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MUNI is an actively managed municipal bond fund, meaning that its portfolio tilts are dynamic and can deviate quite a bit from neutral exposure. The fund principally invests in investment-grade municipal bonds that are exempt from federal alternative minimum tax. The fund focuses on bonds with potentially attractive current income by looking for consistent current yields or competitive prices. As an actively managed fund, duration, yield, and geographic biases are all liable to change quite a bit. The fund may, at its own discretion, use other investment techniques such as entering into purchase and sale contracts.
Is MUNI's expense ratio expensive, average, or a steal for its category?
Pro reveals the verdict on a 5-tier spectrum calibrated against ICI 2025 industry averages, with strategy-aware bands so the comparison is meaningful.
A married couple filing jointly with $400,000 of taxable income occupies one of the highest tax brackets many affluent retirees and professionals will encounter before reaching the top tier. At that income level, federal taxes already take a meaningful bite out of interest income, and investors in high-tax states can face an even steeper combined burden.... This $750,000 Municipal Bond Sleeve Pays a High-Earner Couple $33,000 a Year of Federal-Tax-Free Income
The traditional approach to fixed income is undergoing a sophisticated evolution. While core aggregate benchmarks remain the bedrock of many fixed income portfolios, advisors are increasingly looking to complement these holdings with specialized income alternatives.
The One Big Beautiful Bill Act (OBBBA) contains a plethora of tax alterations that advisors and clients should be aware of. The tax advantages offered by municipal bonds remain in place.
PIMCO is broadening its ETF lineup. It has launched a new strategy that blends passive equity exposure with active fixed income management.
MUNI offers diversified, tax-free income via intermediate municipal bonds, with modest interest rate risk and high liquidity. The fund is well-managed and low-cost, but yields are only compelling for top tax bracket investors or the highly risk-averse. Tax advantages make MUNI attractive mainly to those with high marginal tax rates; for most, similar after-tax yields are available elsewhere.