Saba Capital Disposes 59,548 AFB Shares; 3.02M Shares Remaining

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported an insider sale of 59,548 shares of AllianceBernstein National Municipal Income Fund (AFB) on 10/01/2025 at $10.94 per share. After the sale the reporting entity disclosed indirect beneficial ownership of 3,021,751 shares. The Form 4 was signed by representatives on 10/02/2025.

Positive

• Timely disclosure of the transaction on Form 4 with signatures dated 10/02/2025
• Significant retained stake: indirect beneficial ownership of 3,021,751 shares remains after the sale

Negative

• Disposition of 59,548 shares reduces the reporting person's holdings
• Sale price $10.94 may be perceived negatively if below recent trading averages (not provided here)

Insights

Financial Analyst

TL;DR Routine insider sale disclosed; large residual indirect stake remains.

The Form 4 documents a sale of 59,548 AFB shares at $10.94. For investors, the transaction is a disclosed, compliance-oriented sale rather than a change in control: the reporting entity still holds 3,021,751 shares indirectly. The size of the remaining position suggests continued significant exposure while the reported sale represents a modest reduction relative to the retained stake.

Corporate Governance Expert

TL;DR Disclosure appears complete and timely; signatures included from reporting partners.

The filing identifies Saba Capital Management, L.P. as the reporting person with relationship markers shown. The Form 4 includes signatures by firm representatives dated 10/02/2025 and provides required transaction details, supporting regulatory transparency. No additional governance issues or amendments are indicated within the provided content.

Insider Trade Summary

Net Seller: 59,548 shares

Net Sell 1 txn

Insider Saba Capital Management, L.P.

Role 10% Owner

Sold 59,548 shs ($651K)

Type	Security	Shares	Price	Value
Sale	Common Stock	59,548	$10.94	$651K

Holdings After Transaction: Common Stock — 3,021,751 shares (Indirect, -)

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/02/2025 - 10:25 AM Learn about SEC filing dates

FAQ

What transaction did Saba Capital report for AFB?

The Form 4 reports a sale of 59,548 shares of AFB on 10/01/2025 at $10.94 per share.

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

The filing shows indirect beneficial ownership of 3,021,751 shares following the reported transaction.

Who signed the Form 4 filed for AFB?

The Form 4 is signed by Zachary Gindes and Boaz Weinstein, dated 10/02/2025.

What relationship to the issuer is listed for the reporting person?

The filing lists the reporting person, Saba Capital Management, L.P., with relationship indicators including Director and 10% Owner as checked.

When did the reported transaction occur?

The transaction date reported on the Form 4 is 10/01/2025.

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).

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)
10/01/2025

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	10/01/2025		S		59,548	D	$10.94	3,021,751	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	10/02/2025
	Boaz Weinstein	10/02/2025
	** 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.