Core Viewpoint - AllianceBernstein National Municipal Income Fund, Inc. plans to redeem all outstanding 2018 Variable Rate MuniFund Term Preferred Shares at a price of $25,000 per share, totaling $88.275 million plus unpaid dividends [1][2]. Group 1 - The Fund intends to use proceeds from the creation of tender option bond (TOB) trusts to facilitate the redemption of the 2018 VMTPS [1][2]. - The redemption is scheduled for on or about October 27, 2025, and is subject to certain notice and other requirements [2]. - The creation of TOB trusts will allow the Fund to replace the leverage currently obtained through the 2018 VMTPS [2]. Group 2 - AllianceBernstein L.P. and the Fund's Board of Directors believe that the full redemption of the 2018 VMTPS and the proposed creation of TOB trusts are in the best interests of the Fund and its stockholders [2].