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Address And Details

30 Hudson Street , Jersey City, NJ 07302
Fund Manager Team Managed
Manager Tenure

Strategy And Objective

The Fund seeks current income. The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in an actively managed, diversified portfolio of U.S. infrastructure-related debt issuers and/or securities intended primarily to finance infrastructure-related activities. Infrastructure-related debt securities may include securities with special features (e.g., puts and variable or floating rates) that have price volatility characteristics similar to other debt securities.Infrastructure-related investments include securities issued to finance any assets or projects that support the operation, function, growth or development of a community or economy. Examples of these investments include, but are not limited to, transportation assets (e.g., roads and bridges), utility assets (e.g., electric, gas and water distribution facilities and networks) and social assets (e.g., hospitals and schools).The Fund may also invest in securities of issuers that (i) directly invest in infrastructure-related companies; (ii) operate or utilize infrastructure-related assets (e.g., airlines, automakers and technology companies); or (iii) have indirect exposure to infrastructure-related assets (e.g., suppliers of construction materials).The Fund invests at least 60% of its assets in taxable municipal debt securities. The Fund may invest up to 20% of its assets in tax-exempt municipal debt securities. On average, the Fund will invest in municipal bonds that have a maturity of 5 years or longer. Municipal debt securities include bonds issued by, or on behalf of, the District of Columbia, the states, the territories (including Puerto Rico, Guam and the U.S. Virgin Islands), commonwealths and possessions of the United States and their political subdivisions, and agencies, authorities and instrumentalities. All distributions by the Fund, including any distributions derived from tax-exempt municipal obligations, may be includible in taxable income for purposes of the federal alternative minimum tax. The Fund does not seek to provide income exempt from federal income tax. The Fund may invest in both taxable and tax-exempt municipal bonds.The Fund invests in investment grade securities as rated by a nationally recognized statistical rating organization ( NRSRO ) at the time of purchase, or if unrated, determined to be of comparable quality by MacKay Shields LLC, the Fund s Subadvisor, and invests in commercial paper only if rated in the top two highest rating categories by an NRSRO at the time of purchase, or if unrated, determined by the Subadvisor to be of comparable quality. If NRSROs assign different ratings for the same security, the Fund will use the higher rating for purposes of determining the credit quality. The Fund's principal investments may have fixed, variable or floating interest rates and include: taxable and tax-exempt municipal debt securities; obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; mortgage-related and asset-backed securities; certificates of deposit, time deposits and bankers' acceptances issued by U.S. banks or savings and loan associations; and debt securities issued by United States.The Fund may invest in derivatives, such as futures, options and swap agreements, to seek enhanced returns or to seek to reduce the risk of loss by hedging certain of its holdings.

Net Asset Value

as of 6:21 PM ET 05/23/2022


  • 1 Week
  • 0.00%
  • 1 Month
  • -0.89%
  • 3 Months
  • -7.01%
  • 1 Yr Return
  • -10.72%
  • 5 Yr Return
  • -6.79%

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 94.02%
Cash 5.87%
Other 0.10%
Stocks 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 15.75 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha 0.41 -0.33 -0.76
Beta 1.08 1.03 0.90
R Squared 0.70 0.72 0.71
Std Deviation 5.87 4.76 3.67
Sharpe Ratio 0.05 -0.02 n/a

Purchase Information

as of 5:43 PM ET 05/20/2022
Minimum Initial $1000
Minimum Additional $50
Minimum Initial IRA $0


Timeframe Average Annual Current Performance Monthly As Of 04/30/2022 Average Annual Current Performance Quarterly As Of 03/31/2022 Avg Annual Current Performance Monthly As Of 04/30/2022 Avg Annual Current Performance Quarterly As Of 03/31/2022
1 Year
  • -7.82%
  • -3.84%
-7.82% -3.84%
3 Year
  • +0.84%
  • +1.95%
+0.84% +1.95%
10 Year
  • +0.87%
  • +1.28%
+0.87% +1.28%
Life Of Fund
  • +2.04%
  • +2.30%
+2.04% +2.30%

Top 10 Holdings

Symbol Company Name % Of Assets

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