Form 4: Saba Capital Disposes 22,486 AllianceBernstein (AFB) Shares

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported an insider sale of 22,486 shares of AllianceBernstein National Municipal Income Fund (AFB) on 09/17/2025 at a reported price of $10.94 per share. After the transaction the filing shows Saba holds 3,087,443 shares beneficially, reported as indirect ownership. The Form 4 was signed on 09/19/2025 by reporting individuals.

Positive

• Timely and complete disclosure of the insider transaction via Form 4 with signatures
• Large remaining beneficial stake reported: 3,087,443 shares held indirectly after the sale

Negative

• Disposition of 22,486 shares reported on 09/17/2025 (sold at $10.94), which is an insider sale

Insights

Financial Analyst

TL;DR Insider sale of 22,486 AFB shares is disclosed; size appears modest relative to total beneficial holding.

The Form 4 documents a routine sale by Saba Capital Management of 22,486 shares at $10.94, leaving an indirect beneficial position of 3,087,443 shares. Relative to the reported post-transaction holding, the sale represents a small fraction of the position, suggesting limited immediate market impact. The filing provides clear transactional detail and timely signatures, supporting disclosure compliance.

Corporate Governance Expert

TL;DR Disclosure is complete and timely; sale is documented as indirect ownership, consistent with fund managers' reporting practices.

The report identifies Saba Capital Management as the reporting person and records the nature of ownership as indirect. Signatures by the listed individuals and a precise transaction date indicate procedural compliance. No additional governance actions or material changes to control are indicated in the 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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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)
09/17/2025

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	09/17/2025		S		22,486	D	$10.94	3,087,443	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	09/19/2025
	Boaz Weinstein	09/19/2025
	** 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 did Saba Capital report for AFB?

The filing reports a sale of 22,486 shares of AllianceBernstein National Municipal Income Fund (AFB) on 09/17/2025 at a price of $10.94 per share.

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

The Form 4 shows Saba Capital has 3,087,443 shares beneficially owned following the reported transaction, held indirectly.

Who signed the Form 4 for Saba Capital?

The filing is signed by Zachary Gindes and Boaz Weinstein with signature dates of 09/19/2025.

Does the filing indicate a change in control of AFB?

No. The Form 4 documents an insider sale and shows indirect ownership but does not indicate any change in control or ownership percentage triggering control implications.

What type of ownership is reported by Saba Capital on the Form 4?

Ownership is reported as indirect (I) beneficial ownership in the filing.