Fund Description

The fund is actively managed and invests primarily in high-quality municipal bonds issued by Massachusetts state and local governments and by regional governmental and public financing authorities. Under normal circumstances, it invests at least 80% of net assets plus any investment borrowings in securities whose income is exempt from federal and Massachusetts taxes, and at least 65% of total assets in securities of Massachusetts issuers. It primarily buys investment-grade municipal bonds, or unrated bonds deemed comparable by the advisor, and targets a dollar-weighted average maturity of 10 to 25 years with no limit on individual maturities. It is nondiversified.