BUY MUNIS AT A DISCOUNT: Get even higher yields with closed-end funds. But make sure you understand the risks

摘要

SELL NOW, ASK QUESTIONS later. Such has been Wall Street's mantra of late, as subprime woes have spread to traditionally safe investments faster than you can say "mortgage crisis." Municipal bonds, one of the most surprising casualties of the credit-crunch pileup, dropped 4.2% in February, their biggest monthly loss in more than 20 years. But intrepid investors may find enticing deals on munis if they shop among discounted closed-end funds.