FMN - More Relative Value Trades And Opportunities: Munis

• The muni CEF space is largely buy-and-hold (or long-term rental agreements). But right now, there's a lot of dislocation in the sector.
• Some funds are extremely expensive while others are relatively cheap. Making swaps makes sense to rotate into the better opportunities and see more discount closing tailwinds.
• Make sure you watch your tax consequences as we would want to avoid short-term capital gains. Those are taxed at ordinary rates which can be very high for some individuals.
• Right now, our best buys remain DSM, NMCO, NHMAX, NXJ, and MYI.

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