AFB municipal fund posted $0.97/share gain in Q3 2025, redeemed old preferred shares, and launched new trusts.

AllianceBernstein National Municipal Income Fund (AFB) reported a quarterly net investment income of $0.13 per share and a total net gain of $0.97 per share for the quarter ended October 31, 2025, driven by realized and unrealized gains. The fund’s net asset value per share was $12.20, with total net assets at $350.8 million. It announced the full redemption of its 2018 Variable Rate Munifund Term Preferred Shares and the creation of Tender Option Bond Trusts to replace leverage. The stock closed at $10.73, yielding 5.6% annually.