AllianceBernstein National Municipal Income Fund, Inc.
AllianceBernstein National Municipal Income Fund, Inc. (AFB) Stock Ownership
Institutional vs insider vs public ownership from 13F and float data — top holders, activity, and insider trades below.
SEC 13F · FMP · AFB · as of Sep 30, 2025
Ownership Breakdown
76
Institutional Holders
▼ 5 vs Q2
$195.02M
Total Inst. Value
▲ $16.97M vs Q2
28.74M
Shares Outstanding
freeFloat 99.99%
17.98M
13F Shares Held
▲ 708,942 vs Q2
Institutional ownership = 13F shares ÷ total outstanding. Insider % = 100 − free float. Public % = free float − institution %. Data: FMP /symbol-positions-summary + /shares-float + SEC EDGAR.
Top Institutional Holders
AFB largest shareholders · institutional ownership
Q3 2025 · SEC 13F
Showing top 10 holders
| Holder | Shares | % Owned | Weight | Value | Reported | Change |
|---|---|---|---|---|---|---|
SABA CAPITAL MANAGEMENT, L.P. | 3.08M | 10.72% | 10.72% | $33.43B | Nov 14, 2025 | ▼ 67.7K |
PATHSTONE HOLDINGS, LLC | 2.14M | 7.46% | 7.46% | $23.25B | Nov 13, 2025 | ▲ 144.1K |
KARPUS MANAGEMENT, INC. | 1.28M | 4.46% | 4.46% | $13.91B | Nov 14, 2025 | ▲ 136.8K |
ALLSPRING GLOBAL INVESTMENTS HOLDINGS, LLC | 1.23M | 4.26% | 4.26% | $13.30B | Oct 20, 2025 | ▲ 235.2K |
RIVERNORTH CAPITAL MANAGEMENT, LLC | 1.01M | 3.53% | 3.53% | $11.00B | Nov 14, 2025 | ▼ 69.2K |
BULLDOG INVESTORS, LLP | 931.1K | 3.24% | 3.24% | $10.10B | Nov 14, 2025 | ▼ 233.1K |
KEYBANK NATIONAL ASSOCIATION/OH | 881.7K | 3.07% | 3.07% | $9.57B | Nov 4, 2025 | ▲ 124 |
MORGAN STANLEY | 711.3K | 2.47% | 2.47% | $7.72B | May 27, 2026 | ▲ 30.6K |
SIT INVESTMENT ASSOCIATES INC | 614.0K | 2.14% | 2.14% | $6.66B | Nov 13, 2025 | — held |
ADVISORS ASSET MANAGEMENT, INC. | 579.4K | 2.02% | 2.02% | $6.29B | Nov 6, 2025 | ▼ 1.2K |
Data from SEC Form 13F filings. Ownership bar normalised to largest holder. Change flags: isNew / isSoldOut / changeInSharesNumber (FMP extract-analytics/holder).
Institutional Activity
Q3 2025 vs prior quarter
Q3 2025
21
Increased
+1.31M shares2
New Positions
first time holders20
Decreased
−584.5K shares0
Sold Out
fully exitedNet shares change (top 50)
+720.6K
+1.31M / −584.5K
Net new holders
+3
2 new / 0 exited
Based on top 50 institutional holders by position size. Fields: isNew, isSoldOut, changeInSharesNumber (FMP extract-analytics/holder, limit=50).
Insider Buying vs Selling
AFB insider trading · insider activity
Source: SEC Form 4
Insiders have been primarily selling shares recently. Selling may be driven by pre-scheduled Rule 10b5-1 plans rather than negative sentiment.
1
Buy transactions
1
Sell transactions
1.00
Buy/Sell ratio
$0M
Total disposed
Recent Insider Transactions
Showing 10 most recent · Common Stock only
| Name · Role | Date | Type | Shares | Price | Value | After Trans. | Filing |
|---|---|---|---|---|---|---|---|
GERKEN R JAY director | May 22, 2026 | Purchase | 2,500 | $10.96 | $27.4K | 2.5K | Form 4 ↗ |
MOODY GARRY L director | Apr 21, 2026 | Sale | 13,500 | $10.96 | $148.0K | 0 | Form 4 ↗ |
Saba Capital Management, L.P. 10 percent owner | Nov 6, 2025 | Sale | 19,623 | $10.91 | $214.1K | 2.87M | Form 4 ↗ |
Saba Capital Management, L.P. 10 percent owner | Nov 4, 2025 | Sale | 30,873 | $11.01 | $339.9K | 2.91M | Form 4 ↗ |
Saba Capital Management, L.P. 10 percent owner | Nov 5, 2025 | Sale | 22,247 | $10.99 | $244.5K | 2.89M | Form 4 ↗ |
Saba Capital Management, L.P. 10 percent owner | Nov 3, 2025 | Sale | 684 | $11.01 | $7.5K | 2.94M | Form 4 ↗ |
MOODY GARRY L director | Oct 31, 2025 | Purchase | 4,500 | $11.06 | $49.8K | 13.5K | Form 4 ↗ |
MOODY GARRY L director | Oct 31, 2025 | Purchase | 9,000 | $11.08 | $99.7K | 9.0K | Form 4 ↗ |
Saba Capital Management, L.P. 10 percent owner | Oct 29, 2025 | Sale | 7,693 | $11.00 | $84.6K | 2.94M | Form 4 ↗ |
WELLS FARGO & COMPANY/MN 10 percent owner | Oct 27, 2025 | J-Other | 3,531 | $25068.69 | $88.52M | 0 | Form 4 ↗ |
Source: /insider-trading/search (FMP stable). Buy/Sell direction: acquisitionOrDisposition A=Buy, D=Sell. RSU vesting (M-Exempt) excluded from sentiment bar. All data from SEC EDGAR public filings.
About institutional & insider ownership
AllianceBernstein National Municipal Income Fund, Inc. (AFB) is primarily owned by institutional investors, who hold approximately 62.5% of total shares outstanding. Company insiders own approximately 0.01%, while retail and public investors account for the remaining 37.45%.
The largest institutional shareholder of AllianceBernstein National Municipal Income Fund, Inc. is SABA CAPITAL MANAGEMENT, L.P., holding approximately 3.08 million shares — equal to 10.72% of outstanding shares — as of September 30, 2025.
A total of 76 institutional investors currently hold AFB stock, with a combined institutional value of approximately $195,018,428 as of the most recent 13F filing period.
Frequently asked questions
AFB ownershipAllianceBernstein National Municipal Income Fund, Inc. (AFB) is primarily owned by institutional investors, who hold approximately 62.5% of shares. The largest shareholder is SABA CAPITAL MANAGEMENT, L.P. with a 10.72% stake. Company insiders hold 0.01%. Data sourced from SEC Form 13F as of September 30, 2025.