Karpus reports 5.36% stake in AFB fund

Karpus Management, Inc. reported beneficial ownership of 1,539,698 common shares of AllianceBernstein National Municipal Income Fund, equal to 5.36% of the class as of 12/31/2025.

Rhea-AI Filing Summary

Karpus Management, Inc. reported beneficial ownership of 1,539,698 common shares of AllianceBernstein National Municipal Income Fund, equal to 5.36% of the class as of 12/31/2025. Karpus has sole voting and dispositive power over these shares, which are held in client accounts it manages.

The firm, a New York–based registered investment adviser, states the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of the fund. Information barriers separate Karpus from its parent, City of London Investment Group plc, so ownership is attributed solely to Karpus.

FAQ

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

What stake in AllianceBernstein National Municipal Income Fund (AFB) did Karpus report?

Karpus Management, Inc. reported beneficial ownership of 1,539,698 AFB common shares, representing 5.36% of the fund’s outstanding class. The shares are held in accounts Karpus manages, over which it has sole voting and dispositive power, according to the Schedule 13G filing.

Who is the reporting person in the AFB Schedule 13G filing?

The reporting person is Karpus Management, Inc., doing business as Karpus Investment Management. It is a registered investment adviser based in New York and controlled by City of London Investment Group plc, but it exercises voting and investment power over AFB shares independently through established informational barriers.

Is Karpus’s 5.36% ownership in AFB considered a passive investment?

Karpus states the AFB securities were acquired and are held in the ordinary course of business, not to change or influence control. The certification specifies the holding is not connected with any control-related transaction, consistent with a passive investment reported on Schedule 13G.

Does Karpus share voting or dispositive power over its AFB shares with any other party?

No. Karpus reports sole voting and sole dispositive power over all 1,539,698 AFB shares. The filing lists shared voting power and shared dispositive power as 0.00, indicating exclusive authority over how these shares are voted and potentially sold.

What is the relationship between Karpus and City of London Investment Group in this AFB filing?

Karpus is controlled by City of London Investment Group plc, but effective informational barriers separate the two. The filing explains that voting and investment power over AFB securities is exercised by Karpus independently, so beneficial ownership is not attributed between Karpus and its parent.

What class of securities of AFB is covered by this Schedule 13G?

The filing covers the common shares of AllianceBernstein National Municipal Income Fund with CUSIP 01864U106. Karpus reports beneficial ownership of this specific class of securities, detailing both the number of shares held and the corresponding percentage of the outstanding class.

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

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Accepted by SEC EDGAR 02/13/2026 - 04:06 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND

(Name of Issuer)

Common

(Title of Class of Securities)

01864U106

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 1,539,698.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,539,698.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,539,698.00

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)

5.36 %

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: 1,539,698.00
(b)	Percent of class: 5.36 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,539,698.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 1,539,698.00
	(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:	02/13/2026