Investment objective & strategy
As of Sept. 26, 2025 · prospectusObjective. The investment objective of the Portfolio is to earn the highest level of current income, exempt from federal income tax and California personal income tax, that is available without assuming what the Adviser considers to be undue risk to income or principal.
Strategy. The Portfolio pursues its objective by investing principally in high-yielding, predominantly investment grade municipal securities. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal alternative minimum tax (AMT) for certain taxpayers. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities of California or municipal securities with interest that is otherwise exempt from California state income tax. The Adviser selects securities for purchase or sale based on its assessment of the securities risk and … The Portfolio pursues its objective by investing principally in high-yielding, predominantly investment grade municipal securities. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal alternative minimum tax (AMT) for certain taxpayers. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities of California or municipal securities with interest that is otherwise exempt from California state income tax. The Adviser selects securities for purchase or sale based on its assessment of the securities risk and return characteristics as well as the securities impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolios other holdings. The Portfolio may also invest in: forward commitments; tender option bonds (TOBs); zero-coupon municipal securities and variable, floating and inverse floating-rate municipal securities; certain types of mortgage-related securities; and derivatives, such as options, futures contracts, forwards and swaps.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| State of California 5.25% 09/01/2053 | CAS | $21.60M | 1.61% |
| San Diego County Regional Airport Authority, Senior Private Activity, Series 2023B | — | $21.50M | 1.60% |
| CALIFORNIA STWD CMNTYS DEV AUTH REVENUE | — | $20.65M | 1.54% |
| CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE | — | $20.50M | 1.53% |
| DESERTXPRESS ENTERPRISES LLC (MPT) 3.5% 01-01-65 | CASDEV | $18.81M | 1.40% |
| Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Green Series 2025A | — | $18.32M | 1.37% |
| Bay Area Toll Authority | — | $14.60M | 1.09% |
| CALIFORNIA COMMUNITY VAR | CCEDEV | $13.68M | 1.02% |
| California Community Choice Financing Authority, Series 2023 E-1 | CCEDEV | $13.52M | 1.01% |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2025 A, RB | — | $13.15M | 0.98% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| AB California Intermediate Municipal ETF · CAM | 31% | 0.27% |
| California Municipal Portfolio · AICAX, ACMCX, SNCAX, AICYX | 26% | 0.50% |
| VANGUARD CALIFORNIA INTERMEDIATE-TERM TAX-EXEMPT FUND · VCAIX, VCADX | 13% | 0.09% |
Advisers
| Firm | Role |
|---|---|
| AllianceBernstein L.P. | Adviser |
Footnotes
- Expense ratio as of September 26, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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