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AllianceBernstein National Municipal Income Fund's Third Quarter Earnings Report

On September 26, 2025, AllianceBernstein National Municipal Income Fund, Inc. (traded as AFB on the NYSE) reported significant financial updates for its third fiscal quarter, which concluded on July 31, 2025. This closed-end investment fund, well-known among municipal investors, disclosed a total net asset value of $322,750,581 for the period, a decline from $337,926,439 recorded as of April 30, 2025, and a sharp decrease compared to $363,570,286 from the same period in 2024.

The net asset value per share for common stock stood at $11.23, with a consistent share count of 28,744,936 shares outstanding during this time. This is a notable reduction from the previous quarter’s NAV of $11.77 and significantly lower than the $12.65 reported a year ago.

Financial Highlights

The earnings report revealed some key financial figures:

• - Total Net Assets:

- July 31, 2025: $322,750,581
- April 30, 2025: $337,926,439
- July 31, 2024: $363,570,286

• - NAV Per Share:

- July 31, 2025: $11.23
- April 30, 2025: $11.77
- July 31, 2024: $12.65

These figures indicate a gradual but concerning trend in the fund's performance over the past year. The decline in net assets and NAV suggests a tougher investment landscape, emphasizing the importance of strategic asset management.

Investment Income Analysis

During the period between May 1, 2025, and July 31, 2025, the fund generated a total net investment income of $4,015,722, averaging $0.14 per share. Comparatively, this marks an increase from the $3,360,878 or $0.12 per share from the previous quarter, indicating some resilience in investment income generation despite the broader financial challenges.

However, the fund did experience significant market volatility. The reported total net realized and unrealized loss was ($15,775,819) or ($0.55) per share for the third quarter—a notable decrease compared to ($19,051,276) or ($0.66) per share recorded in the preceding quarter. This pattern reveals that while investment income showed improvements, the impact of market performance was considerably negative, leading to greater losses when compared to the third quarter of 2024, which saw a net gain of $12,753,214.

Future Outlook

Looking forward, the management of AllianceBernstein National Municipal Income Fund, Inc. continues to focus on enhancing asset allocation strategies to stabilize its income and counteract market fluctuations. The complexities of investing in municipal securities remain a challenge amid economic uncertainties, but the fund's historical performance and management expertise offer a strong foundation for recovery. Stakeholders are urged to stay updated on the fund's portfolio management and future earnings reports to better understand ongoing performance dynamics.

Overall, the earnings report for the third quarter indicates both vulnerabilities and opportunities for the AllianceBernstein National Municipal Income Fund as it navigates through a fluctuating market environment. The current economic climate will require diligent monitoring and adaptive strategies to safeguard investor interests effectively and enhance overall fund performance moving forward.