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 Commonwealth of Pennsylvania 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 Pennsylvania or municipal securities with interest that is otherwise exempt from Pennsylvania state income tax. The Portfolio may also invest in: forward commitments; zero-coupon municipal securities and variable, floating and inverse floating-rate … 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 Pennsylvania or municipal securities with interest that is otherwise exempt from Pennsylvania 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 |
|---|---|---|---|
| Commonwealth Financing Authority, Tobacco Master Settlement Payment | CMNGEN | $2.65M | 6.40% |
| PHILADELPHIA PA AUTH FOR INDL DEV UNIV REVENUE | — | $2.17M | 5.23% |
| PITTSBURGH WTR/SWR | — | $1.95M | 4.71% |
| Delaware County Authority, Series 2017 | — | $1.63M | 3.93% |
| PENNSYLVANIA ST HGR EDUCTNL FA PASHGR 11/61 ADJUSTABLE VAR | — | $1.50M | 3.62% |
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio | — | $1.46M | 3.53% |
| Philadelphia Energy Authority (The), Philadelphia Street Lighting Project, Series 2023A | — | $1.32M | 3.19% |
| PENNSYLVANIA ST HGR EDUCTNL FA PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORI | — | $1.18M | 2.84% |
| Pennsylvania Turnpike Commission, Series 2024, RB | — | $1.15M | 2.77% |
| School District of Philadelphia/The | — | $1.10M | 2.65% |
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 | 9% | 0.53% |
| AB New Jersey Portfolio · ANJAX, ANJBX, ANJCX | 5% | 0.82% |
| Putnam Pennsylvania Tax Exempt Income Fund · PTEPX, PPNBX | 4% | 0.59% |
Footnotes
- Expense ratio as of September 26, 2024, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2025, from the fund's N-PORT filing.
- Total return for calendar year 2024, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2024 (the latest prospectus does not yet chart this year).
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