General Info
About: As a fundamental policy, the Fund seeks to achieve its primary investment objective by investing, under normal market conditions, at least 80% of its net assets in investment grade municipal securities, the interest on which is exempt from federal income tax. In addition, the Fund may invest up to 20% of its net assets in municipal securities rated below investment grade. The Fund may invest up to 20% of its net assets in investments that generate income that is subject to federal income tax and in municipal securities the interest on which is subject to the federal alternative minimum tax. Municipal securities including long-term obligations, short-term notes, participation certificates, municipal leases, zero coupon municipal obligations, tender option bonds, inverse floating rate securities or residual interest bonds, custodial receipts and municipal commercial paper may be acquired through investments in pooled vehicles, partnerships or other investment companies. The Fund may sell certain fixed-income securities short including, but not limited to, U.S. Treasuries, for investment and/or hedging purposes. The Fund may invest all or a portion of its net assets in illiquid securities.
Tags: Asset Management Financial Services
Website: http://www.leggmason.com/cef