The fund's portfolio maintains a significant concentration in revenue-backed securities, with airport-related debt comprising 15.71% of total assets, followed by non-profit health care at 10.41%. Geographically, the fund is anchored by holdings in California and Texas, which account for 12.21% and 11.03% of the portfolio, respectively. The credit quality remains largely investment grade, as 40.29% of assets are rated AA, while AAA-rated securities represent 8.71% of the total.

Management reports a total leverage ratio of 46.81%, driven primarily by tender option bonds at 24.58% and VRDP shares at 18.00%. The fund's common stock net asset value stands at $11.61, with an average maturity of 14.35 years and an effective duration of 12.54 years. Fixed-income holdings are dominated by long-dated paper, with 63.81% of the portfolio maturing between 20 and 30 years. The fund is advised by AllianceBernstein L.P.