New Jersey’s embattled state pension reportedly made some big investment moves in the calendar fourth quarter.

The state fund cut back on Apple (ticker: AAPL), AT&T (T), and Microsoft stock (MSFT), all of which beat the market in 2019, Barron's recently reported.

New Jersey’s pension also loaded up on American depositary receipts of Alibaba Group Holding (BABA), another name that topped the S&P 500 index. The pension disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.

New Jersey’s Division of Investment, which manages the pension, didn’t respond to a request for comment, Barron's said.

As of June 30, 2018, the latest fiscal report, the pension’s net assets were only 38.41% of its total liability, although that was an improvement from 35.79% the year before.

New Jersey’s pension sold 331,446 Apple shares in the fourth quarter, ending the year with 3.3 million shares.

The pension sold 313,091 Microsoft shares in the quarter, cutting its investment to 5.3 million shares of the software giant.

New Jersey’s pension bought 133,684 Alibaba ADRs in the fourth quarter to end the year with 1.4 million ADRs of the Chinese internet giant.

The public pension fund is among the worst-funded in the U.S. but has been improving as the state increases how much money it contributes each year. Investment earnings play a big role in the health of the fund, as well, NJ.com reported.

Overall, New Jersey’s pension fund for state and local government employees on Wednesday reported a 16.4 percent return on investments in 2019, NJ.com said.

New Jersey Division of Investment Director Corey Amon told the State Investment Council last week the preliminary returns for the calendar year have been “unequivocally strong." The State Investment Council oversees New Jersey’s $80 billion public-worker pension fund.