Karpus takes 12.56% stake in AllianceBernstein fund (NYSE: AFB)

Rhea-AI Filing Summary

Karpus Management, Inc., a New York–based registered investment adviser, has reported beneficial ownership of 3,609,635 common shares of AllianceBernstein National Municipal Income Fund Inc. (AFB. This position represents 12.56% of the 28,744,936 shares outstanding, based on the issuer’s Form N-CSR for the period ending April 30, 2026.

The shares are held in client accounts managed by Karpus under limited powers of attorney and were primarily acquired through open-market purchases using those accounts’ funds, for an aggregate purchase price of approximately $39,329,160.76 excluding commissions. Karpus has sole voting and dispositive power over the reported shares, states that the position was acquired for investment purposes, and indicates no current plans or proposals regarding corporate actions listed in Item 4(a)-(j). Karpus is controlled by City of London Investment Group plc but maintains informational barriers so that voting and investment power over these securities is exercised independently.

Key Figures

Beneficial ownership: 3,609,635 Shares Ownership percentage: 12.56 % Shares outstanding: 28,744,936 Shares +2 more

5 metrics

Beneficial ownership 3,609,635 Shares Common shares of AllianceBernstein National Municipal Income Fund Inc. beneficially owned by Karpus as of July 15, 2026

Ownership percentage 12.56 % Percent of AFB’s outstanding common shares represented by Karpus’s 3,609,635-share position

Shares outstanding 28,744,936 Shares Total AFB shares outstanding used for the ownership calculation, from Form N-CSR for period ending April 30, 2026

Aggregate purchase price $39,329,160.76 Approximate aggregate price paid for 3,609,635 AFB shares, excluding brokerage commissions

Sole voting power 3,609,635 Shares Number of AFB shares over which Karpus has sole power to vote or direct the vote

Key Terms

beneficially owned, sole voting power, Dispositive Power, margin loans, +1 more

5 terms

beneficially owned financial

"As of the close of business on July 15, 2026 Karpus beneficially owned an aggregate of 3,609,635 Shares"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 7 Sole Voting Power 3,609,635.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Dispositive Power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 9 Sole Dispositive Power 3,609,635.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

margin loans financial

"which may at any given time, include margin loans made by brokerage firms in the ordinary course of business"

Margin loans are loans from a brokerage that let an investor borrow money using their existing stocks, bonds or cash as collateral to buy more securities. They matter because borrowing magnifies both gains and losses—like using a lever to move a heavier load—so small market moves can have outsized effects on your returns; investors also pay interest and risk a margin call, where the broker may force sales if collateral falls below required levels.

registered investment adviser financial

"Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940"

A registered investment adviser (RIA) is a firm or individual legally registered with regulators to give personalized investment advice and manage clients' money, with a duty to put clients’ interests ahead of their own. Think of an RIA as a licensed financial guide who must disclose fees, conflicts and how they are paid; that transparency and legal duty matter to investors because it reduces the risk of hidden costs or biased recommendations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 07/16/2026 - 02:45 PM Accepted by SEC EDGAR 07/16/2026 - 02:45 PM Learn about SEC filing dates

FAQ

What ownership stake in AFB did Karpus Management report?

Karpus Management reported beneficial ownership of 3,609,635 common shares of AllianceBernstein National Municipal Income Fund Inc. (AFB), representing 12.56% of the outstanding shares as of July 15, 2026, based on 28,744,936 shares outstanding from the issuer’s Form N-CSR.

How many AllianceBernstein National Municipal Income Fund (AFB) shares were used to calculate Karpus’s percentage stake?

The 12.56% stake is calculated using 28,744,936 shares outstanding, which is the total number of common shares reported by AllianceBernstein National Municipal Income Fund Inc. on its Form N-CSR for the reporting period ending April 30, 2026, filed on July 2, 2026.

What is the aggregate purchase price Karpus paid for its AFB position?

Karpus states that the aggregate purchase price for the 3,609,635 AFB shares it beneficially owns is approximately $39,329,160.76, excluding brokerage commissions. The fund’s shares were acquired primarily through open-market purchases in client accounts managed by Karpus.

Does Karpus Management have control over voting and sale of its AFB shares?

Yes. Karpus reports sole voting power and sole dispositive power over 3,609,635 AFB shares, with no shared voting or dispositive authority. No other person is known to have the right to receive dividends or sale proceeds from these shares.

What is Karpus Management’s stated purpose for holding AFB shares?

Karpus states the AFB shares were acquired for investment purposes. It reports that it does not currently have plans or proposals relating to the corporate actions and control-related matters described in Item 4(a)-(j) of the Schedule 13D requirements.

How did Karpus fund the purchase of AFB shares for its clients?

The AFB shares were purchased using funds from client accounts managed by Karpus, which may include working capital and margin loans from brokerage firms in the ordinary course of business. The purchases were primarily open-market transactions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND INC

(Name of Issuer)

Common Shares

(Title of Class of Securities)

01864U106

(CUSIP Number)

Daniel L. Lippincott, Pres/CIO
Karpus Management, Inc., 183 Sully's Trail
Pittsford, NY, 14534
585-586-4680

Adam W. Finerman, Esq.
BakerHostetler, 45 Rockfeller Plaza
New York, NY, 10111
212-589-4233

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/15/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 01864U106

1

Name of reporting person

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,609,635.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,609,635.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,609,635.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

12.56 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares
(b)	Name of Issuer: ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND INC
(c)	Address of Issuer's Principal Executive Offices: 66 Hudson Boulevard East, New York, NEW YORK , 10005.
Item 2.	Identity and Background
(a)	This statement is filed by: Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The shares to which this filing relates are owned directly by the Accounts managed by Karpus. Set forth on Schedule A annexed hereto ("Schedule A") is the name and present principal business, occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted of the executive officers and directors of Karpus. To the knowledge of Karpus, except as otherwise disclosed on Schedule A, none of the persons listed on Schedule A beneficially owns any securities of the Issuer or is a party to any contract, agreement or understanding required to be disclosed herein.
(b)	The address of the principal office of Karpus is 183 Sully's Trail, Pittsford, New York 14534.
(c)	The principal business of Karpus is serving as a registered investment adviser that provides investment management for individuals, pension plans, profit sharing plans, corporations, endowments, trust, and others.
(d)	Neither Karpus, nor to the knowledge of Karpus, any person listed on Schedule A has, during the past five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	Neither Karpus, nor to the knowledge of Karpus, any person listed on Schedule A has, during the last five years, been party to a civil proceeding or a judicial or administrative body of competent jurisdiction as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Karpus is organized under the laws of the State of New York.
Item 3.	Source and Amount of Funds or Other Consideration
	Karpus an independent registered investment advisor, has accumulated 3,609,635 Shares on behalf of accounts managed by Karpus (the "Accounts") under limited powers of attorney. All funds that have been utilized in making such purchases for the Accounts (which are open market purchases unless otherwise noted) are from such Accounts. The aggregate purchase price of the 3,609,635 Shares beneficially owned by Karpus is approximately $39,329,160.76, excluding brokerage commissions. The Shares purchased by Karpus with working capital (which may at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases except as otherwise noted herein.
Item 4.	Purpose of Transaction
	Securities were acquired for investment purposes and Karpus does not currently have any plans or proposals relating to the matters listed in Item 4(a)-(j).
Item 5.	Interest in Securities of the Issuer
(a)	As of the close of business on July 15, 2026 Karpus beneficially owned an aggregate of 3,609,635 Shares held in the Accounts, which represents approximately 12.56% of the 28,744,936 Shares outstanding, which is the total number of Shares outstanding as reported on the Form N-CSR filed by the Issuer with the U.S. Securities and Exchange Commission on July 2, 2026 for the reporting period ending April 30, 2026.
(b)	1. Sole power to vote or direct vote: 3,609,635 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 3,609,635 4. Shared power to dispose or direct the disposition: 0
(c)	The transactions in the Shares by Karpus through the Accounts during the past sixty (60) days are set forth in Schedule B and incorporated herein by reference.
(d)	No person other than the reporting person is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	There are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Daniel L. Lippincott
Name/Title:	Daniel L. Lippincott / President and Chief Investment Officer
Date:	07/16/2026