GERKEN R JAY 4

What Happened R. Jay Gerken, a director of AllianceBernstein National Municipal Income Fund (AFB), made an open-market purchase of 2,500 shares on May 22, 2026. The shares were acquired at $10.96 per share for a total transaction value of approximately $27,388. This was a straight purchase (transaction code P), which investors often view as a more informative (potentially bullish) signal than routine sales, though motivations are not disclosed.

Key Details

• Transaction date and price: 2026-05-22 — 2,500 shares at $10.96 each.
• Total value: ~$27,388.
• Shares owned after transaction: Not specified in the provided filing details; see the Form 4 for full post-transaction holdings.
• Footnotes/plan: No 10b5-1 plan, tax withholding, or other special footnotes indicated in the provided summary.
• Filing timeliness: The Form 4 was filed on 2026-05-27, five days after the trade date. SEC rules generally require Form 4s within two business days of the transaction, so this filing appears to be late, which reduces short-term transparency.

Context Director purchases are often watched by retail investors as a sign that an insider is willing to add to their stake, but they do not prove future performance and can reflect many non-public reasons. For full details (post-transaction holdings and any additional disclosures), consult the filed Form 4.