ALLIANCEBERNSTEIN NATL MUN I AFB
COM · Closed-End Fund · CUSIP 01864U106
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $11.40.
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 76 |
| Q4 2022 | 82 |
| Q1 2023 | 80 |
| Q2 2023 | 80 |
| Q3 2023 | 75 |
| Q4 2023 | 78 |
| Q1 2024 | 83 |
| Q2 2024 | 90 |
| Q3 2024 | 80 |
| Q4 2024 | 81 |
| Q1 2025 | 80 |
| Q2 2025 | 82 |
| Q3 2025 | 76 |
| Q4 2025 | 92 |
| Q1 2026 | 92 |
| Q2 2026 | 87 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 26 | 44 |
| Q4 2024 | 33 | 30 |
| Q1 2025 | 28 | 36 |
| Q2 2025 | 30 | 42 |
| Q3 2025 | 30 | 33 |
| Q4 2025 | 46 | 29 |
| Q1 2026 | 53 | 29 |
| Q2 2026 | 32 | 49 |
Biggest buyers
| Karpus Management, Inc. | Added | +1.1m |
| RAYMOND JAMES FINANCIAL INC | Added | +278.0k |
| Advisors Asset Management, Inc. | Added | +75.9k |
| MORGAN STANLEY | Added | +72.1k |
| Invesco Ltd. | Added | +45.3k |
| OSAIC HOLDINGS, INC. | Added | +33.5k |
| Thomas J. Herzfeld Advisors, Inc. | New | +33.0k |
| PNC Financial Services Group, Inc. | New | +30.6k |
| Dakota Wealth Management | Added | +30.1k |
| CITADEL ADVISORS LLC | New | +28.1k |
Biggest sellers
| Saba Capital Management, L.P. | Sold out | -459.3k |
| Rareview Capital LLC | Reduced | -250.2k |
| Pathstone Holdings, LLC | Reduced | -205.3k |
| Logan Stone Capital, LLC | Sold out | -152.9k |
| SIT INVESTMENT ASSOCIATES INC | Reduced | -143.7k |
| WHITEBOX ADVISORS LLC | Sold out | -113.6k |
| Almitas Capital LLC | Reduced | -93.3k |
| CITY OF LONDON INVESTMENT MANAGEMENT CO LTD | Reduced | -80.0k |
| RIVERBRIDGE PARTNERS LLC | Reduced | -67.2k |
| ROYAL BANK OF CANADA | Reduced | -57.1k |
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Karpus Management, Inc. 13G · institution +1.0 pts · filed 2026-10-02 | 13.6% |
Fell to 5% or below in the last year: Allspring Global Investments Holdings, LLC (4.9%, 2026-07-31), Saba Capital Management, L.P. (4.9%, 2026-02-18)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 1 | $149.5k | 0 | — | — |
| Q1 2026 | 0 | — | 0 | — | — |
| Q2 2026 | 1 | $27.4k | 1 | $148.0k | — |
| Q3 2026 | 0 | — | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-05-22 | GERKEN R JAY Director | Bought | $27.4k2.5k shares |
| 2026-04-21 | MOODY GARRY L Director | Sold | $148.0k13.5k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| Karpus Management, Inc. 1.18% of their portfolio | 3.6m $41.1m | Added +1.1m |
| Pathstone Holdings, LLC 0.10% of their portfolio | 2.9m $32.9m | Reduced -205.3k |
| Allspring Global Investments Holdings, LLC 0.02% of their portfolio | 1.4m $16.1m | Reduced -53.6k |
| RIVERNORTH CAPITAL MANAGEMENT, LLC 0.57% of their portfolio | 1.0m $12.0m | Reduced -13.8k |
| KEYBANK NATIONAL ASSOCIATION/OH 0.04% of their portfolio | 962.4k $11.0m | Added +2.8k |
| MORGAN STANLEY 0.00% of their portfolio | 951.6k $10.9m | Added +72.1k |
| Advisors Asset Management, Inc. 0.13% of their portfolio | 764.0k $8.7m | Added +75.9k |
| GUGGENHEIM CAPITAL LLC 0.05% of their portfolio | 683.2k $7.8m | Reduced -23.1k |
| Hennion & Walsh Asset Management, Inc. 0.20% of their portfolio | 599.7k $6.8m | Reduced -6.5k |
| SIT INVESTMENT ASSOCIATES INC 0.12% of their portfolio | 533.0k $6.1m | Reduced -143.7k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 496.3k $5.7m | Reduced -11.8k |
| CITY OF LONDON INVESTMENT MANAGEMENT CO LTD 0.26% of their portfolio | 373.6k $4.3m | Reduced -80.0k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 301.5k $3.4m | Added +278.0k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 269.1k $3.1m | Reduced -2.6k |
| ROBINSON CAPITAL MANAGEMENT, LLC 1.34% of their portfolio | 265.5k $3.0m | Unchanged |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 193.1k $2.2m | Reduced -1.3k |
| Altium Capital Management LLC 4.21% of their portfolio | 175.2k $2.0m | Reduced -47.1k |
| Rareview Capital LLC 0.98% of their portfolio | 170.0k $1.8m | Reduced -250.2k |
| Fiera Capital Corp 0.01% of their portfolio | 142.3k $1.6m | Reduced -5.7k |
| Indiana Trust & Investment Management Co 0.43% of their portfolio | 137.0k $1.6m | Unchanged |
| Bank of New York Mellon Corp 0.00% of their portfolio | 134.6k $1.5m | Reduced -12.5k |
| Dakota Wealth Management 0.03% of their portfolio | 134.3k $1.5m | Added +30.1k |
| LORD, ABBETT & CO. LLC 0.00% of their portfolio | 129.0k $1.5m | Unchanged |
| Almitas Capital LLC 0.33% of their portfolio | 121.0k $1.4m | Reduced -93.3k |
| LPL Financial LLC 0.00% of their portfolio | 101.8k $1.2m | Added +2.5k |
| RIVERBRIDGE PARTNERS LLC 0.03% of their portfolio | 87.8k $1.0m | Reduced -67.2k |
| &PARTNERS 0.00% of their portfolio | 86.9k $991.4k | Reduced -5.8k |
| Invesco Ltd. 0.00% of their portfolio | 80.6k $920.1k | Added +45.3k |
| COHEN & STEERS, INC. 0.00% of their portfolio | 78.0k $890.0k | Unchanged |
| Capital Investment Advisors, LLC 0.01% of their portfolio | 68.4k $781.0k | Reduced -401 |
| Noble Wealth Management PBC 0.36% of their portfolio | 68.3k $779.8k | Added +3.8k |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 67.2k $766.6k | Reduced -6.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 62.9k $718.2k | Added +6.2k |
| Summit Trail Advisors, LLC 0.01% of their portfolio | 61.7k $704.1k | Reduced -2.6k |
| Closed-End Fund Advisors, Inc. 0.68% of their portfolio | 60.7k $692.5k | Reduced -2.0k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 54.0k $615.8k | Added +33.5k |
| PETRA FINANCIAL ADVISORS INC 0.28% of their portfolio | 53.0k $605.1k | Reduced -315 |
| MELFA WEALTH MANAGEMENT, INC. 0.29% of their portfolio | 47.7k $543.7k | Unchanged |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 45.7k $521.8k | Reduced -20.8k |
| Creative Planning 0.00% of their portfolio | 44.8k $511.0k | Reduced -496 |
| KENNEDY INVESTMENT GROUP, INC. 0.15% of their portfolio | 39.2k $447.0k | Reduced -8.1k |
| HighTower Advisors, LLC 0.00% of their portfolio | 36.3k $414.7k | Reduced -5.5k |
| Arete Wealth Advisors, LLC 0.03% of their portfolio | 34.1k $389.6k | Added +9 |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 33.0k $376.9k | Added +367 |
| Thomas J. Herzfeld Advisors, Inc. 0.12% of their portfolio | 33.0k $376.7k | New |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 31.9k $364.1k | Reduced -25.6k |
| BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.04% of their portfolio | 31.5k $359.4k | Reduced -2.2k |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 30.6k $349.5k | New |
| ProVise Management Group, LLC 0.02% of their portfolio | 30.4k $346.4k | Added +1.5k |
| Traub Capital Management LLC 0.29% of their portfolio | 28.5k $325.0k | Reduced -21.8k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 28.1k $320.3k | New |
| Wellspring Financial Advisors, LLC 0.02% of their portfolio | 27.2k $310.2k | Added +1.1k |
| Jupiter Wealth Management LLC 0.12% of their portfolio | 27.2k $310.1k | Unchanged |
| UBS Group AG 0.00% of their portfolio | 26.3k $299.8k | Reduced -605 |
| EVOLVE PRIVATE WEALTH, LLC 0.02% of their portfolio | 26.0k $296.6k | Reduced -1.3k |
| BALANCED WEALTH GROUP LLC 0.09% of their portfolio | 24.4k $278.8k | Added +1.2k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 21.3k $243.0k | Reduced -57.1k |
| Arax Advisory Partners 0.00% of their portfolio | 20.4k $233.1k | New |
| Smith Asset Management Co., LLC 0.16% of their portfolio | 18.2k $207.7k | Unchanged |
| Virtu Financial LLC 0.01% of their portfolio | 16.1k $184.0k | New |
| Merit Financial Group, LLC 0.00% of their portfolio | 15.6k $178.1k | Added +445 |
| Cerity Partners LLC 0.00% of their portfolio | 15.6k $178.1k | Unchanged |
| HRT FINANCIAL LP 0.00% of their portfolio | 15.6k $177.0k | New |
| Independent Advisor Alliance 0.00% of their portfolio | 15.0k $170.8k | Unchanged |
| CHOREO, LLC 0.00% of their portfolio | 14.1k $161.3k | Added +1.0k |
| US BANCORP \DE\ 0.00% of their portfolio | 12.8k $145.9k | Reduced -4.4k |
| SMH CAPITAL ADVISORS INC 0.55% of their portfolio | 12.2k $139.2k | Unchanged |
| Strategic Financial Concepts, LLC 0.04% of their portfolio | 11.4k $130.6k | New |
| River Street Advisors LLC 0.04% of their portfolio | 11.2k $127.6k | Unchanged |
| DUNCKER STREETT & CO INC 0.02% of their portfolio | 11.0k $125.5k | Unchanged |
| Ground Swell Capital, LLC 0.13% of their portfolio | 10.5k $119.6k | New |
| ACCREDITED INVESTOR SERVICES, LLC 0.06% of their portfolio | 10.0k $114.6k | Reduced -42 |
| Curi Capital, LLC 0.00% of their portfolio | 10.0k $114.1k | Unchanged |
| Allworth Financial LP 0.00% of their portfolio | 7.0k $79.9k | Unchanged |
| Global Retirement Partners, LLC 0.00% of their portfolio | 6.4k $73.4k | First filing |
| CITIGROUP INC 0.00% of their portfolio | 5.5k $63.1k | New |
| Pinnacle Wealth Planning Services, Inc. 0.00% of their portfolio | 2.3k $25.8k | Added +333 |
| Clear Street Group Inc. 0.00% of their portfolio | 2.0k $23.3k | New |
| Steward Partners Investment Advisory, LLC 0.00% of their portfolio | 1.8k $21.0k | Reduced -1.5k |
| Caldwell Trust Co 0.00% of their portfolio | 1.4k $16.0k | Unchanged |
| PRIVATE TRUST CO NA 0.00% of their portfolio | 1.1k $12.6k | Unchanged |
| CoreCap Advisors, LLC 0.00% of their portfolio | 788 $9.0k | Added +59 |
| Markowski Investments 0.00% of their portfolio | 768 $8.8k | First filing |
| WPG Advisers, LLC 0.00% of their portfolio | 627 $7.2k | Added +92 |
| HARBOUR INVESTMENTS, INC. 0.00% of their portfolio | 500 $5.7k | Unchanged |
| Community Financial Services Group, LLC 0.00% of their portfolio | 200 $2.3k | Unchanged |
| FIFTH THIRD BANCORP 0.00% of their portfolio | 84 $961 | Added +7 |