Municipal Fixed Income Fund

Fund Ticker: SPMFX
CUSIP: 87190B607
Initial Minimum Investment: $1,000
Gross Expense Ratio¹: 1.24%
Net Expense Ratio¹: 0.63%

¹ The gross and net expense ratio as of most recent prospectus. Waivers are contractual. Please see important disclosure below.

Investment Objective

The Fund seeks to provide current income that is exempt from federal personal income tax.

Investment Strategy

The Fund is a diversified multi-strategy fund that seeks to achieve its investment objective primarily by implementing a market-based factor approach to fixed income that the Fund’s investment adviser, Symmetry Partners, LLC, believes have the potential to produce attractive returns over time.

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.