Municipal bond closed-end funds
Municipal bond funds pay interest that is usually exempt from federal income tax. Compare tax-equivalent yields, not headline rates.
62 funds in the current view. Municipal CEFs hold tax-exempt bonds and are typically leveraged; the distribution rate is not a tax-exempt yield — parts of a distribution can be taxable. Tax characteristics are shown only where a fund reports them.
Filters
| Fund | State | Prem/discPrice vs. assets | Z (1y) | Rate (price)Payout rate | Rate (NAV)Payout rate on assets | LeverageBorrowing | ExpensesAnnual cost | NII coverageIncome covers payout | Net assetsFund size▲ | 1y NAV TR1y asset return |
|---|---|---|---|---|---|---|---|---|---|---|
| BHV BlackRock Virginia Municipal Bond Trust | VA | 13.25% premium | +1.22 | 4.74% | 5.40% | — | — | — | $29.1M | -8.94% |
| RFM RiverNorth Flexible Municipal Income Fund | — | 9.27% discount | -0.42 | 8.18% | 7.37% | 0.00% | 6.05% | — | $31.7M | -3.20% |
| RMI RiverNorth Opportunistic Municipal Income Fund | — | 6.00% discount | -0.34 | 7.80% | 7.35% | 0.00% | 6.03% | — | $33.3M | -2.91% |
| RMMZ RiverNorth Managed Duration Municipal Income Fund II | — | NAV unavailable | — | 7.98% | — | 0.00% | 6.02% | — | $47.6M | — |
| DTF DTF Tax-Free Income 2028 Term Fund | — | 4.73% discount | +0.51 | 3.41% | 3.29% | — | — | — | $83.8M | +0.48% |
| RMM RiverNorth Managed Duration Municipal Income Fund | — | 5.16% discount | +0.49 | 7.72% | 7.39% | 0.00% | 5.88% | — | $110M | -3.25% |
| NMI Nuveen Municipal Income Fund | — | 1.08% discount | -1.42 | 4.88% | 4.90% | — | 0.75% | — | $118M | -1.71% |
| CEV Eaton Vance California Municipal Income Trust | CA | 3.78% premium | +3.33 | 5.83% | 5.96% | — | — | — | $118M | -5.33% |
| NIM Nuveen Select Maturities Municipal Fund | — | 7.39% discount | -1.24 | 3.93% | 3.67% | — | — | — | $122M | -1.82% |
| NMS Nuveen Minnesota Quality Municipal Income Fund | MN | 3.28% discount | -1.39 | 7.47% | 7.28% | — | 3.66% | — | $124M | -7.39% |
| RFMZ RiverNorth Flexible Municipal Income Fund II | — | 11.41% discount | -1.42 | 8.31% | 7.39% | 0.00% | 6.01% | — | $139M | -3.10% |
| FMN Federated Hermes Premier Municipal Income Fund | — | 10.40% discount | -0.26 | 5.28% | 4.80% | — | — | — | $154M | -5.51% |
| MHF Western Asset Municipal High Income Fund | — | 2.80% discount | -1.75 | 6.42% | 6.35% | — | — | — | $154M | -2.53% |
| NNY Nuveen New York Municipal Value Fund | NY | 4.23% discount | -0.13 | 4.54% | 4.28% | — | — | — | $164M | -2.71% |
| SBI Western Asset Intermediate Muni Fund | — | 9.49% discount | -1.29 | 6.98% | 6.46% | — | — | — | $167M | -3.48% |
| NMT Nuveen Massachusetts Quality Municipal Income Fund | MA | 2.10% premium | -1.16 | 7.17% | 7.25% | — | 3.60% | — | $187M | -5.55% |
| ETX Eaton Vance Municipal Income 2028 Term Trust | — | 1.46% discount | -2.14 | 5.41% | 5.28% | — | — | — | $203M | +0.56% |
| NAZ Nuveen Arizona Quality Municipal Income Fund | AZ | 3.18% premium | -0.79 | 7.05% | 7.17% | — | 3.21% | — | $234M | -5.57% |
| BMN BlackRock 2037 Municipal Target Term Trust | — | 4.41% discount | -1.71 | 5.39% | 5.09% | — | 2.17% | — | $262M | -5.06% |
| NUW Nuveen AMT-Free Municipal Value Fund | — | 7.73% discount | -2.32 | 4.41% | 4.13% | — | — | — | $284M | -2.79% |
| NCA Nuveen California Municipal Value Fund | CA | 4.97% discount | -2.20 | 4.32% | 4.16% | — | 0.55% | — | $293M | -1.83% |
| VPV Invesco Pennsylvania Value Municipal Income Trust | PA | 14.73% premium | +2.83 | 7.29% | 8.30% | — | — | — | $296M | -5.61% |
| EOT Eaton Vance National Municipal Opportunities Trust | — | 8.43% discount | -1.45 | 5.32% | 4.90% | — | — | — | $322M | -3.49% |
| PNI PIMCO New York Municipal Income Fund II | NY | 11.49% discount | -0.79 | 5.68% | 5.09% | — | — | — | $328M | -7.18% |
| NPV Nuveen Virginia Quality Municipal Income Fund | VA | 6.72% discount | -2.18 | 7.78% | 7.29% | — | 3.70% | — | $367M | -6.85% |
| NBB Nuveen Taxable Municipal Income Fund | — | 5.93% discount | -2.58 | 8.23% | 7.71% | 0.00% | 3.24% | — | $392M | -3.68% |
| PMM Franklin Managed Municipal Income Trust | — | 4.32% discount | +1.20 | 6.77% | 6.58% | — | 1.13% | — | $396M | -4.92% |
| GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust | — | NAV unavailable | — | 12.16% | 10.66% | 28.47% | 2.56% | — | $402M | — |
| OIA Invesco Municipal Income Opportunities Trust | — | 1.23% premium | +1.35 | 6.06% | 6.16% | — | — | — | $424M | -3.06% |
| AFB AllianceBernstein National Municipal Income Fund | — | 9.89% discount | -0.80 | 6.17% | 5.72% | — | — | — | $434M | -8.54% |
| PMO Franklin Municipal Opportunities Trust | — | 7.66% discount | -0.01 | 6.53% | 6.13% | — | 1.22% | — | $459M | -5.77% |
| MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | — | 8.29% discount | -0.66 | 5.88% | 5.37% | — | — | — | $478M | -3.42% |
| DSM BNY Mellon Strategic Municipal Bond Fund | — | 10.36% discount | -2.06 | 6.87% | 6.22% | — | — | — | $485M | -6.78% |
| NBH Neuberger Municipal Fund | — | 10.58% discount | -1.69 | 7.19% | 6.49% | — | — | — | $557M | -6.74% |
| KTF DWS Municipal Income Trust | — | 1.95% discount | -0.37 | 8.99% | 8.93% | — | — | — | $562M | -5.97% |
| NAN Nuveen New York Quality Municipal Income Fund | NY | 3.77% discount | -2.60 | 8.23% | 8.10% | — | 3.43% | — | $606M | -5.92% |
| VKI Invesco Advantage Municipal Income Trust II | — | 1.75% discount | -0.79 | 8.43% | 8.39% | — | 3.33% | — | $619M | -5.69% |
| EVN Eaton Vance Municipal Income Trust | — | 2.44% discount | -1.29 | 6.47% | 6.27% | — | — | — | $645M | -4.35% |
| EIM Eaton Vance Municipal Bond Fund | — | 8.31% discount | -1.32 | 6.91% | 6.33% | — | — | — | $775M | -5.09% |
| IQI Invesco Quality Municipal Income Trust | — | 1.76% discount | -0.24 | 8.52% | 8.33% | — | — | — | $802M | -5.34% |
| MFM Aberdeen Municipal Income Fund | — | 8.26% discount | +0.95 | 7.23% | 6.61% | — | — | — | $816M | -4.17% |
| VCV Invesco California Value Municipal Income Trust | CA | 0.33% premium | -2.31 | 8.66% | 8.65% | — | 3.54% | — | $821M | -7.67% |
| IIM Invesco Value Municipal Income Trust | — | 2.70% discount | -1.47 | 8.54% | 8.31% | — | — | — | $873M | -5.16% |
| VKQ Invesco Municipal Trust | — | 2.23% discount | +0.44 | 8.52% | 8.39% | — | — | — | $879M | -5.74% |
| NDMO Nuveen Dynamic Municipal Opportunities Fund | — | NAV unavailable | — | 7.80% | — | — | — | — | $889M | — |
| NXP Nuveen Select Tax Free Income Portfolio | — | 2.53% discount | -2.19 | 4.87% | 4.77% | — | 0.35% | — | $922M | -2.23% |
| NMCO Nuveen Municipal Credit Opportunities Fund | — | NAV unavailable | — | 9.41% | — | — | 4.36% | — | $1B | — |
| PCQ PIMCO California Municipal Income Fund | CA | 11.45% discount | -0.28 | 5.50% | 4.90% | — | — | — | $1B | -7.27% |
| BBN BlackRock Taxable Municipal Bond Trust | — | 7.92% discount | -1.65 | 8.13% | 7.56% | 35.67% | 3.11% | — | $1B | -5.10% |
| VMO Invesco Municipal Opportunity Trust | — | 2.24% discount | +0.39 | 8.61% | 8.40% | — | — | — | $1B | -5.80% |
| NKX Nuveen California AMT-Free Quality Municipal Income Fund | CA | NAV unavailable | — | 8.14% | — | — | 3.31% | — | $1.1B | — |
| NRK Nuveen New York AMT-Free Quality Municipal Income Fund | NY | 2.01% discount | +0.65 | 8.42% | 8.33% | — | 3.45% | — | $1.6B | -7.43% |
| PML PIMCO Municipal Income Fund II | — | 7.46% discount | -1.38 | 7.15% | 6.68% | — | — | — | $1.9B | -7.64% |
| NUV Nuveen Municipal Value Fund | — | 3.38% discount | -2.28 | 4.74% | 4.55% | — | — | — | $2B | -2.66% |
| BTT BlackRock Municipal 2030 Target Term Trust | — | 8.99% discount | -1.76 | 2.55% | 2.33% | — | — | — | $2.4B | -0.70% |
| NAC Nuveen California Quality Municipal Income Fund | CA | 2.81% discount | -3.01 | 8.26% | 8.08% | — | 3.79% | — | $3B | -5.26% |
| NMZ Nuveen Municipal High Income Opportunity Fund | — | 1.09% discount | -0.73 | 8.63% | 8.57% | — | — | — | $3.6B | -6.75% |
| NZF Nuveen Municipal Credit Income Fund | — | 1.89% discount | -1.06 | 8.70% | 8.57% | — | — | — | $4B | -6.47% |
| NVG Nuveen AMT-Free Municipal Credit Income Fund | — | 2.44% discount | -1.13 | 8.75% | 8.57% | — | — | — | $4.5B | -7.71% |
| NAD Nuveen Quality Municipal Income Fund | — | 3.03% discount | -1.41 | 8.20% | 8.00% | — | — | — | $4.7B | -7.15% |
| NEA Nuveen AMT-Free Quality Municipal Income Fund | — | 2.84% discount | -1.85 | 8.13% | 7.98% | — | — | — | $5.7B | -6.94% |
| DMB BNY Mellon Municipal Bond Infrastructure Fund | — | 10.22% discount | -2.04 | 6.27% | 5.73% | — | — | — | — | -6.57% |
Tax-equivalent yield calculator
Educational only. Enter your own assumptions. The calculator does not apply to a fund’s whole distribution automatically, does not know your state, the alternative minimum tax, or the taxable portion of any fund’s distributions, and is not tax advice. Brackets are not hard-coded.
Tax-equivalent yield
5.26%
= 4.00% exempt ÷ (1 − 24%) + 0.00% taxable component (assumed fully taxable, no state treatment applied)