Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in Build America Bonds (BABs). The Trust may invest up to 20% of its Managed Assets in securities other than BABs, including taxable municipal securities that do not qualify for federal subsidy payments under the Act, tax-exempt municipal securities, U.S. Treasury securities and obligations of the U.S. Government, its agencies and instrumentalities. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in securities that at the time of investment are investment grade quality. Investment grade quality securities are securities rated within the four highest grades (Baa or BBB or better) by Moodys Investor Services, Inc. (Moodys), Standard & Poors Corporation Ratings Group, a division of The McGraw-Hill Companies, Inc. (S&P), or Fitch Ratings, Inc. (Fitch) or securities that are unrated but judged to be of comparable quality by its advisor. The Trust may invest up to 20% of its Managed Assets in securities that at the time of investment are rated below investment grade quality by Moodys, S&P or Fitch or that are unrated but judged to be of comparable quality by the Advisor or the Sub-Advisor. The Trust may implement various temporary defensive strategies at times when the Advisor or Sub-Advisor determines that conditions in the markets or the termination of the Trust makes pursuing the Trusts basic investment strategy inconsistent with the best interests of its shareholders. These strategies may include investing all or a portion of the Trusts assets in U.S. Government obligations and high-quality, short-term debt securities that may be either tax-exempt or taxable.