THE TOP-PERFORMING FUNDS

(MONEY Magazine) – A quick look at the lists of one-year leaders shows what a great year 1996 was. For example, top growth fund State Street Research Aurora gained 56.6% and leading total-return fund Premier Growth & Income added 47.3%. Overseas stock funds held their own, led by Morgan Stanley Latin America, up 47.4%.

GROWTH

ONE-YEAR WINNERS % Fund name return 1 State St. Research Aurora A 56.6 2 Warburg Pincus Small Co. Value 56.2 3 Fremont US Micro-Cap 48.7 4 Pacific Advisors Small Cap 43.7 5 Royce Total Return 43.2 6 Robertson Stephens Partners 43.2 7 Rydex OTC 43.1 8 Jundt US Emerging Growth C 42.8 9 Lindner/Ryback Small-Cap Inv. 41.2 10 Hudson Capital Appreciation 40.0 11 Oakmark Small Cap 39.8 12 Dreyfus Aggressive Value 38.9 13 Fidelity Export 38.6 14 Legg Mason Value 38.3 15 Calamos Growth A 37.9 16 Thornburg Value A 37.8 17 Landmark Small Cap Equity A 37.8 18 FPA Capital1 37.8 19 Dreyfus Emerging Leaders 37.4 20 Montgomery Small Cap Opp. R 37.3 21 Biltmore Special Values A 37.0 22 Munder Small Company Gro. A 36.8 23 Buffalo USA Global 36.8 24 American Capital Exchange[1] 36.2 25 Weitz Hickory 35.4 Average growth fund 18.8

THREE-YEAR WINNERS % annualized Fund name return 1 Franklin CA Growth I 30.9 2 PBHG Emerging Growth 29.1 3 White Oak Growth Stock 29.0 4 FPA Capital1 28.2 5 Compass Small Cap Gro. Inv. A 26.5 6 BT Investment Small Cap 26.5 7 Robertson Stephens Value+Gro. 26.1 8 Torray 25.8 9 Alger Capital Appreciation 25.7 10 Strong Growth 25.5 11 Legg Mason Value 25.5 12 Franklin Small Cap Growth I 25.4 13 Retirement Sys. Emerging Gro. 25.3 14 Govett Smaller Companies A 24.8 15 Royce Total Return 24.1 16 Schroder US Smaller Co. Inv. 24.0 17 AIM Aggressive Growth1 23.8 18 American Capital Exchange[1] 23.7 19 Lord Abbett Developing Growth A 23.7 20 Fidelity New Millennium1 23.6 21 Kemper-Dreman Small Cap A 23.6 22 Fidelity Dividend Growth 23.1 23 Dreyfus Large Company Value 23.0 24 Putnam Capital Appreciation A 22.9 25 Enterprise Growth A 22.5 Average growth fund 15.3

FIVE-YEAR WINNERS % annualized Fund name return 1 PBHG Growth 26.6 2 Oakmark 25.7 3 AIM Aggressive Growth[1] 24.9 4 FPA Capital1 24.5 5 Retirement Sys. Emerging Gro. 23.6 6 Putnam New Opportunities A 22.8 7 Franklin CA Growth I 22.6 8 Heartland Value1 22.0 9 First Eagle Fund of America 21.5 10 PIMCo Advisors Oppor. C[1] 21.3 11 Am. Century-20th Cent. Giftrust 20.8 12 Fidelity Low-Priced Stock 20.8 13 Skyline Special Equities 20.7 14 Torray 20.7 15 Spectra 20.4 16 Pioneer Capital Growth A 20.3 17 Merrill Lynch Growth B 20.1 18 Baron Asset 20.0 19 Hancock Special Equities A 20.0 20 Putnam OTC Emerging Growth A 19.9 21 Colonial Small Stock A 19.9 22 Longleaf Partners[1] 19.9 23 SunAmerica Small Co. Gro. A 19.9 24 Fidelity Destiny I 19.8 25 T. Rowe Price New Horizons[1] 19.7 Average growth fund 13.8

10-YEAR WINNERS % annualized Fund name return 1 Am. Century-20th Cent. Giftrust 21.8 2 FPA Capital[1] 21.4 3 PBHG Growth 21.3 4 PIMCo Advisors Oppor. C[1] 20.6 5 Spectra 20.4 6 Fidelity Contrafund 20.3 7 Am. Century-20th Cent. Ultra Inv. 20.2 8 MFS Emerging Growth B 19.7 9 Kaufmann 19.3 10 AIM Constellation A 19.2 11 Brandywine 19.2 12 CGM Capital Development[1] 19.2 13 Fidelity Destiny II 18.9 14 AIM Aggressive Growth[1] 18.8 15 Alger Small Capitalization 18.5 16 AIM Value A 18.4 17 Fidelity Destiny I 18.1 18 Hancock Special Equities A 18.1 19 Columbia Special 18.1 20 Berger 100 18.1 21 Managers Special Equity 17.8 22 IDS New Dimensions A 17.8 23 Oppenheimer Discovery A 17.7 24 Putnam Voyager A 17.6 25 Davis NY Venture A 17.4 Average growth fund 14.0

TOTAL RETURN

ONE-YEAR WINNERS % Fund name return 1 Premier Growth & Income B 47.3 2 Dreyfus Midcap Value 37.3 3 Heartland Value Plus 33.8 4 Strong Growth & Income 31.9 5 Legg Mason Total Return 31.1 6 Selected American 30.7 7 Salomon Bros. Investors O[1] 30.4 8 Advantus Cornerstone A 30.1 9 Muhlenkamp 30.1 10 Primary Trend 30.0 11 Davis Convertible Securities A 29.5 12 FPA Paramount1 29.4 13 First American Stock A 29.1 14 Kemper-Dreman High Return A 28.8 15 Lindner Bulwark 28.8 16 T. Rowe Price Value 28.5 17 Legg Mason Amer. Leading 28.4 18 Strong Equity Income 28.1 19 Baron Growth & Income 27.7 20 Kemper Blue Chip A 27.7 21 Ameristock 27.7 22 Vision Growth & Income 27.5 23 Vista Equity-Income A 27.2 24 SunAmerica Growth & Income A 27.1 25 Keystone Fund for Total Return A 27.0 Average total-return fund 16.9

THREE-YEAR WINNERS % annualized Fund name return 1 Kemper-Dreman High Return A 23.2 2 Oppenheimer Quest Opp. A 22.3 3 Fidelity Congress Street[1] 21.5 4 Retirement Sys. Core Equity 21.5 5 Value Line Asset Allocation 21.3 6 Goldman Sachs Growth & Inc. A 21.2 7 First American Stock A 21.0 8 Delaware Devonshire A 20.7 9 Selected American 20.4 10 Salomon Bros. Investors O[1] 20.4 11 Massachusetts Investors A 20.2 12 Preferred Value 20.1 13 Smith Breeden Equity Plus 20.1 14 Clover Capital Equity Value 20.1 15 Safeco Equity No Load 19.9 16 American Century Value 19.7 17 Dodge & Cox Stock 19.7 18 Invesco Balanced 19.6 19 AIM Blue Chip A 19.6 20 Vanguard Index 500 19.6 21 Chicago Trust Growth & Income 19.5 22 RIMCo Monument Stock 19.5 23 Washington Mutual Investors 19.5 24 BT Investment Equity 500 Index 19.4 25 Vanguard/Windsor II 19.4 Average total-return fund 13.8

FIVE-YEAR WINNERS % annualized Fund name return 1 Oppenheimer Main Street I&G A 21.5 2 Safeco Equity No Load 19.8 3 Kemper-Dreman High Return A 19.6 4 Mutual Qualified Z[1] 19.6 5 Mutual Beacon Z[1] 19.5 6 Mutual Shares Z[1] 19.1 7 Babson Value 18.6 8 Oppenheimer Quest Opp. A 18.5 9 Vanguard/Windsor[1] 18.0 10 Dodge & Cox Stock 17.6 11 Fidelity Equity-Income 17.3 12 Fidelity Growth & Income 17.2 13 New England Value A 17.2 14 First American Stock A 17.1 15 T. Rowe Price Equity-Income 17.1 16 Muhlenkamp 17.0 17 Fidelity Equity-Income II 17.0 18 Retirement Sys. Core Equity 16.9 19 Lexington Corporate Leaders 16.9 20 Oppenheimer Bond for Growth M 16.8 21 Vanguard/Windsor II 16.7 22 Pelican 16.7 23 Salomon Bros. Investors O[1] 16.7 24 Homestead Value 16.5 25 Stagecoach Equity Value A 16.5 Average total-return fund 12.5

10-YEAR WINNERS % annualized Fund name return 1 Fidelity Growth & Income 17.3 2 FPA Paramount[1] 16.9 3 Safeco Equity No Load 16.7 4 Mutual Beacon Z[1] 16.2 5 Mutual Qualified Z[1] 15.6 6 Fidelity Congress Street[1] 15.5 7 Massachusetts Investors A 15.5 8 Neuberger & Berman Guardian 15.5 9 Dodge & Cox Stock 15.4 10 Mutual Shares Z[1] 15.4 11 Vanguard Quantitative 15.2 12 AIM Charter A 15.1 13 Vanguard Index 500 15.0 14 Selected American 14.9 15 Fundamental Investors 14.9 16 Lexington Corporate Leaders 14.9 17 Invesco Industrial Income 14.8 18 United Income A 14.8 19 Vanguard/Windsor II 14.6 20 Oppenheimer Total Return A 14.6 21 Babson Value 14.6 22 Fidelity 14.5 23 T. Rowe Price Equity-Income 14.5 24 Putnam Fund for Gro. & Inc. A 14.5 25 Washington Mutual Investors 14.4 Average total-return fund 11.9

OVERSEAS

ONE-YEAR WINNERS % Fund name return 1 Morgan Stanley Latin Amer. A 47.4 2 Fidelity Hong Kong & China 41.0 3 GT Global Consumer Products B 37.6 4 Fontaine Global Growth 36.9 5 Wright EquiFund-Netherlands 36.3 6 Guinness Flight China 34.4 7 Artisan International 34.4 8 BT Investment Latin Amer. Eq. 32.8 9 Wright EquiFund-Nordic 32.1 10 Harbor International Growth 32.0 11 Am. Century-20th Cent. Intl. Disc.31.2 12 Invesco European Small Company 31.0 13 Scudder Greater Europe Growth 30.9 14 Fidelity Latin America 30.7 15 Invesco European 29.7 16 Robertson Stephens Glob. Low 29.4 17 Smith Barney European A 29.0 18 Dean Witter European Growth 28.9 19 Janus Overseas 28.8 20 Fidelity United Kingdom 28.6 21 EV Marathon Emerging Markets 28.5 22 Scudder Latin America 28.3 23 Oakmark International 28.0 24 Wright EquiFund-Hong Kong 28.0 25 United Svc. China Region Opp. 27.9 Average overseas fund 14.1

THREE-YEAR WINNERS % annualized Fund name return 1 Wright EquiFund-Netherlands 21.8 2 Dean Witter European Growth 19.7 3 Mutual Discovery Z[1] 18.5 4 Pioneer Europe A 17.8 5 Seligman Henderson Glob. Sm. 17.4 6 Janus Worldwide 16.9 7 T. Rowe Price European Stock 16.9 8 Fidelity Europe 16.6 9 Putnam Europe Growth A 16.6 10 Premier Growth B 16.3 11 Fontaine Global Growth 15.8 12 Fidelity Europe Capital App. 15.6 13 Idex Global A 15.4 14 Harbor International Growth 14.8 15 Vanguard Intl. Eq. European 14.7 16 Dean Witter Global Diver. Gro. 14.5 17 Invesco European 14.4 18 Alliance New Europe A 14.4 19 Capital World Growth & Income 14.3 20 Fortis Global Growth A 14.2 21 Templeton World I 14.2 22 Harbor International[1] 13.7 23 BT Investment Intl. Equity 13.6 24 Templeton Growth I 13.4 25 New Perspective 13.3 Average overseas fund 6.4

FIVE-YEAR WINNERS % annualized Fund name return 1 Colonial Newport Tiger T[1] 19.5 2 GAM International A 18.8 3 Dean Witter European Growth 18.7 4 Janus Worldwide 17.5 5 Templeton Capital Accumulator 16.6 6 GAM Global A 16.6 7 Harbor International[1] 16.4 8 Ivy International A 15.8 9 Templeton World I 15.5 10 Putnam Europe Growth A 15.4 11 Keystone Global Opportunities A 15.1 12 Templeton Growth I 15.0 13 Alliance New Europe A 14.9 14 Wright EquiFund-Netherlands 14.7 15 Templeton Global Opportunities I 14.7 16 Smallcap World 14.6 17 Pioneer Europe A 14.6 18 Fidelity Europe 14.5 19 Hotchkis & Wiley International 14.3 20 Princor World A 14.1 21 Managers International Equity 14.0 22 New Perspective 13.9 23 T. Rowe Price European Stock 13.9 24 Fidelity Worldwide 13.7 25 T. Rowe Price New Asia 13.6 Average overseas fund 10.4

10-YEAR WINNERS % annualized Fund name return 1 GAM International A 15.5 2 Ivy International A 15.5 3 Templeton Foreign I 15.2 4 Templeton Growth I 14.2 5 New Perspective 13.8 6 EuroPacific Growth 13.7 7 Templeton World I 13.0 8 Scudder Global 12.8 9 Oppenheimer Global A 12.7 10 First Investors Global A 12.4 11 GAM Global A 12.4 12 Fidelity Europe 12.1 13 MFS World Equity B 11.9 14 GT Global New Pacific A 11.5 15 Templeton Global Small Co. I 11.4 16 T. Rowe Price Intl. Stock 11.2 17 API Growth 11.2 18 United International Growth A 10.9 19 Managers International Equity 10.9 20 Smith Barney Intl. Equity A 10.9 21 Putnam Global Growth A 10.6 22 Vanguard/Trustees' Eq. Intl. 10.5 23 Vanguard Intl. Growth 10.1 24 Scudder International 9.9 25 Princor World A 9.7 Average overseas fund 10.0

SPECIALTY

ONE-YEAR WINNERS % Fund name return 1 State St. Research Glob. Res. A 70.3 2 Interactive Inv. Tech Value 60.6 3 PBHG Technology & Comm. 54.4 4 Fidelity Select-Energy Service 49.0 5 EV Marathon Gold & Natural Res. 46.9 6 GT Global Natural Resources B 46.5 7 Monitrend Gold 45.7 8 Van Eck Global Hard Assets A 45.7 9 CGM Realty 44.1 10 Fidelity Select-Electronics 41.7 11 Robertson Steph. Glob. Nat. Res. 41.2 12 Longleaf Partners Realty 40.7 13 Invesco Strategic Gold 40.6 14 Franklin Natural Resources 39.7 15 Fidelity Select-Brokerage & Inv. 39.6 16 Invesco Strategic Energy 38.8 17 Van Kampen Am. Cap. Real Est. B 38.8 18 Cohen & Steers Realty Shares 38.5 19 Excelsior Long-Term Supply 38.4 20 Columbia Real Estate Equity 38.2 21 Heitman Real Estate Adv. 37.5 22 Davis Real Estate A 37.1 23 Fidelity Select-Home Finance 36.8 24 Pioneer Real Estate A 36.5 25 Invesco Adv. Real Estate C 36.3 Average specialty fund 18.1

THREE-YEAR WINNERS % annualized Fund name return 1 Fidelity Select-Electronics 41.2 2 Fidelity Select-Computers 33.9 3 Alliance Technology A 30.8 4 Seligman Commun. & Info. A 29.5 5 Fidelity Select-Home Finance 29.2 6 Fidelity Select-Energy Service 28.3 7 T. Rowe Price Science & Tech. 27.2 8 Franklin Global Health I 27.2 9 Fidelity Select-Health Care 26.9 10 Fidelity Select-Regional Banks 25.9 11 State St. Research Global Res. A 25.9 12 Vanguard Spec. Health Care 24.5 13 Kemper Technology A 24.2 14 Putnam Health Sciences A 23.9 15 Hancock Regional Bank B 23.7 16 PaineWebber Fin. Svc. Growth A 23.5 17 Davis Financial A 23.5 18 SIFE Trust I 23.4 19 Fidelity Select-Financial Svc. 23.3 20 Fidelity Select-Defense & Aero. 23.3 21 Invesco Strategic Technology 23.2 22 United Science & Tech. A 22.8 23 Fidelity Select-Technology 22.7 24 Hancock Global Technology A 21.8 25 Invesco Strategic Health Science 21.4 Average specialty fund 11.7

FIVE-YEAR WINNERS % annualized Fund name return 1 Fidelity Select-Electronics 36.5 2 Fidelity Select-Home Finance 34.1 3 Fidelity Select-Computers 30.4 4 Seligman Commun. & Info. A 28.1 5 Hancock Regional Bank B 27.4 6 Fidelity Select-Regional Banks 27.0 7 Fidelity Select-Software & Comp. 26.3 8 Fidelity Select-Financial Svc. 25.8 9 Alliance Technology A 25.7 10 T. Rowe Price Science & Tech. 24.9 11 PaineWebber Fin. Svc. Gro. A 23.6 12 Davis Financial A 23.5 13 State St. Research Glob. Res. A 23.0 14 SIFE Trust I 22.4 15 Fidelity Select-Industrial Eqpmt. 21.7 16 Fidelity Select-Energy Service 21.4 17 Fidelity Select-Technology 20.9 18 Invesco Strategic Financial Svc. 20.8 19 Fidelity Adv. Focus Natural Res. T20.7 20 Invesco Strategic Technology 20.6 21 Midas 20.5 22 Hancock Global Technology A 20.3 23 IDS Precious Metals A 20.2 24 Fidelity Select-Defense & Aero. 19.3 25 Fidelity Select-Dev. Commun. 19.0 Average specialty fund 13.7

10-YEAR WINNERS % annualized Fund name return 1 Seligman Commun. & Info. A 22.5 2 Fidelity Select-Home Finance 21.9 3 Invesco Strategic Health Science 21.3 4 Fidelity Select-Regional Banks 20.9 5 Hancock Regional Bank B 20.9 6 Invesco Strategic Technology 20.5 7 Fidelity Select-Software & Comp. 20.2 8 Fidelity Select-Electronics 20.0 9 Vanguard Spec. Health Care 20.0 10 Fidelity Select-Health Care 19.8 11 Alliance Technology A 19.6 12 Invesco Strategic Financial Svc. 19.5 13 Fidelity Select-Food & Agri. 19.2 14 Fidelity Select-Computers 18.7 15 Fidelity Select-Medical Delivery 18.3 16 PaineWebber Fin. Svc. Growth A 18.2 17 Fidelity Select-Telecommun. 17.9 18 Invesco Strategic Leisure 17.2 19 EV Traditional World Health 17.1 20 Fidelity Select-Biotechnology 17.1 21 Fidelity Select-Multimedia 17.1 22 Putnam Health Sciences A 17.0 23 Fidelity Select-Retailing 16.8 24 United Science & Tech. A 16.6 25 Fidelity Select-Technology 16.4 Average specialty fund 12.4

TAXABLE BONDS

ONE-YEAR WINNERS % Fund name return 1 Phoenix Emerging Mkt. Bond A 54.4 2 Fidelity New Markets Income 41.4 3 Bear Stearns Emer. Mkt. Debt A 40.5 4 Fidelity Adv. Emer. Mkt. T 40.3 5 Alliance Global Dollar Gov. A 39.1 6 T. Rowe Price Emer. Mkt. Bond 36.8 7 GT Global High-Income B 35.9 8 Scudder Emerging Markets Inc. 34.6 9 Merrill Lynch Americas Inc. B 33.8 10 Strong High-Yield Bond 26.9 11 Touchstone Income Opp. A 26.7 12 Morgan Stanley Worldwide H/I A 26.2 13 Janus High-Yield 24.1 14 Alliance North Amer. Gov. Inc. B 22.7 15 BT Investment Global H/Y Sec. 21.4 16 Salomon Bros. High-Yield Bond B 21.2 17 GT Global Strategic Income A 21.0 18 Northeast Investors 20.2 19 Value Line Aggressive Income 19.8 20 Oppenheimer Intl. Bond A 19.3 21 Astra All-Americas Gov. Inc. B 18.9 22 EV Marathon Strategic Income 18.2 23 PaineWebber High-Income A 17.3 24 Phoenix High-Yield A 17.2 25 Franklin Strategic Income 17.1 Average taxable bond fund 5.6

THREE-YEAR WINNERS % annualized Fund name return 1 Scudder Emerging Mkt. Income 13.9 2 Northeast Investors 12.9 3 Merrill Lynch Americas Inc. B 12.7 4 MainStay Hi-Yield Corp. Bond B 12.0 5 Seligman High-Yield Bond A 11.8 6 Fidelity Spartan High-Income 11.8 7 Loomis Sayles Bond 11.8 8 BT Investment Global H/Y Sec. 11.7 9 Bear Stearns Emer. Mkt. Debt A 11.7 10 Value Line Aggressive Income 11.3 11 CGM Fixed-Income 10.5 12 First Investors Fund for Income A 10.3 13 American Cent.-Benham Euro. Gov. 10.3 14 First Investors High-Yield A 10.2 15 Franklin AGE High Income I 10.1 16 Pilgrim America High-Yield A 10.0 17 Federated High-Income Bond A 10.0 18 Fidelity Adv. High-Yield T 10.0 19 AIM High-Yield A 9.9 20 Franklin Templeton German Gov. 9.8 21 Fidelity Sterling Performance 9.6 22 Colonial High-Yield Sec. A 9.6 23 Fontaine Global Income 9.6 24 Executive Investors Hi-Yield 9.5 25 Federated High-Yield 9.5 Average taxable bond fund 5.4

FIVE-YEAR WINNERS % annualized Fund name return 1 Northeast Investors 15.9 2 MainStay Hi-Yield Corp. Bond B 15.8 3 Fidelity Spartan High-Income 15.6 4 Dean Witter High-Yield Sec. 15.0 5 Seligman High-Yield Bond A 14.9 6 Fidelity Capital & Income 14.7 7 Fidelity Adv. High-Yield T 14.6 8 Loomis Sayles Bond 14.3 9 Northstar High-Yield T[1] 14.1 10 Colonial High-Yield Sec. A 13.8 11 State St. Research High-Inc. A 13.7 12 AIM High-Yield A 13.3 13 First Investors High-Yield A 13.2 14 First Investors Fund for Income A 13.1 15 IDS Extra Income A 13.0 16 Kemper High-Yield A 13.0 17 Value Line Aggressive Income 13.0 18 Pilgrim America High-Yield A 12.9 19 Oppenheimer Champion Inc. A 12.9 20 Franklin AGE High Income I 12.9 21 Federated High-Income Bond A 12.9 22 Alliance Bond Corp. Bond A 12.7 23 Eaton Vance Income of Boston 12.6 24 Phoenix High-Yield A 12.5 25 Van Kampen Am. Cap. Hi-Inc. A 12.5 Average taxable bond fund 6.9

10-YEAR WINNERS % annualized Fund name return 1 Federated High-Income Bond A 11.4 2 AIM High-Yield A 11.3 3 Kemper High-Yield A 11.3 4 Seligman High-Yield Bond A 11.2 5 Alliance Bond Corp. Bond A 11.0 6 MainStay Hi-Yield Corp. Bond B 10.9 7 Am. Cent.-Ben. Target Mat. 2015 10.9 8 Putnam High Yield Adv. A 10.8 9 Colonial High-Yield Sec. A 10.8 10 Kemper Diversified Income A 10.8 11 Northeast Investors 10.6 12 Fidelity Capital & Income 10.6 13 Oppenheimer High-Yield A 10.6 14 Putnam High Yield A1 10.5 15 Am. Cent.-Ben. Target Mat. 2005 10.5 16 Eaton Vance Income of Boston 10.5 17 Federated High-Yield 10.5 18 State St. Research High-Inc. A 10.3 19 Lord Abbett Bond-Debenture A 10.2 20 T. Rowe Price International Bond 10.0 21 Franklin AGE High Income I 10.0 22 Colonial Strategic Income A 9.9 23 FPA New Income 9.9 24 Amer. Cent.-Ben. Target Mat. 2000 9.9 25 Dreyfus Strategic Income 9.8 Average taxable bond fund 7.9

TAX-EXEMPT BONDS

ONE-YEAR WINNERS % Fund name return 1 United Municipal High-Inc. A 6.9 2 American High-Income Muni Bond 6.5 3 Voyageur Natl. High-Yield Muni 6.2 4 Franklin High Yield T/F Income I 6.2 5 Van Kampen Am. Cap. H/Y Muni A[1] 5.8 6 Sit Tax-Free Income 5.7 7 Smith Barney Managed Munis A 5.6 8 Davis Tax-Free High Income B 5.5 9 PaineWebber Muni High-Income A 5.5 10 Voyageur Natl. Ltd.-Term T/F A 5.5 11 Oppenheimer Municipal Bond A 5.2 12 Strong High-Yield Muni Bond 5.1 13 Oppenheimer Insured Muni A 5.1 14 Oppenheimer Intermediate Muni A 5.1 15 T. Rowe Price Summit Muni Inc. 5.0 16 STI Classic Inv.-Grade T/E Inv. 5.0 17 T. Rowe Price Tax-Free Hi-Yield 5.0 18 Fidelity Municipal Income 5.0 19 Strong Short-Term Muni Bond 4.9 20 Strong Municipal Advantage 4.9 21 Dreyfus Basic Intermediate Muni 4.9 22 Eaton Vance Municipal Bond 4.8 23 Janus Federal Tax-Exempt 4.8 24 Norwest Advant. Tax-Free Inc. A 4.7 25 Franklin Fed. Tax-Free Inc. I 4.7 Average tax-exempt bond fund 3.6

THREE-YEAR WINNERS % annualized Fund name return 1 Smith Barney Managed Munis A 6.6 2 United Municipal High-Inc. A 6.5 3 Van Kampen Am. Cap. H/Y Muni A[1] 6.5 4 Excelsior Long-Term Tax-Exempt 6.4 5 Franklin High Yield T/F Inc. I 6.4 6 Blanchard Flexible T/F Bond 6.3 7 Executive Investors Ins. T/E 6.3 8 STI Classic Inv.-Grade T/E Inv. 6.1 9 Strong High-Yield Muni Bond 6.1 10 Voyageur Natl. High-Yield Muni 6.0 11 Sit Tax-Free Income 5.8 12 Pegasus Municipal Bond A 5.8 13 T. Rowe Price Summit Muni Inc. 5.7 14 Nuveen Municipal Bond R[1] 5.7 15 Stein Roe High-Yield Munis 5.5 16 Vanguard Muni High-Yield 5.4 17 T. Rowe Price Tax-Free Hi-Yield 5.4 18 T. Rowe Price Summit Muni Intm. 5.4 19 Vanguard Muni Long-Term 5.3 20 Tax-Exempt Bond of America 5.3 21 Calvert Natl. Muni Intermediate A 5.3 22 Calvert Tax-Free Res. Long-Term A 5.3 23 Norwest Advant. Tax-Free Inc. A 5.2 24 Vanguard Muni Insured L/T 5.2 25 Davis Tax-Free High Income B 5.2 Average tax-exempt bond fund 4.3

FIVE-YEAR WINNERS % annualized Fund name return 1 Smith Barney Managed Munis A 9.0 2 Executive Investors Ins. T/E 9.0 3 Excelsior Long-Term Tax-Exempt 8.9 4 United Municipal High-Inc. A 8.6 5 Franklin High Yield T/F Inc. I 8.2 6 Voyageur Natl. High-Yield Muni 7.9 7 Flagship All-American T/E A 7.8 8 United Municipal Bond A 7.8 9 Vista Tax-Free Income A 7.8 10 Hancock Tax-Free Bond A 7.7 11 Van Kampen Am. Cap. H/Y Muni A[1] 7.7 12 Vanguard Muni High-Yield 7.7 13 T. Rowe Price Tax-Free Hi-Yield 7.7 14 Vanguard Muni Long-Term 7.7 15 Alliance Muni Income Natl. A 7.6 16 EV Marathon Natl. Municipals 7.6 17 Smith Barney Muni National A 7.6 18 Vanguard Muni Insured L/T 7.5 19 Premier Municipal Bond A 7.5 20 Pegasus Municipal Bond A 7.5 21 Scudder High-Yield Tax-Free 7.5 22 Alliance Muni Insured Natl. A 7.5 23 Putnam Municipal Income A 7.4 24 Principal Pres. Tax-Exempt 7.3 25 Tax-Exempt Bond of America 7.3 Average tax-exempt bond fund 6.5

10-YEAR WINNERS % annualized Fund name return 1 Excelsior Long-Term Tax-Exempt 9.8 2 Franklin High Yield T/F Inc. I 8.7 3 Smith Barney Managed Munis A 8.6 4 United Municipal High-Income A 8.2 5 United Municipal Bond A 8.2 6 Vanguard Muni High-Yield 8.2 7 Alliance Muni Income Natl. A 8.1 8 Vanguard Muni Long-Term 8.1 9 Vanguard Muni Insured L/T 8.0 10 Voyageur Natl. High-Yield Muni 8.0 11 Safeco Municipal Bond No Load 8.0 12 Eaton Vance Municipal Bond 7.9 13 T. Rowe Price Tax-Free Hi-Yield 7.9 14 Kemper Municipal Bond A 7.9 15 Scudder Managed Muni Bonds 7.9 16 Smith Barney Muni National A 7.8 17 Fidelity Aggressive Muni 7.7 18 Stein Roe Managed Municipals 7.7 19 Stein Roe High-Yield Munis 7.6 20 Vanguard Muni Intermediate-Term 7.6 21 MFS Municipal Bond A 7.6 22 Premier Municipal Bond A 7.5 23 Lord Abbett T/F Inc. Natl. A 7.5 24 Princor Tax-Exempt Bond A 7.5 25 Dean Witter Tax-Exempt Sec. 7.4 Average tax-exempt bond fund 7.0

All data are to Jan. 1, 1997. For telephone numbers and complete performance data, see the tables that begin on page 82. Note: [1]Closed to new investors Source: Morningstar, 312-424-4288