VTEL

VTEL tracks an index measuring the investment grade segment of the US municipal bond market, aiming for federal and AMT tax-exempt interest income. It focuses on bonds with maturities over 10 years issued by state and local governments or their agencies. The fund uses a sampling approach to select a diversified portfolio of securities that collectively matches the risk, credit quality, and duration characteristics of the index. Bonds included are investment grade, with a minimum outstanding par amount of $25 million, to ensure sufficient liquidity and credit stability. The strategy emphasizes maintaining a maturity profile aligned with the index, offering exposure to long-duration, tax-exempt fixed-income securities that provide income stability and help manage interest rate risk.