RMI - Municipal And CEF Update | Analysis And Recommendations For Tax-Free Yields Up To 5%

• Muni CEF discounts are closing by the day. I believe they will reach a premium in the next few months (perhaps sooner).
• We have remained steadfastly bullish on tax-free munis, especially high-yield munis in 2021, for numerous reasons.
• Our view is that rates have made the bulk of their upward move for the cycle already. Given that, we do not think investors should fear duration.
• We revamped the muni core tab and would be especially focused on the high-yield section, especially DSM, NMCO, OIA.
• Investors should also think about their exit plan including possibly rotating to NHMAX and entering dream sell orders on all of their muni CEF positions.

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