NDMO - Nuveen Credit-Focused Muni CEFs Remain Attractive

• The tax-exempt sector continues to receive investor attention due to potential tailwinds of the new administration such as higher taxes and more fiscal support of municipalities.
• On the back of a new shareholder report we take a look at a number of tax-exempt Nuveen funds with significant allocations to high-yield and unrated bonds.
• We continue to like NMCO which is a more pure-play tax-exempt high-yield focused fund due to its strong income and coverage levels and attractive discount valuation.
• NZF is also attractive as a less aggressively positioned option with a 60% investment-grade allocation.
• We continue to hold both funds in our Municipal Income Portfolio.

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