A tax-exempt investment grade closed-end bond fund
INVESTMENT OBJECTIVE
Seeks high current income exempt from federal income tax, but may also consider capital appreciation.
Fund Information
- Fund Commencement 05/16/1989
- Net Assets ($ M) As of 10/31/24 $72.06
- Fiscal Year End NOVEMBER
- Net Asset Value (NAV) As of 11/22/24 $8.86
- Most Recent NAV Change As of 11/22/24 $0.01 | 0.11%
- Market Price (MP) As of 11/22/24 $8.10
- Most Recent Market Price Change As of 11/22/24 $0.06 | 0.79%
MANAGERS
Top 10 Holdings
- Matagorda County Navigation District No 1 TX Ref-Houston Ltg-Rmkt-11/24/98 AMBAC 5.125 NOV 01 28
- PR Sales Tax Financing Corp Sales Tax Revenue PR Restructured-Ser A-1 5.000 JUL 01 58
- Michigan Technological University MI Ser A AGM 5.250 OCT 01 52
- Tender Option Bond Trust Receipts/Certificates PA Drivers-Ser 2024-Xf1737 6.250 OCT 01 54
- Montgomery County Water Control & Improvement District No 1 TX BAM 4.625 MAR 01 43
- Northlake Municipal Management District No 2 TX AGM 4.500 MAR 01 44
- Fort Bend County Municipal Utility District No 170 TX BAM 4.375 SEP 01 39
- Tulsa County Industrial Authority OK Ref-Montereau Inc Project 5.250 NOV 15 45
- Texas Water Development Board TX Master Trust 5.000 OCT 15 57
- Build NYC Resource Corp NY Social Bond-Kipp Nyc Pub Sch F 5.250 JUL 01 52
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.
Municipal Bond: Investments in municipal instruments can be volatile and significantly affected by adverse tax or court rulings, legislative or political changes, market and economic conditions, issuer, industry-specific (including the credit quality of municipal insurers), and other conditions. Because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the portfolio and the overall municipal market.
Concentrated: The portfolio's performance could be closely tied to the economic, political, and other conditions in the state and other states and U.S. territories and possessions in which the portfolio invests and could be more volatile than the performance of more geographically diversified portfolios.
Market Price: The market price of common shares of the fund will be based on factors such as the supply and demand for common shares in the market and general market, economic, political or regulatory conditions. Whether shareholders will realize gains or losses upon the sale of common shares of the fund will depend on the market price of common shares at the time of the sale, not on the fund's net asset value. The market price may be lower or higher than the fund's net asset value. Shares of closed-end funds frequently trade at a discount or premium to their net asset value.
To the extent that investments are purchased with the issuance of preferred shares, the fund's net asset value will increase or decrease at a greater rate than a comparable unleveraged fund.
Leverage: Leverage involves investment exposure in an amount exceeding the initial investment. Leverage can cause increased volatility by magnifying gains or losses.
Michael Dawson
Portfolio Manager
Michael L. Dawson is an investment officer and fixed income portfolio manager of state municipal bond strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. Michael joined MFS in 1998 and was named to his current role in 1999. Prior to joining the firm, he worked in institutional sales -- fixed income for Fidelity Capital Markets and Goldman Sachs. Before that, he was a research analyst in the municipal bond group at Franklin Templeton. Michael earned a Bachelor of Science degree in political science from Santa Clara University and a Master of Business Administration degree in finance from Babson College. He is a member of the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.
Jason Kosty
Portfolio Manager
Jason R. Kosty is an investment officer and fixed income portfolio manager of national municipal bond strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. Jason joined the firm in 2003 as a municipal bond research analyst and took on portfolio management responsibilities in 2014. Previously, he worked as a research associate and municipal bond analyst for Columbia Management Group. He began his career in the financial services industry in 1995. Jason earned a Bachelor of Arts degree in economics from the University of Massachusetts and a Master of Business Administration degree from Duke University. He is a member of the National Federation of Municipal Analysts and the Boston Municipal Analysts Forum.
Geoffrey Schechter, CFA, CPA
Portfolio Manager
Geoffrey L. Schechter, CFA, CPA, is an investment officer at MFS Investment Management® (MFS®) and a portfolio manager of the firm's government securities and municipal bond portfolios.
Geoff joined MFS as an investment officer in 1993 after working as a municipal credit analyst with a major insurance company. He was named portfolio manager in 1993.
Geoff is a graduate of the University of Texas and has an MBA degree from Boston University. He holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
Performance
Average Annual Total Returns (%)
Performance data shown represents past performance and is no guarantee of future results. At the time of sale, shares may have a market price that is above or below net asset value, and may be worth more or less than the original cost; current performance may be lower or higher than quoted. All results are historical and assume the reinvestment of dividends and capital gains.
Important Performance Information
Performance information shown for periods prior to June 30, 2007, reflects periods when Columbia Management Advisors, LLC was responsible for selecting investments for the fund.
Annual Rate of Return (%)
As of 12/31/23| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| At NAV | 17.96 | 5.76 | 0.58 | 8.39 | 1.59 | 9.80 | 6.39 | 4.21 | -18.97 | 8.53 |
| at MP | 15.36 | 10.97 | -0.41 | 8.66 | -5.18 | 16.96 | 5.37 | 10.45 | -27.91 | 10.37 |
| At NAV | at MP | |
|---|---|---|
| 2023 | 8.53 | 10.37 |
| 2022 | -18.97 | -27.91 |
| 2021 | 4.21 | 10.45 |
| 2020 | 6.39 | 5.37 |
| 2019 | 9.8 | 16.96 |
| 2018 | 1.59 | -5.18 |
| 2017 | 8.39 | 8.66 |
| 2016 | 0.58 | -0.41 |
| 2015 | 5.76 | 10.97 |
| 2014 | 17.96 | 15.36 |
Pricing History
- NAV at Close of Trading on: 11/22/24
- Net Asset Value (NAV): $8.86
- Change ($) (since 11/21/24 ): 0.01
- Change (%) (since 11/21/24 ): 0.11
- MP at Close of Trading on: 11/22/24
- Market Price (MP): $8.10
- Change $ (since 11/21/24 ): 0.06
- Change (%) (since 11/21/24 ): 0.79
Historical NAV may not be available for all dates.
Historical MP may not be available for all dates.
| MP at Close of Trading on | Market Price (MP) |
|---|
Distribution Rate (%)
Distribution rates are based on the current distribution rate per share, annualized, divided by the NAV or Market Price.
As of 10/31/24
| Performance | Distribution Rate |
| NAV | 3.62 |
| MP | 3.94 |
Distributions
The Record Date is the date on which a fund declares a distribution. To receive the distribution, an investor must be a shareholder of record on that date.The Payable Date is the date on which the distribution is paid to shareholders.
Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.
Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.
Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.
Long-term Capital Gain
The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax.
(Source: Barron's Dictionary of Finance and Investment Terms)
Short-term Capital Gain
For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses.
(Source: Barron's Dictionary of Finance and Investment Terms)
The Payable Date is the date on which the distribution is paid to shareholders.
Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.
Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.
Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.
Long-term Capital Gain The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax. (Source: Barron's Dictionary of Finance and Investment Terms)
Short-term Capital Gain For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses. (Source: Barron's Dictionary of Finance and Investment Terms)
Updated Daily As of 11/23/24
| Record Date | Ex-Date | Payable Date | Type of Earnings | Rate per Share (US$) |
|---|---|---|---|---|
| 11/12/24 | 11/12/24 | 11/29/24 | Dividend | 0.02650 |
| 10/15/24 | 10/15/24 | 10/31/24 | Dividend | 0.02650 |
| 09/17/24 | 09/17/24 | 09/30/24 | Dividend | 0.02650 |
| 08/13/24 | 08/13/24 | 08/30/24 | Dividend | 0.02650 |
| 07/16/24 | 07/16/24 | 07/31/24 | Dividend | 0.02650 |
| 06/18/24 | 06/18/24 | 06/18/24 | Dividend | 0.02550 |
| 05/15/24 | 05/14/24 | 05/31/24 | Dividend | 0.02550 |
| 04/17/24 | 04/16/24 | 04/30/24 | Dividend | 0.02550 |
| 03/13/24 | 03/12/24 | 03/28/24 | Dividend | 0.02550 |
| 02/14/24 | 02/13/24 | 02/29/24 | Dividend | 0.02350 |
| 01/17/24 | 01/16/24 | 01/31/24 | Dividend | 0.02250 |
| 12/20/23 | 12/19/23 | 12/29/23 | Dividend | 0.02200 |
-
Overview
A tax-exempt investment grade closed-end bond fund
INVESTMENT OBJECTIVE
Seeks high current income exempt from federal income tax, but may also consider capital appreciation.
Fund Information
- Fund Commencement 05/16/1989
- Net Assets ($ M) As of 10/31/24 $72.06
- Fiscal Year End NOVEMBER
- Net Asset Value (NAV) As of 11/22/24 $8.86
- Most Recent NAV Change As of 11/22/24 $0.01 | 0.11%
- Market Price (MP) As of 11/22/24 $8.10
- Most Recent Market Price Change As of 11/22/24 $0.06 | 0.79%
MANAGERS
Top 10 Holdings
As of 10/31/24- Matagorda County Navigation District No 1 TX Ref-Houston Ltg-Rmkt-11/24/98 AMBAC 5.125 NOV 01 28
- PR Sales Tax Financing Corp Sales Tax Revenue PR Restructured-Ser A-1 5.000 JUL 01 58
- Michigan Technological University MI Ser A AGM 5.250 OCT 01 52
- Tender Option Bond Trust Receipts/Certificates PA Drivers-Ser 2024-Xf1737 6.250 OCT 01 54
- Montgomery County Water Control & Improvement District No 1 TX BAM 4.625 MAR 01 43
- Northlake Municipal Management District No 2 TX AGM 4.500 MAR 01 44
- Fort Bend County Municipal Utility District No 170 TX BAM 4.375 SEP 01 39
- Tulsa County Industrial Authority OK Ref-Montereau Inc Project 5.250 NOV 15 45
- Texas Water Development Board TX Master Trust 5.000 OCT 15 57
- Build NYC Resource Corp NY Social Bond-Kipp Nyc Pub Sch F 5.250 JUL 01 52
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.
Municipal Bond: Investments in municipal instruments can be volatile and significantly affected by adverse tax or court rulings, legislative or political changes, market and economic conditions, issuer, industry-specific (including the credit quality of municipal insurers), and other conditions. Because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the portfolio and the overall municipal market.
Concentrated: The portfolio's performance could be closely tied to the economic, political, and other conditions in the state and other states and U.S. territories and possessions in which the portfolio invests and could be more volatile than the performance of more geographically diversified portfolios.
Market Price: The market price of common shares of the fund will be based on factors such as the supply and demand for common shares in the market and general market, economic, political or regulatory conditions. Whether shareholders will realize gains or losses upon the sale of common shares of the fund will depend on the market price of common shares at the time of the sale, not on the fund's net asset value. The market price may be lower or higher than the fund's net asset value. Shares of closed-end funds frequently trade at a discount or premium to their net asset value.
To the extent that investments are purchased with the issuance of preferred shares, the fund's net asset value will increase or decrease at a greater rate than a comparable unleveraged fund.
Leverage: Leverage involves investment exposure in an amount exceeding the initial investment. Leverage can cause increased volatility by magnifying gains or losses.
Michael Dawson
Portfolio Manager
35YEARS WITH INDUSTRY
17YEARS WITH PORTFOLIOMichael L. Dawson is an investment officer and fixed income portfolio manager of state municipal bond strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. Michael joined MFS in 1998 and was named to his current role in 1999. Prior to joining the firm, he worked in institutional sales -- fixed income for Fidelity Capital Markets and Goldman Sachs. Before that, he was a research analyst in the municipal bond group at Franklin Templeton. Michael earned a Bachelor of Science degree in political science from Santa Clara University and a Master of Business Administration degree in finance from Babson College. He is a member of the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.
Jason Kosty
Portfolio Manager
29YEARS WITH INDUSTRY
3YEARS WITH PORTFOLIOJason R. Kosty is an investment officer and fixed income portfolio manager of national municipal bond strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. Jason joined the firm in 2003 as a municipal bond research analyst and took on portfolio management responsibilities in 2014. Previously, he worked as a research associate and municipal bond analyst for Columbia Management Group. He began his career in the financial services industry in 1995. Jason earned a Bachelor of Arts degree in economics from the University of Massachusetts and a Master of Business Administration degree from Duke University. He is a member of the National Federation of Municipal Analysts and the Boston Municipal Analysts Forum.
Geoffrey Schechter, CFA, CPA
Portfolio Manager
35YEARS WITH INDUSTRY
17YEARS WITH PORTFOLIOGeoffrey L. Schechter, CFA, CPA, is an investment officer at MFS Investment Management® (MFS®) and a portfolio manager of the firm's government securities and municipal bond portfolios.
Geoff joined MFS as an investment officer in 1993 after working as a municipal credit analyst with a major insurance company. He was named portfolio manager in 1993.
Geoff is a graduate of the University of Texas and has an MBA degree from Boston University. He holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management. -
Performance
Performance
Average Annual Total ReturnsAverage Annual Total Returns (%)
As of 10/31/24 (*YTD Updated Monthly, As of 10/31/24 , subject to revision and not annualized.)Performance data shown represents past performance and is no guarantee of future results. At the time of sale, shares may have a market price that is above or below net asset value, and may be worth more or less than the original cost; current performance may be lower or higher than quoted. All results are historical and assume the reinvestment of dividends and capital gains.
Important Performance Information
Performance information shown for periods prior to June 30, 2007, reflects periods when Columbia Management Advisors, LLC was responsible for selecting investments for the fund.
Annual Rate of ReturnAnnual Rate of Return (%)
As of 12/31/23annual rate of return table 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 At NAV 17.96 5.76 0.58 8.39 1.59 9.80 6.39 4.21 -18.97 8.53 at MP 15.36 10.97 -0.41 8.66 -5.18 16.96 5.37 10.45 -27.91 10.37 At NAV at MP 2023 8.53 10.37 2022 -18.97 -27.91 2021 4.21 10.45 2020 6.39 5.37 2019 9.8 16.96 2018 1.59 -5.18 2017 8.39 8.66 2016 0.58 -0.41 2015 5.76 10.97 2014 17.96 15.36 Pricing & DistributionsPricing History
- NAV at Close of Trading on: 11/22/24
- Net Asset Value (NAV): $8.86
- Change ($) (since 11/21/24 ): 0.01
- Change (%) (since 11/21/24 ): 0.11
- MP at Close of Trading on: 11/22/24
- Market Price (MP): $8.10
- Change $ (since 11/21/24 ): 0.06
- Change (%) (since 11/21/24 ): 0.79
Maximum data displayed is for the most recent 10 yearsHistorical NAV LookupEnter date for which you wish to obtain a Historical NAV for this fundHistorical NAV may not be available for all dates.
Historical MP LookupEnter date for which you wish to obtain a Historical MP for this fundHistorical MP may not be available for all dates.
Historical MP TableMP at Close of Trading on Market Price (MP) No Data AvailableDistribution Rate (%)
Distribution rates are based on the current distribution rate per share, annualized, divided by the NAV or Market Price.As of 10/31/24
Performance Distribution Rate NAV 3.62 MP 3.94 Distributions
The Record Date is the date on which a fund declares a distribution. To receive the distribution, an investor must be a shareholder of record on that date.The Payable Date is the date on which the distribution is paid to shareholders.
Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.
Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.
Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.
Long-term Capital Gain The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax. (Source: Barron's Dictionary of Finance and Investment Terms)
Short-term Capital Gain For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses. (Source: Barron's Dictionary of Finance and Investment Terms)
Updated Daily As of 11/23/24
Record Date Ex-Date Payable Date Type of Earnings Rate per Share (US$) 11/12/24 11/12/24 11/29/24 Dividend 0.02650 10/15/24 10/15/24 10/31/24 Dividend 0.02650 09/17/24 09/17/24 09/30/24 Dividend 0.02650 08/13/24 08/13/24 08/30/24 Dividend 0.02650 07/16/24 07/16/24 07/31/24 Dividend 0.02650 06/18/24 06/18/24 06/18/24 Dividend 0.02550 05/15/24 05/14/24 05/31/24 Dividend 0.02550 04/17/24 04/16/24 04/30/24 Dividend 0.02550 03/13/24 03/12/24 03/28/24 Dividend 0.02550 02/14/24 02/13/24 02/29/24 Dividend 0.02350 01/17/24 01/16/24 01/31/24 Dividend 0.02250 12/20/23 12/19/23 12/29/23 Dividend 0.02200 The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions could change.