To be treated as a regulated investment company and avoid paying tax at the fund level on distributed income, a fund must distribute at least:

解析

Under Subchapter M of the Internal Revenue Code, a fund that distributes at least 90% of its net investment income acts as a conduit and is taxed only on what it retains. Falling below that threshold subjects the fund's entire income to corporate taxation, creating a second layer of tax for shareholders. Distributing all gross income is neither required nor possible after expenses.