Investment-grade, intermediate municipal bonds are yielding 2.2% and up, or 3.4% after tax for upper-income investors.

WSJ: The Intelligent Investor: Are Bond Rates on a Road to Nowhere?

Active managers in intermediate-term securities fared better than managers in long-term securities, and managers in investment grade bonds fared better than managers in high-yield securities.

FORBES: Active Versus Passive Bond Funds