The fund seeks current income exempt from regular federal income tax. The secondary investment objective is the enhancement of portfolio value.
The fund invests at least 80% of its net assets in tax-exempt municipal bonds that are covered by insurance guaranteeing their timely payment of principal and interest.* The fund also may invest up to 20% of its net assets in uninsured municipal bonds that are backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities to ensure timely payment of principal and interest, or other municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better) or if unrated but judged to be of comparable quality. The fund has not established any limit on the percentage of its portfolio that may be invested in municipal bonds subject to the alternative minimum tax provisions of federal tax law, and a substantial portion of the income it produces will be able to be included in alternative minimum taxable income. The fund uses leverage.
Seeks to provide
- Attractive monthly tax-free income
- Portfolio diversification
- Attractive after tax total returns
Income may be subject to state and local income taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax.
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results.
Fund data is updated daily, monthly, and quarterly, depending on the specific data point.
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