N-14 8C/A as filed with the Securities and Exchange Commission on
November 29, 2006
Securities Act File No. 333-138925
Investment Company Act File No. 811-10573
--------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------------------------
FORM N-14
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. 1
Post-Effective Amendment No. [__]
(Check appropriate box or boxes)
--------------------------------------------------------------------------------
Alliance National Municipal Income Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
(800) 221-5672
(Area Code and Telephone Number)
1345 Avenue of the Americas, New York, New York 10105
(Address of Principal Executive Office) (Zip Code)
--------------------------------------------------------------------------------
EMILIE D.WRAPP
AllianceBernstein L.P.
1345 Avenue of the Americas
New York, New York 10105
(Name and Address of Agent for Service)
Copies of communications
to: Kathleen K. Clarke
Seward & Kissel LLP
1200 G Street, N.W.
Washington, D.C. 20005
--------------------------------------------------------------------------------
Approximate Date Of Proposed Public Offering:
As soon as practicable after the Registration Statement
becomes effective under the Securities Act of 1933.
--------------------------------------------------------------------------------
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933:
Proposed Proposed
Title of Maximum Maximum Amount
Securities Amount Offering Aggregate of
Being Being Price per Offering Registration
Registered Registered(1) Unit Price Fee(2)
Common Shares, 11,145,261 $15.15(1) $168,850,704(1) $18,067
Series
($.001 par value)
Preferred 1,200 $25,000 $30,000,000 $3,210
Shares,
Series M
($.001 par value)
Preferred 1,200 $25,000 $30,000,000 $3,210
Shares,
Series W
($.001 par value)
Preferred 1,200 $25,000 $30,000,000 $3,210
Shares,
Series TH
($.001 par value)
1. Estimated solely for the purpose of calculating the filing fee in
accordance with Rule 457(f) under the Securities Act of 1933, as amended.
2. Previously paid by wire transfer to the SEC's account at Mellon Bank in
Pittsburgh, Pennsylvania in connection with the original registration
statement filed on November 22, 2006.
The Registrant hereby amends this Registration Statement on such date or dates
as may be necessary to delay its effective date until the Registrant shall file
a further amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933, as amended, or until the Registration Statement shall
become effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.
ALLIANCE NATIONAL MUNICIPAL INCOME FUND, INC.
CONTENTS OF FORM N-14 REGISTRATION STATEMENT
Explanatory Note
This amendment is being filed solely to make the following revisions to the
Registration Statement filed on Form N-14 8C on November 22, 2006:
1. Under the "Summary" portion of the Registration Statement, under the
subheading "Comparison of Total Expenses Ratios," the third table under that
section is revised to read follows:
Net Gross
Expense Ratio Expense Ratio
----------------------------------------------------------------------
ACM Municipal Securities 1.43% 1.61%
Alliance National Municipal 0.98% 1.38%
Combined Fund 0.97% (pro forma) 1.38% (pro forma)
----------------------------------------------------------------------
2. Under Appendix G, the following replaces in its entirety the tabular data in
that Appendix:
FYE: 10/31
Alliance (Discount) or
National Corresponding Premium to
Municipal Sales Price Net Asset Value Net Asset Value
--------------------------------------------------------------------------------
Quarter
Ended High Low High Low High Low
--------------------------------------------------------------------------------
01/31/04 $14.60 $13.51 $15.60 $14.92 (6.41)% (9.45)%
04/30/04 $14.86 $13.34 $16.04 $14.91 (7.36)% (10.53)%
07/31/04 $13.56 $12.62 $14.95 $14.61 (9.30)% (13.62)%
10/31/04 $14.24 $13.56 $15.46 $14.95 (7.89)% (9.30)%
01/31/05 $14.37 $13.67 $15.74 $15.10 (8.70)% (9.47)%
04/30/05 $14.58 $14.01 $15.79 $15.33 (7.66)% (8.61)%
07/31/05 $15.17 $14.30 $15.68 $15.51 (3.25)% (7.80)%
10/31/05 $15.69 $14.66 $15.67 $15.41 0.13% (4.87)%
01/31/06 $15.94 $14.63 $15.59 $15.23 2.25% (3.94)%
04/30/06 $16.17 $15.41 $15.47 $15.49 4.52% (0.52)%
07/31/06 $16.06 $15.12 $15.38 $15.14 4.42% (0.13)%
10/31/06 $17.02 $15.09 $15.54 $15.58 9.52% (3.15)%
FYE: 10/31
ACM (Discount) or
Municipal Corresponding Premium to
Securities Sales Price Net Asset Value Net Asset Value
--------------------------------------------------------------------------------
Quarter
Ended High Low High Low High Low
--------------------------------------------------------------------------------
01/31/04 $ 12.45 $11.47 $11.46 $10.98 8.64% 4.46%
04/30/04 $ 12.70 $11.39 $11.42 $11.02 11.21% 3.36%
07/31/04 $ 11.64 $10.60 $10.98 $10.69 6.01% (0.84)%
10/31/04 $ 12.47 $11.64 $11.26 $10.98 10.75% 6.01%
01/31/05 $ 12.10 $10.34 $11.21 $11.33 7.94% (8.74)%
04/30/05 $ 10.96 $10.05 $11.69 $11.20 (6.24)% (10.27)%
07/31/05 $ 11.07 $10.21 $11.45 $11.35 (3.32)% (10.04)%
10/31/05 $ 11.35 $10.18 $11.41 $11.25 (0.53)% (9.51)%
01/31/06 $ 10.83 $10.06 $11.30 $11.21 (4.16)% (10.26)%
04/30/06 $ 11.10 $10.29 $11.26 $11.07 (1.42)% (7.05)%
07/31/06 $ 10.79 $ 9.97 $11.00 $10.92 (1.91)% (8.70)%
10/31/06 $ 10.96 $10.32 $11.37 $11.14 (3.61)% (7.36)%
All other portions of the Prospectus/Proxy Statement, Statement of Additional
Information and Part C (including signature pages and exhibits) are incorporated
by reference from the initial registration statement (File No. 333-138925) filed
on November 22, 2006.
Please feel free to contact me at 202-737-8833 with any questions.
Regards,
Michelle C. Roberts, Esq.
/s/ Michelle C. Roberts