Pam Hunter's Vista Tax Free Income Fund has been a stellar performer among general municipal bond funds on a three- and five-year basis, ranking second and first, respectively, according to Lipper Analytical Services Inc. But in 1994 -- or, as Hunter calls it, the "year from hell" -- it has been a different story.

The $95 million fund was off 7.23% for the 12 months ended Oct. 31, ranking a distant 137th out of 177 funds in its group. What happened? About four Federal Reserve tightenings too many, Hunter says.

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