Performance of Top 25 Tax-Exempt Funds Managed by Banks and Thrifts

+++ Municipal bond mutual funds, with assets of $25 million or more, ranked by the total return in the first quarter (dollar amounts in millions)

TOTAL RETURN THROUGH MARCH 31, 1996 (%)

Rank Fund Name Bank

part 1 of 3

1 Dreyfus Sh-Interm Tax Exempt Mellon Bank, N.A.

2 Excelsior Sh Term Tax Ex Secs U.S. Trust Corp.

3 Nations Sh-Term Muni Inc Tr A NationsBank Corporation

4 STI Classic Inv Grade T/E Tr SunTrust Banks, Inc.

5 Kent Fds-Ltd Term Tax Free Inst Old Kent Bank & Trust

6 STI Classic Inv Grade T/E Inv SunTrust Banks, Inc.

7 Portico Fds-Tax Ex Interm Bond InsFirstar Trust Company

8 Pilot Interm Municipal Bond Pil Boatmen's Trust

9 Stagecoach CA Tax Free Income Wells Fargo Bank, N.A.

10 Kent Fds-MI Muni Limited Mat Inst Old Kent Bank & Trust

11 Evergreen Sh-Intermed Muni Y First Union National Bank of N.C.

12 Pacific Capital T/F Sh-Interm B Bank of Hawaii

13 Monitor OH Tax Free A Huntington Bancshares

14 Evergreen FL High Income Muni A First Union National Bank of N.C.

15 Northern Intermediate Tax Exempt Northern Trust Company (The)

16 BNY Hamilton Intermediate NY Tx Bank of New York

17 Pillar Fd-NJ Municipal A United Jersey Bank

18 Excelsior TXE NY Intermediate U.S. Trust Corp.

19 Inventor PA Municipal A Integra Trust Company

20 Armada OH Tax Exempt Inst National City Bank

21 AmSouth-FL T/F Bond AmSouth Bank N.A

22 Excelsior Tax Exempt Intermed U.S. Trust Corp.

23 First American-CO Interm T/F C First Bank, N.A.

24 First American-MN Insd T/F C First Bank, N.A.

25 SEI Tax-Exempt Tr-KS Tax Free Inc Intrust Financial Corp.

Bank Proprietary Muni Avg

Non-Bank Muni Fund Averages

Lehman Bros Muni

part 2 of 3

TOTAL RETURN THROUGH MARCH 31, 1996 (%)

Rank Name Investment Objective Fund Asset First Latest

12/31/95Quarter 1 Year

1 Dreyfus Sh-InterMunicipal Bond 336.4 0.81 5.78

2 Excelsior Sh TerMunicipal Bond 48.3 0.64 5.4

3 Nations Sh-Term Municipal Bond 49.6 0.49 5.72

4 STI Classic Inv Municipal Bond 111.6 0.27 8.68

5 Kent Fds-Ltd TerMunicipal Bond 55.4 0.25 5.58

6 STI Classic Inv Municipal Bond 41.2 0.16 8.35

7 Portico Fds-Tax Municipal Bond 27.3 0.1 6.44

8 Pilot Interm MunMunicipal Bond 209 0.09 6.85

9 Stagecoach CA TaMunicipal Single State 77.9 0.06 5.61

10 Kent Fds-MI MuniMunicipal Single State 185.5 0 5.03

11 Evergreen Sh-IntMunicipal Bond 37.9 -0.11 4.93

12 Pacific Capital Municipal Bond 40.2 -0.11 5.28

13 Monitor OH Tax FMunicipal Single State 59.9 -0.18 6.61

14 Evergreen FL HigMunicipal High Yield 65.7 -0.2 9.95

15 Northern IntermeMunicipal Bond 238 -0.21 6.8

16 BNY Hamilton IntMunicipal Single State 40.9 -0.22 6.51

17 Pillar Fd-NJ MunMunicipal Single State 27.9 -0.26 7.33

18 Excelsior TXE NYMunicipal Single State 95.5 -0.28 6.74

19 Inventor PA MuniMunicipal Single State 31.2 -0.32 5.57

20 Armada OH Tax ExMunicipal Single State 80.8 -0.32 7.56

21 AmSouth-FL T/F BMunicipal Single State 49.2 -0.32 6.03

22 Excelsior Tax ExMunicipal Bond 250.3 -0.35 8.27

23 First American-CMunicipal Single State 51 -0.36 6.41

24 First American-MMunicipal Single State 67.9 -0.37 6.71

25 SEI Tax-Exempt TMunicipal Single State 66.5 -0.37 6.77

Bank Proprietary Muni Avg 73 -1.31

Non-Bank Muni Fund Averages 164.1 -1.72

Lehman Bros Muni -1.2

part 3 of 3

TOTAL RETURN THROUGH MARCH 31, 1996 (%)

Rank Fund Name Latest Latest Latest

3 years*5 years*10 years*

1 Dreyfus Sh-Inter 3.91 5.97

2 Excelsior Sh Ter 3.79

3 Nations Sh-Term Muni Inc Tr A

4 STI Classic Inv Grade T/E Tr

5 Kent Fds-Ltd Term Tax Free Inst

6 STI Classic Inv 7.49

7 Portico Fds-Tax 4.91

8 Pilot Interm Municipal Bond Pil

9 Stagecoach CA Ta 4.22

10 Kent Fds-MI Muni Limited Mat Inst

11 Evergreen Sh-Int 3.52

12 Pacific Capital T/F Sh-Interm B

13 Monitor OH Tax F 4.56 5.86

14 Evergreen FL Hig 7.32

15 Northern Intermediate Tax Exempt

16 BNY Hamilton Int 4.31

17 Pillar Fd-NJ Mun 5.15

18 Excelsior TXE NY 4.87 6.24

19 Inventor PA Municipal A

20 Armada OH Tax Ex 4.98 6.31

21 AmSouth-FL T/F Bond

22 Excelsior Tax Ex 5.7 7.33 7.36

23 First American-CO Interm T/F C

24 First American-MN Insd T/F C

25 SEI Tax-Exempt T 5.26 6.9

Bank Proprietary 6.97 5.04 7.29

Non-Bank Muni Fu 6.87 5.05 7.42

Lehman Bros Muni 8.38 6.01 8.08 ===

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