What are munifund term preferred shares?

munifund Shares term
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What are munifund term preferred shares?

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Munifund term preferred shares are exchange-listed closed-end fund preferred shares that have a fixed dividend rate set at the time of issuance. Munifund term preferred shares have a mandatory redemption period of five years (unless they are redeemed or repurchased earlier). Unlike fixed rate preferred stock previously issued, munifund term preferred shares were created for issuance by closed-end funds investing in municipal bonds.

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