Address And Details

Two Intl Place, Suite 1400 , Boston, MA 02110
Fund Manager Trevor Smith
Manager Tenure 1 Years 9 Months

Strategy And Objective

The Fund's investment objective is to provide current income exempt from regular federal income tax and Georgia state personal income tax. Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax and the state taxes specified in the Fund s investment objective (the 80% Policy ). The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. At least 75% of net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody s Investors Service, Inc. ( Moody s ), or BBB or higher by either S&P Global Ratings ( S&P ) or Fitch Ratings ( Fitch )) or, if unrated, determined by the investment adviser to be of at least investment grade quality. The balance of net assets may be invested in obligations rated below investment grade and in unrated obligations considered to be of comparable quality by the investment adviser ( junk bonds ). The Fund will not invest more than 10% of its net assets in obligations rated below B or in unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. Under normal market conditions, the Fund invests at least 65% of its total assets in obligations issued by its state or its political subdivisions, agencies, authorities and instrumentalities. If consistent with relevant state tax requirements, the Fund may invest up to 35% of its net assets in municipal obligations issued by the governments of Puerto Rico, the U.S. Virgin Islands and Guam. The Fund is non-diversified and may invest, with respect to 50% of its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do not apply to U.S. Government securities). The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies and instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate swaps, and forward rate contracts) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities. There is no stated limit on the Fund s use of derivatives. In pursuing its investment objective, the Fund normally acquires municipal obligations with maturities of ten years or more but may acquire municipal obligations with shorter maturities or that are subject to shorter call provisions. The Fund s portfolio could have a longer average maturity than is typical of many other funds that invest primarily in municipal obligations. In such case, the interest rate risk described below may be more significant for the Fund. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles, including exchange-traded funds ( ETFs ), in order to seek exposure to the municipal markets or municipal market sectors. The Fund may invest in restricted securities. The investment adviser s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio manager may also consider financially material environmental, social and governance factors when evaluating an issuer. These considerations may be taken into account alongside other factors in the investment selection process. The portfolio manager also may trade securities to minimize taxable capital gains to shareholders. A portion of the Fund s distributions generally will be subject to the federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax.

Net Asset Value

as of 4:27 PM ET 09/02/2021


  • 1 Week
  • -0.11%
  • 1 Month
  • -0.52%
  • 3 Months
  • +0.11%
  • 1 Yr Return
  • +0.74%
  • 5 Yr Return
  • +0.11%

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 93.03%
Other 6.97%
Stocks 0.00%
Cash 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 4.94 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -1.00 -1.26 -1.19
Beta 0.85 0.87 1.00
R Squared 0.98 0.98 0.88
Std Deviation 3.42 3.42 3.83
Sharpe Ratio 0.70 0.20 n/a

Purchase Information

as of 4:26 PM ET 08/25/2021
Minimum Initial $1000
Minimum Additional $0
Minimum Initial IRA $0


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
  • +1.81%
  • +2.70%
+1.81% +2.70%
3 Year
  • +3.47%
  • +3.47%
+3.47% +3.47%
10 Year
  • +2.86%
  • +2.93%
+2.86% +2.93%
Life Of Fund
  • +2.55%
  • +2.57%
+2.55% +2.57%

Top 10 Holdings

Symbol Company Name % Of Assets

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