This list highlights the best municipal bond funds of 2020, based on each fund outperforming the Bloomberg Barclays 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 450 municipal bond funds at least 10 years old, 68 of them, or 15%, won awards.
All returns as of Dec. 31, 2019.
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 avg annual return | 5-year avg annual return | 10-year avg annual return | Morningstar category | Closed to new inv |
|---|---|---|---|---|---|---|---|
| Benchmark: BBgBarc Municipal | 7.54 | 4.72 | 3.53 | 4.34 | |||
| Nuveen High Yield Municipal Bond I | NHMRX | 12.09 | 8.61 | 6.44 | 8.15 | High Yield Muni | No |
| Nuveen CA High Yield Municipal Bond I | NCHRX | 11.81 | 7.42 | 5.49 | 7.93 | Muni California Long | No |
| Invesco Oppenheimer Rchst HYMncpl A | ORNAX | 13.93 | 9.93 | 7.89 | 7.85 | High Yield Muni | No |
| Invesco OppenheimerRchst AMT-Fr Mncpl A | OPTAX | 12.06 | 8.45 | 6.58 | 7.50 | High Yield Muni | No |
| Goldman Sachs High Yield Muni Instl | GHYIX | 11.12 | 8.43 | 6.51 | 7.29 | High Yield Muni | No |
| Invesco OppenheimerRchCaMncpl A | OPCAX | 10.08 | 7.01 | 5.64 | 6.95 | Muni California Long | No |
| BlackRock High Yield Municipal Instl | MAYHX | 10.01 | 7.02 | 5.49 | 6.84 | High Yield Muni | No |
| Invesco High Yield Municipal A | ACTHX | 9.72 | 6.67 | 5.50 | 6.65 | High Yield Muni | Yes |
| Franklin CA High Yield Municipal A1 | FCAMX | 9.59 | 5.83 | 4.74 | 6.62 | Muni California Long | Yes |
| PIMCO High Yield Municipal Bond I | PHMIX | 10.40 | 7.42 | 6.15 | 6.51 | High Yield Muni | No |
| AMG GW&K Municipal Enhanced Yield I | GWMEX | 11.28 | 6.88 | 5.07 | 6.50 | High Yield Muni | No |
| Eaton Vance High-Yield Municipal Inc A | ETHYX | 9.32 | 6.19 | 4.88 | 6.44 | High Yield Muni | No |
| Wells Fargo CoreBuilder Shares Series M | WFCMX | 8.42 | 6.00 | 4.29 | 6.39 | Muni National Interm | No |
| Delaware National Hi-Yld Muni Bd A | CXHYX | 10.05 | 6.62 | 5.02 | 6.38 | High Yield Muni | No |
| Invesco Oppenheimer Rcst Fd Muncpl A | RMUNX | 12.98 | 8.60 | 6.73 | 6.31 | Muni New York Long | No |
| MFS Municipal High Income A | MMHYX | 9.60 | 6.39 | 5.19 | 6.29 | High Yield Muni | No |
| American High-Income Municipal Bond A | AMHIX | 8.88 | 6.27 | 4.93 | 6.23 | High Yield Muni | No |
| Columbia High Yield Municipal Inst | SRHMX | 8.65 | 6.00 | 4.74 | 6.23 | High Yield Muni | No |
| Invesco Oppenheimer Rcst PA Municipal A | OPATX | 11.59 | 7.54 | 5.89 | 6.16 | Muni Pennsylvania | No |
| Lord Abbett High Yield Municipal Bond A | HYMAX | 11.48 | 7.50 | 5.75 | 6.06 | High Yield Muni | No |
| BNY Mellon High Yield Municipal Bond - Z | DHMBX | 10.11 | 8.17 | 6.02 | 6.01 | High Yield Muni | Yes |
| American Century CA High Yield Muni Inv | BCHYX | 9.61 | 6.16 | 4.76 | 5.98 | Muni California Long | No |
| American Century High-Yield Muni Inv | ABHYX | 9.39 | 6.64 | 5.05 | 5.97 | High Yield Muni | No |
| T. Rowe Price Tax-Free High Yield | PRFHX | 9.02 | 5.59 | 4.39 | 5.96 | High Yield Muni | No |
| Nuveen Municipal Total Return Mgd Accts | NMTRX | 9.24 | 5.84 | 4.72 | 5.92 | Muni National Long | No |
| Federated Municipal High Yield Adv F | FHTFX | 9.44 | 5.83 | 4.61 | 5.89 | High Yield Muni | No |
| Nuveen CA Municipal Bond I | NCSPX | 8.10 | 4.98 | 4.16 | 5.83 | Muni California Long | No |
| Invesco Oppenheimer Municipal A | OPAMX | 10.05 | 5.75 | 4.19 | 5.78 | Muni National Long | No |
| Pioneer High Income Municipal A | PIMAX | 8.93 | 6.95 | 5.58 | 5.77 | High Yield Muni | No |
| Invesco OppenheimerRchst AMT-FrNY MncplA | OPNYX | 10.27 | 6.04 | 5.28 | 5.68 | Muni New York Long | No |
| Nuveen All-American Municipal Bond A | FLAAX | 8.68 | 5.63 | 4.17 | 5.56 | Muni National Long | No |
| Victory High Income Municipal Bond Y | RHMYX | 8.29 | 5.92 | 4.30 | 5.42 | High Yield Muni | No |
| PGIM Muni High Income B | PMHYX | 8.42 | 5.55 | 4.23 | 5.41 | High Yield Muni | Yes |
| Pioneer AMT-Free Municipal A | PBMFX | 9.57 | 5.33 | 3.98 | 5.35 | Muni National Long | No |
| Vanguard High-Yield Tax-Exempt | VWAHX | 9.17 | 6.05 | 4.60 | 5.35 | Muni National Long | No |
| Northern High Yield Muni | NHYMX | 8.83 | 5.28 | 4.04 | 5.32 | High Yield Muni | No |
| Putnam Tax-Free High Yield B | PTHYX | 8.80 | 5.57 | 4.12 | 5.30 | High Yield Muni | Yes |
| Lord Abbett National Tax Free A | LANSX | 9.38 | 5.66 | 4.10 | 5.28 | Muni National Long | No |
| BNY Mellon Municipal Opportunities M | MOTMX | 7.87 | 5.50 | 3.90 | 5.22 | Muni National Interm | Yes |
| Lord Abbett California Tax Free A | LCFIX | 9.30 | 5.44 | 4.00 | 5.21 | Muni California Long | No |
| Columbia Strategic Municipal Inc A | INTAX | 8.58 | 5.40 | 4.10 | 5.20 | Muni National Long | No |
| Franklin CA Tax Free Income A1 | FKTFX | 9.18 | 5.12 | 3.94 | 5.18 | Muni California Long | Yes |
| Invesco Oppenheimer Rcst NJ Municipal A | ONJAX | 10.63 | 5.70 | 4.09 | 5.17 | Muni New Jersey | No |
| Western Asset Municipal High Income A | STXAX | 7.84 | 5.19 | 3.90 | 5.15 | High Yield Muni | No |
| Principal California Municipal A | SRCMX | 8.33 | 4.94 | 3.79 | 5.15 | Muni California Intermediate | No |
| PIMCO Municipal Bond Instl | PFMIX | 8.38 | 5.69 | 4.30 | 5.11 | Muni National Long | No |
| Vanguard CA Long-Term Tax-Exempt Inv | VCITX | 8.56 | 5.29 | 4.04 | 5.07 | Muni California Long | No |
| MFS CA Municipal Bond A | MCFTX | 8.33 | 5.09 | 4.14 | 5.05 | Muni California Long | No |
| DWS Strategic High Yield Tax-Free S | SHYTX | 8.54 | 4.94 | 3.95 | 4.96 | High Yield Muni | No |
| Nuveen NJ Municipal Bond I | NMNJX | 8.04 | 5.31 | 4.03 | 4.95 | Muni New Jersey | No |
| Eaton Vance AMT-Free Municipal Income I | EVMBX | 7.81 | 4.75 | 3.70 | 4.95 | Muni National Long | No |
| Nuveen CO Municipal Bond A | FCOTX | 7.70 | 4.74 | 3.74 | 4.84 | Muni Single State Long | No |
| Vanguard Long-Term Tax-Exempt | VWLTX | 8.49 | 5.22 | 4.04 | 4.78 | Muni National Long | No |
| Hartford Municipal Opportunities I | HHMIX | 7.66 | 4.88 | 3.65 | 4.78 | Muni National Interm | No |
| Nuveen Minnesota Municipal Bond A | FJMNX | 7.62 | 4.73 | 3.57 | 4.78 | Muni Minnesota | No |
| Fidelity Tax-Free Bond | FTABX | 8.57 | 5.23 | 3.84 | 4.76 | Muni National Long | No |
| Invesco Municipal Income A | VKMMX | 8.39 | 4.92 | 3.69 | 4.74 | Muni National Long | No |
| Vanguard PA Long-Term Tax-Exempt Inv | VPAIX | 8.76 | 5.43 | 4.18 | 4.72 | Muni Pennsylvania | No |
| Vanguard NJ Long-Term Tax-Exempt Inv | VNJTX | 8.98 | 6.23 | 4.41 | 4.72 | Muni New Jersey | No |
| Fidelity Municipal Income | FHIGX | 8.50 | 5.27 | 3.80 | 4.71 | Muni National Long | No |
| Delaware Tax-Free USA A | DMTFX | 8.06 | 4.80 | 3.53 | 4.68 | Muni National Long | No |
| Principal Tax-Exempt Bond A | PTEAX | 8.79 | 5.15 | 3.67 | 4.65 | Muni National Interm | No |
| Vanguard OH Long-Term Tax-Exempt | VOHIX | 8.08 | 5.07 | 4.08 | 4.64 | Muni Ohio | No |
| Lord Abbett New Jersey Tax Free A | LANJX | 8.28 | 5.33 | 3.83 | 4.62 | Muni New Jersey | No |
| Nuveen PA Municipal Bond A | FPNTX | 7.93 | 4.88 | 3.56 | 4.55 | Muni Pennsylvania | No |
| JPMorgan High Yield Municipal I | JTISX | 10.16 | 5.41 | 3.91 | 4.49 | Muni National Interm | No |
| Vanguard NY Long-Term Tax-Exempt Inv | VNYTX | 8.34 | 4.82 | 3.82 | 4.47 | Muni New York Long | No |
| Eaton Vance NJ Municipal Income A | ETNJX | 8.12 | 4.93 | 3.75 | 4.34 | Muni New Jersey | No |
