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. July 16, 2026

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

   Original document →

2. May 14, 2026

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

   Original document →

3. Feb 18, 2026

   Saba sold down below 5% and stopped reporting.

   Original document →

4. Feb 13, 2026

   Karpus now owns 5.4%, as a passive investor.

   Original document →

5. Feb 11, 2026

   Saba cut its stake to 5.5% (from 6.6%). It has said it may push for changes.

   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 $345 million of holdings, as of April 30, 2026. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 40% on top of its own money, as of April 30, 2026. Borrowed money makes gains and losses bigger. About 43% of that is money the fund has borrowed by selling preferred shares. As of April 30, 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 →
• Payouts: last fiscal year the fund told the regulator that all of what it paid out came from income. 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: up 2.7% over the last three months we have (Feb-April 2026), before the share price is taken into account. Over the last 12 months: +12.5%. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2001.

What the fund holds

Almost all tax-free municipal bonds (99%). About 100% issued in the U.S.

1. Oklahoma Turnpike Authority, Oklahoma St Turnpike Auth - 3.3%
2. New York Transportation Development, New York St Transprtn Dev Corp Spl Fac Revenue - 6.2%
3. City of New York NY, New York NY - 3%
4. Florida Development Finance, Florida St Dev Fin Corp - 2.8%
5. Salt Verde Financial, Salt Verde AZ Financial Corp Senior Gas Revenue - 2.7%
6. Metropolitan Pier & Exposition Authority, Met Pier & Exposition Auth Il Revenue - 2.5%
7. Public Finance Authority, Public Fin Auth Wi Hotel Revenue - 2.4%
8. Pennsylvania Economic Development Financing Authority, Pennsylvania St Econ Dev Fing Auth T/E Private Activity Rev - 2.3%
9. County of Smith TX, Smith Cnty TX - 2.1%
10. Dallas Independent School District, Dallas TX Indep Sch Dist - 1.9%

As of April 30, 2026, from the fund's quarterly holdings report. Original document →