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

Rhea-AI Filing Summary

Saba Capital Management, L.P. and individual reporting person Boaz Weinstein reported an insider sale of 7,873 shares of AllianceBernstein National Municipal Income Fund (AFB) on 09/02/2025 at a price of $10.36 per share. After the transaction, the reporting persons beneficially own 3,114,029 shares indirectly. The Form 4 is signed and dated 09/04/2025.

Positive

• None.

Negative

• Insider sale of 7,873 AFB common shares disclosed on 09/02/2025 at $10.36 per share, reducing reported holdings to 3,114,029 shares

Insights

Securities Analyst

TL;DR: Insider sale of 7,873 AFB shares is disclosed; ownership remains substantial at 3.11M shares.

The filing documents a routine disclosure of a sale by Saba Capital Management, L.P. and Boaz Weinstein, reflecting an aggregate disposal of 7,873 common shares at $10.36 each on 09/02/2025. The report indicates the remaining beneficial ownership is held indirectly and totals 3,114,029 shares. The disclosure is complete for the transaction: date, amount, price, and post-transaction holdings are specified. No derivatives or other transactions were reported.

Corporate Governance Expert

TL;DR: Form 4 properly reports an insider sale with signature; no omissions in reported fields.

The Form 4 appears to be properly executed and signed on 09/04/2025, listing Saba Capital Management, L.P. as the reporting entity and Boaz Weinstein as an associated reporting person. Relationship to issuer is disclosed as Director. The transaction is coded as a sale (Code S) and the filing includes the post-transaction beneficial ownership figure. The filing does not include any amendment or additional explanatory schedules.

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

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OMB Number:			3235-0287
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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)
09/02/2025

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	09/02/2025		S		7,873	D	$10.36	3,114,029	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	09/04/2025
	Boaz Weinstein	09/04/2025
	** 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 transaction is reported on the AFB Form 4?

The Form 4 reports a sale of 7,873 common shares of AFB on 09/02/2025 at $10.36 per share.

Who filed the Form 4 for AFB?

The filing was made by Saba Capital Management, L.P. and individual reporting person Boaz Weinstein.

How many AFB shares do the reporting persons own after the transaction?

After the reported sale the reporting persons beneficially own 3,114,029 shares indirectly.

When was the Form 4 signed?

The Form 4 bears signatures dated 09/04/2025.

Does the Form 4 report any derivative transactions for AFB?

No. The filing shows only a non-derivative common stock sale; there are no derivative securities reported.