4 Bond Funds for Your Taxable Account

<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head><script type="text/javascript" src="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://www.morningstar.com:80/cover/videocenter.aspx?id=586566","20130304100217","https://web.archive.org/","web","/_static/", "1362391337"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" />  <title>4 Bond Funds for Your Taxable Account</title> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"/> <link rel="stylesheet" href="//web.archive.org/web/20130304100217cs_/http://im.mstar.com/css/updated_videocenter.css"/> <link rel="alternate" type="application/rss+xml" title="Morningstar Video RSS Feed | Morningstar.com" href="https://web.archive.org/web/20130304100217/http://feeds.feedburner.com/Morningstar-videos/"/> <script language="javascript" type="text/javascript"> aim = { "sitename": "ms.us", "area": "videocenter", "listpos": "leaderboard,button195x90,footer,chrtxt30top,rectangleright,rectanglemiddle,chrtxt65top", "url": "msmedia.morningstar.com/mstar/bserver", "adquery": "/lineup=STOCK/keyword=TAXPLANNING/subkeyword1=HOMEPAGE/subkeyword2=ORIGINALCONTENT/subkeyword3=BONDFUNDS/subkeyword4=SYNDICATEDVIDEOS/subkeyword5=TOPICWEEK/subkeyword6=MUNI" }; </script> <script type="text/javascript" src="//web.archive.org/web/20130304100217js_/http://im.morningstar.com/adtag/msusadconfig.js?v=120803"></script> <style type="text/css"> .arrow_back, a.arrow_back, a.arrow_back:link, .arrow_back:link, .arrow_back:visited {float:right; cursor:pointer; display:inline; border:1px solid #ccc; border-right:1px solid #999;border-bottom:1px solid #999; padding:0px 5px; margin:2px 0 0 10px; background: url(https://web.archive.org/web/20130304100217im_/http://im.mstar.com/im/NewArticle/art-sprite.gif) no-repeat 5px -289px; height:17px;text-decoration:none;} .arrow_back:active, a.arrow_back:hover, a.arrow_back:active {background-color:#e4f0ff; text-decoration:none;} .arrow_forward, a.arrow_forward, a.arrow_forward:link, .arrow_forward:link, .arrow_forward:visited {float:right; cursor:pointer; display:inline; border:1px solid #ccc; border-right:1px solid #999;border-bottom:1px solid #999; padding:0px 5px; margin:2px 0 0 2px; background: url(https://web.archive.org/web/20130304100217im_/http://im.mstar.com/im/NewArticle/art-sprite.gif) no-repeat 6px -303px; height:17px;text-decoration:none;} .arrow_forward:active, a.arrow_forward:hover, a.arrow_forward:active {background-color:#e4f0ff; text-decoration:none;} .edit, a.edit { float:left; border:1px solid #ccc; border-right:1px solid #999; background-color:#fff; border-bottom:1px solid #999; width:100px; font-size:10px; font-weight:bold; color:#336699; margin:8px 3px 0 0;text-decoration:none; text-align:center; line-height:17px} a.edit:hover {background-color:#e4f0ff; text-decoration:none;} .urlwrap {word-break:break-all; display:block; width:410px;} .atext_b4 {color:#333;font-size:11px;} a.atext_b4, .atext_b4 a:link, .atext_b4 a:visited {color:#333;text-decoration:none;} /*added text-dec attribute*/ a.atext_b4:hover, .atext_b4 a:hover {color:#000;text-decoration:underline;} .atext_b5 {color:#336699;font-size:11px;} a.atext_b5, .atext_b5 a:link, .atext_b4 a:visited {color:#336699;text-decoration:none;} .atext_b5 a:hover, a.atext_b5:hover {color:#336699;text-decoration:underline;} .acolx_a2 span.atext_b4, .acolx_a2 a.atext_b4, .acolx_a2 span.atext_b5, .acolx_a2 a.atext_b5 {vertical-align:top;} .acolx_a2 div.atext_b4 {float:right;} </style> <script type="text/javascript" src="https://web.archive.org/web/20130304100217js_/http://www.google-analytics.com/ga.js"></script> <script type="text/javascript"> try { var google = _gat._getTracker("UA-8797193-2"); google._setDomainName('www.morningstar.com'); google._trackPageview(); } catch (err) { } </script> <style type="text/css"> .video_button { border-color:#438EAE #438EAE #3C85A4 #3C85A4; border-style:solid; border-width:1px; color:#FFFFFF; float:right; font-family:Verdana,Arial,Helvetica,sans-serif; height:21px; margin-right:21px; padding:2px 0; font-size:11px; text-align:center; text-decoration:none; width:96px; cursor:pointer; } #linkPane, #embedPane { margin: 0px } .panels { display: none; position: absolute; background:#295C72 } .panels h2, .panels p { margin: 20px; } </style> </head> <body> <div class="wrapper"> <link type="text/css" rel="stylesheet" href="https://web.archive.org/web/20130304100217cs_/http://im.mstar.com/globalhome/css/m-global_v1.10.css"> <script language="javascript" src="//web.archive.org/web/20130304100217js_/http://im.morningstar.com/coradiant/coradiant.js"></script> <div class="headerwrap" style="position:relative;"> <div class="collapsed" title="show hot topics"></div> <script type="text/javascript"> if(typeof(TopListReady) != "undefined") TopListReady(); </script>  <div class="h_Logo"> <div class="h_Logo_row1"> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/" class="logo" title="Morningstar Logo"></a> <div class="greeter">Welcome!</div> <div class="h_Logo_col1"> <input id="AutoCompleteBox" name="sSrchTerm" value="" class="h_quote" autocomplete="off" maxlength="256" type="text"></input> <a href="javascript:void(0)" onclick="HeaderBox.trySubmit()" class="hqt_button"></a> <form name="searchForm" method="post" onsubmit="srchTerm('search')" style="margin: 0px; padding: 0px;"> <input name="sSrchTerm" value="" class="h_search" onclick="ClearSearchBox('search')" type="text"></input> <input name="SrchTerm" type="hidden"> <a href="javascript:srchTerm('search')" class="hsr_button"></a> </form> <div class="h_textad"> <script language="javascript">OAS_AD('chrtxt30top');</script> </div> </div> <div class="h_Logo_col2"> <a href="https://web.archive.org/web/20130304100217/http://corporate.morningstar.com/US/asp/home.aspx?xmlfile=202.xml&pgid=hetopcompsite" class="h_text1">Company Site</a> <a href="https://web.archive.org/web/20130304100217/https://members.morningstar.com/memberservice/login.aspx" class="h_text1">Log In</a>   <a href="https://web.archive.org/web/20130304100217/http://members.morningstar.com/mk/templates/mkpremium1.html?referid=a3009&vurl=http://www.morningstar.com" class="h_text1">Subscribe</a> <a href="https://web.archive.org/web/20130304100217/http://members.morningstar.com/mk/templates/mkvisitor1.html?referid=a3009&vurl=http://www.morningstar.com" class="h_text1">Register</a>  <br/> </div> </div> </div>   <div class="h_Ads"> <div class="h_Ads_row1"> <div class="h_leaderad"> <script language="javascript">OAS_AD('leaderboard');</script> </div> <div class="h_houseadX43"> <script language="javascript">OAS_AD('button195x90');</script> </div> </div> </div>   <div class="h_MainNav"> <div class="h_MainNav_row1"> <a id="MH_tab1" href="https://web.archive.org/web/20130304100217/http://members.morningstar.com/memberstpages/membership.htm" title="Membership Center" class="h_tabL">Membership</a> <a id="MH_tab2" href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/" class="h_tab1" title="Investment">Home</a> <a id="MH_tab3" href="https://web.archive.org/web/20130304100217/http://portfolio.morningstar.com/RtPort/Reg/AllView.aspx" class="h_tab1" title="Portfolio">Portfolio</a> <a id="MH_tab4" href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/Cover/Stocks.html" class="h_tab1" title="Stocks">Stocks</a> <a id="MH_tab5" href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/Cover/Bonds.aspx" class="h_tab1" title="Bonds">Bonds</a> <a id="MH_tab6" href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/Cover/Funds.aspx" class="h_tab1" title="Funds">Funds</a> <a id="MH_tab7" href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/Cover/ETFs.aspx" class="h_tab1" title="ETFs">ETFs</a> <a id="MH_tab8" href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/Cover/CEF-Closed-End-Funds.aspx" class="h_tab1" title="CEFs">CEFs</a> <a id="MH_tab9" href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/Cover/Markets.html" class="h_tab1" title="Markets">Markets</a> <a id="MH_tab10" href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/Cover/Tools.html" class="h_tab1" title="Tools">Tools</a> <a id="MH_tab11" href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/Cover/PersonalFinance.html" class="h_tab3" title="Personal Finance">Real Life Finance</a> <a id="MH_tab12" href="https://web.archive.org/web/20130304100217/http://socialize.morningstar.com/newsocialize/asp/coverpage.asp" class="h_tab1" title="Discuss">Discuss</a> <div class="h_tabbase"></div> </div>  <div id="subnav" class="h_SubNav" style="display:none;"> <li class="h_subnav1"> <a href="#" class="h_subtab">Investing Ideas</a> <ul class="h_subnav2"> <li><div class="subnavrule"></div></li> <li><a href="https://web.archive.org/web/20130304100217/http://news.morningstar.com/fundanalystpicks/catlist/Default.html">Fund Analyst Picks</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://news.morningstar.com/FundAnalystPicks/CategoryList/0,3440,,00.html">Picks by Category</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/goto/fundpickperform">Fund Pick Performance</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://members.morningstar.com/prism/sub_cent_Newsletters.html#Newsanchor">Picks & Pans E-Newsletter</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://news.morningstar.com/archive/archive.asp?inputs=days=365;colId=2;sortField=publishDate;sortDirection=desc">Fund Spy Column</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://mfi.morningstar.com/FundSpy/SpyPurchase.aspx">Fund Spy Book</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://news.morningstar.com/archive/archive.asp?inputs=days=365;colId=16;sortField=publishDate;sortDirection=desc">Bond Squad</a></li> <li><a href="javascript:void(0)" onclick="window.open('https://web.archive.org/web/20130304100217/http://www.morningstar.com/cover/videocenter.html?lineup=funds','','width=860,height=705')">Fund Video Reports</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/Products/Store_FundInvestor.html">FundInvestor Newsletter</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/goto/mei_expert">ETF Investing</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/goto/FFR_Experts">Fund Family Experts</a></li> </ul> </li> <li class="h_subnav1"> <a href="#" class="h_subtab">Fund Reports</a> <ul class="h_subnav2"> <li><div class="subnavrule"></div></li> <li><a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/allanalyses/analysesLists.html?type=FO">All Fund Analyst Reports</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/FidGrades/AllFidGrades.html?sortColumn=1&curField=1">Fund Stewardship Reports</a></li> </ul> </li> <li class="h_subnav1"> <a href="#" class="h_subtab">Fund Ratings</a> <ul class="h_subnav2"> <li><div class="subnavrule"></div></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/Compare/Fund/FundCompareResults.html?currview=default&CriteriaList=PresetFund:Large+Value~PresetFund:Mid-Cap+Value~PresetFund:Small+Value~">Highest-Rated Value</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/Compare/Fund/FundCompareResults.html?currview=default&CriteriaList=PresetFund:Large+Growth~PresetFund:Mid-Cap+Growth~PresetFund:Small+Growth~">Highest-Rated Growth</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/Compare/Fund/FundCompareResults.html?currview=default&CriteriaList=~PresetFund:Large+Growth~PresetFund:Large+Blend~PresetFund:Large+Value~">Highest-Rated Large-Cap</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/Compare/Fund/FundCompareResults.html?currview=default&CriteriaList=PresetFund:Mid-Cap+Growth~PresetFund:Mid-Cap+Blend~PresetFund:Mid-Cap+Value~">Highest-Rated Mid-Cap</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/Compare/Fund/FundCompareResults.html?currview=default&CriteriaList=PresetFund:Small+Growth~PresetFund:Small+Blend~PresetFund:Small+Value~">Highest-Rated Small-Cap</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/FundResults.html?preset=ForeignStock">Foreign Fund Standouts</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/goto/starrateperform">Star Rating Performance</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://corporate.morningstar.com/US/documents/MethodologyDocuments/FactSheets/MorningstarRatingForFunds_FactSheet.pdf">Rating Methodology</a></li> </ul> </li> <li class="h_subnav1"> <a href="#" class="h_subtab">Fund Performance</a> <ul class="h_subnav2"> <li><div class="subnavrule"></div></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/FundSearch/FundRank.html?fundCategory=all&screen=tr1m">Top 1-Month Performers</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/FundSearch/FundRank.html?fundCategory=all&screen=trytd">Top YTD Performers</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/FundSearch/FundRank.html?fundCategory=all&screen=tr1yr">Top 1-Year Performers</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/FundSearch/FundRank.html?fundCategory=all&screen=tr3yr">Top 3-Year Performers</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/FundSearch/FundRank.html?fundCategory=all&screen=tr5yr">Top 5-Year Performers</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://news.morningstar.com/fundReturns/CategoryReturns.html">Fund Category Returns</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/Movers/FdMovDef.html">Biggest Daily NAV Changes</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://news.morningstar.com/CELists/CEReturns.html">Closed-End Funds</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://news.morningstar.com/etf/Lists/ETFReturns.html">Exchange-Traded Funds</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/goto/QEML">Quarterly Market Outlook</a></li> </ul> </li> <li class="h_subnav1"> <a href="#" class="h_subtab">Fund Screeners</a> <ul class="h_subnav2"> <li><div class="subnavrule"></div></li> <li><span>Basic Screeners</span></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/FundSelector.html">Fund Screener</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/FundResults.html?preset=LongTerm">Long-Term Winners</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/FundResults.html?preset=SmallGrowth">Solid Small-Growth Funds</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/FundResults.html?preset=ConservativeBond">Conservative Bond Funds</a></li> <li><div class="subnavrule"></div></li> <li><span>Premium Screeners</span></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/AdvFunds/Selector.html">Premium Fund Screener</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/advfunds/results.html?preset=Index+Funds">Index Funds</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/AdvFunds/Results.html?preset=Hidden%20Gems">Hidden Gems</a></li> <li><a href="https://web.archive.org/web/20130304100217/http://screen.morningstar.com/AdvFunds/Results.html?preset=Conservative%20Foreign%20Funds">Lower-Risk Foreign Funds</a></li> </ul> </li> <li class="h_subnav1"><a href="javascript:void(0)" onclick="window.open('https://web.archive.org/web/20130304100217/http://www.morningstar.com/cover/videocenter.html?lineup=funds','','width=860,height=705')" class="h_subtab1">Video Center</a></li> </div>  </div>  </div>  <div id="AutoCompleteDropDown" name="AutoCompleteDropDown"></div> <script src="https://web.archive.org/web/20130304100217js_/http://im.mstar.com/globalhome/js/ext_v1.0.js" language="javascript"></script> <script type="text/javascript" src="https://web.archive.org/web/20130304100217js_/http://im.mstar.com/common/js/common_pack_0.0.12.js"></script> <div class="abodywrap"> <div id="pageTitle" class="page_title"> <div class="page_title">Video Reports</div> </div> <div id="mstarContent" class="acolm_a1"> <div id="sharePane" class="v_playercontain" style="position: absolute; margin-top: 12px; margin-left: 18px;"></div> <div class="v_playerwrap" style="position: relative; z-index: 10;"> <div id="panes" class="v_playercontain" style="width: 530px;"> <div id="embedPane" class="panels"> <div class="close"></div> <h2>Embed this video</h2> <p><textarea onfocus="this.select()" style="height: 100px; overflow: auto;"></textarea></p> <div id="copyButton" class="video_button">Copy Code</div> </div> <div id="linkPane" class="panels"> <div class="close"></div> <h2>Link to this video</h2> <p><textarea onfocus="this.select()" style="height: 60px; overflow: auto;"></textarea></p> </div> <div id="player" width="530px"></div> </div> </div> <div class="vrow_a4"><a id="linkTab" href="javascript:;" data-paneid="#linkPane" class="tools_icon10">Get Link</a><a id="embedTab" href="javascript:;" data-paneid="#embedPane" class="tools_icon10">Embed</a><a href="https://web.archive.org/web/20130304100217/http://members.morningstar.com/reprints/RP_videoLicensing.html" target="_blank" class="tools_icon10">License</a><a id="recommendButton" class="tools_icon5" href="#">Recommend (-)</a><a id="ToolBarPrint" href="printArticle.htm" class="tools_icon3" target="_blank">Print</a><div class="acolx_b1"><a id="largerFont" class="tools_icon6"></a></div> <div class="acolx_b1"><script type="text/javascript"> var addthis_share = { url: "", title: "", email_template: "ForVideo", email_vars: { description: "" }}; </script><a id="addToThisLink" href="https://web.archive.org/web/20130304100217/http://www.addthis.com/bookmark.php?v=250&username=sharemorningstar"><img src="https://web.archive.org/web/20130304100217im_/http://s7.addthis.com/static/btn/sm-share-en.gif" width="83" height="16" alt="Bookmark and Share" style="border: 0"></a><script type="text/javascript" src="https://web.archive.org/web/20130304100217js_/http://s7.addthis.com/js/250/addthis_widget.js#username=sharemorningstar"></script></div> <div class="acolx_b1"><a target="_blank" href="https://web.archive.org/web/20130304100217/http://feeds2.feedburner.com/morningstarvideofeed" class="tools_icon7"></a></div> </div><br><div id="mstarArticleBasicInfo" class="arow_a3 atext_a1">By聽Christine Benz and Miriam Sjoblom, CFA | 02-25-2013 12:00 PM</div> <div id="mstarTitle" class="aheadline_a1"> <h1 id="titleLink">4 Bond Funds for Your Taxable Account</h1> </div> <div id="mstarDeck" class="arow_d3 vheadline_a2">Muni-bond funds continue to experience high investor demand, and Morningstar's Miriam Sjoblom offers picks for core and noncore holdings. </div> <p></p> <div class="vrelated_a1"> <div class="vsection_a1"> <div id="relatedSecurities" class="vrow_b1"> <div class="vtitle_b1">Securities mentioned in this video</div> <table width="275" border="0" cellspacing="0" cellpadding="0"> <tr> <td><img src="https://web.archive.org/web/20130304100217im_/http://im.mstar.com/im/dot_clear.gif" height="1" width="50"></td> <td><img src="https://web.archive.org/web/20130304100217im_/http://im.mstar.com/im/dot_clear.gif" height="1"></td> </tr> <tr> <td height="1" bgcolor="#cccccc" colspan="2"></td> </tr> <tr class="vrow_b2a"> <td><a class="atext_b2" target="_blank" href="https://web.archive.org/web/20130304100217/http://quote.morningstar.com/Quote/Quote.aspx?ticker=FLTMX&region=USA">FLTMX</a></td> <td><a class="atext_b2" target="_blank" href="https://web.archive.org/web/20130304100217/http://quote.morningstar.com/Quote/Quote.aspx?ticker=FLTMX&region=USA">Fidelity Intermediate Municipal Income</a></td> </tr> <tr> <td height="1" bgcolor="#cccccc" colspan="2"></td> </tr> <tr class="vrow_b2a"> <td><a class="atext_b2" target="_blank" href="https://web.archive.org/web/20130304100217/http://quote.morningstar.com/Quote/Quote.aspx?ticker=PRFHX&region=USA">PRFHX</a></td> <td><a class="atext_b2" target="_blank" href="https://web.archive.org/web/20130304100217/http://quote.morningstar.com/Quote/Quote.aspx?ticker=PRFHX&region=USA">T. Rowe Price Tax-Free High Yield</a></td> </tr> <tr> <td height="1" bgcolor="#cccccc" colspan="2"></td> </tr> <tr class="vrow_b2a"> <td><a class="atext_b2" target="_blank" href="https://web.archive.org/web/20130304100217/http://quote.morningstar.com/Quote/Quote.aspx?ticker=PRSMX&region=USA">PRSMX</a></td> <td><a class="atext_b2" target="_blank" href="https://web.archive.org/web/20130304100217/http://quote.morningstar.com/Quote/Quote.aspx?ticker=PRSMX&region=USA">T. Rowe Price Summit Municipal Intm</a></td> </tr> <tr> <td height="1" bgcolor="#cccccc" colspan="2"></td> </tr> <tr class="vrow_b2a"> <td><a class="atext_b2" target="_blank" href="https://web.archive.org/web/20130304100217/http://quote.morningstar.com/Quote/Quote.aspx?ticker=VWAHX&region=USA">VWAHX</a></td> <td><a class="atext_b2" target="_blank" href="https://web.archive.org/web/20130304100217/http://quote.morningstar.com/Quote/Quote.aspx?ticker=VWAHX&region=USA">Vanguard High-Yield Tax-Exempt</a></td> </tr> <tr> <td height="1" bgcolor="#cccccc" colspan="2"></td> </tr> </table> </div> <div class="vrow_b1"> <div class="vtitle_b1">Related Links</div> <div class="vrow_b2a"><a class="atext_b2" target="_blank" href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/Cover/videoCenter.aspx?id=586564">Muni Market Greatly Improved, but Do Your Homework</a></div> <div class="vrow_b2a"><a class="atext_b2" target="_blank" href="https://web.archive.org/web/20130304100217/http://news.morningstar.com/articlenet/article.aspx?id=586684">Morningstar's Municipal-Bond Outlook and ETFs</a></div> <div class="vrow_b2a"><a class="atext_b2" target="_blank" href="https://web.archive.org/web/20130304100217/http://news.morningstar.com/articlenet/article.aspx?id=586250">See More From Tax-Relief Week</a></div> </div> </div> </div> <div id="transcript"><p><strong>Christine Benz: </strong>Hi, I'm Christine Benz for Morningstar.com. It's Tax-Relief Week on Morningstar.com, and joining me to share some top municipal-bond fund picks is Miriam Sjoblom. She is associate director of fund research for Morningstar. Miriam, thank you so much for being here.</p> <p><strong>Miriam Sjoblom: </strong>Glad to be with you, Christine.</p> <p><strong>Benz: </strong>First, I'd like to ask a really basic question: Why are municipal-bond funds and bonds often touted as a good fit for peoples' taxable accounts?</p> <p><strong>Sjoblom: </strong>Well, this is unique to municipal-bond funds. Their interest is exempt from federal income tax, and in many cases, if you live in a certain state, your interest is exempt from state income tax, as well.</p> <p><strong>Benz: </strong>So if you buy a bond issued by your home state or if your fund is dedicated to bonds from that home state, some or all of that income might be exempted from state income tax?</p> <p><strong>Sjoblom: </strong>Right. The biggest specialty states--they're called specialty--are New York and California. So, oftentimes, you find residents of those states like to buy bonds issued in those states.</p> <p><strong>Benz: </strong>Miriam, I'm wondering if you can kind of summarize munis today? We had a really nice rally, especially in some of the lower-rated munis in 2012. As you look forward and think about some positives for the category as well as where the challenges lie, let's talk about them.</p> <p><strong>Sjoblom: </strong>Sure. Well, with some of the challenges, it's similar to the challenges we're seeing across the bond market. After a rally like we saw in 2012, you're starting the year 2013 with yields at very low levels, and a lot of the return last year came from price appreciation, not income. So, starting at an already very low level of yields, there's very little room for yields to drop further.</p> <p><strong>Benz: </strong>So that's the negative side. Any reason for optimism as you look forward and think about states' finances perhaps.</p> <p><strong>Sjoblom: </strong>Well, there are a couple of reasons for optimism. They're more related to the technical dynamics of the market. Last year, we also saw a lot of demand into mutual funds especially. We had about $50 billion coming into muni funds altogether. So that seems to be remaining strong so far. Just in January, we had another $7 billion coming into muni-bond funds, and they're going mostly into intermediate funds as well as some high-yield muni funds. So, if investors continue to like the tax exemption and the benefits of muni funds as they have been, that will be supportive of the market.</p> <a id="transcriptControler" href="#" class="acolm_a1 vtext_b2">Read Full Transcript<img style="border: medium none; margin: 0px 0px 0px 5px;" src="//web.archive.org/web/20130304100217im_/http://im.mstar.com/im/videoCenter/transcript.png"></a><div id="remainTranscriptContent" status="close" style="display: none; float: left;"> <p><strong>Benz: </strong>And one thing you've noted before Miriam is that in contrast with the taxable-bond market, muni-bond funds are actually a really big percentage of the marketplace.</p> <p><strong>Sjoblom: </strong>That's right. Retail investors are huge buyers in the muni market, more so than in the taxable-bond market, where you have a broader and more diverse investor base.</p> <p><strong>Benz: </strong>And you also have noted that there is a supply issue going on in the municipal market, as well.</p> <p><strong>Sjoblom: </strong>That's right. There seems to be a reluctance on the part of municipalities to be starting a lot of new capital projects in this sort of uncertain economic and political environment. So you're seeing a low level of net new issuance. So you have all this demand coming from retail investors coupled with not a lot of new supply out there available.</p> <p><strong>Benz: </strong>So, we are going to drill into some of the favorite fund picks from you and from the fund analyst team. Let's start with municipal-bond funds that are favorites that you consider sort of core-type investments. Maybe that are a little bit conservative, a little bit safer.</p> <p><strong>Sjoblom: </strong>Sure. I think the intermediate municipal category is a good place to look for the more core, safer type muni funds, and one of our favorites that we [assign a Gold Morningstar Analyst Rating to] is Fidelity Intermediate Municipal Income. And Fidelity is just a great well-rounded municipal-bond effort. They've got a great credit research team and experienced portfolio managers and traders. And also they've gone farther than other competitors in building out a set of quantitative analytics. So they are looking at the market from all these different angles, and they are more conservative than many other options out there.</p> <p>This fund, in particular, has performed about middle of the road in recent years because the environment has rewarded risk-taking, so I think that can be a good sign. When the environment becomes less friendly, this is the kind of investment that you want to be in.</p> <p><strong>Benz: </strong>How about another core-type muni-fund pick?</p> <p><strong>Sjoblom: </strong>Sure. I'd say T. Rowe Price Summit Municipal Intermediate, and the story is very similar there. Not quite as conservative as Fidelity, but still fairly conservative. It still has been a middle-of-the-road performer in recent years. But again, the research staff, the portfolio management staff is very experienced, and they don't take a lot of chances.</p> <p><strong>Benz: </strong>If people feel that they have that core part of their muni portfolio filled out and want to take a little more risk by being in something a little more aggressive, let's discuss a couple of funds that might fill that role.</p> <p><strong>Sjoblom: </strong>Sure. One would be Vanguard High-Yield Tax-Exempt, and even though it has "high-yield" in the name, it doesn't fall into our high-yield muni category because it's relatively conservative compared with those [in the high-yield category]. So, it is in the intermediate-muni category. It's got about a little less than one fourth of its assets in bonds rated BBB and below, including nonrated bonds. So, it takes a little more credit risk than your typical intermediate-muni fund, but not so much that you need to be worried. Vanguard is very committed to diversification. You have the very low fees on the Vanguard funds, which for long-term investors are really tough to beat.</p> <p><strong>Benz: </strong>[Do you have] another noncore, sort of opportunistic pick that you can give people?</p> <p><strong>Sjoblom: </strong>Sure. This would be T. Rowe Price Tax-Free High Yield, and this fund is a high-yield muni fund, and it hasn't been one of the very best performers in recent years, but that's OK because I think it really demonstrates the discipline of the process there. It has been a great performer in absolute terms just because high-yield muni funds have done very well, but the manager, Jim Murphy, doesn't go out on a limb in sectors that are particularly dicey like tobacco-settlement bonds. He doesn't use leverage, which is a common tool in that category. And lately, the money that has flowed into the high-yield muni category seems to be gravitating toward the highest-yielding funds, which especially after a year like 2012 where they performed so well, I think it can be a risky proposition to be chasing yield that way. So, if you want more of a core, middle-of-the-road, very grounded on bottom-up research process, then I think this is a good choice.</p> <p><strong>Benz: </strong>So it sounds like you're saying, overall, do your homework, don't just focus on those funds that have the highest yields attached to them.</p> <p><strong>Sjoblom: </strong>That's right.</p> <p><strong>Benz: </strong>Miriam, thank you so much for being here and sharing the specific investment ideas.</p> <p><strong>Sjoblom: </strong>Thank you, Christine.</p> <p><strong>Benz: </strong>Thanks for watching. I'm Christine Benz for Morningstar.com.</p></div> </div> <div class="arow_b5"><a href="https://web.archive.org/web/20130304100217/http://discuss.morningstar.com/NewSocialize/" style="display: none" class="adiscuss">Return to Discuss</a></div> <div id="commentContent" class="asection_a1" style="display: none;"> <div id="commentLoading" style="float: left; position: absolute; display:none;"><img src="//web.archive.org/web/20130304100217im_/http://im.mstar.com/im/GlobalHome/LoadingScreenAnimation.gif" alt="loading"></div> <div id="commentHeader" class="arow_b1"> <div class="acolx_a1 atitle_a1">Comments</div> <div class="acolx_a2"> <div id="commentNextPage" class="arrow_forward">聽</div> <div id="commentPrePage" class="arrow_back">聽</div> <div id="commentPaging" class="atext_b4">1-- of - Comments</div> <div id="sortHeader"><span id="sortOldHeaderId" class="atext_b5">Oldest First</span><span class="atext_b4"> | </span><a id="sortNewHeaderId" class="atext_b4" href="#">Newest First</a></div> </div> </div> <div id="commentBody" class="asection_a1"></div> <div id="commentFooter" class="arow_b1"> <div id="commentFooterLabel" class="acolx_a1 atitle_a1">聽</div> <div class="acolx_a2"> <div id="commentFooterNextPage" class="arrow_forward">聽</div> <div id="commentFooterPrePage" class="arrow_back">聽</div> <div id="commentFooterPaging" class="atext_b4">1-- of - Comments</div> <div id="sortFooter"><span id="sortOldFooterId" class="atext_b5">Oldest First</span><span class="atext_b4"> | </span><a id="sortNewFooterId" class="atext_b4" href="#">Newest First</a></div> </div> </div> </div> <div id="AddComment" class="asection_a1" style="display: none;"> <div id="commentTitle" class="arow_b1 atitle_a1">Add a Comment</div> <div class="arow_a1"><textarea id="commentText" class="arow_a5"></textarea></div> <div class="arow_a6"> <div style="float: left;" class="atext_b2 jqAddComent1"><input id="EmailMe" name="emailMe" type="checkbox" style="display: none;"><a id="AEmailMe" href="#"><img id="Checkbox" alt="E-mail me new replies" height="14" width="14" border="0" src="https://web.archive.org/web/20130304100217im_/http://im.mstar.com/Im/Mbr/Form_PremCheckbox_Unchecked.gif"></a>Email me new replies.</div> <div style="float: right; width: 81px;" class="atext_b2 jqAddComent1"><a id="commentPost" href="#" class="abutt">Post</a></div> <div style="float: right;" class="atext_b2 jqAddComent1"><a id="commentCancelEdit" href="#" style="display:none" class="abutt">Cancel</a></div> </div> </div> <div id="LoginOrRegister" class="asection_a1" style="display: none;"> <div class="arow_b1 atitle_a1">Add a Comment</div> <div class="arow_a6"> <table border="0" width="100%"> <tr> <td>Please login or register to post a comment.</td> </tr> <tr> <td> <div style="margin: 10px auto 0 auto; width: 172px;"><a id="loginLink" href="https://web.archive.org/web/20130304100217/https://members.morningstar.com/memberservice/login.aspx?vurl=" class="fm_btn_gry1" style="margin-right: 14px;"><span></span>Log In</a><a href="https://web.archive.org/web/20130304100217/https://members.morningstar.com/prism/registrationFree.html?referid=A3221" class="fm_btn_gry1"><span></span>Register</a></div> </td> </tr> </table> </div> </div> </div> <div class="acolm_b1"> <div class="aadsection_b1" align="center" style="position: relative; z-index: 13; background: #ffffff;"> <div id="companion"> <table id="rectangle" cellpadding="0" cellspacing="0" border="0"> <tr> <td align="center" valign="middle"><script type="text/javascript"> OAS_AD("rectanglemiddle"); </script></td> </tr> </table> </div> </div> <div class="aadsection_b1" align="center" style="position:relative;z-index:13;background:#ffffff;"> <div align="center"><script type="text/javascript"> OAS_AD("chrtxt65top"); </script></div> </div> <div class="asection_a1"> <div id="lineupTab" class="arow_a1"><a href="#" class="v_tabL" title="Latest">Latest</a><a href="#STOCKS" class="v_tab1On" title="Stocks">Stocks</a><a href="#MUTUALFUNDS" class="v_tab1" title="Funds">Funds</a><a href="#EXCHANGETRADEDFUNDS" class="v_tab1" title="ETFs">ETFs</a><a href="#STOCKOPTIONS" class="v_tab1" title="Options">Options</a><a href="#BONDS" class="v_tab1" title="Bonds">Bonds</a><div class="v_tabbase"></div> </div> <div id="LineupContainer" class="v_lineupwrap" autocomplete="off"> <div id="lineupLoading" style="float: left; position: absolute"><img src="//web.archive.org/web/20130304100217im_/http://im.mstar.com/im/GlobalHome/LoadingScreenAnimation.gif" alt="loading"></div> </div> </div> <div class="aadsection_b1b" align="center" style="background: #ffffff; margin-top:10px"> <table cellpadding="20" cellspacing="0" border="0"> <tr> <td align="center" valign="middle"><script type="text/javascript"> OAS_AD("rectangleright"); </script></td> </tr> </table> </div> </div> </div> <div style="display: none"> <div id="LineupItemTemplate"> <div class="v_lu_itemwrap" videoid="{0}"> <div class="v_thumbnail"><a class="thumbnail" data-id="{0}" data-lineup="{3}" href="javascript:;"><img alt="{1}" border="0" height="67" width="120"></a></div> <div class="v_colwrap"><a class="titlex3" data-id="{0}" data-lineup="{3}" href="javascript:;">{1}</a><div class="titlex2">{2}</div> </div> </div> </div> <div id="LineupMoreLinkTemplate"> <div class="v_lu_itemwrap" style="text-align: right"><a class="titlex4" href="{0}">more...</a></div> </div> <div id="MultiCommentsPagingBarTemplate">{0}-{1} of {2} Comments</div> <div id="SingleCommentPagingBarTemplate">{0}-{1} of {2} Comment</div> <div id="CommentItemTemplate"> <div class="arow_b3"> <div class="acolx_a1"> <div class="arow_a1 atitle_b1"><a href="{6}" style="color:#333" target="_blank">{0}</a></div> <div class="arow_a1 atext_b1">{1}</div> <div class="acolm_e1"> <ul style="margin:0; padding:0;"> <li class="adrop1 atext_a4" data-name="menu" data-info="{2},{3},{4}"><a class="adrop1h">Flag</a><ul id="ul{2}" class="adropul" style="display: none;"></ul> </li> </ul> </div> </div> <div id="content{2}" class="acolx_a2 atext_a2">{5}</div> </div> </div> <div id="CommentItemFlagPostTemplate"> <li data-name="report" data-info="{0},{1},1"><a href="javascript:;">Report as off topic</a></li> <li data-name="report" data-info="{0},{1},2"><a href="javascript:;">Report as inflammatory</a></li> <li data-name="report" data-info="{0},{1},3"><a href="javascript:;">Report as advertising</a></li> <li data-name="report" data-info="{0},{1},4"><a href="javascript:;">Report as copyright content</a></li> </div> <div id="CommentItemFlagPostedTemplate"> <li>This post has been reported.</li> </div> <div id="CommentItemAdminFlagPostTemplate"> <li>---</li> <li data-name="remove" data-info="{0},{1},1"><a href="javascript:;">Remove off topic</a></li> <li data-name="remove" data-info="{0},{1},2"><a href="javascript:;">Remove inflammatory</a></li> <li data-name="remove" data-info="{0},{1},3"><a href="javascript:;">Remove advertising</a></li> <li data-name="remove" data-info="{0},{1},4"><a href="javascript:;">Remove copyright content</a></li> </div> <div id="CommentItemAdminFlagPostedTemplate"> <li data-name="retrieve" data-info="{0},{1}"><a href="javascript:;">Un-moderate post</a></li> </div> <div id="CommentRemovedForViolationTemplate">Comment removed for violation of Terms of Use ({0})</div> <div id="CommentItemViewPostTemplate"><br><a data-name="viewpost" data-id="{0}" href="javascript:;">View Post</a></div> <div id="CommentItemEditButtonTemplate"><a href="javascript:;" class="edit" data-info="{0}">Edit post</a></div> <div id="RegisterDiscussUserForm"> <div class="ol-wrap"> <div class="ol-row3"></div> <div class="ol-colm1"> <div class="ol-row2 ol-text1">Please create a username to comment on this article</div> <div class="ol-row1 ol-text2"> <div style="float:left;">Username:</div> <div style="float:right;"><input id="userName" name="userName" value="" maxlength="15" class="ol-text" type="text"></div> </div> <div style="float:right;margin-top:10px;"><a id="registerUser" href="#AddComment">Continue</a></div> <div id="alertMsg" class="ol-text3" style="display:none;">Please choose a name that's between six and fifteen characters long, starts with a letter, and contains only numbers and letters.</div> </div> </div> </div> </div> <div id="settings"><input type="hidden" id="hidVideoID" value="586566"><input type="hidden" id="hidLineup" value=""><input type="hidden" id="hidPrimaryKeyword" value="TAXPLANNING"><input type="hidden" id="hidOtherKeyword" value="HOMEPAGE,ORIGINALCONTENT,BONDFUNDS,SYNDICATEDVIDEOS,TOPICWEEK,MUNI"><input type="hidden" id="hidVideoUrl" value="http://video.morningstar.com/us/video2013/130225_sjoblom_mstar.mp4"><input type="hidden" id="hidSnapshot" value="http://im.mstar.com/im/videocenter/130225_sjoblom_largethumb.jpg"><input type="hidden" id="hidIsNotPremiumVideo" value="true"><input type="hidden" id="hidLanguageCode" value="en"><input type="hidden" id="hidRegionCode" value="US"></div> <div id="localLabel"><input type="hidden" id="hidOldestFirstLabel" value="Oldest First"><input type="hidden" id="hidNewestFirstLabel" value="Newest First"><input type="hidden" id="hidAddACommentLabel" value="Add a Comment"><input type="hidden" id="hidEditYourCommentLabel" value="Edit Your Comment"><input type="hidden" id="hidPostCommentWithEmptyContentAlertMsg" value="Please add some comment."><input type="hidden" id="hidCommentRemovedTermsByOffTopic" value="off topic"><input type="hidden" id="hidCommentRemovedTermsByInflammatory" value="inflammatory"><input type="hidden" id="hidCommentRemovedTermsByAdvertising" value="advertising"><input type="hidden" id="hidCommentRemovedTermsByCopyrightContent" value="copyright content"><input type="hidden" id="hidCommentRemovedTermsByOthers" value="others"></div> <input type="hidden" id="hidCustID" value=""/> <script type="text/javascript" src="/web/20130304100217js_/http://www.morningstar.com/cover/js/jquery-1.7.2.min.js"></script> <script type="text/JavaScript" src="/web/20130304100217js_/http://www.morningstar.com/cover/flowplayer/flowplayer-3.2.6.min.js"></script> <script type="text/javascript" src="/web/20130304100217js_/http://www.morningstar.com/cover/Plugin/jquery.zclip/jquery.zclip.js"></script> <script type="text/javascript" src="/web/20130304100217js_/http://www.morningstar.com/cover/Plugin/jquery.history/jquery.history.js"></script> <script type="text/javascript" src="/web/20130304100217js_/http://www.morningstar.com/cover/Plugin/jquery.blockUI/jquery.blockUI.js"></script> <script type="text/javascript" src="/web/20130304100217js_/http://www.morningstar.com/cover/js/VideoCenterCore.js?v=1.6"></script> <div class="footerwrap">  <div class="f_Ads"> <div class="f_Ads_row1"> <div class="f_leaderad"> <script language="javascript">OAS_AD('footer');</script> </div> <div class="f_Ads_col1">Content Partners <div class="f_partner1"></div> <div class="f_partner2"></div> </div> </div> </div>  <div class="f_Directory"> <div class="f_Directory_row1"> <a id="nav1" class="f_sdirtab" title="Morningstar.com Site Directory" onclick="javascript:getSiteFooter('siteDirectoryContent', this);">Site Directory</a> <a id="nav2" class="f_sdirtab" title="Morningstar.com Site Map" onclick="javascript:getSiteFooter('siteMapContent', this);">Site Map</a> <a id="nav3" class="f_sdirtab" title="Morningstar.com Products" onclick="javascript:getSiteFooter('productsContent', this);">Our Products</a> <div class="f_sdirsearch"> <input id="AutoCompleteBoxFooter" name="sSrchTerm" value="" class="h_quote" autocomplete="off" maxlength="256" type="text"></input> <a href="javascript:void(0)" onclick="javascript:FooterBox.trySubmit();" class="hqt_button"></a> <form name="searchFormFooter" method="post" onsubmit="srchTerm('searchFooter')" style="margin: 0px; padding: 0px;float:left;"> <input name="sSrchTerm" value="" class="h_search" onclick="ClearSearchBox('searchFooter')" type="text"></input> <input name="SrchTerm" type="hidden"> <a href="javascript:srchTerm('searchFooter')" class="hsr_button"></a> </form> </div> </div>  <div class="f_Directory_row2" id="siteDirectoryContent" style="display:none;"> </div>   <div class="f_Directory_row2" id="siteMapContent" style="display:none;"> </div>   <div class="f_Directory_row2" id="productsContent" style="display:none;"> </div>  </div>  <div class="f_Links"> <div class="f_Links_row1"> <a href="https://web.archive.org/web/20130304100217/http://news.morningstar.com/Corrections/CorrectionsList.html" class="f_text3">Corrections</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/Cover/Help.html" class="f_text3">Help</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/AboutUs/MediaKit.html" class="f_text3">Advertising Opportunities</a> <a href="https://web.archive.org/web/20130304100217/http://members.morningstar.com/reprints/rp_home.html" class="f_text3">Licensing Opportunities</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/InvGlossary/?CustId=&CLogin=&CType=&CName=" class="f_text3">Glossary</a> <a href="https://web.archive.org/web/20130304100217/http://news.morningstar.com/rss/rss.html" class="f_text3">RSS</a> <a href="https://web.archive.org/web/20130304100217/http://mobile.morningstar.com/(S(dqff4gf55gvf0ub4h4bi2145))/mobileport.aspx" class="f_text3">Mobile Portfolio</a> <a href="https://web.archive.org/web/20130304100217/http://members.morningstar.com/memberstpages/Morningstar_Affiliate.html" class="f_text3">Affiliate</a> <a href="https://web.archive.org/web/20130304100217/http://corporate.morningstar.com/US/asp/subject.aspx?xmlfile=361.xml" class="f_text3">Careers</a> <a href="https://web.archive.org/web/20130304100217/http://corporate.morningstar.com/US/asp/subject.aspx?filter=refresh&xmlfile=126.xml&pgid=hetopcompnews" class="f_text3">Company News</a> </div> </div>   <div class="f_Sites"> <div class="f_Sites_row1">International Sites: <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com.au/" class="f_text4">Australia</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.ca/" class="f_text4">Canada</a> <a href="https://web.archive.org/web/20130304100217/http://www.cn.morningstar.com/main/default.aspx" class="f_text4">China</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.fr/" class="f_text4">France</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstarfonds.de/de/default.aspx?lang=de-DE" class="f_text4">Germany</a> <a href="https://web.archive.org/web/20130304100217/http://www.hk.morningstar.com/" class="f_text4">Hong Kong</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.it/it/default.aspx?lang=it-IT" class="f_text4">Italy</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.nl/nl/default.aspx?lang=nl-NL" class="f_text4">The Netherlands</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.no/" class="f_text4">Norway</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.es/es/default.aspx?lang=es-ES" class="f_text4">Spain</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.co.uk/uk/default.aspx" class="f_text4">U.K.</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.ch/" class="f_text4">Switzerland</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.in/" class="f_text4">India</a> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.fi/" class="f_text4">Finland</a> </div> </div>   <div class="f_Copyright"> <div class="ya_cnt1"> <div class="ya_grp1"> <div class="ya_row2">Stocks by: <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/stocks/index1.html" class="f_text4">Name</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/stocks/indexb1.html" class="f_text4">Ticker</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/stocks/indexc1.html" class="f_text4">Star Rating</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/stocks/indexd1.html" class="f_text4">Market Cap</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/stocks/indexe1.html" class="f_text4">Stock Type</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/stocks/indexf1.html" class="f_text4">Sector</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/stocks/indexg1.html" class="f_text4">Industry</a> </div> </div> <div class="ya_grp2"> <div class="ya_row2">Mutual Funds by: <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/funds/index1.html" class="f_text4">Star Rating</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/funds/indexb1.html" class="f_text4">Investment Style</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/funds/indexc1.html" class="f_text4">Total Assets</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/funds/indexd1.html" class="f_text4">Category</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/funds/indexe1.html" class="f_text4">Top Holdings</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/funds/indexf1.html" class="f_text4">Top Sectors</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/funds/indexg1.html" class="f_text4">Symbol / Ticker</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/funds/indexh1.html" class="f_text4">Name</a> </div> </div> <div class="ya_grp3"> <div class="ya_row2">ETFs by: <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/etf/index1.html" class="f_text4">Star Rating</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/etf/indexb1.html" class="f_text4">Category</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/etf/indexc1.html" class="f_text4">Total Assets</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/etf/indexd1.html" class="f_text4">Symbol / Ticker</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/etf/indexe1.html" class="f_text4">Name</a> </div> </div> <div class="ya_grp1"> <div class="ya_row2">Articles by: <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/articles/index1.html" class="f_text4">Title</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/articles/indexb1.html" class="f_text4">Date</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/articles/indexc1.html" class="f_text4">Author</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/articles/indexd1.html" class="f_text4">Collection</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/articles/indexe1.html" class="f_text4">Interest</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/articles/indexf1.html" class="f_text4">Popularity</a> </div> </div> <div class="ya_grp3"> <div class="ya_row2">Investment Categories by: <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/categories/index1.html" class="f_text4">Topic</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/categories/indexb1.html" class="f_text4">Sector</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/categories/indexc1.html" class="f_text4">Key Indicators</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/categories/indexd1.html" class="f_text4">User Interest</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/categories/indexe1.html" class="f_text4">Market Cap</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/categories/indexf1.html" class="f_text4">Industry</a> </div> </div> <div class="ya_grp2"> <div class="ya_row2">Premium Stocks by: <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-stocks/index1.html" class="f_text4">Name</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-stocks/indexb1.html" class="f_text4">Ticker</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-stocks/indexc1.html" class="f_text4">Star Rating</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-stocks/indexd1.html" class="f_text4">Market Cap</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-stocks/indexe1.html" class="f_text4">Stock Type</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-stocks/indexf1.html" class="f_text4">Sector</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-stocks/indexg1.html" class="f_text4">Industry</a> </div> </div> <div class="ya_grp3"> <div class="ya_row2">Premium Mutual Funds by: <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-funds/index1.html" class="f_text4">Star Rating</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-funds/indexb1.html" class="f_text4">Investment Style</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-funds/indexc1.html" class="f_text4">Total Assets</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-funds/indexd1.html" class="f_text4">Category</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-funds/indexe1.html" class="f_text4">Top Holdings</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-funds/indexf1.html" class="f_text4">Top Sectors</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-funds/indexg1.html" class="f_text4">Symbol / Ticker</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-funds/indexh1.html" class="f_text4">Name</a> </div> </div> <div class="ya_grp3"> <div class="ya_row2">Premium ETFs by: <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-etf/index1.html" class="f_text4">Star Rating</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-etf/indexb1.html" class="f_text4">Category</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-etf/indexc1.html" class="f_text4">Total Assets</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-etf/indexd1.html" class="f_text4">Symbol / Ticker</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/premium-etf/indexe1.html" class="f_text4">Name</a> </div> </div> <div class="ya_grp3"> <div class="ya_row2">Popular Articles by: <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-articles/index1.html" class="f_text4">Title</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-articles/indexb1.html" class="f_text4">Date</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-articles/indexc1.html" class="f_text4">Author</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-articles/indexd1.html" class="f_text4">Collection</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-articles/indexe1.html" class="f_text4">Interest</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-articles/indexf1.html" class="f_text4">Popularity</a> </div> </div> <div class="ya_grp3"> <div class="ya_row2">Popular Investment Categories by: <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-categories/index1.html" class="f_text4">Topic</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-categories/indexb1.html" class="f_text4">Sector</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-categories/indexc1.html" class="f_text4">Key Indicators</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-categories/indexd1.html" class="f_text4">User Interest</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-categories/indexe1.html" class="f_text4">Market Cap</a><span>|</span> <a href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/invest/popular-categories/indexf1.html" class="f_text4">Industry</a> </div> </div> <div class="ya_bottom1"></div> </div> <div class="f_Copyright_row1">Independent. Insightful. Trusted. Morningstar provides stock market analysis; equity, mutual fund, and ETF research, ratings, and picks; portfolio tools; and option, hedge fund, IRA, 401k, and 529 plan research. Our reliable data and analysis can help both experienced enthusiasts and newcomers.<br/><br/> © Copyright 2013 Morningstar, Inc. All rights reserved. Please read our <a class="f_text4" href="https://web.archive.org/web/20130304100217/http://www.morningstar.com/AboutUs/copyright.html" rel="nofollow">Terms of Use</a>and <a class="f_text4" href="https://web.archive.org/web/20130304100217/http://members.morningstar.com/memberstpages/PrivacyPolicy.html" rel="nofollow">Privacy Policy.</a>Dow Jones Industrial Average, S&P; 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time.</div> </div>  </div> <div id="AutoCompleteDropDownFooter"></div> <script src="https://web.archive.org/web/20130304100217js_/http://im.mstar.com/globalhome/js/mstar_b_v1.3.js" language="javascript"></script> <script language="javascript"> var HeaderBox = initBoxQuote("AutoCompleteBox","AutoCompleteDropDown"); HeaderBox.IdleDisplayMsg = ""; HeaderBox.LocalRegion="USA"; HeaderBox.SetPreference('USA','EN',32); var FooterBox = initBoxQuote("AutoCompleteBoxFooter","AutoCompleteDropDownFooter"); FooterBox.IdleDisplayMsg = ""; FooterBox.LocalRegion="USA"; FooterBox.SetPreference('USA','EN',32); //clears all content/image boxes-------------------------------------------------------------------------------------- var imageIDs=new Array('siteDirectoryContent', 'siteMapContent', 'productsContent'); //content boxes </script> <script src="//web.archive.org/web/20130304100217js_/http://im.mstar.com/im/mbr/scripts/mstartracking/tracking_user_cgmn_c.js" language="javascript"></script> <style type="text/css"> .mi_row3{display: none} </style> </div> </body> </html>

CINXE.COM

4 Bond Funds for Your Taxable Account