The investment seeks current income that is exempt from federal personal income taxes, with limited price volatility.
The fund has no limitations on the maturity of individual securities, but is expected to maintain a dollar-weighted average maturity of 2 to 6 years. At least 75% of the securities held by the fund are municipal bonds in the top three credit-rating categories as determined by a nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the advisor. The remaining 5% may be invested in securities with lower credit ratings or, if unrated, determined to be of comparable quality by the advisor.
The investment seeks to track the investment results of the S&P AMT-Free Municipal Series 2018 IndexTM (the "underlying index"), which measures the performance of investment-grade, non-callable U.S. municipal bonds maturing in 2018.
The fund generally will invest at least 90% of its assets in the component securities of the underlying index, and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, as well as in securities not included in the underlying index, but which the advisor believes will help the fund track the underlying index. It is non-diversified.