`You Have To Know Who's Calling The Shots'

After portfolio managers Tom Conlin and Mary Kay Bourbulas left SteinRoe's High-Yield Municipal Fund to run Strong Municipal Bond Fund, the fortunes of the two funds reversed. SteinRoe's, which had ranked in the top quartile for national muni funds for four years running, sank into the bottom 2% in 1992, while Strong's anemic fund leapt into the top 1%--and is still way ahead of SteinRoe's.

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