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 both federal income tax and Commonwealth of Virginia personal income tax that is available without assuming what the Adviser considers to be undue risk.
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 Virginia or municipal securities with interest that is otherwise exempt from Virginia 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 Virginia or municipal securities with interest that is otherwise exempt from Virginia 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 |
|---|---|---|---|
| VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY | — | $9.11M | 4.13% |
| Chesterfield (County of), VA Economic Development Authority (County Mobility), Series 2024, RB | — | $7.41M | 3.36% |
| U.S. Treasury Bills | B | $6.47M | 2.93% |
| MTRO WA DC ARPT 5% 10/1/46 @ | METAPT | $5.15M | 2.34% |
| FAIRFAX CNTY VA | — | $5.06M | 2.29% |
| VIRGINIA ST SMALL BUSINESS FIN VIRGINIA SMALL BUSINESS FINANCING AUTHORITY | — | $4.96M | 2.25% |
| VIRGINIA ST SMALL BUSINESS FIN REGD B/E AMT 4.00000000 | — | $4.81M | 2.18% |
| FAIRFAX CNTY VA | — | $4.60M | 2.09% |
| MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE | METAPT | $4.59M | 2.08% |
| NEWPORT NEWS VA | — | $4.58M | 2.08% |
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. |
|---|---|---|
| Nuveen Virginia Municipal Bond Fund · FVATX, NMVAX, FVCCX | 15% | 0.54% |
| Nuveen Virginia Quality Municipal Income Fund | 14% | — |
| Franklin Virginia Tax-Free Income Fund · FRVAX, FVAIX, FRVZX, FRVRX, FVAQX | 11% | 0.58% |
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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