| NATIONAL MUNICIPAL BOND FUNDS | ||||||||||||||
| Fund Name (Ticker) | Total Return (%) | Yield (%) |
Exp. Ratio (%) |
Risk Index | Average | |||||||||
| YTD* | 2003 | 2002 | 2001 | 2000 | 1999 | 5-Yr | Cat. | Total | Duration | Maturity (Yrs) |
Credit Quality |
|||
| Short-Term | ||||||||||||||
| Strong Short-Term Muni Bond Invt (STSMX) | 0.4 | 4 | 5 | 5.1 | 5 | 1.1 | 4 | 3.3 | 0.6 | 1 | 0.09 | 1.8 | 1.8 | A |
| USAA Tax-Exempt Short-Term (USSTX) | -0.1 | 2.9 | 5 | 5 | 6 | 1.6 | 4.1 | 2.6 | 0.54 | 1.07 | 0.1 | 1.9 | 2.1 | AA |
| Vanguard Ltd-Term Tax-Exempt (VMLTX) | -0.3 | 2.7 | 6.3 | 5.5 | 6.3 | 1.4 | 4.4 | 3 | 0.17 | 1.53 | 0.14 | 2.5 | 2.9 | AA |
| Vanguard Short-Term Tax-Exempt (VWSTX) | 0.1 | 1.6 | 3.4 | 4.7 | 4.9 | 2.5 | 3.4 | 1.9 | 0.17 | 0.6 | 0.06 | 1.1 | 1.2 | AA |
| Intermediate-Term | ||||||||||||||
| USAA Tax-Exempt Intermediate-Term (USATX) | -0.5 | 5.1 | 7.6 | 5.5 | 9.8 | -2.6 | 5 | 4.6 | 0.49 | 0.88 | 0.23 | 4.5 | 8.6 | AA |
| Fidelity Spartan Interm Muni Income (FLTMX) | -0.5 | 5.1 | 9 | 5.4 | 9.2 | -1.0 | 5.5 | 3.5 | 0.42 | 1 | 0.26 | 5.5 | 8.2 | AA |
| Northern Intermediate Tax-Exempt (NOITX) | -1.1 | 4.6 | 9.1 | 7.8 | 8 | -1.0 | 5.6 | 3 | 0.85 | 1.14 | 0.3 | 5.6 | 8.8 | AA |
| Vanguard Interm-Term Tax-Exempt (VWITX) | -1.0 | 4.4 | 7.9 | 5 | 9.2 | -0.5 | 5.1 | 4 | 0.17 | 0.98 | 0.25 | 4.6 | 5.6 | AAA |
| T Rowe Price Summit Municipal Interm (PRSMX) | -0.8 | 4.4 | 8.6 | 5.6 | 8.7 | -1.2 | 5.2 | 3.8 | 0.5 | 0.98 | 0.25 | 4.6 | 8.1 | AA |
| T Rowe Price Tax-Free Interm Bond (PTIBX) | -1.1 | 3.8 | 8.7 | 5.2 | 9.4 | -1.2 | 5.1 | 3.6 | 0.56 | 1.02 | 0.27 | 3.1 | 3.8 | AA |
| Schwab Short/Intermed Tax-Free Bond (SWITX) | -0.8 | 3.4 | 7.6 | 4.4 | 6.6 | 0.5 | 4.5 | 2.7 | 0.6 | 0.76 | 0.2 | 3.7 | 4.3 | AA |
| Fidelity Spartan Short-Interm Muni Inc (FSTFX) | -0.3 | 2.9 | 6.4 | 5.6 | 6.2 | 1.8 | 4.6 | 2.3 | 0.45 | 0.57 | 0.15 | 2.9 | 3.3 | AA |
| Long-Term | ||||||||||||||
| USAA Tax-Exempt Long-Term (USTEX) | -0.8 | 7 | 9.7 | 4.3 | 12.1 | -5.0 | 5.4 | 4.6 | 0.54 | 1 | 0.32 | 5.8 | 15.5 | AA |
| SAFECO Municipal Bond Investment (SFCOX) | -0.8 | 5.9 | 10.3 | 5 | 14.1 | -6.1 | 5.6 | 4.5 | 0.61 | 1.14 | 0.36 | 7.5 | 22.7 | AA |
| Vanguard Ins Long-Term Tax-Ex Invt (VILPX) | -1.5 | 5.7 | 10 | 4.2 | 13.6 | -2.9 | 6 | 4.4 | 0.18 | 1.04 | 0.33 | 6.5 | 8.5 | AAA |
| Fidelity Spartan Municipal Income (FHIGX) | -0.8 | 5.5 | 10.4 | 5 | 12.2 | -2.4 | 6 | 4 | 0.46 | 1 | 0.32 | 7.4 | 15.1 | AA |
| Northern Tax-Exempt (NOTEX) | -1.0 | 5.2 | 9.8 | 4.7 | 12.4 | -4.2 | 5.4 | 3.9 | 0.85 | 1 | 0.32 | 7.4 | 13.8 | AA |
| Vanguard Long-Term Tax-Exempt (VWLTX) | -1.5 | 5.2 | 10.1 | 4.6 | 13.4 | -3.5 | 5.8 | 4.5 | 0.17 | 1.14 | 0.36 | 7.1 | 9.1 | AAA |
| T Rowe Price Tax-Free Income (PRTAX) | -0.7 | 5.1 | 9.2 | 4.3 | 12.2 | -3.9 | 5.2 | 4.3 | 0.55 | 0.92 | 0.29 | 5.6 | 13.9 | AA |
| Dreyfus Municipal Bond (DRTAX) | -1.1 | 4.6 | 7.1 | 2.7 | 11.9 | -5.9 | 3.9 | 4.2 | 0.72 | 1.02 | 0.32 | 5.6 | 13.1 | AA |
|
*As of April 30, 2004.
Sources: AAII’s Guide to the Top Mutual Funds and Quarterly Low-Load Mutual Fund Update, and fund prospectuses.
Average Duration: A measure of a fund’s interest rate sensitivity—the higher the duration of a bond fund, the higher the risk. High coupon rates and shorter maturities lessen duration, while longer maturities and lower coupon rates make duration greater. Average Maturity (Yrs): A weighted average of all the effective maturities of the bonds in a portfolio. The longer the maturity of the bond fund, the greater the impact on return when interest rates change. |
||||||||||||||