First Union Corp.'s mutual fund and annuity sales have sizzled this year, with sales through March approaching what the banking company booked for all of 1995.

The North Carolina giant sold $502 million of mutual funds in the first quarter, according to a report released by Dean Witter Reynolds Inc. last week. That's 76% more than in last year's fourth quarter and within hailing distance of the full year's $703 million.

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