Karpus Management Reports 12.56% Stake in AllianceBernstein National Municipal Income Fund Inc

On July 16, 2026, Karpus Management, Inc. (d/b/a Karpus Investment Management) filed a Schedule 13D disclosing a significant ownership position in AllianceBernstein National Municipal Income Fund Inc (AFB). As of the event date on July 15, 2026, Karpus beneficially owns 3,609,635 common shares, representing 12.56% of the class. The shares were acquired for investment purposes through various accounts managed by Karpus using approximately $39.33 million in working capital. The filing details active trading over the past 60 days, including substantial purchases such as 121,981 shares on May 29 and 91,268 shares on June 8, alongside smaller intermittent sales. Karpus maintains sole voting and dispositive power over all reported shares. While Karpus is controlled by City of London Investment Group plc (CLIG), it operates under informational barriers that allow it to exercise independent investment power. Currently, the filer has no specific plans for extraordinary corporate transactions but continues to monitor its investment in the ordinary course of business.