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FIRST UNION'S SALEM INSURED TAX FREE PORTFOLIO ATTRACTS $81 MILLION

 FIRST UNION'S SALEM INSURED TAX FREE
 PORTFOLIO ATTRACTS $81 MILLION
 CHARLOTTE, N.C., March 9 /PRNewswire/ -- The Salem Insured Tax Free Portfolio has attracted more than $81 million since its February 20 introduction.
 The Salem Insured Tax Free Portfolio is a new mutual fund that provides tax-free income through insured, high quality municipal bonds. The Salem Funds are managed by First Union National Bank's Capital Management Group, the bank's trust and investment division, and are available through First Union Brokerage Services, Inc. Federated Securities Corp. is the distributor.
 The Salem Insured Tax Free Portfolio is designed primarily for investors in the 28 percent or higher tax bracket. State and local taxes may apply, and, for a few investors, some portion of the income may be subject to the federal alternative minimum.
 "These investors are more tax sensitive and safety conscious than ever," said Dick Parry, regional manager for First Union Brokerage Services. "We've responded to their needs with a high quality portfolio of municipal bonds whose payment of principal and interest is insured."
 The Salem Insured Tax Free Portfolio invests in municipal bonds which pay interest free from federal income taxes. The fund declares dividends daily and pays them monthly. The minimum amount for an initial investment is $1,000. Additional investments can be made in any amount. The fund's share price and investment performance will fluctuate as market conditions change.
 The Salem Insured Tax Free Portfolio is the latest addition to an entire family of Salem funds that span the stock, bond, and money markets.
 A prospectus that describes charges and expenses for potential investors is available from The Mutual Funds Group, a division of First Union Brokerage Services. The telephone number is 800-326-3241. Potential investors should read the prospectus carefully before investing or sending money.
 -0- 3/9/92
 /CONTACT: Media Contact - Sandy Deem, First Union Corporation, 704-374-2710 or 704-567-1176/
 (FTU) CO: First Union Corporation ST: North Carolina IN: FIN SU: PDT


DF -- CH005 -- 6284 03/09/92 10:09 EST
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Publication:PR Newswire
Date:Mar 9, 1992
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