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

+++ Municipal bond mutual funds with assets of $25 million or more ranked by the total return for 1997

(dollar amounts in millions)

part 1 of 3

Fund Name Bank

1 Dreyfus Basic Municipal Bond Fd Mellon Bank Corp.

2 Evergreen FL High Income Muni A First Union Corp.

3 Sierra Tr CA Municipal Bond A Great Western Financial Corp. (2)

4 Norwest Advantage-CO Tax Free I Norwest Corp.

5 Norwest Advantage-CO Tax Free A Norwest Corp.

6 Norwest Advantage-T/F Income I Norwest Corp.

7 Norwest Advantage-T/F Income A Norwest Corp.

8 Evergreen FL High Income Muni B First Union Corp.

9 Dreyfus Premier TX Muni A Mellon Bank Corp.

10 Evergreen FL Muni Bond Y First Union Corp.

11 Munder Tax Free Bond K Comerica Inc.

12 Dreyfus Premier PA Muni A Mellon Bank Corp.

13 Dreyfus Premier NC Muni A Mellon Bank Corp.

14 Compass Capital-Tax Free Inc SvcPNC Bank Corp.

15 Dreyfus Premier NY Muni A Mellon Bank Corp.

16 Evergreen FL Muni Bond A First Union Corp.

17 Landmark NY Tax Free Income A Citicorp

18 Munder MI Triple Tax-Free Bond KComerica Inc.

19 Dreyfus Premier Muni Bond A Mellon Bank Corp.

20 Evergreen NC Muni Bond B First Union Corp.

21 Dreyfus General NY Muni Bond Mellon Bank Corp.

22 Nations Muni Income Fd Pr A NationsBank Corp.

23 Dreyfus Premier VA Muni A Mellon Bank Corp.

24 Sierra Tr CA Municipal Bond B Great Western Financial Corp. (2)

25 Dreyfus Premier MD Muni A Mellon Bank Corp.

Average for top 25 funds with $25 million or more in assets

Average for all 493 bank proprietary municipal funds

Nonbank municipal fund averages

Lehman Brothers municipal bond average

part 2 of 3

Fund AssFull yeaFourth q Latest

Investment Objective 12/31/97 1997 1997 3 Years*

1 Municipal - National $117.80 10.93 3.2 11.43

2 Municipal - Single Sta 125.2 10.73 3.05 11.47

3 Municipal - Single Sta 315.9 10.3 3.14 10.79

4 Municipal - Single Sta 26.4 10.29 3.41 10.61

5 Municipal - Single Sta 30 10.29 3.51 10.61

6 Municipal - National 268.8 10.26 3.45 10.47

7 Municipal - National 30.2 10.26 3.55 10.51

8 Municipal - Single Sta 65.9 9.9 2.85 10.71

9 Municipal - Single Sta 62.2 9.88 2.75 10.92

10 Municipal - Single Sta 26.7 9.86 3.2 10.74

11 Municipal - National 197.7 9.84 3.22 9.14

12 Municipal - Single Sta 201.6 9.82 2.88 10.33

13 Municipal - Single Sta 41.9 9.8 2.85 10.57

14 Municipal - National 54.9 9.8 2.85 11.03

15 Municipal - Single Sta 132 9.8 2.92 10.45

16 Municipal - Single Sta 105 9.78 3.18 10.62

17 Municipal - Single Sta 76.1 9.62 2.8 10

18 Municipal - Single Sta 46.9 9.6 3.39 9.62

19 Municipal - National 456.3 9.59 3.15 10.2

20 Municipal - Single Sta 47.9 9.58 3.27 9.81

21 Municipal - Single Sta 310 9.58 2.86 9.6

22 Municipal - National 442.6 9.54 2.87 11.09

23 Municipal - Single Sta 63.6 9.53 2.96 10.83

24 Municipal - Single Sta 26.3 9.5 2.95 9.97

25 Municipal - Single Sta 267.9 9.47 2.63 9.86

Average for top $141.59 9.9 3.08 10.46

Average for all $73.84 7.82 2.42 8.71

Nonbank municipal $159.75 8.39 2.57 9.11

Lehman Brothers - 9.19 2.71 10.23

part 3 of 3

Latest Latest

Investment Objective 5 Years*10 Years*

1 Municipal - National - -

2 Municipal - Single Sta 8.58 -

3 Municipal - Single Sta 7.15 -

4 Municipal - Single Sta - -

5 Municipal - Single Sta - -

6 Municipal - National - -

7 Municipal - National 7.05 -

8 Municipal - Single Sta 8.14 -

9 Municipal - Single Sta 8.09 9.55

10 Municipal - Single Sta - -

11 Municipal - National - -

12 Municipal - Single Sta 7.47 9.12

13 Municipal - Single Sta 7.06 -

14 Municipal - National 7.54 -

15 Municipal - Single Sta 7.47 9.1

16 Municipal - Single Sta - -

17 Municipal - Single Sta 6.65 8.01

18 Municipal - Single Sta - -

19 Municipal - National 7.46 9.22

20 Municipal - Single Sta - -

21 Municipal - Single Sta 6.89 7.76

22 Municipal - National 7.57 -

23 Municipal - Single Sta 7.45 -

24 Municipal - Single Sta - -

25 Municipal - Single Sta 7.07 8.57

Average for top 7.44 8.76

Average for all 6.22 7.86

Nonbank municipa l6.53 7.89

Lehman Brothers 7.36 8.58

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 or over which the bank exercises management discretion. Excluded are private-label ===

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