Please answer these True or False questions:

$1.$ On$-$the$-$run bonds have lower yields than otherwise identical off$-$the$-$run bonds.

$2.$ The duration of a bond portfolio is the weighted average of durations of the bonds in the portfolio, just like the yield of a bond portfolio is the weighted average of yields of bonds in the portfolio.

$3.$ A rate$-$capped floating$-$rate bond is priced lower than an otherwise$-$identical rate$-$floored floating$-$rate bond.

$4.$ The holding period return on a municipal bond investment is fully free of the federal income tax.