Investment objective & strategy
As of Sept. 26, 2024 · prospectusObjective. The investment objective of the Portfolio is to earn the highest level of current income exempt from both federal income tax and State of New Jersey 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 New Jersey or municipal securities with interest that is otherwise exempt from New Jersey state income tax. The Portfolio may also invest in: forward commitments; zero-coupon municipal securities and variable, floating 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 New Jersey or municipal securities with interest that is otherwise exempt from New Jersey state income tax. The Portfolio may also invest in: forward commitments; zero-coupon municipal securities and variable, floating and inverse floating-rate municipal securities; and derivatives, such as options, futures contracts, forwards and swaps.
Top holdings
As of Feb. 28, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio | — | $4.72M | 8.55% |
| Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Bonds, Covantan Union Inc. Lessee, Refunding Series 2011B | — | $2.82M | 5.11% |
| NJ EDA SPL 5% 10/1/2047@ | NJSDEV | $2.53M | 4.58% |
| HOBOKEN NJ | — | $2.53M | 4.58% |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE | — | $2.52M | 4.56% |
| MORRIS-UNION JOINTURE COMMISSION NJ | — | $2.32M | 4.21% |
| RAHWAY VALLEY N J SEW AUTH SWR CAP APPREC-SER A | — | $2.32M | 4.20% |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE | — | $2.00M | 3.62% |
| NJ HLTH CARE FACS-A | — | $1.89M | 3.41% |
| NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE | — | $1.84M | 3.33% |
Portfolio moves
Nov 30, 2024 → Feb 28, 2025How 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 Arizona Portfolio · AAZAX, AAZBX, AAZCX, AAZYX | 10% | 0.53% |
| AB Total Return Bond Portfolio · ABQUX, ABQCX, ABQYX, ABQIX, ABQZX | 6% | 0.52% |
| AB Pennsylvania Portfolio · APAAX, APABX, APACX | 5% | 0.85% |
Footnotes
- Net assets and holdings count as of February 28, 2025, from the fund's N-PORT filing.
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