I just brought on a client who owns some muni CEFs. He's had them for 20+ years. Symbols are CXH, MFM, and OIA. According to the info that ACATd in to us, he's carrying a capital loss on all of them. 20 years and he's got a capital loss? I understand the basics of these things. Clients like them because they see higher returns, but that's only because they are typically leveraged. Two of the three I listed are leveraged, one of them at 45%. They're investing in similar, if not identical, investments as open-ended MFs. Does anyone use these? I'm trying to decide if they're worth keeping or if I should look for alternatives for my client.