NMCO - Municipal CEF Market Update

• 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.
• We continue to favor the credit or high-yield part of the sector, though the easy gains are largely behind us.
• We also highlight our tripartite strategy in the investment-grade part of the sector and discuss a number of funds such as MVF, MYI, NID and others.

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