• Saba Capital Management, L.P. sold 25,686 shares of AFB at $10.99 per share, retaining 2,950,359 shares.
• AFB redeemed all its 2018 Variable Rate MuniFund Term Preferred Shares at $25,000 per share, totaling approximately $88.275 million.
• The fund's portfolio update highlights top fixed-income holdings with yields of 4.25% and 5.00%, focusing on sectors like revenue health care, airports, and miscellaneous revenue.

On October 27, 2025, Saba Capital Management, L.P., a significant stakeholder in AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB), sold 25,686 shares of AFB's common stock at $10.99 per share. This transaction was documented on Form 4, and post-sale, Saba Capital Management retains 2,950,359 shares of AFB.

AFB recently completed a major financial move by redeeming all its 2018 Variable Rate MuniFund Term Preferred Shares (2018 VMTPS) at $25,000 per share, totaling approximately $88.275 million. This redemption was facilitated by creating tender option bond (TOB) trusts, which now provide the fund's leverage, replacing the previous 2018 VMTPS leverage.

AFB's portfolio update for September 30, 2025, highlights its top fixed-income holdings, including the Melissa Independent School District Series 2024-2 with a 4.25% yield and the Commonwealth of Massachusetts Series 2024-A with a 5.00% yield. The fund's sector investments are notably in revenue health care (13.55%), airports (10.30%), and miscellaneous revenue (8.66%).

The current price of AFB is $11.02, marking a 0.58% increase. The stock has fluctuated between $10.95 and $11.04 today, with a 52-week range of $9.78 to $11.58. AFB's market capitalization is approximately $316.87 million, with a trading volume of 138,105 shares on the NYSE.