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Byline: PAUL KATZEFF
In the municipal-bond market, these are the good old days.
Average annual returns on muni bonds and funds -- especially those with long maturities -- have topped those for competitive fixed-income categories like general U.S. Treasury funds, Ginnie Mae funds and investment grade corporate debt funds the past two years.
"We've had strong performance on an absolute basis," said Doug McGinley, manager of six muni-bond funds for Fidelity Investments, with combined assets of $5.03 billion.
Absolute outperformance happened only twice in the past decade.
"When you layer on the tax-free nature of the income, its total return is more attractive," …