APMU

APMU combines active and passive strategies to take advantage of the low costs of index tracking, while providing the opportunity to add value through risk mitigation and security selection. The fund allocates to the active and passive portion of the fund based on the adviser's proprietary research but will be more heavily weighted towards the passive portion. APMU will primarily invest in securities rated as investment grade municipal bonds that are exempt from US federal taxes. Up to 20% of the fund may be invested in high yield securities. The fund includes short-term and long-term securities but aims to have a dollar-weighted average maturity of more than three but less than ten years. The passive portion of the fund uses mathematical modelling, computer systems and data analysis to provide investment results similar to the underlying index. The active portion of the fund may utilize a multi-manager, fundamental based research strategy to select securities they believe to be undervalued in the market.