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To: PCSS who wrote (43670)	1/15/1999 10:56:00 AM
From: Elwood P. Dowd	Respond to of 97611

FUND SNAPSHOTS January 11, 1998 Big Winners Three Funds Sitting Pretty by Jeanne Chinchar It could take the serious investor weeks to explore the wide and wonderful world of mutual funds. Now there's a faster way to survey the territory. Following are profiles of three funds that have done very well, outperforming both their peer groups and the overall market. These great performers include two long-term growth funds: the Legg Mason Value Trust Prim. and the White Oak Growth Stock Fund, and one growth and current income fund: the American Century-Benham Income & Growth Inv. Fund. Click on the fund tickers below to generate a list of research reports available through the Multex Investor Network. The three funds have widely varying alpha rankings. Alpha is defined as the difference between the fund's actual performance and the performance it should have achieved based on risk and market behavior. The alpha number shows the fund's ranking in comparison to all mutual funds, with 1 as the highest ranking and 99 as the lowest. The Legg Mason Value Trust Prim Fund's alpha ranking is 1, the American Century-Benham Income & Growth Inv. Fund's alpha ranking is 39 and the White Oak Growth Stock Fund's alpha ranking is 80. Legg Mason Value Trust Prim Fund — LMVTX Investors unafraid of a higher level of risk were rewarded with superior performance by the Legg Mason Value Trust Prim Fund. The fund recently reported a net asset value of $54.90. Returns for the fund beat those of both its long-term growth peer group and the market for the last 12 months, the last three months and the last five years. During the last 12 months, the fund achieved a return of 31.89% while its peer group had a return of just 12.14% and the S&P 500 had a return of 23.66%. The return for the latest three-month period was 28.45%, versus 19.63% for the peer group and 22.03% for the S&P 500. Over the last five years, the fund had an average annual return of 30.05%, with the S&P 500 posting 22.98% and the peer group reaching the 17.46% level. The fund has 46 holdings in its portfolio; finance, capital goods/technology and consumer staples are the three heaviest investment industries represented. The five largest additions to the fund's holdings during the last quarter were United Healthcare Corp., Citicorp, Conseco Inc. (CNC), Mirage Resorts Inc. (MIR) and Chase Manhattan Corp. (CMB). American Century-Benham Income & Growth Inv. Fund — BIGRX During the last 12 months, the American Century-Benham Income & Growth Inv. Fund delivered a strong performance with a level of risk equal to the market but greater than the growth and current income peer group average. The fund's average return over the last 12 months was 23.13%, almost matching the S&P 500's average return of 23.66%, and substantially surpassing the peer group's 12.41%. Similar results were posted over the last five years, with the fund's investors receiving a 22.36% average annual return, almost as much as the S&P 500's 22.95% and much better than the 17.37% return of the peer group. For the period of the most recent three months, the fund's average return was 21.88%, compared to the overall market's 22.03% and the peer group's 17.71%. Net asset value was recently $28.67 per share. The fund is well diversified among its 275 individual equity holdings. The three largest sectors of investment are finance, consumer staples and capital goods/technology. Five of the largest most recent additions include Federal National Mortgage Assoc., AT&T Corp. (T), Pfizer Inc. (PFE), Travelers Group Inc. (TRVZP) and Banc One Corp. (BONEO). White Oak Growth Stock Fund — WOGSX Turning in an impressive performance, the White Oak Growth Stock fund has exceeded the returns for both the overall market and the long-term growth peer group for the last 12 months, most recent three months and over the last five years. (However, the fund also exceeded the level of risk for both groups.) The fund's average return for the last 12 months was 26.71%, besting the S&P 500's 23.66% and the peer group's 12.14%. Over the last five years, the fund delivered an average annual return of 28.75%, slightly better than the S&P 500's return of 22.98% and considerably better than the 17.46% return achieved by the peer group of funds. The average annual return results for the last three months were 33.23% for the White Oak Growth Stock fund, 22.03% for the S&P 500 and 19.62% for the peer group. Just 36 equity holdings comprise the White Oak Growth portfolio. Capital goods/technology, consumer staples and finance are the three most heavily represented industry sectors. These three sectors make up 86% of the fund's portfolio, which outweighs by 45% the S&P 500's holdings in the same sectors. Recent additions to the portfolio include Eli Lilly & Co. (LLY), Compaq Computer Corp. (CPQ), 3Com Corp. (COMS), Intel Corp. (INTC) and Linear Technology Corp. (LLTC).

To: PCSS who wrote (43670)	1/15/1999 10:57:00 AM
From: Kenya AA	Respond to of 97611

Thread: **OT** An informative overview on Brazil, etc. by a very smart guy ..... K PS: Note the comment at the end about Rubin. I'm sure the markets will be just as interested to hear what he has to say as Abby. The Real Is Cut Loose by Marc Chandler Brazil's decision to let its currency float apparently comes after the U.S. and the IMF failed to support Brazil's measures to control depreciation of the real. Brazil has lost about half of its reserves in the past five months trying to defend a level for the real that most economists and observers regard as overvalued. Ironically, even though the decision to allow the currency to float may lead to a larger decline in the real, Brazilian asset markets will likely recover as bargain-hunters step in. The S&P 500 futures on Globex initially fell on the news, but then sharply recovered. Capital markets in Latin America will also likely slowly recover. The focus will likely be on Argentina, which has extensive trade relations with Brazil. The odds continue to favor the perseverance of the Argentine currency board. This continues to be the dominant issue in the global capital markets. Capital outflow from Brazil appeared to increase yesterday from Wednesday when the exchange rate regime was adjusted. Preliminary reports suggest almost $1.3 billion left the Brazilian real yesterday via the commercial foreign exchange market. This compares to $864 million fleeing on Wednesday. Flight via the floating market -- mostly tourists and individuals -- is not yet available, but early estimates placed the figure at around another $300 million. It seems that the ghost of Russia haunts Brazil. Given the material losses and the blow to confidence inflicted by Russian officials last summer, it may seem prudent to expect the worst. After all, in the past couple of years, no country has managed to control the devaluation process once begun. According to press reports, both the U.S. Treasury and the IMF warned Brazil that its accelerated depreciation might not hold. The White House reportedly cautioned that billions of dollars could be wasted defending the new band. Yet observers trying to paint Brazil with the same brush as Russia are confusing analogy with analysis. Brazil is not Russia by any stretch of the imagination. Brazilians enjoy the rule of law: The rights of contract and property rights are enshrined and protected by law. By most measures, corruption is not nearly as pervasive. While it has further work to do, great strides have been taken in recent years to strengthen the financial system and make industry more competitive. The Brazilian Congress has approved most of the government's reform measures. While most of the G7 deputies would probably rather discuss the proposals for reference ranges for the major currencies -- for which continental Europe and Japan seem keen -- the Brazilian crisis is likely dominate the meeting. While it is not common for the deputies to issue a statement afterward, given the situation, a formal statement or, at least, supportive remarks for Brazil might occur after the Saturday meeting in Frankfurt. Contagion remains the chief issue. The fact that many international investors have reduced their emerging market exposure and are not nearly as leveraged, gives reason to believe the contagion may not be as bad this time around, and that it may remain largely localized to the region. Japanese markets were closed for a public holiday, but most other regional equity markets either rose or saw smaller declines that many had feared after the slide in Latin America and the U.S. yesterday. European bourses are recovering from initial losses. European bond yields edged lower to new record territory. The benchmark bund yield slipped for its fourth consecutive session and currently stands at 3.64%, a new record low. However, look for yields to back up a bit early next week ahead of Germany's sale of about $5.8 billion in new 30-year bonds. The dollar is holding its own today against the euro. Over the past few sessions, the euro has gravitated around the $1.1660 level. The dollar has pulled back from just below the 114-yen level. Support is seen near 112 now and a break would signal a move back to the 110.50-111.00 area. Sterling and the Swiss franc appear to have been buoyed by safe-haven flows. Market-moving news from Europe has been light and participants await the opening of North and South American markets today for leadership. Italy did report November industrial output. The 1.5% decline posted for the month was nearly twice the decline the market had expected. On a year-over-year basis, industrial output has contracted by 0.5% in Italy. The U.S. is set to report industrial production, capacity utilization and import/export prices. Only industrial production will draw attention. Although NAPM and the recent jobs data warn of continued weakness in the manufacturing sector, industrial production is forecast to have risen by about 0.3%, reversing the decline recorded in November. Several Federal Reserve officials and Treasury Secretary Rubin will be speaking today. Their comments might affect the financial markets, where liquidity is likely to dry up quickly after the data, given that several U.S. markets will close early today ahead of Monday's holiday.