This tax-free income play is set for strong year-end performance: UBS

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This tax-free income play is set for strong year-end performance: UBS

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bodes well for municipal credit, so barring some exceptions, such as small private not-for-profit colleges and hospitals, we expect stable credit outlooks for the major sectors,” Mukherjee said. He continues to like higher-quality munis. Further, the longer end of the muni bond yield curve is also starting to look attractive, he said. Mukherjee specifically likes the 12- to 22-year portion of the curve, with a significant overweight in the 17- to 22-year band given the risk/reward trade-offs. He recommends an effective portfolio duration range of six to six-and-a-half years. Investors hoping to take a diversified approach to municipal bonds may want to consider an exchange-traded fund. The Vanguard Tax-Exempt Bond Index Fund ETF (VTEB) has a 30-day Securities and Exchange Commission yield of 3.28% and an expense ratio of 0.05%. Schwab’s Municipal Bond ETF (SCMB) has an expense ratio of 0.03% and a 30-day SEC yield of 3.25%. Both funds have an effective duration of just more than six years.

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