If you're evaluating mutual funds for your investment portfolio or retirement account, this list highlights the best municipal bond funds to consider now, based on each fund outperforming the Bloomberg U.S. Municipal Bond Index over the last one-, three-, five- and 10-year periods.
Shaded cells indicate the best-of-the-best funds based on 10-year performance. Of 444 muni bond funds at least 10 years old, 94 of them, or 21%, won awards.
All returns are as of Dec. 31, 2021.
View Full Special Report: Best Mutual Funds Awards
View All Award-Winning Funds In Each Category
Best Municipal Bond Funds
| Mutual Fund | Symbol | 1-year total return | 3-year average annual return | 5-year average annual return | 10-year average annual return | Morningstar Category | Closed to New Inv |
|---|---|---|---|---|---|---|---|
| Benchmark: Bloomberg Municipal Bond | 1.52% | 4.73% | 4.17% | 3.72% | |||
| Nuveen High Yield Municipal Bond I | NHMRX | 9.89 | 8.33 | 7.76 | 7.90 | High Yield Muni | Yes |
| Invesco Rochester Municipal Opps A | ORNAX | 6.72 | 8.77 | 8.46 | 7.78 | High Yield Muni | No |
| Nuveen CA High Yield Municipal Bond I | NCHRX | 5.39 | 7.68 | 6.72 | 7.28 | Muni California Long | Yes |
| Invesco AMT-Free Municipal A | OPTAX | 4.15 | 7.86 | 7.39 | 7.06 | High Yield Muni | No |
| MainStay MacKay High Yield Muncpl Bd I | MMHIX | 6.36 | 6.96 | 6.80 | 6.88 | High Yield Muni | No |
| Goldman Sachs High Yield Muni Instl | GHYIX | 5.79 | 7.25 | 7.19 | 6.81 | High Yield Muni | No |
| AB Municipal Income | MISHX | 7.43 | 8.25 | 7.01 | 6.56 | High Yield Muni | No |
| BlackRock High Yield Municipal Instl | MAYHX | 9.20 | 7.89 | 6.95 | 6.45 | High Yield Muni | No |
| AB High Income Municipal Advisor | ABTYX | 6.50 | 7.48 | 6.68 | 6.38 | High Yield Muni | No |
| PIMCO High Yield Municipal Bond I | PHMIX | 5.51 | 7.35 | 6.79 | 6.34 | High Yield Muni | No |
| Invesco California Municipal A | OPCAX | 3.56 | 6.52 | 6.11 | 6.32 | Muni California Long | No |
| Lord Abbett High Income Muni Bond A | HYMAX | 6.39 | 7.07 | 6.47 | 6.23 | High Yield Muni | No |
| Delaware National Hi-Yld Muni Bd A | CXHYX | 7.85 | 7.92 | 6.72 | 6.22 | High Yield Muni | No |
| Invesco Rochester New York Municipals A | RMUNX | 6.81 | 8.48 | 7.67 | 6.07 | Muni New York Long | No |
| Invesco High Yield Municipal A | ACTHX | 6.28 | 6.37 | 5.90 | 6.04 | High Yield Muni | Yes |
| American High-Income Municipal Bond A | AMHIX | 5.50 | 6.23 | 5.73 | 5.83 | High Yield Muni | No |
| Eaton Vance High-Yield Municipal Inc A | ETHYX | 3.87 | 5.66 | 5.26 | 5.83 | High Yield Muni | No |
| AMG GW&K Municipal Enhanced Yield I | GWMEX | 3.94 | 7.13 | 6.17 | 5.75 | High Yield Muni | No |
| BNY Mellon High Yield Municipal Bond - Z | DHMBX | 6.13 | 6.32 | 6.68 | 5.73 | High Yield Muni | Yes |
| Pioneer High Income Municipal A | PIMAX | 6.41 | 5.61 | 5.76 | 5.71 | High Yield Muni | No |
| Columbia High Yield Municipal Inst | SRHMX | 6.55 | 6.30 | 5.65 | 5.60 | High Yield Muni | No |
| MFS Municipal High Income A | MMHYX | 5.30 | 6.06 | 5.56 | 5.59 | High Yield Muni | No |
| Franklin CA High Yield Municipal A1 | FCAMX | 3.87 | 6.00 | 5.19 | 5.55 | Muni California Long | Yes |
| Invesco Pennsylvania Municipal A | OPATX | 4.40 | 7.01 | 6.43 | 5.52 | Muni Pennsylvania | No |
| American Century High-Yield Muni Inv | ABHYX | 5.84 | 6.62 | 6.08 | 5.48 | High Yield Muni | No |
| T. Rowe Price Tax-Free High Yield | PRFHX | 6.08 | 6.14 | 5.24 | 5.43 | High Yield Muni | No |
| Federated Hermes Municipal HY Adv F | FHTFX | 5.47 | 5.91 | 5.17 | 5.29 | High Yield Muni | No |
| American Century CA High Yield Muni Inv | BCHYX | 4.03 | 5.82 | 5.28 | 5.26 | Muni California Long | No |
| PGIM Muni High Income A | PRHAX | 4.36 | 5.94 | 5.34 | 5.24 | High Yield Muni | No |
| Allspring CoreBuilder Shares Series M | WFCMX | 2.73 | 5.09 | 4.97 | 5.22 | Muni National Interm | No |
| Performance Trust Municipal Bond Instl | PTIMX | 2.18 | 5.68 | 4.95 | 5.19 | Muni National Interm | No |
| Nuveen Municipal Total Return Mgd Accts | NMTRX | 2.68 | 5.68 | 5.08 | 5.06 | Muni National Long | No |
| Invesco Rochester AMT-Free NY Mncpl A | OPNYX | 4.87 | 6.25 | 5.34 | 5.02 | Muni New York Long | No |
| Nuveen CA Municipal Bond I | NCSPX | 1.69 | 5.02 | 4.39 | 5.00 | Muni California Long | No |
| Victory High Income Municipal Bond Y | RHMYX | 6.14 | 6.72 | 5.93 | 4.97 | High Yield Muni | No |
| Vanguard High-Yield Tax-Exempt | VWAHX | 3.86 | 6.12 | 5.47 | 4.94 | Muni National Long | No |
| Nuveen All-American Municipal Bond A | FLAAX | 3.86 | 6.04 | 5.27 | 4.93 | Muni National Long | No |
| Northern High Yield Muni | NHYMX | 5.15 | 6.09 | 5.07 | 4.92 | High Yield Muni | No |
| Lord Abbett National Tax Free A | LANSX | 3.63 | 5.91 | 5.08 | 4.81 | Muni National Long | No |
| Invesco Environmental Focus Muni A | OPAMX | 3.07 | 6.05 | 5.09 | 4.78 | Muni National Long | No |
| JHancock High Yield Municipal Bond A | JHTFX | 5.97 | 6.56 | 5.39 | 4.76 | High Yield Muni | No |
| DWS Strategic High Yield Tax-Free S | SHYTX | 6.07 | 6.29 | 5.04 | 4.75 | High Yield Muni | No |
| Lord Abbett California Tax Free A | LCFIX | 2.65 | 5.49 | 4.71 | 4.75 | Muni California Long | No |
| Colorado BondShares A Tax-Exempt | HICOX | 4.80 | 5.47 | 5.54 | 4.74 | Muni Single State Interm | No |
| Delaware Tax-Free USA A | DMTFX | 5.18 | 7.18 | 5.57 | 4.69 | Muni National Long | No |
| PIMCO Municipal Bond Instl | PFMIX | 2.55 | 5.57 | 5.09 | 4.68 | Muni National Long | No |
| Putnam Tax-Free High Yield B | PTHYX | 4.48 | 5.60 | 4.95 | 4.68 | High Yield Muni | Yes |
| Columbia Strategic Municipal Inc A | INTAX | 2.65 | 5.38 | 4.77 | 4.67 | Muni National Long | No |
| BNY Mellon Municipal Opportunities M | MOTMX | 3.51 | 5.42 | 4.99 | 4.65 | Muni National Interm | No |
| Sit Tax-Free Income | SNTIX | 3.24 | 4.76 | 4.51 | 4.61 | Muni National Interm | No |
| Eaton Vance AMT-Free Municipal Income I | EVMBX | 2.12 | 5.06 | 4.34 | 4.59 | Muni National Long | No |
| Franklin CA Tax Free Income A1 | FKTFX | 1.78 | 5.37 | 4.48 | 4.57 | Muni California Long | Yes |
| Delaware Ivy Municipal High Income I | WYMHX | 5.33 | 5.24 | 4.40 | 4.55 | High Yield Muni | No |
| Invesco New Jersey Municipal A | ONJAX | 5.34 | 6.64 | 5.30 | 4.53 | Muni New Jersey | No |
| Delaware Tax-Free CA A | DVTAX | 4.07 | 5.69 | 4.68 | 4.53 | Muni California Long | No |
| Franklin High Yield Tax Free Inc A1 | FRHIX | 4.88 | 6.12 | 4.80 | 4.52 | High Yield Muni | Yes |
| Vanguard NJ Long-Term Tax-Exempt Inv | VNJTX | 3.08 | 6.00 | 5.55 | 4.52 | Muni New Jersey | No |
| Vanguard CA Long-Term Tax-Exempt Inv | VCITX | 1.93 | 5.30 | 4.65 | 4.52 | Muni California Long | No |
| Principal California Municipal A | SRCMX | 1.98 | 5.02 | 4.32 | 4.51 | Muni California Intermediate | No |
| Western Asset Municipal High Income A | STXAX | 3.89 | 5.15 | 4.64 | 4.50 | High Yield Muni | No |
| USAA CA Bond | USCBX | 2.30 | 4.77 | 4.21 | 4.48 | Muni California Long | No |
| MFS CA Municipal Bond A | MCFTX | 2.93 | 5.06 | 4.44 | 4.45 | Muni California Long | No |
| Vanguard OH Long-Term Tax-Exempt | VOHIX | 2.14 | 5.72 | 4.86 | 4.45 | Muni Ohio | No |
| Vanguard Long-Term Tax-Exempt | VWLTX | 2.26 | 5.62 | 4.82 | 4.43 | Muni National Long | No |
| Columbia Strat CA Muncpl Inc A | CLMPX | 1.95 | 4.93 | 4.19 | 4.38 | Muni California Long | No |
| Vanguard PA Long-Term Tax-Exempt Inv | VPAIX | 2.41 | 5.64 | 4.90 | 4.36 | Muni Pennsylvania | No |
| USAA Tax Exempt Long-Term | USTEX | 3.60 | 5.40 | 4.55 | 4.36 | Muni National Long | No |
| BlackRock NJ Municipal Bond Instl | MANJX | 3.02 | 5.03 | 4.65 | 4.36 | Muni New Jersey | No |
| Nuveen NJ Municipal Bond I | NMNJX | 2.20 | 4.89 | 4.52 | 4.31 | Muni New Jersey | No |
| Lord Abbett New Jersey Tax Free A | LANJX | 3.33 | 5.39 | 4.79 | 4.29 | Muni New Jersey | No |
| MainStay MacKay Tax Free Bond B | MKTBX | 1.67 | 4.97 | 4.27 | 4.28 | Muni National Long | Yes |
| Invesco Municipal Income A | VKMMX | 3.62 | 5.53 | 4.61 | 4.26 | Muni National Long | No |
| T. Rowe Price Summit Municipal Inc Inv | PRINX | 3.15 | 5.16 | 4.34 | 4.25 | Muni National Long | No |
| Fidelity Tax-Free Bond | FTABX | 2.62 | 5.37 | 4.66 | 4.24 | Muni National Long | No |
| Fidelity Municipal Income | FHIGX | 2.85 | 5.30 | 4.65 | 4.15 | Muni National Long | No |
| Lord Abbett New York Tax Free A | LANYX | 3.42 | 5.36 | 4.33 | 4.15 | Muni New York Long | No |
| Putnam CA Tax Exempt Income A | PCTEX | 1.85 | 5.11 | 4.36 | 4.15 | Muni California Long | No |
| Principal Tax-Exempt Bond A | PTEAX | 2.74 | 5.41 | 4.59 | 4.14 | Muni National Interm | No |
| Vanguard NY Long-Term Tax-Exempt Inv | VNYTX | 2.52 | 5.40 | 4.48 | 4.13 | Muni New York Long | No |
| Nuveen PA Municipal Bond A | FPNTX | 3.20 | 5.11 | 4.41 | 4.10 | Muni Pennsylvania | No |
| Delaware Tax-Free NY A | FTNYX | 3.90 | 5.41 | 4.32 | 4.09 | Muni New York Long | No |
| Nuveen LA Municipal Bond A | FTLAX | 4.05 | 5.04 | 4.45 | 4.02 | Muni Single State Long | No |
| Vanguard MA Tax-Exempt Inv | VMATX | 1.96 | 5.66 | 4.67 | 4.00 | Muni Massachusetts | No |
| JPMorgan High Yield Municipal I | JTISX | 5.75 | 6.27 | 4.99 | 4.00 | High Yield Muni | No |
| Delaware Tax-Free PA A | DELIX | 4.37 | 5.47 | 4.43 | 3.95 | Muni Pennsylvania | No |
| Delaware Tax-Free Arizona A | VAZIX | 4.30 | 5.58 | 4.41 | 3.93 | Muni Single State Long | No |
| Nuveen NY Municipal Bond I | NTNYX | 3.19 | 4.97 | 4.25 | 3.91 | Muni New York Long | No |
| MFS PA Municipal Bond A | MFPAX | 2.64 | 4.84 | 4.21 | 3.90 | Muni Pennsylvania | No |
| PIMCO NY Municipal Instl | PNYIX | 2.47 | 4.89 | 4.27 | 3.90 | Muni New York Intermediate | No |
| Fidelity New Jersey Municipal Income | FNJHX | 2.39 | 5.35 | 4.87 | 3.88 | Muni New Jersey | No |
| Delaware Tax-Free CO A | VCTFX | 3.26 | 4.99 | 4.20 | 3.83 | Muni Single State Long | No |
| BNY Mellon Opportunistic Municipal Scs A | PTEBX | 1.89 | 4.94 | 4.20 | 3.82 | Muni National Interm | No |
| Putnam Tax Exempt Income A | PTAEX | 2.12 | 4.89 | 4.23 | 3.81 | Muni National Long | No |
| Victory Tax-Exempt A | GUTEX | 3.92 | 6.03 | 5.30 | 3.81 | Muni National Long | No |
Sources: IBD, Morningstar Direct
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