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I have owned this fund in a TAXABLE account for over 10 years...(this belongs in a taxabe account)...I am pretty conservative...I am happy if I get 8% per year return...you need to look at the "tax equivalent" yield of a given investment..in this case..a tax exempt bond fund..so if you in say the 25-30% tax bracket..then your "real" return is not the YTD or "yield" published..is what would have had to pay for say a 4% return in a TAXABLE account, the real return..(and I think all our taxes are headed higher..for middle america..) then you come out with about 7% ....look at their prospectus..they generally publish "tax equivalent" returns based on ones tax bracket...I have been quite happy with this fund over the long run..as a one piece of my pretty conservative approach..that is me..I am not looking for home runs...just reasonable gains..in short...learn and read about "tax equivalent " returns and it will make more sense I hope..this fund is never going to make anyone rich..but if you hate taxes and want to limit your downside risk in the market...has a place in ones portfolio..good luck all...no worries