AllianceBernstein National Municipal Income Fund Shifts to Monthly Payouts

The fund, traded on the NYSE under the ticker AFB, clarified that these distributions are not strictly tied to net investment income or realized capital gains. If payouts exceed those earnings, the difference will be classified as a return of capital. This mechanism effectively hands back a portion of the shareholder's original investment rather than distributing generated profit, a distinction the fund urges investors to recognize when evaluating performance.

While the policy offers a steady cadence of payments, the fund's board retains the authority to modify or terminate the program at any time without prior requirement. AllianceBernstein L.P. will continue to monitor the policy's impact alongside the board to ensure it remains aligned with the fund’s broader mandate as a closed-end management investment company.