THE TOP-PERFORMING FUNDS

(MONEY Magazine) – A glance at the rankings of one-year leaders tells you just how great 1995 was, with No. 1 growth fund Alger Capital Appreciation gaining nearly 80%, for example, and top total-return fund Baron Growth & Income up more than 50%. But for some really impressive numbers, take a look at the 10-year rankings. That's where you'll find funds that stood out in good markets and bad, such as 20th Century Giftrust, up nearly 25% a year since 1986.

GROWTH

ONE-YEAR WINNERS % annualized Fund name return

1 Alger Capital Appreciation 78.6 2 Perkins Opportunity 70.4 3 Govett Smaller Companies A 69.0 4 Dominion Insight Growth 64.6 5 Smith Barney Spec. Equities B 62.3 6 TCW/DW Small Cap Growth 60.2 7 Wasatch Mid-Cap 58.8 8 BT Investment Small Cap 58.6 9 Putnam OTC Emerging Growth A 55.9 10 T. Rowe Price New Horizons 55.4 11 Idex II Aggressive Growth A 54.9 12 Fremont US Micro-Cap 54.0 13 Vista Small Cap Equity A 54.0 14 Sit Small Cap Growth 52.2 15 Fidelity New Millennium 52.1 16 Phoenix US Stock A 51.7 17 SteinRoe Capital Opportunity 50.8 18 Scudder Development 50.7 19 Hancock Special Equities A 50.4 20 USAA Aggressive Growth 50.4 21 Rydex Nova 50.4 22 Torray 50.3 23 PBHG Growth 50.4 24 SunAmerica Small Co. Gro. A 50.2 25 IAI Emerging Growth 49.6 Average growth fund 31.6

THREE-YEAR WINNERS % annualized Fund name return

1 Govett Smaller Companies A 51.1 2 PBHG Growth 32.2 3 AIM Aggressive Growth1 29.9 4 Robertson Stephens Val.+Gro. 28.8 5 Putnam OTC Emerging Growth A 28.2 6 20th Century Giftrust Inv. 27.3 7 Franklin CA Growth 26.5 8 Smith Barney Spec. Equities B 26.1 9 Putnam New Opportunities A 26.1 10 Excelsior Business & Industry 25.9 11 SteinRoe Capital Opportunity 24.4 12 Fidelity New Millennium 24.1 13 T. Rowe Price New Horizons 23.9 14 Franklin Small Cap Growth I 23.6 15 Dominion Insight Growth 22.9 16 Waddell & Reed Growth B 22.8 17 Seligman Frontier A 22.6 18 Dean Witter Developing Gro. 22.6 19 Hancock Special Equities A 22.5 20 PIMCo Adv. Opportunity C1 22.5 21 First American Reg. Eq. A 22.3 22 Quantitative Numeric Ord.1 22.0 23 Oakmark 21.9 24 Mutual Discovery 21.9 25 Fidelity Destiny I 21.8 Average growth fund 13.8

FIVE-YEAR WINNERS % annualized Fund name return

1 20th Century Giftrust Inv. 35.1 2 PBHG Growth 35.1 3 Hancock Special Equities A 34.6 4 AIM Aggressive Growth1 34.2 5 Putnam New Opportunities A 33.4 6 PIMCo Adv. Opportunity C1 31.7 7 MFS Emerging Growth B 30.5 8 FPA Capital1 29.0 9 Kaufmann 28.6 10 Heartland Value1 27.8 11 Delaware Trend A 27.4 12 Putnam OTC Emerging Growth A 27.3 13 SunAmerica Small Co. Gro. A 27.2 14 Montgomery Small Cap1 26.9 15 CGM Capital Development1 26.8 16 United New Concepts A 26.6 17 Keystone Small Co. Gro. (S-4) 26.6 18 Oberweis Emerging Growth 26.3 19 SteinRoe Capital Opportunity 26.2 20 T. Rowe Price New Horizons 26.2 21 Seligman Frontier A 26.2 22 Smith Barney Spec. Equities B 25.9 23 AIM Constellation 25.8 24 Strong Common Stock1 25.6 25 Pioneer Capital Growth A 25.4 Average growth fund 18.0

10-YEAR WINNERS % annualized Fund name return

1 20th Century Giftrust Inv. 24.1 2 PBHG Growth 22.8 3 Fidelity Destiny II 22.6 4 AIM Constellation 20.4 5 20th Century Ultra Investors 19.8 6 PIMCo Adv. Opportunity C1 19.8 7 Fidelity Contrafund 19.4 8 CGM Capital Development1 19.2 9 FPA Capital1 19.0 10 Putnam OTC Emerging Growth A 18.8 11 Berger 100 18.7 12 Brandywine 18.6 13 Columbia Special 18.5 14 Strong Opportunity 18.3 15 Putnam Voyager A 18.3 16 Fidelity Destiny I 18.1 17 AIM Value A 17.8 18 Fidelity Magellan 17.4 19 AIM Aggressive Growth1 17.3 20 IDS New Dimensions A 17.2 21 Idex 17.2 22 Hancock Special Equities A 17.2 23 Janus Venture1 17.1 24 20th Century Vista Investors 17.0 25 Fidelity Growth Company 17.0 Average growth fund 13.6

TOTAL RETURN

ONE-YEAR WINNERS % annualized Fund name return

1 Baron Growth & Income 52.5 2 Kemper-Dreman High Return A 46.9 3 Oppenheimer Quest Oppor. A 42.0 4 Washington Mutual Investors 41.2 5 Vontobel US Value 40.4 6 Addison Capital Shares 40.3 7 Massachusetts Inv. A 39.3 8 Lexington Corporate Leaders 39.2 9 Vanguard/Windsor II 38.8 10 Fidelity Congress Street1 38.6 11 Selected American 38.1 12 Depositors Fund of Boston1 38.0 13 Alliance Growth & Income A 37.9 14 Piper Growth & Income 37.7 15 Enterprise Managed A 37.7 16 Tower Capital Appreciation 37.7 17 RIMCo Monument Stock 37.6 18 Vanguard Tax-Mgd. Gro. & Inc. 37.5 19 Preferred Value 37.5 20 Griffin Growth & Income A 37.5 21 Vanguard Index 500 37.5 22 Vanguard Equity-Income 37.3 23 Capital Exchange1 37.3 24 T. Rowe Price Equity Index 37.2 25 BT Investment Equity 500 Index 37.2 Average total-return fund 27.1

THREE-YEAR WINNERS % annualized Fund name return

1 Safeco Equity 21.7 2 Oppenheimer Main St. I&G A 20.4 3 RIMCo Monument Stock 19.1 4 Fidelity Adv. Equity Income A 18.6 5 Dodge & Cox Stock 18.4 6 Babson Value 18.4 7 Fidelity Growth & Income 18.3 8 Mutual Qualified 18.0 9 Mutual Beacon 17.8 10 Mutual Shares 17.8 11 Homestead Value 17.7 12 Lexington Corporate Leaders 17.6 13 Fidelity 17.3 14 Oppenheimer Quest Oppor. A 17.3 15 Vanguard Index Value 17.2 16 T. Rowe Price Dividend Gro. 17.1 17 Fundamental Investors 17.1 18 Merrill Lynch Basic Value B 17.1 19 Washington Mutual Investors 17.1 20 Fidelity Equity-Income 17.0 21 Putnam Equity-Income A 17.0 22 T. Rowe Price Equity-Income 17.0 23 United Gold & Government A 16.9 24 Kemper-Dreman High Return A 16.7 25 Fidelity Congress Street1 16.6 Average total-return fund 12.1

FIVE YEAR WINNERS % annualized Fund name return

1 Oppenheimer Main St. I&G A 30.6 2 Oppenheimer Quest Oppor. A 23.5 3 Kemper-Dreman High Return A 22.9 4 Fidelity Equity-Income II 22.0 5 Fidelity Growth & Income 21.2 6 Vista Growth & Income A 20.6 7 Bond Fund for Growth A 20.5 8 MainStay Convertible B 20.4 9 Safeco Equity 20.3 10 Babson Value 19.8 11 Muhlenkamp 19.7 12 MainStay Value B 19.6 13 Mutual Qualified 19.5 14 Neuberger & Berman Guardian 19.5 15 Liberty Equity-Income A 19.3 16 Pacific Horizon Capital Inc. 19.2 17 Mutual Shares 19.1 18 Fidelity Equity-Income 18.9 19 Maxus Equity 18.8 20 Mutual Beacon 18.8 21 Vontobel US Value 18.7 22 Berger 101 18.6 23 Fidelity Convertible Sec. 18.5 24 Vanguard/Windsor1 18.4 25 AIM Balanced A 18.2 Average total-return fund 14.2

10-YEAR WINNERS % annualized Fund name return

1 Fidelity Growth & Income 19.1 2 Mutual Beacon 15.6 3 Fidelity Congress Street1 15.6 4 Safeco Equity 15.5 5 Mutual Qualified 15.2 6 Lexington Corporate Leaders 15.1 7 Fundamental Investors 15.1 8 T. Rowe Price Equity-Income 15.1 9 Dodge & Cox Stock 15.0 10 Mutual Shares 15.0 11 IDS Managed Retirement A 15.0 12 United Income A 14.9 13 Neuberger&Berman Guardian 14.9 14 AIM Charter A 14.8 15 Massachusetts Inv. A 14.7 16 Washington Mutual Investors 14.6 17 Oppenheimer Total Return A 14.6 18 Vanguard Index 500 14.6 19 Putnam Fund for Gro. & Inc. A 14.6 20 FPA Paramount1 14.6 21 Invesco Industrial Income 14.5 22 Babson Value 14.4 23 Vanguard/Windsor II 14.4 24 Quantitative Gro. & Inc. Ord. 14.2 25 Investment Comp. of America 14.1 Average total-return fund 11.8

OVERSEAS

ONE-YEAR WINNERS % annualized Fund name return

1 GAM Global 36.3 2 G.T. Global Cons. Products A 35.4 3 AIM Global Aggressive Gro. A 32.2 4 Fortis Global Growth A 31.6 5 AIM Global Growth A 30.1 6 GAM International 30.1 7 Alliance Global Small Cap A 27.2 8 Premier Growth B 26.9 9 Seligman Henderson Glob. Sm. A 25.8 10 Bull & Bear US & Overseas 25.1 11 Dean Witter European Growth 24.6 12 Founders Passport 24.4 13 Harbor International Growth 24.3 14 API Growth 23.7 15 Keystone Global Oppor. A 23.7 16 Scudder Greater Europe Gro. 23.6 17 Hercules North Amer. G&I 23.1 18 Smallcap World 22.7 19 Austin Global Equity 22.6 20 Vanguard Intl. Eq. European 22.3 21 Janus Overseas 22.1 22 Janus Worldwide 21.9 23 T. Rowe Price European Stock 21.9 24 Templeton World I 21.6 25 Pioneer Europe A 21.5 Average overseas fund 8.4

THREE-YEAR WINNERS % annualized Fund name return

1 GAM International 28.1 2 GAM Global 25.9 3 Seligman Henderson Glob. Sm. A 24.8 4 Dean Witter European Growth 22.6 5 Colonial Newport Tiger T1 21.5 6 Harbor International1 21.2 7 Keystone Global Oppor. A 20.5 8 Ivy International A 20.2 9 GAM Pacific Basin 19.3 10 Hotchkis & Wiley Intl. 19.3 11 Putnam Europe Growth A 19.1 12 Putnam Asia Pacific Growth A 18.8 13 Vanguard Intl. Growth 18.8 14 Warburg Pincus Intl. Eq. Comm. 18.7 15 Alliance New Europe A 18.7 16 Dean Witter Pacific Growth 18.6 17 BT Investment Intl. Equity 18.6 18 Merrill Lynch Dragon B 18.3 19 Templeton Capital Accum. 18.0 20 Putnam Overseas Growth A 18.0 21 AIM International Equity A 17.9 22 Managers Intl. Equity 17.9 23 Templeton World I 17.9 24 Fidelity Diversified Intl. 17.7 25 Hancock Pacific Basin Eq. A 17.5 Average overseas fund 13.7

FIVE-YEAR WINNERS % annualized Fund name return

1 Colonial Newport Tiger T1 22.5 2 Keystone Global Oppor. A 20.7 3 GAM International 20.2 4 Smallcap World 17.1 5 Templeton World I 17.0 6 Templeton Growth I 16.7 7 Harbor International1 16.6 8 Templeton Smaller Co. Gro. I 16.5 9 Templeton Global Oppor. I 16.3 10 API Growth 16.2 11 GAM Global 16.1 12 Dean Witter Pacific Growth 16.0 13 Founders Worldwide Growth 16.0 14 Phoenix Worldwide Oppor. A 15.3 15 Ivy International A 15.2 16 Managers Intl. Equity 15.1 17 New Perspective 15.0 18 T. Rowe Price New Asia 14.8 19 Hotchkis & Wiley Intl. 14.7 20 Smith Barney Intl. Equity A 14.6 21 GAM Pacific Basin 14.5 22 Dean Witter European Growth 14.1 23 Warburg Pincus Intl. Eq. Comm. 14.0 24 Putnam Europe Growth A 13.8 25 United International Gro. A 13.6 Average overseas fund 10.5

10-YEAR WINNERS % annualized Fund name return

1 GAM International 19.0 2 Templeton Foreign I 16.2 3 EuroPacific Growth 15.5 4 G.T. Global New Pacific A 15.5 5 Oppenheimer Global A 15.2 6 First Invest. Global A 15.2 7 Nomura Pacific Basin 15.1 8 T. Rowe Price Intl. Stock 14.9 9 Managers Intl. Equity 14.9 10 New Perspective 14.7 11 G.T. Global Japan Growth A 14.3 12 Templeton Growth I 14.1 13 Vanguard/Trustees' Eq. Intl. 14.0 14 Vanguard Intl. Growth 13.6 15 Fidelity Overseas 13.4 16 Scudder International 12.9 17 Pilot Kleinwort Intl. Eq. Adm. 12.8 18 Templeton World I 12.7 19 Invesco Pacific Basin 12.7 20 Putnam Global Growth A 12.4 21 G.T. Global Intl. Growth A 12.2 22 United International Gro. A 12.0 23 Kemper International A 11.7 24 API Growth 11.4 25 Alliance International A 11.3 Average overseas fund 12.5

SPECIALTY

ONE-YEAR WINNERS % annualized Fund name return

1 Fidelity Select--Electronics 69.4 2 Dean Witter Health Sciences 62.3 3 Medical Research Investment 61.2 4 Fidelity Select--Air Transport. 59.5 5 Invesco Strat. Health Science 58.9 6 United Science & Tech A 55.6 7 T. Rowe Price Science & Tech. 55.5 8 Franklin Global Health Care 54.6 9 Fidelity Select--Home Finance 53.5 10 Fidelity Select--Computers 51.7 11 Davis Financial A 50.5 12 Fidelity Select--Biotechnology 49.1 13 Merrill Lynch Healthcare B 48.1 14 PaineWebber Reg. Fin. Gro. A 47.7 15 Hancock Regional Bank B 47.6 16 Fidelity Select--Defense & Aero. 47.4 17 Fidelity Select--Financial Svc. 47.4 18 Putnam Health Sciences A 47.0 19 Fidelity Select--Regional Banks 46.8 20 Hancock Global Technology A 46.5 21 Fidelity Select--Software & Comp 46.1 22 Fidelity Select--Health Care 45.9 23 Alliance Technology A 45.8 24 Invesco Strat. Technology 45.8 25 Vanguard Spec. Health Care 45.2 Average specialty fund 24.5

THREE-YEAR WINNERS % annualized Fund name return

1 Lexington Strategic Inv. 52.0 2 Fidelity Select--Electronics 37.9 3 Seligman Comm. & Info. A1 37.9 4 Fidelity Select--Computers 33.0 5 Alliance Technology A 31.6 6 Midas 31.1 7 T. Rowe Price Science & Tech. 30.8 8 Hancock Global Technology A 28.5 9 Fidelity Select--Technology 27.1 10 IDS Precious Metals A 27.0 11 Fidelity Select--Prec. M&M 26.5 12 Fidelity Select--Home Finance 26.1 13 Fidelity Select--Software & Comp. 24.9 14 Fidelity Select--Defense & Aero. 24.6 15 Van Eck Intl. Inv. Gold A 24.4 16 Medical Research Investment 24.3 17 Fidelity Select--Multimedia 24.3 18 Fidelity Select--Ind. Eq. 23.7 19 Franklin Global Health Care 23.3 20 United Science & Tech. A 22.8 21 United Svc. World Gold 22.3 22 Lexington Strategic Silver 22.0 23 Fidelity Select--Health Care 22.0 24 Fidelity Select--Develop Comm. 21.2 25 Blanchard Precious Metals 21.2 Average specialty fund 15.8

FIVE-YEAR WINNERS % annualized Fund name return

1 Fidelity Select--Home Finance 39.1 2 Seligman Comm. & Info. A1 36.6 3 Fidelity Select--Electronics 35.2 4 Hancock Regional Bank B 33.8 5 T. Rowe Price Science & Tech. 33.6 6 Alliance Technology A 32.3 7 Fidelity Select--Regional Banks 32.1 8 Fidelity Select--Financial Svcs 31.0 9 Fidelity Select--Software & Comp. 30.9 10 Fidelity Select--Computers 30.3 11 Invesco Strat. Technology 30.0 12 PaineWebber Reg. Fin. Gro. A 30.0 13 Fidelity Select--Technology 28.8 14 Invesco Strat. Financial Svc. 28.0 15 Fidelity Select--Develop. Comm. 27.5 16 Fidelity Select--Multimedia 26.3 17 Hancock Global Technology A 24.4 18 Fidelity Select--Transportation 24.2 19 Fidelity Select--Broker. & Inv. 23.9 20 United Science & Tech. A 23.1 21 Invesco Strat. Leisure 23.0 22 Medical Research Investment 22.8 23 Fidelity Select--Health Care 22.4 24 Fidelity Select--Ind. Eq. 21.7 25 Fidelity Select--Telecomm. 21.5 Average specialty fund 14.8

10-YEAR WINNERS % annualized Fund name return

1 Invesco Strat. Health Science 23.2 2 Seligman Comm. & Info. A1 23.0 3 Fidelity Select--Home Finance 21.0 4 Invesco Strat. Technology 20.5 5 Fidelity Select--Health Care 20.5 6 Hancock Regional Bank B 20.1 7 Vanguard Spec. Health Care 20.0 8 Fidelity Select--Software & Comp. 19.4 9 Fidelity Select--Telecomm. 19.4 10 Fidelity Select--Food & Agr. 19.1 11 Alliance Technology A 18.8 12 Invesco Strat. Leisure 18.2 13 United Science & Tech. A 17.6 14 Putnam Health Sciences A 17.4 15 Fidelity Select--Biotechnology 16.9 16 Fidelity Select--Chemicals 16.8 17 Medical Research Investment 16.4 18 Fidelity Select--Computers 16.4 19 Fidelity Select--Retailing 16.1 20 Flag Inv. Telephone Income A 15.7 21 Smith Barney Telecomm. Income1 15.2 22 Fidelity Select--Leisure 14.9 23 Kemper Technology A 14.9 24 Fidelity Select--Financial Svc. 14.1 25 Fidelity Select--Technology 13.8 Average specialty fund 12.3

TAXABLE BONDS

ONE-YEAR WINNERS % annualized Fund name return

1 Benham Target Maturity 2020 61.3 2 Benham Target Maturity 2015 52.7 3 Benham Target Maturity 2010 42.1 4 Rydex US Government Bond 35.5 5 Smith Barney Inv. Gr. Bond B 34.9 6 Benham Target Maturity 2005 32.7 7 Rushmore US Gov. Bond 32.0 8 Loomis Sayles Bond 32.0 9 Monitor Mortgage Sec. Inv. 31.1 10 Managers Bond 30.9 11 Fidelity Spartan L/T Gov. 30.4 12 Vanguard F/I L/T US Treas. 30.1 13 Alliance North Am. Gov. Inc. B 29.6 14 Vanguard Bond Index L/T 29.4 15 Benham L/T Treas. & Agency 29.2 16 T. Rowe Price US Treas. L/T 28.6 17 Wright US Treasury 28.2 18 Alliance Bond Corp. Bond A 28.0 19 CGM Fixed-Income 27.3 20 Sierra Corporate Income A 27.1 21 Westcore Long-Term Bond 26.7 22 Vanguard F/I L/T Corp. Bond 26.4 23 Merrill Lynch Americas Inc. B 26.1 24 T. Rowe Price Emer. Mkt. Bond 25.9 25 Federated US Gov. Bond 25.8 Average taxable bond fund 15.8

THREE-YEAR WINNERS % annualized Fund name return

1 Benham Target Maturity 2020 20.4 2 Benham Target Maturity 2015 16.2 3 Loomis Sayles Bond 15.7 4 Benham Target Maturity 2010 15.6 5 Northeast Investors 14.0 6 MainStay Hi-Yield Corp. Bond B 13.9 7 Fidelity Spartan High-Income 13.8 8 Alliance Bond Corp. Bond A 13.5 9 Seligman High-Yield Bond A 13.2 10 Benham European Gov. Bond 13.2 11 Strong Corporate Bond 13.1 12 G.T. Global High-Income B 13.0 13 Smith Barney Inv. Gr. Bond B 13.0 14 Dean Witter High-Yield Sec. 12.7 15 Federated Intl. Income A 12.5 16 T. Rowe Price Intl. Bond 12.3 17 Vanguard F/I L/T US Treas. 12.2 18 Franklin Temp. German Gov. 12.1 19 Fidelity Adv. High-Yield A 12.1 20 First Inv. Fund for Inc. A 12.1 21 Colonial High-Yield Sec. A 12.0 22 Benham Target Maturity 2005 11.9 23 Capital World Bond 11.8 24 Kemper Diversified Income A 11.7 25 CGM Fixed-Income 11.7 Average taxable bond fund 7.2

FIVE-YEAR WINNERS % annualized Fund name return

1 Dean Witter High-Yield Sec. 24.3 2 Liberty High-Income Bond A 20.9 3 Kemper Diversified Income A 20.0 4 Northstar Adv. High-Yield T1 19.8 5 Colonial High-Yield Sec. A 19.6 6 Fidelity Spartan High-Income 19.2 7 Kemper High-Yield A 19.0 8 Fortis Advant. High-Yield A 19.0 9 Federated High-Yield 18.9 10 MainStay Hi-Yield Corp. Bond B 18.9 11 Franklin AGE High Income I 18.9 12 MFS High-Income A 18.9 13 Putnam High Yield Adv. A 18.7 14 First Invest Fund for Inc. A 18.6 15 Fidelity Adv. High-Yield A 18.5 16 Fidelity Capital & Income 18.3 17 AIM High-Yield A 18.1 18 Seligman High-Yield Bond A 17.9 19 Keystone Strategic Income A 17.8 20 Federated Bond Fort 17.8 21 Eaton Vance Income of Boston 17.7 22 Van Kampen Am. Cap. Hi-Inc. A 17.5 23 IDS Extra Income A 17.4 24 First Invest. High-Yield A 17.3 25 State St. Research High-Inc. A 17.3 Average taxable bond fund 9.6

10-YEAR WINNERS % annualized Fund name return

1 Benham Target Maturity 2010 17.0 2 Benham Target Maturity 2005 16.6 3 Benham Target Maturity 2000 14.4 4 MFS World Governments A 12.1 5 Kemper High-Yield A 11.7 6 Alliance Bond Corp. Bond A 11.4 7 AIM High-Yield A 11.4 8 Seligman High-Yield Bond A 11.3 9 Liberty High-Income Bond A 11.3 10 Fidelity Capital & Income 11.2 11 Benham Target Maturity 1995 11.0 12 Colonial High-Yield Sec. A 10.9 13 Smith Barney Inv. Gr. Bond B 10.9 14 Managers Bond 10.8 15 Vanguard F/I L/T Corp. Bond 10.8 16 Federated High-Yield 10.7 17 Northeast Investors 10.6 18 Putnam High Yield A 10.6 19 Eaton Vance Income of Boston 10.6 20 IDS Bond A 10.5 21 FPA New Income 10.3 22 Vanguard F/I High-Yield Corp. 10.3 23 Wright US Treasury 10.2 24 Kemper Diversified Income A 10.2 25 Oppenheimer High-Yield A 10.1 Average taxable bond fund 8.8

TAX-EXEMPT BONDS

ONE-YEAR WINNERS % annualized Fund name return

1 Safeco Insured Muni Bond 24.4 2 Safeco Adv. Municipal Bond C 23.7 3 Excelsior Long-Term Tax-Ex 23.4 4 Alliance Muni Insured Natl. A 22.5 5 Alliance Muni Income Natl. A 22.3 6 Blanchard Flexible T/F Bond 22.1 7 Safeco Municipal Bond 21.5 8 Evergreen High-Grade T/F A 21.2 9 Executive Investors Ins. T/E 21.2 10 Princor Tax-Exempt Bond A 20.7 11 Voyageur Natl. Insured T/F A 20.6 12 Lord Abbett Natl. T/F Inc. Tr. 20.3 13 Smith Barney Managed Munis A 20.3 14 Hancock Tax-Free Bond A 20.2 15 United Municipal Bond A 20.2 16 Connecticut Mut. Natl. Muni 20.2 17 Seligman Tax-Exempt Natl. A 20.1 18 EV Marathon Natl. Municipals 19.8 19 Nations Muni Income Inv. A 19.3 20 Dreyfus Basic Muni Bond 19.2 21 Waddell & Reed Muni Bond B 19.1 22 American High-Income Muni Bond 19.1 23 Nuveen Insured Muni Bond A 19.0 24 Smith Barney Muni National A 18.9 25 Hancock High-Yield Tax-Fr. B 18.9 Average tax-exempt bond fund 13.8

THREE-YEAR WINNERS % annualized Fund name return

1 Excelsior Long-Term Tax-Ex. 10.4 2 Executive Investors Ins. T/E 10.3 3 Smith Barney Managed Munis A 10.0 4 STI Classic Inv. Gr. T/E Inv. 9.2 5 Franklin High-Yield T/F Inc. I 8.7 6 United Municipal High-Inc. A 8.6 7 United Municipal Bond A 8.5 8 Van Kampen Am. Cap. T/F High A 8.4 9 Smith Barney Muni National A 8.3 10 Vanguard Muni Long-Term 8.3 11 Prairie Municipal Bond A 8.3 12 Evergreen High-Grade T/F A 8.2 13 Vanguard Muni Insured L/T 8.2 14 Kemper Municipal Bond A 8.2 15 Flagship All-American T/E A 8.1 16 Vanguard Muni High-Yield 8.1 17 EV Marathon Natl. Municipals 8.1 18 Benham Natl. T/F Long-Term 8.1 19 Principal Pres. Tax-Exempt 8.0 20 Calvert T/F Res. Long-Term A 8.0 21 T. Rowe Price T/F H/Y 8.0 22 Van Kampen Am. Cap. H/Y Muni A1 7.9 23 Safeco Municipal Bond 7.9 24 Alliance Muni Insured Natl. A 7.9 25 Franklin Fed. I/T T/F Inc. 7.9 Average tax-exempt bond fund 6.0

FIVE-YEAR WINNERS % annualized Fund name return

1 Excelsior Long-Term Tax-Ex. 10.8 2 Smith Barney Managed Munis A 10.7 3 Flagship All-American T/E A 9.9 4 Hancock Tax-Free Bond A 9.8 5 Vista Tax-Free Income A 9.8 6 Vanguard Muni High-Yield 9.8 7 United Municipal Bond A 9.7 8 United Municipal High-Inc. A 9.6 9 Executive Investors Ins. T/E 9.5 10 Vanguard Muni Long-Term 9.5 11 Franklin High Yield T/F Inc. I 9.5 12 Premier Municipal Bond A 9.5 13 Sierra National Municipal A 9.4 14 Smith Barney Muni National A 9.4 15 Scudder High-Yield Tax-Free 9.3 16 Benham Natl. T/F Long-Term 9.2 17 Safeco Municipal Bond 9.2 18 Putnam Municipal Income A 9.2 19 Vanguard Muni Insured L/T 9.2 20 EV Marathon Natl. Municipals 9.2 21 Prairie Municipal Bond A 9.2 22 General Municipal Bond 9.2 23 Kemper Municipal Bond A 9.2 24 Alliance Muni Income Natl. A 9.1 25 T. Rowe Price Tax-Free H/Y 9.1 Average tax-exempt bond fund 8.0

10-YEAR WINNERS % annualized Fund name return

1 United Municipal Bond A 9.9 2 Smith Barney Managed Munis A 9.9 3 Vanguard Muni High-Yield 9.7 4 Safeco Municipal Bond 9.6 5 SteinRoe Managed Municipals 9.6 6 Vanguard Muni Long-Term 9.5 7 Vanguard Muni Insured L/T 9.4 8 Kemper Municipal Bond A 9.4 9 T. Rowe Price Tax-Free H/Y 9.4 10 Eaton Vance Municipal Bond 9.3 11 Pioneer Tax-Free Income A 9.3 12 Invesco Tax-Free L/T Bond 9.2 13 MFS Municipal Bond A 9.2 14 Putnam Tax-Exempt Income A 9.2 15 Lord Abbett T/F Income Natl. 9.2 16 Fidelity Aggressive Tax-Free 9.1 17 Scudder Managed Muni Bonds 9.1 18 Dean Witter Tax-Exempt Sec.1 9.1 19 SteinRoe High-Yield Munis 9.0 20 Delaware Tax-Free USA A 9.0 21 Van Kampen Am. Cap. Ins. T/F A 8.9 22 Seligman Tax-Exempt Natl. A 8.9 23 Hancock Tax-Exempt Income A 8.8 24 Nuveen Municipal Bond R1 8.8 25 Franklin Fed. Tax-Free Inc. I 8.8 Average tax-exempt bond fund 8.2

All data are to Jan. 1, 1996. For telephone numbers and performance data see the tables that begin on page 114.

Note: 1Closed to new investors Source: Morningstar Inc., 800-876-5005