N-Q 1 dnq.htm ALLIANCEBERNSTEIN MUNICIPAL INCOME FUND, INC. AllianceBernstein 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: 811-04791

ALLIANCEBERNSTEIN 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 Municipal Income Fund

National Portfolio

Portfolio of Investments

July 31, 2009 (unaudited)

 

     Principal
Amount
(000)		      U.S. $ Value

MUNICIPAL OBLIGATIONS - 99.2%

        

Long-Term Municipal Bonds - 97.4%

        

Alabama - 1.2%

        

Jefferson Cnty AL GO

        

FSA Series 2004

        

5.50%, 1/01/21

    $ 1,000      $ 860,560

Series 04A

        

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

      3,900        2,416,275

Jefferson Cnty AL Swr

        

FGIC Series 02

        

5.00%, 2/01/41 (Prerefunded/ETM)

      375        406,230

FGIC Series 02B

        

5.00%, 2/01/41 (Prerefunded/ETM)

      625        684,662

Montgomery AL BMC Spl Care

        

Series 04C

        

5.25%, 11/15/29 (Prerefunded/ETM)

      2,190        2,497,586

Univ of Alabama at Birmingham Hosp

        

Series 08A

        

5.75%, 9/01/22 (a)

      3,000        3,109,230
           
          9,974,543
           

Arizona - 2.0%

        

Arizona Hlth Fac Auth
(Phoenix Childrens Hospital)

        

1.41%, 2/01/42 (b)

      3,850        3,321,780

Dove Mountain Resort CFD AZ

        

Series 2001

        

6.75%, 12/01/16

      1,240        879,482

Estrella Mtn CFD AZ Desert Vlg

        

7.375%, 7/01/27

      2,589        2,259,136

Phoenix AZ Civic Impt Corp.
(Phoenix AZ Wastewater)

        

MBIA Series 04

        

5.00%, 7/01/23

      1,750        1,821,645

Pima Cnty AZ IDA
(Horizon Learning Ctr)

        

Series 05

        

5.125%, 6/01/20

      3,310        2,744,718

Queen Creek AZ ID #1

        

5.00%, 1/01/26

      1,900        1,591,307

Salt Verde Fin Corp. Gas

        

5.25%, 12/01/23

      3,685        3,215,642

Sundance AZ CFD #1

        

Series 02

        

7.75%, 7/01/22

    475      418,323
         
        16,252,033
         

California - 5.0%

        

California GO

        

5.125%, 2/01/28 (Prerefunded/ETM) (c)

    1,500      1,740,855

5.25%, 4/01/30

    15      14,757

AMBAC

        

5.00%, 4/01/27

    3,705      3,645,016

FSA Series 03

        

5.00%, 2/01/29

    1,445      1,416,779

California Statewide CDA
(Enloe Med Ctr)

        

5.50%, 8/15/23

    80      79,075

6.25%, 8/15/28

    1,715      1,780,805

Series A

        

5.375%, 8/15/20

    510      505,604

Golden St Tobacco Sec CA

        

XLCA Series 03B

        

5.50%, 6/01/33 (Prerefunded/ETM)

    2,000      2,271,300

Los Angeles CA Harbor Dept

        

Series 2009C

        

5.25%, 8/01/24

    17,205      18,064,390

Manteca CA USD GO

        

MBIA Series 01

        

Zero Coupon, 9/01/31

    11,910      2,952,370

Ontario CA Redev Fin Auth

        

MBIA Series 93

        

5.80%, 8/01/23

    1,000      1,141,200

San Diego Cnty CA Wtr Auth
(San Diego Cnty CA Wtr)

        

FSA Series 08A

        

5.00%, 5/01/25

    3,000      3,089,700

San Diego Gas & Elec Company

        

Series 96A

        

5.30%, 7/01/21

    4,000      4,156,800
         
        40,858,651
         

Colorado - 2.1%

        

Colorado Ed Cul Fac Auth
(Knowledge Quest Charter Sch)

        

Series 05

        

6.50%, 5/01/36

    490      373,047

Colorado HFA SFMR
(Colorado HFA)

        

Series 99A-2

        

6.45%, 4/01/30

    470      489,251

Colorado Hlth Fac Auth
(Evangelical Luth Good Sam Soc)

        

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

    2,200      2,181,237

Colorado Hlth Fac Auth
(Parkview Medical Center)

        

Series 04

        

5.00%, 9/01/25

    690      599,245

Northwest Pkwy Pub Hwy Auth Co.

        

FSA Series 01C

        

5.80%, 6/15/25 (Prerefunded/ETM) (d)

    9,000      9,401,490

Park Creek Met Dist Co.

        

Series 05

        

5.50%, 12/01/30

    1,900      1,561,154

Pv Wtr & San Met Dist Co.

        

Series 06

        

Zero Coupon, 12/15/17 (e)

    3,305      1,621,962

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

        

6.125%, 12/01/22

    1,210      669,505

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

        

Series 04

        

6.125%, 12/01/19 (e)

    820      412,632
         
        17,309,523
         

Connecticut - 0.1%

        

Connecticut Hlth & Ed Fac Auth
(Griffin Hospital)

        

RADIAN Series 05B

        

5.00%, 7/01/23

    750      650,468
         

District Of Columbia - 3.8%

        

District of Columbia
(Friendship Pub Charter Sch)

        

ACA

        

5.00%, 6/01/26

    1,000      637,090

District of Columbia GO

        

FSA Series 2007C

        

5.00%, 6/01/23

    10,980      11,287,769

District of Columbia Tax Incr

        

5.25%, 12/01/26

    9,600      10,353,216

District of Columbia Wtr & Swr

        

ASSURED GTY Series 2008A

        

5.00%, 10/01/23

    4,125      4,379,925

Washington DC Conv Ctr Ded Tax

        

AMBAC

        

5.00%, 10/01/23

    5,000      4,856,450
         
        31,514,450
         

Florida - 11.5%

        

Beacon Tradeport CDD FL

        

Series 02B

        

7.25%, 5/01/33

    1,005      1,012,819

Bonnet Creek Resort CDD FL

        

Series 02

        

7.25%, 5/01/18

    4,000      3,483,480

Capital Trust Agy FL
(Cargo Acquisition Group)

        

Series 02

        

6.25%, 1/01/19

    480      419,126

Series 03

        

5.75%, 1/01/32

    2,000      1,382,380

Collier Cnty FL IDA
(Allete)

        

Series 96

        

6.50%, 10/01/25

    705      665,929

Concorde Estates CDD FL

        

Series 04B

        

5.00%, 5/01/11

    700      441,637

Crossings at Fleming Is CDD FL

        

Series 00C

        

7.05%, 5/01/15

    1,375      1,286,835

7.10%, 5/01/30

    2,240      1,796,995

Dade Cnty FL HFA MFHR
(Golden Lakes Apts)

        

Series 97A

        

6.00%, 11/01/32

    250      241,770

6.05%, 11/01/39

    750      722,753

Fiddlers Creek CDD FL

        

Series 02A

        

6.875%, 5/01/33 (e)

    1,445      720,911

Series 02B

        

6.625%, 5/01/33 (e)

    620      309,324

Florida HFC MFHR
(Mystic Pointe II Apts)

        

GNMA Series 00

        

6.30%, 12/01/41

    1,165      1,176,534

Florida HFC MFHR
(Sable Chase Apts)

        

FSA Series 00

        

6.00%, 5/01/40

    3,650      3,619,231

Florida HFC MFHR
(Spring Harbor Apts)

        

Series 99C-1

        

5.90%, 8/01/39

    2,470      2,246,465

Florida HFC MFHR
(Waverly Apts)

        

FSA Series 00C-1

        

6.50%, 7/01/40

    2,790      2,831,934

Hamal CDD FL

        

Series 01

        

6.65%, 5/01/21 (Prerefunded/ETM)

    1,100      1,220,912

Highlands Cnty FL Hlth Facs Auth

        

Series 01A

        

6.00%, 11/15/31 (Prerefunded/ETM)

    2,000      2,234,960

Hollywood FL Cmnty Redev Agy
(Beach CRA)

        

XLCA

        

5.00%, 3/01/24

    5,000      4,582,250

Indian Trace Dev Dist FL

        

MBIA Series 05

        

5.00%, 5/01/22 - 5/01/23

    2,480      2,324,823

Jacksonville FL EDC
(Mayo Clinic Jacksonville)

        

Series 01C

        

5.50%, 11/15/36

    6,750      6,791,580

Jacksonville FL Excise Tax

        

AMBAC Series 02B

        

5.00%, 10/01/26

    3,925      3,958,912

Lee Cnty FL HFA SFMR
(Lee Cnty FL HFA)

        

GNMA/ FNMA Series 00A-1

        

7.20%, 3/01/33

    70      72,159

Lee Cnty FL Port Auth Arpt
(Southwest Florida Intl Airport)

        

FSA Series 00A

        

6.00%, 10/01/32

    9,500      9,347,430

Manatee Cnty FL HFA SFMR
(Manatee Cnty FL HFA)

        

GNMA Series 99

        

6.25%, 11/01/28

    225      228,415

Marshall Creek CDD FL

        

Series 02A

        

6.625%, 5/01/32

    2,545      1,827,768

Miami Beach FL Hlth Fac Auth
(Mt. Sinai Medical Center FL)

        

Series 01A

        

6.80%, 11/15/31

    5,100      3,817,911

Miami-Dade Cnty FL Ed Fac Auth
(Univ of Miami FL)

        

Series 08A

        

5.20%, 4/01/24

    2,500      2,513,775

Miami-Dade Cnty FL HFA SFMR
(Miami-Dade Cnty FL HFA)

        

GNMA/FNMA Series 00A-1

        

6.00%, 10/01/32

    665      667,394

Miromar Lakes CDD FL

        

Series 00A

        

7.25%, 5/01/12

    5,645      5,307,711

No Palm Beach Cnty FL ID #27-B

        

Series 02

        

6.40%, 8/01/32

    1,060      757,306

No Palm Beach Cnty FL ID #43

        

6.125%, 8/01/31 (Prerefunded/ETM)

    1,000      1,108,580

North Broward FL Hosp Dist

        

Series 01

        

6.00%, 1/15/31 (Prerefunded/ETM)

    1,700      1,843,752

Orange Cnty FL HFA MFHR
(Loma Vista Apts)

        

Series 99G

        

5.50%, 3/01/32

    2,000      1,725,980

Orlando FL Spl Assmt Conroy Rd

        

Series 98A

        

5.80%, 5/01/26

    3,250      2,766,172

Palm Beach Cnty FL

        

6.10%, 8/01/21

    60      51,520

6.10%, 8/01/21 (Prerefunded/ETM)

    510      565,126

Pasco Cnty FL HFA MFHR
(Pasco Woods Apts)

        

Series 99A

        

5.90%, 8/01/39

    3,690      3,356,055

Pier Park CDD FL

        

Series 02-1

        

7.15%, 5/01/34

    3,245      2,478,012

Preserve at Wilderness CDD FL

        

Series 02A

        

7.10%, 5/01/33

    1,405      1,210,478

Tampa FL
(Univ of Tampa FL)

        

RADIAN Series 02

        

5.625%, 4/01/32

    3,175      2,675,890

Tara CDD FL

        

Series 00A

        

7.15%, 5/01/31

    1,715      1,357,251

Village Ctr CDD FL

        

MBIA

        

5.125%, 10/01/28

    1,000      911,690

Volusia Cnty FL Ed Fac Auth
(Embry-Riddle Aeronautical Univ)

        

Series 99A

        

5.75%, 10/15/29

    2,000      1,743,300

Volusia Cnty FL Hlth Fac Auth
(John Knox Village of FL)

        

RADIAN Series 96A

        

6.00%, 6/01/17

    1,905      1,905,152

West Palm Beach CDD FL

        

5.00%, 3/01/25 - 3/01/29

    3,640      3,011,742
         
        94,722,129
         

Illinois - 7.1%

        

Chicago IL Brd of Ed GO

        

Series 07

        

5.00%, 12/01/24

    15,000      15,441,450

Chicago IL GO

        

Series 08A

        

5.25%, 1/01/23

    10,000      10,569,800

Chicago IL HFA SFMR
(Chicago IL HFA)

        

GNMA/ FNMA/ FHLMC Series 98A

        

6.45%, 9/01/29

    190      188,636

GNMA/ FNMA/ FHLMC Series 98C-1

        

6.30%, 9/01/29

    145      147,462

GNMA/ FNMA/ FHLMC Series 99 A

        

6.35%, 10/01/30

    220      226,497

GNMA/ FNMA/ FHLMC Series 99C

        

7.05%, 10/01/30

    40      40,426

Chicago IL O’hare Intl Arpt
(O’hare Intl Arpt)

        

XLCA Series 03B-1

        

5.25%, 1/01/34

    5,100      4,996,674

Chicago IL SA Lakeshore East

        

Series 03

        

6.75%, 12/01/32

    1,750      1,346,293

Chicago IL Sales Tax

        

FSA Series 05

        

5.00%, 1/01/25

    6,905      7,198,324

Chicago IL Tax Increment
(Diversey/Narragansett Proj)

        

7.46%, 2/15/26

    2,580      2,145,347

Gilberts IL SSA #1

        

Series 03

        

6.00%, 3/01/28

    2,411      1,729,965

Hampshire IL SSA

        

5.80%, 3/01/26

    2,370      1,729,531

Illinois Finance Auth
(Illinois Institute of Technology)

        

Series 06A

        

5.00%, 4/01/31

    750      562,328

Illinois Sports Fac Auth Spl Tax

        

AMBAC Series 01

        

5.50%, 6/15/30 (d)

    7,000      6,536,320

Manhattan SSA #2004-1 IL

        

Series 05

        

5.875%, 3/01/28

    2,317      1,776,791

Metro Pier & Expo Auth IL Spl Tax

        

MBIA Series 02A

        

5.25%, 6/15/42

    3,500      3,419,395
         
        58,055,239
         

Indiana - 1.2%

        

Franklin Twp IN Sch Bldg Corp.

        

5.00%, 7/15/21 - 7/15/22

    6,625      6,918,372

Hendricks Cnty IN GO

        

5.50%, 7/15/23

    1,165      1,228,411

Indiana Dev Fin Auth
(Inland Steel Company)

        

Series 97

        

5.75%, 10/01/11

    1,825      1,784,357
         
        9,931,140
         

Iowa - 0.0%

        

Coralville IA BANS

        

Series 07C

        

5.00%, 6/01/18

    240      241,373
         

Kansas - 0.1%

        

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

        

5.25%, 5/15/22

    1,260      916,007
         

Louisiana - 3.3%

        

DE Soto Parish LA PCR
(International Paper Company)

        

Series A-2

        

5.00%, 10/01/12

    2,200      2,222,220

Lafayette LA Communications

        

XLCA

        

5.25%, 11/01/20 - 11/01/23

    8,765      9,119,468

Louisiana Agric Fin Auth
(Louisiana Agric Fin Auth Lease)

        

5.25%, 9/15/17

    1,130      1,047,329

Louisiana Loc Govt CDA
(Cargo Acquisition Group)

        

Series 02

        

6.65%, 1/01/25

    680      559,361

Louisiana Loc Govt CDA
(Jefferson Parish LA)

        

Series 2009A

        

5.00%, 4/01/26 (f)

    715      706,992

New Orleans LA GO

        

MBIA Series 05

        

5.00%, 12/01/29

    3,990      3,563,389

5.25%, 12/01/21

    4,495      4,458,456

RADIAN

        

5.00%, 12/01/18 - 12/01/19

    4,140      4,093,189

RADIAN Series A

        

5.00%, 12/01/22

    1,060      1,017,091
         
        26,787,495
         

Maryland - 0.9%

        

Maryland CDA SFMR
(Maryland CDA)

        

Series 00A

        

6.10%, 7/01/38

    6,285      6,290,782

Maryland Ind Dev Fin Auth
(Medical Waste Assoc LP)

        

Series 89

        

8.75%, 11/15/10 (e)(g)

    1,225      1,100,577
         
        7,391,359
         

Massachusetts - 3.1%

        

Massachusetts Dev Fin Agy
(Seven Hills Foundation)

        

RADIAN Series 99

        

5.15%, 9/01/28

    6,035      4,417,861

Massachusetts GO

        

Series 02C

        

5.25%, 11/01/30 (Prerefunded/ETM)

    5,000      5,609,050

Massachusetts Hlth & Ed Facs Auth
(Berkshire Health Sys)

        

RADIAN Series 01E

        

5.70%, 10/01/25

    5,800      5,574,728

Massachusetts Hlth & Ed Facs Auth
(Cape Cod Healthcare)

        

RADIAN Series 01C

        

5.25%, 11/15/31

    1,600      1,137,920

Massachusetts Hlth & Ed Facs Auth
(Caregroup, Inc.)

        

MBIA Series 08

        

5.375%, 2/01/26

    1,250      1,170,150

Massachusetts Port Auth

        

Series 99D

        

6.00%, 7/01/29

    7,500      7,499,475
         
        25,409,184
         

Michigan - 3.2%

        

Detroit MI Wtr Supply Sys

        

FGIC Series 01B

        

5.50%, 7/01/33 (Prerefunded/ETM)

    1,450      1,591,723

FSA Series 2006A

        

5.00%, 7/01/24

    9,980      10,002,655

Kalamazoo MI Fin Auth

        

FGIC Series 94A

        

9.543%, 6/01/11 (h)

    1,440      1,450,397

Kent MI Hosp Fin Auth
(Kent Metropolitan Hospital)

        

Series 05A

        

5.75%, 7/01/25

    710      547,488

Michigan HDA MFHR
(Michigan HDA)

        

AMBAC Series 97A

        

6.10%, 10/01/33

    330      323,756

Michigan Hosp Fin Auth

        

Series 01

        

5.625%, 11/15/36 (Prerefunded/ETM)

    2,650      2,945,448

Michigan Hosp Fin Auth
(Trinity Health Credit Group)

        

Series 00A

        

6.00%, 12/01/27

    4,515      4,560,240

Michigan Trunk Line Spl Tax

        

FSA Series 01A

        

5.25%, 11/01/30 (Prerefunded/ETM)

    1,000      1,095,250

Plymouth MI Ed Ctr Charter Sch

        

Series 05

        

5.375%, 11/01/30

    2,000      1,375,140

Saginaw MI Hosp Fin Auth
(Covenant Medical Ctr)

        

Series 00F

        

6.50%, 7/01/30

    2,290      2,282,054
         
        26,174,151
         

Minnesota - 2.1%

        

Maple Grove MN Hlth Care Sys
(Maple Grove Hospital)

        

5.00%, 5/01/22

    1,350      1,257,525

Minneapolis-St Paul MN Intl Arpt

        

FGIC Series 00B

        

6.00%, 1/01/21

    3,520      3,552,736

Shakopee MN Hlthcare Fac
(St Francis Reg Medical Ctr)

        

Series 04

        

5.10%, 9/01/25

    2,700      2,504,007

St. Paul MN Hsg & Redev Auth
(Healtheast)

        

Series 05

        

6.00%, 11/15/25

    1,000      811,780

Waconia MN Hlth Fac

        

RADIAN Series 99A

        

6.125%, 1/01/29 (Prerefunded/ETM)

    6,095      6,223,787

Western MN Mun Pwr Agy

        

FSA

        

5.00%, 1/01/17

    2,300      2,513,877
         
        16,863,712
         

Missouri - 2.1%

        

Kansas City MO IDA Arpt
(Cargo Acquisition Group)

        

Series 02

        

6.25%, 1/01/30

    1,955      1,487,520

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

        

Series 08C

        

5.00%, 4/01/28

    14,000      13,931,820

Missouri Dev Fin Brd
(Crackerneck Creek MO Tax Alloc)

        

Series 05C

        

5.00%, 3/01/26

    1,000      960,750

Riverside MO IDA
(Riverside Horizons Proj)

        

ACA Series 07A

        

5.00%, 5/01/27

    650      575,673
         
        16,955,763
         

Nevada - 7.0%

        

Carson City NV Hosp
(Carson Tahoe Hospital)

        

RADIAN Series 03A

        

5.125%, 9/01/29

    4,800      3,638,640

Clark Cnty NV Airport PFC
(Mccarran Airport PFC)

        

5.25%, 7/01/18

    9,090      9,764,751

Clark Cnty NV GO

        

AMBAC Series 2006

        

5.00%, 11/01/23

    13,250      13,433,777

Clark Cnty NV SD GO

        

FGIC

        

5.00%, 6/15/22

    5,720      5,765,932

Las Vegas NV Wtr Dist

        

FGIC Series 05

        

5.00%, 6/01/27

    5,000      5,057,550

Nevada GO

        

Series 2007B

        

5.00%, 12/01/25

    5,800      5,830,972

Nevada Sys Hgr Ed
(Univ of Nevada)

        

AMBAC

        

5.00%, 7/01/25

    6,985      7,130,428

AMBAC Series 2005B

        

5.00%, 7/01/26

    6,715      6,821,298
         
        57,443,348
         

New Hampshire - 1.0%

        

New Hampshire Bus Fin Auth
(Public Service New Hampshire)

        

Series 93E

        

6.00%, 5/01/21

    4,000      4,002,560

New Hampshire Hlth & Ed Fac Auth
(Covenant Health Sys)

        

Series 04

        

5.375%, 7/01/24

    1,680      1,628,844

New Hampshire Hlth & Ed Fac Auth
(Dartmouth Hitchcock Oblig Grp)

        

FSA Series 02

        

5.50%, 8/01/27

    2,250      2,270,295
         
        7,901,699
         

New Jersey - 1.7%

        

Morris-Union NJ Jt Comm COP

        

RADIAN Series 04

        

5.00%, 5/01/27

    5,175      4,666,556

New Jersey Ed Fac Auth

        

AMBAC Series 02A

        

5.125%, 9/01/22 (Prerefunded/ETM)

    2,500      2,814,450

New Jersey EDA
(New Jersey Lease Sch Fac)

        

Series 05

        

5.25%, 3/01/25

    6,200      6,414,334
         
        13,895,340
         

New Mexico - 1.4%

        

Clayton NM Jail Proj

        

CIFG

        

5.00%, 11/01/25 - 11/01/27

    13,095      11,257,855
         

New York - 2.9%

        

Erie Cnty NY IDA
(Buffalo NY SD GO)

        

FSA Series 04

        

5.75%, 5/01/25 - 5/01/26

    5,100      5,376,458

New York NY GO

        

5.25%, 9/01/23

    5,000      5,299,550

Series 03A

        

5.50%, 8/01/21

    5,000      5,281,500

Series 04G

        

5.00%, 12/01/23

    895      916,337

Series 1

        

5.75%, 3/01/17

    420      457,056

Series 2007

        

5.00%, 1/01/23

    1,000      1,031,790

New York NY IDA
(Lycee Francais)

        

ACA Series 02C

        

6.80%, 6/01/28

    2,500      2,476,150

New York St Dormitory Auth
(Orange Regl Med Ctr)

        

Series 2008

        

6.50%, 12/01/21

    1,760      1,601,389

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

        

FGIC Series 05A

        

5.00%, 9/15/25

    1,200      1,245,672

New York St Liberty Corp.
(National Sports Museum Proj)

        

6.125%, 2/15/19 (e)(g)

    1,188      3,564
         
        23,689,466
         

North Carolina - 0.2%

        

Iredell Cnty NC COP
(Iredell Cnty Sch Proj)

        

FSA Series 08

        

5.25%, 6/01/22

    920      1,017,695

North Carolina Eastern Mun Pwr Agy

        

AMBAC Series 05A

        

5.25%, 1/01/20

    1,000      1,011,330
         
        2,029,025
         

North Dakota - 0.2%

        

Ward Cnty ND Hlth Care Fac
(Trinity Health)

        

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

    2,065      1,863,831
         

Ohio - 3.9%

        

Cleveland OH Pub Pwr Sys

        

FGIC Series 06A

        

5.00%, 11/15/18

    2,835      2,972,157

Cleveland OH, Inc. Tax
(Cleveland Police & Fire Pension)

        

5.25%, 5/15/24

    5,500      5,894,900

Cuyahoga Cnty OH Port Auth
(University Square Proj)

        

Series 01

        

7.35%, 12/01/31

    8,400      7,625,100

Franklin Cnty OH
(Oclc Online Comp Lib Ctr, Inc.)

        

Series 98A

        

5.20%, 10/01/20

    1,200      1,206,828

Hamilton Cnty OH Sales Tax

        

AMBAC Series B

        

5.25%, 12/01/32

    1,440      1,415,174

5.25%, 12/01/32 (Prerefunded/ETM)

    5,660      6,010,694

Toledo-Lucas Cnty OH Port Auth
(CSX Corporation, Inc.)

        

Series 92

        

6.45%, 12/15/21

    6,730      7,148,270
         
        32,273,123
         

Oregon - 0.5%

        

Forest Grove OR
(Pacific Univ)

        

RADIAN Series 05A

        

5.00%, 5/01/28

    2,995      2,564,109

Oregon Hsg & Cmnty Svc SFMR
(Oregon Hsg & Cmnty Svc)

        

Series 02B

        

5.45%, 7/01/32

    2,010      1,918,887
         
        4,482,996
         

Pennsylvania - 3.7%

        

Allegheny Cnty PA Hgr Ed Auth
(Carnegie Mellon University)

        

Series 02

        

5.50%, 3/01/28

    5,665      5,788,497

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

        

Series 07A

        

5.00%, 11/15/17

    4,200      3,381,378

Ephrata Area SD PA GO

        

FGIC Series 05

        

5.00%, 3/01/22 (Prerefunded/ETM)

    2,565      2,974,682

Montgomery Cnty PA Hgr Ed Fac
(Abington Memorial Hospital)

        

Series 02A

        

5.125%, 6/01/32

    2,000      1,679,580

Pennsylvania IDA
(Pennsylvania IDA Econ Dev)

        

Series 08A

        

5.50%, 7/01/23

    3,940      4,161,152

Pennsylvania Turnpike Comm

        

AMBAC Series 01

        

5.25%, 7/15/41 (Prerefunded/ETM)

    6,500      7,142,265

Philadelphia PA IDA
(Leadership Learning Partners)

        

Series 05A

        

5.25%, 7/01/24

    1,030      779,937

South Central Gen Auth PA

        

MBIA Series 01

        

5.25%, 5/15/31

    685      716,736

5.25%, 5/15/31 (Prerefunded/ETM)

    3,115      3,390,459

Susquehanna PA Arpt Fac
(Aero Harrisburg LLC)

        

Series 99

        

5.50%, 1/01/24

    500      366,030
         
        30,380,716
         

Puerto Rico - 2.4%

        

Puerto Rico Elec Pwr Auth

        

XLCA Series 02-1

        

5.25%, 7/01/22 (Prerefunded/ETM)

    6,935      7,852,847

Puerto Rico GO

        

5.25%, 7/01/23

    1,700      1,573,554

Series 01A

        

5.50%, 7/01/19

    1,000      995,420

Series 03A

        

5.25%, 7/01/23

    500      462,810

Series 04A

        

5.25%, 7/01/19

    2,880      2,795,875

Puerto Rico Govt Dev Bank

        

Series 06B

        

5.00%, 12/01/15

    500      497,025

Puerto Rico HFA MFHR
(Puerto Rico HFA Cap Fund)

        

5.125%, 12/01/27

    1,065      1,092,307

Univ of Puerto Rico

        

Series 06Q

        

5.00%, 6/01/19 - 6/01/20

    4,460      4,131,697
         
        19,401,535
         

Rhode Island - 0.6%

        

Rhode Island EDC
(Providence Place Mall)

        

ASSET GTY Series 00

        

6.125%, 7/01/20

    5,500      5,184,630
         

South Carolina - 1.7%

        

Dorchester Cnty SC SD #2 Lease

        

ASSURED GTY

        

5.00%, 12/01/29

    400      399,972

Series 06

        

5.00%, 12/01/30

    1,500      1,474,785

Newberry Inv IN Children SC
(Newberry Cnty SC SD Lease)

        

ASSURED GTY Series 05

        

5.00%, 12/01/27

    6,225      6,332,506

Series 05

        

5.00%, 12/01/30

    450      378,400

SCAGO Edl Facs Corp.
(Calhoun Sch Proj)

        

RADIAN

        

5.00%, 12/01/21

    5,245      5,263,777
         
        13,849,440
         

Tennessee - 0.2%

        

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

        

Series 06C

        

5.00%, 9/01/22

    1,990      1,567,265

5.25%, 9/01/26

    275      207,941
         
        1,775,206
         

Texas - 12.2%

        

Alvin TX ISD GO

        

Series 2004B

        

5.00%, 2/15/28 (f)

    1,290      1,338,917

Bexar Cnty TX Hlth Fac Dev
(Army Retirement Residence)

        

5.00%, 7/01/27

    475      365,584

Brownwood TX ISD GO

        

Series 2005

        

5.00%, 8/15/25

    4,255      4,469,239

Camino Real Regl Mob Auth

        

5.00%, 2/15/21 - 2/15/22

    4,270      4,109,019

Series 2008

        

5.00%, 8/15/21

    1,790      1,717,111

Corpus Christi TX Gen Arpt

        

FSA Series 00B

        

5.375%, 2/15/30

    7,100      7,202,737

Dallas Fort Worth TX Intl Arpt

        

FGIC Series 01

        

5.50%, 11/01/35

    13,400      11,963,252

Ector Cnty TX ISD GO

        

5.25%, 8/15/27

    160      167,430

El Paso Cnty TX Hosp Dist GO

        

ASSURED GTY Series 2008A

        

5.00%, 8/15/23

    5,000      5,240,450

Garza Cnty Pub Fac Corp.
(Garza Cnty TX Lease Corr Fac)

        

5.50%, 10/01/19

    535      479,820

Grapevine TX Arpt Fac
(Cargo Acquisition Group)

        

6.50%, 1/01/24

    995      819,184

Guad Blanco River Auth TX

        

MBIA Series 04A

        

5.00%, 8/15/24

    1,895      1,929,034

Hidalgo Cnty TX Hlth Fac Svcs
(Mission Hospital, Inc.)

        

Series 05

        

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

    730      670,110

Houston TX IDC Arpt Fac
(Cargo Acquisition Group)

        

Series 02

        

6.375%, 1/01/23

    3,000      2,468,370

Laredo TX ISD Lease

        

AMBAC Series 04A

        

5.00%, 8/01/24

    1,000      1,006,190

Magnolia TX ISD GO

        

5.00%, 8/15/20

    6,165      6,807,270

North Texas Hgr Ed Auth

        

FSA Series 07

        

5.00%, 9/01/24

    1,000      972,120

San Antonio TX Elec & Gas

        

Series 08

        

5.00%, 2/01/26

    6,830      7,137,350

Series 2005

        

5.00%, 2/01/22 - 2/01/25

    11,495      12,069,955

Series 2009A

        

5.25%, 2/01/24

    3,260      3,549,553

San Antonio TX GO

        

Series 02

        

5.00%, 2/01/22 - 2/01/23

    4,545      4,698,913

Seguin Hgr Ed Fac Corp. TX
(Texas Lutheran Univ)

        

Series 04

        

5.25%, 9/01/28

    1,000      781,210

Texas Turnpike Auth
(Texas Turnpike)

        

AMBAC Series 02A

        

5.50%, 8/15/39

    9,500      8,521,025

Tyler TX Hlth Fac Dev Corp.

        

Series 01

        

6.00%, 7/01/31 (Prerefunded/ETM)

    3,900      4,395,885

Tyler TX Hlth Fac Dev Corp.
(Mother Frances Hosp Reg Hlth)

        

5.25%, 7/01/26

    2,000      1,602,040

Wichita TX ISD GO

        

Series 2007

        

5.00%, 2/01/27

    6,000      6,270,360
         
        100,752,128
         

Utah - 0.3%

        

Intermountain Pwr Agy UT

        

Series 2008A

        

5.25%, 7/01/23

    2,750      2,801,315
         

Virgin Islands - 0.9%

        

Virgin Islands Pub Fin Auth
(Virgin Islands PFA Gr Receipts)

        

FSA Series 03

        

5.00%, 10/01/13 - 10/01/14

    2,025      2,100,959

5.25%, 10/01/15 - 10/01/17

    5,460      5,610,722
         
        7,711,681
         

Virginia - 0.5%

        

Arlington Cnty VA IDA

        

Series 01

        

5.25%, 7/01/31 (Prerefunded/ETM)

    1,000      1,091,020

Bell Creek CDA VA

        

Series 03A

        

6.75%, 3/01/22

    575      571,671

Broad Street CDA VA

        

Series 03

        

7.50%, 6/01/33

    3,000      2,427,570
         
        4,090,261
         

Washington - 6.1%

        

Energy Northwest WA
(Bonneville Power Admin)

        

AMBAC

        

5.00%, 7/01/21

    11,470      12,000,717

Series 2006

        

5.00%, 7/01/24

    4,055      4,245,098

King Cnty WA SD #414 GO

        

MBIA SCH BD GTY

        

5.00%, 12/01/24

    4,500      4,782,960

Spokane WA GO

        

AMBAC

        

5.00%, 12/01/22

    7,940      8,381,782

Tacoma WA Refuse Util

        

XLCA Series 06

        

5.00%, 12/01/18

    3,615      3,873,111

Washington St GO

        

AMBAC

        

5.00%, 1/01/24

    5,000      5,288,600

Series 2008D

        

5.00%, 1/01/26 - 1/01/27

    11,380      11,968,475
         
        50,540,743
         

West Virginia - 0.3%

        

Fairmont WV St College

        

FGIC Series 02A

        

5.375%, 6/01/27

    2,500      2,555,650
         

Wisconsin - 0.9%

        

Milwaukee WI
(Cargo Acquisition Group)

        

Series 02

        

6.50%, 1/01/25

    2,260      1,806,463

Wisconsin Hlth & Ed Fac Auth

        

MBIA

        

5.25%, 8/15/20

    5,000      4,380,650

Wisconsin Hlth & Ed Fac Auth
(Bell Tower Residence)

        

FHLB Series 05

        

5.00%, 7/01/25

    1,270      1,128,852
         
        7,315,965
         

Total Long-Term Municipal Bonds
(cost $834,229,268)

         801,203,173
         

Short-Term Municipal Notes - 1.8%

        

Colorado - 1.0%

        

Colorado Ed Cul Fac Auth
(Natl Jewish Fed Bd Prog)

        

0.38%, 12/01/37 (i)

    400      400,000

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

        

0.35%, 9/01/37 (i)

    2,100      2,100,000

0.38%, 7/01/29 - 9/01/33 (i)

    3,145      3,145,000

Series A-5

        

0.38%, 4/01/34 (i)

    500      500,000

Series A-9

        

0.35%, 9/01/36 (i)

    200      200,000

Colorado Edl & Cultural Facs Auth
(YMCA)

        

Series 2008

        

0.35%, 10/01/38 (i)

    900      900,000

Colorado Hlth Fac Auth
(Exempla, Inc.)

        

0.22%, 1/01/39 (i)

    600      600,000
         
        7,845,000
         

District Of Columbia - 0.2%

        

District of Columbia
(American Univ)

        

Series 2008

        

0.35%, 10/01/38 (i)

    1,300        1,300,000
           

Florida - 0.2%

        

Broward Cnty FL Edl Facs Auth
(Nova Southeastern Univ)

        

Series 2008A

        

0.35%, 4/01/38 (i)

    900        900,000

Florida Mun Pwr Agy

        

Series 2008

        

0.35%, 10/01/35 (i)

    700        700,000

Lee Memorial Hlth System

        

Series 2009A

        

0.35%, 4/01/33 (i)

    300        300,000
           
          1,900,000
           

Iowa - 0.1%

        

Iowa Finance Auth
(Iowa Hlth Sys)

        

Series 2009D

        

0.35%, 2/15/35 (i)

    700        700,000
           

North Carolina - 0.1%

        

North Carolina Med Care Comm
(Cleveland Cnty Healthcare Sys)

        

Series 2001

        

0.35%, 1/01/33 (i)

    900        900,000
           

Pennsylvania - 0.1%

        

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

        

Series 2008

        

0.39%, 7/01/41 (i)

    475        475,000
           

Tennessee - 0.1%

        

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

        

Series 2008

        

0.35%, 7/01/26 (i)

    955        955,000
           

Texas - 0.0%

        

Harris Cnty TX Cult Ed Fac Fin Corp.
(YMCA of Grtr Houston Area)

        

Series 2008C

        

0.38%, 6/01/38 (i)

    400        400,000
           

Total Short-Term Municipal Notes
(cost $14,475,000)

           14,475,000
           

Total Investments - 99.2%
(cost $848,704,268) (j)

           815,678,173

Other assets less liabilities - 0.8%

           6,808,284
           

Net Assets - 100.0%

         $ 822,486,457
           

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)		  

Merrill Lynch

    $ 4,745    2/12/12    SIFMA *    3.548 %    $ 284,268   

Merrill Lynch

      6,300    10/21/16    SIFMA *    4.128 %      603,262   

Merrill Lynch

      2,500    7/30/26    4.090 %    SIFMA *      (231,260 ) 

Merrill Lynch

      2,500    11/15/26    4.377 %    SIFMA *      (341,772 ) 

 

(a) Variable rate coupon, rate shown as of July 31, 2009.

 

(b) Floating Rate Security. Stated interest rate was in effect at July 31, 2009.

 

(c) Position, or a portion thereof, has been segregated to collateralize interest rate swaps.

 

(d) Indicates a security that has a zero coupon that remains in effect until a predetermined date at which time the stated coupon rate becomes effective until final maturity.

 

(e) Illiquid security.

 

(f) When-Issued or delayed delivery security.

 

(g) Security is in default and is non-income producing.

 

(h) Inverse Floater Security - Security with variable or floating interest rate that moves in the opposite direction of short-term interest rates.

 

(i) 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.

 

(j) 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 $13,175,611 and gross unrealized depreciation of investments was $(46,201,706), resulting in net unrealized depreciation of $(33,026,095).

As of July 31, 2009, the Portfolio held 49.3% of net assets in insured bonds (of this amount 6.7% represents the Portfolio’s holding in pre-refunded or escrowed to maturity bonds).

 

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA).

Glossary:

 

ACA -    ACA Financial Guaranty Corporation
AMBAC -    Ambac Assurance Corporation
ASSET GTY -    Asset Guaranty Insurance Company
ASSURED GTY -    Assured Guaranty Ltd.
BAN -    Bond Anticipation Note
CDA -    Community Development Authority
CDD -    Community Development District
CFD -    Community Facilities District
COP -    Certificate of Participation
EDA -    Economic Development Agency
EDC -    Economic Development Corporation
ETM -    Escrowed to Maturity
FGIC -    Financial Guaranty Insurance Company
FHLB -    Federal Home Loan Bank
FHLMC -    Federal Home Loan Mortgage Corporation
FNMA -    Federal National Mortgage Association
FSA -    Financial Security Assurance Inc.
GNMA -    Government National Mortgage Association
GO -    General Obligation
HDA -    Housing Development Authority
HFA -    Housing Finance Authority
HFC -    Housing Finance Corporation
ID -    Improvement District
IDC -    Industrial Development Corporation
IDA -    Industrial Development Authority/Agency
ISD -    Independent School District
LP -    Limited Partnership
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
SSA -    Special Services Area
USD -    Unified School District
XLCA -    XL Capital Assurance Inc.

FINANCIAL ACCOUNTING STANDARDS NO. 157

July 31, 2009 (unaudited)

The Portfolio 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 Portfolio 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 Portfolio. Unobservable inputs reflect the Portfolio’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 Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’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

    $     —      $     815,678,173    $     —      $     815,678,173
                           

Total Investments in Securities

      —        815,678,173      —        815,678,173

Other Financial Instruments*

      —        314,498      —        314,498
                           
   $ —      $ 815,992,671    $ —      $ 815,992,671
                           

 

* 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

    $     105,575      $     105,575   

Accrued discounts /premiums

      —          —     

Realized gain (loss)

      —          —     

Change in unrealized appreciation/depreciation

      —          —     

Net purchases (sales)

      —          —     

Net transfers in and/or out of Level 3

      (105,575 )      (105,575 ) 
                

Balance as of 7/31/09

    $ —        $ —     
                

Net change in unrealized appreciation/depreciation from Investments held as of 7/31/09

    $ —        $ —     
                

AllianceBernstein Municipal Income Fund

New York Portfolio

Portfolio of Investments

July 31, 2009 (unaudited)

 

      Principal
Amount
(000)		      U.S. $ Value

MUNICIPAL OBLIGATIONS - 98.4%

        

Long-Term Municipal Bonds - 93.7%

        

New York - 79.4%

        

Albany NY IDA
(St Peters Hospital)

        

Series A

        

5.75%, 11/15/22

    $ 795      $ 778,321

Cattaraugus Cnty NY IDA

        

Series 00A

        

6.50%, 7/01/30 (Prerefunded/ETM)

      1,000        1,074,620

Cortland Cnty NY IDA
(Cortland Memorial Hospital)

        

RADIAN Series 02

        

5.25%, 7/01/32

      2,700        2,286,387

Dutchess Cnty NY IDA
(Bard College)

        

5.00%, 8/01/19 - 8/01/21

      1,450        1,353,738

Erie Cnty NY GO

        

MBIA Series 05A

        

5.00%, 12/01/20

      5,990        6,012,103

Erie Cnty NY IDA
(Buffalo NY SD GO)

        

FSA Series 04

        

5.75%, 5/01/25

      1,400        1,481,172

Glen Cove NY IDA

        

Series 92B

        

Zero Coupon, 10/15/19

      11,745        8,270,712

Hempstead NY IDA
(Adelphi Univ)

        

Series 02

        

5.50%, 6/01/32

      1,000        1,004,060

Herkimer Cnty NY IDA
(Herkimer Cnty NY CC Stud Hsg)

        

Series 00

        

6.50%, 11/01/30

      2,000        1,873,260

Long Island Pwr Auth NY

        

FGIC Series 06A

        

5.00%, 12/01/19 - 12/01/24

      8,300        8,459,251

FSA Series 01A

        

5.25%, 9/01/28 (Prerefunded/ETM) (a)

      10,000        10,969,200

Metropolitan Trnsp Auth NY

        

Series 02

        

5.25%, 11/15/31

      5,000        5,007,050

Series 02A

        

5.125%, 11/15/31

    5,500      5,409,855

Metropolitan Trnsp Auth NY
(Metro Trnsp Auth NY Ded Tax)

        

MBIA

        

5.00%, 11/15/18

    6,890      7,379,328

Series A

        

5.25%, 11/15/30

    10,000      10,076,900

Metropolitan Trnsp Auth NY
(Metropolitan Trnsp Auth NY Svc)

        

MBIA

        

5.00%, 11/15/21

    5,000      5,143,950

Monroe Cnty NY IDA MFHR
(Southview Towers Apts)

        

SONYMA Series 00

        

6.25%, 2/01/31

    1,130      1,135,401

Montgomery Cnty NY IDA
(New York St BOCES Prog)

        

XLCA Series 05A

        

5.00%, 7/01/24

    1,500      1,386,945

Nassau Cnty NY IDA
(Amsterdam at Harborside)

        

6.50%, 1/01/27

    1,000      808,270

New York Conv Ctr Dev Corp.
(New York Hotel Unit Fee)

        

AMBAC Series 05

        

5.00%, 11/15/30

    10,000      9,681,100

New York NY GO

        

5.00%, 1/01/21

    5,000      5,232,700

FSA Series 04E

        

5.00%, 11/01/21

    4,000      4,146,920

Series 01B

        

5.50%, 12/01/31

    5      5,080

5.50%, 12/01/31 (Prerefunded/ETM)

    11,995      13,321,767

Series 03

        

5.75%, 3/01/15 (Prerefunded/ETM)

    2,350      2,726,352

Series 04G

        

5.00%, 12/01/23

    3,225      3,301,884

Series 04I

        

5.00%, 8/01/21

    11,400      11,775,516

Series 05J

        

5.00%, 3/01/24

    5,000      5,116,900

Series 1

        

5.75%, 3/01/17

    420      457,057

XLCA Series 04I

        

5.00%, 8/01/18

    10,000      10,577,900

New York NY HDC MFHR
(New York NY HDC)

        

FGIC Series 05P6-A

        

5.00%, 7/01/19

    10,000      10,494,200

Series 01C-2

        

5.40%, 11/01/33

    3,030      2,930,374

Series 02A

        

5.50%, 11/01/34

    1,250      1,222,850

New York NY Hlth & Hosp Corp.

        

AMBAC Series 03A

        

5.25%, 2/15/22

    5,700      5,797,014

FSA Series 02A

        

5.125%, 2/15/23

    1,500      1,526,805

New York NY IDA
(Airis JFK 1 LLC)

        

Series 01A

        

5.50%, 7/01/28

    9,000      6,217,560

New York NY IDA
(Brooklyn Navy Yard Cogen)

        

Series 97

        

5.75%, 10/01/36

    3,000      1,985,160

New York NY IDA
(Lycee Francais)

        

ACA Series 02C

        

6.80%, 6/01/28

    2,500      2,476,150

New York NY IDA
(Magen David Yeshivah)

        

ACA Series 02

        

5.70%, 6/15/27

    1,600      1,294,688

New York NY IDA
(Spence School)

        

5.20%, 7/01/34

    3,155      3,177,653

New York NY IDA
(Staten Island Univ Hospital)

        

Series 01B

        

6.375%, 7/01/31

    1,905      1,592,389

New York NY IDA
(Terminal One Group Assn)

        

Series 05

        

5.50%, 1/01/24 (b)

    800      721,112

New York NY Mun Wtr Fin Auth

        

Series 03A

        

5.00%, 6/15/27

    1,000      1,023,180

New York NY TFA

        

Series 02A

        

5.50%, 11/01/26 (b)

    5,000      5,359,500

New York NY Trnsl Fin Auth

        

5.00%, 11/01/24

    5,000      5,270,550

MBIA Series 03D

        

5.25%, 2/01/18

    10,000      10,603,800

Series 00B

        

6.00%, 11/15/29 (Prerefunded/ETM)

    6,000      6,323,340

New York NY Trnsl Fin Auth
(New York NY GO)

        

5.00%, 7/15/21

    7,000      7,223,580

New York NY Trst for Cult Res
(Museum of Modern Art)

        

AMBAC Series 01D

        

5.125%, 7/01/31

    14,000      14,189,560

New York St Dormitory Auth

        

FHA Series 02-34

        

5.20%, 2/01/32 (Prerefunded/ETM)

    3,965      4,594,761

Series 02

        

5.00%, 7/01/32 (Prerefunded/ETM)

    4,000      4,468,040

Series 04A

        

5.25%, 7/01/21 (Prerefunded/ETM)

    575      670,082

New York St Dormitory Auth
(Cabrini Westchester)

        

GNMA

        

5.10%, 2/15/26

    1,900      1,938,779

New York St Dormitory Auth
(Cornell Univ)

        

5.00%, 7/01/25

    2,465      2,673,292

New York St Dormitory Auth
(Eger Hlth and Rehab Ctr)

        

FHA Series 00

        

6.10%, 8/01/37

    2,780      2,838,297

New York St Dormitory Auth
(Leake and Watts Svcs)

        

MBIA Series 04

        

5.00%, 7/01/22 - 7/01/23

    3,275      3,344,638

New York St Dormitory Auth
(Maimonides Med Ctr)

        

MBIA Series 04

        

5.75%, 8/01/29

    3,515      3,591,240

New York St Dormitory Auth
(Memorial Sloan-Kettering Ctr)

        

MBIA Series 03A

        

5.00%, 7/01/22

    5,000      5,180,800

New York St Dormitory Auth
(Montefiore Medical Center)

        

FGIC FHA Series 04

        

5.00%, 8/01/23

    5,000      5,079,050

New York St Dormitory Auth
(Mount Sinai-NYU Health Sys)

        

Series 00

        

6.50%, 7/01/25

    4,000      4,065,400

New York St Dormitory Auth
(New York St BOCES Prog)

        

FSA Series 04

        

5.00%, 8/15/23

    3,175      3,238,532

New York St Dormitory Auth
(New York St Pers Income Tax)

        

5.00%, 3/15/27

    2,350      2,434,694

Series 07A

        

5.00%, 7/01/22

    1,200      1,111,500

New York St Dormitory Auth
(New York Univ)

        

FGIC Series 04A

        

5.00%, 7/01/24

    2,240      2,325,658

New York St Dormitory Auth
(North Shore - LIJ Hospital)

        

5.00%, 5/01/22

    1,405      1,373,837

New York St Dormitory Auth
(NYU Hosp Center)

        

Series B

        

5.25%, 7/01/24

    765      711,794

New York St Dormitory Auth
(Orange Regl Med Ctr)

        

Series 2008

        

6.50%, 12/01/21

    1,240      1,128,251

New York St Dormitory Auth
(Ozanam Hall Queens Nursing)

        

5.00%, 11/01/21

    1,000      975,790

New York St Dormitory Auth
(Rochester Inst of Technology)

        

5.75%, 7/01/24

    5,165      5,571,279

New York St Dormitory Auth
(SS Joachim & Anne Residence)

        

Series 02

        

5.25%, 7/01/27

    1,000      908,580

New York St Dormitory Auth
(Univ of Rochester)

        

Series 04A

        

5.25%, 7/01/23 - 7/01/24

    1,250      1,291,932

New York St Dormitory Auth
(Westchester Cnty NY Lease Court)

        

Series 06A

        

5.00%, 8/01/17

    9,510      10,675,641

New York St Energy Res & Dev
(Long Island Lighting Company)

        

Series 95A

        

5.30%, 8/01/25

    7,500      6,532,350

New York St Liberty Corp.
(National Sports Museum Proj)

        

6.125%, 2/15/19 (c)(d)

    792      2,376

New York St Mortgage Agy Sfhr
(New York St Mortgage Agy)

        

Series 01-31A

        

5.30%, 10/01/31

    8,500      8,084,775

Series 82

        

5.65%, 4/01/30

    2,810      2,768,075

New York St Mortgage Agy SFMR
(New York St Mortgage Agy)

        

Series 01-29

        

5.45%, 4/01/31

    9,000      8,732,250

New York St Pwr Auth

        

MBIA

        

5.00%, 11/15/21

    3,000      3,284,700

MBIA Series C

        

5.00%, 11/15/19

    680      756,854

New York St Thruway Auth
(New York St Pers Income Tax)

        

5.00%, 3/15/26 - 3/15/27

    11,000      11,445,650

AMBAC Series 04A

        

5.00%, 3/15/24

    5,000      5,247,700

New York St Thruway Auth
(New York St Thruway Auth Ded Tax)

        

AMBAC Series 05B

        

5.00%, 4/01/21

    7,500      7,951,425

FGIC Series 05B

        

5.00%, 4/01/17

    12,750      14,029,973

New York St UDC

        

Series 02A

        

5.25%, 3/15/32 (Prerefunded/ETM)

    3,945      4,396,624

Niagara Frontier Trnsp Auth NY
(Buffalo Niagara Intl Airport)

        

MBIA

        

5.625%, 4/01/29

    2,500      2,285,400

Onondaga Cnty NY IDA
(Anheuser-Busch Companies, Inc.)

        

Series 99

        

6.25%, 12/01/34

    2,000      1,879,200

Onondaga Cnty NY IDA
(Bristol- Myers Squibb)

        

5.75%, 3/01/24

    4,000      3,999,800

Onondaga Cnty NY IDA
(Cargo Acquisition Group)

        

Series 02

        

6.125%, 1/01/32

    1,000      737,760

Sachem NY CSD GO

        

5.00%, 10/15/21 - 10/15/22

    5,415      5,726,277

Seneca Cnty NY IDA
(New York Chiropractic College)

        

5.00%, 10/01/27

    925      752,783

Spencerport NY USD GO

        

MBIA Series 02

        

5.00%, 6/15/21 (Prerefunded/ETM)

    2,500      2,703,750

Tobacco Settlement Fin Corp. NY
(New York St Tobacco Asset Sec)

        

Series 03A-1

        

5.50%, 6/01/14

    1,290      1,291,367

Triborough Brdg & Tunl Auth NY

        

5.00%, 11/15/24 - 11/15/26

    16,715      17,356,657

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

        

6.00%, 9/15/27

    1,175      896,948

Yonkers NY IDA
(Malotz Skilled Nursing Fac)

        

MBIA Series 99

        

5.65%, 2/01/39

    700      678,524
         
        417,416,249
         

Arizona - 0.3%

        

Dove Mountain Resort CFD AZ

        

Series 2001

        

6.75%, 12/01/16

    935      663,158

Goodyear AZ IDA
(Litchfield Park Svc Company)

        

Series 01

        

6.75%, 10/01/31

    1,000      902,550
         
        1,565,708
         

Florida - 1.6%

        

Crossings at Fleming Is CDD FL

        

Series 00C

        

7.10%, 5/01/30

    5,500      4,412,265

Fiddlers Creek CDD FL

        

Series 02A

        

6.875%, 5/01/33 (d)

    1,075      536,317

Series 02B

        

6.625%, 5/01/33 (d)

    460      229,499

Series 99B

        

5.80%, 5/01/21 (c)(d)

    670      336,360

Hammock Bay CDD FL

        

Series 04A

        

6.15%, 5/01/24

    800      675,544

Marshall Creek CDD FL

        

Series 02A

        

6.625%, 5/01/32

    935      671,498

Midtown Miami CDD FL

        

Series 04A

        

6.00%, 5/01/24

    2,380      1,723,025
         
        8,584,508
         

Georgia - 0.1%

        

Atlanta GA Tax Allocation
(Eastside Proj)

        

Series 05B

        

5.60%, 1/01/30

    500      391,115
         

Guam - 0.1%

        

Guam Wtrworks Auth COP

        

Series 05

        

6.00%, 7/01/25

    500      447,595
         

Illinois - 0.5%

        

Plano IL SSA #3
(Plano IL SSA #3 Lakewood Spr)

        

Series 05A

        

5.95%, 3/01/28

    1,335      974,470

Yorkville IL Raintree Vlg SSA

        

Series 03

        

6.875%, 3/01/33

    1,878      1,528,861
         
        2,503,331
         

Nevada - 0.2%

        

Clark Cnty NV SID No.142
(Clark Cnty NV SID No.142 Mtns Edg)

        

Series 03

        

6.10%, 8/01/18

    1,435      1,227,169
         

New Jersey - 1.1%

        

Port Authority of NY & NJ
(JFK Airport Intl Arrival Term)

        

MBIA Series 97-6

        

5.75%, 12/01/22

    6,820      5,964,363
         

Ohio - 0.2%

        

Columbiana Cnty Port Auth OH
(Apex Environmental LLC)

        

Series 04A

        

7.125%, 8/01/25

    1,200      1,015,632
         

Puerto Rico - 9.7%

        

Puerto Rico Elec Pwr Auth

        

5.00%, 7/01/22

    2,085      2,053,746

5.375%, 7/01/24

    5,225      5,311,578

Series 08WW

        

5.375%, 7/01/23

    405      412,290

XLCA Series 02-1

        

5.25%, 7/01/22 (Prerefunded/ETM)

    10,000      11,323,500

Puerto Rico GO

        

5.25%, 7/01/23

    1,600      1,480,992

5.50%, 8/01/28

    15,000      14,999,850

Series 01A

        

5.50%, 7/01/19

    915      910,809

Puerto Rico Govt Dev Bank

        

Series 06B

        

5.00%, 12/01/15

    500      497,025

Puerto Rico HFA MFHR

        

5.00%, 12/01/20

    1,795      1,833,323

5.00%, 12/01/20 (Prerefunded/ETM)

    3,420      3,874,586

Puerto Rico HFA MFHR
(Puerto Rico HFA Cap Fund)

        

5.125%, 12/01/27

    1,495      1,533,332

Puerto Rico HFC SFMR
(Puerto Rico HFC)

        

GNMA/ FNMA/ FHLMC Series 01A

        

5.20%, 12/01/33

    1,690      1,676,041

Puerto Rico Mun Fin Agy
(Puerto Rico GO)

        

Series 05A

        

5.25%, 8/01/23

    935      855,563

Univ of Puerto Rico

        

5.00%, 6/01/22

    255      228,995

Series 06Q

        

5.00%, 6/01/20

    4,225      3,874,579
         
        50,866,209
         

Virginia - 0.5%

        

Bell Creek CDA VA

        

Series 03A

        

6.75%, 3/01/22

    191      189,894

Broad Street CDA VA

        

Series 03

        

7.50%, 6/01/33

    2,680      2,168,629
         
        2,358,523
         

Total Long-Term Municipal Bonds
(cost $494,407,870)

         492,340,402
         

Short-Term Municipal Notes - 4.7%

        

New York - 4.0%

        

Long Island Pwr Auth NY

        

0.33%, 5/01/33 (e)

    2,000        2,000,000

New York NY GO

        

0.30%, 8/01/20 (e)

    1,100        1,100,000

New York NY Mun Wtr Fin Auth

        

0.33%, 6/15/38 (e)

    1,000        1,000,000

New York NY TFA

        

0.28%, 11/01/22 (e)

    1,000        1,000,000

New York NY Trnsl Fin Auth

        

0.28%, 5/01/28 (e)

    200        200,000

0.30%, 11/01/22 (e)

    600        600,000

Series 02-Subserv 3E

        

0.30%, 8/01/31 (e)

    500        500,000

Series B

        

0.30%, 2/01/31 (e)

    2,400        2,400,000

New York NY Trst for Cult Res
(Lincoln Center Performing Arts)

        

0.25%, 12/01/35 (e)

    9,100        9,100,000

0.33%, 12/01/35 (e)

    1,200        1,200,000

Port Authority of NY & NJ

        

0.35%, 6/01/20 (e)

    400        400,000

Syracuse NY IDA
(Syracuse University Proj)

        

0.33%, 7/01/37 (e)

    1,200        1,200,000
           
          20,700,000
           

California - 0.3%

        

California Dept Wtr Res Pwr

        

Series F-2

        

0.25%, 5/01/20 (e)

    600        600,000

California Infra & Eco Dev Bk
(Rand Corporation)

        

0.32%, 4/01/42 (e)

    1,100        1,100,000
           
          1,700,000
           

Mississippi - 0.4%

        

Jackson Cnty MS PCR
(Chevron Corporation)

        

0.33%, 6/01/23 (e)

    2,100        2,100,000
           

Total Short-Term Municipal Notes
(cost $24,500,000)

           24,500,000
           

Total Investments - 98.4%
(cost $518,907,870) (f)

           516,840,402

Other assets less liabilities - 1.6%

           8,549,517
           

Net Assets - 100.0%

         $ 525,389,919
           

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)		  

Citigroup

    $ 2,200    1/25/26    SIFMA *    4.108 %    $ 207,225   

JP Morgan Chase

      4,500    6/15/15    3.777 %    SIFMA *      (345,346 ) 

Merrill Lynch

      3,100    10/01/16    SIFMA *    4.147 %      306,604   

 

(a) Position, or a portion thereof, has been segregated to collateralize interest rate swaps.

 

(b) Variable rate coupon, rate shown as of July 31, 2009.

 

(c) Security is in default and is non-income producing.

 

(d) Illiquid security.

 

(e) 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.

 

(f) 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 $14,464,591 and gross unrealized depreciation of investments was $(16,532,059), resulting in net unrealized depreciation of $(2,067,468).

As of July 31, 2009, the Portfolio held 38.3% of net assets in insured bonds (of this amount 4.8% represents the Portfolio’s holding in pre-refunded or escrowed to maturity bonds).

 

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA).

Glossary:

 

ACA -    ACA Financial Guaranty Corporation
AMBAC -    Ambac Assurance Corporation
CDA -    Community Development Authority
CDD -    Community Development District
CFD -    Community Facilities District
COP -    Certificate of Participation
CSD -    Central/Community School District
ETM -    Escrowed to Maturity
FGIC -    Financial Guaranty Insurance Company
FHA -    Federal Housing Administration
FHLMC -    Federal Home Loan Mortgage Corporation
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
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
SONYMA -    State of New York Mortgage Agency
SSA -    Special Services Area
USD -    Unified School District
XLCA -    XL Capital Assurance Inc.

FINANCIAL ACCOUNTING STANDARDS NO. 157

July 31, 2009 (unaudited)

The Portfolio 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 Portfolio 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 Portfolio. Unobservable inputs reflect the Portfolio’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 Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’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

    $     —      $     516,840,402    $ —        $     516,840,402
                            

Total Investments in Securities

      —        516,840,402      —          516,840,402

Other Financial Instruments*

      —        306,604      (138,121 )      168,483
                            
   $ —      $ 517,147,006    $     (138,121 )    $ 517,008,885
                            

 

* 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

    $ 92,718      $ 92,718   

Accrued discounts /premiums

      —          —     

Realized gain (loss)

      —          —     

Change in unrealized appreciation/depreciation

      (62,927 )      (62,927 ) 

Net purchases (sales)

      —          —     

Net transfers in and/or out of Level 3

      (167,912 )      (167,912 ) 
                

Balance as of 7/31/09

    $     (138,121 )    $     (138,121 ) 
                

Net change in unrealized appreciation/depreciation from Investments held as of 7/31/09

    $ (62,927 )    $ (62,927 ) 
                

AllianceBernstein Municipal Income Fund

California Portfolio

Portfolio of Investments

July 31, 2009 (unaudited)

 

      Principal
Amount
(000)		      U.S. $ Value

MUNICIPAL OBLIGATIONS - 99.2%

        

Long-Term Municipal Bonds - 99.2%

        

California - 92.5%

        

Acalanes CA UHSD GO

        

FSA Series 05B

        

5.25%, 8/01/24

    $ 5,000      $ 5,283,550

Banning CA Util Auth Wtr

        

FGIC Series 05

        

5.25%, 11/01/30

      8,405        7,991,390

Bay Area Infra Fin Auth
(California St Acceleration Nts)

        

FGIC

        

5.00%, 8/01/17

      6,000        5,903,100

Beaumont CA Fing Auth

        

AMBAC Series C

        

5.00%, 9/01/26

      3,305        2,837,706

Butte-Glenn CCD CA GO

        

MBIA Series 05B

        

5.00%, 8/01/25

      3,620        3,670,427

California Dept Vets Aff SFMR

        

AMBAC Series 02A

        

5.35%, 12/01/27

      22,320        22,363,970

California Dept Wtr Res Wtr

        

5.00%, 12/01/24

      5,000        5,341,500

California Ed Fac Auth
(California Clg of Arts)

        

Series 01

        

5.875%, 6/01/30

      2,200        1,746,250

California Ed Fac Auth
(Univ of The Pacific)

        

5.00%, 11/01/21

      990        986,337

Series 04

        

5.00%, 11/01/20

      1,000        1,005,410

5.25%, 5/01/34

      1,000        901,080

California GO

        

5.00%, 8/01/22 - 2/01/32

      21,600        21,003,084

5.125%, 6/01/31

      20        19,249

5.125%, 6/01/31 (Prerefunded/ETM)

      1,710        1,853,589

5.25%, 2/01/30 - 4/01/30

      10,475        10,307,083

5.25%, 2/01/30 (Prerefunded/ETM)

      45        50,031

5.30%, 4/01/29 (Prerefunded/ETM) (a)

      6,395        7,461,750

5.30%, 4/01/29

      5        4,994

MBIA

        

5.00%, 6/01/18

    5,000      5,339,650

MBIA- IBC Series 03

        

5.25%, 2/01/16

    2,050      2,174,455

MBIA Series 02

        

5.00%, 2/01/32 (Prerefunded/ETM)

    3,500      3,869,775

Series 03

        

5.25%, 2/01/24

    3,500      3,550,190

California HFA MFHR
(California HFA)

        

AMBAC Series 95A

        

6.25%, 2/01/37

    1,235      1,238,087

California HFA SFMR
(California HFA)

        

Series 99A-2

        

5.25%, 8/01/26

    1,705      1,500,264

California Hlth Fac Fin Auth
(Catholic Healthcare West)

        

Series G

        

5.50%, 7/01/25

    2,000      1,930,040

California Hlth Fac Fin Auth
(Cottage Healthcare Sys)

        

MBIA Series 03B

        

5.00%, 11/01/23

    2,500      2,376,775

California Hlth Fac Fin Auth
(Lucile Packard Children’s Hosp)

        

AMBAC Series 03C

        

5.00%, 8/15/21

    3,365      3,390,540

California Infra & Eco Dev Bk
(Kaiser Permanente)

        

Series 01A

        

5.55%, 8/01/31

    18,000      17,488,260

California Poll Cntl Fin Auth
(Pacific Gas & Electric Company)

        

MBIA Series 96A

        

5.35%, 12/01/16

    15,500      15,688,480

California Poll Cntl Fin Auth
(Southern CA Edison Company)

        

MBIA Series 99C

        

5.55%, 9/01/31

    7,950      6,673,707

California Poll Cntl Fin Auth
(Tracy Material Recovery)

        

ACA Series 99A

        

5.70%, 8/01/14

    3,670      3,526,833

California Pub Wks Brd
(CA Lease Mental Hlth Coalinga)

        

Series 04A

        

5.50%, 6/01/22 - 6/01/23

    6,790      6,758,035

California Pub Wks Brd
(CA Lease Richmond Lab)

        

XLCA Series 05B

        

5.00%, 11/01/30

    4,270      3,567,585

California Pub Wks Brd
(CA Lease UC Institute Proj)

        

Series 05C

        

5.00%, 4/01/23

    3,130      3,175,980

California Pub Wks Brd
(CA Lease Univ of California)

        

Series 04F

        

5.00%, 11/01/26

    8,065      8,018,304

California Rural Home Mtg

        

GNMA/ FNMA Series 00B

        

6.25%, 12/01/31

    70      70,433

GNMA/ FNMA Series 00D

        

6.00%, 12/01/31

    215      215,884

California State Univ

        

AMBAC Series A

        

5.00%, 11/01/19

    6,025      6,237,080

FGIC Series 03A

        

5.00%, 11/01/22

    6,000      6,066,780

California Statewide CDA

        

Series 00

        

7.25%, 10/01/30 (Prerefunded/ETM)

    7,610      7,843,018

California Statewide CDA
(Saint Mark’s School)

        

Series 01

        

6.75%, 6/01/28

    2,345      2,213,422

California Statewide CDA
(San Diego Space/Sci Fdtn)

        

Series 96

        

7.50%, 12/01/16

    2,055      2,072,940

California Statewide CDA
(Wildwood Elementary School)

        

Series 01

        

7.00%, 11/01/29

    3,765      3,189,482

California Statewide CDA MFHR
(Highland Creek Apts)

        

FNMA Series 01K

        

5.40%, 4/01/34

    5,745      5,825,545

California Statewide CDA MFHR
(Santa Paula Village Apts)

        

FNMA Series 98D

        

5.43%, 5/01/28

    2,065      2,060,003

Capistrano CA USD GO

        

FGIC Series 00A

        

6.00%, 8/01/24

    1,550      1,586,006

FSA Series 01B

        

Zero Coupon, 8/01/25

    8,000      3,032,480

Castaic Lake CA Wtr Agy

        

AMBAC Series 04A

        

5.00%, 8/01/16 - 8/01/18

    4,325      4,499,336

MBIA Series 01A

        

5.20%, 8/01/30

    1,625      1,604,557

Chino CA Redev Agy Tax Alloc
(Chino CA Redev Proj Area B)

        

AMBAC Series 01B

        

5.25%, 9/01/30

    5,090      4,233,557

Chino Hills CA CFD #10
(Chino Hls CA CFD #10 Fairfield)

        

Series 00

        

6.95%, 9/01/30

    5,200      4,978,428

Coachella Valley CA USD COP

        

AMBAC

        

5.00%, 9/01/23

    2,500      2,336,000

Commerce CA Jt Pwrs Fin Auth
(Commerce CA Lease Cmnty Ctr)

        

XLCA Series 04

        

5.00%, 10/01/34

    2,015      1,441,047

Corona CA CFD #97-2
(Corona CA CFD #97-2 Eagle Glen)

        

Series 98

        

5.875%, 9/01/23

    5,795      4,788,872

E CA Mun Wtr Dist CFD #2001-01A

        

Series 02

        

6.40%, 9/01/32

    2,415      1,935,526

East Palo Alto CA Pub Fin Auth
(Univ Circle Gateway/101 Proj)

        

RADIAN Series 05A

        

5.00%, 10/01/25

    5,070      3,789,521

Eastern Muni Wtr Dist

        

Series 02

        

6.40%, 9/01/32

    1,195      957,745

El Centro CA Fin Auth
(El Centro Reg Med Center)

        

Series 01

        

5.375%, 3/01/26

    18,000      17,069,580

Encinitas Ranch CA Golf Auth

        

Series 04

        

5.50%, 9/01/23 - 9/01/24

    1,110      925,461

5.60%, 9/01/26

    1,000      817,020

Fontana CA CFD #11
(Fontana CA CFD #11 Hertg W End)

        

Series B

        

6.50%, 9/01/28

    8,250      6,910,860

Fontana CA Pub Fin Auth
(North Fontana CA Redev Area)

        

AMBAC Series 03A

        

5.50%, 9/01/32

    5,200      4,621,708

Franklin-Mckinley USD CA GO

        

FSA Series 02B

        

5.00%, 8/01/27 (Prerefunded/ETM)

    700      805,959

Fremont CA USD GO

        

FSA Series 05B

        

5.00%, 8/01/26

    1,745      1,788,503

Fresno CA Jt Pwrs Fin Auth
(Fresno CA Lease Cap Proj)

        

XLCA Series 04A

        

5.25%, 10/01/21 - 10/01/24

    3,425      3,390,523

5.375%, 10/01/17

    1,315      1,376,568

Fullerton CA Redev Agy

        

RADIAN

        

5.00%, 4/01/21

    3,250      2,887,300

Gilroy CA USD GO

        

FGIC

        

5.00%, 8/01/27

    1,500      1,502,145

Golden St Tobacco Sec CA

        

RADIAN Series 03

        

5.50%, 6/01/43 (Prerefunded/ETM)

    1,400      1,589,910

Huntington Pk CA Pub Fin Auth
(Huntington Pk CA Tax Alloc)

        

FSA Series 04A

        

5.25%, 9/01/17

    1,000      1,063,640

Jurupa CA USD GO

        

FGIC Series 04

        

5.00%, 8/01/22

    1,340      1,351,068

Kaweah Delta CA Hlthcare Dist

        

MBIA Series 04

        

5.25%, 8/01/25 - 8/01/26

    3,780      3,778,527

LA Verne CA CFD #88-1

        

Series 98

        

5.875%, 3/01/14

    3,390      3,249,722

Lammersville CA SD CFD #2002

        

Series 02

        

6.375%, 9/01/32

    4,250      3,566,558

Lancaster CA Redev Agy
(Lancaster CA Redev Tax Incr)

        

XLCA Series 04

        

5.00%, 12/01/23

    2,995      2,716,735

Loma Linda CA Hosp
(Loma Linda Univ Med Ctr)

        

Series 05A

        

5.00%, 12/01/23

    2,000      1,621,380

Long Beach CA Bond Fin Auth
(Long Beach CA Lease Aquarium)

        

AMBAC Series 01

        

5.25%, 11/01/30

    6,500      5,383,625

Los Angeles CA Cmnty Redev Agy
(Los Angeles CA CRA Bunker Hill)

        

Series 04L

        

5.00%, 3/01/17

    2,565      2,426,593

5.10%, 3/01/19

    1,350      1,235,898

Los Angeles CA Dept W&P Pwr

        

AMBAC

        

5.00%, 7/01/24

    5,250      5,468,873

Los Angeles CA Harbor Dept

        

5.00%, 8/01/26

    21,450      21,668,361

Los Angeles CA MFHR
(Park Plaza West Apts)

        

GNMA

        

5.50%, 1/20/43

    5,000      4,744,150

Los Angeles CA USD GO

        

AMBAC Series B

        

5.00%, 7/01/19 - 7/01/21

    13,685      14,306,961

Manteca CA USD GO

        

FSA Series 04

        

5.25%, 8/01/22 (Prerefunded/ETM)

    1,390      1,634,529

Marin CA Muni Wtr Dist

        

AMBAC Series 04

        

5.25%, 7/01/20

    3,040      3,048,968

Murrieta Vly CA USD GO

        

FSA Series 05B

        

5.125%, 9/01/29

    1,500      1,497,150

Norco CA Redev Agy
(Norco CA Redev Agy Proj #1)

        

AMBAC Series 05

        

5.00%, 3/01/26

    1,900      1,687,561

RADIAN Series 04

        

5.00%, 3/01/24

    3,060      2,420,888

Oakland CA USD GO

        

FGIC

        

5.00%, 8/01/22

    8,975      8,179,815

MBIA Series 05

        

5.00%, 8/01/25

    7,455      6,521,187

Ontario CA AD #107
(Ontario CA AD #107 CA Comm Ctr)

        

7.70%, 9/02/10

    1,695      1,706,238

Ontario CA COP

        

MBIA Series 04

        

5.25%, 7/01/21

    1,700      1,748,705

Orange Cnty CA COP

        

AMBAC

        

6.00%, 6/01/21 (Prerefunded/ETM)

    945      1,126,724

Palm Springs CA COP

        

Series 91B

        

Zero Coupon, 4/15/21

    37,500      24,201,375

Palmdale CA Wtr Dist

        

FGIC Series 04

        

5.00%, 10/01/24

    1,775      1,771,148

Pittsburg CA Redev Agy
(Los Medanos Cmnty Dev Proj)

        

MBIA Series 03A

        

5.00%, 8/01/21

    6,410      5,968,992

Placentia-Yorba Linda CA USD GO
(Placentia-Yorba Linda USD CA GO)

        

FGIC Series 06

        

5.00%, 10/01/27

    4,200      4,208,526

Port of Oakland CA

        

FGIC Series 02L

        

5.375%, 11/01/27

    2,500      2,273,150

Poway CA Redev Agy
(Poway CA Redev Spl Tax Paguay)

        

AMBAC Series 01

        

5.375%, 12/15/31

    5,745      4,913,928

Rancho Cordova CA COP

        

XLCA Series 05

        

5.00%, 2/01/24 (Prerefunded/ETM)

    2,645      3,068,967

Rancho Etiwanda CFD #1 CA

        

Series 01

        

6.40%, 9/01/31 (Prerefunded/ETM)

    11,050      11,639,738

Redding CA Elec Sys COP

        

MBIA Series 92A

        

12.284%, 7/01/22 (b)(c)

    1,365      1,845,016

Riverside CA CCD GO

        

MBIA Series 04A

        

5.25%, 8/01/25 - 8/01/26 (Prerefunded/ETM)

    1,980      2,323,134

MBIA Series C

        

5.00%, 8/01/25

    1,720      1,773,681

Riverside Cnty CA CFD #89-1

        

Series 00

        

6.50%, 9/01/25 (Prerefunded/ETM)

    1,000      1,024,390

Riverside Cnty CA PFA
(Riverside Cnty CA Tax Alloc)

        

XLCA Series 04

        

5.00%, 10/01/23

    1,955      1,670,313

Riverside Cnty CA Pub Fin Auth
(Riverside Cnty CA Tax Alloc)

        

XLCA Series 04

        

5.00%, 10/01/35

    2,475      1,768,214

Riverside Cnty CA Redev Agy

        

AMBAC Series 01

        

5.125%, 10/01/35 (Prerefunded/ETM)

    2,500      2,788,950

5.25%, 10/01/35 (Prerefunded/ETM)

    5,000      5,591,250

Rocklin CA USD CFD #1

        

MBIA Series 04

        

5.00%, 9/01/25

    1,000      900,410

Roseville CA CFD #1

        

Series 99-A

        

5.80%, 9/01/17

    6,630      6,558,263

Roseville CA HSD GO
(Roseville CA gt UHSD GO)

        

Series 01E

        

5.25%, 8/01/26

    2,435      2,497,847

Sacramento CA Mun Util Dist
(Sacramento CA Muni Util Dist)

        

MBIA Series 03S

        

5.00%, 11/15/17

    5,000      5,214,500

MBIA Series 04R-289-2

        

5.00%, 8/15/17

    10,000      10,406,200

Sacramento CA USD GO

        

FSA Series 04D

        

5.25%, 7/01/21 - 7/01/23

    8,525      8,879,622

Sacramento Cnty CA Hsg Auth MFHR
(Cottage Estates Apts)

        

FNMA Series 00B

        

6.00%, 2/01/33

    5,300      5,355,915

Sacramento Cnty CA Hsg Auth MFHR
(Verandas Apts)

        

FNMA Series 00H

        

5.70%, 3/01/34

    2,875      2,856,054

San Bernardino CA SFMR

        

GNMA/ FNMA Series 01-A1

        

6.35%, 7/01/34

    455      460,788

San Bernardino Cnty CA CFD #2002-1

        

Series 02-1

        

5.90%, 9/01/33

    4,750      3,991,520

San Diego CA Hsg Auth MFHR

        

GNMA/ FNMA Series 98C

        

5.25%, 1/20/40

    6,105      5,718,248

San Diego CA Hsg Auth MFHR
(Vista LA Rosa Apts)

        

GNMA Series 00A

        

6.00%, 7/20/41

    10,230      10,318,796

San Diego CA USD GO

        

MBIA Series 04E-1

        

5.00%, 7/01/23 - 7/01/24

    3,240      3,405,917

San Diego Cnty CA COP
(San Diego Cnty CA COP Bishop)

        

Series 04A

        

5.50%, 9/01/44

    5,000      4,440,250

San Diego Cnty CA Wtr Auth COP

        

FSA

        

5.00%, 5/01/27

    3,500      3,541,510

San Francisco City/Cnty CA Arpt Commn
(SFO Fuel Co. LLC)

        

FSA Series 00A

        

6.125%, 1/01/27

    1,480      1,433,025

San Joaquin Hls Trnsp Corr CA

        

Series 93

        

Zero Coupon, 1/01/20

    20,000      13,193,000

Zero Coupon, 1/01/21

    20,000      12,508,000

Zero Coupon, 1/01/23

    25,000      13,845,000

San Joaquin Hls Trnsp Corr CA
(San Joaquin Hills Toll Road CA)

        

MBIA Series A

        

Zero Coupon, 1/15/36

    47,415      5,222,762

San Jose CA Redev Agy
(San Jose CA Redev Merged Proj)

        

MBIA Series 04A

        

5.25%, 8/01/19

    5,000      4,935,050

San Mateo Cnty CA CCD COP

        

MBIA Series 04

        

5.25%, 10/01/20 (Prerefunded/ETM)

    2,870      3,370,815

Santa Ana CA USD GO

        

Series 2008A

        

5.25%, 8/01/28

    5,400      5,419,170

Santa Margarita CA Wd CFD #99-1

        

6.25%, 9/01/29

    8,420      7,907,643

6.25%, 9/01/29 (Prerefunded/ETM)

    3,130      3,205,527

Semitropic Wtr Dist CA

        

XLCA Series 04A

        

5.50%, 12/01/23

    1,640      1,691,676

South Gate CA Pub Fin Auth
(South Gate CA Tax Alloc)

        

XLCA Series 02

        

5.125%, 9/01/24

    1,800      1,487,484

Southern CA Pub Pwr Auth

        

5.00%, 7/01/23

    3,200      3,291,776

Southwestern CA CCD GO

        

MBIA Series 05

        

5.00%, 8/01/24

    1,000      1,022,090

Stockton CA PFA
(Stockton CA Redev Projs)

        

RADIAN Series 06A

        

5.00%, 9/01/17

    2,285      2,166,980

Stockton CA Pub Fin Auth
(Stockton CA Redev Projs)

        

RADIAN Series 06A

        

5.00%, 9/01/21

    2,775      2,407,229

Tejon Ranch CA Pub Fac Fin CFD #1

        

Series 00A

        

7.20%, 9/01/30

    9,850      9,137,451

Series 03

        

6.125%, 9/01/27

    1,000      802,000

6.20%, 9/01/33

    2,375      1,928,096

Torrance CA COP
(Torrance CA COP Pub Impt)

        

AMBAC Series 05B

        

5.00%, 6/01/24

    3,365      3,426,781

Univ of California

        

FSA Series 05B

        

5.00%, 5/15/24

    5,000      5,155,950

Series K

        

5.00%, 5/15/21

    5,525      5,836,389

West Contra Costa CA Hlth Dist

        

AMBAC Series 04

        

5.375%, 7/01/21 - 7/01/24

    4,720      4,762,748

West Kern Cnty CA Wtr

        

Series 01

        

5.625%, 6/01/31 (Prerefunded/ETM)

    3,000      3,150,960
         
        674,498,729
         

Arizona - 0.1%

        

Dove Mountain Resort CFD AZ

        

Series 2001

        

6.75%, 12/01/16

    1,325        939,769
           

Florida - 0.2%

        

Fiddlers Creek CDD FL

        

Series 02A

        

6.875%, 5/01/33 (d)(e)

    1,535        765,812

Series 02B

        

6.625%, 5/01/33 (d)(e)

    655        326,786
           
          1,092,598
           

Nevada - 0.3%

        

Henderson NV LID #T-14

        

FSA Series A

        

5.00%, 3/01/22

    2,595        2,300,805
           

Puerto Rico - 6.1%

        

Puerto Rico Conv Ctr Dist Auth
(Puerto Rico Hotel Occupancy Tax)

        

AMBAC Series A

        

5.00%, 7/01/17

    10,730        10,214,101

Puerto Rico GO

        

5.25%, 7/01/23

    3,000        2,776,860

5.50%, 8/01/28

    21,000        20,999,790

Series 01A

        

5.50%, 7/01/19

    1,880        1,871,390

Series 03A

        

5.25%, 7/01/23

    800        740,496

Puerto Rico Govt Dev Bank

        

Series 06B

        

5.00%, 12/01/15

    500        497,025

Puerto Rico HFA MFHR
(Puerto Rico HFA Cap Fund)

        

5.125%, 12/01/27

    295        302,564

Univ of Puerto Rico

        

5.00%, 6/01/18

    4,930        4,836,675

Series 06Q

        

5.00%, 6/01/19

    2,490        2,325,511
           
          44,564,412
           

Total Investments - 99.2%
(cost $733,129,269) (f)

           723,396,313

Other assets less liabilities - 0.8%

           5,957,815
           

Net Assets - 100.0%

         $ 729,354,128
           

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)		  

Citigroup

    $ 6,500    1/25/26    SIFMA *    4.108 %    $ 612,256   

Merrill Lynch

      2,800    10/01/16    SIFMA *    4.147 %      276,933   

Merrill Lynch

      3,100    10/21/16    SIFMA *    4.128 %      296,843   

Merrill Lynch

      14,500    7/30/26    4.090 %    SIFMA *      (1,341,245 ) 

Merrill Lynch

      10,200    8/09/26    4.063 %    SIFMA *      (985,036 ) 

Merrill Lynch

      15,000    11/15/26    4.377 %    SIFMA *      (2,050,569 ) 

 

(a) Position, or a portion thereof, has been segregated to collateralize interest rate swaps.

 

(b) Variable rate coupon, rate shown as of July 31, 2009.

 

(c) Inverse Floater Security - Security with variable or floating interest rate that moves in the opposite direction of short-term interest rates.

 

(d) Security is in default and is non-income producing.

 

(e) Illiquid security.

 

(f) 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 $28,023,992 and gross unrealized depreciation of investments was $(37,756,948), resulting in net unrealized depreciation of $(9,732,956).

As of July 31, 2009, the Portfolio held 45.6% of net assets in insured bonds (of this amount 3.8% represents the Portfolio’s holding in pre-refunded or escrowed to maturity 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
CCD -    Community College District
CDA -    Community Development Authority
CDD -    Community Development District
CFD -    Community Facilities District
COP -    Certificate of Participation
ETM -    Escrowed to Maturity
FGIC -    Financial Guaranty Insurance Company
FNMA -    Federal National Mortgage Association
FSA -    Financial Security Assurance Inc.
GNMA -    Government National Mortgage Association
GO -    General Obligation
HFA -    Housing Finance Authority
HSD -    High School District
LID -    Local Improvement District
MBIA -    MBIA Insurance Corporation
MFHR -    Multi-Family Housing Revenue
RADIAN -    Radian Asset Assurance Inc.
SD -    School District
SFMR -    Single Family Mortgage Revenue
UHSD -    Unified/Union High School District
USD -    Unified School District
XLCA -    XL Capital Assurance Inc.

FINANCIAL ACCOUNTING STANDARDS NO. 157

July 31, 2009 (unaudited)

The Portfolio 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 Portfolio 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 Portfolio. Unobservable inputs reflect the Portfolio’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 Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’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

    $     —      $ 723,396,313      $ —      $ 723,396,313   
                              

Total Investments in Securities

      —        723,396,313        —        723,396,313   

Other Financial Instruments*

      —        (3,803,074 )      612,256      (3,190,818 ) 
                              
   $ —      $     719,593,239      $     612,256    $     720,205,495   
                              

 

* 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

    $     (1,716,054 )    $     (1,716,054 ) 

Accrued discounts /premiums

      —          —     

Realized gain (loss)

      —          —     

Change in unrealized appreciation/depreciation

      359,152        359,152   

Net purchases (sales)

      —          —     

Net transfers in and/or out of Level 3

      1,969,158        1,969,158   
                

Balance as of 7/31/09

    $ 612,256      $ 612,256   
                

Net change in unrealized appreciation/depreciation from Investments held as of 7/31/09

    $ 359,152      $ 359,152   
                

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 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