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Address And Details

60 State Street , Boston, MA 02109
Fund Manager David Eurkus
Manager Tenure 15 Years 1 Months

Strategy And Objective

Maximize total return through a combination of income that is exempt from regular federal income tax and capital appreciation. Normally, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities and other obligations issued by or on behalf of states, counties, municipalities, territories and possessions of the United States and the District of Columbia and their authorities, political subdivisions, agencies and instrumentalities, the interest on which is exempt from regular federal income tax ("municipal securities"). Derivative instruments that provide exposure to municipal securities or have similar economic characteristics may be used to satisfy the fund's 80% policy. Municipal securities are generally issued to finance public works such as airports, bridges, highways, housing, hospitals, mass transportation projects, schools and water and sewer works. Municipal securities may be issued to repay outstanding obligations, to raise funds for general operating expenses, or to make loans to other institutions and facilities. They also may be issued by or on behalf of public authorities to finance various privately operated facilities which are expected to benefit the municipality and its residents, such as business, manufacturing, housing, sports and pollution control, as well as public facilities such as airports, mass transit systems, ports and parking. The fund may invest in municipal securities of any maturity. Municipal securities with longer maturities are generally more volatile than other fixed income securities with shorter maturities. The fund may invest 25% or more of its assets in issuers in any one or more states or in the same economic sector or similar project type. The fund primarily invests in "high yield" municipal obligations, commonly referred to as "junk bonds." For this purpose, "high yield" municipal obligations are municipal obligations rated at the time of purchase Ba or lower by Moody's Investors Service, Inc. or BB or lower by Standard and Poor's Ratings Group or unrated securities determined by the adviser to be of comparable credit quality. The fund may invest in securities in any rating category, including those in default, and in debtor-in-possession financings. Interest income from certain types of municipal obligations in which the fund may invest generally will be subject to the federal alternative minimum tax (the "AMT"). The fund may not be suitable for investors subject to the AMT. The rate of interest paid on municipal securities normally is lower than the rate of interest paid on taxable securities. The fund's investments may have fixed or variable principal payments and all types of interest rate payment and reset terms, including fixed and floating rates, inverse floating rate, zero coupon, contingent, deferred and payment in kind and auction rate features. The fund's investments may include instruments that allow for balloon payments or negative amortization payments. The fund may, but is not required to, use derivatives, such as synthetic municipal securities, inverse floating rate obligations and credit default swaps. The fund may use derivatives for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to increase the fund's return as a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. The fund also may invest in subordinated securities and asset-backed securities, including collateralized debt obligations, and may hold cash or other short-term investments. The fund may invest up to 20% of its net assets in inverse floating rate obligations. The fund may invest up to 20% of its net assets in taxable investments, including securities of other investment companies, commercial paper, U.S. government securities, U.S. or foreign bank instruments and repurchase agreements. The adviser considers both broad economic factors and issuer specific factors in selecting investments. In assessing the appropriate maturity and rating weighting of the fund's portfolio, the adviser considers a variety of factors that are expected to influence economic activity and interest rates. The adviser selects individual securities to buy and sell based upon such factors as a security's yield, liquidity and rating, an assessment of credit quality, and issuer diversification.

Net Asset Value

as of 6:10 PM ET 11/26/2021


  • 1 Week
  • 0.00%
  • 1 Month
  • +1.21%
  • 3 Months
  • -0.66%
  • 1 Yr Return
  • +3.30%
  • 5 Yr Return
  • +5.77%

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
Other 100.00%
Stocks 0.00%
Cash 0.00%
Bonds 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 639.31 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -1.69 0.34 0.21
Beta 1.45 1.33 1.22
R Squared 0.77 0.78 0.62
Std Deviation 6.53 5.87 5.61
Sharpe Ratio 0.68 0.61 n/a

Purchase Information

as of 7:45 PM ET 11/23/2021
Minimum Initial $1000
Minimum Additional $100
Minimum Initial IRA $0


Timeframe Average Annual Current Performance Monthly As Of 10/31/2021 Average Annual Current Performance Quarterly As Of 09/30/2021 Avg Annual Current Performance Monthly As Of 10/31/2021 Avg Annual Current Performance Quarterly As Of 09/30/2021
1 Year
  • +7.67%
  • +7.65%
+7.67% +7.65%
3 Year
  • +5.23%
  • +5.01%
+5.23% +5.01%
10 Year
  • +5.12%
  • +4.89%
+5.12% +4.89%
Life Of Fund
  • +3.70%
  • +3.74%
+3.70% +3.74%

Top 10 Holdings

Symbol Company Name % Of Assets


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