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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 exempt from regular federal income tax. The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds that are rated investment grade by at least one nationally recognized statistical rating organization instrumentalities. Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations.The Fund may invest up to 20% of its net assets in unrated securities deemed by MacKay Shields LLC, the Fund's Subadvisor, to be of comparable quality.The Fund may not invest more than 20% of its net assets in tax-exempt securities subject to the federal alternative minimum tax. If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the securitys credit quality.The Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities (for example, securities whose issuers are located in the same state). Some of the Fund's earnings may be subject to federal tax and most may be subject to state and local taxes. The Fund may invest in derivatives, such as futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.Investment Process: The Subadvisor employs a relative value research-driven approach in pursuing the Fund's investment objective. The Sub advisor's strategies include duration management, sector allocation, yield curve positioning and buy/sell trade execution. The Subadvisor may engage in various portfolio strategies to achieve the Fund's investment objective, to seek to enhance the Fund's investment return and to seek to hedge the portfolio against adverse effects from movements in interest rates and in the securities markets. The Subadvisor uses active management in an effort to identify mispriced tax-exempt securities and build a consistent yield advantage. The Subadvisor focuses on reducing volatility through a disciplined investment process which includes fundamental, "bottom-up" credit research and risk management. In addition, the Subadvisor reviews macroeconomic events, technicals in the municipal market and tax policies, and analyzes individual municipal securities and sectors. The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy and meaningful changes in the issuer's financial condition.

Net Asset Value

as of 5:43 PM ET 05/20/2022


  • 1 Week
  • -1.07%
  • 1 Month
  • -3.83%
  • 3 Months
  • -9.82%
  • 1 Yr Return
  • -13.75%
  • 5 Yr Return
  • -7.29%

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 98.31%
Other 1.69%
Stocks 0.00%
Cash 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 7.28 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -0.16 0.00 -0.05
Beta 1.12 1.09 1.13
R Squared 0.98 0.97 0.94
Std Deviation 5.67 4.63 4.57
Sharpe Ratio -0.03 0.19 n/a

Purchase Information

as of 5:45 PM ET 05/19/2022
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
  • -8.87%
  • -4.68%
-8.87% -4.68%
3 Year
  • +0.53%
  • +1.85%
+0.53% +1.85%
10 Year
  • +2.93%
  • +3.39%
+2.93% +3.39%
Life Of Fund
  • +3.93%
  • +4.21%
+3.93% +4.21%

Top 10 Holdings

Symbol Company Name % Of Assets

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