Long-distance funds: despite the market, these 100 champs will finish strong when other contenders run out of gas.
For mutual fund investors, the news was even better. Morningstar Inc. reports that 58% of domestic stock-picking funds beat the S&P 500, while the average return for all domestic equity entries was a shade under 12%. For most mutual fund investors, then, 2004 was a year in the plus column, a welcome follow-up to the surge of 2003.
The following were among the highlights:
Specialty funds paced the domestic market. As real estate values shot up and oil prices spurted, funds in those categories gained 31.88% and 28.37%, respectively.
Small-cap funds beat large-cap funds while value stocks topped growth stocks. Morningstar's small-value category, for example, led the large-growth group 20.58% to 7.65%.
Investors who ventured offshore did much better than those who stayed at home. The more adventurous you were, the better. While international equity funds returned 17.64% overall, the world's best results, 38.26%, were posted by those eyeing Latin America.
Bond funds fagged, but they still outperformed expectations. Many forecasts called for rising interest rates, which would have devalued bond funds. But rates stayed fairly stable and taxable bond funds returned 4.92%.
Overall, 2004 turned out to be a good, if not great, year, following the 31.63% gain posted by domestic stock funds in 2003. And experts believe there are reasons to maintain a bullish posture. "We expect to see stable to slightly lower unemployment, which would lead to growth in household income and an increase in consumer spending," says Keith Hembre, chief economist at U.S. Bancorp Asset Management, in Minneapolis. "Business investment should continue to grow at a moderate pace. These positive factors are likely to offset high oil prices and more interest rate increases by the Federal Reserve."
The question that remains, though, is just how much longer will the bull roam the markets. So where should you put your investment dollars in 2005? Here's what you should consider when seeking out long-distance runners:
Stick with stocks. "I've been conservative after seeing how the market fell in 2000 through 2002. Now, I think there are more opportunities, so I'm a little bit less cautious," says Kathy Williams, a financial planner in Oklahoma City,
Dr. Leon Bragg, a 56-year-old dental services specialist in Oklahoma City who heads the state's Medicaid dental program, is one of Williams' clients. "Investors such as Dr. Bragg can take a little risk, as long as they avoid extreme losses," she says. "Considering his age, his good health, and his family history of longevity, he needs long-term growth in his portfolio. Therefore, his normal asset allocation is 85% in stocks and 15% in bonds."
Bragg's allocation to stocks has included domestic funds such as the Growth Fund of America (GFAFX) and foreign vehicles such as the Tweedy, Browne Global Value (TBGVX) fund. Nevertheless, his equities have been below the 85% goal because of Williams' caution. Now, she plans to move his stock allocation up to that level because she has more confidence in the stock market.
"I probably will add a mid-cap fund, such as Artisan Mid Cap Value (ARTQX) or Meridian Growth (MERDX)," says Williams. "I'm also looking at Ariel (ARGFX), a small-cap fund." If the economy continues to expand this year, the smaller companies that made it through tough times might post impressive profits.
Keep your balance. Although small- and mid-cap funds have excelled recently, you shouldn't overexpose your portfolio to those asset classes. "Don't chase returns," says Gareth Lyons, an analyst at Morningstar. "Just because an area was hot last year doesn't mean it will be a leader in 2005. In fact, some of last year's top funds might take a back seat to large-growth funds this year."
Lyons' recommendation is to seek a balance: Most investors should hold bond funds as well as stock funds. Among stock funds, you should have a mix of large- and small-cap, growth and value, and foreign and domestic. "Dollar cost averaging is a sound strategy," he says, referring to the practice of investing a certain amount each month or each quarter to catch market lows and highs.
Although you shouldn't chase performance, you shouldn't ignore the past, either. "It's very important to look at how funds performed during the bear market in order to get an idea of their long-term potential," says Williams.
In fact, looking back five years gives you a good picture of what a fund has done in bear (2000 to 2002) as well as bull (2003 to 2004) markets. If the next few years will produce modest returns, as some forecasters expect, you'll want funds that have run well--muddy course or fast track. "Look for funds and fund companies that have been good stewards of capital," says Lyons. "You'll want experienced managers who have performed well over an extended time period, in addition, investors should focus on expense ratios. Choosing funds with low expenses is a proven way to increase long-term returns, especially if we're moving into a period where funds are going to return 8% or 9% a year. Funds with expense ratios of 1% or less will have a huge edge over funds that eat up 2% of your return each year."
Cut your costs. If you're hunting for inexpensive funds, do your homework. "I use Morningstar's publications to help me diversify among mutual funds," says Rick B. Miller, 43, an administrator for a government contractor in Silver Spring, Maryland. "'I try to stick with four- and five-star funds because they're the ones that have done best over the years."
By conducting some careful research, Miller has put together a mix of cost-efficient funds. "For the most part, I prefer index funds, which tend to protect you if the market goes down," Miller says. "My index funds are Vanguard funds, which have very low expense ratios."
For example, Vanguard's largest fund, Vanguard 500 Index (VFINX), which tracks the S&P 500 Index, charges investors a scant. 18% per year. The average domestic stock fund takes 1.50% per year from their shareholders. (Vanguard 500 Index has been so popular that rival Fidelity cut the fee on its Spartan 500 Index [FSMKX] to 0. ] 9% last year, enhancing its competitive position.)
"I also hold Vanguard Small Cap (NAESX) and Vanguard Mid Cap (VIMSX) index funds," says Miller. On the bond side, he owns Vanguard Total Bond Market Index (VBMFX), which holds a mix of top-quality bonds.
"In addition," says Miller, "I have some actively-managed funds such as Vanguard International Growth (VWIGX) and Third Avenue Value (TAVFX)." All of these funds have done well during good times and not too badly in down markets. Miller says that he recently discontinued his investment in Legg Mason Value (LMVTX), despite its superior long-term record, because he is concerned about high fees.
Search for staying power. According to Miller, he has at least matched, and usually beaten, the market since he's been doing his own fund picking. Nevertheless, he periodically seeks advice from LeCount Davis, a certified financial planner in Bethesda, Maryland, who maintains that several factors should be considered while choosing mutual funds.
"Instead of the one-year or year-to-date return," says Davis, "we look at three- and five-year performance. That will give a better idea of how a fund might do in the future. The funds we recommend must meet or beat the category averages." That is, a large-cap growth fund that lags behind the large-growth category won't be recommended. "We also look at the strength a fund's management and the way a fund allocates its money," says Davis. If a fund is supposed to be a large-growth fund, for example, he will examine its top holdings to see if they're the kind of large-growth stocks he wants his clients to own.
"Most important is the risk in a fund," says Davis. "We have buy, hold, and sell lists. There are no funds on our buy list that have above-average risk levels, as ranked by Morningstar."
Lower-risk funds might not shoot out the lights during a bull market, but they're more likely to hold up in bear markets and reward long-term investors. "If a fund got through the 2000-2002 era, after the technology stock crash, it probably can get through another downturn," says Davis.
Among Davis' recommendations are Vanguard Wellesley Income (VWINX) and Vanguard Wellington (VWELX), a balanced fund, meaning that it holds both stocks and bonds, as well as the Dodge & Cox family of mutual funds.
Keep good company. Although he focuses on performance and expenses, Miller pays attention to other factors, too. "I've tried to keep away from funds that are under investigation when I read these reports," he says. "In fact, I have dropped some funds that have been named in published articles."
Look for the long term. Bragg says he was concerned when the stock market went down, but relieved when his balanced portfolio didn't lose as much as the overall market. "My funds have come back since then," he says, "so I'm pleased with the long-term results."
The same spirit of perseverance is expressed by Victoria [,owe, 41, a teacher in New York whose foray into the stock market was launched when stocks were at lofty levels. "I became interested in investing when my daughter was a baby," she says. "I was concerned about paying for her college education and I realized that a scholarship can't be guaranteed. I know that you must have a college education and I was afraid of being priced out. That's when I began investing in mutual funds every month, with regular transfers from my bank account."
Victoria's daughter, Janae, is now 6 years old, so Victoria started investing just before the bear market began. "At first," she says, "it's hard to [accept that] you're losing money. But we know we're in for the long run, so we're leaving the money in there and we keep investing. In fact, I've started to do some investing in mutual funds for my own retirement through my retirement plan at work.
Investing for Janae has become a family project, with Victoria's parents and sisters contributing to the college fund. "With mutual funds, many people can contribute a small amount each month," says Victoria. "You don't even notice the money you're investing, yet it adds up. In addition, we've decided to buy fewer toys for birthdays and for holidays; we're putting the money into mutual funds instead."
As part of the family effort, Victoria turned to her sister Vanessa for advice. Vanessa is a financial analyst and part-time financial planner in Silver Spring, Maryland. Vanessa suggested a mutual fund for Janae's college account.
"With 12 years before she'll start college, Janae's money should be invested in stocks," Vanessa says, "because that's where the long-term returns are likely to be highest. I wanted an index fund for the low costs, as well as a socially responsible fund, to be consistent with our values."
Vanessa's choice was Domini Social Equity (DSEFX), which holds 400 stocks and tracks fairly closely with the S&P 500 Index. "With the Domini fund," she explains, "there is some level of screening. It tries to avoid companies that manufacture tobacco and firearms, for example."
Even though the Lowes are patient, some difficulties have arisen. "The problem with using this fund for such a purpose is that automatic withdrawals can come from only one account," says Vanessa. "I've had some conversations with the people at Domini and they might change their policy. For now, though, other family members have to channel their purchases through the parent's account."
Investors who like the idea of socially responsible index funds have other choices. "An alternative that I sometimes recommend is Citizens 300 (CFCDX), says Vanessa. "This fund tracks the Citizens Index, which is comprised of 300 companies that excel in "business fundamentals and corporate citizenship," according to the fund sponsor.
Beyond index funds, Vanessa says that her mother (Janae's grandmother) has invested in another fund for Janae: Columbia Young Investor (LYIAX). This fund invests in stocks issued by companies familiar to teenagers or younger children. Top holdings recently included ExxonMobil, GE, Wells Fargo, and Microsoft. Educational materials provided by the fund are designed to help young people learn about economics and personal finance.
What about using mutual funds for investing in college through 529 plans, where gains are tax free? "We're looking at the New York plan, which offers tax breaks to residents," says Vanessa. "These 529 plans are still new, though, and they're being marketed heavily. We're waiting to see if the rules will change before we make any commitments."
Be cautious about bonds. This year, Williams plans to shift some clients' money away from bond funds. "If interest rates rise, as people expect, that won't be good for bonds and bond funds," she says. Rising interest rates mean higher yields on new bonds, while existing bonds lose value. Nevertheless, investors should have some of their money in bonds, which provide current yield and portfolio stability. Williams suggests Pioneer High Yield (TAHYX), which holds junk bonds as well as convertible bonds that stand to profit if the issuer's stock goes up in price.
Davis mentions Fremont Bond (FBDFX), which is managed by Bill Gross, considered one of the nation's top bond managers. While Gross manages billions of dollars for institutional investors, individuals can get into the Fremont fund with as little as $2,000. There is no sales charge and expenses are a below-average .61%. For bond funds as well as stock funds, it pays to bank on the basics: good management, low costs, and a history of both dodging the bears and running with the bulls. By looking at these factors, you can choose funds for the long haul.
B.E.'S TOP 100 MUTUAL FUND PERFORMER CATEGORY FUND NAME TICKER Large Growth American Eagle Twenty AETWX Jensen J JENSX American Funds Amcap A AMCPX Old Westbury Mid Cap Equity OWMCX Transamerica Premier Core Equity Inv TPVIX Mid-Cap Meridian Growth MERDX Growth Columbia Acorn Select Z ACTWX Heritage Mid Cap Stock A HMCAX Calamos Growth A CVGRX First American Mid Cap Growth Opp A FRSLX Small Growth Schroder U.S. Opportunities Inv SCUIX Oberweis Micro-Cap OBMCX John Hancock Small Cap A DSISX First American Small Cap Select A EMGRX Lighthouse Opportunity LGFTX Large Blend Mairs & Power Growth MPGFX Century Shares Trust CENSX Thompson Plumb Growth THPGX AmSouth Select Equity I ASEPX AllianceBernstein Focused Growth & In ADGAX Mid-Cap Blend Delaware American Services A DASAX The Fairholme Fund FAIRX TCW Galileo Value Opportunities I TGVOX RS Contrarian Value RSCOX Meridian Value MVALX Small Blend CGM Focus CGMFX Perritt Micro Cap Opportunities PRCGX Munder Small-Cap Value A MNVAX Stratton Small-Cap Value STSCX Texas Capital Value & Growth TCVGX Large Value John Hancock Classic Value A PZFVX Yacktman YACKX TCW Galileo Dividend Focused N TGIGX Oakmark Select I OAKLX Clipper Focus PBHG PBFOX Mid-Cap Value Phoenix Mid-Cap Value A FMIVX Goldman Sachs Mid Cap Value A GCMAX PIMCO PEA Renaissance A PONAX Fidelity Select Construction & Housing FSHOX Janus Mid Cap Value Investor JMCVX Small Value Pacific Capital Small Cap A PCSAX Royce Opportunity Inv RYPNX Delafield DEFIX Armada Small Cap Value A AMRRX Smith Barney Small Cap Value A SBVAX Moderate Bruce Fund Inc. BRUFX Allocation FPA Crescent * FPACX T. Rowe Price Capital Appreciation PRWCX Oakmark Equity & Income I OAKBX Greenspring GRSPX World Stock Oakmark Global I OAKGX Polaris Global Value PGVFX Mutual Discovery A TEDIX Templeton Global Smaller Comp A TEMGX Vanguard Global Equity VHGEX Foreign Large Fidelity Advisor Diversified Intl A FDVAX Growth Laudus International MarketMasters In SWOIX MFS International Growth A MGRAX 1838 International Equity INTEX Artisan International Inv ARTIX Foreign Large Fidelity Canada FICDX Blend Exeter World Opport A EXWAX Thornburg Intl Value A TGVAX Bernstein Intl Port SIMTX Julius Baer Intl Eqty A BJBIX Long Amer. Century Target Mat 2025 Inv BTTRX Government Amer. Century Target Mat 2020 Inv BTTTX Amer. Century Target Mat 2015 Inv BTFTX PIMCO Real Return A PRTNX PIMCO Long-Term U.S. Govt. A PFGAX Intermediate American Century Inflat-Adj Bd Inv ACITX Government BlackRock Government Inc Inv A CCGAX Vanguard Interm-Term U.S. Treas VFITX PIMCO Total Return Mortgage D PTMDX Sentinel Government Securities A SEGSX Short Amer Century Target Mat 2005 Inv BTFTX Government Mangrs Intermediate Duration Govt MGIDX Accessor Mortgage Securities Adv AMSFX Marshall Government Income Inv MRGIX WM U.S. Government Secs A CMPGX Short-Term Ivy Mortgage Securities A IYMAX Bonds Phoenix-Goodwin S/TBdA NARAX Rainier Interm Fixed-Inc RIMFX Brown Advisor Intrm Inc A BIATX William Blair Income N WBRRX Long-Term Delaware Extended Duration Bond A DEEAX Bonds Vanguard Long-Term Bond Index VBLTX Vanguard Long-Term Inv.-Grade Fund VWESX Delaware Corporate Bond A DGCAX Lebenthal Taxable Municipal Bond LTMBX Muni National Harris Insight Tax-Exempt Bond N HXBAX Interm. Bonds Delaware Tax-Free USA Intermediate A DMUSX Old Westbury Municipal Bond OWMBX Victory National Municipal Bond A VNMAX American Funds Tax-Exempt Bond A AFTEX High-Yield Pioneer High Yield A TAHYX Bonds Westcore Flexible Income WTLTX Calamos High Yield A CHYDX AFBA Five Star Hi-Yld A AFHAX WM High Yield A CPHYX 1-YR 3-YR RETURN RETURN CATEGORY FUND NAME % % Large Growth American Eagle Twenty 18.52 1.74 Jensen J 6.01 3.09 American Funds Amcap A 9.81 5.01 Old Westbury Mid Cap Equity 9.15 3.63 Transamerica Premier Core Equity Inv 13.81 4.62 Mid-Cap Meridian Growth 14.47 11.63 Growth Columbia Acorn Select Z 18.58 12.60 Heritage Mid Cap Stock A 17.50 6.03 Calamos Growth A 18.65 12.41 First American Mid Cap Growth Opp A 21.29 10.94 Small Growth Schroder U.S. Opportunities Inv 25.29 11.71 Oberweis Micro-Cap 2.19 20.84 John Hancock Small Cap A 23.60 12.64 First American Small Cap Select A 15.35 10.92 Lighthouse Opportunity 11.35 8.11 Large Blend Mairs & Power Growth 17.99 11.05 Century Shares Trust 12.51 7.14 Thompson Plumb Growth 4.16 3.01 AmSouth Select Equity I 10.01 8.12 AllianceBernstein Focused Growth & In 8.86 5.73 Mid-Cap Blend Delaware American Services A 23.31 19.11 The Fairholme Fund 24.93 15.09 TCW Galileo Value Opportunities I 10.72 6.27 RS Contrarian Value 29.31 29.59 Meridian Value 15.10 10.34 Small Blend CGM Focus 12.33 15.41 Perritt Micro Cap Opportunities 17.14 24.36 Munder Small-Cap Value A 24.69 20.02 Stratton Small-Cap Value 26.43 19.63 Texas Capital Value & Growth 17.63 18.16 Large Value John Hancock Classic Value A 14.28 13.39 Yacktman 9.93 17.67 TCW Galileo Dividend Focused N 17.42 11.80 Oakmark Select I 9.73 7.40 Clipper Focus PBHG 6.82 6.26 Mid-Cap Value Phoenix Mid-Cap Value A 24.74 15.63 Goldman Sachs Mid Cap Value A 25.37 14.90 PIMCO PEA Renaissance A 15.54 10.60 Fidelity Select Construction & Housing 28.52 19.22 Janus Mid Cap Value Investor 18.36 12.75 Small Value Pacific Capital Small Cap A 23.48 20.56 Royce Opportunity Inv 17.51 19.02 Delafield 20.85 16.15 Armada Small Cap Value A 21.30 14.49 Smith Barney Small Cap Value A 20.80 15.56 Moderate Bruce Fund Inc. 57.19 42.02 Allocation FPA Crescent * 10.21 12.97 T. Rowe Price Capital Appreciation 15.29 13.30 Oakmark Equity & Income I 10.36 9.99 Greenspring 8.69 10.31 World Stock Oakmark Global I 15.63 19.03 Polaris Global Value 23.63 23.58 Mutual Discovery A 18.93 12.22 Templeton Global Smaller Comp A 26.27 20.88 Vanguard Global Equity 20.09 17.88 Foreign Large Fidelity Advisor Diversified Intl A 19.02 15.08 Growth Laudus International MarketMasters In 19.34 11.96 MFS International Growth A 17.54 12.00 1838 International Equity 21.02 10.72 Artisan International Inv 17.76 7.24 Foreign Large Fidelity Canada 23.92 21.69 Blend Exeter World Opport A 25.42 13.54 Thornburg Intl Value A 17.73 13.86 Bernstein Intl Port 18.48 14.60 Julius Baer Intl Eqty A 23.22 17.31 Long Amer. Century Target Mat 2025 Inv 16.38 12.69 Government Amer. Century Target Mat 2020 Inv 12.44 12.23 Amer. Century Target Mat 2015 Inv 9.09 11.21 PIMCO Real Return A 8.71 11.02 PIMCO Long-Term U.S. Govt. A 6.83 9.33 Intermediate American Century Inflat-Adj Bd Inv 7.95 10.09 Government BlackRock Government Inc Inv A 3.92 6.73 Vanguard Interm-Term U.S. Treas 3.40 6.51 PIMCO Total Return Mortgage D 4.53 5.76 Sentinel Government Securities A 4.69 6.01 Short Amer Century Target Mat 2005 Inv 0.60 4.22 Government Mangrs Intermediate Duration Govt 3.95 5.30 Accessor Mortgage Securities Adv 3.87 4.65 Marshall Government Income Inv 4.24 5.15 WM U.S. Government Secs A 3.57 4.55 Short-Term Ivy Mortgage Securities A 4.23 5.64 Bonds Phoenix-Goodwin S/TBdA 4.81 7.12 Rainier Interm Fixed-Inc 2.29 5.12 Brown Advisor Intrm Inc A 2.90 4.56 William Blair Income N 2.61 4.71 Long-Term Delaware Extended Duration Bond A 10.03 12.69 Bonds Vanguard Long-Term Bond Index 8.40 9.36 Vanguard Long-Term Inv.-Grade Fund 8.94 9.44 Delaware Corporate Bond A 7.07 10.19 Lebenthal Taxable Municipal Bond 5.53 7.95 Muni National Harris Insight Tax-Exempt Bond N 3.20 6.58 Interm. Bonds Delaware Tax-Free USA Intermediate A 4.93 6.70 Old Westbury Municipal Bond 2.59 5.98 Victory National Municipal Bond A 3.24 5.54 American Funds Tax-Exempt Bond A 4.37 5.99 High-Yield Pioneer High Yield A 6.75 11.13 Bonds Westcore Flexible Income 10.40 12.19 Calamos High Yield A 10.93 11.62 AFBA Five Star Hi-Yld A 8.14 9.85 WM High Yield A 11.43 13.95 5-YR MINIMUM RETURN INITIAL CATEGORY FUND NAME % PURCHASE Large Growth American Eagle Twenty 5.90 $1,000 Jensen J 5.64 2,500 American Funds Amcap A 3.41 250 Old Westbury Mid Cap Equity 3.30 1,000 Transamerica Premier Core Equity Inv 3.11 1,000 Mid-Cap Meridian Growth 15.40 1,000 Growth Columbia Acorn Select Z 11.48 1,000 Heritage Mid Cap Stock A 11.15 1,000 Calamos Growth A 10.67 1,000 First American Mid Cap Growth Opp A 10.51 1,000 Small Growth Schroder U.S. Opportunities Inv 15.33 10,000 Oberweis Micro-Cap 14.99 1,000 John Hancock Small Cap A 14.17 1,000 First American Small Cap Select A 12.86 1,000 Lighthouse Opportunity 12.33 2,000 Large Blend Mairs & Power Growth 13.02 2,500 Century Shares Trust 10.51 1,000 Thompson Plumb Growth 10.35 2,500 AmSouth Select Equity I 8.95 1,000 AllianceBernstein Focused Growth & In 8.53 1,000 Mid-Cap Blend Delaware American Services A 21.32 1,000 The Fairholme Fund 18.85 2,500 TCW Galileo Value Opportunities I 17.26 2,000 RS Contrarian Value 17.10 5,000 Meridian Value 15.53 1,000 Small Blend CGM Focus 28.43 2,500 Perritt Micro Cap Opportunities 22.40 1,000 Munder Small-Cap Value A 19.95 2,500 Stratton Small-Cap Value 18.66 2,000 Texas Capital Value & Growth 18.55 2,000 Large Value John Hancock Classic Value A 17.50 1,000 Yacktman 17.17 2,500 TCW Galileo Dividend Focused N 15.65 2,000 Oakmark Select I 14.46 1,000 Clipper Focus PBHG 14.13 2,500 Mid-Cap Value Phoenix Mid-Cap Value A 17.88 500 Goldman Sachs Mid Cap Value A 17.47 1,000 PIMCO PEA Renaissance A 17.34 5,000 Fidelity Select Construction & Housing 17.23 2,500 Janus Mid Cap Value Investor 17.08 2,500 Small Value Pacific Capital Small Cap A 22.63 1,000 Royce Opportunity Inv 18.84 2,000 Delafield 18.75 5,000 Armada Small Cap Value A 18.53 500 Smith Barney Small Cap Value A 18.52 1,000 Moderate Bruce Fund Inc. 37.21 1,000 Allocation FPA Crescent * 15.25 1,500 T. Rowe Price Capital Appreciation 14.40 2,500 Oakmark Equity & Income I 13.49 1,000 Greenspring 11.34 2,000 World Stock Oakmark Global I 18.59 $1,000 Polaris Global Value 12.69 2,500 Mutual Discovery A 9.86 1,000 Templeton Global Smaller Comp A 9.73 1,000 Vanguard Global Equity 9.50 3,000 Foreign Large Fidelity Advisor Diversified Intl A 3.83 2,500 Growth Laudus International MarketMasters In 0.61 2,500 MFS International Growth A 0.59 1,000 1838 International Equity -1.22 1,000 Artisan International Inv -1.49 1,000 Foreign Large Fidelity Canada 12.83 2,500 Blend Exeter World Opport A 9.52 2,000 Thornburg Intl Value A 5.38 5,000 Bernstein Intl Port 4.87 25,000 Julius Baer Intl Eqty A 3.78 2,500 Long Amer. Century Target Mat 2025 Inv 13.06 2,500 Government Amer. Century Target Mat 2020 Inv 12.71 2,500 Amer. Century Target Mat 2015 Inv 11.87 2,500 PIMCO Real Return A 10.85 5,000 PIMCO Long-Term U.S. Govt. A 10.49 5,000 Intermediate American Century Inflat-Adj Bd Inv 9.99 2,500 Government BlackRock Government Inc Inv A 8.52 500 Vanguard Interm-Term U.S. Treas 8.18 3,000 PIMCO Total Return Mortgage D 7.70 5,000 Sentinel Government Securities A 7.48 1,000 Short Amer Century Target Mat 2005 Inv 6.83 2,500 Government Mangrs Intermediate Duration Govt 6.72 2,000 Accessor Mortgage Securities Adv 6.52 5,000 Marshall Government Income Inv 6.38 1,000 WM U.S. Government Secs A 6.19 1,000 Short-Term Ivy Mortgage Securities A 7.55 500 Bonds Phoenix-Goodwin S/TBdA 7.26 500 Rainier Interm Fixed-Inc 6.55 25,000 Brown Advisor Intrm Inc A 6.26 2,000 William Blair Income N 6.24 5,000 Long-Term Delaware Extended Duration Bond A 11.73 1,000 Bonds Vanguard Long-Term Bond Index 10.53 3,000 Vanguard Long-Term Inv.-Grade Fund 9.92 3,000 Delaware Corporate Bond A 9.59 1,000 Lebenthal Taxable Municipal Bond 9.58 2,500 Muni National Harris Insight Tax-Exempt Bond N 7.88 1,000 Interm. Bonds Delaware Tax-Free USA Intermediate A 6.93 1,000 Old Westbury Municipal Bond 6.91 1,000 Victory National Municipal Bond A 6.75 500 American Funds Tax-Exempt Bond A 6.63 250 High-Yield Pioneer High Yield A 12.56 1,000 Bonds Westcore Flexible Income 10.67 2,500 Calamos High Yield A 9.16 1,000 AFBA Five Star Hi-Yld A N/A 500 WM High Yield A 8.47 1,000 CATEGORY FUND NAME PHONE Large Growth American Eagle Twenty 800-335-0333 Jensen J 800-992-4144 American Funds Amcap A 800-421-0180 Old Westbury Mid Cap Equity 800-607-2200 Transamerica Premier Core Equity Inv 800-892-7587 Mid-Cap Meridian Growth 800-446-6662 Growth Columbia Acorn Select Z 800-345-6611 Heritage Mid Cap Stock A 800-421-4184 Calamos Growth A 800-823-7386 First American Mid Cap Growth Opp A 800-677-3863 Small Growth Schroder U.S. Opportunities Inv 800-464-3108 Oberweis Micro-Cap 800-323-6166 John Hancock Small Cap A 800-225-5291 First American Small Cap Select A 800-677-3863 Lighthouse Opportunity 866-811-0218 Large Blend Mairs & Power Growth 800-304-7404 Century Shares Trust 800-321-1928 Thompson Plumb Growth 800-999-0887 AmSouth Select Equity I 800-451-8379 AllianceBernstein Focused Growth & In 800-221-5672 Mid-Cap Blend Delaware American Services A 800-362-7500 The Fairholme Fund 866-202-2263 TCW Galileo Value Opportunities I 800-386-3829 RS Contrarian Value 800-766-3863 Meridian Value 800-446-6662 Small Blend CGM Focus 800-345-4048 Perritt Micro Cap Opportunities 800-332-3133 Munder Small-Cap Value A 800-468-6337 Stratton Small-Cap Value 800-634-5726 Texas Capital Value & Growth 800-880-0324 Large Value John Hancock Classic Value A 800-225-5291 Yacktman 800-525-8258 TCW Galileo Dividend Focused N 800-386-3829 Oakmark Select I 800-625-6275 Clipper Focus PBHG 800-433-0051 Mid-Cap Value Phoenix Mid-Cap Value A 800-243-1574 Goldman Sachs Mid Cap Value A 800-526-7384 PIMCO PEA Renaissance A 888-877-4626 Fidelity Select Construction & Housing 800-343-3548 Janus Mid Cap Value Investor 800-525-3713 Small Value Pacific Capital Small Cap A 800-258-9232 Royce Opportunity Inv 800-221-4268 Delafield 800-221-3079 Armada Small Cap Value A 800-622-3863 Smith Barney Small Cap Value A 800-451-2010 Moderate Bruce Fund Inc. 800-872-7823 Allocation FPA Crescent * 800-982-4372 T. Rowe Price Capital Appreciation 800-638-5660 Oakmark Equity & Income I 800-625-6275 Greenspring 800-366-3863 World Stock Oakmark Global I 800-625-6275 Polaris Global Value 888-263-5594 Mutual Discovery A 800-342-5236 Templeton Global Smaller Comp A 800-342-5236 Vanguard Global Equity 800-662-7447 Foreign Large Fidelity Advisor Diversified Intl A 800-522-7297 Growth Laudus International MarketMasters In 800-435-4000 MFS International Growth A 800-225-2606 1838 International Equity 800-232-1838 Artisan International Inv 800-344-1770 Foreign Large Fidelity Canada 800-343-3548 Blend Exeter World Opport A 800-466-3863 Thornburg Intl Value A 800-847-0200 Bernstein Intl Port 800-221-5672 Julius Baer Intl Eqty A 800-435-4659 Long Amer. Century Target Mat 2025 Inv 800-345-2021 Government Amer. Century Target Mat 2020 Inv 800-345-2021 Amer. Century Target Mat 2015 Inv 800-345-2021 PIMCO Real Return A 888-877-4626 PIMCO Long-Term U.S. Govt. A 888-877-4626 Intermediate American Century Inflat-Adj Bd Inv 800-345-2021 Government BlackRock Government Inc Inv A 800-441-7762 Vanguard Interm-Term U.S. Treas 800-662-7447 PIMCO Total Return Mortgage D 888-877-4626 Sentinel Government Securities A 800-282-3863 Short Amer Century Target Mat 2005 Inv 800-345-2021 Government Mangrs Intermediate Duration Govt 800-835-3879 Accessor Mortgage Securities Adv 800-882-9612 Marshall Government Income Inv 800-236-8560 WM U.S. Government Secs A 800-222-5852 Short-Term Ivy Mortgage Securities A 800-777-6472 Bonds Phoenix-Goodwin S/TBdA 800-243-4361 Rainier Interm Fixed-Inc 800-248-6314 Brown Advisor Intrm Inc A 800-540-6807 William Blair Income N 800-742-7272 Long-Term Delaware Extended Duration Bond A 800-362-7500 Bonds Vanguard Long-Term Bond Index 800-662-7447 Vanguard Long-Term Inv.-Grade Fund 800-662-7447 Delaware Corporate Bond A 800-362-7500 Lebenthal Taxable Municipal Bond 800-221-5822 Muni National Harris Insight Tax-Exempt Bond N 800-982-8782 Interm. Bonds Delaware Tax-Free USA Intermediate A 800-523-4640 Old Westbury Municipal Bond 800-607-2200 Victory National Municipal Bond A 800-539-3863 American Funds Tax-Exempt Bond A 800-421-0180 High-Yield Pioneer High Yield A 800-225-6292 Bonds Westcore Flexible Income 800-392-2673 Calamos High Yield A 800-823-7386 AFBA Five Star Hi-Yld A 800-243-9865 WM High Yield A 800-222-5852 TOP FIVE FUNDS IN 20 CATEGORIES (SINGLE-SHARE CLASS, RETAIL ONLY--NO EQUAL ACCESS, NO INSTITUTIONAL, OPEN TO NEW INVESTORS) DATA THROUGH 12/31/2004 * FUND CLOSED AT PRESS TIME. SOURCE: MORNINGSTAR INC. MORNINGSTAR MAKES EVERY EFFORT TO ENSURE THE ACCURACY AND COMPLETENESS OF THIS DATA, BUT CANNOT GUARANTEED IT.
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|Title Annotation:||Mutual Fund Overview|
|Author:||Korn, Donald Jay|
|Date:||Apr 1, 2005|
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