Municipal bond funds are becoming more popular as the retiring boomers look for more conservative investments to sustain them through their later years. The WSJ reports that this has led to new selectivity among fund managers, the heightened demand has lifted valuations in some market areas to levels that don't adequately compensate investors for risk. Most of the inflows are still into the "high yield" muni funds, but late last year, the investment-grade muni funds began to see more investor interest.  

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