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AFB

AllianceBernstein National Municipal Income Fund
AFB

76 hedge funds and large institutions have $195M invested in AllianceBernstein National Municipal Income Fund in 2025 Q3 according to their latest regulatory filings, with 6 funds opening new positions, 25 increasing their positions, 23 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

10% more capital invested

Capital invested by funds: $178M → $195M (+$17M)

2.47% more ownership

Funds ownership: 60.08% → 62.55% (+2.5%)

9% more repeat investments, than reductions

Existing positions increased: 25 | Existing positions reduced: 23

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

6% less funds holding

Funds holding: 81 → 76 (-5)

45% less first-time investments, than exits

New positions opened: 6 | Existing positions closed: 11

Holders
76
Holders Change
-5
Holders Change %
-6.17%
% of All Funds
1%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.01%
New
6
Increased
25
Reduced
23
Closed
11
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Allspring Global Investments
Allspring Global Investments
North Carolina
+$2.44M
2
Ameriprise
Ameriprise
Minnesota
+$2.35M
3
HWAM
Hennion & Walsh Asset Management
New Jersey
+$2.02M
4
GC
Guggenheim Capital
Illinois
+$1.82M
5
Pathstone Holdings
Pathstone Holdings
New Jersey
+$1.5M

Top Sellers

Rank Fund Capital Flow
1
BI
Bulldog Investors
New Jersey
-$2.42M
2
RCM
Rivernorth Capital Management
Florida
-$719K
3
RIL
Rothschild Investment LLC
Illinois
-$706K
4
SCM
Saba Capital Management
New York
-$704K
5
Lido Advisors
Lido Advisors
California
-$606K
Name Holding Trade Value Shares
Change 		Change in
Stake
US Bancorp
51
US Bancorp
Minnesota
$139K – – –
SCA
52
SMH Capital Advisors
Texas
$139K – – –
PAW
53
Plan A Wealth
Nebraska
$136K – – –
Osaic Holdings
54
Osaic Holdings
Arizona
$133K +$1.73K +166 +1%
WFA
55
Wellspring Financial Advisors
Ohio
$132K +$1.04K +100 +0.8%
MFG
56
Merit Financial Group
Georgia
$129K -$686 -66 -0.6%
CL
57
Choreo LLC
Illinois
$122K -$250 -24 -0.2%
USCWA
58
U.S. Capital Wealth Advisors
Texas
$120K +$104 +10 +0.1%
DSC
59
Duncker Streett & Co
Missouri
$119K – – –
AF
60
Allworth Financial
California
$76K – – –
PNC Financial Services Group
61
PNC Financial Services Group
Pennsylvania
$65.3K +$62.6K +6,019 New
SPIA
62
Steward Partners Investment Advisory
New York
$56.1K -$15.8K -1,522 -23%
OP
63
ORG Partners
Indiana
$17K – – –
CT
64
Caldwell Trust
Florida
$15.2K – – –
CAM
65
Creekmur Asset Management
Illinois
$13.7K – – –
PTC
66
Private Trust Company
Ohio
$11.9K – – –
GRP
67
Global Retirement Partners
California
$10.8K – – –
FGAM
68
Financial Gravity Asset Management
Texas
$8.24K +$7.89K +759 New
CA
69
CoreCap Advisors
Michigan
$7.91K +$7.58K +729 New
M
70
MOTCO
Texas
$7.87K +$7.54K +725 New
HI
71
Harbour Investments
Wisconsin
$5.97K – – –
WA
72
WPG Advisers
Maryland
$4.77K +$62 +6 +1%
MWM
73
Mascoma Wealth Management
New Hampshire
$3.74K – – –
MA
74
Montag & Associates
Georgia
$3.49K – – –
GWSG
75
GPS Wealth Strategies Group
Colorado
$1.81K – – –
1 2
3
4

AFB Hedge Fund Activity: Q3 2025 in Review

76 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in AllianceBernstein National Municipal Income Fund (AFB) for Q3 2025, worth a combined $195M — up 9.5% from $178M a quarter earlier.

Sellers outnumbered buyers: 11 funds closed out of AFB and 6 opened new positions — a net loss of 5 holders — while 23 trimmed existing stakes and 25 added.

The largest buyer was Allspring Global Investments, adding an estimated $2.44M. The largest seller was Bulldog Investors, cutting an estimated $2.42M.

  • 76 institutional investors held AllianceBernstein National Municipal Income Fund (AFB) as of Q3 2025, down from 81 in Q2 2025.
  • Funds reported $195M of AllianceBernstein National Municipal Income Fund stock for Q3 2025, up 9.5% quarter-over-quarter.
  • 6 funds opened new AllianceBernstein National Municipal Income Fund positions in Q3 2025 and 11 closed out, a net change of -5 holders.
  • The largest AllianceBernstein National Municipal Income Fund buyer in Q3 2025 was Allspring Global Investments, an estimated $2.44M added.
  • The largest AllianceBernstein National Municipal Income Fund seller in Q3 2025 was Bulldog Investors, an estimated $2.42M sold.

Based on aggregated 13F filings for Q3 2025.