[ad_1]
PHILADELPHIA, PA / ACCESSWIRE / March 13, 2024 / abrdn The National Municipal Income Fund (NYSE American:VFL) (the “Fund”), a closed-end managed investment company, today increased its monthly distribution by 20%. announced. , $0.0375 per share, commencing with dividends paid on April 30, 2024 to shareholders listed on the shareholder registry as of April 23, 2024 (ex-dividend date is April 22, 2024). From 0.0450 dollars.
The Fund intends to maintain an increased monthly distribution level of $0.0450 per share for at least the next 12 months, unless there are material unanticipated changes in market conditions. In determining the distribution rate, the board considers the investment manager’s view of the market outlook and conditions and whether the increase in distributions should be sustainable and fully supported by the portfolio’s expected returns based on current expectations. We considered managers’ beliefs that
Based on the NAV of $12.05 as of February 29, 2024, this rate change increases the Fund’s NAV distribution rate from 3.7% to 4.5%, an increase of approximately 20%. Based on the February 29, 2024 share price of $10.27, this corresponds to an increase in the share price distribution ratio from 4.4% to 5.3%.
Under abrdn’s management of the fund, the weighting of below-investment grade securities decreased while the portfolio’s income yield increased, which increased the fund’s monthly return and improved the portfolio’s credit quality. The Fund’s last allocation change was announced in December 2023, when the Board approved a 15% increase. Since abrdn took over management of the fund on his July 7, 2023, distributions have increased cumulatively by approximately 38.5%.
Over the past three months from December 1, 2023 to February 29, 2024, the Fund ranked in the top quintile in terms of total return NAV performance compared to the U.S. Closed-End High Yield Morningstar Category. is ranked.
Latest available performance figures are calculated in U.S. dollars excluding fees for the period.
|
Cumulative and Annual Total Return Performance as of February 29, 2024 |
||||||||
|
1 month |
Three months |
YTD |
1 year (annual) |
3 years (yearly) |
5 years (annual) |
10 years (yearly) |
Since then Inception (PA) |
|
|
market price |
1.45% |
9.13% |
1.33% |
2.36% |
-3.24% |
0.89% |
3.17% |
3.85% |
|
navigation |
0.12% |
6.26% |
0.07% |
8.79% |
-2.08% |
1.42% |
3.64% |
4.28% |
|
bloomberg municipal bond index |
0.13% |
1.93% |
-0.38% |
5.40% |
-0.21% |
1.91% |
2.67% |
Not applicable |
Past performance does not guarantee future results. Investment return and principal value will fluctuate, so shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than estimated performance. NAV return data includes investment management fees, custodian fees, administrative fees (such as director and attorney fees) and assumes that all distributions are reinvested. The Fund is subject to investment risks, including possible loss of principal. Revenues for periods less than one year are not annualized. abrdn Inc. assumed management responsibility for the Fund as investment advisor on July 10, 2023. Results prior to this date reflect the results of the unaffiliated investment advisor.
The Fund seeks to provide ordinary income that is exempt from regular federal income taxes while preserving capital through investments in municipal bonds.
The Fund will distribute all or a portion of its net investment income, including ordinary income, to common shareholders monthly.
This policy is expected to provide fund shareholders with stable and sustainable cash distributions, which may reduce the discount to the fund’s current NAV. There is no guarantee that the Fund will achieve these results. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of distributions or the terms of the Fund’s policies.
At the end of each calendar year, Form 1099-DIV is sent to shareholders. This form describes the amount and composition of each Fund’s distributions and provides information regarding the appropriate tax treatment for the prior calendar year. No conclusions should be drawn about the Fund’s performance from the amount of distributions.
Important Information: ABRDN in the United States is the marketing name of ABRDN Inc., ABRDN Investments Limited, ABRDN Asia Limited, ABRDN Private Equity (Europe) Limited, and ABRDN ETFs Advisors LLC, an affiliated registered investment advisory company.
Closed-end funds trade on the secondary market through stock exchanges. The Fund’s investment return and principal value will fluctuate, so an investor’s shares may be worth more or less than their original cost. Shares of a closed-end fund may be worth more than (premium) or less than (discount) the net asset value (NAV) of the fund’s portfolio. There is no guarantee that the Fund will achieve its investment objective. Past performance does not guarantee future results.
https://www.abrdnvfl.com/
###
For more information, please contact us at:
American closed-end fund investor information
1-800-522-5465
Investor.Relations@abrdn.com
Source: ABRDN National Rural Income Fund
View original
press release
at accesswire.com
Copyright 2024 ACCESSWIRE. All rights reserved.
[ad_2]
Source link
