This fund seeks preservation of capital and liquidity and, consistent with these, the highest possible current income exempt from federal income taxes.
The fund, which is managed to provide a stable share price of $1.00, invests in high-quality municipal securities whose incomes are expected to be exempt from federal income taxes. All securities held by the fund will mature in 13 months or less. The fund's weighted average maturity will not exceed 60 days, and its yield will fluctuate with changes in short-term interest rates. Investments into retail money market funds are limited to natural persons or retail customers.
The fund may be appropriate for investors who deem the stability and accessibility of an investment to be more important than the opportunity for higher income or total return and who can meet the $25,000 minimum for initial purchases. The Summit Municipal Money Market Fund may be more appropriate than a taxable money market fund if the Summit fund's tax-exempt yield is higher than the after-tax yield on a taxable money fund. The higher your tax bracket, the more likely a tax-free fund is appropriate. However, if you are subject to the alternative minimum tax (AMT), you may wish to check the fund's AMT exposure. Some income may be subject to state and local taxes and the federal alternative minimum tax. The fund is not appropriate for tax-deferred accounts, such as IRAs.
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The fund offers a relatively secure, liquid investment for money you may need for occasional or unexpected expenses and for money awaiting investment in longer-term bond or stock funds. In addition to preserving capital, the fund seeks to provide the highest possible tax-exempt income available from low-risk, short-term municipal securities. The income dividends you receive from the fund should be exempt from federal income taxes, and your state may not tax the portion of the fund's income earned on the state's own obligations (if any).
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. Beginning October 14, 2016, the Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.