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Overview of AllianceBernstein National Municipal Income Fund

On March 28, 2025, the AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) disclosed its earnings for the first quarter of the fiscal year, which concluded on January 31, 2025. This report offers critical insights into the financial well-being of the fund and its operational strategies.

Key Financial Highlights

As of January 31, 2025, the fund's total net assets were reported at approximately $357.19 million. This marks a decline from $361.43 million on October 31, 2024, and $364.47 million the previous year on January 31, 2024. The per-share net asset value (NAV) stood at $12.43 based on 28,744,936 shares of common stock that are currently outstanding.

Comparison of Financial Assets Over Time

To grasp the fund's performance, it's essential to look at the moving numbers:

• - Total Net Assets

January 31, 2025: $357,190,362
October 31, 2024: $361,430,563
January 31, 2024: $364,468,619

• - NAV Per Share

January 31, 2025: $12.43
October 31, 2024: $12.57
January 31, 2024: $12.68

Earnings Analysis

During the period from November 1, 2024, to January 31, 2025, the fund garnered a total net investment income of $3,560,640, equating to about $0.12 per share of common stock. However, this quarter also recorded a total net realized and unrealized loss of approximately $4,385,081, or $0.15 per share. These results reflect the challenging market conditions and investment decisions impacting the fund's profitability.

Income and Loss Comparison

To further evaluate performance, here is a comparison to previous earnings:

• - Total Net Investment Income

First Quarter 2025: $3,560,640
Fourth Quarter 2024: $2,985,301
First Quarter 2023: $2,897,982

• - Net Realized/Unrealized Gain (Loss)

First Quarter 2025: ($4,385,081)
Fourth Quarter 2024: ($2,015,971)
First Quarter 2023: $52,736,537

Fund Management and Future Projections

AllianceBernstein L.P. is at the helm of managing the AllianceBernstein National Municipal Income Fund, steering its investment strategies and optimizing returns for shareholders. While the current earnings report shows a tough quarter due to net losses, the rise in net investment income signals promise for upcoming quarters. Management’s focus on strategic allocation and risk management will be paramount as they navigate through these troubled waters.

Conclusion

This above analysis sheds light on the AllianceBernstein National Municipal Income Fund’s financial status as of the first quarter of 2025. The fund’s efforts to adapt amidst fluctuating markets and achieve positive investment outcomes will be closely monitored by stakeholders moving forward.