Fund Description

The fund was incepted in May 1992 and is managed by Boston Management and Research. The main objective of the fund is to provide current income exempt from regular federal income taxes and Connecticut state personal income taxes. The fund pursues its objective by investing in Connecticut Municipals portfolio. The fund normally invests at least 80% of its net assets in municipal obligations that are exempt from such tax. The fund may also invest in lower rated obligations. The fund normally acquires municipal obligations with maturities of ten years or more. The portfolio manager purchases and sells securities to maintain a competitive yield and to enhance return based upon the relative value of the securities in the marketplace. The portfolio managers may also trade securities to minimize taxable capital gains to shareholders. Dividends are declared daily and paid monthly. Capital gains, if any, are distributed annually in December.