Benchmark
S&P Short Term National AMT-Free Municipal Bond Index
Types of Investments
The Fund will, directly or indirectly, invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and may subject the investors to alternative minimum tax. The Fund will invest in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) that invest in long-term, intermediate and short-term municipal bonds. The underlying funds may also be invested in short-term municipal money market fund securities. The Fund may also invest a portion of its assets in high-yield (lower rated) municipal debt instruments, which may be investment grade or below investment grade. The Fund does not seek to maintain any particular weighted average maturity or duration, and may invest in Underlying Funds that hold fixed-income instruments of any maturity or duration. The Fund may also invest a portion of its assets directly in fixed income securities.
Investment Providers
DFA, iShares
Investor Profile
Typical investors in this fund are seeking a conservative fixed income solution that offers income exempt from federal income tax and are willing to accept some share price volatility.