Address And Details

Two Intl Place, Suite 1400 , Boston, MA 02110
Fund Manager Craig Brandon
Manager Tenure 17 Years

Strategy And Objective

The Fund's investment objective is to provide current income exempt from regular federal 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 (the Tax-Exempt 80% Policy ). Under normal market circumstances, the Fund also invests at least 80% of its total assets in (i) municipal floating-rate bonds or obligations and (ii) fixed-rate municipal obligations with respect to which the Fund enters into agreements to swap the fixed rate for a floating rate (the Floating-Rate 80% Policy ). At least 75% of the Fund s 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 municipal obligations rated below investment grade and in unrated municipal 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 by Moody s, S&P or Fitch, 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. 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 or instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate swaps, total return swaps and forward rate agreements) 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. 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 states, territories and economic sectors (such as education, transportation, housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles and exchange-traded funds ( ETFs ), a type of pooled investment vehicle, to seek exposure to the municipal markets or municipal market sectors. Because the Fund may invest in floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less), the Fund may hold more shorter duration obligations than its peers. The Fund is not a money market fund and does not seek to maintain a stable net asset value. 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 managers may also consider financially material environmental, social and governance factors in evaluating an issuer. These considerations may be taken into account alongside other factors in the investment selection process. The portfolio managers also may trade securities to minimize taxable capital gains to shareholders. The Fund expects up to 25% of its annual distributions to 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 5:02 PM ET 04/12/2021


  • 1 Week
  • n/a
  • 1 Month
  • +0.10%
  • 3 Months
  • +0.41%
  • 1 Yr Return
  • +0.61%
  • 5 Yr Return
  • +0.41%

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 92.54%
Other 7.46%
Stocks 0.00%
Cash 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 153.81 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -0.51 -0.29 -0.59
Beta 0.07 0.06 0.28
R Squared 0.11 0.10 0.30
Std Deviation 0.90 0.73 1.85
Sharpe Ratio -0.25 -0.22 n/a

Purchase Information

as of 4:22 PM ET 02/10/2021
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
  • +0.99%
  • +1.87%
+0.99% +1.87%
3 Year
  • +0.85%
  • +0.96%
+0.85% +0.96%
10 Year
  • +0.98%
  • +1.17%
+0.98% +1.17%
Life Of Fund
  • +2.87%
  • +2.90%
+2.87% +2.90%

Top 10 Holdings

Symbol Company Name % Of Assets

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