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The A shares of PIMCO’s Municipal Bond Fund lost 10.7 percent in the first half of the year and yield 2.6 percent.

When assessing an actively managed municipal bond fund, an investor should consider its team of managers and analysts — how many they number and their experience — as well as how the fund’s returns and income have held up in a variety of market conditions, she said.

As of the end of June, T. Rowe Price’s oldest municipal bond fund, its Tax-Free Income Fund, was paying a yield of 3 percent, up from 2.4 percent at the end of December.

At this point, the average high-grade intermediate municipal bond fund is back above water for 2020.

Vanguard Intermediate Term Tax-Exempt, the largest municipal bond fund, lost more than 10 percent.