Merger to Terminate Advisory Agreement for AllianceBernstein National Municipal Income Fund
Equitable Holdings and Corebridge Financial have agreed to merge by end-2026, triggering an “assignment” that automatically terminates the investment advisory agreement for AllianceBernstein National Municipal Income Fund under the 1940 Act. The fund’s board will consider a new advisory agreement for shareholder approval to take effect at closing.
1. Transaction Overview
On March 26, 2026, Equitable Holdings, the majority holder of partnership interests in AllianceBernstein L.P., and Corebridge Financial entered a definitive merger agreement set to close by the end of 2026, subject to regulatory and shareholder approvals.
2. Advisory Agreement Termination
Under the Investment Company Act of 1940, the merger will constitute an “assignment” of the existing investment advisory agreement for the National Municipal Income Fund, triggering automatic termination of that agreement upon closing.
3. Approval Process
Prior to closing, the fund’s board of directors will review and, if approved, adopt a new investment advisory agreement. That proposed agreement will then be submitted to shareholders for a vote, with effectiveness contingent on both board and shareholder approval.
4. Fund Structure
AllianceBernstein National Municipal Income Fund is a registered closed-end management investment company managed by AllianceBernstein L.P. The outcome of the merger and approval process will directly determine its future advisory relationship and fee structure.