This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Municipals Lead Closed-End Fund Market

Municipal bonds are leading the market as the best-performing closed-end funds.

Eight of the top 10 -- and 126 of the 147 -- closed-end funds with positive total returns from Jan. 30 through Feb. 27 target the municipal-bond market.

As the credit market thaws, investors who are willing to take more risk for a little more reward than holding Treasury funds have pushed up the price of municipal-bond funds in February.

Among the top 10, the best performer, Millennium India Acquisition Co. Inc. (SMCG) , isn't a municipal bond fund. The closed-end fund rebounded 26.92% in February after devastating losses over the past year on its portfolio of Indian financial-services companies.

Of the muni funds, the top-performing closed-end fund was the Eaton Vance Insured New York Municipal Bond Fund II (NYH), up 14.8%. The fund earns current income exempt from federal income taxes, including the alternative minimum tax and New York state personal income taxes. The fund earns income by investing primarily in high-grade New York municipal bond obligations that are insured for the timely payment of principal and interest.

Doing nearly as well at 14.5%, the Eaton Vance Insured Massachusetts Municipal Bond Fund (MAB) targets current income not subject to the regular federal income tax, alternative minimum tax and Massachusetts personal income tax. The fund accumulates income from investments in high-grade, insured Massachusetts municipal obligations.

Another closed-end investment management company making progress recouping earlier losses, Van Kampen's Van Kampen California Value Municipal Income Trust (VCV) gained back 12% in February. The fund's capital-preservation strategy seeks a high level of current income, exempt from federal and California income taxes. The trust invests its assets in a portfolio mostly of California municipal debt obligations rated as investment grade at the time of purchase.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
CFP $16.83 0.00%
SMCG $0.62 3.33%
EVM $11.34 0.00%
MAB $13.65 0.66%
NYH $12.15 2.53%

Markets

DOW 17,683.58 -46.53 -0.26%
S&P 500 2,068.76 -8.02 -0.39%
NASDAQ 4,991.94 -17.2740 -0.34%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs