AFB Form 4: 7,693-share sale reported, indirect stake now 2.94M

Rhea-AI Filing Summary

AllianceBernstein National Municipal Income Fund (AFB) reported an insider transaction. A filing indicates a sale of 7,693 shares of common stock on 10/29/2025 at a price of $11 per share, coded as S (sale). Following the transaction, the filer reported 2,942,666 shares beneficially owned on an indirect basis. The report is signed on behalf of Saba Capital Management, L.P. by Zachary Gindes, and separately by Boaz Weinstein.

Insider Trade Summary

Net Seller: 7,693 shares

Net Sell 1 txn

Insider Saba Capital Management, L.P.

Role 10% Owner

Sold 7,693 shs ($85K)

Type	Security	Shares	Price	Value
Sale	Common Stock	7,693	$11.00	$85K

Holdings After Transaction: Common Stock — 2,942,666 shares (Indirect, -)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/30/2025 - 04:32 PM Learn about SEC filing dates

FAQ

What insider transaction was reported for AFB?

A sale of 7,693 shares of common stock on 10/29/2025 at $11 per share, coded as S (sale).

How many AFB shares were beneficially owned after the transaction?

The filing shows 2,942,666 shares beneficially owned indirectly after the reported sale.

What was the transaction code used in the AFB insider filing?

The filing lists transaction code S, which denotes a sale.

Was the ownership direct or indirect after the AFB transaction?

The filing identifies indirect ownership for the 2,942,666 shares reported post-transaction.

Who signed the AFB insider report?

The report includes signatures for Saba Capital Management, L.P. by Zachary Gindes, and Boaz Weinstein.

What is the issuer name and ticker in this insider filing?

The issuer is AllianceBernstein National Municipal Income Fund with ticker AFB.

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)
10/29/2025

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	10/29/2025		S		7,693	D	$11	2,942,666	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	10/30/2025
	Boaz Weinstein	10/30/2025
	** 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.