/26 | 4,000 | 4,844,520 |
| Hidalgo Cnty TX Hlth Fac Svcs (Mission Hospital, Inc.) | ||
| Series 05 | ||
| 5.00%, 8/15/14-8/15/19 | 1,090 | 1,131,504 |
| Houston TX Util Sys | ||
| Series 2011D | ||
| 5.00%, 11/15/25-11/15/26 | 8,500 | 10,321,835 |
| Lewisville TX Spl AD #2 | ||
| ACA Series 05 | ||
| 6.00%, 10/01/25 | 1,100 | 1,165,703 |
| Lower Colorado River Auth TX | ||
| 5.00%, 5/15/31 | 1,405 | 1,435,587 |
| 5.00%, 5/15/31 (Pre-refunded/ETM) | 10 | 10,602 |
| 5.00%, 5/15/31 (Pre-refunded/ETM) | 45 | 47,737 |
| 5.25%, 5/15/25 (Pre-refunded/ETM) | 10 | 10,634 |
| 5.25%, 5/15/25 | 1,595 | 1,647,747 |
| 5.25%, 5/15/25 (Pre-refunded/ETM) | 70 | 74,481 |
| AMBAC Series 03 | ||
| 5.25%, 5/15/25 (Pre-refunded/ETM) | 125 | 133,002 |
| NPFGC | ||
| 5.00%, 5/15/31 (Pre-refunded/ETM) | 30 | 31,825 |
| NPFGC Series 02A | ||
| 5.00%, 5/15/31 (Pre-refunded/ETM) | 10 | 10,608 |
| Matagorda Cnty TX Nav Dist (Centerpoint Energy Houston) | ||
| Series 04 | ||
| 5.60%, 3/01/27 | 2,000 | 2,072,620 |
| San Antonio TX Arpt Sys (San Antonio TX Intl Airport) | ||
| NPFGC-RE Series 02A | ||
| 5.25%, 7/01/27 | 5,250 | 5,275,725 |
| Seguin Hgr Ed Fac Corp. TX (Texas Lutheran Univ) | ||
| Series 04 | ||
| 5.25%, 9/01/28-9/01/33 | 2,250 | 2,270,212 |
| Texas GO | ||
| Series 02A | ||
| 5.50%, 8/01/41 | 9,470 | 9,552,673 |
| Series 05 | ||
| 5.00%, 4/01/28 | 8,000 | 8,845,440 |
| Texas Private Acvty Bond Srfc Trnsp Corp. (NTE Mobility Partners LLC Project) | ||
| 6.875%, 12/31/39 | 1,720 | 1,916,613 |
| Texas Trnsp Comm | ||
| Series 07 | ||
| 5.00%, 4/01/23 (a) | 20,600 | 24,122,806 |
| Univ of Texas | ||
| Series A | ||
| 5.25%, 8/15/22 | 6,825 | 8,191,024 |
| 146,382,339 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| Utah - 0.4% | ||
| Utah Hsg Corp. MFHR (Bluffs Apts) | ||
| Series 02A | ||
| 5.60%, 7/20/30 | $ 1,480 | $ 1,513,729 |
| Virginia - 2.0% | ||
| Fauquier Cnty VA IDA (Fauquier Hospital Obl Grp) | ||
| RADIAN Series 02 | ||
| 5.25%, 10/01/31 | 8,500 | 8,725,845 |
| Washington - 6.2% | ||
| Energy Northwest WA (Bonneville Power Admin) | ||
| Series 2011A | ||
| 5.00%, 7/01/23 | 5,250 | 6,488,318 |
| FYI Properties (Washington St Lease Dept Info Svc Proj) | ||
| 5.125%, 6/01/28 | 5,200 | 5,841,784 |
| Series 2009 | ||
| 5.00%, 6/01/27 | 3,885 | 4,359,980 |
| Twenty Fifth Ave Pptys WA (Univ of WA Dorm 25th Ave) | ||
| NPFGC Series 02 | ||
| 5.25%, 6/01/33 | 9,750 | 9,784,807 |
| 26,474,889 | ||
| Wisconsin - 5.0% | ||
| Wisconsin GO (Wisconsin SRF) | ||
| Series 03 | ||
| 5.00%, 11/01/26 | 3,180 | 3,315,309 |
| Wisconsin Hlth & Ed Fac Auth (Ministry Health Care, Inc.) | ||
| NPFGC Series 02A | ||
| 5.25%, 2/15/32 | 13,615 | 13,764,084 |
| Wisconsin Hsg & Econ Dev Auth SFMR (Wisconsin Hsg & Econ Dev Auth) | ||
| NPFGC Series A | ||
| 5.60%, 5/01/33 | 4,525 | 4,533,236 |
| 21,612,629 | ||
| Total Long-Term Municipal Bonds (cost $669,495,266) | 704,609,050 | |
| Shares | ||
| SHORT-TERM INVESTMENTS - 1.6% | ||
| Investment Companies - 1.6% | ||
| AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio, 0.10% (f) (cost $6,626,940) | 6,626,940 | 6,626,940 |
| Total Investments - 165.4% (cost $676,122,206) (g) | U.S. $ Value — $ 711,235,990 | |
|---|---|---|
| Other assets less liabilities - (9.1)% | (38,931,541 | ) |
| Preferred Shares at liquidation value - (56.3)% | (242,225,000 | ) |
| Net Assets Applicable to Common Shareholders - 100.0% (h) | $ 430,079,449 |
INTEREST RATE SWAP TRANSACTIONS
| Swap Counterparty | Notional Amount (000) | Termination Date | Rate Type — Payments made by the Portfolio | Payments received by the Portfolio | Unrealized Appreciation/ (Depreciation) | ||
|---|---|---|---|---|---|---|---|
| Merrill Lynch Capital Services, Inc. | $ 3,000 | 7/30/26 | 4.090 % | SIFMA | * | $ (869,515 | ) |
| Merrill Lynch Capital Services, Inc. | 6,500 | 8/9/26 | 4.063 % | SIFMA | * | (1,914,550 | ) |
| Merrill Lynch Capital Services, Inc. | 7,100 | 11/15/26 | 4.378 % | SIFMA | * | (2,418,839 | ) |
| $ (5,202,904 | ) |
(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) Fair valued.
(e) An amount of $4,334,899 has been segregated to collateralize open interest rate swap agreements for the National Municipal Income Fund.
(f) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.
(g) As of January 31, 2012, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $40,129,016 and gross unrealized depreciation of investments was $(5,015,232), resulting in net unrealized appreciation of $35,113,784.
(h) Portfolio percentages are calculated based on net assets applicable to common shareholders.
As of January 31, 2012, the Fund held 64.0% of net assets in insured bonds (of this amount 14.5% represents the Funds holding in pre-refunded or escrowed to maturity bonds). 22.6% of the Funds insured bonds were insured by NPFGC.
Glossary:
| ACA | - | ACA Financial Guaranty Corporation |
|---|---|---|
| AD | - | Assessment District |
| AGC | - | Assured Guaranty Corporation |
| AGM | - | Assured Guaranty Municipal |
| AMBAC | - | Ambac Assurance Corporation |
| CCD | - | Community College District |
| CDA | - | Community Development Authority |
|---|---|---|
| CDD | - | Community Development District |
| COP | - | Certificate of Participation |
| CRA | - | Community Redevelopment Agency |
| EDA | - | Economic Development Agency |
| FGIC | - | Financial Guaranty Insurance Company |
| GO | - | General Obligation |
| HDC | - | Housing Development Corporation |
| HFA | - | Housing Finance Authority |
| HFC | - | Housing Finance Corporation |
| IDA | - | Industrial Development Authority/Agency |
| IDR | - | Industrial Development Revenue Bond |
| ISD | - | Independent School District |
| MFHR | - | Multi-Family Housing Revenue |
| NPFGC | - | National Public Finance Guarantee Corporation |
| 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. |
AllianceBernstein National Municipal Income Fund
January 31, 2012 (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. The U.S. GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Funds own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
Level 1quoted prices in active markets for identical investments
Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following table summarizes the valuation of the Funds investments by the above fair value hierarchy levels as of January 31, 2012:
| Investments in Securities: | Level 1 | Level 2 | ||||||
|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||
| Long-Term Municipal Bonds | $ 0 | | $ 670,226,790 | $ | 34,382,260 | $ | 704,609,050 | |
| Short-Term Investments | 6,626,940 | 0 | | 0 | | 6,626,940 | ||
| Total Investments in Securities | 6,626,940 | 670,226,790 | 34,382,260 | 711,235,990 | ||||
| Other Financial Instruments* : | ||||||||
| Assets | 0 | | 0 | | 0 | | 0 | |
| Liabilities: | ||||||||
| Interest Rate Swap Contracts | 0 | | 0 | | (5,202,904 | ) | (5,202,904 | ) |
| Total | $ 6,626,940 | $ 670,226,790 | $ | 29,179,356 | $ | 706,033,086 |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value. The transfers between levels of the fair value hierarchy assumes the financial instrument was transferred at the beginning of the reporting period.
| Balance as of 10/31/11 | Long-Term Municipal Bonds — $ 30,276,122 | $ | (4,384,798 | ) | Total — $ 25,891,324 | |
|---|---|---|---|---|---|---|
| Accrued discounts/(premiums) | (9,236 | ) | 0 | | (9,236 | ) |
| Realized gain (loss) | (461,500 | ) | (368,578 | ) | (830,078 | ) |
| Change in unrealized appreciation/depreciation | 813,169 | (818,106 | ) | (4,937 | ) | |
| Purchases | 0 | | 0 | | 0 | |
| Sales | (1,394,500 | ) | 0 | | (1,394,500 | ) |
| Settlements | 0 | | 368,578 | 368,578 | ||
| Transfers in to Level 3 | 5,158,205 | 0 | | 5,158,205 | ||
| Transfers out of Level 3 | 0 | | 0 | | 0 | |
| Balance as of 1/31/12 | $ 34,382,260 | $ | (5,202,904 | ) | $ 29,179,356 | |
| Net change in unrealized appreciation/depreciation from Investments held as of 1/31/12 | $ 326,500 | $ | (1,017,469 | ) | $ (690,969 | ) |
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b) There were no changes in the registrants internal controls over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
ITEM 3. EXHIBITS.
The following exhibits are attached to this Form N-Q:
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT |
|---|---|
| 3 (a) (1) | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 3 (a) (2) | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): AllianceBernstein National Municipal Income Fund, Inc.
| By: | /s/ Robert M. Keith |
|---|---|
| Robert M. Keith President | |
| Date: | March 22, 2012 |
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 22, 2012 |
| By: | /s/ Joseph J. Mantineo |
| Joseph J. Mantineo | |
| Treasurer and Chief Financial Officer | |
| Date: | March 22, 2012 |
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