AFB ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND Insider Trading

Director R Jay Gerken buys 2,500 shares of AFB at $10.96 on 2026-05-22, establishing initial position.

R Jay Gerken, a Director of AllianceBernstein National Municipal Income Fund, purchased 2,500 shares at $10.96 on 2026-05-22, totaling $27,387.50, establishing a new position from zero prior holdings. The purchase price of $10.96 is near the current price of $11.18 and sits within the 52-week range of $10.05–$11.25, placing the entry point toward the lower end of recent trading activity. For a closed-end municipal income fund, an initial director share purchase is a routine governance or alignment gesture; the modest size and inaugural nature of the holding provide limited signal regarding fund performance or director conviction about market direction.

Director MOODY GARRY L purchases 13,500 shares of AFB at blended $11.07, initiating position from zero holdings

Director Moody Garry L executed two purchases totaling 13,500 shares for $149,507.10 on 2025-10-31, establishing an initial position from zero prior holdings. The blended average purchase price of $11.07 sits modestly above the current price of $10.99, positioning the acquisition near recent market levels without pronounced discount. The stock trades -4.6% from its 52-week high of $11.52 and shows positive momentum over both 30-day (+0.6%) and 90-day (+7.8%) periods, reflecting a fund recovering from lower valuations seen earlier in the year (52-week low $9.89). As a closed-end fund holding municipal bonds, AFB's price action reflects broader fixed-income and municipal bond market conditions rather than operational performance, making this purchase a market-timing decision by the director at a point where the fund has recovered but remains below recent peaks.

Bank of America sold 7,263 shares of AFB across 6 years; held zero shares post-transaction, offsetting 7,263 purchases for $103.6K with $102.7K sales.

Bank of America, a 10% owner of AllianceBernstein National Municipal Income Fund, executed a series of 19 separate sales totaling 7,263 shares for $102,671.83 interspersed with 11 purchases totaling 7,263 shares for $103,631.16 across a six-year window (2013–2019), ending with zero shares held post-transaction. The cumulative buy-and-sell activity resulted in a net loss of $959.33 on matched purchases and sales. This pattern—offsetting substantial purchases with equally offsetting sales over an extended period—suggests portfolio rebalancing or position-level adjustments rather than a conviction-driven directional move. The final exit in September 2019 at $13.81 per share, with the fund currently trading at $11.30, means the insider's last sale price was above the current market level, though this is consistent with the fund's broader weakness (52-week range $10.45–$11.94).

Saba Capital bought 34,874 shares of AFB at $11.05 on 2024-06-24, increasing holdings to 3,149,020 shares (+1.1%).

Saba Capital Management acquired 34,874 shares of ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND at $11.05, a price near the 52-week high of $11.10 (-0.4% from peak). This purchase follows a prior buy at the same ticker on 2024-06-07, suggesting continued interest in the holding. The transaction represents a modest 1.1% increase to the fund's position, bringing total holdings to 3,149,020 shares. The timing occurs within a recent uptrend: the 30-day price change is +1.8% and the 90-day change is +1.9%. Across Saba Capital's broader trading history (20 prior buys across all tickers), measurable outcomes are not yet available for evaluation of timing patterns specific to AFB.