Fund Evaluator:
AB Municipal Income II Virginia Adv (AVAYX)
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Best Performing in Muni Single State Interm Over the Last Year
| 7.0% | Victory VA Bond (USVAX) |
| 6.9% | Dupree AL Tax-Free Income (DUALX) |
| 6.5% | Dupree TN Tax-Free Income (TNTIX) |
| 5.9% | Dupree KY Tax-Free Income (KYTFX) |
| 5.6% | Dupree NC Tax-Free Income (NTFIX) |
Fund Details
AB Municipal Income II Virginia Adv Overview
AB Municipal Income II Virginia Adv (AVAYX) is an actively managed Municipal Bond Muni Single State Interm fund. AllianceBernstein launched the fund in 2016.
The investment seeks 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. The fund invests 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 AMT for certain taxpayers. It invests 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.
About AB Municipal Income II Virginia Adv (AVAYX)
There are 3 members of the management team with an average tenure of 7.40 years: Daryl Clements (2022), Matthew Norton (2016), Andrew Potter (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. AB Municipal Income II Virginia Adv has 131 securities in its portfolio. The top 10 holdings constitute 24.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
AB Municipal Income II Virginia Adv is part of the Fixed Income global asset class and is within the Municipal Bond fund group. AB Municipal Income II Virginia Adv has 6.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.1% (87.9% domestic bond, 6.2% foreign bond and 0.0% convertible bond). AB Municipal Income II Virginia Adv has 5.9% of the portfolio in cash.
Assets Under Management
The fund has $122 million in total assets, which is above the $85 million average for the Muni Single State Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AVAYX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AB Municipal Income II Virginia Adv expense ratio is average compared to funds in the Muni Single State Interm category. AB Municipal Income II Virginia Adv has an expense ratio of 0.55%, which is 34% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. AB Municipal Income II Virginia Adv has a portfolio turnover rate of 20%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 41% for the Muni Single State Interm category.
Recently, in the month of July 2026, AB Municipal Income II Virginia Adv returned -1.7%, which earned it a grade of C, as the Muni Single State Interm category had an average return of -1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
AB Municipal Income II Virginia Adv has a trailing yield of 3.15%, which is above the 3.00% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
AB Municipal Income II Virginia Adv Grades
Year to date, the fund has returned 0.4%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 5.1% over the past year (grade of C), 3.2% over the past three years (grade of A) and 0.5% per year over the past five years (grade of B) and 1.9% per year over the past 10 years (grade of A).
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AVAYX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AVAYX Return (NAV) | -1.7% | -0.5% | 5.1% | 3.2% | 0.5% | 1.9% |
| AVAYX Grade | C | B | C | A | B | A |
| +/- Category | 0.0% | 0.1% | 0.1% | 0.5% | 0.3% | 0.6% |
| Muni Single State Interm Avg | -1.7% | -0.6% | 5.0% | 2.6% | 0.2% | 1.3% |
| AVAYX Tax Cost Ratio | na | na | 0.3% | 0.1% | 0.1% | 0.0% |
AVAYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AVAYX Return (NAV) | 0.4% | 4.1% | 1.8% | 5.7% | -8.9% | 2.7% | 4.9% | 7.0% | 0.5% | 5.4% | 0.8% |
| AVAYX Grade | B | C | A | A | D | A | A | A | D | A | A |
| +/- Category | 0.2% | 0.1% | 0.9% | 1.3% | -1.2% | 2.2% | 0.7% | 1.3% | -0.3% | 1.9% | 0.7% |
| Muni Single State Interm Avg | 0.3% | 4.0% | 0.9% | 4.5% | -7.7% | 0.5% | 4.2% | 5.7% | 0.8% | 3.5% | 0.1% |
| Risk Measures | |
| Standard Deviation: | 5.5% |
| Total Risk Index: | 0.45 - Low |
| Category Risk Index: | 1.10 - Above Average |
| Category Risk Grade: | D (67% Rank) |
| Beta: | 0.95 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $219 Mil |
| Fund Total Assets: | $ 122 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 20% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.5 years | |||
| Average Tenure: 7.4 years | |||
| Managers (Year): Norton Matthew (2016), Potter Andrew (2018), Clements Daryl (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 131 |
| % in Top 10 Holdings: | 24.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 87.9% |
| Foreign Bond: | 6.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.9% |
Purchase Information
| Fund Family: | AllianceBernstein |
| Phone Number: | 800-227-4618 |
| Website: | www.AllianceBernstein.com |
| Status: | Open |
| Inception Date: | July 25, 2016 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.55% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | AB Municipal Income II Virginia A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
