Performance of Top 50 Tax-Exempt Funds Managed by Banks

Proprietary municipal bond mutual funds ranked by the total return in the second quarter (dollar amounts in millions) +++ part 1 of 3 Rank Fund Name Bank 1 UST Master-Tax Exempt Intermed U.S. Trust Corp. 2 Glenmede NJ Muni Fund Glenmede Trust Company 3 Prairie Municipal Bond A First National Bank of Chicago 4 Dreyfus Premier Muni Bond A Mellon Bank, N.A. 5 Shawmut CT Intermediate Muni Shawmut Bank, N.A. 6 Dreyfus Premier Muni Bond B Mellon Bank, N.A. 7 Dreyfus MA Intermediate Muni Bd Mellon Bank, N.A. 8 Dreyfus Premier VA Muni A Mellon Bank, N.A. 9 Norwest AZ Tax Free Tr Norwest Bank Minnesota N.A. 10 Vision NY Tax-Free Fund First Empire State Corp. 11 Fountain Square Ohio Tax Free Fifth Third Bank (The) 12 UST Master-TXE Long-Term U.S. Trust Corp. 13 UST Master-TXE NY Intermediate U.S. Trust Corp. 14 Dreyfus CT Intermediate Muni Mellon Bank, N.A. 15 Westcore CA Int Tax Free Ret First Interstate Bancorp 16 Westcore CA Int Tax Free Inst First Interstate Bancorp 17 Norwest CO Tax Free A Norwest Bank Minnesota N.A. 18 Norwest AZ Tax Free A Norwest Bank Minnesota N.A. 19 Northern Intermediate Tax Exempt Northern Trust Company (The) 20 Dreyfus Premier VA Muni B Mellon Bank, N.A. 21 Victory Fds-National Municipal A KeyCorp 22 Atlas National Insured Interm A World Savings and Loan Association 23 JPM Instl-NY Total Return J. P. Morgan & Co. Inc. 24 Nations MD Interm Muni Tr A NationsBank Corporation 25 First Union SC Muni Bond Y First Union National Bank of N.C. 26 Dreyfus NJ Intermediate Muni Bd Mellon Bank, N.A. 27 Dreyfus PA Intermediate Muni Mellon Bank, N.A. 28 Narragansett Insd Tax-Free Inc Citizens Trust Company 29 Dreyfus NJ Municipal Bond Mellon Bank, N.A. 30 BNY Hamilton Intermediate NY Tx Bank of New York 31 Amcore Vintage Interm Tax Free AMCORE Bank, NA 32 Prairie Intermediate Muni Bond A First National Bank of Chicago 33 Nations VA Interm Muni Tr A NationsBank Corporation 34 Muni Temp Inv-Intermediate Muni PNC Bank Corp 35 Dreyfus Premier MA Muni A Mellon Bank, N.A. 36 Norwest AZ Tax Free B Norwest Bank Minnesota N.A. 37 Westcore CO Tax Exempt First Interstate Bancorp 38 Dreyfus Basic Interm Municipal Bd Mellon Bank, N.A. 39 Pierpont NY Total Return Bond J. P. Morgan & Co. Inc. 40 Norwest CO Tax Free Tr Norwest Bank Minnesota N.A. 41 First Union SC Muni Bond A First Union National Bank of N.C. 42 Nations VA Interm Muni Inv A NationsBank Corporation 43 Nations FL Muni Bond Tr A NationsBank Corporation 44 Shawmut MA Intermediate Muni Shawmut Bank, N.A. 45 Dreyfus Premier Natl Ins Muni A Mellon Bank, N.A. 46 Dreyfus Premier MD Muni A Mellon Bank, N.A. 47 Atlas National Insured Interm B World Savings and Loan Association 48 Atlas CA Insured Interm Muni A World Savings and Loan Association 49 Dreyfus Intermediate Muni Bd Mellon Bank, N.A. 50 Nations FL Muni Bond Inv A NationsBank Corporation

Bank Proprietary Muni Bond Avg

Nonbank muni fund averages

All muni fund averages

Lehman Bros Muni part 2 of 3 Fund Assets Rank Fund Name Investment Objective 3/31/95 1 UST Master-Tax Exempt Intermed Municipal Bond $234.90 2 Glenmede NJ Muni Fund Municipal Single State 5.1 3 Prairie Municipal Bond A Municipal Bond 6.6 4 Dreyfus Premier Muni Bond A Municipal Bond 499.9 5 Shawmut CT Intermediate Muni Municipal Single State 8.3 6 Dreyfus Premier Muni Bond B Municipal Bond 99.4 7 Dreyfus MA Intermediate Muni BdMunicipal Single State 68.5 8 Dreyfus Premier VA Muni A Municipal Single State 62.8 9 Norwest AZ Tax Free Tr Municipal Single State 0.6 10 Vision NY Tax-Free Fund Municipal Single State 27.3 11 Fountain Square Ohio Tax Free Municipal Single State 25.9 12 UST Master-TXE Long-Term Municipal Bond 78.9 13 UST Master-TXE NY Intermediate Municipal Single State 87.2 14 Dreyfus CT Intermediate Muni Municipal Single State 131.7 15 Westcore CA Int Tax Free Ret Municipal Single State 1.1 16 Westcore CA Int Tax Free Inst Municipal Single State 3.2 17 Norwest CO Tax Free A Municipal Single State 25.9 18 Norwest AZ Tax Free A Municipal Single State 2.6 19 Northern Intermediate Tax ExempMunicipal Bond 221.3 20 Dreyfus Premier VA Muni B Municipal Single State 28.8 21 Victory Fds-National Municipal Municipal Bond 5.1 22 Atlas National Insured Interm AMunicipal Bond 16.4 23 JPM Instl-NY Total Return Municipal Single State 20.5 24 Nations MD Interm Muni Tr A Municipal Single State 56.2 25 First Union SC Muni Bond Y Municipal Single State 0.1 26 Dreyfus NJ Intermediate Muni Bd Municipal Single State 221.2 27 Dreyfus PA Intermediate Muni Municipal Single State 27.7 28 Narragansett Insd Tax-Free Inc Municipal Single State 33.2 29 Dreyfus NJ Municipal Bond Municipal Single State 604.3 30 BNY Hamilton Intermediate NY Tx Municipal Single State 44.2 31 Amcore Vintage Interm Tax Free Municipal Bond 30.7 32 Prairie Intermediate Muni Bond Municipal Bond 17.1 33 Nations VA Interm Muni Tr A Municipal Single State 160.6 34 Muni Temp Inv-Intermediate Muni Municipal Bond 9.5 35 Dreyfus Premier MA Muni A Municipal Single State 73.1 36 Norwest AZ Tax Free B Municipal Single State 0.3 37 Westcore CO Tax Exempt Municipal Single State 10.4 38 Dreyfus Basic Interm Municipal Municipal Bond 37.3 39 Pierpont NY Total Return Bond Municipal Single State 38 40 Norwest CO Tax Free Tr Municipal Single State 23.6 41 First Union SC Muni Bond A Municipal Single State 0.4 42 Nations VA Interm Muni Inv A Municipal Single State 78.8 43 Nations FL Muni Bond Tr A Municipal Single State 8.3 44 Shawmut MA Intermediate Muni Municipal Single State 7.9 45 Dreyfus Premier Natl Ins Muni A Municipal Bond 6.4 46 Dreyfus Premier MD Muni A Municipal Single State 302.1 47 Atlas National Insured Interm B Municipal Bond 0.2 48 Atlas CA Insured Interm Muni A Municipal Single State 24.1 49 Dreyfus Intermediate Muni Bd Municipal Bond 1,518.40 50 Nations FL Muni Bond Inv A Municipal Single State 1.6

Bank Proprietary Muni Bond Avg $77.40

Nonbank muni fund averages $184.10

All muni fund averages $158.60

Lehman Bros Muni part 3 of 3

TOTAL RETURN THROUGH JUNE 30, 1995 (%)

Second Latest Latest Latest Latest Rank Fund Name Quarter 6 months 1 year 3 years* 5 years* 1 UST Master-Tax Exem 3.42 9.51 8.79 6.79 7.73 2 Glenmede NJ Muni Fu 3.39 9.7 7.74 3 Prairie Municipal B 3.1 9.81 10.54 7.81 9 4 Dreyfus Premier Mun 3.06 9.86 9.19 6.9 8.86 5 Shawmut CT Intermed 3.04 9.26 7.88 6 Dreyfus Premier Mun 3 9.66 8.71 7 Dreyfus MA Intermed 2.97 9.2 6.61 6.34 8 Dreyfus Premier VA 2.87 10.62 9.27 7.09 9 Norwest AZ Tax Free 2.86 9.17 9.24 10 Vision NY Tax-Free 2.84 9.6 7.86 11 Fountain Square Ohi 2.84 8.53 7.36 12 UST Master-TXE Long 2.83 12.48 13.43 8.99 9.75 13 UST Master-TXE NY I 2.8 9.09 8.96 5.85 6.67 14 Dreyfus CT Intermed 2.79 8.73 7.76 6.66 15 Westcore CA Int Tax 2.77 9.38 8 16 Westcore CA Int Tax 2.77 9.38 8 17 Norwest CO Tax Free 2.76 8.55 7.44 18 Norwest AZ Tax Free 2.75 9.05 9.13 19 Northern Intermedia 2.75 7.45 6.73 20 Dreyfus Premier VA 2.74 10.34 8.71 21 Victory Fds-Nationa 2.74 9.38 6.63 22 Atlas National Insu 2.73 7.66 6.97 23 JPM Instl-NY Total 2.73 7.72 7.46 24 Nations MD Interm M 2.72 8.48 7.57 5.79 25 First Union SC Muni 2.71 12.96 11.04 26 Dreyfus NJ Intermed 2.71 8.61 7.29 6.81 27 Dreyfus PA Intermed 2.7 9.28 8.27 28 Narragansett Insd T 2.7 10.55 9.86 29 Dreyfus NJ Municipa 2.7 8.74 7.28 6.39 8.06 30 BNY Hamilton Interm 2.7 7.83 6.34 31 Amcore Vintage Inte 2.69 9.25 7.53 32 Prairie Intermediat 2.69 7.17 6.84 6.17 7.74 33 Nations VA Interm M 2.69 8.07 7.04 5.72 6.9 34 Muni Temp Inv-Inter 2.67 6.98 7.25 5.44 7.07 35 Dreyfus Premier MA 2.67 8.5 7.57 6.62 8.11 36 Norwest AZ Tax Free 2.66 8.76 8.42 37 Westcore CO Tax Exe 2.66 7.97 7.5 6.23 38 Dreyfus Basic Inter 2.65 7.95 8.11 39 Pierpont NY Total R 2.65 7.58 7.07 40 Norwest CO Tax Free 2.65 8.55 7.44 41 First Union SC Muni 2.65 12.82 10.77 42 Nations VA Interm M 2.64 7.96 6.84 5.54 6.78 43 Nations FL Muni Bon 2.64 11.06 10.04 44 Shawmut MA Intermed 2.63 9.09 7.71 45 Dreyfus Premier Nat 2.61 10.59 9.54 46 Dreyfus Premier MD 2.6 9.26 8.49 6.41 8.01 47 Atlas National Insu 2.6 7.38 48 Atlas CA Insured In 2.59 7.61 6.89 49 Dreyfus Intermediat 2.59 8.66 7.38 6.45 7.77 50 Nations FL Muni Bon 2.59 10.95 9.83

Bank Proprietary Mu 2.11 8.46 7.51 6.13 7.61

Nonbank muni fund a 1.88 8.63 7.23 6.09 7.51

All muni fund avera 1.95 8.59 7.3 6.1 7.53

Lehman Bros Muni 2.41 9.61 8.79 6.86 8.26 === Data Source: The data were provided by CDA/Wiesenberger, Rockville, Md., from its mutual funds data base. A proprietary fund is a fund that was formed or founded by a bank and/or over which the bank exercises management discretion. Excluded are private-label funds and all other third-party funds that are sold through banks. (*)- Annualized rate of return. (a)- Average is for 377 bank proprietary funds. American Banker, 1995

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