ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND - Common Shares, $0.001 par value (AFB) Institutional Ownership

13F Institutional Holders and Ownership History from Q1 2014 to Q4 2025

Type / Class
Equity / Common Shares, $0.001 par value
Symbol
AFB on NYSE
Shares outstanding
28,729,877
Price per share
$10.88
All holders as of 31 Dec 2025
Q4 2025
Total 13F shares
18,820,623
Total reported value
$203,649,741
% of total 13F portfolios
0%
Share change
+783,162
Value change
+$8,461,658
Number of holders
91
Price from insider filings
$10.88
Reported Shares, Excluding Options vs Price
Reported Value, Excluding Options
Total Investors

Significant Owners of ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND - Common Shares, $0.001 par value (AFB) based on Schedule 13D/G filings

Filer Ownership Change % Holdings Value Net Change Nb Shares Change % Reporting Name Report Period
Karpus Management, Inc. 5.4% $16,751,914 1,539,698 KARPUS MANAGEMENT, INC. 31 Dec 2025
Saba Capital Management, L.P. 4.9% -11% $15,285,214 -$2,029,729 1,404,891 -12% Saba Capital Management, L.P. 13 Feb 2026

As of 31 Dec 2025, 91 institutional investors reported holding 18,820,623 shares of ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND - Common Shares, $0.001 par value (AFB). This represents 66% of the company’s total 28,729,877 outstanding shares.

Top 25 Institutional Shareholders

The largest institutional shareholders of ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND - Common Shares, $0.001 par value (AFB) together control 59% of the company’s outstanding shares — a level of ownership often associated with strong institutional conviction and long‑term capital commitment.

Institution Ownership % Shares Held Share Change % Portfolio % Holdings Value
Saba Capital Management, L.P. 9.6% 2,760,256 -10% 1% $29,865,970
Pathstone Holdings, LLC 9.5% 2,742,394 +28% 0.11% $29,672,702
Karpus Management, Inc. 5.4% 1,539,698 +20% 0.51% $16,659,532
Allspring Global Investments Holdings, LLC 5% 1,432,746 +17% 0.03% $15,502,312
RIVERNORTH CAPITAL MANAGEMENT, LLC 3.6% 1,039,845 +2.5% 0.53% $11,251,123
KEYBANK NATIONAL ASSOCIATION/OH 3.2% 930,742 +5.6% 0.04% $10,070,631
MORGAN STANLEY 2.5% 714,177 +0.41% 0% $7,727,408
GUGGENHEIM CAPITAL LLC 2.5% 705,049 +49% 0.06% $7,628,630
Advisors Asset Management, Inc. 2.4% 699,896 +21% 0.13% $7,572,875
Hennion & Walsh Asset Management, Inc. 2.1% 609,785 +8.3% 0.23% $6,597,874
WELLS FARGO & COMPANY/MN 1.7% 494,690 +0.37% 0% $5,352,551
SIT INVESTMENT ASSOCIATES INC 1.7% 480,983 -22% 0.1% $5,204,000
CITY OF LONDON INVESTMENT MANAGEMENT CO LTD 1.6% 453,640 0% 0.37% $4,908,385
Lido Advisors, LLC 1.1% 312,075 0% 0.01% $3,386,018
Fiera Capital Corp 0.93% 268,207 0.01% $2,902,000
VAN ECK ASSOCIATES CORP 0.84% 242,494 +15% 0% $2,624,000
ROYAL BANK OF CANADA 0.75% 215,218 +0.5% 0% $2,329,000
Almitas Capital LLC 0.75% 214,282 0% 0.51% $2,318,531
COMMONWEALTH EQUITY SERVICES, LLC 0.69% 197,189 -6.2% 0% $2,133,580
Logan Stone Capital, LLC 0.66% 188,972 +61% 0.5% $2,044,677
UBS Group AG 0.54% 156,142 +229% 0% $1,689,456
Indiana Trust & Investment Management Co 0.53% 152,252 0% 0.49% $1,647,367
Bank of New York Mellon Corp 0.49% 140,872 +5.7% 0% $1,524,231
RIVERBRIDGE PARTNERS LLC 0.48% 138,885 +38% 0.03% $1,502,734
LORD, ABBETT & CO. LLC 0.4% 115,072 0% 0% $1,245,000

Institutional Holders of ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND - Common Shares, $0.001 par value (AFB) across Reporting Periods

Period Reported Shares, Excl. Options Value, Excl. Options Value Change Price (Median) Investors
2025 Q4 18,820,623 $203,649,741 +$8,461,658 $10.82 91
2025 Q3 17,978,531 $195,018,428 +$7,588,164 $10.85 76
2025 Q2 17,269,588 $178,047,580 -$5,680,405 $10.31 81
2025 Q1 17,783,529 $193,571,626 +$4,023,233 $10.86 79
2024 Q4 17,407,134 $189,304,719 +$15,886,390 $10.87 79
2024 Q3 15,985,181 $188,506,122 +$4,472,331 $11.80 80
2024 Q2 16,421,968 $182,442,679 +$10,758,946 $11.11 90
2024 Q1 15,454,301 $169,802,946 +$7,663,893 $10.99 83
2023 Q4 14,758,156 $159,963,475 -$15,224,934 $10.84 78
2023 Q3 14,547,148 $135,882,345 +$8,576,466 $9.34 74
2023 Q2 13,611,082 $146,041,179 +$3,406,850 $10.73 79
2023 Q1 13,291,028 $145,494,054 +$7,741,505 $10.95 78
2022 Q4 12,598,788 $132,137,027 +$12,214,963 $10.48 81
2022 Q3 11,258,869 $116,673,000 +$4,758,804 $10.36 72
2022 Q2 10,924,126 $126,390,000 +$41,588,580 $11.57 73
2022 Q1 10,067,838 $126,552,234 +$6,549,415 $12.59 73
2021 Q4 9,480,674 $140,327,161 -$7,728,723 $14.81 66
2021 Q3 9,338,429 $139,531,019 -$8,978,942 $14.94 62
2021 Q2 9,930,399 $151,145,325 -$4,390,705 $15.22 65
2021 Q1 10,220,153 $145,500,789 +$3,849,881 $14.24 67
2020 Q4 9,923,959 $143,068,774 -$699,351 $14.42 72
2020 Q3 9,950,294 $138,642,000 -$11,790,132 $13.94 64
2020 Q2 10,897,465 $145,791,000 +$6,772,558 $13.35 64
2020 Q1 10,193,417 $129,979,000 +$926,206 $12.75 60
2019 Q4 10,096,112 $141,171,000 -$4,609,371 $13.98 65
2019 Q3 9,783,788 $134,824,513 +$3,833,820 $13.78 59
2019 Q2 9,509,377 $127,917,000 +$6,089,006 $13.45 64
2019 Q1 9,066,940 $117,417,000 +$7,562,134 $12.95 63
2018 Q4 8,493,884 $103,000,000 +$5,372,570 $12.13 65
2018 Q3 8,224,574 $101,900,000 +$7,154,334 $12.39 61
2018 Q2 7,379,065 $93,109,000 +$11,724,194 $12.62 64
2018 Q1 6,456,537 $80,818,000 +$17,498,378 $12.51 64
2017 Q4 5,038,064 $67,509,224 +$7,654,323 $13.40 65
2017 Q3 4,410,096 $61,522,000 +$18,238 $13.96 56
2017 Q2 4,412,371 $60,415,000 +$758,272 $13.69 57
2017 Q1 4,358,218 $58,327,000 +$5,369,696 $13.38 56
2016 Q4 3,908,382 $51,667,000 +$5,270,439 $13.22 56
2016 Q3 3,451,467 $50,737,000 +$6,447,185 $14.73 53
2016 Q2 3,180,888 $47,982,000 -$10,047,865 $15.09 54
2016 Q1 3,850,722 $55,646,000 +$1,320,057 $14.45 48
2015 Q4 3,755,297 $51,881,000 +$11,516,322 $13.81 54
2015 Q3 2,975,932 $39,558,896 +$5,773,015 $13.29 50
2015 Q2 2,530,374 $33,423,577 +$6,526,368 $13.21 41
2015 Q1 2,052,825 $28,094,009 +$2,586,222 $13.69 40
2014 Q4 1,843,445 $25,381,609 -$583,056 $13.77 41
2014 Q3 1,864,776 $25,276,851 -$1,393,688 $13.56 34
2014 Q2 1,966,995 $27,378,209 -$1,180,391 $13.92 33
2014 Q1 2,058,519 $27,315,293 -$5,568,020 $13.27 35