Karpus Reports 8.88% Stake in AFB

AllianceBernstein National Municipal Income Fund ownership update: Karpus Management, Inc. reports beneficial ownership of 2,553,118 shares, representing 8.88% of the outstanding common stock as of 03/31/2026.

Accepted by SEC EDGAR 05/14/2026 - 04:08 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

AllianceBernstein National Municipal Income Fund ownership update: Karpus Management, Inc. reports beneficial ownership of 2,553,118 shares, representing 8.88% of the outstanding common stock as of 03/31/2026. The shares are held in accounts managed by Karpus, which discloses sole voting and sole dispositive power over the reported shares.

Insights

Institutional Ownership Analyst

Karpus holds a sizable 8.88% stake in AFB-managed accounts.

Karpus Management reports direct beneficial ownership of 2,553,118 shares with sole voting and dispositive power. The filing is an amendment to a Schedule 13G, indicating passive/institutional reporting status rather than an activist or control intent.

Key dependencies include verification of the 03/31/2026 reporting period and Karpus's disclosure that attribution to its parent is not required due to informational barriers. Subsequent filings could show changes in position size or classification.

Key Figures

Shares beneficially owned: 2,553,118 shares Percent of class: 8.88% Reporting form: Schedule 13G/A +1 more

4 metrics

Shares beneficially owned 2,553,118 shares reported as beneficial ownership

Percent of class 8.88% ownership percentage as disclosed

Reporting form Schedule 13G/A amendment filed reporting position

Reporting period 03/31/2026 period referenced on the cover page

Key Terms

Schedule 13G/A, beneficial ownership, sole dispositive power, informational barriers

4 terms

Schedule 13G/A regulatory

"amendment to Schedule 13G/A reporting beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficial ownership financial

"Amount beneficially owned: 2,553,118.00 (b) Percent of class: 8.88 %"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

sole dispositive power regulatory

"Sole Dispositive Power 2,553,118.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

informational barriers regulatory

"effective informational barriers have been established between Karpus and CLIG"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Karpus Management report in AFB?

Karpus reports beneficial ownership of 2,553,118 shares, equal to 8.88% of the common stock as of 03/31/2026. The shares are held in accounts managed by Karpus.

Does Karpus have voting power over the AFB shares?

Yes. Karpus discloses sole voting power and sole dispositive power for the 2,553,118 shares reported in the amendment filed on 05/14/2026.

Is the Karpus stake attributed to its parent company CLIG?

No. Karpus states that informational barriers exist under SEC Release No. 34-39538, so attribution to City of London Investment Group plc is not required and Karpus reports independent voting and investment control.

What form was filed to report this ownership change for AFB?

The position is reported on an amended Schedule 13G/A, which typically reflects institutional or passive investor holdings rather than activist ownership or control solicitations.

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

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND

(Name of Issuer)

Common

(Title of Class of Securities)

01864U106

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 01864U106

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,553,118.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,553,118.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,553,118.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.88 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND
(b)	Address of issuer's principal executive offices: 66 Hudson Boulevard East New York, New York 10005
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). 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 Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: 01864U106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,553,118.00
(b)	Percent of class: 8.88 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,553,118.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 2,553,118.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	05/14/2026