AFB - AllianceBernstein National Municipal Income Fund

What this means for you

Karpus has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Oct 2, 2026

   Karpus raised its stake to 13.6% (from 12.6%), as a passive investor.

   Original document →

2. July 31, 2026

   Allspring Global Investments Holdings, LLC sold down below 5% and stopped reporting.

   Original document →

3. July 16, 2026

   Karpus changed its mind: it now says it may push for changes. It owns 12.6%.

   Original document →

4. May 14, 2026

   Karpus raised its stake to 8.9% (from 5.4%), as a passive investor.

   Original document →

5. April 14, 2026

   Allspring Global Investments Holdings, LLC now owns 5.1%, as a passive investor.

   Original document →

About this fund

• Run by AllianceBernstein L.P. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $339 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 41% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 43% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.6% a year in management fees; 3.7% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 14 charge a lower management fee and 60 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year the fund told the regulator that all of what it paid out came from income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $12.20. The shares traded at $10.99, about 9.9% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 0.5% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2001.

What a holder made

• The holdings over the last twelve months we have, to July 31, 2026: +13.2%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. New York Transportation Development, New York St Transprtn Dev Corp Spl Fac Revenue - 6.3%
2. Oklahoma Turnpike Authority, Oklahoma St Turnpike Auth - 3.2%
3. Rockwall Independent School District, Rockwall TX Indep Sch Dist - 3%
4. City of New York NY, New York NY - 3%
5. Florida Development Finance, Florida St Dev Fin Corp - 2.9%
6. Chicago Board of Education, Chicago IL Brd of Edu - 2.8%
7. Salt Verde Financial, Salt Verde AZ Financial Corp Senior Gas Revenue - 2.6%
8. Metropolitan Pier & Exposition Authority, Met Pier & Exposition Auth IL Revenue - 2.5%
9. Public Finance Authority, Public Fin Auth WI Hotel Revenue - 2.4%
10. Pennsylvania Economic Development Financing Authority, Pennsylvania St Econ Dev Fing Auth T/E Private Activity Rev - 2.3%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →