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.
46 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| RFM RiverNorth Flexible Municipal Income Fund | — | 10.22% discount | -1.11 | 8.14% | 7.40% | 0.00% | 6.05% | — | $31.7M | -3.99% |
| RMI RiverNorth Opportunistic Municipal Income Fund | — | 7.19% discount | -0.79 | 7.79% | 7.38% | 0.00% | 6.03% | — | $33.3M | -3.63% |
| RMMZ RiverNorth Managed Duration Municipal Income Fund II | — | NAV unavailable | — | 7.97% | — | 0.00% | 6.02% | — | $47.6M | — |
| DTF DTF Tax-Free Income 2028 Term Fund | — | 4.90% discount | +0.32 | 3.44% | 3.29% | — | — | — | $83.8M | +0.46% |
| RMM RiverNorth Managed Duration Municipal Income Fund | — | 6.06% discount | +0.02 | 7.66% | 7.42% | 0.00% | 5.88% | — | $110M | -4.05% |
| NMI Nuveen Municipal Income Fund | — | 0.11% premium | -1.11 | 4.84% | 4.91% | — | 0.75% | — | $118M | -2.00% |
| NIM Nuveen Select Maturities Municipal Fund | — | 8.66% discount | -2.12 | 3.91% | 3.67% | — | — | — | $122M | -1.91% |
| RFMZ RiverNorth Flexible Municipal Income Fund II | — | 11.67% discount | -1.59 | 8.20% | 7.41% | 0.00% | 6.01% | — | $139M | -3.83% |
| FMN Federated Hermes Premier Municipal Income Fund | — | 11.46% discount | -1.41 | 5.21% | 4.80% | — | — | — | $154M | -5.73% |
| MHF Western Asset Municipal High Income Fund | — | 3.42% discount | -2.15 | 6.36% | 6.35% | — | — | — | $154M | -2.66% |
| SBI Western Asset Intermediate Muni Fund | — | 9.11% discount | -0.84 | 6.95% | 6.47% | — | — | — | $167M | -3.83% |
| ETX Eaton Vance Municipal Income 2028 Term Trust | — | 2.36% discount | -2.63 | 5.41% | 5.28% | — | — | — | $203M | +0.57% |
| BMN BlackRock 2037 Municipal Target Term Trust | — | 6.20% discount | -2.39 | 5.32% | 5.09% | — | 2.17% | — | $262M | -5.17% |
| NUW Nuveen AMT-Free Municipal Value Fund | — | 7.59% discount | -2.15 | 4.39% | 4.13% | — | — | — | $284M | -2.97% |
| EOT Eaton Vance National Municipal Opportunities Trust | — | 9.32% discount | -1.89 | 5.28% | 4.90% | — | — | — | $322M | -3.69% |
| NBB Nuveen Taxable Municipal Income Fund | — | 7.76% discount | -4.01 | 8.14% | 7.68% | 0.00% | 3.24% | — | $392M | -3.10% |
| PMM Franklin Managed Municipal Income Trust | — | 4.32% discount | +1.19 | 6.63% | 6.58% | — | 1.13% | — | $396M | -5.21% |
| GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust | — | NAV unavailable | — | 12.08% | 10.66% | 28.47% | 2.56% | — | $402M | — |
| OIA Invesco Municipal Income Opportunities Trust | — | at NAV | +0.59 | 6.03% | 6.19% | — | — | — | $424M | -3.38% |
| AFB AllianceBernstein National Municipal Income Fund | — | 10.65% discount | -1.32 | 6.13% | 5.72% | — | — | — | $434M | -8.91% |
| PMO Franklin Municipal Opportunities Trust | — | 8.73% discount | -0.95 | 6.41% | 6.12% | — | 1.22% | — | $459M | -6.01% |
| MMD NYLIM MacKay DefinedTerm Muni Opportunities Fund | — | 9.54% discount | -1.66 | 5.84% | 5.37% | — | — | — | $478M | -3.53% |
| DSM BNY Mellon Strategic Municipal Bond Fund | — | 11.28% discount | -2.63 | 6.82% | 6.25% | — | — | — | $485M | -7.21% |
| NBH Neuberger Municipal Fund | — | 10.98% discount | -2.01 | 7.09% | 6.49% | — | — | — | $557M | -6.99% |
| KTF DWS Municipal Income Trust | — | 2.20% discount | -0.63 | 8.96% | 8.93% | — | — | — | $562M | -6.27% |
| VKI Invesco Advantage Municipal Income Trust II | — | 3.02% discount | -1.27 | 8.29% | 8.44% | — | 3.33% | — | $619M | -5.27% |
| EVN Eaton Vance Municipal Income Trust | — | 3.99% discount | -2.06 | 6.43% | 6.30% | — | — | — | $645M | -4.51% |
| EIM Eaton Vance Municipal Bond Fund | — | 9.24% discount | -2.38 | 6.88% | 6.33% | — | — | — | $775M | -5.27% |
| IQI Invesco Quality Municipal Income Trust | — | 3.33% discount | -0.97 | 8.39% | 8.39% | — | — | — | $802M | -5.03% |
| MFM Aberdeen Municipal Income Fund | — | 10.62% discount | -1.25 | 7.11% | 6.59% | — | — | — | $816M | -4.31% |
| IIM Invesco Value Municipal Income Trust | — | 4.16% discount | -2.03 | 8.45% | 8.37% | — | — | — | $873M | -4.83% |
| VKQ Invesco Municipal Trust | — | 3.37% discount | -0.17 | 8.49% | 8.46% | — | — | — | $879M | -5.43% |
| NDMO Nuveen Dynamic Municipal Opportunities Fund | — | NAV unavailable | — | 7.72% | — | — | — | — | $889M | — |
| NXP Nuveen Select Tax Free Income Portfolio | — | 3.49% discount | -3.03 | 4.85% | 4.77% | — | 0.35% | — | $922M | -2.32% |
| NMCO Nuveen Municipal Credit Opportunities Fund | — | NAV unavailable | — | 9.38% | — | — | 4.36% | — | $1B | — |
| BBN BlackRock Taxable Municipal Bond Trust | — | 8.21% discount | -1.80 | 8.13% | 7.53% | 35.67% | 3.11% | — | $1B | -4.52% |
| VMO Invesco Municipal Opportunity Trust | — | 3.38% discount | -0.28 | 8.57% | 8.46% | — | — | — | $1B | -5.39% |
| PML PIMCO Municipal Income Fund II | — | 9.01% discount | -2.79 | 7.10% | 6.68% | — | — | — | $1.9B | -7.98% |
| NUV Nuveen Municipal Value Fund | — | 5.02% discount | -3.47 | 4.74% | 4.55% | — | — | — | $2B | -2.80% |
| BTT BlackRock Municipal 2030 Target Term Trust | — | 9.33% discount | -2.31 | 2.54% | 2.33% | — | — | — | $2.4B | -0.77% |
| NMZ Nuveen Municipal High Income Opportunity Fund | — | 2.51% discount | -2.01 | 8.61% | 8.57% | — | — | — | $3.6B | -7.06% |
| NZF Nuveen Municipal Credit Income Fund | — | 3.59% discount | -2.48 | 8.65% | 8.56% | — | — | — | $4B | -6.60% |
| NVG Nuveen AMT-Free Municipal Credit Income Fund | — | 3.80% discount | -1.92 | 8.71% | 8.57% | — | — | — | $4.5B | -7.98% |
| NAD Nuveen Quality Municipal Income Fund | — | 4.16% discount | -2.17 | 8.17% | 8.00% | — | — | — | $4.7B | -7.38% |
| NEA Nuveen AMT-Free Quality Municipal Income Fund | — | 3.62% discount | -2.43 | 8.10% | 7.98% | — | — | — | $5.7B | -7.07% |
| DMB BNY Mellon Municipal Bond Infrastructure Fund | — | 11.19% discount | -2.71 | 6.20% | 5.74% | — | — | — | — | -7.06% |
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)