The investment seeks the highest level of current income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital.
The fund typically invests at least 80% of net assets in investment grade municipal securities that pay interest that is exempt from federal and Massachusetts state income taxes. The principal issuers of these securities are state and local governments and agencies located in Massachusetts, as well as Puerto Rico and other U.S. territories and possessions. The sub-adviser strives to maintain an average weighted portfolio maturity of three to ten years. It is non-diversified.