[Form 4] Alliance National Municipal Income Fund, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider sale disclosed: Saba Capital Management, L.P. and Boaz Weinstein reported a sale of 4,100 shares of AllianceBernstein National Municipal Income Fund (AFB) on 09/08/2025 at a price of $10.65 per share. After the transaction, the reporting persons beneficially owned 3,109,929 shares indirectly. The filing lists the reporters as a director and a 10% owner and is signed on 09/09/2025.

Insights

Financial Analyst

TL;DR: Small insider sale relative to total holdings; limited near-term market impact.

The disclosed disposition of 4,100 shares at $10.65 represents a de minimis reduction versus the reported indirect holding of 3,109,929 shares, under 0.2% of that position. As a result, this transaction is unlikely to affect the fund's share price or signal a material change in the reporting persons' view of the issuer. The filing complies with Section 16 reporting, providing transparency about the insiders' activity.

Corporate Governance Expert

TL;DR: Reporting and signatures are in order; transaction size is immaterial to governance considerations.

The Form 4 identifies the reporting entities as a director and a 10% owner and includes required signatures dated 09/09/2025. Given the small size of the sale relative to the aggregate indirect holding, there is no evident change to control, board composition, or corporate governance structure. The disclosure meets routine compliance expectations.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND [ AFB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/08/2025		S		4,100	D	$10.65	3,109,929	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	09/09/2025
	Boaz Weinstein	09/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did AFB report on Form 4?

The Form 4 reports a sale of 4,100 shares of AFB on 09/08/2025 at $10.65 per share.

Who filed the Form 4 for AFB?

The filing was submitted by Saba Capital Management, L.P. and individual reporting person Boaz Weinstein, identified as a director and 10% owner.

How many AFB shares did the reporting persons own after the sale?

They reported beneficial ownership of 3,109,929 shares indirectly following the transaction.

When was the Form 4 signed?

Signatures on the Form 4 are dated 09/09/2025.

Does this Form 4 indicate any derivative transactions for AFB?

No. The Form 4 contains only a non-derivative common stock sale; Table II for derivatives shows no entries.