In Balance - Green Century Balanced fund - includes rankings of top-performing bond funds - Statistical Data Included

Kiplinger's Personal Finance Magazine,  June, 2000  by Justin Wiser

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FUNDS | This racy fund is setting SPEED RECORDS and seeing green.

ENVIRONMENTALLY responsible investing paid off big for no-load Green Century Balanced fund. Really big. Its one-year total return of 151% through March is quite possibly the highest ever for balanced funds, which own both stocks and bonds. And the fund's five-year annualized return of 23.1% to April 17 ain't shabby, either.

Manager Jackson Robinson says "green" companies are finally winning recognition as the U.S. develops resources such as wind and solar power. "I think you're going to see the whole market moving into these alternative, renewable energy areas," Robinson says. Moreover, he contends that research has proved a positive correlation between environmentally responsible firms and impressive stock gains.

No doubt the fund was also aided this past year by its emphasis on technology issues. At last word, says Morningstar, 62% of its compact, 34-stock portfolio was invested in tech, including three of its top five holdings and eight of its top ten. Plus, the fund's 25% allotment to bonds is in high-yield corporates, which stood up well as short-term interest rates rose recently. But tech dragged down the fund's one-year total return going into April. To April 17, that 151% at the end of March had morphed into a still-impressive 90%.

And that brings us to the fund's volatility: It is scorching. No other balanced fund comes even close to Green Century's short-term swings. Despite its name and its hefty bond allocation, this is an aggressive-growth fund in disguise.

The fund, which sports an expense ratio of 2.5%, requires a $2,000 minimum investment.

KEY BENCHMARKS

* Trailing price-earnings ratio of S&P 500 index:

Latest: 28

Month ago: 32

Year ago: 35

* Yield of S&P 500:

Latest: 1.2%

Month ago: 1.2%

Year ago: 1.3%

* Yield of 30-year Treasury bonds:

Latest: 5.78%

Month ago: 6.17%

Year ago: 5.45%

* Yield of long-term tax-exempt bonds:

Latest: 5.72%

Month ago: 6.17%

Year ago: 5.06%

* Price of gold per ounce:

Latest: $282

Month ago: $289

Year ago: $284

Sources: Standard & Poor's Corp.; The Bond Buyer; International Financing Review figures to April 17

RANKINGS: Top-performing bond funds -- one year

Investment-grade BBB-rated or better corporate bonds

                                       TOTAL RETURN
                                     TO APR. 17([dagger])   12-MO.
RANK/NAME                            1 YEAR   3 YEARS       YIELD

1. Transamerica Premier A              8.2%       --         5.3%
2. Dreyfus Premier Core Bond A         6.0       7.8%        6.7
3. Metropolitan West Low Duration      6.0       7.2         7.3
4. Dreyfus Inv Grade Short Term        5.9       6.5         6.6
5. Dreyfus Inv Grade Intermediate      5.8      10.1         6.7
CATEGORY AVERAGE                       1.0%      5.7%        6.0%

                                                 MINIMUM
                                     EXPENSE     INITIAL
RANK/NAME                             RATIO     INVESTMENT

1. Transamerica Premier A             1.40%      $10,000
2. Dreyfus Premier Core Bond A        1.04         1,000
3. Metropolitan West Low Duration     0.58         5,000
4. Dreyfus Inv Grade Short Term       0.87         2,500
5. Dreyfus Inv Grade Intermediate     0.65         2,500
CATEGORY AVERAGE                      0.95%

                                      MAX. SALES/
                                      REDEMPTION       800
RANK/NAME                                FEE          NUMBER

1. Transamerica Premier A                5.25%       892-7587
2. Dreyfus Premier Core Bond A           4.50        645-6561
3. Metropolitan West Low Duration        none        241-4671
4. Dreyfus Inv Grade Short Term          none        645-6561
5. Dreyfus Inv Grade Intermediate        none        645-6561
CATEGORY AVERAGE

High-yield Lower-rated corporate bonds

                                  TOTAL RETURN
                                  TO APR.(17)([dagger])   12-MO.
RANK/NAME                         1 YEAR   3 YEARS        YIELD

1. Pioneer High Yield A            22.9%       --          5.7%
2. Loomis Sayles High
     Yield Instl([sections])       11.6      8.1%         11.1
3. MFS High Yield Opp A             9.1       --           9.9
4. WM High Yield B                  7.5       --           9.5
5. Morgan Keegan High Income A      7.4       --          10.3
CATEGORY AVERAGE                   2.3%      4.6%          9.9%

                                              MINIMUM
                                   EXPENSE    INITIAL
RANK/NAME                           RATIO    INVESTMENT

1. Pioneer High Yield A             1.90%     $1,000
2. Loomis Sayles High
     Yield Instl([sections])        0.75       2,500
3. MFS High Yield Opp A             1.00       1,000
4. WM High Yield B                  1.29       1,000
5. Morgan Keegan High Income A      1.25       1,000
CATEGORY AVERAGE                    1.31%

                                    MAX. SALES/
                                    REDEMPTION       800
RANK/NAME                             FEE           NUMBER

1. Pioneer High Yield A              4.50%(s)      225-6292
2. Loomis Sayles High
     Yield Instl([sections])         2.00(r)       633-3330
3. MFS High Yield Opp A              4.75          225-2606
4. WM High Yield B                   5.00(r)       222-5852
5. Morgan Keegan High Income A       2.50          366-7426
CATEGORY AVERAGE

Tax-exempt Municipal bonds

                                       TOTAL RETURN
RANK/NAME                            TO APR. 17([dagger])  12-MO.
                                     1 YEAR   3 YEARS      YIELD

1. Calvert Tax Free Limited A          3.2%      3.7%       3.6%
2. Strong Muni Advantage               2.8       4.2        4.4
3. Vanguard Short Term Muni            2.7       3.8        3.8
4. Bernstein Short Duration Dvsfd      2.3       3.5        3.3
5. Merrill Muni Limited
     Maturity A(**)                    2.3       3.8        3.8
CATEGORY AVERAGE                       1.9%      4.3%       4.6%

                                                    MINIMUM
                                        EXPENSE     12-MO.
RANK/NAME                                RATIO     INVESTMENT

1. Calvert Tax Free Limited A             0.70%      $2,000
2. Strong Muni Advantage                  0.60        2,500
3. Vanguard Short Term Muni               0.18        3,000
4. Bernstein Short Duration Dvsfd         0.71       25,000
5. Merrill Muni Limited Maturity A(**)    0.43        1,000
CATEGORY AVERAGE                          1.04%

                                        MAX. SALES/
RANK/NAME                                EXPENSE         800
                                           FEE          NUMBER

1. Calvert Tax Free Limited A             1.00%       368-2750
2. Strong Muni Advantage                  none        368-3863
3. Vanguard Short Term Muni               none        635-1511
4. Bernstein Short Duration Dvsfd         none        756-4097(#)
5. Merrill Muni Limited Maturity A(**)    1.00        637-3863
CATEGORY AVERAGE