I think Foster is on to something. Many muni investors either stay strictly with the instruments themselves by buying them from brokerage firms that specialize in munis or alternatively as original issue bonds. Many others though don't buy bonds directly and would never consider doing that but only purchase equity listed 40 Act vehicles like ETFs, cefs, or mutual funds. RMM switching between the two universes should give it an advantage that Foster explains in his piece.


http://finance.yahoo.com/news/muni-profits-flow-rivernorth-100000126.html?.tsrc=fin-srch