An Innovative Blend
Opposing yet complementary
investment approaches
to help you achieve your financial goals
Opposing yet complementary
investment approaches
to help you achieve your financial goals
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ActivePassive Intermediate Municipal Bond Fund Ticker Share Class A: APMUX
Investment Objective & Strategy The ActivePassive Intermediate Municipal Bond Fund seeks income and capital appreciation. It invests at least 80% of its net assets directly in investment grade municipal bonds that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax, which typically have a dollar-weighted average maturity of more than three years but less than seven years and through mutual funds or exchange traded funds (ETFs) that invest primarily in those types of municipal debt securities. Current Optimal Ratio*  *The Advisor allocates between 20% and 60% of the Fund's net assets to the subadvisor for active management and between 40% and 80% of the Fund's net assets for passive management. Within these guidelines, the portfolio managers establish the fund’s Current Optimal Ratio (COR). The COR is based on the advisor's proprietary and ongoing analysis for each investment category and may change over time. Featured Investments Active Component Gannett Welsh & Kotler, LLC (GWK) was founded in 1974. Since its inception, the firm has been committed to providing a full range of investment products and high quality service to high net worth individuals and institutions. GWK manages over $8 billion in equity and fixed income assets for mutual funds, endowments, foundations, small institutions and individual investors. The Firm is a subsidiary of Affiliated Managers Group. View Investment Strategy Summary Passive Component Sixty-seven percent (67%) of the Fund's passive component is allocated to the iShares S&P National Municipal Bond Fund (MUB), which seeks results that correspond generally to the price and yield performance, before fees and expenses, of the municipal bond sector of the United States as defined by the S&P National Municipal Bond Index. Thirty-three percent (33%) of the Fund's active component is allocated to the SPDR Barclays Capital Municipal Bond ETF (TFI), which seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays Capital Municipal Managed Money Index.
Disclosures Mutual fund investing involves risk. Principal loss is possible. The fund is non-diversified, meaning that it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore the fund is more exposed to individual stock volatility than a diversified fund. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Income from tax exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions. The fund will bear its share of the fees and expenses of the underlying funds. Shareholders will pay higher expenses than would be the case if making direct investments in the underlying ETFs. Because the fund invests in ETFs, it is subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares. References to other funds should not be interpreted as an offer of these securities. The fund charges a maximum 5.75% sales load. The sales load is waived for investors purchasing shares through the Advisor's wrap program. Speak with your Investment Advisor for more details.
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