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Table: The Year Of Red Ink


Mutual Fund Scoreboard

TABLE: THE YEAR OF RED INK

No category of funds escaped the scourge of rising interest rates. Tax-

free funds fared worse than most taxables. World bond funds did worst of all.

FUND OBJECTIVE TOTAL RETURN* BEST PERFORMER OF GROUP (1994)

1994 1992-94** 1990-94**

GOVT.-ADJ.RATE MTGE. -2.3% 2.1% 5.2% Smith Breeden Sh. Dur. U.S.

Govt.

GOVT.-MORTGAGE -2.5 3.4 6.8 Fidelity Mortgage Securities

CORP.-HIGH-QUALITY -2.7 4.2 7.0 Seven Seas Yield Plus

CONVERTIBLE -3.5 8.8 9.6 MainStay Convertible B

GOVT.-GENERAL -3.8 3.4 6.5 Bernstein Govt. Short Duration

CORP.-HIGH-YIELD -3.8 10.9 10.9 Fidelity Spartan High-Income

CORP.-GENERAL -4.1 5.1 7.5 Strong Advantage

GOVT.-TREASURY -4.7 4.1 6.8 Permanent Port. Treasury Bill

MUNI.-NATIONAL -5.1 4.7 6.3 Calvert Tax-Free Res. Lim.-

Term A

MUNI.-SINGLE STATE -5.8 4.8 6.5 Thornburg NM Intermediate Muni A

SH.-TRM. WORLD INCOME -6.1 1.0 NA Dean Witter Global Sh.-Term

Income

MUNI.-CALIFORNIA -6.7 4.4 6.1 Benham CA Tax-Free Short-Term

MUNI.-NEW YORK -6.9 4.6 6.4 Limited Term NY Municipal

WORLD BOND -8.2 3.5 7.5 Benham European Government

ALL BOND FUNDS -4.9 4.8 7.0

TAXABLE FUNDS -4.0 5.0 7.7

TAX-FREE FUNDS -5.8 4.7 6.4

*Pretax, includes reinvestment of dividends and capital gains **Average

annual DATA: MORNINGSTAR INC.


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