WTMU

WTMU is an actively managed fund that targets US municipal bonds whose distributions are exempt from regular federal income tax. The portfolio includes investment grade debt obligations issued by US states and local governments, their subdivisions, agencies, and public authorities, as well as obligations issued by US territories. The fund utilizes a value-approach to identify attractive securities and sectors within the broad municipal bond market. The portfolio may allocate up to 10% of its net assets in high-yield municipal bonds and up to 30% in municipal securities subject to the federal AMT. The fund seeks to maintain an average portfolio duration between four and eight years, as well as to diversify interest rate risk across the curve in a structured manner, focusing on bonds that are expected to mature or have an option to be called or tendered in 15 years. Exposure to any single obligor and state will be limited to 10% and 25% of the funds assets, respectively.