Sam Patel
The bond-fund ratings for the month of April show the weakness in the bond market, as three-fourths of the top 20 rated funds were tax-free money market funds, which are structured toward the short end of the municipal market, i.e., in municipals that are near maturity.
The other funds that comprise the list invest in municipals of longer maturity in national, single state, insured and high-yield municipals. It is a very risk-averse composition of bond funds, and this, combined with recent weak consumer confidence numbers, a continued fall in housing prices, the specter of a rise in bank failures and lingering concerns about the health of the economy suggest we are far from clear of economic headwinds, especially in the debt markets. Notable omissions from the list are corporate bond funds and Treasury bond funds. All funds carry a TSC rating of A+.| Highest-Rated Bond Funds for April |
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| Fund Name | Ticker | 1 Month Return | 3 Month Return | Category |
| Evergreen Inst US Govt MM Inv | EGNXX | 0.18 | 0.63 | Tax Free Money Market |
| US Global Inv Govt Sec Savings Fd | UGSXX | 0.16 | 0.60 | Tax Free Money Market |
| Monetta Trust-Govt Money Market | MONXX | 0.17 | 0.63 | Tax Free Money Market |
| UMB Scout Federal Money Market Inv | UMFXX | 0.16 | 0.57 | Tax Free Money Market |
| Calvert Social Invest MM Cl O | CSIXX | 0.19 | 0.62 | Tax Free Money Market |
| Federated Money Market Mgt Eagle Sh | MMMXX | 0.23 | 0.76 | Tax Free Money Market |
| Wells Fargo Avtg Ult-Sh Muni Inv | SMUAX | 0.56 | 0.87 | Municipal - Insured |
| Vanguard Short-Term Tax-Exempt Inv | VWSTX | 0.14 | 0.42 | Municipal - National |
| Colorado Bond Shares Tax-Exempt A | HICOX | 0.55 | 0.35 | Municipal - Single State |
| Fidelity Treasury Capital Reserves | FSRXX | 0.11 | 0.35 | Tax Free Money Market |
| Alpine Ultra Sht Tax Optim Inc Inv | ATOIX | 0.42 | 0.43 | Municipal - High Yield |
| Federated Municipal Obl Instl | MOFXX | 0.20 | 0.65 | Tax Free Money Market |
| Vanguard Tax Exempt Money Mkt | VMSXX | 0.18 | 0.60 | Tax Free Money Market |
| Vanguard PA T/F MM Inv | VPTXX | 0.17 | 0.59 | Tax Free Money Market |
| Vanguard OH Tax Exempt MM | VOHXX | 0.18 | 0.59 | Tax Free Money Market |
| Vanguard NJ T/E Money Market | VNJXX | 0.17 | 0.57 | Tax Free Money Market |
| Oppenheimer Money Market Fund | OMBXX | 0.21 | 0.79 | Taxable Money Market |
| Fidelity Instl Cash-Tax Exempt I | FTCXX | 0.17 | 0.57 | Tax Free Money Market |
| Federated T/F Oblig Fund Instl | TBIXX | 0.18 | 0.62 | Tax Free Money Market |
| SEI Tax-Exempt Tr-Shrt Dur Muni A | SUMAX | 0.11 | 0.27 | Municipal - National |
| Source: TSC Ratings | ||||
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