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Top 5 High Yield Leveraged Tax Free Nuveen National Muni Municipal Bond Closed End Fund CEFs

Updated on April 3, 2011
Nuveen Investments Logo
Nuveen Investments Logo

Nuveen Investments is known for its Closed End Funds (CEFs) offerings. Nuveen also offers other investment products such as Mutual Funds, Managed Accounts, and Commodity Exchanged Traded Products. If you use CEFConnect, also known as ETFConnect before, you should know Nuveen. Nuveen is the website provider for CEFConnect. I usually do my research from this CEFconnect and CEFA before I’m doing additional research through individual CEF website. This article will look into Top 5 high yield Leveraged Tax Free Nuveen National Municipal CEFs. I’ll also provide a table for comparison and details of the funds.

Investing in Muni Bond Fund is a good way for investment asset diversification. Most of the distribution or dividend is tax free. Investor doesn't have to pay any tax for most of the dividend. Though, there might be a small AMT tax portion. These funds are also known as tax exempt muni bond CEFs.

The list is sorted by looking at the highest yield first. Next, I’ll check the average credit quality of the fund. Finally, I'll look the fund market cap. The fund should have more than $100Million cap for better liquidity. Most of the fund have investment grade credit quality (i.e. BBB+ or higher). Note: Since this is a leveraged fund, the fund volatility maybe higher than non-leveraged funds or ETFs. The Top 5 High Yield Leveraged Tax Free Nuveen National Municipal CEFs are:

  1. Nuveen Muni Market Opportunities
  2. Nuveen Select Quality Municipal
  3. Nuveen Municipal Advantage
  4. Nuveen Dividend Advantage 3
  5. Nuveen Dividend Advantage 2

If you are interested in other muni CEFs, please check my previous article:

Muni Bond CEF Fund Info

(click column header to sort results)
No  
Ticker  
Fund Name  
Closing Price  
Effective Leverage  
Distribution Rate  
Market Cap  
Baseline Expense  
Avg Credit Quality  
1
NMO
Nuveen Muni Mkt Opportunities
$12.93
41.34%
7.56%
$591M
1.24%
AA-
2
NQS
Nuveen Select Quality Muni
$13.88
41.03%
7.44%
$474M
1.11%
AA-
3
NMA
Nuveen Municipal Advantage
$13.30
39.68%
7.44%
$577M
1.21%
AA-
4
NZF
Nuveen Dividend Advantage 3
$13.51
38.02%
7.28%
$546M
0.91%
AA-
5
NXZ
Nuveen Dividend Advantage 2
$13.21
37.21%
7.27%
$389M
1.28%
AA
6
NPT
Nuveen Premium Income Muni 4
$11.91
39.26%
7.15%
$515M
1.09%
AA-
7
NPI
Nuveen Premium Income Muni
$12.84
40.32%
7.15%
$820M
1.05%
AA
8
NEV
Nuveen Enhanced Muni Value
$12.85
36.03%
7.10%
$247M
0.11%
A-
9
NQU
Nuveen Quality Income Muni
$13.44
38.50%
7.05%
$729M
1.08%
AA
10
NAD
Nuveen Dividend Advantage
$13.09
39.02%
6.97%
$514M
1.11%
AA-

Note: all info is updated as 12/09/2010. More funds performance can be found below.

1. Nuveen Muni Market Opportunities NMO

Nuveen Muni Market Opportunities seeks current income exempt from regular federal income tax. The secondary investment objective is the portfolio value enhancement. Total Common Assets is $590.451M. The Annual Expense Ratio is 1.31%. The fund manager is Thomas C. Spalding Jr. since 2003. The Top 5 municipal states are California, Illinois, Texas, Washington and Colorado. The fund average credit quality is AA-.

2. Nuveen Select Quality Municipal - NQS

Nuveen Select Quality Municipal is another fund sponsored by Nuveen Asset Management. Nuveen Select Quality Municipalobjective is to seekcurrent income exempt from regular federal income tax. The secondary investment objective is the portfolio value enhancement. Total Common Assets is $463.748M. The Annual Expense Ratio is 1.15%. The fund manager is Thomas C. Spalding Jr. since 2003. The Top 5 municipal states are Illinois, Texas, Colorado, California and Michigan. The fund average credit quality is AA-. The average bond duration in this fund is 11.67 years.

Click thumbnail to view full-size
Nuveen Municipal Advantage portfolio characteristicsNuveen Muni Market Opportunities portfolio characteristics
Nuveen Municipal Advantage portfolio characteristics
Nuveen Municipal Advantage portfolio characteristics
Nuveen Muni Market Opportunities portfolio characteristics
Nuveen Muni Market Opportunities portfolio characteristics

3. Nuveen Municipal Advantage – NMA

Nuveen Municipal Advantage seeks current income exempt from regular federal income tax. The secondary investment objective is the portfolio value enhancement. Total Common Assets is $590.517M. The Annual Expense Ratio is 1.31%. The fund manager is Thomas C. Spalding Jr. since 2003. The Top 5 municipal states are California, Illinois, Texas, Louisiana and Colorado. The fund average credit quality is AA-. The average bond duration in this fund is 10.08 years.

4. Nuveen Dividend Advantage 3 - NZF

Nuveen Dividend Advantage 3 is another fund sponsored by Nuveen Asset Management. Nuveen Dividend Advantage 3 fund’s objective is to provide current income exempt from regular federal income tax and to enhance portfolio value. Total Common Assets is $563.169M. The Annual Expense Ratio is 1.03%. The fund manager is Paul Brennan since 2006. The Top 5 municipal states are Texas, Illinois, Washington, California and Michigan. The fund average credit quality is AA-. The average bond duration in this fund is 6.71 years.


Nuveen Dividend Advantage 2 Portfolio Characteristics
Nuveen Dividend Advantage 2 Portfolio Characteristics

5. Nuveen Dividend Advantage 2 - NXZ

Similar to Nuveen Dividend Advantage 3, Nuveen Dividend Advantage 2 is another fund sponsored by Nuveen Asset Management. Nuveen Dividend Advantage 2 fund’s objective is to provide current income exempt from regular federal income tax and to enhance portfolio value. Total Common Assets is $410M. The Annual Expense Ratio is 1.73%. The fund manager is Thomas C. Spalding Jr since 2003. The Top 5 municipal states are Texas, Illinois, California, Michigan and Colorado. The fund average credit quality is AA-. The average bond duration in this fund is 7.20 years.


Where and how to buy these CEFs

You will need a brokerage to buy closed end funds (CEFs) such as:

  • eOption – You can trade stock, CEF, ETF for $3.00 per trade.
  • TradeKing – You can trade stock as well as CEF for $4.95 per trade. You can also trade mutual funds.
  • Marsco – Investors and traders can trade stock, etf, cef for $3.95 per trade
  • SogoTrade - You can trade stock, CEF, ETF for $3.00 per trade.

Disclosure: I have no affiliation with any of these funds. I also have no position in any of these funds. Please do your own research for additional details. Please trade and invest responsibly. Past Performance is No Guarantee of Future Results.


Muni CEF Performance - Updated Dec 9th, 2010

(click column header to sort results)
No  
Fund Name  
Ticker  
Closing Price  
NAV  
Premium / Discount  
Distribution Rate  
YTD Rtn on Price  
1
Nuveen Muni Mkt Opportunities
NMO
$12.93
$13.00
-0.54%
7.56%
3.25%
2
Nuveen Select Quality Muni
NQS
$13.88
$13.67
1.54%
7.44%
5.16%
3
Nuveen Municipal Advantage
NMA
$13.30
$13.70
-2.92%
7.44%
-0.64%
4
Nuveen Dividend Advantage 3
NZF
$13.51
$13.99
-3.43%
7.28%
6.85%
5
Nuveen Dividend Advantage 2
NXZ
$13.21
$13.97
-5.44%
7.27%
-2.42%
6
Nuveen Premium Income Muni 4
NPT
$11.91
$12.33
-3.41%
7.15%
4.09%
7
Nuveen Premium Income Muni
NPI
$12.84
$13.50
-4.89%
7.15%
3.60%
8
Nuveen Enhanced Muni Value
NEV
$12.85
$13.51
-4.89%
7.10%
3.24%
9
Nuveen Quality Income Muni
NQU
$13.44
$13.72
-2.04%
7.05%
4.64%
10
Nuveen Dividend Advantage
NAD
$13.09
$13.69
-4.38%
6.97%
2.90%
11
Nuveen Investment Quality Muni
NQM
$13.53
$14.07
-3.84%
6.96%
7.72%
12
Nuveen Performance Plus Muni
NPP
$13.72
$14.23
-3.58%
6.87%
3.45%
13
Nuveen Premier Muni Income
NPF
$12.70
$13.77
-7.77%
6.85%
3.77%
14
Nuveen Insured Quality Muni
NQI
$12.45
$13.32
-6.53%
6.84%
-3.21%
15
Nuveen Premium Income Muni 2
NPM
$13.07
$14.04
-6.91%
6.79%
3.85%
16
Nuveen Premier Ins Muni Inc
NIF
$13.22
$14.11
-6.31%
6.72%
0.66%
17
Nuveen Insured MuniOpportunity
NIO
$13.01
$13.92
-6.54%
6.64%
2.23%
18
Nuveen Ins Premium Inc 2
NPX
$11.72
$12.69
-7.64%
6.35%
0.30%
19
Nuveen Ins Div Adv Muni
NVG
$13.35
$14.44
-7.55%
6.29%
-1.57%
20
Nuveen Ins Tax Free Adv
NEA
$13.16
$14.13
-6.86%
6.20%
-0.34%
21
Nuveen Municipal Value Fund 2
NUW
$15.54
$15.68
-0.89%
5.79%
3.40%
22
Nuveen Municipal Income
NMI
$9.95
$10.34
-3.77%
5.73%
-4.63%
23
Nuveen Select TaxFree Income
NXP
$13.60
$13.82
-1.59%
5.25%
-3.80%
24
Nuveen Municipal Value
NUV
$9.17
$9.37
-2.13%
5.10%
-1.09%
25
Nuveen Select TaxFree Income 2
NXQ
$13.07
$13.14
-0.53%
5.10%
-1.58%
26
Nuveen Select TaxFree Income 3
NXR
$13.14
$13.74
-4.37%
4.89%
-6.42%
27
Nuveen Select Maturities Muni
NIM
$9.86
$10.15
-2.86%
4.26%
-1.19%
Table Comparison

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