Form 4: Saba Capital Sold 6,144 AFB Shares at ~$10.91 Each

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported two small sales of AllianceBernstein National Municipal Income Fund (AFB) common stock by an affiliated reporting person acting in a director capacity. On 09/19/2025 Saba sold 4,244 shares at $10.91, leaving 3,083,199 shares beneficially owned indirectly. On 09/22/2025 Saba sold 1,900 shares at $10.92, leaving 3,081,299 shares indirectly owned. The form is signed by Zachary Gindes and Boaz Weinstein on 09/23/2025.

Positive

• Timely disclosure of insider transactions by Saba Capital Management consistent with Section 16 requirements
• Clear identification of transaction dates, prices, and post-transaction indirect beneficial ownership

Negative

• Insider selling of AFB shares totaling 6,144 shares across two trades
• Indirect ownership declined from reported prior levels to 3,081,299 shares after the second sale

Insights

Securities Analyst

TL;DR Routine insider sales disclosed; amounts are small relative to total indirect holdings.

These filings show two open-market disposals totaling 6,144 shares across two dates at approximately $10.91–$10.92 per share. The reporting entity is identified as Saba Capital Management, L.P. and the ownership is shown as indirect. From an investor-relations perspective, the filing provides transparent, timely disclosure of director-affiliated selling activity but does not indicate change in control or material dilution.

Corporate Governance Expert

TL;DR Disclosure complies with Section 16 reporting; sales are small relative to reported indirect stake.

The Form 4 documents compliance with reporting obligations for a director-affiliated investor. The two disposals reduce indirect beneficial ownership from 3,089,443 (implicit prior) to 3,081,299 shares after the second sale, reflecting minor portfolio adjustments rather than governance shifts. Signatures from named principals confirm authorized filing.

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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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)
09/19/2025

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

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

X	Form filed by One Reporting Person
	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	09/19/2025		S		4,244	D	$10.91	3,083,199	I	-
Common Stock	09/22/2025		S		1,900	D	$10.92	3,081,299	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

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	09/23/2025
	Boaz Weinstein	09/23/2025
	** 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 transactions were reported on the AFB Form 4?

The Form 4 reports two sales: 4,244 shares on 09/19/2025 at $10.91, and 1,900 shares on 09/22/2025 at $10.92.

Who filed the Form 4 for AFB?

The reporting person is Saba Capital Management, L.P., with signatures by Zachary Gindes and Boaz Weinstein dated 09/23/2025.

How many AFB shares does Saba Capital beneficially own after the reported trades?

After the reported transactions, Saba Capital beneficially owns 3,081,299 shares indirectly.

Were the reported transactions acquisitions or dispositions?

Both reported transactions are dispositions (sales), indicated by transaction code 'S' on the Form 4.

Do these filings indicate a change in control of AFB?

No. The filings show routine sales by an indirect holder and do not indicate any change in control.