Municipal ETFs

Average returns in this Category	3 months return	6 months return	12 months return	YTD return

Municipal	12.85%	22.13%	2.80%	37.36%

Ticker SPY	Name	3 months return	6 months return	12 months return	YTD return

AKP	Alliance CA Municipal Income Fund (AKP)	15.83%	23%	-6.09%	37.03%

AYN	Alliance New York Municipal Income Fund (AYN)	12.48%	23.68%	0.3%	35.95%

AFB	AllianceBernstein National Municipal Income Fund (AFB)	13.04%	20.92%	2.41%	39.32%

XAA	American Municipal Income Portfolio (XAA)	15.78%	31.7%	7.22%	58.77%

APX	BlackRock Apex Municipal Fund, Inc. (APX)	10.42%	23.79%	-3.77%	38.16%

BCK	BlackRock CA Insured Municipal Income Trust III (BCK)	23.39%	32.4%	3.38%	38.81%

BJZ	BlackRock CA Municipal 2018 Income Trust (BJZ)	8.92%	15.05%	1.88%	30.52%

BCL	BlackRock CA Municipal Income Tr II (BCL)	19.3%	32.05%	5.12%	47.51%

RAA	BlackRock California Investment Quality Municipal Trust (RAA)	17.84%	34.13%	2.31%	45.26%

BZA	BlackRock California Municipal Bond Trust (BZA)	17%	30.57%	0.21%	35.31%

BFZ	BlackRock California Municipal Income Trust (BFZ)	19.28%	22.44%	-3.01%	52.31%

EGF	BlackRock Enhanced Government Fund, Inc. (EGF)	1.65%	7.23%	4.37%	3.86%

BFO	BlackRock Florida Municipal 2020 Term Trust (BFO)	8.36%	13.8%	2.58%	27.64%

BAF	BlackRock Insured Municipal Income Investment Trust (BAF)	15.22%	28.23%	9.12%	38%

BYM	BlackRock Insured Municipal Income Trust (BYM)	15.58%	21.41%	4.81%	31.73%

BMT	BlackRock Insured Municipal Term Trust (BMT)	0.98%	1.08%	3.2%	1.57%

RFA	BlackRock Investment Quality Municipal Income Trust (RFA)	19.94%	42.39%	10.19%	55.54%

BKN	BlackRock Investment Quality Municipal Trust (BKN)	19.52%	25.16%	3.76%	57.14%

BTA	BlackRock Long-Term Municipal Advantage Trust (BTA)	15.53%	25.71%	-5.24%	48.82%

BZM	BlackRock Maryland Municipal Bond Trust (BZM)	7.38%	20.88%	1%	45.76%

MUI	BlackRock Muni Intermediate Duration Fund, Inc. (MUI)	13.21%	20.95%	5.65%	31.1%

MNE	BlackRock Muni NY Intermediate Duration Fund, Inc. (MNE)	11.83%	24.39%	1.92%	39%

MUA	BlackRock MuniAssets Fund, Inc. (MUA)	11.17%	24.28%	1.97%	43.48%

BPK	BlackRock Municipal 2018 Income Term Trust (BPK)	4.58%	10.31%	1.32%	17.96%

BKK	BlackRock Municipal 2020 Term Trust (BKK)	7.18%	15.94%	1.61%	31.41%

BIE	BlackRock Municipal Bond Investment Trust (BIE)	13.83%	31.23%	-1.83%	44%

BBK	BlackRock Municipal Bond Trust (BBK)	13.41%	33.18%	5.23%	57.03%

BBF	BlackRock Municipal Income Investment Trust (BBF)	17.41%	25.94%	-3.12%	36.78%

BFK	BlackRock Municipal Income Trust (BFK)	17.6%	27.58%	6.27%	59.98%

BLE	BlackRock Municipal Income Trust II (BLE)	17.12%	37.36%	6.67%	51.1%

MEN	BlackRock MuniEnhanced Fund, Inc. (MEN)	14.3%	22.58%	7.64%	39.04%

MUC	BlackRock MuniHoldings California Insured Fund, Inc. (MUC)	21.71%	30.16%	8.61%	44.18%

MUH	BlackRock MuniHoldings Fund II, Inc. (MUH)	13.05%	26.01%	2.83%	39.15%

MHD	BlackRock MuniHoldings Fund, Inc. (MHD)	16.25%	25.5%	2.47%	47.41%

MUE	BlackRock MuniHoldings Insured Fund II, Inc. (MUE)	17.34%	19.81%	12.79%	32.63%

MUS	BlackRock MuniHoldings Insured Fund, Inc. (MUS)	13.08%	21.65%	10.16%	35.53%

MFL	BlackRock MuniHoldings Insured Investment Fund (MFL)	16%	28.95%	14.78%	42.62%

MUJ	BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)	15.73%	29.61%	10.71%	41.99%

MHN	BlackRock MuniHoldings New York Insured Fund, Inc. (MHN)	19.06%	33.07%	10.89%	50.45%

MVT	BlackRock MuniVest Fund II, Inc. (MVT)	15.74%	33.05%	5.43%	53.52%

MVF	BlackRock MuniVest Fund, Inc. (MVF)	16.77%	29.9%	17.35%	41.98%

MZA	BlackRock MuniYield Arizona Fund, Inc. (MZA)	9.46%	43.21%	-0.3%	51.96%

MYC	BlackRock MuniYield California Fund, Inc. (MYC)	19.66%	27.68%	4.14%	46.32%

MCA	BlackRock MuniYield California Insured Fund, Inc. (MCA)	19.36%	28.39%	6.69%	38.89%

MYD	BlackRock MuniYield Fund, Inc. (MYD)	8.9%	15.83%	3.33%	28.98%

MYI	BlackRock MuniYield Insured Fund, Inc. (MYI)	14.95%	19.6%	9.3%	40.07%

MFT	BlackRock MuniYield Insured Investment Fund (MFT)	15.36%	26.71%	7.31%	38.68%

MYF	BlackRock MuniYield Investment Fund (MYF)	20.52%	26.17%	8.3%	44.36%

MYM	BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)	20.91%	30.43%	6.06%	40.6%

MIY	BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)	15.41%	31.75%	6.02%	37.01%

MYJ	BlackRock MuniYield New Jersey Fund, Inc. (MYJ)	12.2%	29.16%	4.9%	42.5%

MJI	BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)	17.57%	27.65%	8.37%	43.67%

MYN	BlackRock MuniYield NY Insured Fund, Inc. (MYN)	18.02%	28.08%	4.19%	41.63%

MPA	BlackRock MuniYield Pennsylvania Insured Fund (MPA)	13.92%	25.3%	9.98%	46.67%

MQT	BlackRock MuniYield Quality Fund II, Inc. (MQT)	14.15%	20.29%	10.56%	35.43%

MQY	BlackRock MuniYield Quality Fund, Inc. (MQY)	15.37%	24.8%	5.05%	36.04%

RNJ	BlackRock New Jersey Investment Quality Municipal Trust (RNJ)	1.91%	37.98%	1.99%	59.9%

BLJ	BlackRock New Jersey Municipal Bond Trust (BLJ)	4.44%	15.1%	-7.22%	25.52%

BNJ	BlackRock New Jersey Municipal Income Trust (BNJ)	5.44%	15%	-6%	25.9%

RNY	BlackRock New York Investment Quality Muni Trust (RNY)	15.13%	22.59%	6.09%	42.37%

BQH	BlackRock New York Municipal Bond Trust (BQH)	18.3%	19.05%	5.19%	48.22%

BNY	BlackRock New York Municipal Income Trust (BNY)	8.74%	20.05%	-2.68%	52.52%

BSE	BlackRock NY Insured Municipal Income Trust III (BSE)	17.27%	31%	2.17%	47.57%

BLH	BlackRock NY Municipal 2018 Income Trust (BLH)	6.17%	7.74%	0.44%	12.52%

BFY	BlackRock NY Municipal Income Tr II (BFY)	13.99%	30.56%	5.62%	50.48%

BPS	BlackRock Pennsylvania Strategic Municipal Trust (BPS)	24.93%	38.45%	7.83%	48.81%

BSD	BlackRock Strategic Municipal Trust (BSD)	18.47%	35.06%	-2.16%	49.57%

BHV	BlackRock Virginia Municipal Bond Trust (BHV)	7.23%	7.43%	-11.03%	12.88%

VAZ	Delaware Investments Arizona Municipal Income Fund (VAZ)	10.13%	22.55%	-3.45%	21.03%

VCF	Delaware Investments Colorado Municipal Income Fund (VCF)	5.96%	17.65%	-10.55%	-2.66%

VMM	Delaware Investments Minnesota Municipal Income Fund II (VMM)	5.51%	9.21%	-4.3%	19.94%

VFL	Delaware Investments National Municipal Income Fund (VFL)	6.87%	17.45%	10.08%	31.33%

DMF	Dreyfus Municipal Income (DMF)	9.96%	21.43%	5.59%	30.57%

DSM	Dreyfus Strategic Municipal Bond Fund (DSM)	11.16%	25.76%	3.46%	34.35%

LEO	Dreyfus Strategic Municipals (LEO)	13.69%	26.31%	2.71%	41.31%

DTF	DTF Tax Free Income (DTF)	11.34%	22.62%	10.08%	21.59%

KTF	DWS Municipal Income Trust (KTF)	15.03%	23.04%	12.88%	40%

KSM	DWS Strategic Municipal Income Trust (KSM)	14.3%	33.37%	13.77%	53.07%

CEV	Eaton Vance California Municipal Income Trust (CEV)	32.96%	35.01%	-3.45%	71.67%

EIA	Eaton Vance Insured CA Municipal Bond II (EIA)	23.65%	20.75%		57.99%

EVM	Eaton Vance Insured California Municipal Bond (EVM)	23.68%	20.09%	-5.03%	60.63%

MAB	Eaton Vance Insured MA Municipal Bond (MAB)	11.36%	24.79%	0.14%	41.35%

MIW	Eaton Vance Insured MI Municipal Bond (MIW)	12.37%	39.41%	14.85%	63.15%

EIM	Eaton Vance Insured Municipal Bond Fund (EIM)	17.13%	22.94%	0.61%	48.19%

EIV	Eaton Vance Insured Municipal Bond II (EIV)	13.97%	14.46%	-0.53%	48.37%

EMJ	Eaton Vance Insured New Jersey Municipal Bond (EMJ)	3.93%	20.35%	2.18%	45.5%

ENX	Eaton Vance Insured New York Municipal Bond Fund (ENX)	6.59%	24.12%	-1.61%	44.25%

NYH	Eaton Vance Insured New York Municipal Bond Fund II (NYH)	13.71%	22.29%	4.11%	51.86%

EIO	Eaton Vance Insured OH Municipal Bond (EIO)	8.22%	26.56%	2.16%	37.31%

EIP	Eaton Vance Insured Pennsylvania Municipal Bond Fund (EIP)	7.78%	25%	-8.6%	45.71%

MMV	Eaton Vance Massachusetts Municipal Income Trust (MMV)	14.24%	12.51%	9.97%	53.65%

EMI	Eaton Vance Michigan Municipal Income Trust (EMI)	19.4%	34.9%	7.1%	54.63%

EVN	Eaton Vance Municipal Income Trust (EVN)	17.91%	24.89%	-12.32%	46.4%

FEV	Eaton Vance National Municipal Income Trust (FEV)	16.71%	11%	8%	14%

EVJ	Eaton Vance New Jersey Municipal Income Trust (EVJ)	19.82%	33.2%	9.59%	67.87%

EVY	Eaton Vance New York Municipal Income Trust (EVY)	12.07%	33.57%	-3.04%	77.37%

EVO	Eaton Vance Ohio Municipal Income Trust (EVO)	9.51%	26.74%	8.07%	48.7%

EVP	Eaton Vance Pennsylvania Municipal Income Trust (EVP)	9.78%	33.16%	3.85%	60.03%

FPT	Federated Premier Intermediate Municipal Income Fund (FPT)	11.79%	26.38%	12.89%	41.03%

FMN	Federated Premier Municipal Income Fund (FMN)	14.45%	33.89%	16.38%	66.63%

PIF	Insured Municipal Income Fund (PIF)	14.92%	22.25%	8.5%	36.53%

PPM	Investment Grade Municipal Income Fund (PPM)	14.21%	26.79%	5.82%	38.62%

AGZ	iShares Barclays Agency Fund (AGZ)	2.04%	1.2%		0.44%

SUB	iShares S&P Short Term National Municipal Bond Fund (SUB)	-0.14%	1.87%		3.42%

HYD	Market Vectors High-Yield Municipal Index ETF (HYD)	6.01%	14.62%		0%

PRB	Market Vectors Pre-Refunded Municipal Index ETF (PRB)	2.29%	1.92%		0%

MZF	MBIA Capital/Claymore Managed Duration Investment Grade Muni (MZF)	18.96%	32.85%	6.28%	51.29%

CCA	MFS California Insured Municipal (CCA)	23.02%	24.64%	2.26%	59.8%

CXE	MFS High Income Municipal Trust (CXE)	18.49%	49.85%	-3.18%	72.7%

CMU	MFS High Yield Municipal Trust (CMU)	19.73%	41.53%	-8.09%	59.93%

CXH	MFS Investment Grade Municipal Trust (CXH)	13.23%	29.39%	2.25%	45.82%

MFM	MFS Municipal Income Trust (MFM)	17.41%	40.04%	-3.36%	63.61%

MXN	Minnesota Municipal Income Fund II (MXN)	9.42%	21.73%	8.82%	37.17%

MXA	Minnesota Municipal Income Portfolio (MXA)	10.18%	17.41%	10.77%	42.16%

IIC	Morgan Stanley California Insured Municipal Income Trust (IIC)	15.18%	24.45%	3.22%	39.83%

IQC	Morgan Stanley California Quality Municipal Securities (IQC)	17.75%	20.29%	-3.84%	46.95%

ICS	Morgan Stanley Insured California Municipal Securities (ICS)	6.94%	5.99%	-3.32%	16.03%

IMC	Morgan Stanley Insured Municipal Bond Trust (IMC)	13.08%	15.42%	12.13%	36.18%

IIM	Morgan Stanley Insured Municipal Income Trust (IIM)	12.42%	18.38%	10.71%	28.96%

IMS	Morgan Stanley Insured Municipal Securities (IMS)	3.05%	-1.6%	-2.24%	13.07%

IMT	Morgan Stanley Insured Municipal Trust (IMT)	12.25%	21.75%	9.49%	31.95%

OIA	Morgan Stanley Municipal Income Opportunities Trust (OIA)	7.65%	15.06%	-13.06%	33.98%

OIB	Morgan Stanley Municipal Income Opportunities Trust II (OIB)	11.09%	13.09%	-10.14%	35.23%

OIC	Morgan Stanley Municipal Income Opportunities Trust III (OIC)	4.5%	15.37%	-12.07%	27.23%

PIA	Morgan Stanley Municipal Premium Income Trust (PIA)	13.52%	22.41%	1.83%	35.12%

IQN	Morgan Stanley New York Quality Muncipal Securities (IQN)	14.96%	27.24%	7.04%	41.24%

IQI	Morgan Stanley Quality Municipal Income Trust (IQI)	15.39%	22.41%	4.23%	27.72%

IQT	Morgan Stanley Quality Municipal Investment Trust (IQT)	12.58%	21.48%	4.98%	34.63%

IQM	Morgan Stanley Quality Municipal Securities Trust (IQM)	13.79%	21.42%	4.99%	35.69%

NBW	Neuberger Berman California Intermediate Municipal Fund (NBW)	13.22%	15.47%	6.97%	28.71%

NBH	Neuberger Berman Intermediate Municipal Fund (NBH)	7.02%	10.22%	4.9%	16.92%

NBO	Neuberger Berman New York Intermediate Municipal Fund (NBO)	8.47%	10.13%	3.03%	23.83%

NFZ	Nuveen Arizona Dividend Advantage Municipal Fund (NFZ)	11.92%	32.84%	-2.78%	35.27%

NKR	Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR)	4.18%	22.94%	-4.51%	27%

NXE	Nuveen Arizona Dividend Advantage Municipal Fund 3 (NXE)	11.28%	31.07%	0.4%	34.44%

NAZ	Nuveen Arizona Premium Income Municipal Fund (NAZ)	8.42%	19.04%	0.63%	39.7%

NAC	Nuveen California Dividend Advantage Municipal Fund (NAC)	20%	29.47%	-4.92%	35.28%

NVX	Nuveen California Dividend Advantage Municipal Fund 2 (NVX)	18.99%	28.2%	4.93%	44.97%

NZH	Nuveen California Dividend Advantage Municipal Fund 3 (NZH)	20.23%	24.75%	-2.02%	42.21%

NQC	Nuveen California Investment Quality Municipal Fund (NQC)	17.52%	28.56%	-0.46%	34.26%

NCO	Nuveen California Municipal Market Opportunity Fund (NCO)	17.2%	26.38%	2.27%	39.74%

NCA	Nuveen California Municipal Value Fund (NCA)	12.16%	13.37%	-2.18%	13.37%

NCP	Nuveen California Performance Plus Municipal Fund (NCP)	14.91%	27.17%	2.47%	41.74%

NCU	Nuveen California Premium Income Municipal Fund (NCU)	18.33%	29.79%	1.21%	42.1%

NUC	Nuveen California Quality Income Municipal Fund (NUC)	17.78%	26.08%	6%	39.47%

NVC	Nuveen California Select Quality Municipal Fund (NVC)	17.77%	30.38%	4.16%	40.54%

NXC	Nuveen California Select Tax-Free Income Portfolio (NXC)	11.02%	10.66%	-5.13%	8.87%

NFC	Nuveen Connecticut Dividend Advantage Municipal Fund (NFC)	10.19%	28.8%	5.03%	39.4%

NGK	Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK)	3.86%	32.57%	1.89%	36.66%

NGO	Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO)	6.11%	25.5%	4.02%	36.08%

NTC	Nuveen Connecticut Premium Income Municipal Fund (NTC)	11.85%	25.6%	2.16%	29.89%

NAD	Nuveen Dividend Advantage Municipal Fund (NAD)	13.58%	25.85%	9.04%	37.4%

NXZ	Nuveen Dividend Advantage Municipal Fund 2 (NXZ)	11.3%	20.43%	-0.07%	23.27%

NZF	Nuveen Dividend Advantage Municipal Fund 3 (NZF)	14.11%	23.92%	7.88%	37.89%

NQF	Nuveen Florida Investment Quality Municipal Fund (NQF)	11.61%	19.53%	6.49%	40.55%

NUF	Nuveen Florida Quality Income Municipal Fund (NUF)	11.06%	18.36%	7.79%	37.12%

NZX	Nuveen Georgia Dividend Advantage Municipal Fund (NZX)	6.84%	23.54%	11.62%	44.95%

NKG	Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG)	12.51%	20.92%	4.69%	38.5%

NPG	Nuveen Georgia Premium Income Municipal Fund (NPG)	8.5%	23.28%	9.3%	34.27%

NKL	Nuveen Insured California Dividend Advantage Municipal Fund (NKL)	18.44%	23.86%	0.73%	34.73%

NPC	Nuveen Insured California Premium Income Municipal Fund (NPC)	15.18%	21.42%	0.15%	31.35%

NCL	Nuveen Insured California Premium Income Municipal Fund 2 (NCL)	9.12%	23.84%	2.68%	43.3%

NKX	Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX)	18.76%	21.01%	-1.4%	29.79%

NVG	Nuveen Insured Dividend Advantage Municipal Fund (NVG)	10.98%	16.54%	10.71%	21.73%

NFL	Nuveen Insured Florida Premium Income Municipal Fund (NFL)	12.73%	17.18%	8.69%	33.07%

NWF	Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF)	9.12%	17.16%	8.22%	34.02%

NGX	Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NGX)	7.38%	8.96%	-2.01%	23.77%

NIO	Nuveen Insured Municipal Opportunity Fund (NIO)	13.84%	15.01%	8.06%	25.21%

NKO	Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)	11.79%	21.7%	6.49%	33.27%

NNF	Nuveen Insured New York Premium Income Municipal Fund (NNF)	14.86%	24.09%	9.68%	36%

NRK	Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)	8.79%	22.08%	1.58%	30.21%

NPX	Nuveen Insured Premium Income Municipal Fund 2 (NPX)	11.57%	19.05%	9.87%	30.6%

NQI	Nuveen Insured Quality Municipal Fund (NQI)	10.89%	13.84%	7.64%	32.53%

NEA	Nuveen Insured Tax-Free Advantage Municipal Fund (NEA)	10.5%	17.39%	4.3%	30.48%

NQM	Nuveen Investment Quality Municipal Fund (NQM)	13.14%	17.34%	7.34%	31.53%

NFM	Nuveen Maryland Dividend Advantage Municipal Fund (NFM)	14.48%	26.19%	10.56%	58.15%

NZR	Nuveen Maryland Dividend Advantage Municipal Fund 2 (NZR)	8.13%	18.59%	7.29%	37.85%

NWI	Nuveen Maryland Dividend Advantage Municipal Fund 3 (NWI)	9.25%	17.08%	9.88%	35.83%

NMY	Nuveen Maryland Premium Income Municipal Fund (NMY)	14.03%	28.76%	17.81%	48.32%

NMB	Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB)	7.7%	8.65%	7.7%	38.72%

NMT	Nuveen Massachusetts Premium Income Municipal Fund (NMT)	9.22%	13.34%	4.73%	39.13%

NZW	Nuveen Michigan Dividend Advantage Municipal Fund (NZW)	13.61%	24.15%	-0.08%	35.36%

NMP	Nuveen Michigan Premium Income Municipal Fund (NMP)	12.8%	27.26%	2.63%	30.58%

NUM	Nuveen Michigan Quality Income Municipal Fund (NUM)	13.6%	29.89%	5.71%	32.82%

NOM	Nuveen Missouri Premium Income Municipal Fund (NOM)	0.29%	2.83%	2.45%	14.16%

NMA	Nuveen Municipal Advantage Fund (NMA)	9.17%	19.57%	5.99%	32.92%

NMZ	Nuveen Municipal High Income Opportunity Fund (NMZ)	15.24%	25.52%	-15.97%	33.7%

NMD	Nuveen Municipal High Income Opportunity Fund 2 (NMD)	15.2%	30.32%	-11.79%	51.15%

NMI	Nuveen Municipal Income Fund (NMI)	6.03%	10.39%	3.67%	12.95%

NMO	Nuveen Municipal Market Opportunity Fund (NMO)	14.36%	19.93%	8.75%	29.25%

NUV	Nuveen Municipal Value Fund (NUV)	5.13%	7.59%	-1.43%	11.96%

NUW	Nuveen Municipal Value Fund 2 (NUW)	3.25%	2.9%		0%

NXJ	Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ)	11.19%	25.31%	4.33%	43.71%

NUJ	Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ)	11.11%	30.98%	3.95%	44.21%

NQJ	Nuveen New Jersey Investment Quality Municipal Fund (NQJ)	13.97%	25.9%	7.39%	38.43%

NNJ	Nuveen New Jersey Premium Income Municipal Fund (NNJ)	9.69%	24.75%	7.47%	35.79%

NAN	Nuveen New York Dividend Advantage Municipal Fund (NAN)	12.47%	20.78%	2.11%	38.41%

NXK	Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)	11.2%	17.9%	4.38%	36.99%

NQN	Nuveen New York Investment Quality Municipal Fund (NQN)	17.83%	28.2%	14.22%	37.95%

NNY	Nuveen New York Municipal Value Fund (NNY)	6.01%	5.19%	0.95%	10.69%

NNP	Nuveen New York Performance Plus Municipal Fund (NNP)	19.8%	28.27%	11.03%	43.55%

NUN	Nuveen New York Quality Income Municipal Fund (NUN)	14.68%	23.99%	8.65%	31.25%

NVN	Nuveen New York Select Quality Municipal Fund (NVN)	15.35%	25.58%	8.63%	34.39%

NXN	Nuveen New York Select Tax-Free Income Portfolio (NXN)	7.7%	9.26%	5.31%	14.25%

NRB	Nuveen North Carolina Dividend Advantage Municipal Fund (NRB)	12.42%	12.09%	4.79%	22.79%

NNO	Nuveen North Carolina Dividend Advantage Municipal Fund 2 (NNO)	10.89%	15.57%	9.57%	34.64%

NII	Nuveen North Carolina Dividend Advantage Municipal Fund 3 (NII)	7.89%	15.17%	5.36%	27.1%

NNC	Nuveen North Carolina Premium Income Municipal Fund (NNC)	13.61%	19.07%	12.19%	33.58%

NXI	Nuveen Ohio Dividend Advantage Municipal Fund (NXI)	14.81%	24.42%	11.73%	33.79%

NBJ	Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ)	12.51%	23.39%	10.11%	42.4%

NVJ	Nuveen Ohio Dividend Advantage Municipal Fund 3 (NVJ)	6.77%	18.83%	10.51%	30.39%

NUO	Nuveen Ohio Quality Income Municipal Fund (NUO)	9.3%	25.23%	12.32%	22.28%

NXM	Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM)	13.57%	24.11%	2.85%	34.27%

NVY	Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY)	15.44%	6.99%	2.33%	35.81%

NQP	Nuveen Pennsylvania Investment Quality Municipal Fund (NQP)	15.32%	23.78%	7.6%	43.15%

NPY	Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY)	14.29%	24.25%	8.96%	43.68%

NPP	Nuveen Performance Plus Municipal Fund (NPP)	13.38%	19.31%	9.54%	23.01%

NIF	Nuveen Premier Insured Municipal Income Fund (NIF)	10.2%	14.66%	12.29%	28.64%

NPF	Nuveen Premier Municipal Income Fund (NPF)	12.54%	18.49%	8.69%	31.81%

NPI	Nuveen Premium Income Municipal Fund (NPI)	11.94%	15.04%	4.07%	29.98%

NPM	Nuveen Premium Income Municipal Fund 2 (NPM)	13.16%	17.49%	9.31%	33.14%

NPT	Nuveen Premium Income Municipal Fund 4 (NPT)	15.75%	21.25%	11.85%	34.1%

NQU	Nuveen Quality Income Municipal Fund (NQU)	12.55%	15.1%	7.61%	21.63%

NIM	Nuveen Select Maturities Municipal Fund (NIM)	1.5%	1.3%	3.16%	7.32%

NQS	Nuveen Select Quality Municipal Fund (NQS)	11.84%	24.07%	8.4%	36.21%

NXP	Nuveen Select Tax-Free Income Portfolio (NXP)	1.71%	4.54%	-0.14%	3.48%

NXQ	Nuveen Select Tax-Free Income Portfolio 2 (NXQ)	4.11%	5.71%	-0.22%	6.62%

NXR	Nuveen Select Tax-Free Income Portfolio 3 (NXR)	1.08%	3.68%	-0.07%	3.76%

NTX	Nuveen Texas Quality Income Municipal Fund (NTX)	9.28%	15.35%	18.75%	32.77%

NGB	Nuveen Virginia Dividend Advantage Municipal Fund (NGB)	4.78%	5.56%	5.95%	37.42%

NNB	Nuveen Virginia Dividend Advantage Municipal Fund 2 (NNB)	10.2%	4.21%	1.41%	36.86%

NPV	Nuveen Virginia Premium Income Municipal Fund (NPV)	9.7%	11.33%	10.84%	33.07%

PCQ	PIMCO CA Municipal Income Fund (PCQ)	34.95%	29.3%	-9.8%	60.69%

PCK	PIMCO CA Municipal Income Fund II (PCK)	28.99%	28.65%	-29.71%	56.7%

PZC	PIMCO California Municipal Income Fund III (PZC)	29.43%	35.42%	-23.83%	61.1%

MAF	PIMCO Municipal Advantage Fund (MAF)	-65.26%	-63.89%	-72.61%	-60.41%

PMF	PIMCO Municipal Income Fund (PMF)	25.23%	45.2%	-13.25%	80.21%

PML	PIMCO Municipal Income Fund II (PML)	19.54%	37.39%	-16.09%	61.98%

PMX	PIMCO Municipal Income Fund III (PMX)	17.13%	32.13%	-19.2%	69.35%

PYN	PIMCO New York Municipal Income Fund III (PYN)	14.41%	15.67%	-24.1%	55.43%

PNF	PIMCO NY Municipal Income Fund (PNF)	18.2%	25.94%	-15.8%	50.36%

PNI	PIMCO NY Municipal Income Fund II (PNI)	11.85%	26.02%	-20.94%	57.57%

MAV	Pioneer Municipal High Income Advantage Trust (MAV)	21.73%	32.1%	-8.26%	58.38%

MHI	Pioneer Municipal High Income Trust (MHI)	17.79%	36.96%	0.55%	52.03%

PMM	Putnam Managed Muncipal Income Trust (PMM)	11.91%	23.29%	1.68%	31.82%

PMO	Putnam Municipal Opportunities Trust (PMO)	10.83%	21.56%	3.17%	26.58%

SEL	Seligman Select Municipal Fund (SEL)	0%	0.7%	-1.84%	10.49%

CXA	SPDR Barclays Capital California Municipal Bond ETF (CXA)	6.59%	7.79%	4.44%	8.67%

MHE	The Massachuetts Health & Education Tax-Exempt Trust (MHE)	11.8%	16.23%	6.18%	43.04%

VKI	Van Kampen Advantage Municipal Income Trust (VKI)	21.88%	25.3%	1.57%	55.82%

VCV	Van Kampen California Value Municipal Income Trust (VCV)	26.41%	30.85%	-6.93%	67.78%

VMV	Van Kampen Massachusetts Value Municipal Income Tr (VMV)	25.57%	18.5%	-2.5%	22.21%

VMO	Van Kampen Muni Opp (VMO)	16.52%	23.81%	-0.53%	36.7%

VKQ	Van Kampen Muni Trust (VKQ)	23.76%	29.73%		54.45%

VOQ	Van Kampen Ohio Quality Municipal Trust (VOQ)	13.74%	24.68%	1.88%	17.86%

VPV	Van Kampen Pennsylvania Value Municipal Income Trust (VPV)	14.06%	18.28%	2.38%	48.51%

VKL	Van Kampen Select Sector Municipal Trust (VKL)	19.13%	28.36%	1.62%	55.45%

VIM	Van Kampen Trust for Insured Municipals (VIM)	13.24%	1.34%	-1.38%	26.03%

VTJ	Van Kampen Trust for Inv NJ Muni (VTJ)	14.15%	25.35%	2.34%	33.54%

VTN	Van Kampen Trust for Inv NY Muni (VTN)	18.93%	29.52%	0.88%	56.69%

VGM	Van Kampen Trust for Investment Grade Municipals (VGM)	19.98%	27.38%	2.1%	54.19%

SBI	Western Asset Intermediate Muni Fund, Inc (SBI)	9.1%	16%	9.1%	19.55%

MMU	Western Asset Managed Municipals Fund, Inc (MMU)	10.02%	21.04%	13.43%	29.47%

MTT	Western Asset Municipal Defined Opportunity Trust Inc (MTT)	0.05%			0%

MHF	Western Asset Municipal High Income Fund, Inc (MHF)	7.67%	1.39%	-2.67%	13.35%

MNP	Western Asset Municipal Partners Fund, Inc (MNP)	13.79%	28.86%	11.45%	39.63%

WIA	Western Asset/Claymore Inflation Linked Securities & Income Fund (WIA)	3.82%	11.15%	3.82%	10.74%

WIW	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund (WIW)	2.28%	13.99%	1.57%	11.06%


	About Municipal ETFs
Municipal Bonds ETFs Overview and forecast Municipal bonds are exactly what they sound like. They're bonds, loans taken out by municipalities and states. This is a huge, exclusively US market, and ETFs of all shapes and sizes have moved in to capitalize. The US states have been using bonds as part of shoring up their long suffering budget woes of the past decade or so, and there's a lot of paper on issue, much of which is very valuable. Some of these bonds are also state and Federal tax free, which is an obvious incentive to investment. The Municipal Bonds ETFs are not standard ETFs, in the normal model. Many of these ETFs have been around a lot longer than most, and they're effectively older style unit trusts which have easily morphed into ETFs, being the perfect structure. Our chart http://www.etftips.com/Municipal shows that there are many ETF fund managers well represented in this class, and if they're not actually running separate ETFs for each state, it's because they've consolidated the ETFs. It may come as a surprise to investors that some of these funds are historically very good performers, in terms of prices and returns. Municipal bonds may not be the highlight of the financial news, but the returns over the history of these funds is pretty impressive. A bit of research on one of the longest running Municipal Bond ETFs, Nuveen Insured Premium Income Municipal Fund 2 (NPX), is informative. Since 1998, it doubled from its lows, crashed back down to its lows during September 2008, recover instantly, crashed again, recovered again instantly, and proceeded on its way to a near 50% price increase from its bottoms in the second quarter of 2009. It also gave traders some very good margins in the interim. Short term (6 months) Municipal Bond ETFs can perform very well. The real issue is when, and to what degree. As bond ETFs go, the Municipal Bond ETFs aren't as slow as their fellow bond traders. Being locked on to the bond market isn't always a guarantee of excitement, thrills and spills, but they are capable of achieving steady returns for traders and investors. The Municipal Bond ETFs usually perform by degrees, rather than leaps and bounds, although they do manage the occasional sharp upward and downward moves. They're not normally prone to major dives unless (a) the market goes into a general bailout as per 2008, or (b) the bond market goes belly up, which sometimes happens during big interest rate moves. Otherwise these are the genuine article in terms of professional investment vehicles, and they do pretty well, better, in fact, than the Dow. Medium term (2 years) While it is perfectly true that past performance is no indicator of future performance, the bond market itself isn't exactly a fountain of mysteries. Professional investors know their way around the bonds pretty well, and these are all ETFs which deal in mainly good quality bonds. The problem in the medium term is that it's quite likely that the municipal bonds will parallel the federal bonds. There's a need for money, and bonds are the first shot in the locker. US state and municipal debt is no joke, and these entities do have to manage that debt. Bonds are a way of doing that, as well as funding their budgets. Debt as bonds isn't quite as bad as debt through other instruments. It doesn't necessarily follow that there will be an abnormal, or even an unexpected, increase in bond issues on this grade of bond. It does, however, mean that the relatively low levels of market capital will have to play with extra paper, which means some bonds could lose out. If the choice is Hayseed County Bonds and Manhattan Bonds, which would you pick, based on likely performance? The medium term could see a general flattening of the bond market margins, more on the basis of spreading capital over increasing amounts of space, than for any specific investment issues. Municipal Bond ETFs can be instantly affected by any general slump, or reducing yields, and over this mid term there will be at least some weak spots. Long term (5 years) The bond market, in the long term, is ironically likely to come back into fashion with a vengeance, because of the strange, involuntary symbiosis between government and capital investment created by the crash. Bonds are a source of capital for governments, at all levels. That capital is now acting as a life support system in both public and private sectors, but in the future it will also underpin capital availability for a recovery, when the noose of the credit crunch finally breaks. Real bonds are worth more than face value, by definition. That extra value has a meaning, as collateral, capital, and asset values, to a range of market entities. Bond values underpin a lot of loans. So in a recovery, where loan capital is still going to be relatively hard to get, the value of bonds matters, a lot. High demand for good assets will do the rest, and the Municipal Bond ETFs will do well out of the demand, because their sector is a generally good performer. Qualifications to projections The whole problem with Municipal Bond ETFs is that they are municipal. The huge fiscal strain put on US municipalities and states budgets over the last several years has generated debt, unavoidable and necessary as it may be. Municipal Bond ETFs spread their holdings across generally low percentile levels of their portfolios, but there are potential sector issues with municipal bonds, like the medium term effect of a rash of new bonds as these issuers try to cover situations. Nobody has yet claimed the Municipal bond market was a Get Rich Quick scheme, and it isn't. Get Rich Gradually would be more like it. Overall, by bond standards, this sector is a decent performer for both traders and investors, unlike corporate bonds, for example. The strict qualifier here is that the Municipal Bond ETFs are trading in a quite different market, and a range of technicalities apply for US investors. Investors are therefore advised to study in detail the performance of funds, and to get the tax and other technical issues right before commitments.

Last Updated on: 2010-01-14 02:03:40

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