Core Insights - Saba Capital Management sold 25,686 shares of AllianceBernstein National Municipal Income Fund, Inc. (AFB) at $10.99 per share, retaining 2,950,359 shares post-sale [1][5] - AFB redeemed all its 2018 Variable Rate MuniFund Term Preferred Shares at $25,000 per share, totaling approximately $88.275 million [2][5] - AFB's portfolio update as of September 30, 2025, highlights top fixed-income holdings with yields of 4.25% and 5.00%, focusing on sectors such as revenue health care, airports, and miscellaneous revenue [3][5] Financial Performance - The current price of AFB is $11.02, reflecting a 0.58% increase, with a trading volume of 138,105 shares on the NYSE [4] - AFB's market capitalization is approximately $316.87 million, with a 52-week price range of $9.78 to $11.58 [4]

Core Points - AllianceBernstein National Municipal Income Fund, Inc. announced the redemption of all outstanding 2018 Variable Rate MuniFund Term Preferred Shares at a price of $25,000 per share, totaling $88.275 million plus unpaid dividends [1][4] Group 1 - The Fund utilized proceeds from the creation of tender option bond (TOB) trusts to facilitate the redemption of the 2018 VMTPS [1][4] - The redemption allows the Fund to replace leverage previously obtained through the 2018 VMTPS with proceeds from the TOB trusts [1][4]

Core Viewpoint - AllianceBernstein National Municipal Income Fund, Inc. plans to redeem all outstanding 2018 Variable Rate MuniFund Term Preferred Shares at a price of $25,000 per share, totaling $88.275 million plus unpaid dividends [1][2]. Group 1 - The Fund intends to use proceeds from the creation of tender option bond (TOB) trusts to facilitate the redemption of the 2018 VMTPS [1][2]. - The redemption is scheduled for on or about October 27, 2025, and is subject to certain notice and other requirements [2]. - The creation of TOB trusts will allow the Fund to replace the leverage currently obtained through the 2018 VMTPS [2]. Group 2 - AllianceBernstein L.P. and the Fund's Board of Directors believe that the full redemption of the 2018 VMTPS and the proposed creation of TOB trusts are in the best interests of the Fund and its stockholders [2].