Vault-13

ABRDN NATL MUN INCOME FD

SH BEN INT · CUSIP 24610T108

52 institutional holders +3 vs Q1 2025
2,961,7893.0m shares reported held*
$28.6mreported value*
6 new 17 added 9 reduced 4 sold out net bought ≈ $1.7m (+203.8k 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 ≈ $9.66.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 57Q4 22: 37Q1 23: 44Q2 23: 42Q3 23: 52Q4 23: 59Q1 24: 55Q2 24: 52Q3 24: 51Q4 24: 59Q1 25: 49Q2 25: 5252Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202257
Q4 202237
Q1 202344
Q2 202342
Q3 202352
Q4 202359
Q1 202455
Q2 202452
Q3 202451
Q4 202459
Q1 202549
Q2 202552

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 30 bought or addedQ3 23: 10 cut or sold outQ4 23: 29 bought or addedQ4 23: 24 cut or sold outQ4 23Q1 24: 20 bought or addedQ1 24: 25 cut or sold outQ2 24: 14 bought or addedQ2 24: 22 cut or sold outQ2 24Q3 24: 16 bought or addedQ3 24: 23 cut or sold outQ4 24: 20 bought or addedQ4 24: 20 cut or sold outQ4 24Q1 25: 12 bought or addedQ1 25: 30 cut or sold outQ2 25: 23 bought or addedQ2 25: 13 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20233010
Q4 20232924
Q1 20242025
Q2 20241422
Q3 20241623
Q4 20242020
Q1 20251230
Q2 20252313

Biggest buyers

GUGGENHEIM CAPITAL LLC Added +65,835+65.8k
Saba Capital Management, L.P. Added +56,816+56.8k
Pathstone Holdings, LLC Added +48,798+48.8k
MORGAN STANLEY Added +36,558+36.6k
Realta Investment Advisors Added +35,119+35.1k
Sightline Wealth Advisors, LLC New +32,383+32.4k
ROYAL BANK OF CANADA Added +26,853+26.9k
Whipplewood Advisors, LLC Added +24,116+24.1k
WELLS FARGO & COMPANY/MN Added +12,361+12.4k
Thomas J. Herzfeld Advisors, Inc. Added +8,708+8.7k

Biggest sellers

Hennion & Walsh Asset Management, Inc. Reduced -43,426-43.4k
Logan Stone Capital, LLC Reduced -39,759-39.8k
AQR Arbitrage LLC Sold out -27,397-27.4k
Ackerman Capital Advisors, LLC Sold out -18,170-18.2k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -12,789-12.8k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -11,645-11.6k
LANDSCAPE CAPITAL MANAGEMENT, L.L.C. Sold out -10,712-10.7k
Catalina Capital Group, LLC Reduced -7,357-7.4k
UBS Group AG Reduced -1,419-1.4k
PRINCIPAL SECURITIES, INC. Reduced -1,000-1.0k

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.

No one currently above 5% in the filings since 19 Dec 2024.

Fell to 5% or below in the last year: Toronto Dominion Investments, Inc. (0.0%, 2026-06-18), FIRST TRUST PORTFOLIOS LP (4.2%, 2026-04-30)

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MacKay Shields LLC 0.12% of their portfolio New York, NY 401,695401.7k $3.9m $3.9m 0.12% Unchanged
2 GUGGENHEIM CAPITAL LLC 0.02% of their portfolio CHICAGO, IL 242,126242.1k $2.3m $2.3m 0.02% Added +65.8k +65,835
3 Saba Capital Management, L.P. 0.06% of their portfolio NEW YORK, NY 230,993231.0k $2.2m $2.2m 0.06% Added +56.8k +56,816
4 Hennion & Walsh Asset Management, Inc. 0.08% of their portfolio Parsippany, NJ 195,837195.8k $1.9m $1.9m 0.08% Reduced -43.4k -43,426
5 Pathstone Holdings, LLC 0.01% of their portfolio ENGLEWOOD, NJ 179,657179.7k $1.7m $1.7m 0.01% Added +48.8k +48,798
6 Matisse Capital 0.78% of their portfolio PORTLAND, OR 170,000170.0k $1.6m $1.6m 0.78% Unchanged
7 Allspring Global Investments Holdings, LLC 0.00% of their portfolio CHARLOTTE, NC 158,647158.6k $1.5m $1.5m 0.00% Unchanged
8 Logan Stone Capital, LLC 0.68% of their portfolio CHICAGO, IL 150,325150.3k $1.5m $1.5m 0.68% Reduced -39.8k -39,759
9 RIVERBRIDGE PARTNERS LLC 0.02% of their portfolio MINNEAPOLIS, MN 117,947117.9k $1.1m $1.1m 0.02% Added +4.6k +4,590
10 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 101,792101.8k $983.3k $983.3k 0.00% Added +36.6k +36,558
11 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.05% of their portfolio WEST PALM BEACH, FL 100,181100.2k $967.7k $967.7k 0.05% Unchanged
12 Realta Investment Advisors 0.36% of their portfolio WILMINGTON, DE 95,19295.2k $919.6k $919.6k 0.36% Added +35.1k +35,119
13 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 85,44985.4k $825.0k $825.0k 0.00% Reduced -89 -89
14 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 68,78068.8k $664.4k $664.4k 0.00% Added +12.4k +12,361
15 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 65,12465.1k $630.0k $630.0k 0.00% Added +26.9k +26,853
16 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 58,05558.1k $564.9k $564.9k 0.00% Reduced -11.6k -11,645
17 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.08% of their portfolio BLUE BELL, PA 46,60246.6k $450.2k $450.2k 0.08% Added +5.2k +5,234
18 Capital Investment Advisors, LLC 0.01% of their portfolio ATLANTA, GA 42,08942.1k $406.6k $406.6k 0.01% Reduced -515 -515
19 Thomas J. Herzfeld Advisors, Inc. 0.14% of their portfolio MIAMI BEACH, FL 40,02940.0k $386.7k $386.7k 0.14% Added +8.7k +8,708
20 Hara Capital LLC 0.22% of their portfolio BELLEVUE, WA 36,60036.6k $353.6k $353.6k 0.22% Unchanged
21 Sightline Wealth Advisors, LLC 0.15% of their portfolio GROTON, CT 32,38332.4k $312.8k $312.8k 0.15% New
22 MELFA WEALTH MANAGEMENT, INC. 0.17% of their portfolio WESTBOROUGH, MA 27,56527.6k $266.3k $266.3k 0.17% Unchanged
23 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 27,06727.1k $261.5k $261.5k 0.00% Added +354 +354
24 Whipplewood Advisors, LLC 0.13% of their portfolio LITTLETON, CO 24,20024.2k $233.8k $233.8k 0.13% Added +24.1k +24,116
25 Element Wealth, LLC 0.10% of their portfolio RIDGELAND, MS 23,02023.0k $222.4k $222.4k 0.10% Unchanged
26 Prime Capital Investment Advisors, LLC 0.00% of their portfolio OVERLAND PARK, KS 22,05722.1k $213.1k $213.1k 0.00% Unchanged
27 Berger Financial Group, Inc 0.01% of their portfolio PLYMOUTH, MN 21,22121.2k $205.0k $205.0k 0.01% Added +88 +88
28 Catalina Capital Group, LLC 0.13% of their portfolio Torrance, CA 19,83819.8k $191.6k $191.6k 0.13% Reduced -7.4k -7,357
29 Koshinski Asset Management, Inc. 0.01% of their portfolio DECATUR, IL 16,01216.0k $154.7k $154.7k 0.01% Unchanged
30 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 15,45815.5k $149.3k $149.3k 0.00% Added +214 +214
31 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 15,03115.0k $145.2k $145.2k 0.00% Added +2.1k +2,102
32 OneAscent Financial Services LLC 0.01% of their portfolio BIRMINGHAM, AL 14,00014.0k $136.0k $136.0k 0.01% Unchanged
33 GEN Financial Management, INC. 0.11% of their portfolio PLYMOUTH, MN 13,32413.3k $128.7k $128.7k 0.11% Unchanged
34 HighMark Wealth Management LLC 0.06% of their portfolio ST. PAUL, MN 12,88012.9k $124.4k $124.4k 0.06% Unchanged
35 Traub Capital Management LLC 0.11% of their portfolio NEEDHAM, MA 12,56412.6k $121.4k $121.4k 0.11% First filing
36 UBS Group AG 0.00% of their portfolio ZURICH, V8 12,13112.1k $117.2k $117.2k 0.00% Reduced -1.4k -1,419
37 Basepoint Wealth LLC 0.09% of their portfolio CEDAR RAPIDS, IA 11,39711.4k $110.1k $110.1k 0.09% Added +174 +174
38 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 11,26811.3k $108.8k $108.8k 0.00% Reduced -784 -784
39 CWM, LLC 0.00% of their portfolio OMAHA, NE 8,7528.8k $85.0k $85.0k 0.00% Unchanged
40 WOLVERINE ASSET MANAGEMENT LLC 0.00% of their portfolio CHICAGO, IL 8,0098.0k $77.4k $77.4k 0.00% New
41 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 7,1767.2k $69.3k $69.3k 0.00% New
42 Financial Gravity Companies, Inc. 0.01% of their portfolio Lakeway, TX 4,7504.8k $45.9k $45.9k 0.01% First filing
43 PRINCIPAL SECURITIES, INC. 0.00% of their portfolio DES MOINES, IA 4,0974.1k $39.6k $39.6k 0.00% Reduced -1.0k -1,000
44 COMERICA BANK 0.00% of their portfolio DALLAS, TX 3,6253.6k $35.0k $35.0k 0.00% Unchanged
45 MRP Capital Investments, LLC 0.02% of their portfolio ALPHARETTA, GA 2,5002.5k $24.1k $24.1k 0.02% New
46 Elequin Capital, LP 0.00% of their portfolio NEW YORK, NY 2,1662.2k $20.9k $20.9k 0.00% Added +221 +221
47 GPS Wealth Strategies Group, LLC 0.00% of their portfolio CENTENNIAL, CO 774774 $7.5k $7.5k 0.00% Unchanged
48 ELEVATION POINT WEALTH PARTNERS, LLC 0.00% of their portfolio DENVER, CO 655655 $6.3k $6.3k 0.00% New
49 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 470470 $4.5k $4.5k 0.00% Unchanged
50 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 240240 $2.3k $2.3k 0.00% First filing
51 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3939 $377 $377 0.00% New
52 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged