Investors have had a nice four-year run in municipal bonds. Since the start of 2000, national long-term muni bond indexes have returned 8.5 percent annualized.

The Investment Company Institute has reported $119 billion of cumulative net inflow into tax-exempt mutual funds over this period, bringing assets to a record $840 billion. Tax-exempt closed-end funds have grown to $90 billion, and the tax-exempt ETF universe has expanded to 30 funds with more than $8 billion.

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