Advisors Distributors Trust 548 Build America Bond Portfolio Series 14-An SMC Firm Mutual Fund is a unit investment trust focused on delivering income and capital preservation through a diversified portfolio of Build America Bonds. These are taxable municipal bonds authorized by the American Recovery and Reinvestment Act of 2009, designed to stimulate economic activity by providing municipalities with a federal interest subsidy. The fund invests in a professionally selected, fixed basket of investment-grade taxable municipal bonds issued by various states and public entities. Key characteristics include a focus on high-credit-quality securities, with holdings typically rated at least BBB/Baa or higher, aiming to balance yield with credit safety. The fund primarily appeals to investors seeking stable income streams, as it distributes interest income monthly. Its composition is structured to reflect a moderate-term maturity profile, helping to mitigate interest rate risk while targeting consistent performance. By channeling capital into infrastructure, education, and public projects, the portfolio plays a significant role in supporting municipal finance and broader economic development.
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