Here is the reality - there is not a lot of value in short-term bonds today, but keeping a significant portion of the muni allocation in shorter-term bonds and in cash provides the opportunity to lengthen maturities if rates rise during the second half of the year or in early 2022.
In addition, there are opportunities to enhance yields by investing in lower-quality debt — either the lower tiers of the investment-grade universe or in non-investment grade municipal bonds. Selectivity in this segment of the bond market is critical, so investing with an actively managed fund rather than an index fund or ETF is recommended.