SCHEDULE: Wells Fargo Exits AllianceBernstein Muni Fund Preferred Shares

Wells Fargo & Company and its affiliate have fully redeemed their Variable Rate MuniFund Term Preferred Shares in AllianceBernstein National Municipal Income Fund, Inc.

Summary

• Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC (collectively, the "Reporting Persons") filed an Amendment No. 1 to their Schedule 13D.
• The amendment reports the redemption by AllianceBernstein National Municipal Income Fund, Inc. (the "Issuer") of 3,531 Variable Rate MuniFund Term Preferred Shares (CUSIP No. 01864U502).
• The redemption occurred on October 27, 2025.
• As a result of this redemption, the Reporting Persons no longer own any Preferred Shares of the Issuer.
• The Reporting Persons ceased to be the beneficial owner of more than five percent of the class of securities on October 27, 2025.
• All voting and financing arrangements related to the Preferred Shares have been terminated.

Sentiment

Score: 5

Explanation: The filing is a factual report of a completed transaction, not indicating inherently positive or negative operational performance or strategic shifts beyond the divestment itself.

Positives

• Reporting Persons have fully divested their position, reducing their exposure to these specific Preferred Shares.
• The Issuer's redemption of shares may simplify its capital structure or reduce financing costs associated with these shares.

Risks

• For the Reporting Persons, risks associated with holding the Variable Rate MuniFund Term Preferred Shares are now eliminated due to the full redemption.

Future Outlook

No specific forward-looking statements or guidance are provided in this amendment, as it reports a completed transaction.

Management Comments

• Patricia Arce, Designated Signer for Wells Fargo & Company, and Daniel Frizsell, Vice President for Wells Fargo Municipal Capital Strategies, LLC, certified that the information set forth in the statement is true, complete, and correct to the best of their knowledge and belief after reasonable inquiry.

Industry Context

This filing details a specific transaction between two entities and does not provide broader industry context or trends. It reflects a change in beneficial ownership for a specific closed-end fund's preferred shares.

Stakeholder Impact

• Shareholders of AllianceBernstein National Municipal Income Fund, Inc. will see a change in the beneficial ownership structure of its Variable Rate MuniFund Term Preferred Shares.
• Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC are no longer stakeholders in these specific Preferred Shares.

Next Steps

• No further actions or milestones are mentioned for the reporting persons regarding these specific shares, as their ownership has ceased.

Key Dates

Keywords

AllianceBernstein, Wells Fargo, Municipal Income Fund, Preferred Shares, Schedule 13D, Redemption, Investment, Beneficial Ownership