SMAAX Performance — Massachusetts Municipal Bond Fund, Class F
Data updated: 2026-07-29
SMAAX returned −0.44% year to date and +5.06% over one year to May 2026. Annualised returns are +2.85% over 3 years and +0.33% over 5 years. The fund trailed its Intermediate Municipal Bond category average: $100 invested three years ago grew to $109, against $111 for the category, and to $105 over one year, against $106. Volatility over the past three years was 4.54% a year. In the 12 months to May 2026 the fund lost a net $1.5M, and assets reached $60.52M.
SMAAX Growth of $100
What $100 invested in Massachusetts Municipal Bond Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | SMAAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $105 | $106 |
| 3 years (Jun 2023 – May 2026) | $109 | $111 |
| 5 years (Jun 2021 – May 2026) | $102 | $104 |
| Since data start (Sep 2019 – May 2026) | $105 | $109 |
SMAAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −0.44% |
| 1 year | +5.06% |
| 3 years (annualised) | +2.85% |
| 5 years (annualised) | +0.33% |
SMAAX Annual Returns
Calendar-year total returns of Massachusetts Municipal Bond Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | −0.44% |
| 2025 | +3.81% |
| 2024 | +3.39% |
| 2023 | +5.30% |
| 2022 | −9.08% |
| 2021 | +0.94% |
| 2020 | +1.71% |
| 2019 (Sep–Dec) | −0.06% |
SMAAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +1.0% | +0.4% | +0.1% | +0.9% | −2.7% | — | — | — | — | — | — | — |
| 2025 | +0.6% | −0.9% | +0.7% | −0.6% | −1.4% | +0.8% | +0.3% | +1.0% | +0.2% | +0.8% | +1.4% | +1.1% |
| 2024 | −0.5% | +2.0% | −1.2% | −1.3% | −0.2% | +1.2% | +1.1% | +1.3% | +1.1% | −1.7% | +0.8% | +0.7% |
| 2023 | +2.6% | +0.4% | −1.3% | −0.6% | +2.2% | −0.7% | +0.1% | +0.6% | +4.5% | −0.5% | −2.3% | +0.1% |
| 2022 | −3.0% | 0.0% | +1.5% | −2.4% | −2.7% | −2.1% | +2.5% | −0.7% | +3.6% | −0.4% | −3.1% | −2.4% |
| 2021 | +0.3% | +0.4% | 0.0% | +0.6% | +0.4% | −0.4% | +0.8% | 0.0% | +0.5% | −0.3% | −0.8% | −0.5% |
| 2020 | +1.7% | +0.4% | +3.2% | −0.4% | −3.1% | −0.2% | +1.4% | 0.0% | +0.9% | −0.3% | +0.2% | −1.9% |
| 2019 | — | — | — | — | — | — | — | — | 0.0% | +0.2% | −1.1% | +0.8% |
SMAAX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 4.54%
- 3-year Sharpe ratio: -0.36 (vs 4.5% risk-free rate)
- Best month: +4.50% (Sep 2023)
- Worst month: −2.70% (May 2026)
SMAAX Fund Flows
Monthly money in and out of Massachusetts Municipal Bond Fund, from SEC Form N-PORT.
- 12-month net flow: −$1.5M
- 12-month gross sales (incl. reinvestments): $7.4M
- Sales ÷ redemptions: 0.83×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $629K | $830K | −$201K |
| Apr 2026 | $1.4M | $270K | $1.1M |
| Mar 2026 | $275K | $968K | −$693K |
| Feb 2026 | $686K | $1.6M | −$957K |
| Jan 2026 | $347K | $572K | −$226K |
| Dec 2025 | $976K | $569K | $407K |
| Nov 2025 | $726K | $377K | $349K |
| Oct 2025 | $784K | $673K | $111K |
| Sep 2025 | $331K | $621K | −$290K |
| Aug 2025 | $204K | $697K | −$492K |
| Jul 2025 | $726K | $1.3M | −$550K |
| Jun 2025 | $361K | $403K | −$42K |
SMAAX Assets Under Management
Net assets of Massachusetts Municipal Bond Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $60.52M |
| 2026-02-28 | $61.75M |
| 2025-11-30 | $61.35M |
| 2025-08-31 | $60.11M |
| 2025-05-31 | $60.28M |
| 2025-02-28 | $63.34M |
| 2024-11-30 | $63.77M |
| 2024-08-31 | $59.15M |
| 2024-05-31 | $58.50M |
| 2024-02-29 | $60.98M |
| 2023-11-30 | $61.15M |
| 2023-08-31 | $61.57M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.