Seeking Alpha
Profile| Send Message| ()  
These are closed-end funds [with a few exceptions] that pay dividends that are free of federal income taxes, and they all trade on either the New York Stock Exchange or American Stock Exchange. The dividends are tax-free because the closed-end funds on this list own municipal bonds in their portfolios.

Remember that, the dividends may fluctuate, the share price will fluctuate, and the CEFs are not guaranteed by any governmental entity. Also, the dividends from some of these may be only partially tax- free. It is important to contact the company to verify the tax status of dividends before investing, and to contact your tax preparer regarding any tax issues.

Municipal Mortgage & Equity LLC (MMA) 7.3% [a portion is tax- exempt]
TS&W / Claymore Tax-Advantaged Balanced Fund (TYW) 6% [partially tax free]
BlackRock Florida Municipal Bond Trust (BIE) 5.5%
BlackRock Florida Municipal Income Trust (BBF) 5.5%
BlackRock Municipal Income Trust (BFK) 5.5%
MFS Municipal Income Trust (MFM) 5.5%
Morgan Stanley Municipal Income Opportunities Trust (OIA) 5.5%
PIMCO Municipal Income Fund (PMF) 5.5%
American Municipal Income Portfolio Inc. (XAA) 5.4%
BlackRock Municipal 2018 Term Trust (BPK) 5.4%
BlackRock Municipal Bond Trust (BBK) 5.4%
Colonial High Income Municipal Trust (CXE) 5.4%
Colonial Municipal Income Trust (CMU) 5.4%
Dreyfus Strategic Municipal Bond Fund Inc. (DSM) 5.4%
Nuveen Dividend Advantage Municipal Fund (NAD) 5.4%
Nuveen Dividend Advantage Municipal Fund 2 (NXZ) 5.4%
Nuveen Dividend Advantage Municipal Fund 3 (NZF) 5.4%
Nuveen Municipal Advantage Fund Inc. (NMA) 5.4%
Nuveen Municipal High Income Opportunity Fund (NMZ) 5.4%
BlackRock Investment Quality Municipal Trust, Inc. (BKN) 5.4%
Blackrock Apex Municipal Fund Inc. (APX) 5.3%
BlackRock Municipal Income Trust II (BLE) 5.3%
Dreyfus Strategic Municipals Inc. (LEO) 5.3%
Morgan Stanley Municipal Income Opportunities Trust III (OIC) 5.3%
Pioneer Municipal High Income Advantage Trust (MAV) 5.3%
BlackRock Strategic Municipal Trust (BSD) 5.3%
BlackRock California Municipal Income Trust (BFZ) 5.2%
BlackRock New York Municipal Bond Trust (BQH) 5.2%
BlackRock New York Municipal Income Trust (BNY) 5.2%
DWS Strategic Municipal Income Trust (KSM) 5.2%
PIMCO California Municipal Income Fund (PCQ) 5.2%
Nuveen Investment Quality Municipal Fund Inc. (NQM) 5.2%
Nuveen Select Quality Municipal Fund Inc. (NQS) 5.2%
PIMCO Municipal Income Fund III (PMX) 5.2%
Pioneer Muncipal High Income Trust (MHI) 5.2%
Putnam High Yield Municipal Trust (PYM) 5.2%
Putnam Managed Municipal Income Trust (PMM) 5.2%
Alliance National Municipal Income Fund Inc. (AFB) 5.1%
BlackRock California Municipal Bond Trust (BZA) 5.1%
BlackRock Municipal 2020 Term Trust (BKK) 5.1%
Colonial Investment Grade Municipal Trust (CXH) 5.1%
DWS Municipal Income Trust (KTF) 5.1%
Dreyfus Municipal Income Inc. (DMF) 5.1%
Federated Premier Municipal Income Fund (FMN) 5.1%
Morgan Stanley Municipal Income Opportunities Trust II (OIB) 5.1%
Morgan Stanley Quality Municipal Income Trust (IQI) 5.1%
Nuveen Insured Dividend Advantage Municipal Fund (NVG) 5.1%
Nuveen Municipal Market Opportunity Fund Inc. (NMO) 5.1%
Nuveen Performance Plus Municipal Fund Inc. (NPP) 5.1%
Nuveen Premium Income Municipal Fund 4 Inc. (NPT) 5.1%
PIMCO California Municipal Income Fund III (PZC) 5.1%
Van Kampen Trust for Investment Grade Municipals (VGM) 5.1%
Western Asset Municipal Partners Fund Inc. (MNP) 5.1%
ACM Municipal Securities Income Fund Inc. (AMU) 5%
BlackRock New Jersey Municipal Bond Trust (BLJ) 5%
BlackRock New Jersey Municipal Income Trust (BNJ) 5%
Delaware Investments Florida Insured Municipal Income Fund (VFL) 5%
Morgan Stanley Municipal Premium Income Trust (PIA) 5%
Nuveen California Dividend Advantage Municipal Fund 2 (NVX) 5%
Nuveen California Dividend Advantage Municipal Fund 3 (NZH) 5%
Nuveen California Dividend Advantage Municipal Fund (NAC) 5%
Nuveen Insured Municipal Opportunity Fund Inc. (NIO) 5%
Nuveen Premier Insured Municipal Income Fund Inc. (NIF) 5%
Nuveen Quality Income Municipal Fund Inc. (NQU) 5%
Nuveen Texas Quality Income Municipal Fund (NTX) 5%
PIMCO California Municipal Income Fund II (PCK) 5%
PIMCO Municipal Income Fund II (PML) 5%
PIMCO New York Municipal Income Fund II (PNI) 5%
Van Kampen Massachusetts Value Municipal Income Trust (VMV) 5%
Van Kampen Select Sector Municipal Trust (VKL) 5%
Van Kampen Advantage Municipal Income Trust II (VKI) 5%
Van Kampen California Value Municipal Income Trust (VCV) 5%
Van Kampen Municipal Opportunity Trust (VMO) 5%
Van Kampen Pennsylvania Value Municipal Income Trust (VPV) 5%
Van Kampen Trust for Investment Grade Florida Municipals (VTF) 5%
Alliance California Municipal Income Fund Inc. (AKP) 4.9%
BlackRock California Municipal Income Trust II (BCL) 4.9%
Colonial Insured Municipal Fund Inc. (CFX) 4.9%
Blackrock Muni Intermediate Duration Fund Inc. (MUI) 4.9%
Federated Premier Intermediate Municipal Income Fund (FPT) 4.9%
Eaton Vance Insured Municipal Bond Fund (EIM) 4.9%
Eaton Vance Municipal Income Trust (EVN) 4.9%
Morgan Stanley Insured Municipal Trust (IMT) 4.9%
Morgan Stanley Quality Municipal Investment Trust (IQT) 4.9%
Neuberger Berman Intermediate Municipal Fund Inc. (NBH) 4.9%
Nuveen California Municipal Market Opportunity Fund Inc. (NCO) 4.9%
Nuveen California Select Quality Municipal Fund Inc. (NVC) 4.9%
Nuveen Florida Investment Quality Municipal Fund (NQF) 4.9%
Nuveen Georgia Premium Income Municipal Fund (NPG) 4.9%
Nuveen Insured California Premium Income Municipal Fund Inc. (NPC) 4.9%
Nuveen Insured Florida Premium Income Municipal Fund (NFL) 4.9%
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) 4.9%
Nuveen Insured Premium Income Municipal Fund 2 (NPX) 4.9%
Nuveen Insured Quality Municipal Fund Inc. (NQI) 4.9%
Nuveen Michigan Dividend Advantage Municipal Fund (NZW) 4.9%
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ) 4.9%
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ) 4.9%
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) 4.9%
Nuveen New York Dividend Advantage Municipal Fund (NAN) 4.9%
Nuveen New York Performance Plus Municipal Fund (NNP) 4.9%
Nuveen New York Select Quality Municipal Fund Inc. (NVN) 4.9%
Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM) 4.9%
Nuveen Premium Income Municipal Fund Inc. (NPI) 4.9%
PIMCO New York Municipal Income Fund III (PYN) 4.9%
Van Kampen Municipal Opportunity Trust (VMO) 4.9%
Van Kampen Trust for Insured Municipals (VIM) 4.9%
Van Kampen Trust for Investment Grade New York Municipals (VTN) 4.9%
Western Asset Municipal High Income Fund (MHF) 4.9%
Pioneer Tax Advantaged Balanced Trust (PBF) 4.9% [partially tax free]
Alliance New York Municipal Income Fund Inc. (AYN) 4.8%
BlackRock Insured Municipal Income Trust (BYM) 4.8%
BlackRock New York Municipal Income Trust II (BFY) 4.8%
Eaton Vance Insured California Municipal Bond Fund (EVM) 4.8%
Neuberger Berman California Intermediate Municipal Fund Inc. (NBW) 4.8%
Morgan Stanley California Quality Municipal Securities (IQC) 4.8%
Morgan Stanley Insured Municipal Income Trust (IIM) 4.8%
Neuberger Berman New York Intermediate Municipal Fund Inc. (NBO) 4.8%
Nuveen California Performance Plus Municipal Fund Inc. (NCP) 4.8%
Nuveen California Premium Income Municipal Fund (NCU) 4.8%
Nuveen California Quality Income Municipal Fund (NUC) 4.8%
Nuveen Insured Florida Tax Free Advantage Municipal Fund (NWF) 4.8%
Nuveen Michigan Premium Income Municipal Fund (NMP) 4.8%
Nuveen Michigan Quality Income Municipal Fund Inc. (NUM) 4.8%
Nuveen Ohio Dividend Advantage Municipal Fund 3 (NVJ) 4.8%
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY) 4.8%
Nuveen Premium Income Municipal Fund 2 Inc. (NPM) 4.8%
Putnam Investment Grade Municipal Trust (PGM) 4.8%
Putnam Municipal Bond Fund, Inc. (PMG) 4.8%
BlackRock Insured Municipal 2008 Term Trust, Inc. (BRM) 4.8%
Van Kampen Ohio Quality Municipal Trust (VOQ) 4.8%
Western Asset Managed Municipals Fund (MMU) 4.8%
BlackRock California Municipal 2018 Term Trust (BJZ) 4.7%
BlackRock Florida Insured Municipal Income Trust (BAF) 4.7%
BlackRock Long Term Municipal Adv (BTA) 4.7%
BlackRock New York Insured Municipal Income Trust (BSE) 4.7%
BlackRock Pennsylvania Strategic Municipal Trust Fund (BPS) 4.7%
Colonial California Insured Municipal Fund Inc. (CCA) 4.7%
Morgan Stanley California Insured Municipal Income Trust (IIC) 4.7%
Eaton Vance Insured Municipal Bond Fund II (EIV) 4.7%
Eaton Vance Insured New York Municipal Bond Fund Inc. (ENX) 4.7%
Eaton Vance Michigan Municipal Income Trust (EMI) 4.7%
Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR) 4.7%
Nuveen California Investment Quality Municipal Fund Inc. (NQC) 4.7%
Nuveen Florida Quality Income Municipal Fund (NUF) 4.7%
Nuveen Insured New York Premium Income Municipal Fund Inc. (NNF) 4.7%
Nuveen Insured Tax Free Advantage Municipal Fund (NEA) 4.7%
Nuveen Municipal Income Fund Inc. (NMI) 4.7%
Nuveen New York Investment Quality Municipal Fund Inc. (NQN) 4.7%
Nuveen North Carolina Dividend Advantage Municipal Fund (NRB) 4.7%
Nuveen Ohio Dividend Advantage Municipal Fund (NXI) 4.7%
Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ) 4.7%
Nuveen Premier Municipal Income Fund Inc. (NPF) 4.7%
PIMCO New York Municipal Income Fund (PNF) 4.7%
Putnam Municipal Opportunities Trust (PMO) 4.7%
Van Kampen Trust for Investment Grade New Jersey Municipals (VTJ) 4.7%
BlackRock New York Municipal 2018 Term Trust (BLH) 4.6%
Delaware Investments Colorado Insured Municipal Income Fund (VCF) 4.6%
Eaton Vance Florida Municipal Income Trust (FEV) 4.6%
Western Asset Intermediate Muni Fund Inc. (SBI) 4.6%
Nuveen Arizona Dividend Advantage Municipal Fund (NFZ) 4.6%
Eaton Vance Insured Michigan Municipal Bond Fund (MIW) 4.6%
Eaton Vance New York Municipal Income Trust (EVY) 4.6%
Eaton Vance Pennsylvania Municipal Income Trust (EVP) 4.6%
Nuveen California Municipal Value Fund Inc. (NCA) 4.6%
Nuveen Georgia Dividend Advantage Municipal Fund (NZX) 4.6%
Nuveen Insured California Premium Income Municipal Fund 2 Inc. (NCL) 4.6%
Nuveen Insured California Tax Free Advantage Municipal Fund (NKX) 4.6%
Nuveen Maryland Dividend Advantage Municipal Fund 2 (NZR) 4.6%
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB) 4.6%
Nuveen Municipal Value Fund Inc. (NUV) 4.6%
Nuveen New Jersey Investment Quality Municipal Fund Inc. (NQJ) 4.6%
Nuveen New Jersey Premium Income Municipal Fund Inc. (NNJ) 4.6%
Nuveen New York Quality Income Municipal Fund (NUN) 4.6%
Nuveen Pennsylvania Investment Quality Municipal Fund Inc. (NQP) 4.6%
Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY) 4.6%
Nuveen Virginia Dividend Advantage Municipal Fund 2 (NNB) 4.6%
Nuveen Select Tax-Free Income Portfolio 3 (NXR) 4.6%
Nuveen Select Tax-Free Income Portfolio (NXP) 4.6%
BlackRock California Insured Municipal Income Trust (BCK) 4.5%
Delaware Investments Arizona Municipal Income Fund (VAZ) 4.5%
Delaware Investments Minnesota Municipal Income Fund II (VMM) 4.5%
Eaton Vance Insured California Municipal Bond Fund II (EIA) 4.5%
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) 4.5%
Insured Municipal Income Fund Inc. (PIF) 4.5%
Investment Grade Municipal Income Fund Inc. (PPM) 4.5%
MBIA Capital / Claymore Managed Duration Investment Grade Municipal Fund (MZF) 4.5%
Eaton Vance Insured New Jersey Municipal Bond Fund (EMJ) 4.5%
Eaton Vance Insured New York Municipal Bond Fund II (NYH) 4.5%
Eaton Vance Insured Pennsylvania Municipal Bond Fund (EIP) 4.5%
Eaton Vance New Jersey Municipal Income Trust (EVJ) 4.5%
Eaton Vance Ohio Municipal Income Trust (EVO) 4.5%
Nuveen Arizona Dividend Advantage Municipal Fund 3 (NXE) 4.5%
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) 4.5%
Nuveen Insured New York Tax Free Advantage Municipal Fund (NRK) 4.5%
Nuveen Maryland Dividend Advantage Municipal Fund (NFM) 4.5%
Nuveen Maryland Dividend Advantage Municipal Fund 3 (NWI) 4.5%
Nuveen Ohio Quality Income Municipal Fund Inc. (NUO) 4.5%
Nuveen Select Maturities Municipal Fund (NIM) 4.5%
Nuveen Select Tax Free Income Portfolio 2 (NXQ) 4.5%
BlackRock Maryland Municipal Bond Trust (BZM) 4.4%
Eaton Vance California Municipal Income Trust (CEV) 4.4%
Eaton Vance Insured Florida Municipal Bond Fund (EIF) 4.4%
Eaton Vance Insured Massachusetts Municipal Bond Fund (MAB) 4.4%
Eaton Vance Insured Ohio Municipal Bond Fund (EIO) 4.4%
Morgan Stanley Insured Municipal Securities (IMS-OLD) 4.4%
Nuveen Arizona Premium Income Municipal Fund Inc. (NAZ) 4.4%
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) 4.4%
Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG) 4.4%
Nuveen Georgia Premium Income Municipal Fund (NPG) 4.4%
Nuveen Insured Massachusetts Tax Free Advantage Municipal Fund (NGX) 4.4%
Nuveen Maryland Premium Income Municipal Fund (NMY) 4.4%
Nuveen Massachusetts Premium Income Municipal Fund (NMT) 4.4%
Nuveen New York Municipal Value Fund Inc. (NNY) 4.4%
Nuveen North Carolina Dividend Advantage Municipal Fund 2 (NNO) 4.4%
Nuveen North Carolina Dividend Advantage Municipal Fund 3 (NII) 4.4%
Nuveen North Carolina Premium Income Municipal Fund (NNC) 4.4%
Seligman Select Municipal Fund Inc. (SEL) 4.4%
BlackRock California Insured Municipal 2008 Term Trust, Inc. (BFC) 4.4%
BlackRock New York Insured Municipal 2008 Term Trust Inc. (BLN) 4.4%
Nuveen California Select Tax Free Portfolio (NXC) 4.4%
Nuveen New York Select Tax-Free Income Portfolio (NXN) 4.4%
BlackRock Florida Municipal 2020 Term Trust (BFO) 4.3%
BlackRock Virginia Municipal Bond Trust (BHV) 4.3%
Eaton Vance Massachusetts Municipal Income Trust (MMV) 4.3%
Morgan Stanley New York Quality Municipal Securities (IQN) 4.3%
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) 4.3%
Nuveen Connecticut Premium Income Municipal Fund (NTC) 4.3%
Nuveen Virginia Dividend Advantage Municipal Fund (NGB) 4.3%
Nuveen Virginia Premium Income Municipal Fund (NPV) 4.3%
First American Minnesota Municipal Income Fund II Inc. (MXN) 4.2%
Minnesota Municipal Income Portfolio Inc. (MXA) 4.2%
Morgan Stanley Insured California Municipal Securities (ICS) 4.1%
Nuveen Missouri Premium Income Municipal Fund (NOM) 4.1%
Western Asset Municipal Partners Fund II Inc. (MPT) 4.1%
DTF Tax-Free Income (DTF) 4%
Putnam Tax-Free Health Care Fund (PMH) 4%
BlackRock Insured Municipal Term Trust Inc. (BMT) 3.7%
PIMCO Municipal Advantage Fund, Inc. (MAF) 3.5%
BlackRock Florida Insured Municipal 2008 Term Trust (BRF) 3.1%

Source: 240 Tax-Free Income CEFs