The fund's primary objective is current income exempt from regular federal income taxes and its secondary objective is to enhance portfolio value and total return.
The fund invests in municipal securities that are exempt from federal income taxes, including the alternative minimum tax (AMT). The fund invests at least 80% of its managed assets in municipal securities rated investment grade (Baa/BBB or better by S&P, Moody’s, or Fitch) at the time of investment, or, if they are unrated, are judged by the manager to be of comparable quality. The fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The fund may invest in inverse floating rate municipal securities, also known as tender option bonds. The fund’s use of tender option bonds to more efficiently implement its investment strategy may create up to 10% effective leverage.
Seeks to provide:
- Attractive monthly tax-free income exempt from federal income tax, including AMT
- Attractive after tax total returns from a predominantly investment grade portfolio
- Portfolio diversification
|Closing Share Price (As of 8/29/2014)||$16.66
|Closing NAV per Share (As of 8/29/2014)||$17.08
|Premium / Discount**||-2.46%
|Current Distribution Rate (Market price)††||4.83%
|Distribution Amount (Monthly)†† ||$0.0670
|Distribution Type ||Income
As of 07/31/2014
‡ Includes the Fund's investments in municipal-related instruments, such as inverse floaters.
The Fund is designed as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program. Investors should carefully review and consider the risks listed below before investing.
An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the corporate securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.Shares of closed-end investment companies like the Fund frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.The Fund’s investment program and the tax treatment of Fund distributions may be affected by IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations, including changes resulting from the “sunset” provisions that may apply to the favorable tax treatment of tax-advantaged dividends. There can be no assurance as to the percentage of a Fund’s distributions that will qualify as tax-advantaged dividends.This is the risk that a security in a Fund's portfolio will fail to make dividend or interest payments when due.The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment. Issuers may exercise their option to prepay principal
earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities. Derivative securities, such as calls, puts, warrants, swaps and
forwards, carry risks different from, and possibly greater than, the risks associated with
the underlying investments.Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise. If market interest rates decline, income earned from the Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
Income may be subject to state and local income taxes. Capital gains, if any, will be subject to capital gains tax.
Distributions are sourced entirely from net investment income, unless noted otherwise.
Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent market price and NAV. Special distributions, including special capital gains distributions, are not included in the calculation.
Fund data is updated daily, monthly, and quarterly, depending on the specific data point.
for the update schedule.
|Daily all funds:
||Market price, NAV, premium/discount, annualized distribution rates on market price and NAV
|Monthly all funds:
||Assets, leverage, expenses, total return performance, distribution amounts, earnings & UNII
|Monthly certain funds:
Municipal bond fund holdings and portfolio information
|Monthly certain funds, with 1-month lag:
Taxable fund holdings and portfolio information except JCE, NSL, JFR and JRO; and % AMT for municipal bond funds
|Quarterly certain funds:
JCE, NSL, JFR, and JRO holdings and portfolio information, tax characteristic estimates for distributions from funds paying quarterly distributions
|Quarterly all funds:
SEC filings (annual shareholder report, semi-annual shareholder report, or 10-Q filing)