Address And Details

1345 Ave of the Americas , New York, NY 10105
Fund Manager Team Managed
Manager Tenure

Strategy And Objective

The investment objective of the Portfolio is to provide safety of principal and maximize total return after taking account of federal, state and local taxes for New York residents. As a matter of fundamental policy, the Portfolio, under normal circumstances, invests at least 80% of its net assets in municipal securities. In addition, as a matter of fundamental policy, the Portfolio, under normal circumstances, invests at least 80% of its net assets in a portfolio of municipal securities issued by the State of New York or its political subdivisions, or otherwise exempt from New York state income tax. For purposes of this policy, net assets include any borrowings for investment purposes. The municipal securities in which the Portfolio may invest are issued to raise money for a variety of public or private purposes, including general financing for state and local governments, the District of Columbia or possessions and territories of the United States, or financing for specific projects or public facilities. The interest paid on these securities is generally exempt from federal and New York state and local personal income tax, although in certain instances, it may be includable in income subject to alternative minimum tax. The Portfolio invests at least 80% of its total assets in municipal securities rated A or better by national rating agencies (or, if unrated, determined by AllianceBernstein L.P., the Portfolio s investment manager (the Manager ), to be of comparable quality) and comparably rated municipal notes. The Portfolio may invest up to 20% of its total assets in fixed-income securities rated BB or B by national rating agencies, which are not investment-grade (commonly known as junk bonds ). The Portfolio may invest, without limit, in revenue bonds, which generally do not have the pledge of the credit of the issuer. The Portfolio may invest, without limit, in securities or obligations that are related in such a way that business or political developments or changes affecting one such security could also affect the others (for example, securities with interest that is paid from projects of a similar type). The Portfolio may also invest up to 20% of its net assets in fixed-income securities of U.S. issuers that are not municipal securities if, in the Manager s opinion, these securities will enhance the after-tax return for New York investors. The Portfolio may also use derivatives, such as options, futures contracts, forward contracts and swaps. In managing the Portfolio, the Manager may use interest rate forecasting to estimate an appropriate level of interest rate risk at a given time. The Portfolio seeks to maintain an effective duration of three and one-half years to seven years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments. Within the range described above, the Manager may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall. The Manager selects securities for purchase or sale based on its assessment of the securities risk and return characteristics as well as the securities impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Manager takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio s other holdings. The Portfolio is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.

Net Asset Value

as of 5:38 PM ET 09/09/2021


  • 1 Week
  • -0.07%
  • 1 Month
  • -0.35%
  • 3 Months
  • -0.42%
  • 1 Yr Return
  • +1.78%
  • 5 Yr Return
  • -0.14%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Bonds 97.72%
Other 2.28%
Stocks 0.00%
Cash 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 117.20 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -1.44 -1.05 -1.01
Beta 0.93 0.85 0.76
R Squared 0.91 0.91 0.87
Std Deviation 3.89 3.48 2.94
Sharpe Ratio 0.58 0.25 n/a

Purchase Information

as of 5:31 PM ET 09/08/2021
Minimum Initial $2500
Minimum Additional $50
Minimum Initial IRA $2500


Timeframe Average Annual Current Performance Monthly As Of 08/31/2021 Average Annual Current Performance Quarterly As Of 05/31/2021 Avg Annual Current Performance Monthly As Of 08/31/2021 Avg Annual Current Performance Quarterly As Of 05/31/2021
1 Year
  • +3.50%
  • +5.65%
+3.50% +5.65%
3 Year
  • +3.33%
  • +3.34%
+3.33% +3.34%
10 Year
  • +2.10%
  • +2.25%
+2.10% +2.25%
Life Of Fund
  • +2.89%
  • +2.90%
+2.89% +2.90%

Top 10 Holdings

Symbol Company Name % Of Assets

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