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

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Municipal bond mutual funds, with assets of $25 million or more, ranked by the total return in the first quarter

(dollar amounts in millions)

part 1 of 3

Rank Fund Name Bank

1 Dreyfus Premier Muni Bond A Mellon Bank Corp.

2 Dreyfus Premier NC Muni A Mellon Bank Corp.

3 Dreyfus Premier Muni Bond B Mellon Bank Corp.

4 Dreyfus Premier FL Muni A Mellon Bank Corp.

5 Evergreen FL High Income MunFirst Union Corp.

6 Dreyfus Premier FL Muni B Mellon Bank Corp.

7 Dreyfus General NY Muni BondMellon Bank Corp.

8 Excelsior TXE NY IntermediatU.S. Trust Corp.

9 Dreyfus Premier NC Muni B Mellon Bank Corp.

10 Dreyfus Municipal Bond Mellon Bank Corp.

11 Dreyfus Premier VA Muni A Mellon Bank Corp.

12 One Group-Muni Income Fid Banc One Corp.

13 Dreyfus Premier TX Muni A Mellon Bank Corp.

14 Evergreen FL High Income MunFirst Union Corp.

15 One Group-Muni Income Inv Banc One Corp.

16 Dreyfus Premier CT Muni A Mellon Bank Corp.

17 Dreyfus Premier MD Muni A Mellon Bank Corp.

18 Excelsior Tax Exempt IntermeU.S. Trust Corp.

19 Stagecoach CA Tax Free Bd I Wells Fargo & Co.

20 Dreyfus Premier VA Muni B Mellon Bank Corp.

21 Stagecoach CA Tax Free Bd A Wells Fargo & Co.

22 BlackRock-Tax Free Inc Svc PNC Bank Corp.

23 Boston 1784 Funds-CT Tax-Ex BankBoston Corp.

24 Dreyfus NY Tax Exempt Bond Mellon Bank Corp.

25 Dreyfus General Municipal BoMellon Bank Corp.

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

Average for all 215 funds with $25 million or more in assets

Average for all 494 bank proprietary municipal funds

Non-Bank Municipal Average

Lehman Brothers Municipal

part 2 of 3

Fund AsseFirst Latest

Rank Investment Objective 12/31/97 Qtr. 1 Year

1 Municipal - National 448.6 1.71 11.77

2 Municipal - Single St 42.1 1.62 12.22

3 Municipal - National 118.4 1.57 11.11

4 Municipal - Single St 181.1 1.55 7.75

5 Municipal - Single St 135.5 1.49 11.47

6 Municipal - Single St 34.4 1.43 7.28

7 Municipal - Single St 317.4 1.42 11.73

8 Municipal - Single St 119.9 1.42 8.33

9 Municipal - Single St 45.2 1.42 11.58

10 Municipal - National 3,414.70 1.4 10.11

11 Municipal - Single St 64.3 1.39 11.94

12 Municipal - National 522.1 1.35 9.18

13 Municipal - Single St 61.8 1.32 11.41

14 Municipal - Single St 74.4 1.3 10.64

15 Municipal - National 70.4 1.3 8.93

16 Municipal - Single St 315.1 1.26 11.1

17 Municipal - Single St 265.5 1.26 10.78

18 Municipal - National 252 1.26 8.8

19 Municipal - Single St 84.1 1.26 11.14

20 Municipal - Single St 40.4 1.26 11.38

21 Municipal - Single St 509.8 1.24 10.82

22 Municipal - National 62.2 1.24 11.33

23 Municipal - Single St 119.9 1.23 9.38

24 Municipal - Single St1,681.60 1.2 11.28

25 Municipal - National 654.1 1.2 9.88

385.4 1.36 10.45

173.7 0.92 9.33

79.3 0.85 9.13

164.2 0.93 9.81

1.15 10.7

part 3 of 3

Latest Latest Latest

Rank Investment Objective 3 Years*5 Years*10 Years*

1 Municipal - National 8.49 6.98 9.06

2 Municipal - Single St 8.48 6.51

3 Municipal - National 7.93 6.42

4 Municipal - Single St 6.16 5.8 8.31

5 Municipal - Single St 9.34 8

6 Municipal - Single St 5.62 5.26

7 Municipal - Single St 7.71 6.23 7.69

8 Municipal - Single St 6.5 5.47

9 Municipal - Single St 7.91 5.94

10 Municipal - National 7.21 5.84 7.76

11 Municipal - Single St 8.68 6.99

12 Municipal - National 7.16 5.87

13 Municipal - Single St 8.7 7.6 9.33

14 Municipal - Single St 8.53 7.52

15 Municipal - National 6.94 5.69

16 Municipal - Single St 7.92 6.41 8.16

17 Municipal - Single St 8.04 6.55 8.32

18 Municipal - National 7.15 6.06 7.15

19 Municipal - Single St 8.11 6.86

20 Municipal - Single St 8.13 6.43

21 Municipal - Single St 8.01 6.8

22 Municipal - National 8.59 6.98

23 Municipal - Single St 7.11

24 Municipal - Single St 7.27 5.79 7.63

25 Municipal - National 7.2 6.03 8.61

7.72 6.42 8.2

7.02 5.84 7.74

6.83 5.68 7.45

7.18 5.96 7.68

8.16 6.82 8.34 ===

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