Vault-13

ALLIANCEBERNSTEIN NATL MUN I AFB

COM · Closed-End Fund · CUSIP 01864U106

87 institutional holders -5 vs Q1 2026
18,310,52218.3m shares reported held*
$208.7mreported value*
10 new 22 added 35 reduced 14 sold out net sold ≈ $2.7m (-233.6k shares)

* 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

050100Q3 22: 76Q4 22: 82Q1 23: 80Q2 23: 80Q3 23: 75Q4 23: 78Q1 24: 83Q2 24: 90Q3 24: 80Q4 24: 81Q1 25: 80Q2 25: 82Q3 25: 76Q4 25: 92Q1 26: 92Q2 26: 8787Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202276
Q4 202282
Q1 202380
Q2 202380
Q3 202375
Q4 202378
Q1 202483
Q2 202490
Q3 202480
Q4 202481
Q1 202580
Q2 202582
Q3 202576
Q4 202592
Q1 202692
Q2 202687

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q3 24: 26 bought or addedQ3 24: 44 cut or sold outQ4 24: 33 bought or addedQ4 24: 30 cut or sold outQ4 24Q1 25: 28 bought or addedQ1 25: 36 cut or sold outQ2 25: 30 bought or addedQ2 25: 42 cut or sold outQ2 25Q3 25: 30 bought or addedQ3 25: 33 cut or sold outQ4 25: 46 bought or addedQ4 25: 29 cut or sold outQ4 25Q1 26: 53 bought or addedQ1 26: 29 cut or sold outQ2 26: 32 bought or addedQ2 26: 49 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242644
Q4 20243330
Q1 20252836
Q2 20253042
Q3 20253033
Q4 20254629
Q1 20265329
Q2 20263249

Biggest buyers

Karpus Management, Inc. Added +1,050,144+1.1m
RAYMOND JAMES FINANCIAL INC Added +277,977+278.0k
Advisors Asset Management, Inc. Added +75,933+75.9k
MORGAN STANLEY Added +72,144+72.1k
Invesco Ltd. Added +45,288+45.3k
OSAIC HOLDINGS, INC. Added +33,483+33.5k
Thomas J. Herzfeld Advisors, Inc. New +33,015+33.0k
PNC Financial Services Group, Inc. New +30,633+30.6k
Dakota Wealth Management Added +30,146+30.1k
CITADEL ADVISORS LLC New +28,069+28.1k

Biggest sellers

Saba Capital Management, L.P. Sold out -459,321-459.3k
Rareview Capital LLC Reduced -250,248-250.2k
Pathstone Holdings, LLC Reduced -205,316-205.3k
Logan Stone Capital, LLC Sold out -152,881-152.9k
SIT INVESTMENT ASSOCIATES INC Reduced -143,700-143.7k
WHITEBOX ADVISORS LLC Sold out -113,648-113.6k
Almitas Capital LLC Reduced -93,289-93.3k
CITY OF LONDON INVESTMENT MANAGEMENT CO LTD Reduced -80,000-80.0k
RIVERBRIDGE PARTNERS LLC Reduced -67,192-67.2k
ROYAL BANK OF CANADA Reduced -57,136-57.1k

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.

HolderStakeChangeShares Last filed
Karpus Management, Inc. 13G · institution +1.0 pts · filed 2026-10-02 13.6% +1.0 pts 3.9m≈ $44.5m 2026-10-02

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)

BuyingSelling
101Q4 24: 0 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 0 sellingQ3 25Q4 25: 1 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26Q2 26: 1 buyingQ2 26: 1 sellingQ3 26: 0 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20240—0——
Q1 20250—0——
Q2 20250—0——
Q3 20250—0——
Q4 20251$149.5k0——
Q1 20260—0——
Q2 20261$27.4k1$148.0k—
Q3 20260—0——
DateInsiderTradeSharesPrice ValueTheir holding
2026-05-22 GERKEN R JAY Director Bought 2,500 $10.96 $27.4k2.5k shares new
2026-04-21 MOODY GARRY L Director Sold 13,500 $10.96 $148.0k13.5k shares -100%

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

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Karpus Management, Inc. 1.18% of their portfolio Pittsford, NY 3,603,2623.6m $41.1m $41.1m 1.18% Added +1.1m +1,050,144
2 Pathstone Holdings, LLC 0.10% of their portfolio ENGLEWOOD, NJ 2,883,0762.9m $32.9m $32.9m 0.10% Reduced -205.3k -205,316
3 Allspring Global Investments Holdings, LLC 0.02% of their portfolio CHARLOTTE, NC 1,410,9591.4m $16.1m $16.1m 0.02% Reduced -53.6k -53,618
4 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.57% of their portfolio WEST PALM BEACH, FL 1,047,7241.0m $12.0m $12.0m 0.57% Reduced -13.8k -13,760
5 KEYBANK NATIONAL ASSOCIATION/OH 0.04% of their portfolio BROOKLYN, OH 962,374962.4k $11.0m $11.0m 0.04% Added +2.8k +2,790
6 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 951,641951.6k $10.9m $10.9m 0.00% Added +72.1k +72,144
7 Advisors Asset Management, Inc. 0.13% of their portfolio Monument, CO 764,003764.0k $8.7m $8.7m 0.13% Added +75.9k +75,933
8 GUGGENHEIM CAPITAL LLC 0.05% of their portfolio CHICAGO, IL 683,198683.2k $7.8m $7.8m 0.05% Reduced -23.1k -23,086
9 Hennion & Walsh Asset Management, Inc. 0.20% of their portfolio Parsippany, NJ 599,669599.7k $6.8m $6.8m 0.20% Reduced -6.5k -6,467
10 SIT INVESTMENT ASSOCIATES INC 0.12% of their portfolio Minneapolis, MN 533,037533.0k $6.1m $6.1m 0.12% Reduced -143.7k -143,700
11 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 496,291496.3k $5.7m $5.7m 0.00% Reduced -11.8k -11,775
12 CITY OF LONDON INVESTMENT MANAGEMENT CO LTD 0.26% of their portfolio London, X0 373,640373.6k $4.3m $4.3m 0.26% Reduced -80.0k -80,000
13 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 301,535301.5k $3.4m $3.4m 0.00% Added +278.0k +277,977
14 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 269,068269.1k $3.1m $3.1m 0.00% Reduced -2.6k -2,561
15 ROBINSON CAPITAL MANAGEMENT, LLC 1.34% of their portfolio GROSSE POINTE FARMS, MI 265,460265.5k $3.0m $3.0m 1.34% Unchanged
16 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 193,118193.1k $2.2m $2.2m 0.00% Reduced -1.3k -1,305
17 Altium Capital Management LLC 4.21% of their portfolio NEW YORK, NY 175,187175.2k $2.0m $2.0m 4.21% Reduced -47.1k -47,077
18 Rareview Capital LLC 0.98% of their portfolio LAS VEGAS, NV 169,976170.0k $1.8m $1.8m 0.98% Reduced -250.2k -250,248
19 Fiera Capital Corp 0.01% of their portfolio MONTREAL, A8 142,300142.3k $1.6m $1.6m 0.01% Reduced -5.7k -5,681
20 Indiana Trust & Investment Management Co 0.43% of their portfolio MISHAWAKA, IN 137,000137.0k $1.6m $1.6m 0.43% Unchanged
21 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 134,608134.6k $1.5m $1.5m 0.00% Reduced -12.5k -12,453
22 Dakota Wealth Management 0.03% of their portfolio PALM BEACH GARDENS, FL 134,273134.3k $1.5m $1.5m 0.03% Added +30.1k +30,146
23 LORD, ABBETT & CO. LLC 0.00% of their portfolio JERSEY CITY, NJ 129,025129.0k $1.5m $1.5m 0.00% Unchanged
24 Almitas Capital LLC 0.33% of their portfolio SANTA MONICA, CA 120,993121.0k $1.4m $1.4m 0.33% Reduced -93.3k -93,289
25 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 101,850101.8k $1.2m $1.2m 0.00% Added +2.5k +2,526
26 RIVERBRIDGE PARTNERS LLC 0.03% of their portfolio MINNEAPOLIS, MN 87,83787.8k $1.0m $1.0m 0.03% Reduced -67.2k -67,192
27 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 86,88686.9k $991.4k $991.4k 0.00% Reduced -5.8k -5,812
28 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 80,63680.6k $920.1k $920.1k 0.00% Added +45.3k +45,288
29 COHEN & STEERS, INC. 0.00% of their portfolio NEW YORK, NY 78,00078.0k $890.0k $890.0k 0.00% Unchanged
30 Capital Investment Advisors, LLC 0.01% of their portfolio ATLANTA, GA 68,44768.4k $781.0k $781.0k 0.01% Reduced -401 -401
31 Noble Wealth Management PBC 0.36% of their portfolio GREENWOOD VILLAGE, CO 68,34168.3k $779.8k $779.8k 0.36% Added +3.8k +3,796
32 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 67,18567.2k $766.6k $766.6k 0.00% Reduced -6.0k -5,974
33 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 62,94762.9k $718.2k $718.2k 0.00% Added +6.2k +6,152
34 Summit Trail Advisors, LLC 0.01% of their portfolio NEW YORK, NY 61,70861.7k $704.1k $704.1k 0.01% Reduced -2.6k -2,629
35 Closed-End Fund Advisors, Inc. 0.68% of their portfolio RICHMOND, VA 60,68960.7k $692.5k $692.5k 0.68% Reduced -2.0k -1,989
36 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 53,96954.0k $615.8k $615.8k 0.00% Added +33.5k +33,483
37 PETRA FINANCIAL ADVISORS INC 0.28% of their portfolio COLORADO SRPINGS, CO 53,03553.0k $605.1k $605.1k 0.28% Reduced -315 -315
38 MELFA WEALTH MANAGEMENT, INC. 0.29% of their portfolio WESTBOROUGH, MA 47,65247.7k $543.7k $543.7k 0.29% Unchanged
39 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 45,72945.7k $521.8k $521.8k 0.00% Reduced -20.8k -20,777
40 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 44,78244.8k $511.0k $511.0k 0.00% Reduced -496 -496
41 KENNEDY INVESTMENT GROUP, INC. 0.15% of their portfolio WEST DEPTFORD, NJ 39,17439.2k $447.0k $447.0k 0.15% Reduced -8.1k -8,107
42 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 36,34536.3k $414.7k $414.7k 0.00% Reduced -5.5k -5,490
43 Arete Wealth Advisors, LLC 0.03% of their portfolio CHICAGO, IL 34,14634.1k $389.6k $389.6k 0.03% Added +9 +9
44 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 33,02933.0k $376.9k $376.9k 0.00% Added +367 +367
45 Thomas J. Herzfeld Advisors, Inc. 0.12% of their portfolio MIAMI BEACH, FL 33,01533.0k $376.7k $376.7k 0.12% New
46 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 31,91131.9k $364.1k $364.1k 0.00% Reduced -25.6k -25,634
47 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.04% of their portfolio BLUE BELL, PA 31,50031.5k $359.4k $359.4k 0.04% Reduced -2.2k -2,222
48 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 30,63330.6k $349.5k $349.5k 0.00% New
49 ProVise Management Group, LLC 0.02% of their portfolio CLEARWATER, FL 30,35630.4k $346.4k $346.4k 0.02% Added +1.5k +1,500
50 Traub Capital Management LLC 0.29% of their portfolio NEEDHAM, MA 28,48128.5k $325.0k $325.0k 0.29% Reduced -21.8k -21,810
51 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 28,06928.1k $320.3k $320.3k 0.00% New
52 Wellspring Financial Advisors, LLC 0.02% of their portfolio CLEVELAND, OH 27,19127.2k $310.2k $310.2k 0.02% Added +1.1k +1,100
53 Jupiter Wealth Management LLC 0.12% of their portfolio GLENDALE, CO 27,17527.2k $310.1k $310.1k 0.12% Unchanged
54 UBS Group AG 0.00% of their portfolio ZURICH, V8 26,27226.3k $299.8k $299.8k 0.00% Reduced -605 -605
55 EVOLVE PRIVATE WEALTH, LLC 0.02% of their portfolio LOS ANGELES, CA 25,99226.0k $296.6k $296.6k 0.02% Reduced -1.3k -1,312
56 BALANCED WEALTH GROUP LLC 0.09% of their portfolio WESTLAKE, OH 24,43324.4k $278.8k $278.8k 0.09% Added +1.2k +1,188
57 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 21,31521.3k $243.0k $243.0k 0.00% Reduced -57.1k -57,136
58 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 20,42620.4k $233.1k $233.1k 0.00% New
59 Smith Asset Management Co., LLC 0.16% of their portfolio Chiefland, FL 18,20318.2k $207.7k $207.7k 0.16% Unchanged
60 Virtu Financial LLC 0.01% of their portfolio New York, NY 16,12016.1k $184.0k $184.0k 0.01% New
61 Merit Financial Group, LLC 0.00% of their portfolio ALPHARETTA, GA 15,61315.6k $178.1k $178.1k 0.00% Added +445 +445
62 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 15,61215.6k $178.1k $178.1k 0.00% Unchanged
63 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 15,57915.6k $177.0k $177.0k 0.00% New
64 Independent Advisor Alliance 0.00% of their portfolio CHARLOTTE, NC 14,96815.0k $170.8k $170.8k 0.00% Unchanged
65 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 14,13414.1k $161.3k $161.3k 0.00% Added +1.0k +1,042
66 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 12,78712.8k $145.9k $145.9k 0.00% Reduced -4.4k -4,445
67 SMH CAPITAL ADVISORS INC 0.55% of their portfolio FORT WORTH, TX 12,20412.2k $139.2k $139.2k 0.55% Unchanged
68 Strategic Financial Concepts, LLC 0.04% of their portfolio SAN ANTONIO, TX 11,44411.4k $130.6k $130.6k 0.04% New
69 River Street Advisors LLC 0.04% of their portfolio AURORA, IL 11,18211.2k $127.6k $127.6k 0.04% Unchanged
70 DUNCKER STREETT & CO INC 0.02% of their portfolio St. Louis, MO 11,00011.0k $125.5k $125.5k 0.02% Unchanged
71 Ground Swell Capital, LLC 0.13% of their portfolio FOLLY BEACH, SC 10,48510.5k $119.6k $119.6k 0.13% New
72 ACCREDITED INVESTOR SERVICES, LLC 0.06% of their portfolio ST. CLOUD, MN 10,04210.0k $114.6k $114.6k 0.06% Reduced -42 -42
73 Curi Capital, LLC 0.00% of their portfolio CHICAGO, IL 10,00010.0k $114.1k $114.1k 0.00% Unchanged
74 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 7,0007.0k $79.9k $79.9k 0.00% Unchanged
75 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 6,4336.4k $73.4k $73.4k 0.00% First filing
76 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 5,5275.5k $63.1k $63.1k 0.00% New
77 Pinnacle Wealth Planning Services, Inc. 0.00% of their portfolio MANSFIELD, OH 2,2652.3k $25.8k $25.8k 0.00% Added +333 +333
78 Clear Street Group Inc. 0.00% of their portfolio NEW YORK, NY 2,0442.0k $23.3k $23.3k 0.00% New
79 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 1,8401.8k $21.0k $21.0k 0.00% Reduced -1.5k -1,488
80 Caldwell Trust Co 0.00% of their portfolio Venice, FL 1,4001.4k $16.0k $16.0k 0.00% Unchanged
81 PRIVATE TRUST CO NA 0.00% of their portfolio CLEVELAND, OH 1,1001.1k $12.6k $12.6k 0.00% Unchanged
82 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 788788 $9.0k $9.0k 0.00% Added +59 +59
83 Markowski Investments 0.00% of their portfolio TAMPA, FL 768768 $8.8k $8.8k 0.00% First filing
84 WPG Advisers, LLC 0.00% of their portfolio BALTIMORE, MD 627627 $7.2k $7.2k 0.00% Added +92 +92
85 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 500500 $5.7k $5.7k 0.00% Unchanged
86 Community Financial Services Group, LLC 0.00% of their portfolio NEWPORT, VT 200200 $2.3k $2.3k 0.00% Unchanged
87 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 8484 $961 $961 0.00% Added +7 +7