AllianceBernstein National Municipal Income Fund, Inc.
US ˙ NYSE ˙ US01864U1060

SecurityAFB / AllianceBernstein National Municipal Income Fund, Inc.
InstitutionKarpus Management, Inc.
ManagerGeorge Karpus
Latest Disclosed Ownership2,553,118 shares
Ownership 8.88%
Karpus Management, Inc. ownership in AFB / AllianceBernstein National Municipal Income Fund, Inc.

2026-05-14 - Karpus Management, Inc. has filed an SCHEDULE 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 2,553,118 shares of AllianceBernstein National Municipal Income Fund, Inc. (US:AFB). This represents 8.88 percent ownership of the company. In their previous filing dated 2026-02-13 , Karpus Management, Inc. had reported owning 1,539,698 shares, indicating an increase of 65.82 percent.

Institutional Ownership: 13D/G Filings

This table shows a history of the 13D/G filings made by the investor and/or investor group. Note that the share values in this table are not directly comparable to any numbers shown in the 13F table (if any).

File
Date		Effective
Date		Form Prev
Shares		 Latest
Shares		 ΔShares
(Percent)		 Ownership
(Percent)		 ΔOwnership
(Percent)
2026-05-14 2026-05-14 13G/A 1,539,698 2,553,118 65.82 8.88 65.67
2026-02-13 2026-02-13 13G 1,539,698 5.36

Important Note: One of the primary uses of the 13D/G filings is to evaluate the ability of a firm to control a company (ie, the "beneficial ownership"). To that end, firms are required to report not just direct holdings in companies, but indirect holdings that they control. For investment firms, these indirect holdings can include shares in funds they manage, advisory accounts, and in the case of activist campaigns, pledged votes. Therefore, share counts listed in 13D/G filings can differ significantly than share counts listed in 13F filings.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 2,553,118 1,013,420 65.82 27,293 63.83 0.8515
2026-02-17 2025-12-31 13F/A-1 ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 1,539,698 257,864 20.12 16,660 19.79 0.5116
2025-11-14 2025-09-30 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 1,281,834 136,847 11.95 13,908 17.82 0.4405
2025-08-14 2025-06-30 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 1,144,987 426,910 59.45 11,805 51.37 0.3806
2025-05-14 2025-03-31 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 718,077 543,701 311.80 7,798 311.50 0.2527
2025-02-14 2024-12-31 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 174,376 -17,400 -9.07 1,895 -16.22 0.0561
2024-11-13 2024-09-30 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 191,776 -5,198 -2.64 2,263 3.38 0.0629
2024-08-13 2024-06-30 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 196,974 -6,980 -3.42 2,188 -2.37 0.0616
2024-05-13 2024-03-31 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 203,954 -1,700 -0.83 2,241 0.54 0.0647
2024-02-13 2023-12-31 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 205,654 -8,434 -3.94 2,229 11.51 0.0678
2023-11-09 2023-09-30 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 214,088 -807,578 -79.05 2,000 -81.76 0.0672
2023-08-11 2023-06-30 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 1,021,666 -28,425 -2.71 10,962 -4.66 0.3445
2023-05-11 2023-03-31 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 1,050,091 229,302 27.94 11,498 33.68 0.3607
2023-02-15 2022-12-31 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 820,789 758,881 1,225.82 8,602 1,241.81 0.2908
2022-11-14 2022-09-30 13F ALLIANCE NATIONAL MUNICIPAL INCOME FUND COM 01864U106 61,908 61,908 641 0.0225
2022-02-11 2021-09-30 13F/A-1 ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 0 -17,477 -100.00 0 -100.00
2021-11-12 2021-09-30 13F ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 0 -17,477 0
2021-08-13 2021-06-30 13F ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 17,477 17,477 266 0.0079
2021-05-17 2021-03-31 13F ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 0 -111,667 -100.00 0 -100.00
2021-02-16 2020-12-31 13F ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 111,667 -42,728 -27.67 1,610 -25.19 0.0506
2020-11-12 2020-09-30 13F ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 154,395 14,477 10.35 2,152 15.20 0.0778
2020-08-20 2020-06-30 13F/A-1 ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 139,918 -59,069 -29.68 1,868 -26.37 0.0708
2020-08-14 2020-06-30 13F ALLIANCEBERNSTEIN NATL MUNI COM COM 01864U106 139,918 -59,069 1,868 73,247.3474
2020-05-18 2020-03-31 13F ALLIANCEBERNSTEIN NATL MUNI COM COM 01864U106 198,987 -17,454 -8.06 2,537 -16.16 0.0973
2020-05-15 2019-12-31 13F/A-1 ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 216,441 -23,850 -9.93 3,026 -8.61 0.1011
2020-02-14 2019-12-31 13F ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 216,441 -23,850 3,026 101,136.3298
2019-10-16 2019-09-30 13F ALLIANCEBERNSTEIN NATL MUNI COM 01864U106 240,291 -2,500 -1.03 3,311 1.38 0.1267
2019-08-14 2019-06-30 13F ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 242,791 350 0.14 3,266 4.01 0.1187
2019-05-15 2019-03-31 13F ALLIANCEBERNSTEIN NATL MUNI COM 01864U106 242,441 -7,000 -2.81 3,140 3.77 0.1145
2019-02-15 2018-12-31 13F/A-1 ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 249,441 -94,400 -27.45 3,026 -28.97 0.1251
2019-02-14 2018-12-31 13F ALLIANCEBERNSTEIN NATL MUNI COM 01864U106 249,441 3,076
2018-11-14 2018-09-30 13F ALLIANCEBERNSTEIN NATL MUNI COM 01864U106 343,841 -1,500 -0.43 4,260 -1.93 0.1720
2018-08-14 2018-06-30 13F ALLIANCEBERNSTEIN NATL MUNI COM 01864U106 345,341 14,630 4.42 4,344 5.00 0.1901
2018-05-14 2018-03-31 13F ALLIANCEBERNSTEIN NATL MUNI COM 01864U106 330,711 -30,552 -8.46 4,137 -14.54 0.1857
2018-02-14 2017-12-31 13F ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 361,263 -1,076 -0.30 4,841 -4.29 0.2235
2017-12-01 2017-09-30 13F/A-1 ALLIANCE NATIONAL MUNI COM 01864U106 362,339 -80,392 -18.16 5,058 -16.55 0.2567
2017-11-14 2017-09-30 13F ALLIANCE NATIONAL MUNI COM 01864U106 362,339 5,058
2017-08-14 2017-06-30 13F ALLIANCE NATIONAL MUNI COM 01864U106 442,731 -215,933 -32.78 6,061 -31.23 0.3065
2017-05-15 2017-03-31 13F ALLIANCE NATIONAL MUNI COM 01864U106 658,664 299,094 83.18 8,813 85.38 0.4555
2017-02-14 2016-12-31 13F ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 359,570 -29,463 -7.57 4,754 -17.03 0.2732
2016-11-14 2016-09-30 13F ALLIANCE NATIONAL MUNI COM 01864U106 389,033 -17,429 -4.29 5,730 -6.59 0.3028
2016-08-15 2016-06-30 13F ALLIANCEBERNSTEIN NATL MUNI IN COM COM 01864U106 406,462 -407,179 -50.04 6,134 -47.83 0.3146
2016-05-13 2016-03-31 13F ALLIANCE NATIONAL MUNI COM 01864U106 813,641 -200 -0.02 11,757 4.61 0.5345
2016-02-12 2015-12-31 13F ALLIANCE NATIONAL MUNI COM 01864U106 813,841 311,463 62.00 11,239 68.32 0.5048
2015-11-13 2015-09-30 13F ALLIANCE NATIONAL MUNI COM 01864U106 502,378 81,699 19.42 6,677 20.15 0.3101
2015-08-14 2015-06-30 13F ALLIANCE NATIONAL MUNI COM 01864U106 420,679 420,679 5,557 0.2606
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.