Some buzz on discounted muni-bond closed-end-funds.
Here is an article from the WSJ:
http://online.wsj.com/article/SB10001424127887324823804579014741979844488.html
Below is a list we generated…
- A list of discounts on closed end funds that have greater than a 0% allocation to municipal bonds.
- Grab some tax-free yield at a discount? Sounds like a plan to me!
| Ticker | Name | Last Perc. Prem. (CEF) | Tot Ret Ytd |
| ACG US | ALLIANCEBERNSTEIN INC FUND | -15.15 | -11.48 |
| BTZ US | BLACKROCK CREDIT ALLOCATION | -15.03 | -5.95 |
| BWG US | LEGG MASON BW GLOBAL INCOME | -13.92 | -14.7 |
| NXM US | NUVEEN PA DVD ADV MUNI FD | -13.61 | -17.48 |
| NVY US | NUVEEN PA DVD ADV MUNI FD 2 | -13.6 | -19.23 |
| ERC US | WELLS FARGO ADVANTAGE MULTI | -13.55 | -9.28 |
| CSI US | CUTWATER SELECT INCOME FUND | -13.32 | -8.45 |
| MMT US | MFS MULTIMARKET INC TRUST | -13.2 | -8.5 |
| SGL US | STRATEGIC GLOBAL INCOME FUND | -13.11 | -13.53 |
| MSD US | MORGAN STANLEY EMRG MKT DEBT | -13.06 | -14.08 |
| NVG US | NUVEEN DIVIDEND ADVANTAGE MU | -13.06 | -17.07 |
| MCR US | MFS CHARTER INCOME TRUST | -13.03 | -9.92 |
| NZF US | NUVEEN DIVIDEND ADV MUNI 3 | -12.93 | -16.41 |
| NMY US | NUVEEN MD PREMIUM INC MUNI | -12.84 | -17.89 |
| JDD US | NUVEEN DIV DIVIDEND AND INCM | -12.73 | 1.29 |
| NXJ US | NUVEEN NJ DVD ADV MUNI FD | -12.68 | -17.17 |
| FDI US | FORT DEARBORN INCOME SEC | -12.66 | -14.19 |
| CMK US | MFS INTERMARKET INC TRUST I | -12.51 | -6.25 |
| VFL US | DELAWARE INV NATL MUNI INC F | -12.4 | -15.74 |
| NTC US | NUVEEN CONNECTICUT PREM INC | -12.28 | -15.02 |
| NQP US | NUVEEN PENN INV QUAL MUNI FD | -12.18 | -18.01 |
| EVM US | EATON VANCE CAL MUNI BOND | -12.12 | -15.66 |
| MYM US | BLACKROCK MUNIYIELD MI QUA 2 | -12.1 | -17.73 |
| MRF US | AMERICAN INCOME FUND INC | -12.03 | -8.63 |
| EMI US | EATON VANCE MI MUNICIPAL INC | -11.95 | -17.46 |
| NUJ US | NUVEEN NJ DVD ADV MUNI FD 2 | -11.84 | -23.92 |
| NQU US | NUVEEN QUALITY INCOME MUNI | -11.83 | -16.92 |
| EVP US | EATON VANCE PA MUNICIPAL INC | -11.82 | -20.1 |
| NXZ US | NUVEEN DVD ADV MUNI FD 2 | -11.79 | -14.87 |
| NPN US | NUVEEN PENNSYLVANIA MUNICIPA | -11.69 | -12.85 |
| PAI US | WESTERN ASSET INCOME FUND | -11.61 | -12.85 |
| AKP US | ALLIANCE CALIF MUNI INCOME | -11.5 | -16.27 |
| VBF US | INVESCO BOND FUND | -11.47 | -15.7 |
| NAZ US | NUVEEN AZ PREM INC MUNI | -11.46 | -19.08 |
| EMJ US | EATON VANCE NJ MUN BD | -11.46 | -27.16 |
| NQI US | NUVEEN QUALITY MUNICIPAL FUN | -11.41 | -17.48 |
| AYN US | ALLIANCE NEW YORK MUNI INC | -11.36 | -16.2 |
| NPY US | NUVEEN PA PREMIUM INC MUNI 2 | -11.35 | -17.04 |
| NMA US | NUVEEN MUNI ADVANTAGE FUND | -11.32 | -17.13 |
| VCF US | DELAWARE INV CO MUNI INC FD | -11.27 | -16.77 |
| CCA US | MFS CA MUNI FUND | -11.17 | -15.73 |
| NPM US | NUVEEN PREMIUM INC MUNI FD 2 | -11.09 | -14.91 |
| EOT US | EATON VANCE NATIONAL MUNICIP | -10.98 | -15.18 |
| NUM US | NUVEEN MICH QUALITY INC MUNI | -10.93 | -14.1 |
| NIQ US | NUVEEN INTERMEDIATE DURATION | -10.93 | N.A. |
| BNA US | BLACKROCK INCOME OPPTY TRST | -10.92 | -11.25 |
| PMO US | PUTNAM MUNI OPPORTUNITIES TR | -10.88 | -15.29 |
| NNC US | NUVEEN NC PREMIUM INC MUNI | -10.85 | -17.31 |
| NBD US | NUVEEN BUILD AMERICA BOND OP | -10.79 | -9.87 |
| NAD US | NUVEEN DVD ADVANTAGE MUNI FD | -10.79 | -14.97 |
| NYH US | EATON VANCE NY MUNI II | -10.78 | -15.93 |
| NMO US | NUVEEN MUNI MKT OPPORTUNITY | -10.75 | -15.42 |
| NKX US | NUVEEN CALIFORNIA AMT-FREE M | -10.74 | -14.91 |
| NAN US | NUVEEN NY DIVIDEND ADV MUNI | -10.68 | -14.66 |
| VGI US | VIRTUS GLOBAL MULTI-SECTOR | -10.66 | -5.95 |
| MIY US | BLACKROCK MUNIYIELD MI QUALI | -10.62 | -18.2 |
| EVJ US | EATON VANCE NJ MUNICIPAL INC | -10.6 | -21.28 |
| ENX US | EATON VANCE NEW YORK MUNICIP | -10.59 | -17.16 |
| VMO US | INVESCO MUNICIPAL OPPORTUNI | -10.53 | -19.14 |
| GFY US | WESTERN ASSET VARIABLE RATE | -10.52 | -2.61 |
| NID US | NUVEEN INTERMEDIATE DURATION | -10.51 | -22.91 |
| NBB US | NUVEEN BUILD AMERICAN BOND | -10.5 | -11.57 |
| NXK US | NUVEEN NY DVD ADV MUNI FD 2 | -10.49 | -13.86 |
| IIM US | INVESCO VALUE MUNICIPAL INCO | -10.45 | -19 |
| VKQ US | INVESCO MUNICIPAL TRUST | -10.44 | -17.99 |
| MNP US | WESTERN ASSET MUNICIPAL PART | -10.42 | -20.32 |
| BHK US | BLACKROCK CORE BOND TRUST | -10.39 | -12.98 |
| CIF US | MFS INTERMEDIATE HIGH INC FN | -10.32 | -4.65 |
| NJV US | NUVEEN NJ MUNI VALUE FUND | -10.3 | -17.24 |
| NKG US | NUVEEN GEORGIA DVD ADV MU 2 | -10.28 | -18.29 |
| NRK US | NUVEEN NEW YORK AMT-FREE MUN | -10.24 | -17.71 |
| EIV US | EATON VANCE MUNI II BOND FUN | -10.18 | -18.56 |
| BHD US | BLACKROCK STRATEGIC BOND TST | -10.14 | -8.64 |
| NQS US | NUVEEN SELECT QUALTY MUNI FD | -10.1 | -18.48 |
| NIO US | NUVEEN MUNICIPAL OPPORTUNITY | -10.09 | -14.14 |
| BPS US | BLACKROCK PENN STRAT MUNI TR | -10.09 | -20.32 |
| EVO US | EATON VANCE OH MUNICIPAL INC | -10.08 | -25.53 |
| BAF US | BLACKROCK MUNICIPAL INCOME I | -10.06 | -19.79 |
| IQI US | INVESCO QUALITY MUNI INC TR | -10.05 | -16.29 |
| VGM US | INVESCO TRUST FOR INVESTMEN | -10.02 | -18.07 |
About the Author: Wesley Gray, PhD
After serving as a Captain in the United States Marine Corps, Dr. Gray earned an MBA and a PhD in finance from the University of Chicago where he studied under Nobel Prize Winner Eugene Fama. Next, Wes took an academic job in his wife’s hometown of Philadelphia and worked as a finance professor at Drexel University. Dr. Gray’s interest in bridging the research gap between academia and industry led him to found Alpha Architect, an asset management firm dedicated to an impact mission of empowering investors through education. He is a contributor to multiple industry publications and regularly speaks to professional investor groups across the country. Wes has published multiple academic papers and four books, including Embedded (Naval Institute Press, 2009), Quantitative Value (Wiley, 2012), DIY Financial Advisor (Wiley, 2015), and Quantitative Momentum (Wiley, 2016).
Dr. Gray currently resides in Palmas Del Mar Puerto Rico with his wife and three children. He recently finished the Leadville 100 ultramarathon race and promises to make better life decisions in the future.
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Important Disclosures
For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Third party information may become outdated or otherwise superseded without notice. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency has approved, determined the accuracy, or confirmed the adequacy of this article.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Alpha Architect, its affiliates or its employees. Our full disclosures are available here. Definitions of common statistics used in our analysis are available here (towards the bottom).
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