AB Intermediate California Municipal Portfolio is a municipal bond mutual fund focused on generating tax-exempt income from debt issued by the State of California and its local authorities. The portfolio invests at least 80% of assets in California municipal securities and targets a short‑ to intermediate‑term profile, typically maintaining an effective duration in the mid‑single‑year range to balance income with interest‑rate risk management. Emphasizing credit quality, a substantial majority of holdings are rated A or higher, and the fund distributes income monthly. The strategy spans essential public finance sectors—such as general obligation, education, transportation, healthcare, and utilities—with notable exposure to large issuers like Los Angeles County, the University of California, and regional infrastructure authorities. Within the single‑state muni category, the fund’s role is to provide federal and California state tax‑advantaged income while seeking stability through diversified, high‑quality holdings across hundreds of issues. It is managed by AllianceBernstein’s municipal fixed‑income team, leveraging the firm’s research platform to navigate credit selection and yield opportunities within the California municipal market.
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