First Investors Tax Exempt Opportunities Fund
Data updated: 2019-11-27
C000031618 — First Investors Tax Exempt Opportunities Fund. Municipal - National Bond · $418.84M AUM. Holdings, fees, performance and SEC filings.
C000031618 Fund Overview
First Investors Tax Exempt Opportunities Fund is a US mutual fund managed by First Investors Tax Exempt Funds, categorised as Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: First Investors Tax Exempt Funds
- Category: Municipal - National Bond
- Assets under management: $418.84M
- SEC CIK: 0000716792
- SEC series ID: S000011428
- Share class ID: C000031618
C000031618 Investment Objective and Strategy
First Investors Tax Exempt Opportunities Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by First Investors Tax Exempt Funds.
Investment objective
A high level of interest income that is exempt from federal income tax and is not a tax preference item for purposes of the federal alternative minimum tax (Tax Preference Item) and, secondarily, total return.
Principal investment strategy
Under normal circumstances, at least 80% of the Funds net assets (plus any borrowings for investment purposes) will be invested in municipal securities that pay interest that is exempt from federal income tax and is not a Tax Preference Item. However, the Fund typically attempts to invest all of its assets in such securities. The Fund diversifies its assets among municipal bonds and securities of different states, municipalities, and U.S. territories. The Fund primarily invests in high quality municipal securities that are rated as, or, if unrated, are determined by the Adviser to be, investment grade at the time of purchase. The Fund may invest in securities insured against default by independent insurance companies and revenue bonds. The Fund also may invest in interest rate swaps, futures and options on futures to hedge against interest rate changes and inverse floaters to produce income.
The Fund seeks total return through actively trading to take advantage of relative value opportunities in the municipal bond market. As a result, the Fund may, at times, engage in short-term trading, which could produce higher transaction costs and taxable distributions and may result in a lower total return and yield for the Fund. To a lesser extent, the Fund may invest in high yield, below investment grade municipal bonds (commonly known as high yield or junk bonds). The Adviser has retained Green Square Asset Management, LLC (Green Square) as a subadviser to manage this portion of the Fund. High yield bonds include those that are rated below Baa3 by Moodys Investors Service, Inc. or below BBB- by S&P Global Ratings and unrated bonds that are determined by Green Square to be of equivalent quality.
When making investment decisions, Green Square focuses on bonds that it believes can generate attractive and consistent income. In selecting investments for the Fund, the Adviser and Green Square consider various factors, including: a securitys maturity, coupon, yield, credit quality, call protection and relative value and the outlook for interest rates and the economy. The Adviser or Green Square may sell a security for various reasons, including to replace it with a security that offers a higher yield or better value, respond to a deterioration in credit quality, or raise cash. The Adviser generally considers any capital gains or losses that may be incurred upon the sale of an investment. In addition, the Adviser considers the duration of the Funds portfolio when deciding whether to sell a security.
Typically, the securities purchased by the Fund will have maturities of fifteen years or more, but the Fund may invest in securities with any maturity.
C000031618 Costs and Fees
C000031618 costs about $96 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.96%
- Gross expense ratio: 0.96%
- Portfolio turnover: 135%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000031618 Cashflows
Over the 12 months to 2019-09, First Investors Tax Exempt Opportunities Fund had net outflows of $20.44M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2019-09 | −$9.76M |
| 2019-08 | −$1.11M |
| 2019-07 | −$9.58M |
C000031618 Debt Constituents
No individual debt constituents are reported in First Investors Tax Exempt Opportunities Fund's latest SEC N-PORT filing.
C000031618 Prospectus and SEC Filings
Official First Investors Tax Exempt Opportunities Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.