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                                                                       3-YR
                                                            2001    ANNUALIZED
FUND/(SYMBOL)                              STRATEGY        RETURN*    RETURN*



RECESSION HEDGES



ARBITRAGE FUND**                           Merger Arb.        6.4%      NA%
BOSTON PARTNERS LONG-SHORTEQUITY (BPLEX)   Long-Short        21.6      17.9
GATEWAY FUND (GATEX)                       Covered Call      -5.1       5.0
MERGER FUND (MERFX)                        Merger Arb.        1.4      12.9
NEEDHAM GROWTH (NEEGX)                     Long-Short        10.2      32.9
UAM ANALYTIC DEFENSIVE EQUITY (ANDEX)      Covered Call      -4.3       5.2






INFLATION HEDGES



FRANKLIN FLOATING RATE**                   Floating Loans    -3.9       4.5
OPPENHEIMER REAL ASSET (QRAAX)             Commodities      -31.9      10.1
PIMCO REAL RETURN (PRRDX)                  TIIS               7.8       8.6
VANGUARD INFLATION-PROTECTED SECUR.        TIIS               7.1       NA
(VIPSX)



* 2001 and 3-year annualized returns include appreciation plus reinvest-
ment of dividends as of Dec. 14, 2001



** These funds have no ticker symbols. Go to www.thearbfund.com or
www.franklintempleton.com for more information.



Data: Morningstar Inc. and fund companies