MFS High Yield Municipal Trust

MFS High Yield Municipal Trust is a closed-end investment fund. It primarily invests in tax-exempt bonds and tax-exempt notes. The company was founded on January 22, 1987 and is headquartered in Boston, MA.

MFS Intermediate High Income Fund

MFS High Income Municipal Trust

MFS Investment Grade Municipal Trust

MFS Charter Income Trust

MFS Municipal Income Trust

MFS Government Markets Income Trust

MFS Intermediate Income Trust

MFS Multimarket Income Trust

BOSTON--(BUSINESS WIRE)--MFS announces closed end fund monthly distributions for several funds for May 2024.

MFS Announces Closed-End Fund Distributions

Blackrock Income Trust

Virtus AllianzGI Convertible & Income 2024 Target Term Fund

Carlyle Credit Income Fund

BNY Mellon High Yield Strategies Fund 

Allspring Global Dividend Opportunity Fund

First Trust MLP & Energy Income Fund

First Trust Energy Income and Growth Fund

First Trust Energy Infrastructure Fund

First Trust New Opportunities Mlp & Energy Fund

Western Asset High Income Fund

John Hancock Investors Trust

John Hancock Income Securities Trust

Deutsche Municipal Income Trust

Macquarie/ First Trust Global Infrastructure/ Utilities Dividend & Income Fund

BlackRock Municipal Income Fund

Nuveen California Quality Municipal Income Fund

Nuveen Quality Municipal Income Fund

Nuveen New York Quality Muni Income Fund

Nuveen AMT-Free Quality Municipal Income Fund

Virtus Dividend Interest & Premium Strategy Fund

Markets were flat, but upcoming events like the jobs report, PMIs, and ECB meeting are important.

Weekly CEF Commentary | March 3, 2024 | PDX Makes The Change

The MFS High Yield Municipal Trust is a closed-end mutual fund that offers high federal tax-advantaged income and capital appreciation. CMU invests in high-yield securities rated below investment grade, which carries greater risk but also the potential for higher returns. CMU provides national diversification with exposure to various states and industries, but investors should consider the credit quality distribution and leverage of the fund.

The MFS High Yield Municipal Trust: Leverage, Munis, And Tax Benefits

Flaherty & Crumrine Dynamic Preferred & Income Fund

Flaherty & Crumrine Preferred Securities Income Fund Inc

Flaherty & Crumrine Total Return Fund Inc

Flaherty & Crumrine Preferred Income Fund Inc

Flaherty & Crumrine Preferred Income OpportunityFund Inc

We review CEF market valuation and performance through the fourth week of January and highlight recent market action. All sectors were up for the week, with MLPs and Preferreds leading the way. Investors should be wary in taking CEF total NAV returns at face value given various conventions and data issues.

CEF Weekly Review: Take Care With Total NAV Returns

Wells Fargo Income Opportunities Fund

We review CEF market valuation and performance through the fourth week of November and highlight recent market action. CEFs had a good week, with November coming in as the second-best month in the last several years. We discuss the impact on net income of a deleveraging across several BlackRock Muni CEFs.

CEF Weekly Review: Deleveraging Is Less Damaging For Net Income These Days

BlackRock Health Sciences Trust II

DoubleLine Yield Opportunities Fund

Eagle Point Credit

Eagle Point Income Company Inc

OFS Credit Company Inc

Oxford Lane Capital

We review CEF market valuation and performance through the third week of October and highlight recent market action. All CEF sector NAVs were down on the week, while only three sectors managed to tighten. Investor should not take CEF performance against benchmarks at face value.

CEF Weekly Review: Be Careful With CEF Benchmarks

MFS Municipal CEFs, High Yield Municipal Trust and Investment Grade Municipal Trust, are undergoing tender offers. Shareholders have the option to participate in the tender offers or reduce their allocation due to strong relative performance. The breakeven discount widening for the tender offer is 2.2%, meaning investors will make money if the discount does not widen more than 2.2% from current levels.

CMU: Our Game Plan For This Muni CEF Tender Offer

AllianceBernstein National Municipal Income Fund

Cornerstone Strategic Value Fund Inc

Cornerstone Total Return Fund Inc

Herzfeld Caribbean Basin Fund Inc

Destra Multi-Alternative Fund

DNP Select Income Fund Inc

BlackRock Enhanced Government Fund

Eaton Vance

Aberdeen Global Income Fund

FS Credit Opportunities Corp

Sprott Focus Trust

GDL Fund

Gabelli Dividend & Income Trust

Gabelli Multimedia Trust

Guggenheim Strategic Opportunities Fund

Gabelli Utility Trust

John Hancock Hedged Equity & Income Fund

Highland Income Fund

Highland Global Credit Allocation Fund.

Closed-End Funds: Revisiting Valuations As We End Q3 2023

BOSTON--(BUSINESS WIRE)--MFS High Yield Municipal Trust (NYSE: CMU) Commences Tender Offer.

MFS High Yield Municipal Trust Commences Tender Offer

BlackRock Credit Allocation Income Trust

DoubleLine Income Solutions Fund

Eaton Vance Municipal Income 2028 Term Trust

Eaton Vance Short Duration Diversified Income Fund

Blackrock Floating Rate Income Strategies Fund Inc

Nuveen Floating Rate Income Fund

Deutsche Strategic Municipal Income Trust

Nuveen Dynamic Municipal Opportunities Fund

Nuveen Municipal Credit Opportunities Fund

Nuveen Municipal Income Fund Inc

Nuveen Select Tax-Free Income Portfolio

Nuveen Municipal Credit Income Fund

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.

PIMCO Access Income Fund

Pimco High Income Fund

Putnam Master Intermediate Income Trust

Pimco New York Municipal Income Fund

Cohen & Steers Tax-Adv Pref Secs and Inc Fund

Western Asset Premier Bond Fund

Taxable closed-end fund discounts have narrowed, reducing their attractiveness, while credit spreads have tightened, producing returns in some areas of the CEF market. Municipal CEFs remain exceptionally cheap, with discounts wider than 99% of historical observations. The risk-reward in the taxable bond CEF space is on the downside, while the upside potential in municipal CEFs is significant, but dependent on a shift in Fed policy and inflation.

CEF Report August 2023: Taxables Get Bought And Are Not Very Compelling, Munis Look Best

Blackstone Strategic Credit Fund

Blackstone Long-Short Credit Income Fund

Blackstone/GSO Senior Floating Rate Term Fund

Western Asset Mortgage Opportunity Fund

Angel Oak Financial Strategies Income Term Trust

Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust

PGIM Global High Yield Fund

We review closed-end fund market valuation and performance through the third week of December and highlight recent market action. CEFs were mixed this week; however, discounts have continued to widen, extending a recent trend.

CEF Weekly Review: Ignore Yield-On-Cost Outside Of Tax Considerations

BOSTON--(BUSINESS WIRE)--NYSE: CXE and NYSE: CMU announce an optional partial redemption of Remarketable Variable Rate MuniFund Term Preferred Shares on November 28, 2022.

MFS High Income Municipal Trust and MFS High Yield Municipal Trust Announce Optional Partial Redemption of Preferred Shares

ArrowMark Financial

Blackrock California Muni Income Trust

Barings Global Short Duration High Yield Fund

Eaton Vance California Municipal Income Trust

Doubleline Opportunistic Credit Fund

Western Asset Global High Income Fund

Eaton Vance New York Municipal Bond Fund

First Trust Dynamic Europe Equity Income Fund

First Trust Intermediate Duration Preferred & Income Fund

New American High Income Fund

Invesco High Income 2023 Target Term Fund

Ivy High Income Opportunities Fund

Nuveen Preferred & Income Opportunities Fund

Nuveen Preferred & Income Term Fund

Nuveen Preferred & Income Securities Fund

KKR Income Opportunities Fund

Nuveen Ohio Quality Municipal Income Fund

Pimco Global Stockplus & Income Fund

Pioneer High Income Trust

Cushing MLP & Infrastructure Total Return Fund

Only funds with coverage >100% are considered. Top lists of discount, yield, DxY and DxYxZ are given. Top DxYxZ funds are EHI, JPI and WEA.

Quality Closed-End Fund Report, February 2022

Apollo Senior Floating Rate Fund

Apollo Tactical Income Fund, Inc.

John Hancock Financial Opportunities Fund

Center Coast Brookfield MLP & Energy Infrastructure Fund

Delaware Investments Dividend and Income Fund

Delaware Enhanced Global Dividend & Income Fund

BNY Mellon Municipal Bond Infrastructure Fund, Inc. 

Eaton Vance Floating-Rate 2022 Target Term Trust

Wells Fargo Utilities and High Income Fund

First Trust Senior Floating Rate Income Fund II

Federated Premier Municipal Income Fund

Franklin Limited Duration Income Trust

GGM Macro Alignment ETF

Gabelli Go Awhr Registered Shs

Templeton Global Income Fund

Guggenheim Enhanced Equity Income Fund

Three out of 23 CEF sectors positive on price and six out of 23 sectors positive on NAV last week.

Weekly Closed-End Fund Roundup: Sept. 26, 2021

BlackRock 2022 Global Income Opportunity Trust

Nuveen High Income November 2021 Target Term Fund

Nuveen Credit Strategies Income Fund

Invesco Municipal Income Opportunities Trust

PIMCO Income Strategy Fund

PIMCO Income Strategy Fund II

PIMCO Corporate & Income Opportunity Fund

Royce Value Trust

Franklin Templeton Emerging Markets Income Fund

Tri-Continental

Invesco Dynamic Credit Opportunities Fund

Major indices hit record highs again this week with mid-caps joining large-cap at all-time highs. August was the seventh consecutive month of gains for the S&P. Discounts widened for the third straight week with taxables going from 2.21% on August 15 to +0.68% on September 5. While 1.6% is not all that worrisome, the trend is.

CEF Weekly Commentary Sept. 5, 2021: Have Discounts Peaked?

Virtus AllianzGI Convertible & Income Fund II

We review CEF market valuation and performance over the first short week of September and highlight recent market events. Discounts continue to move sideways even as NAVs keep edging higher.

CEF Weekly Market Review: Happens To The Best Of Us

Credit Suisse High Yield Bond Fund

First Trust Preferred Securities & Income ETF

iShares International Preferred Stock ETF

Virtus InfraCap U.S. Preferred Stock ETF

We review CEF market valuation and performance over the last week of July and highlight recent market events. July CEF returns were wrapped around zero in aggregate as higher NAVs were offset by wider discounts.

CEF Weekly Market Review: Market Takes July Off

BOSTON--(BUSINESS WIRE)--Four MFS muni CEFs have completed the issuance of a new series of Remarketed Variable Rate MuniFund Preferred Shares, Series 2051.

MFS Municipal Closed-End Funds Announce Refinancing of Term of Preferred Shares

Blackrock Investment Quality Municipal Trust

Nuveen Credit Opportunities 2022 Target Term Fund

Tortoise Energy Independence Fund, Inc.

PIMCO Dynamic Income Opportunities Fund

Tortoise Pipeline & Energy Fund

We review CEF market valuation and performance over the first week of June and highlight recent events. The CEF market pushed higher at the start of June with a favorable backdrop of stable Treasury yields and rising equity prices.

CEF Weekly Market Review: The Everything Rally

BlackRock MuniVest Fund Inc

BlackRock MuniYield Quality Fund III Inc

Nuveen Intermediate Duration Municipal Term Fund

We take a look at the Municipal CEF sector which has held up very well despite a rise in Treasury yields. Fundamentals remain in good shape with the fiscal stimulus feeding through and the potential infrastructure tailwind in the pipeline.

Municipal CEF Market Update

BlackRock Municipal 2030 Target Term Trust

The tax-exempt CEF sector has proven to be relatively resilient over the past year, generating attractive absolute and risk-adjusted returns.

Tax-Exempt Municipal CEF Sector Review

MainStay MacKay DefinedTerm Municipal Opportunities Fund

Allocating to municipal bonds can be a fraught proposition of having to choose duration, credit quality, investment vehicle and other investment characteristics.

Gauging The Top Muni CEF Managers

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund Inc

Voya Prime Rate Trust

Reaves Utility Income Fund

Utilities Select Sector SPDR Fund

"Quality" is a term much bandied about in the CEF space without a clear definition as to what qualifies as a "quality fund" We suggest two dimensions of quality: CEF outperformance relative to its sector and open-end fund alternatives as well as good governance features.

What Makes A 'Quality' CEF?

VanEck High Yield Muni ETF

SPDR Nuveen S&P High Yield Municipal Bond ETF

BlackRock MuniAssets Fund

"High-yield" tends to be associated with corporate credit in investor income portfolios. However, the high-yield/unrated municipal sector is also worth a look. We discuss some benefits of HY muni bond CEFs over their corporate analogues such as relative valuation, higher-quality fund portfolios, resilient leverage structures and more.

HY Munis Worth A Look Vs. HY Corporate Credit Right Now

News for MFS High Yield Municipal Trust ETF (CMU)