In Brief

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VALUABLE JUNK The high-yield bond-fund market climbed out of its trough last month, gaining 6.4% but leaving analysts scratching their head. Junk, which in 2000 suffered its worst year in the past dozen, tends not to do well when the economy slows. Fund managers remain guardedly optimistic, given the continued tightness of other types of credit.

DON'T CALL US In the past several years, many banks have aggressively marketed "callable CDs," longer-term deposits that may be redeemed by the bank--not the holder--after a preset period. Customers, particularly seniors, have bought the CDs, eyeing high interest rates and mistakenly believing they could cash them in at will. Complaints to the SEC grew fivefold last year, and several states, including Texas, Florida and Arizona, are investigating marketing practices.

GREEN GIANTS Many investors in socially and environmentally responsible mutual funds profited last year from a good conscience. Fourteen of 16 funds with assets of more than $100 million earned top marks from the nation's leading ratings firms. Just 11 scored this high a year earlier. That these funds performed so well in a year when the average U.S. stock fund lost 1.7% means the only green many other fund managers saw was their own envy.

Top Earners Among Social Funds with Assets of More Than $100 Million
Fund -- One-Year Average
Ariel Fund -- 28.8%
Ariel Appreciation -- 18.8%
Bridgeway Aggressive Growth -- 13.6%
Calvert Social Equity -- 11.6%
Calvert Capital Accumulation -- 10.2%

Source: Social Investment Forum