PZA — INVESCO NATIONAL AMT-FREE MUNICIPAL
Reported value held$2.35B
Funds holding (latest)20
Sector—
Funds holding (Q2 2026)13
Institutional value$2.22B · 94.25M sh
New / Add / Cut / Exit2 / 8 / 1 / 1
Top-5 / Top-10 concentration96.6% / 99.9%
Institutional holdings change
Accumulating +12.0%
(+10.12M sh)
Institutional value change
Up +14.7%
As of Q2 2026, 13 SEC-registered investment managers reported holding PZA (INVESCO NATIONAL AMT-FREE MUNICIPAL) in their latest 13F filings, with a combined reported value of $2.22B across 94.25M shares. That is +12.0% by share count (+10.12M shares) versus the previous quarter, while reported value moved +14.7%. Ownership is concentrated: the five largest holders account for 96.6% of reported value and the top ten for 99.9%.
Compared with the prior quarter, 2 opened new positions, 8 added to existing stakes, 1 trimmed, 1 exited entirely. 13F holdings are quarter-end snapshots, so these moves reflect positioning as of Q2 2026, not real-time trading.
All figures on this page are computed from SEC Form 13F quarterly filings. 13F filers disclose long positions of $100,000 or more within 45 days of quarter end; short positions, options overlays and intra-quarter trades are not included, so treat the numbers as a quarterly snapshot of institutional ownership rather than real-time positioning.
Q2 2026 — 13 funds
| Fund | Shares | Value | Portfolio Weight | Change |
|---|---|---|---|---|
| Bank of America Corp history | 58.45M | $1.37B | 0.09% | Add |
| UBS Group AG history | 24.46M | $575.40M | 0.08% | Add |
| BNY Mellon history | 3.25M | $76.54M | 0.01% | Add |
| JPMorgan Chase & Co history | 2.75M | $64.81M | 0.01% | New |
| Morgan Stanley history | 2.13M | $50.20M | 0.00% | Hold |
| Wells Fargo & Co history | 1.95M | $45.82M | 0.01% | Add |
| Citadel Advisors history | 434.71K | $10.22M | 0.00% | Add |
| PNC Financial Services history | 366.81K | $8.63M | 0.00% | Reduce |
| Renaissance Technologies history | 322.30K | $7.58M | 0.01% | Add |
| Northern Trust Corp history | 70.22K | $1.65M | 0.00% | New |
| BlackRock Inc history | 30.20K | $710.35K | 0.00% | Add |
| Fidelity Management & Research (FMR) history | 17.44K | $410.24K | 0.00% | Add |
| Franklin Resources history | 1.00K | $23.52K | 0.00% | Hold |
Q1 2026 — 12 funds
| Fund | Shares | Value | Portfolio Weight | Change |
|---|---|---|---|---|
| Bank of America Corp history | 55.15M | $1.27B | 0.09% | Add |
| UBS Group AG history | 21.53M | $494.70M | 0.08% | Add |
| BNY Mellon history | 2.74M | $63.00M | 0.01% | Add |
| Morgan Stanley history | 2.13M | $49.04M | 0.00% | Add |
| Wells Fargo & Co history | 1.57M | $36.06M | 0.01% | Add |
| Goldman Sachs Group history | 389.80K | $8.96M | 0.00% | New |
| PNC Financial Services history | 376.37K | $8.65M | 0.01% | Add |
| Citadel Advisors history | 128.85K | $2.96M | 0.00% | Reduce |
| Renaissance Technologies history | 64.30K | $1.48M | 0.00% | Reduce |
| BlackRock Inc history | 29.13K | $669.40K | 0.00% | Add |
| Fidelity Management & Research (FMR) history | 11.55K | $265.46K | 0.00% | Add |
| Franklin Resources history | 1.00K | $22.98K | 0.00% | Hold |
Q4 2025 — 14 funds
| Fund | Shares | Value | Portfolio Weight | Change |
|---|---|---|---|---|
| Bank of America Corp history | 52.19M | $1.21B | 0.09% | Reduce |
| BNY Mellon history | 2.47M | $57.18M | 0.01% | Add |
| Morgan Stanley history | 1.90M | $44.06M | 0.00% | Reduce |
| UBS Group AG history | 1.89M | $43.84M | 0.01% | Hold |
| Wells Fargo & Co history | 1.39M | $32.32M | 0.01% | Add |
| JPMorgan Chase & Co history | 712.39K | $16.52M | 0.00% | Add |
| Citadel Advisors history | 658.40K | $15.27M | 0.00% | Add |
| PNC Financial Services history | 371.61K | $8.62M | 0.01% | Add |
| Renaissance Technologies history | 288.90K | $6.70M | 0.01% | Reduce |
| Charles Schwab Investment Management history | 27.67K | $641.64K | 0.00% | New |
| Northern Trust Corp history | 26.82K | $622.05K | 0.00% | New |
| Fidelity Management & Research (FMR) history | 10.25K | $237.75K | 0.00% | Add |
| BlackRock Inc history | 9.51K | $220.49K | 0.00% | Add |
| Franklin Resources history | 1.00K | $23.19K | 0.00% | Hold |
Q3 2025 — 14 funds
| Fund | Shares | Value | Portfolio Weight | Change |
|---|---|---|---|---|
| Bank of America Corp history | 52.95M | $1.22B | 0.08% | Add |
| Wellington Management Group history | 5.08M | $117.20M | 0.02% | New |
| BNY Mellon history | 2.27M | $52.41M | 0.01% | Add |
| Morgan Stanley history | 2.24M | $51.83M | 0.00% | Add |
| UBS Group AG history | 1.90M | $43.81M | 0.01% | Add |
| Wells Fargo & Co history | 1.34M | $30.96M | 0.01% | Reduce |
| JPMorgan Chase & Co history | 501.94K | $11.59M | 0.00% | Reduce |
| Renaissance Technologies history | 431.23K | $9.96M | 0.01% | Add |
| PNC Financial Services history | 326.07K | $7.53M | 0.01% | Hold |
| Citadel Advisors history | 33.20K | $766.59K | 0.00% | Add |
| Millennium Management history | 12.79K | $295.21K | 0.00% | New |
| BlackRock Inc history | 8.99K | $207.60K | 0.00% | Add |
| Fidelity Management & Research (FMR) history | 2.97K | $68.58K | 0.00% | Reduce |
| Franklin Resources history | 1.00K | $23.09K | 0.00% | Hold |
Q2 2025 — 14 funds
| Fund | Shares | Value | Portfolio Weight | Change |
|---|---|---|---|---|
| Bank of America Corp history | 46.49M | $1.04B | 0.08% | Reduce |
| Morgan Stanley history | 1.91M | $42.71M | 0.00% | Reduce |
| BNY Mellon history | 1.79M | $40.11M | 0.01% | Add |
| Wells Fargo & Co history | 1.77M | $39.70M | 0.01% | Reduce |
| UBS Group AG history | 1.29M | $28.92M | 0.01% | Reduce |
| JPMorgan Chase & Co history | 507.17K | $11.36M | 0.00% | Reduce |
| Goldman Sachs Group history | 496.48K | $11.12M | 0.00% | Reduce |
| Renaissance Technologies history | 380.30K | $8.51M | 0.01% | Add |
| PNC Financial Services history | 326.64K | $7.31M | 0.01% | Reduce |
| Charles Schwab Investment Management history | 30.62K | $685.69K | 0.00% | New |
| Citadel Advisors history | 10.60K | $237.33K | 0.00% | Reduce |
| Fidelity Management & Research (FMR) history | 6.75K | $151.10K | 0.00% | Reduce |
| BlackRock Inc history | 1.70K | $38.11K | 0.00% | Reduce |
| Franklin Resources history | 1.00K | $22.39K | 0.00% | Hold |
Q1 2025 — 13 funds
| Fund | Shares | Value | Portfolio Weight | Change |
|---|---|---|---|---|
| Bank of America Corp history | 47.82M | $1.10B | 0.09% | Reduce |
| UBS Group AG history | 2.94M | $67.84M | 0.01% | Add |
| Wells Fargo & Co history | 2.12M | $48.95M | 0.01% | Add |
| Morgan Stanley history | 1.98M | $45.61M | 0.00% | Reduce |
| BNY Mellon history | 1.65M | $38.05M | 0.01% | Add |
| JPMorgan Chase & Co history | 973.39K | $22.43M | 0.00% | Add |
| Goldman Sachs Group history | 516.98K | $11.91M | 0.00% | Add |
| PNC Financial Services history | 362.69K | $8.36M | 0.00% | Add |
| Renaissance Technologies history | 115.90K | $2.67M | 0.00% | Reduce |
| Citadel Advisors history | 78.25K | $1.80M | 0.00% | Reduce |
| Fidelity Management & Research (FMR) history | 7.47K | $172.09K | 0.00% | Reduce |
| BlackRock Inc history | 2.15K | $49.60K | 0.00% | New |
| Franklin Resources history | 1.00K | $23.04K | 0.00% | Hold |
New Positions (Q2 2026)
- JPMorgan Chase & Co 2.75M sh · $64.81M
- Northern Trust Corp 70.22K sh · $1.65M
Fully Exited (vs previous quarter)
- Goldman Sachs Group sold 389.80K sh · $8.96M
Fund Position History — shares by quarter (top 20 funds)
| Fund | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bank of America Corp | 58.45M | 55.15M | 52.19M | 52.95M | 46.49M | 47.82M | 49.72M | 43.12M | 41.50M | 39.76M | 38.48M | 33.92M | 32.24M | 30.76M | 24.23M | 22.67M | 21.37M | 24.48M | 28.15M | 27.08M |
| UBS Group AG | 24.46M | 21.53M | 1.89M | 1.90M | 1.29M | 2.94M | 2.89M | 2.95M | 3.00M | 3.16M | 2.74M | 3.01M | 2.96M | 2.97M | 2.93M | 3.10M | 3.47M | 4.18M | 4.18M | 4.10M |
| BNY Mellon | 3.25M | 2.74M | 2.47M | 2.27M | 1.79M | 1.65M | 1.54M | 1.37M | 1.21M | 1.01M | 874.44K | 674.74K | 217.66K | 66.83K | — | — | — | 22.20K | — | — |
| JPMorgan Chase & Co | 2.75M | — | 712.39K | 501.94K | 507.17K | 973.39K | 515.77K | 506.91K | 463.70K | 304.30K | 242.98K | 153.12K | 50.88K | 29.20K | 29.43K | 35.86K | 33.17K | 31.18K | 31.21K | 31.40K |
| Morgan Stanley | 2.13M | 2.13M | 1.90M | 2.24M | 1.91M | 1.98M | 2.08M | 1.84M | 2.08M | 2.03M | 1.98M | 2.21M | 2.27M | 2.13M | 1.77M | 1.51M | 1.74M | 1.80M | 1.94M | 1.71M |
| Wells Fargo & Co | 1.95M | 1.57M | 1.39M | 1.34M | 1.77M | 2.12M | 2.08M | 1.81M | 1.86M | 1.76M | 1.69M | 1.71M | 1.91M | 1.33M | 1.39M | 743.41K | 687.57K | 539.69K | 546.97K | 508.06K |
| Citadel Advisors | 434.71K | 128.85K | 658.40K | 33.20K | 10.60K | 78.25K | 562.09K | 66.84K | 92.81K | 55.42K | 10.80K | 23.62K | 24.69K | — | 33.97K | 94.56K | — | — | 41.95K | — |
| PNC Financial Services | 366.81K | 376.37K | 371.61K | 326.07K | 326.64K | 362.69K | 331.45K | 335.36K | 344.43K | 363.48K | 485.25K | 555.62K | 561.12K | 578.25K | 643.95K | 660.60K | 668.67K | 754.16K | 758.32K | 755.30K |
| Renaissance Technologies | 322.30K | 64.30K | 288.90K | 431.23K | 380.30K | 115.90K | 117.20K | 577.76K | 308.50K | 264.67K | 180.20K | — | 175.30K | 359.77K | 104.29K | — | 256.19K | 97.30K | 86.85K | — |
| Northern Trust Corp | 70.22K | — | 26.82K | — | — | — | — | 10.99K | 10.99K | 10.99K | 12.12K | 56.01K | 19.25K | 19.25K | 24.26K | 24.87K | 25.09K | 24.26K | 11.17K | 10.02K |
| BlackRock Inc | 30.20K | 29.13K | 9.51K | 8.99K | 1.70K | 2.15K | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Fidelity Management & Research (FMR) | 17.44K | 11.55K | 10.25K | 2.97K | 6.75K | 7.47K | 10.43K | 6.87K | 4.12K | 2.21K | 697 | 193 | 2.97K | 268 | 600 | 1.25K | 692 | 8.25K | 21.47K | 15.40K |
| Franklin Resources | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K |
| Goldman Sachs Group | — | 389.80K | — | — | 496.48K | 516.98K | 14.85K | 14.85K | 12.95K | — | — | — | — | — | — | — | — | — | — | — |
| Millennium Management | — | — | — | 12.79K | — | — | 9.93K | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Charles Schwab Investment Management | — | — | 27.67K | — | 30.62K | — | — | — | — | — | 47.23K | — | — | — | 74.67K | 38.21K | 10.52K | — | — | — |
| Wellington Management Group | — | — | — | 5.08M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Deutsche Bank AG | — | — | — | — | — | — | — | — | — | — | — | 599 | 599 | — | — | — | — | — | — | — |
| Citigroup Inc | — | — | — | — | — | — | — | — | 300 | 300 | 300 | 4.03K | 5.03K | 5.03K | 12.80K | 12.80K | 2.24K | 2.24K | 11.24K | 1.29K |
| Prudential Financial | — | — | — | — | — | — | — | 107.85K | 85.78K | 46.60K | 25.14K | 37.45K | 50.15K | 50.06K | 49.98K | 75.34K | 73.81K | 19.18K | 10.92K | 10.84K |
▲ Bought Low (fund opened/added, stock rose ≥5% next quarter) ▼ Sold High (fund reduced, stock fell ≥5% next quarter)
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