Performance of Top 50 Tax-Exempt Funds Managed by Banks

+++ Proprietary municipal bond mutual funds ranked by the total return in the third quarter (dollar amounts in millions)

Set 1 of 4

Rank Fund Name Bank

1 Stepstone CA T/F Income Inv Union Bank

2 Stepstone CA T/F Income Inst Union Bank

3 Galaxy CT Municipal Bond Ret Fleet Financial Group

4 Sierra Tr CA Ins Interm Muni A Great Western Financial

5 Griffin CA Tax-Free A Home Savings of America

6 Narragansett Insd Tax-Free Inc Citizens Trust Company

7 Griffin CA Tax-Free B Home Savings of America

8 Sierra Tr CA Ins Interm Muni B Great Western Financial

9 Victory Fds-National Municipal A KeyCorp

10 PNC Fund-PA Tax Free Inc Inst PNC Bank Corp

11 Norwest CO Tax Free Tr Norwest Bank Minnesota N.A.

12 Norwest CO Tax Free A Norwest Bank Minnesota N.A.

13 One Group-KY Municipal Fid Banc One Corporation

14 Griffin Municipal Bond Fund A Home Savings of America

15 PNC Fund-PA Tax Free Inc Svc PNC Bank Corp

16 CoreFund NJ Municipal A CoreStates Bank

17 Sierra Tr FL Ins Municipal A Great Western Financial

18 PNC Fund-PA Tax Free Inc A PNC Bank Corp

19 STI Classic FL Tax Exempt Tr SunTrust Banks, Inc.

20 Nations Muni Income Fd Tr A NationsBank Corporation

21 STI Classic FL Tax Exempt Inv SunTrust Banks, Inc.

22 Munder MI Triple Tax-Free Bond Y Comerica Bank

23 Victory Fds-National Municipal B KeyCorp

24 Evergreen SC Muni Bond Y First Union National Bank of N.C.

25 Norwest CO Tax Free B Norwest Bank Minnesota N.A.

26 Nations Muni Income Fd Inv A NationsBank Corporation

27 Nations VA Muni Bond Tr A NationsBank Corporation

28 Griffin Municipal Bond Fund B Home Savings of America

29 Dreyfus Premier NY Muni A Mellon Bank, N.A.

30 CoreFund PA Municipal A CoreStates Bank

31 Nations GA Muni Bond Tr A NationsBank Corporation

32 PNC Fund-Tax Free Income Inst PNC Bank Corp

33 Evergreen SC Muni Bond A First Union National Bank of N.C.

34 CoreFund NJ Municipal B CoreStates Bank

35 Armada OH Tax Exempt Ret National City Bank

36 Nations VA Muni Bond Inv A NationsBank Corporation

37 PNC Fund-OH Tax Free Inc Inst PNC Bank Corp

38 Armada OH Tax Exempt Inst National City Bank

39 CoreFund PA Municipal B CoreStates Bank

40 Dreyfus Premier NY Muni B Mellon Bank, N.A.

41 Nations GA Muni Bond Inv A NationsBank Corporation

42 Sierra Tr FL Ins Municipal B Great Western Financial

43 Dreyfus Basic Interm Municipal Bd Mellon Bank, N.A.

44 Dreyfus Premier NY Ins Muni A Mellon Bank, N.A.

45 PNC Fund-Tax Free Income Svc PNC Bank Corp

46 Nations SC Muni Bond Tr A NationsBank Corporation

47 1784 Funds-MA Tax Ex Income A First National Bank of Boston

48 Dreyfus Premier OH Muni A Mellon Bank, N.A.

49 Nations Muni Income Fd Inv N NationsBank Corporation

50 Nations Muni Income Fd Inv C NationsBank Corporation

Bank Proprietary Muni Avg (a)

Non-Bank Muni Fund Averages

Lehman Bros Muni

Set 2 of 4

Rank Fund Name Investment Objective

1 Stepstone CA T/F Income Inv Municipal Single State

2 Stepstone CA T/F Income Inst Municipal Single State

3 Galaxy CT Municipal Bond Ret Municipal Single State

4 Sierra Tr CA Ins Interm Muni A Municipal Single State

5 Griffin CA Tax-Free A Municipal Single State

6 Narragansett Insd Tax-Free Inc Municipal Single State

7 Griffin CA Tax-Free B Municipal Single State

8 Sierra Tr CA Ins Interm Muni B Municipal Single State

9 Victory Fds-National Municipal A Municipal Bond

10 PNC Fund-PA Tax Free Inc Inst Municipal Single State

11 Norwest CO Tax Free Tr Municipal Single State

12 Norwest CO Tax Free A Municipal Single State

13 One Group-KY Municipal Fid Municipal Single State

14 Griffin Municipal Bond Fund A Municipal Bond

15 PNC Fund-PA Tax Free Inc Svc Municipal Single State

16 CoreFund NJ Municipal A Municipal Single State

17 Sierra Tr FL Ins Municipal A Municipal Single State

18 PNC Fund-PA Tax Free Inc A Municipal Single State

19 STI Classic FL Tax Exempt Tr Municipal Single State

20 Nations Muni Income Fd Tr A Municipal Bond

21 STI Classic FL Tax Exempt Inv Municipal Single State

22 Munder MI Triple Tax-Free Bond Y Municipal Single State

23 Victory Fds-National Municipal B Municipal Bond

24 Evergreen SC Muni Bond Y Municipal Single State

25 Norwest CO Tax Free B Municipal Single State

26 Nations Muni Income Fd Inv A Municipal Bond

27 Nations VA Muni Bond Tr A Municipal Single State

28 Griffin Municipal Bond Fund B Municipal Bond

29 Dreyfus Premier NY Muni A Municipal Single State

30 CoreFund PA Municipal A Municipal Single State

31 Nations GA Muni Bond Tr A Municipal Single State

32 PNC Fund-Tax Free Income Inst Municipal Bond

33 Evergreen SC Muni Bond A Municipal Single State

34 CoreFund NJ Municipal B Municipal Single State

35 Armada OH Tax Exempt Ret Municipal Single State

36 Nations VA Muni Bond Inv A Municipal Single State

37 PNC Fund-OH Tax Free Inc Inst Municipal Single State

38 Armada OH Tax Exempt Inst Municipal Single State

39 CoreFund PA Municipal B Municipal Single State

40 Dreyfus Premier NY Muni B Municipal Single State

41 Nations GA Muni Bond Inv A Municipal Single State

42 Sierra Tr FL Ins Municipal B Municipal Single State

43 Dreyfus Basic Interm Municipal Bd Municipal Bond

44 Dreyfus Premier NY Ins Muni A Municipal Single State

45 PNC Fund-Tax Free Income Svc Municipal Bond

46 Nations SC Muni Bond Tr A Municipal Single State

47 1784 Funds-MA Tax Ex Income A Municipal Single State

48 Dreyfus Premier OH Muni A Municipal Single State

49 Nations Muni Income Fd Inv N Municipal Bond

50 Nations Muni Income Fd Inv C Municipal Bond

Bank Proprietary Muni Avg (a)

Non-Bank Muni Fund Averages

Lehman Bros Muni

Set 3 of 4

TOTAL RETURN THROUGH September 30, 1995 (%)

Fund Assets Third Latest

Rank Fund Name 6/30/95 Quarter 9 months

1 Stepstone CA T/ 4.2 3.65 14.82

2 Stepstone CA T/ 9.1 3.64 14.93

3 Galaxy CT Munic 16.8 3.55 14.29

4 Sierra Tr CA In 54.4 3.5 13.08

5 Griffin CA Tax- 18.4 3.5 12.48

6 Narragansett In 34.4 3.42 14.33

7 Griffin CA Tax- 0.4 3.36 12.04

8 Sierra Tr CA In 12.4 3.33 12.47

9 Victory Fds-Nat 8.4 3.2 12.88

10 PNC Fund-PA Tax 2.4 3.18 13.65

11 Norwest CO Tax 24.3 3.17 11.98

12 Norwest CO Tax 25.6 3.17 11.99

13 One Group-KY Mu 32.5 3.15 12.03

14 Griffin Municip 5 3.1 12.29

15 PNC Fund-PA Tax 12.9 3.1 13.41

16 CoreFund NJ Mun 1.6 3.06 12.44

17 Sierra Tr FL In 33.7 3.06 10.59

18 PNC Fund-PA Tax 44.2 3.06 13.25

19 STI Classic FL 14.5 3.04 11.7

20 Nations Muni In 62.7 3.02 14.11

21 STI Classic FL 3.4 2.99 11.5

22 Munder MI Tripl 0.8 2.99 12.11

23 Victory Fds-Nat 0.3 2.98 12.46

24 Evergreen SC Mu 0.3 2.97 16.32

25 Norwest CO Tax 5.2 2.97 11.36

26 Nations Muni In 24.3 2.97 13.94

27 Nations VA Muni 2.3 2.94 14

28 Griffin Municip 0 2.94 11.93

29 Dreyfus Premier 143.9 2.93 13.43

30 CoreFund PA Mun 2.3 2.93 12.87

31 Nations GA Muni 0.6 2.92 13.96

32 PNC Fund-Tax Fr 0.3 2.91 13.27

33 Evergreen SC Mu 0.6 2.91 16.1

34 CoreFund NJ Mun 0 2.9 12.11

35 Armada OH Tax E 3.1 2.89 10.74

36 Nations VA Muni 0.4 2.89 13.83

37 PNC Fund-OH Tax 0.2 2.89 12.78

38 Armada OH Tax E 72.7 2.89 10.81

39 CoreFund PA Mun 0.3 2.87 12.54

40 Dreyfus Premier 61.3 2.87 13.06

41 Nations GA Muni 0 2.86 13.79

42 Sierra Tr FL In 3.3 2.86 9.97

43 Dreyfus Basic I 42.5 2.85 11.03

44 Dreyfus Premier 4.4 2.85 12.42

45 PNC Fund-Tax Fr 3.4 2.84 13.16

46 Nations SC Muni 1.6 2.84 13.79

47 1784 Funds-MA T 81.1 2.84 10.32

48 Dreyfus Premier 270.8 2.84 10.96

49 Nations Muni In 18.6 2.82 13.48

50 Nations Muni In 2.6 2.82 13.48

Bank Proprietar 69.6 2.37 11.01

Non-Bank Muni F 172.4 2.31 11.11

Lehman Bros Muni 2.87 12.75

Set 4 of 4

TOTAL RETURN THROUGH September 30, 1995 (%)

Latest Latest Latest

Rank Fund Name 1 year 3 years* 5 years*

1 Stepstone CA T/ 11.64

2 Stepstone CA T/ 11.63

3 Galaxy CT Munic 11.27

4 Sierra Tr CA In 11.36

5 Griffin CA Tax- 10.13

6 Narragansett In 12.96 7.31

7 Griffin CA Tax-

8 Sierra Tr CA In 10.66

9 Victory Fds-Nat 10.31

10 PNC Fund-PA Tax 10.82

11 Norwest CO Tax 10.36

12 Norwest CO Tax 10.36

13 One Group-KY Mu 9.83

14 Griffin Municip 10.18

15 PNC Fund-PA Tax 10.52

16 CoreFund NJ Mun 9.9

17 Sierra Tr FL In 8.59

18 PNC Fund-PA Tax 10.32

19 STI Classic FL 10.99

20 Nations Muni In 11.98 6.95

21 STI Classic FL 10.75

22 Munder MI Tripl 10.14

23 Victory Fds-Nat 9.9

24 Evergreen SC Mu 13.85

25 Norwest CO Tax 9.53

26 Nations Muni In 11.76 6.77

27 Nations VA Muni 12.34

28 Griffin Municip

29 Dreyfus Premier 11.05 7.06 9.45

30 CoreFund PA Mun 10.73

31 Nations GA Muni 12.2

32 PNC Fund-Tax Fr 11.54 6.81 8.48

33 Evergreen SC Mu 13.57

34 CoreFund NJ Mun 9.4

35 Armada OH Tax E 9.3 6.05 6.85

36 Nations VA Muni 12.11

37 PNC Fund-OH Tax 10.76

38 Armada OH Tax E 9.27 6.02 6.85

39 CoreFund PA Mun 10.46

40 Dreyfus Premier 10.48

41 Nations GA Muni 11.99

42 Sierra Tr FL In 7.78

43 Dreyfus Basic I 9.69

44 Dreyfus Premier 10.8

45 PNC Fund-Tax Fr 11.24 6.62 8.37

46 Nations SC Muni 12.61

47 1784 Funds-MA T 8.73

48 Dreyfus Premier 9.72 6.69 8.73

49 Nations Muni In 11.15

50 Nations Muni In 11.15 6.15

Bank Proprietar 9.55 6.2 8.06

Non-Bank Muni F 9.31 6.11 8.1

Lehman Bros Mun 11.18 6.94 8.86 ===

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 422 bank proprietary funds.

American Banker, 1995