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

+++ 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 4

Rank Fund Name

1 Stagecoach CA Tax Free Bd A

2 Harris Insight Intermed T/E Inst

3 Nations Sh-Term Muni Inc Pr A

4 Stagecoach CA Tax Free Bd I

5 Highmark CA TF Inter Fid

6 Nations Sh-Term Muni Inc Inv A

7 Boston 1784 Funds-MA T/E Inc A

8 Pacific Horizon CA T/E Bond

9 WM CA Municipal Bond A

10 Stagecoach CA Tax-Free Income A

11 First Fds-Tennessee Tax Free I

12 Stagecoach CA Tax Free Bd B

13 Boston 1784 Funds-RI T/E Inc A

14 First American-CA Interm T/F Y

15 J.P. Morgan Instl-CA Bond Fd

16 Excelsior Sh Term Tax Ex Secs

17 Harris Insight Tax Exempt Bd Inst

18 Kent Fds-MI Muni Ltd Mat Inst

19 Firstar Tax-Exempt Inter Bd Inst

20 Mercantile-Short Interm Muni Tr

21 BlackRock-PA Tax Free Inst

22 Intrust KS Tax-Exempt Bond

23 WM CA Ins Interm Muni A

24 Dreyfus Sh-Interm Tax Exempt

25 Evergreen FL High Income Muni Y

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

Average for all 227 funds with $25 million or more in assets

Average for all 474 bank proprietary municipal funds

Nonbank Municipal Average

Lehman Brothers Municipal

part 2 of 4

Bank Fund Assets

Rank Investment Objective

1 Wells Fargo & Co. Municipal - Single State

2 Harris Bankcorp. Municipal - National

3 Bank of America Corp. Municipal - National

4 Wells Fargo & Co. Municipal - Single State

5 UnionBanCal Corp. Municipal - Single State

6 Bank of America Corp. Municipal - National

7 BankBoston Corp. Municipal - Single State

8 Bank of America Municipal - Single State

9 Washington Mutual Inc. Municipal - Single State

10 Wells Fargo & Co. Municipal - Single State

11 First Tennessee National CMunicipal - Single State

12 Wells Fargo & Co. Municipal - Single State

13 BankBoston Corp. Municipal - Single State

14 U.S. Bancorp. Municipal - Single State

15 J. P. Morgan & Co., Inc. Municipal - Single State

16 U.S. Trust Corp. Municipal - National

17 Harris Bankcorp. Municipal - National

18 Old Kent Financial Corp. Municipal - Single State

19 Firstar Corp. Municipal - National

20 Mercantile Bancorp Municipal - National

21 PNC Bank Corp. Municipal - Single State

22 Intrust Financial Corp. Municipal - Single State

23 Washington Mutual Inc. Municipal - Insured

24 Mellon Bank Corp. Municipal - National

25 First Union Corp. Municipal - Single State

part 3 of 4

Bank First Latest Latest Latest

Rank Investment Obj12/31/98 Qtr. 1 Year 3 Years*

1 Wells Fargo & $492.00 1.09 6.65 7.65

2 Harris Bankcor 226.16 1.03 5.36 5.43

3 Bank of Americ 66.62 1.01 4.71 4.73

4 Wells Fargo & 79.4 1 6.6 7.65

5 UnionBanCal Co 153.79 0.97 6.26 6.55

6 Bank of Americ 29.94 0.96 4.5 4.53

7 BankBoston Cor 235.66 0.96 5.75 6.82

8 Bank of Americ 220.31 0.96 6.38 7.31

9 Washington Mut 288.46 0.92 6.1 7.8

10 Wells Fargo & 48.4 0.91 5.44 5.1

11 First Tennesse 181.29 0.91 4.83 6.55

12 Wells Fargo & 119.4 0.9 5.88 6.87

13 BankBoston Cor 89.9 0.89 5.63 6.75

14 U.S. Bancorp. 38.3 0.88 5.96

15 J. P. Morgan & 55.13 0.87 5.84

16 U.S. Trust Cor 39 0.86 4.51 4.35

17 Harris Bankcor 169.02 0.83 5.12 6.37

18 Old Kent Finan 117.96 0.81 4.65 4.87

19 Firstar Corp. 65.1 0.81 5.15 5.3

20 Mercantile Ban 42.14 0.8 4.67 4.49

21 PNC Bank Corp.1058.23 0.8 5.68 7.16

22 Intrust Financ 138.78 0.8 5.47 5.86

23 Washington Mut 37.98 0.8 5.42 5.93

24 Mellon Bank Co 300.95 0.78 4.22 4.61

25 First Union Co 38.77 0.78 5.66 8.07

Ave 173.31 0.89 5.46 6.12

Ave 189.48 0.53 5.13 6.39

Ave 94.68 0.47 4.93 6.16

Non 186.5 0.54 4.89 6.52

Leh 0.89 6.26 7.45

part 4 of 4 Bank Latest

Rank Investment Obj5 Years*10 Years*

1 Wells Fargo & 7.27 8.19

2 Harris Bankcor 5.31 6.44

3 Bank of Americ 4.85

4 Wells Fargo & 7.27 8.19

5 UnionBanCal Co 7.03

6 Bank of Americ 4.64

7 BankBoston Cor 6.4

8 Bank of Americ 6.89 7.58

9 Washington Mut 7.34

10 Wells Fargo & 5.02

11 First Tennessee National Corp.

12 Wells Fargo & 6.49 7.45

13 BankBoston Corp.

14 U.S. Bancorp.

15 J. P. Morgan & Co., Inc.

16 U.S. Trust Cor 4.38

17 Harris Bankcor 5.89 7.26

18 Old Kent Finan 4.91

19 Firstar Corp. 5.47

20 Mercantile Bancorp

21 PNC Bank Corp. 7.43

22 Intrust Financ 6.14

23 Washington Mutual Inc.

24 Mellon Bank Co 4.5 5.54

25 First Union Corp.

Ave 5.96 7.24

Ave 6.43 7.38

Ave 6.28 7.04

Non 6.53 7.34

Leh 7.63 8.25 ===

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