Municipal Bonds can be an attractive, yet often overlooked, way to generate healthy income with low risk. In particular, and depending on your tax bracket, muni bond’s tax-exempt status can boost your after tax income significantly. In this report, we analyze four Municipal Bond CEFs (closed-end funds) based on portfolio characteristics, return/risk, yield prospects and finally conclude with our thoughts on the pros and cons of each. We currently own two of the four in our Alternative Fixed Income Portfolio.