MFSM is an actively managed fund that seeks total return with an emphasis on income exempt from federal income tax. It includes intermediate-term US municipal bonds whose interests are tax-exempt but subject to the federal alternative minimum tax. The fund primarily invests in investment grade quality debt instruments but may also include high-yield bonds. Its dollar-weighted average effective maturity ranges between three and ten years. To construct the portfolio, the fund uses a bottom-up investment approach, selecting investments based on fundamental analysis of individual instruments and their issuers. The adviser also considers top-down factors in structuring the fund. A significant percentage of the portfolio may be allocated to issuers in a single state, territory, or possession and 25% or more to municipal bonds that finance similar types of projects. The fund may use derivatives to adjust market and interest rate exposure or as alternatives to direct investments.