First Trust Managed Municipal Fund (CWAIX)

Overview

The fund operates as an investment entity that concentrates a considerable portion of its net assets, at least 65%, in securities that are rated as investment grade. This classification means that the securities it invests in are regarded by at least one nationally recognized statistical rating organization (NRSRO) as being within the top four credit quality categories at the time of investment. For securities that do not have an official rating, the fund's investment advisor undertakes the responsibility to deem them of comparable quality. It's noteworthy that the fund adopts a non-diversified investment strategy, concentrating its investments more narrowly than diversified funds.

Products and Services

The fund offers the following investment options:

• Investment Grade Securities

  This product consists of a portfolio primarily invested in securities that have been rated within the top four credit quality categories by a nationally recognized statistical rating organization or assessed by the fund’s investment advisor to hold comparable creditworthiness. The aim is to provide investors with a relatively safe investment avenue, leveraging the lower risk of investment grade securities.

• Non-Diversified Fund Strategy

  Unlike diversified funds that spread investments across a wide range of securities to mitigate risk, this fund adopts a non-diversified approach. It focuses on a narrower selection of investment grade securities, potentially leading to higher risk but also offering the possibility of higher returns due to the concentration in fewer investments. This strategy is suited for investors looking for more aggressive growth opportunities with a tolerance for higher risk.