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

Rhea-AI Filing Summary

Insider sales reported by Saba Capital Management, L.P. and Boaz Weinstein. The filing shows three open-market dispositions of AllianceBernstein National Municipal Income Fund (AFB) common stock on 08/27/2025–08/29/2025 totaling 21,118 shares sold at prices between $10.37 and $10.42. After these transactions, the reporting persons beneficially owned 3,121,902 shares indirectly.

Positive

• None.

Negative

• Open-market dispositions totaling 21,118 shares were reported, which reduces the reporting parties' indirect holdings.
• Sales executed over three consecutive days (08/27/2025–08/29/2025) at prices between $10.37 and $10.42, indicating active reduction of position.

Insights

Securities Analyst

TL;DR: Significant insider sales by a 10% owner and director, likely material for ownership tracking but not necessarily a firm-level event.

The Form 4 documents routine open-market dispositions by Saba Capital Management, L.P. and Boaz Weinstein across three dates (08/27–08/29/2025) totaling 21,118 shares at prices of $10.37–$10.42. The reporting parties remain large indirect holders with 3,121,902 shares following the sales. This is a change in ownership levels that investors and compliance teams should note for position monitoring; the filing contains no information about intent, plan, or use of proceeds.

Corporate Governance Expert

TL;DR: Director and 10% owner reported sales; disclosure meets Section 16 requirements but provides no explanatory context.

The report reflects that the reporting persons are both a director and meet the 10% ownership threshold. The transactions are classified as sales (code S) and recorded with transaction dates and prices. From a governance and disclosure standpoint, the filing fulfills the Section 16 reporting format but does not include any derivative activity or 10b5-1 plan indication in the text provided.

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

OMB Number:			3235-0287
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hours per response:			0.5

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)
08/27/2025

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	08/27/2025		S		20,389	D	$10.37	3,128,631	I	-
Common Stock	08/28/2025		S		6,214	D	$10.42	3,122,417	I	-
Common Stock	08/29/2025		S		515	D	$10.39	3,121,902	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	09/02/2025
	Boaz Weinstein	09/02/2025
	** 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 transactions were reported for AFB in this Form 4?

The filing reports three open-market sales of AFB common stock on 08/27/2025–08/29/2025 totaling 21,118 shares at prices from $10.37 to $10.42.

Who filed the Form 4 for AFB and what is their relationship to the issuer?

The Form 4 was filed by Saba Capital Management, L.P. and Boaz Weinstein; both are listed as a Director and a 10% owner of the issuer.

How many AFB shares do the reporting persons own after these transactions?

Following the reported sales, the filing shows 3,121,902 shares beneficially owned (indirect).

Were any derivative securities reported in this Form 4 for AFB?

No derivative securities were reported in Table II; the filing only lists non-derivative common stock sales.

Are the transaction prices disclosed in the Form 4?

Yes. The disclosed prices were $10.37, $10.42, and $10.39 for the respective sale dates.