Welcome to our dedicated page for AllianceBernstein Nat Muni SEC filings (Ticker: AFB), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Analyzing AllianceBernstein National Municipal Income Fund (AFB) SEC filings requires understanding the specific disclosure requirements for closed-end investment companies. Unlike operating companies that file 10-K and 10-Q reports, closed-end funds like AFB submit specialized forms that reveal portfolio holdings, financial condition, and shareholder information through a different regulatory framework.
The N-CSR (certified shareholder report) serves as the fund's primary annual and semi-annual disclosure document. These filings contain audited financial statements, portfolio schedules listing every security held, management discussion of fund performance, expense information, and details about leverage utilization. Our AI summaries help investors quickly identify key metrics like distribution coverage, leverage ratios, and credit quality breakdowns without parsing through lengthy regulatory documents.
N-PORT filings provide monthly snapshots of the fund's complete portfolio holdings, offering more frequent visibility into investment positions than the semi-annual shareholder reports. These filings reveal geographic diversification across municipal issuers, sector allocations, maturity distribution, and credit rating composition. Track how the portfolio evolves as interest rate conditions and credit spreads change.
Form 4 insider transaction reports disclose when fund officers, directors, or significant shareholders buy or sell AFB shares. While closed-end fund insider activity differs from operating company transactions, monitoring whether insiders are accumulating shares when the fund trades at a discount can provide useful context for investment decisions.
The fund's N-2 registration statement contains foundational information about investment objectives, strategies, risks, fee structures, and leverage policies. While not filed frequently, these documents establish the framework within which the fund operates and help investors understand the boundaries of permitted investment activities.
8-K equivalent filings for investment companies may announce material events such as changes to distribution policies, portfolio manager transitions, or modifications to leverage facilities. These current reports supplement the regular periodic filings with time-sensitive information investors need to monitor.
Saba Capital Management, L.P. and affiliates have filed Amendment No. 5 to a Schedule 13D for AllianceBernstein National Municipal Income Fund, Inc. (AFB), reporting beneficial ownership of 2,674,609 common shares. This represents 9.3% of the fund’s common shares, based on 28,744,936 shares outstanding as of 10/31/25, as disclosed in the fund’s N-CSR filed 1/2/26.
The reporting group consists of Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein, each showing shared voting and dispositive power over 2,674,609 shares and no sole power. They state that about $27,764,082 was paid to acquire these shares, using investor subscription proceeds, related capital appreciation, and ordinary-course margin borrowings. The amendment updates Items 3, 5, and 7, and notes that funds and accounts advised by Saba Capital are entitled to dividends and sale proceeds from these shares.
AllianceBernstein National Municipal Income Fund, Inc. (AFB) reports modest results for the year ended October 31, 2025. On a net asset value (NAV) basis, the Fund returned 1.58% over 12 months and 6.34% over six months, compared with the Bloomberg Municipal Bond Index at 4.17% and 4.99%, respectively. The market price was $10.99 and NAV was $12.20 per share at period-end.
Management attributes 12‑month underperformance mainly to sector allocation and security selection, while leverage helped over six months but slightly detracted over the year. The Fund focuses on federally tax‑exempt municipal bonds, normally keeping at least 75% of assets in investment‑grade issues and up to 25% in below‑investment‑grade bonds. As of October 31, 2025, insured municipal holdings were 11.6% of investments.
Net investment income was $14.8 million, offset by realized and unrealized losses to produce a $3.4 million net increase in net assets from operations. The Fund paid $14.1 million in distributions, largely tax‑exempt, and ended the period with $350.8 million in net assets and significant leverage through variable rate preferred shares and tender option bond structures, which can amplify both income and volatility.
AllianceBernstein National Municipal Income Fund (AFB): Saba Capital Management reported a Form 4 sale of 19,623 common shares on 11/06/2025 at $10.91 per share. Following the transaction, the reporting person beneficially owns 2,869,239 shares, held indirectly.
The remarks state that, as a result of this disposition, the reporting person now owns less than 10% of AFB’s common shares.
AllianceBernstein National Municipal Income Fund (AFB) reported insider activity on a Form 4. The reporting holder executed two open-market sales: 30,873 shares at $11.01 on 11/04/2025 and 22,247 shares at $10.99 on 11/05/2025. Following these transactions, the holder reported 2,888,862 shares beneficially owned on an indirect basis.
AllianceBernstein National Municipal Income Fund (AFB) reported an insider transaction on a Form 4. The reporting person disclosed a sale of 684 common shares at $11.01 on 11/03/2025. Following the transaction, the filing shows 2,941,982 shares beneficially owned on an indirect basis. The filing was made by one reporting person.
AllianceBernstein National Municipal Income Fund (AFB) director reported open‑market purchases. On 10/31/2025, the insider bought 9,000 shares at $11.08 and 4,500 shares at $11.0638 (Transaction Code: P). Following these trades, the insider directly owned 13,500 shares.
AllianceBernstein National Municipal Income Fund (AFB) reported an insider transaction. A filing indicates a sale of 7,693 shares of common stock on 10/29/2025 at a price of $11 per share, coded as S (sale). Following the transaction, the filer reported 2,942,666 shares beneficially owned on an indirect basis. The report is signed on behalf of Saba Capital Management, L.P. by Zachary Gindes, and separately by Boaz Weinstein.
Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC filed Amendment No. 1 to Schedule 13D for AllianceBernstein National Municipal Income Fund, Inc. (AFB), reporting that the issuer redeemed 3,531 Variable Rate MuniFund Term Preferred Shares (CUSIP 01864U502) on October 27, 2025.
Following the redemption, the reporting persons disclose 0.00 shares beneficially owned and 0% of the class. Reported powers are 0.00 for sole/shared voting and sole/shared dispositive power. They state they have ceased to be beneficial owners of more than five percent of the class and that all voting and financing arrangements relating to the preferred shares have been terminated.
Wells Fargo & Company and its subsidiary Wells Fargo Municipal Capital Strategies, LLC reported a disposition of 3,531 AllianceBernstein National Municipal Income Fund (AFB) 2018 Variable Rate MuniFund Term Preferred Shares on 10/27/2025. The shares were redeemed by the issuer at $25,068.69428 per share, which reflects a $25,000.00 liquidation preference plus $68.69428 in accrued dividends per share.
Following the redemption, the reporting persons show 0 preferred shares beneficially owned, previously held indirectly through a subsidiary. The transaction was coded J and filed jointly by the parent and subsidiary, indicating an indirect ownership change due to the issuer’s redemption.
Saba Capital Management, L.P. filed a Form 4 for AllianceBernstein National Municipal Income Fund (AFB), reporting a sale of 25,686 shares at $10.99 on October 27, 2025.
After the transaction, the reporting person shows 2,950,359 shares beneficially owned on an indirect basis. The filing reflects a routine ownership update and does not describe additional terms or derivative activity.
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