NEW YORK (CNN/Money) - An ugly market took its toll on mutual funds in the first half of the year, leaving nearly every category of stock funds in the red.

Indeed, the only winners were niche players. Precious metals funds were up 54.1 percent, real estate funds, up 12.3 percent, and natural resources funds, up 7.4 percent, according to Morningstar. The figures are as of June 27 and are preliminary.

U.S. diversified stock funds can take a little comfort in the fact that they came out ahead of the S&P 500. Diversified stock funds lost 12 percent while the S&P 500 was down 14.7 percent.

The biggest losers were communications funds, with a loss of 39.2 percent. The sector, already hammered by a downdraft in telecoms, was hit hard this week by WorldCom's accounting scandal. Tech funds also took it on the chin, ending the first two quarters down 34.4 percent.

Funds lose big in first six months of '02:       • Communications funds: -39.2% • Tech funds: -34.4% • Health funds: -24.2% • Large-cap growth funds: -17.7% • Mid-cap growth funds: -16.1% • Small-cap growth funds: -15.2% Source: Morningstar (Data as of 6/27)

Health funds, too, were big losers, down 24.2 percent. One of the few exceptions was Fidelity Select Medical Delivery, up 16.4 percent, which focuses on medical-services companies such as HMOs.

Financial funds, hurt lately by faltering brokerage stocks, were relatively flat, ending down 0.7 percent. One of the category's top performers was Emerald Banking & Finance, up 18.9 percent.

Earnings woes continued to weigh heavily on growth stocks, with large-cap growth funds off by 17.7 percent. Mid-cap growth funds weren't much better, down 16.1 percent, while small-cap growth funds gave up 15.2 percent. Only a few names in growth funds bucked the trend. Baron Small Cap Growth, for example, was up 6.1 percent.

And in the value universe, which had been one of the only bright lights during the bear market of the past two years, the outlook turned negative. Only small-cap value funds eked out a gain, of 2.9 percent. (Click here for more on small-cap value funds.) Mid-cap value funds lost 4.1 percent, while large-cap value funds lost 9.5 percent.

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Fidelity had two mid-cap value names that had positive returns: Fidelity Select Defense & Aerospace, up 12.3 percent, and Fidelity Select Construction & Housing, up 9.3 percent. In Large-cap value, Cullen Value gained 6.6 percent. And in small-cap value, Dreyfus Small Company Value gained 21.1 percent.

Overseas funds had a few bright spots. At the top of the list were funds that invest in Asia, excluding Japan, up 3.4 percent. Next were Japan funds, which have come out of a slump, earning 3 percent in the first six months. (For more on why you should be wary of recent gains in Japan funds, click here.)

Stories from the Morningstar fund conference:       • Bogleheads say 'Who cares about WorldCom?' • Is WorldCom the last straw? • How fund managers cope • Tech fund swims upstream • Score one for the bears • Funds in crisis

Other international funds, however, weren't so lucky. Europe stock funds lost 4.4 percent, while world stock funds -- which can invest in U.S. shares -- gave up 8.6 percent. International equity funds in general were down 2.2 percent, a much thinner loss than their U.S. counterparts.

Among fixed-income funds, long government bonds were the top performers, up 3.7 percent. Intermediate-term bonds -- the bread-and-butter bond fund for most investors -- gained 2.4 percent.

But high yield funds, despite a strong start to 2002 on the hopes of an economic rebound, gave up 3.6 percent. These funds have suffered more recently because of the troubles at WorldCom and companies such as Adelphia Communications and Qwest Communications.