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.
6 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.
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| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| CEV Eaton Vance California Municipal Income Trust | CA | 3.40% premium | +3.11 | 5.83% | 5.99% | — | — | — | $118M | -5.58% |
| NCA Nuveen California Municipal Value Fund | CA | 5.77% discount | -2.52 | 4.32% | 4.16% | — | 0.55% | — | $293M | -2.03% |
| VCV Invesco California Value Municipal Income Trust | CA | 0.67% discount | -2.76 | 8.66% | 8.72% | — | 3.54% | — | $821M | -7.42% |
| PCQ PIMCO California Municipal Income Fund | CA | 13.02% discount | -2.02 | 5.50% | 4.89% | — | — | — | $1B | -7.53% |
| NKX Nuveen California AMT-Free Quality Municipal Income Fund | CA | NAV unavailable | — | 8.14% | — | — | 3.31% | — | $1.1B | — |
| NAC Nuveen California Quality Municipal Income Fund | CA | 4.07% discount | -3.69 | 8.26% | 8.08% | — | 3.79% | — | $3B | -5.53% |
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)