Janus

If misery loves company, then a bunch of the miserable characters in the fund industry are about to get chummy. Last week, this column covered half of the 2000 Lump of Coal Awards, given to the fund industry's bad children, who deserve nothing more than a bituminous bangle in their Christmas stocking this year. Now it's time for the rest of the story. Lumps of Coal are bestowed on the industry's miscreants for behavior, attitude, or performance that is offensive, disingenuous, reprehensible, or just plain stupid.

DON PHILLIPS became known in the fund industry for calling things as he sees them. As Morningstar Inc.'s first-ever analyst, he helped bring the Chicago research and data company to prominence. Today, as managing director, he oversees a company with a ratings system that can make or break mutual fund companies. What Phillips says carries weight in the industry and should with individual investors. Last week, this column was devoted to some of his more general comments on the industry.

Walt is a 59-year-old retiree from Newton, Mass., who moved some of his money into Janus Growth & Income a little more than a year ago. The fund got a five-star rating from Morningstar Inc., had an experienced manager in David Corkins, and had beaten its large-cap growth peers during both the bull and bear markets. It was a time when many investors were leaving Janus funds, tired of suffering the losses the firm endured when the stock market's 1990s party came to a crashing end. "I knew what was happening with some of the other Janus funds, but I looked and saw a high-quality fund," says Walt, who called my radio show recently.

SPEAKING TO a small group of fund investors recently, I asked how many people owned Janus Funds. About half of the 40 people there raised their hands. Just one of those investors had voted on the proxy statement they received from Janus weeks ago announcing changes to the company and its investment policy. The nonaction was explained away with phrases like "Couldn't make heads or tails of it." It's proxy season, the time of year when fund firms with issues to resolve send dense, complicated reading material your way. Proxies can be as important as they are confusing.

In the Region Giant's parent gets OK to buy 56 Grand Unions Royal Ahold NV, the East Coast's largest supermarket retailer and parent of Giant Food Inc., said yesterday that it has won U.S. government approval to buy 56 Grand Union stores and eight sites for future stores for $178 million. Ahold said the Federal Trade Commission approved its purchase of the stores--in Massachusetts, New York; Connecticut and Rhode Island - from C&S Wholesale Distributors. Ahold said it will take a one-time $50 million charge this year to convert those stores into Shop & Shop and Tops markets.

CHICAGO - AT A recent Morningstar Investor Conference here, there was a lot of talk about the end of the bear market, or at least how the worst appears to be over. If we hold that to be true - and it's still open to debate in my mind - then it's time for the bear-market post-game show, and today's wrap-up raises an interesting question: Which big fund company has the most to answer for? There are plenty of contenders. Lots of funds were managed recklessly during the bull market and well into the bear.

There's nothing better than seconds at a holiday feast. That's why it's time for another heaping helping of holiday jeers, the second installment in my annual Lump of Coal Awards. It took more than dreadful performance to earn a spot in my 10th annual awards. Lumps of Coal recognize managers, executives, firms, watchdogs and others for action, attitude, performance or behavior that is offensive, disingenuous, duplicitous, reprehensible or just plain stupid. Last week, I noted six situations where the recipients deserved nothing more than coal in their Christmas stocking this year.

You should have Jim Craig's problem.As portfolio manager of Janus Venture Fund since its inception in 1985, 36-year-old James P. Craig is getting too much money. Or, to be more precise, people are sending him more money than he believes he can profitably invest in small-company stocks that meet his criteria.By last July 31 -- the end of its fifth fiscal year -- the net assets of Janus Venture had grown to $257 million, primarily because of $195 million in net sales of shares during that year.

BaseballAstros: Announced Dave Engle, bullpen coach, will not be offered contract for 1999. Named Johnny Lewis minor-league hitting instructor.Rangers: Announced OF Warren Newson has been granted free agency after refusing assignment to Triple-A Oklahoma.CollegesCentral Intercollegiate Athletic Association: tion: Named Bowie State's Stacy Plater (Patterson) Special Teams Player of the Week.Maryland: Named Wendy Marshall assistant women's gymnastics coach.Rutgers-Newark: Named Carol Meegan women's basketball coach.

We rent homes. We rent cars. We rent movies. Why not rent music? It might be a very good deal. We now have more options than ever for buying music - we can purchase CDs from Web sites and stores and download music from online services. All that is now fairly routine for many entertainment consumers: You go to a site such as Apple's iTunes store or the new Napster and pay around 99 cents for an individual song, which you can store and play on your computer, or burn to a CD and transfer to a portable music device a certain number of times.