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They give bond investing a bad name

For the three years ended April 30, 2002, the average large-cap growth fund in the FundAlarm database had an annualized return of -6.9%. The following 29 high-yield bond funds -- remember, these are fixed-income investments -- returned less than the average growth-stock mutual fund over the same period.

High-yield bond fund3 yr.
return
(% annualized)
AIM High-Yield A (AMHYX) -11.17
AIM High-Yield B (AHYBX) -11.85
AIM High-Yield C (AHYCX) -11.83
AIM High-Yield II B (AHBYX) -7.62
AIM High-Yield II C (AHCYX) -7.58
CDC Nvest High-Income A (NEFHX) -10.17
CDC Nvest High-Income B (NEHBX) -10.85
CDC Nvest High-Income C (NEHCX) -10.82
Delaware Delchester A (DETWX) -11.72
Delaware Delchester B (DHYBX) -12.39
Delaware Delchester C (DELCX) -12.39
Delaware Delchester Instl (DETIX) -11.47
Dreyfus Premier Hi-Yld Sec A (DHIYX) -9.82
ING High Yield B (PIHBX) -7.57
ING High Yield M (PIHMX) -7.26
INVESCO High-Yield Inv (FHYPX) -11.91
Morgan Stanley High-Yield A (HYLAX) -20.54
Morgan Stanley High-Yield B (HYLBX) -20.88
Morgan Stanley High-Yield C (HYLCX) -20.98
Morgan Stanley High-Yield D (HYLDX) -20.37
Penn Capital Str Hi-Yld (PCSHX) -7.48
Seligman High-Yield Bond A (SHYBX) -9.99
Seligman High-Yield Bond B (SBBHX) -10.64
Seligman High-Yield Bond D (SHYDX) -10.75
State St Res High Income A (SSHAX) -8.6
State St Res High Income B (SSHBX) -9.3
State St Res High Income B1 (SSHPX) -9.33
State St Res High Income C (SSHDX) -9.22
State St Res High Income S (SSHSX) -8.31