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FIRST UNION INTRODUCES TAX-EXEMPT VIRGINIA MUNICIPAL BOND FUND

 ROANOKE, Va., June 28 /PRNewswire/ -- Beginning July 1, 1993, First Union will offer the new Virginia Municipal Bond Fund as part of the growing family of First Union Funds.
 The new mutual fund will help Virginia residents pursue income, free of federal income taxes. For some investors, income may be subject to the federal alternative minimum tax. As the fund will invest primarily in municipal obligations issued by the Commonwealth of Virginia and its political subdivisions, moneys invested are exempt from Virginia's state income tax.
 Virginia residents can invest in the new fund with an opening investment of $1,000. Any subsequent investments may be made with as little as $25.
 First Union will initially offer the fund with two purchase options: one with a front-end sales charge (waived if assets are transferred from another mutual fund family during the introductory period of July 1, 1993 through August 31, 1993); the other option includes a deferred sales charge that would be applicable when the shareholder redeems his investment in the Fund.
 Investors will have the option of directly crediting dividends from the fund to their First Union bank account, receiving a dividend check, or reinvesting the dividends in the Fund.
 Shares in the Fund may be redeemed during any business day at their net asset value. Net asset value may be more or less than the price originally paid for the shares.
 First Union offers similar funds to the residents of Georgia, Florida and North Carolina.
 Distributed by Federated Securities Corp. of Pittsburgh, Pa., the new funds are the latest additions to the family of First Union Funds. Other funds include: the Value Fund, Balanced Fund, U.S. Government Fund, Insured Tax Free Fund, Fixed Income Fund, Money Market Fund, Tax Free Money Market Fund and Treasury Money Market Fund. The investment adviser of the First Union Funds is First Union National Bank of North Carolina. The Funds are offered through First Union Brokerage Services, Inc., member of NASD and SIPC and an affiliate of the investment adviser.
 Investments in the First Union Funds are not deposits or obligations of First Union or its affiliates, nor are they endorsed or guaranteed by First Union or insured by the Federal Deposit Insurance Corporation or any other government agency. Investments in mutual funds, unlike bank savings accounts, are not federally insured and do not offer a fixed rate of return. Individuals interested in more complete information, including charges and expenses, may obtain a prospectus for the Fund by contacting their local First Union branch office. These individuals should read the prospectus carefully before investing or sending money.
 -0- 6/28/93
 /CONTACT: (Media) David Scanzoni of First Union Corporation, 704-383-7742/
 (FTU)


CO: First Union Corporation ST: Virginia IN: FIN SU:

MM -- CH004 -- 6135 06/28/93 10:02 EDT
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Date:Jun 28, 1993
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