Painting The Tape – stock prices manipulation

William Giese

Who out there is messing with MY STOCKS?

SOMEONE is sort of manipulating the price of my stock. If I don’t sound indignant, it’s because I’m not sure what to make of it; but I suspect that a lot of this goes on. For example, I own a biotech stock that wasn’t seeing any activity. Then early one day three trades are reported in the exact same second. Each involves only a few hundred shares, but combined they bump up the price 13 cents. Thanks!

Illegal? Such tinkering seems fairly common among my kind of stocks–that is, cheap, risky, thinly traded Nasdaq issues boasting little besides potential. I ask my money-manager friend Jim what is going on. “Oh, yeah,” he says immediately. “That’s called painting the tape. Traders sometimes do it at the end of the day to make a stock portfolio look larger.” They also do it, I contend, to suck in unsuspecting investors. “Of course, it’s totally illegal,” Jim adds, and then pauses. “Well, it’s unethical, anyway.”

“Uh-huh, it’s called painting the tape,” agrees day-trading elder statesman Harvey Houtkin. Take a more serious tape-painting example: A stock trades at $1 until somebody suddenly offers to buy 100 shares at $2 a share. The offer is accepted, and the trade is reported, along with the 100% price jump. “You can see a price go up by two times and the next thing you know it’s being mentioned on CNBC,” says Houtkin.

Is CNBC getting paint on itself by mistake? I watch one morning. While CNBC mentions lots of stocks, in each instance it gives a plausible reason–for example, an earnings surprise. There isn’t any paint on the stock-tip Web sites I check, either.

So if people are painting the tape, how does word get out to us, the greedy and credulous traders? I hit pay dirt with the plain old list of best-performing Nasdaq stocks, which today includes a $1.50-per-share auto-supply outfit whose morning stock price punched a 44% hole in the ceiling despite zero company news. Curious, I call the company for an explanation. “I’m curious, too,” says the voice at the other end, sounding kind of lonely. The stock goes back down a few days later.

Not high art. A Nasdaq official says tape painting includes all sorts of scammy behavior and is a legal gray area, although traders must never create an artificial stock-price move. “What makes our antenna go up is when there is no news but the stock price jumps,” he explains. I tell him about the auto-supply stock and he says he will look into it.

My guess is that on any given day scores of painters are at work touching up hundreds of stocks, their activity camouflaged by the zillions of legitimate trades. I’m not even sure whether it’s always seriously harmful or just sort of sleazy and pathetic. But it sure is out there, so don’t let yourself get painted into a corner.

RELATED ARTICLE: RANKINGS: Top-performing stock mutual funds–one year

Aggressive growth

Seeks maximum capital gains

TOTAL RETURN

TO FEB. 14([dagger])

RANK/NAME 1 YR. 3 YRS.

1. BlackRock Micro Cap A(**) 311.9% –

2. MAS Small Cap Gro Instl([sections]) 305.7 –

3. Nevis 299.7 –

4. Van Wagoner Emerg Gro(**) 275.2 62.8%

5. PBHG Select Equity 246.1 64.0

6. Van Wagoner Micro Cap(**) 223.1 50.2

7. UltraOTC ProFund Inv 222.6 –

8. Van Wagoner Post-Venture 219.1 68.3

9. Amer Cent New Opp Inv 218.5 56.8

10. RS Emerging Growth A 206.4 75.1

CATEGORY AVERAGE 54.2% 25.9%

VOL. EXP. MAX.

RANK/NAME RANK RATIO LOAD

1. BlackRock Micro Cap A(**) 10(*) 1.90% 5.00%

2. MAS Small Cap Gro Instl([sections]) 10(*) 1.18 none

3. Nevis 10(*) 1.50 1.00(r)

4. Van Wagoner Emerg Gro(**) 10 1.95 none

5. PBHG Select Equity 10 1.34 none

6. Van Wagoner Micro Cap(**) 10 1.95 none

7. UltraOTC ProFund Inv 10(*) 1.47 none

8. Van Wagoner Post-Venture 10 1.95 none

9. Amer Cent New Opp Inv 10 1.50 2.00(r)

10. RS Emerging Growth A 10 1.47 none

CATEGORY AVERAGE 1.63%

800

RANK/NAME NUMBER

1. BlackRock Micro Cap A(**) 441-7762

2. MAS Small Cap Gro Instl([sections]) 354-8185

3. Nevis 263-5597(#)

4. Van Wagoner Emerg Gro(**) 228-2121

5. PBHG Select Equity 433-0051

6. Van Wagoner Micro Cap(**) 228-2121

7. UltraOTC ProFund Inv 776-3637(#)

8. Van Wagoner Post-Venture 228-2121

9. Amer Cent New Opp Inv 345-2021

10. RS Emerging Growth A 766-3863

CATEGORY AVERAGE

Single industry

Owns stocks of one economic sector

TOTAL RETURN

TO FEB. 14([dagger])

RANK/NAME 1 YR. 3 YRS.

1. Firsthand Tech Innovators 317.3% –

2. Homestate Year 2000 276.0 –

3. Firsthand Tech Value 260.2 71.5%

4. PBHG Tech & Comm 260.0 78.1

5. Dresdner RCM Global Tech([sections]) 226.3 92.6

6. Dresdner RCM Biotech 223.3 –

7. Janus Global Tech(**) 221.7 –

8. First American Tech A 218.5 71.2

9. Waddell Sci & Tech B(**) 205.5 –

10. Monument Internet A 194.8 –

CATEGORY AVERAGE 36.1% 21.8%

VOL. EXP. MAX.

RANK/NAME RANK RATIO LOAD

1. Firsthand Tech Innovators 10(*) 1.95% none

2. Homestate Year 2000 10(*) 2.90 2.90%

3. Firsthand Tech Value 10 1.95 none

4. PBHG Tech & Comm 10 1.34 none

5. Dresdner RCM Global Tech([sections]) 10 1.75 none

6. Dresdner RCM Biotech 10(*) 1.50 none

7. Janus Global Tech(**) 10(*) 1.25 none

8. First American Tech A 10 1.15 5.25

9. Waddell Sci & Tech B(**) 10(*) 2.57 3.00(r)

10. Monument Internet A 10(*) 1.90 4.75

CATEGORY AVERAGE 1.68%

800

RANK/NAME NUMBER

1. Firsthand Tech Innovators 883-3863(#)

2. Homestate Year 2000 232-0224

3. Firsthand Tech Value 883-3863(#)

4. PBHG Tech & Comm 433-0051

5. Dresdner RCM Global Tech([sections]) 726-7240

6. Dresdner RCM Biotech 726-7240

7. Janus Global Tech(**) 525-8983

8. First American Tech A 637-2548

9. Waddell Sci & Tech B(**) 366-5465

10. Monument Internet A 420-9950(#)

CATEGORY AVERAGE

Long-term growth

Seeks capital gains

TOTAL RETURN

TO FEB. 14([dagger])

RANK/NAME 1 YR. 3 YRS.

1. Reserve Priv Inf Inv Gro R 133.7% 56.3%

2. Franklin Strategic Cal. A 115.0 41.2

3. Fidelity Growth Company 99.7 44.4

4. Neuberger Manhattan Fund 78.2 34.0

5. Federated Gro Strategies A 75.5 36.0

6. Franklin Strat Mid Cap Gro 71.7 24.7

7. Trent Equity 70.4 35.3

8. American Century Heritage 63.8 22.4

9. Heritage Growth A 62.9 43.6

10. Howard Equity 56.8 –

CATEGORY AVERAGE 24.1% 22.3%

VOL. EXP. MAX.

RANK/NAME RANK RATIO LOAD

1. Reserve Priv Inf Inv Gro R 10 1.61% none

2. Franklin Strategic Cal. A 8 1.00 5.80%

3. Fidelity Growth Company 6 0.74 none

4. Neuberger Manhattan Fund 7 1.00 none

5. Federated Gro Strategies A 7 1.24 5.50

6. Franklin Strat Mid Cap Gro 7 1.24 5.75

7. Trent Equity 7 2.00 none

8. American Century Heritage 7 1.00 none

9. Heritage Growth A 6 1.38 4.75

10. Howard Equity 5 1.95 none

CATEGORY AVERAGE 1.48%

800

RANK/NAME NUMBER

1. Reserve Priv Inf Inv Gro R 637-1700

2. Franklin Strategic Cal. A 342-5236

3. Fidelity Growth Company 544-8888

4. Neuberger Manhattan Fund 366-6264

5. Federated Gro Strategies A 341-7400

6. Franklin Strat Mid Cap Gro 342-5236

7. Trent Equity 576-8229

8. American Century Heritage 345-2021

9. Heritage Growth A 421-4184

10. Howard Equity 952-1100(&)

CATEGORY AVERAGE

Broad international

Includes global funds

TOTAL RETURN

TO FEB. 14([dagger])

RANK/NAME 1 YR. 3 YRS.

1. Driehaus Intl Discovery 315.0% –

2. BlackRock Intl Sm Cap A 229.3 –

3. T. Rowe Price Discovery 193.6 44.3%

4. Warburg Intl Small Co Cmn 171.0 –

5. SmBarny Cncrt Intl A (PFS) 160.7 49.9

6. Warburg Post-Venture Cmn 155.0 53.4

7. Montgomery L-S R(**)(@) 153.9 –

8. Pilgrim Intl Sm Cap Gro A(@) 153.6 59.0

9. North Amer Intl Sm Cap A 150.6 39.0

10. Merrill Global Small Cap B 147.9 32.2

CATEGORY AVERAGE 47.1% 19.8%

VOL. EXP. MAX.

RANK/NAME RANK RATIO LOAD

1. Driehaus Intl Discovery 10(*) 3.54% none

2. BlackRock Intl Sm Cap A 10(*) 1.80 5.00%

3. T. Rowe Price Discovery 8 1.47 2.00(r)

4. Warburg Intl Small Co Cmn 10(*) 1.55 none

5. SmBarny Cncrt Intl A (PFS) 9 1.31 5.00

6. Warburg Post-Venture Cmn 9 1.65 none

7. Montgomery L-S R(**)(@) 8(*) 2.35 2.00(r)

8. Pilgrim Intl Sm Cap Gro A(@) 8 1.94 5.75

9. North Amer Intl Sm Cap A 9 1.90 5.75

10. Merrill Global Small Cap B 9 3.16 4.00(r)

CATEGORY AVERAGE 1.79%

800

RANK/NAME NUMBER

1. Driehaus Intl Discovery 560-6111

2. BlackRock Intl Sm Cap A 441-7762

3. T. Rowe Price Discovery 638-5660

4. Warburg Intl Small Co Cmn 927-2874

5. SmBarny Cncrt Intl A (PFS) 544-5445

6. Warburg Post-Venture Cmn 927-2874

7. Montgomery L-S R(**)(@) 695-8758

8. Pilgrim Intl Sm Cap Gro A(@) 334-3444

9. North Amer Intl Sm Cap A 872-8037

10. Merrill Global Small Cap B 637-3863

CATEGORY AVERAGE

Growth & income

Emphasizes safety and yield

TOTAL RETURN

TO FEB. 14([dagger])

RANK/NAME 1 YR. 3 YRS.

1. Green Century Balanced 126.4% 34.6%

2. Berger Growth & Income 65.6 35.3

3. Pilgrim Convertible A 64.0 33.9

4. Van Kampen Harbor A 61.2 26.1

5. SmBarny Princ Ret 2000(**) 60.4 23.8

6. Rockhaven Premier Dividend 57.4 –

7. Style Sel Focus Gro & Inc A 56.3 –

8. Oppenheimer Real Asset A 55.2 –

9. Strong Total Return 55.2 35.8

10. Calamos Growth & Income A 55.0 29.8

CATEGORY AVERAGE 7.4% 13.3%

S&P 500 WITH DIVIDENDS 12.0% 22.5%

VOL. EXP. MAX.

RANK/NAME RANK RATIO LOAD

1. Green Century Balanced 9 2.50% none

2. Berger Growth & Income 7 1.35 none

3. Pilgrim Convertible A 5 1.53 5.75%

4. Van Kampen Harbor A 4 1.02 5.75

5. SmBarny Princ Ret 2000(**) 3 1.10 5.00

6. Rockhaven Premier Dividend 4(*) 1.50 5.75

7. Style Sel Focus Gro & Inc A 8(*) 1.78 5.75

8. Oppenheimer Real Asset A 8(*) 1.82 5.75

9. Strong Total Return 8 1.00 none

10. Calamos Growth & Income A 4 2.00 4.75

CATEGORY AVERAGE 1.34%

S&P 500 WITH DIVIDENDS

800

RANK/NAME NUMBER

1. Green Century Balanced 934-7336

2. Berger Growth & Income 333-1001

3. Pilgrim Convertible A 334-3444

4. Van Kampen Harbor A 421-5666

5. SmBarny Princ Ret 2000(**) 451-2010

6. Rockhaven Premier Dividend 522-3508

7. Style Sel Focus Gro & Inc A 858-8850

8. Oppenheimer Real Asset A 525-7048

9. Strong Total Return 368-3863

10. Calamos Growth & Income A 323-9943

CATEGORY AVERAGE

S&P 500 WITH DIVIDENDS

Regional international

Invests in a single region

TOTAL RETURN

TO FEB. 14([dagger])

RANK/NAME 1 YR. 3 YRS.

1. Driehaus Asia Pacific 289.1% –

2. Driehaus European Opp 286.3 –

3. Warburg Japan Sm Co Cmn 280.1 56.5%

4. Warburg Japan Gro Cmn 226.9 52.1

5. Fidelity Japan Small Cos 194.3 49.6

6. Lexington Emerging Mkts 179.7 15.8

7. Lexington Troika Dialog 171.4 -15.3

8. Dreyfus Prem Gr China A 160.4 –

9. Deutsche Japanese A 158.0 –

10. Deutsche Top 50 Asia A 153.9 –

CATEGORY AVERAGE 82.1% 10.7%

S&P 500 WITH DIVIDENDS 12.0% 22.5%

VOL. EXP. MAX.

RANK/NAME RANK RATIO LOAD

1. Driehaus Asia Pacific 10(*) 2.95% none

2. Driehaus European Opp 10(*) 3.85 none

3. Warburg Japan Sm Co Cmn 10 1.75 none

4. Warburg Japan Gro Cmn 10 1.75 none

5. Fidelity Japan Small Cos 10 1.07 3.00%(s)

6. Lexington Emerging Mkts 10 1.85 none

7. Lexington Troika Dialog 10 1.84 2.00(r)

8. Dreyfus Prem Gr China A 10(*) 2.25 5.75

9. Deutsche Japanese A 9(*) 1.60 5.50

10. Deutsche Top 50 Asia A 10(*) 1.60 5.50

CATEGORY AVERAGE 2.22%

S&P 500 WITH DIVIDENDS

800

RANK/NAME NUMBER

1. Driehaus Asia Pacific 560-6111

2. Driehaus European Opp 560-6111

3. Warburg Japan Sm Co Cmn 927-2874

4. Warburg Japan Gro Cmn 927-2874

5. Fidelity Japan Small Cos 544-8888

6. Lexington Emerging Mkts 526-0057

7. Lexington Troika Dialog 526-0057

8. Dreyfus Prem Gr China A 554-4611

9. Deutsche Japanese A 433-8872(#)

10. Deutsche Top 50 Asia A 433-8872(#)

CATEGORY AVERAGE

S&P 500 WITH DIVIDENDS

([dagger]) Annualized for three years.

(**) Closed to new investors.

([sections]) Available through discounters; minimums and loads may vary.

(@) Rankings exclude share classes of this fund with different fee structures.

(*) Fund not in existence for three-year measurement period.

(r) Maximum redemption fee.

(s) Front-end load; redemption fee may apply.

(#) Area code 888.

(&) Area code 602.

SOURCE: Standard & Poor’s, 2900 Justin Dr., Suite C, Des Moines, IA 50322

HOW TO USE THE TABLES: Annualized Total Return is the change in per-share price over the time period, plus reinvestment of all dividends and capital-gain distributions, stated on an annualized basis. It assumes returns were compounded. Volatility Ranking measures variations in the rate of total return relative to other stock, taxable bond or tax-free bond funds over the previous three years. An asterisk means a fund is not yet three years old and that its volatility score may not be comparable with that of other funds. The wider a fund’s swings, the more volatile, or risky, you should consider it. A 1 ranking is least volatile and 10 most volatile. Expense Ratio is the percentage of fund assets claimed by the fund annually for management fees and operating expenses. It is reflected in total return; load, a sales charge, is not. Yield (for bond funds) reflects the effects of expenses.

RELATED ARTICLE: RANKINGS: Top-performing stock mutual funds–three & five years

Aggressive growth-3 years

ANNUALIZED TOTAL

RETURN([dagger])

RANK/NAME 1 YEAR 3 YEARS 5 YEARS

1. RS Emerging Growth A 206.4% 75.1% 49.0%

2. PBHG Large Cap 20 106.9 68.3 –

3. Van Wagoner Post-Venture 219.1 68.3 –

4. Rydex OTC Inv 91.3 66.0 56.8

5. Van Kampen Aggressive Gro A 164.9 65.8 –

6. PBHG Select Equity 246.1 64.0 –

7. Berger New Generation Inv 167.7 63.0 –

8. RS Diversified Growth A 192.9 63.0 –

9. Van Wagoner Emerging Gro(**) 275.2 62.8 –

10. Janus Olympus 101.5 61.6 –

800

RANK/NAME NUMBER

1. RS Emerging Growth A 766-3863

2. PBHG Large Cap 20 433-0051

3. Van Wagoner Post-Venture 228-2121

4. Rydex OTC Inv 820-0888

5. Van Kampen Aggressive Gro A 421-5666

6. PBHG Select Equity 433-0051

7. Berger New Generation Inv 333-1001

8. RS Diversified Growth A 766-3863

9. Van Wagoner Emerging Gro(**) 228-2121

10. Janus Olympus 525-8983

Aggressive growth-5 years

ANNUALIZED TOTAL

RETURN([dagger])

RANK/NAME 1 YEAR 3 YEARS 5 YEARS

1. Rydex OTC Inv 91.3% 66.0% 56.8%

2. RS Emerging Growth A 206.4 75.1 49.0

3. Fidelity New Millennium(**) 93.4 51.4 45.8

4. Fremont US Micro Cap 155.3 42.9 45.5

5. IPS Millennium Fund 131.8 60.5 45.1

6. Van Kampen Emerging Growth A 126.2 56.4 44.8

7. Delaware Select Growth A 89.5 57.6 44.1

8. Janus Twenty(**) 50.9 50.5 43.5

9. M Stanley DW Sm Cap Gro B 147.7 52.5 43.0

10. Turner Small Cap Growth 120.6 41.9 42.2

800

RANK/NAME NUMBER

1. Rydex OTC Inv 820-0888

2. RS Emerging Growth A 766-3863

3. Fidelity New Millennium(**) 544-8888

4. Fremont US Micro Cap 548-4539

5. IPS Millennium Fund 232-9142

6. Van Kampen Emerging Growth A 421-5666

7. Delaware Select Growth A 523-1918

8. Janus Twenty(**) 525-8983

9. M Stanley DW Sm Cap Gro B 869-6397

10. Turner Small Cap Growth 224-6312

Long-term growth-3 years

ANNUALIZED TOTAL

RETURN([dagger])

RANK/NAME 1 YEAR 3 YEARS 5 YEARS

1. Reserve Priv Informed Inv Gro R 133.7% 56.3% 38.7%

2. PBHG Large Cap Growth 91.3 44.9 –

3. Waddell & Reed Growth B(**) 70.6 44.7 31.6

4. Fidelity Growth Company 99.7 44.4 37.7

5. Heritage Growth A 62.9 43.6 –

6. Franklin Strategic Cal. A 115.0 41.2 39.1

7. Prudential Jennison Growth A 37.5 37.0 –

8. Gabelli Growth 40.0 36.7 32.9

9. Federated Growth Strategies A 75.5 36.0 34.4

10. Growth Fund of America 48.8 35.8 29.7

800

RANK/NAME NUMBER

1. Reserve Priv Informed Inv Gro R 637-1700

2. PBHG Large Cap Growth 433-0051

3. Waddell & Reed Growth B(**) 366-5465

4. Fidelity Growth Company 544-8888

5. Heritage Growth A 421-4184

6. Franklin Strategic Cal. A 342-5236

7. Prudential Jennison Growth A 225-1852

8. Gabelli Growth 422-3554

9. Federated Growth Strategies A 341-7400

10. Growth Fund of America 421-0180

Long-term growth-5 years

ANNUALIZED TOTAL

RETURN([dagger])

RANK/NAME 1 YEAR 3 YEARS 5 YEARS

1. Franklin Strategic Cal. A 115.0% 41.2% 39.1%

2. Reserve Priv Informed Inv Gro R 133.7 56.3 38.7

3. Fidelity Growth Company 99.7 44.4 37.7

4. Mass Inv Growth Stock A 37.2 39.9 34.7

5. Legg Mason Value Primary 6.7 28.5 34.0

6. Warburg Pincus Cap App Cmn 49.2 34.7 33.2

7. Gabelli Growth 40.0 36.7 32.9

8. Alliance Premier Growth A 14.6 31.4 32.8

9. MFS Capital Opp A 51.7 35.2 32.4

10. Wells Fargo Large Co Growth I 26.1 35.1 32.0

800

RANK/NAME NUMBER

1. Franklin Strategic Cal. A 342-5236

2. Reserve Priv Informed Inv Gro R 637-1700

3. Fidelity Growth Company 544-8888

4. Mass Inv Growth Stock A 637-2929

5. Legg Mason Value Primary 822-5544

6. Warburg Pincus Cap App Cmn 927-2874

7. Gabelli Growth 422-3554

8. Alliance Premier Growth A 221-5672

9. MFS Capital Opp A 637-2929

10. Wells Fargo Large Co Growth I 338-1348

Growth & income-3 years

ANNUALIZED TOTAL

RETURN([dagger])

RANK/NAME 1 YEAR 3 YEARS 5 YEARS

1. Janus Growth & Income 51.4% 39.3% 36.5%

2. Golden Oak Growth A 38.2 37.9 29.6

3. Strong Total Return 55.2 35.8 30.0

4. Janus Equity Income 36.1 35.4 –

5. Berger Growth & Income 65.6 35.3 29.9

6. Green Century Balanced 126.4 34.6 28.2

7. Bridgeway Social Responsibility 40.1 33.9 30.5

8. Pilgrim Convertible A 64.0 33.9 28.9

9. Quant Growth & Income Ordinary 37.8 32.9 29.8

10. Newpoint Equity Fund 41.3 30.9 28.3

800

RANK/NAME NUMBER

1. Janus Growth & Income 525-8983

2. Golden Oak Growth A 545-6331

3. Strong Total Return 368-3863

4. Janus Equity Income 525-8983

5. Berger Growth & Income 333-1001

6. Green Century Balanced 934-7336

7. Bridgeway Social Responsibility 661-3550

8. Pilgrim Convertible A 334-3444

9. Quant Growth & Income Ordinary 331-1244

10. Newpoint Equity Fund 627-1289

Growth & income-5 years

ANNUALIZED TOTAL

RETURN([dagger])

RANK/NAME 1 YEAR 3 YEARS 5 YEARS

1. Janus Growth & Income 51.4% 39.3% 36.5%

2. Bridgeway Social Responsibility 40.1 33.9 30.5

3. Strong Total Return 55.2 35.8 30.0

4. Berger Growth & Income 65.6 35.3 29.9

5. Quant Growth & Inc Ordinary 37.8 32.9 29.8

6. Golden Oak Growth A 38.2 37.9 29.6

7. Pilgrim Convertible A 64.0 33.9 28.9

8. Sit Large Cap Growth 27.1 29.7 28.9

9. Newpoint Equity Fund 41.3 30.9 28.3

10. Green Century Balanced 126.4 34.6 28.2

800

RANK/NAME NUMBER

1. Janus Growth & Income 525-8983

2. Bridgeway Social Responsibility 661-3550

3. Strong Total Return 368-3863

4. Berger Growth & Income 333-1001

5. Quant Growth & Inc Ordinary 331-1244

6. Golden Oak Growth A 545-6331

7. Pilgrim Convertible A 334-3444

8. Sit Large Cap Growth 332-5580

9. Newpoint Equity Fund 627-1289

10. Green Century Balanced 934-7336

Largest mutual funds

Stock funds

ranked by one-year performance

ANNUALIZED TOTAL

RETURN([dagger])

RANK/NAME 1 YEAR 3 YEARS

1. Fidelity Growth Company 99.7% 44.4%

2. Janus Worldwide 76.8 37.5

3. EuroPacific Growth (American) 61.8 26.4

4. Janus Twenty(**) 50.9 50.5

5. Growth Fund of America 48.7 35.8

6. Janus Fund 46.8 36.5

7. New Perspective (American) 39.7 27.4

8. American Century Ultra Inv 30.2 28.8

9. Fidelity Contrafund(**) 21.1 25.5

10. Fidelity Blue Chip Growth 19.4 25.9

11. Fidelity Magellan(**) 16.1 25.0

12. Vanguard 500 Index 12.0 22.5

ASSET

RANK/NAME IN BILLIONS

1. Fidelity Growth Company $27.0

2. Janus Worldwide 35.3

3. EuroPacific Growth (American) 34.5

4. Janus Twenty(**) 35.3

5. Growth Fund of America 28.3

6. Janus Fund 42.9

7. New Perspective (American) 31.9

8. American Century Ultra Inv 40.6

9. Fidelity Contrafund(**) 45.1

10. Fidelity Blue Chip Growth 27.3

11. Fidelity Magellan(**) 100.8

12. Vanguard 500 Index 100.4

Bond funds

ranked by one-year performance

ANNUALIZED TOTAL

RETURN([dagger])

RANK/NAME 1 YEAR 3 YEARS

1. Vanguard Short Term Corp 3.1% 5.4%

2. Bond Fund of America 1.3 4.9

3. Vanguard High Yield Corp 0.2 5.9

4. Pimco Total Return Instl([sections]) -0.4 5.9

5. Franklin Custodian US Government A -0.4 4.8

6. Vanguard GNMA -0.5 5.0

7. AARP Income GNMA & Treasury -0.6 4.5

8. Vanguard Total Bond Index -0.7 5.4

9. MAS Fixed Income Instl([sections]) -1.5 4.6

10. Morgan Stanley DW US Govt Sec B -1.5 4.3

11. Vanguard Intermediate Term Muni -1.8 3.7

12. Fidelity Spartan Muni Income -3.5 3.7

ASSET

RANK/NAME IN BILLIONS

1. Vanguard Short Term Corp $6.7

2. Bond Fund of America 9.3

3. Vanguard High Yield Corp 5.6

4. Pimco Total Return Instl([sections]) 23.6

5. Franklin Custodian US Government A 7.3

6. Vanguard GNMA 12.2

7. AARP Income GNMA & Treasury 3.9

8. Vanguard Total Bond Index 9.4

9. MAS Fixed Income Instl([sections]) 4.2

10. Morgan Stanley DW US Govt Sec B 4.0

11. Vanguard Intermediate Term Muni 7.8

12. Fidelity Spartan Muni Income 4.0

[dagger]) Figures to February 14.

(**) Closed to new investors.

([sections]) Available through various discount brokerages, financial planners or bank trust departments; minimum investments and loads may vary.

SOURCE: Standard & Poor’s

William Giese is a freelance writer whose experiences are shared by many people, but whose opinions are his own. Reach him at lamb@kiplinger.com

COPYRIGHT 2000 The Kiplinger Washington Editors, Inc.

COPYRIGHT 2000 Gale Group