National Employers Retirement Trust

NERT Fund Performance as of September 30, 2000

FUNDS		Volatility Factor	YEAR TO DATE	1 YEAR	3 YEARS
The Provident Mutual Fixed Income Fund is a stable value account that offers guaranteed rates of return with no risk to principal	GUARANTEED INTEREST	0.0	5.01%	5.14%	6.13%
The Strong Government Securities Fund seeks the maximum income possible while preserving capital by investing in government debt instruments with intermediate maturity dates	GOVERNMENT SECURITIES	0.18	6.63%	-1.09%	5.27%
The Strong Corporate Bond Fund seeks total return by investing for a high level of current income with moderate degree of share price fluctuation. The Fund normally invest primarily in investment grade corporate debt obligations	CORPORATE BONDS	0.25	5.80%	-0.23%	6.18%
The Vanguard Wellington Fund seeks long-term capital appreciation and income by varying the allocation of assets of the Portfolio among stocks, corporate bonds, government, growth and income, and money market funds.	BALANCED	0.64	3.40%	4.41%	12.97%
The Vanguard Index Fund seeks to mirror the performance of the S&P 500, one of the leading stock market barometers.	S&P 500 INDEX	1.00	-1.35%	21.07%	27.53%
The Fidelity Blue Chip Fund seeks to achieve long-term capital growth by investing in blue chips stocks with high capitalization.	QUALITY GROWTH	1.04	2.04%	24.26%	28.60%
The American Century Ultra Fund seeks to take advantage of emerging industries and technologies by investing in the companies developing these products and services.	AGGRESSIVE GROWTH	1.33	27.30%	41.46%	32.83%
The Parnassus Fund invests in those firms whose products or business principles seek to follow socially responsible guidelines utilizing contrarian investment principles.	SOCIALLY CONSCIOUS	1.79	10.42%	47.70%	24.78%
The Seligman Henderson Global Smaller Companies Fund seeks to take advantage of international small capital investment opportunities for those investors looking for greater capital appreciation.	INTERNATIONAL	1.06	-8.49%	24.12%	6.28%

Fund Performance reflects the effect of all dividend, interest, and realized and unrealized appreciation. Three and five year results are annualized. All returns are net of investment management fees only and are exclusive of any advisory or trust management fees as reported by the fund managers for the period posted. Past performance is not necessarily indicative of future returns.