Saba Capital reports sale; AFB holdings now 2,950,359 shares

Rhea-AI Filing Summary

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.

Insider Trade Summary

Net Seller: 25,686 shares

Net Sell 1 txn

Insider Saba Capital Management, L.P.

Role 10% Owner

Sold 25,686 shs ($282K)

Type	Security	Shares	Price	Value
Sale	Common Stock	25,686	$10.99	$282K

Holdings After Transaction: Common Stock — 2,950,359 shares (Indirect, -)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/28/2025 - 01:35 PM Learn about SEC filing dates

FAQ

What did AFB’s Form 4 report for Saba Capital Management, L.P.?

It reported a sale of 25,686 shares at $10.99 on October 27, 2025.

What is the reported ownership after the transaction for AFB (AFB)?

Reported beneficial ownership is 2,950,359 shares, held indirectly.

What was the transaction code in the AFB Form 4?

The transaction code was S, indicating a sale.

Were any derivative securities reported for AFB in this filing?

No derivative securities were listed in the provided table excerpt.

Who signed the Form 4 related to AFB?

The filing lists Saba Capital Management, L.P. by Zachary Gindes, and Boaz Weinstein as signatories.

Was the ownership direct or indirect after the sale for AFB?

The ownership form is shown as Indirect (I) after the transaction.

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
Estimated average burden
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)
10/27/2025

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	10/27/2025		S		25,686	D	$10.99	2,950,359	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	10/28/2025
	Boaz Weinstein	10/28/2025
	** 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.