<PAGE>
- ---------------------
ANNUAL
- ---------------------
REPORT
- ---------------------
PRIME
- ---------------------
MONEY
- ---------------------
MARKET
- ---------------------
MUTUAL
- ---------------------
FUND
- ---------------------
MARCH 31, 1997
<PAGE>
TABLE OF CONTENTS
LETTER TO SHAREHOLDERS 1
INVESTMENT ADVISER Q & A 3
PORTFOLIO OF INVESTMENTS 4
STAGECOACH PRIME MONEY MARKET MUTUAL FUND
Statement of Assets and Liabilities 7
Statements of Operations 8
Statements of Changes in Net Assets 9
Financial Highlights 10
Notes to Financial Statements 12
Independent Auditors' Report 19
LIST OF ABBREVIATIONS 20
STAGECOACH FUNDS:
-------------------------------------------------------------------------
- - ARE NOT FDIC INSURED
- - ARE NOT GUARANTEED BY WELLS FARGO BANK [NO FDIC]
- - ARE NOT DEPOSITS OR OBLIGATIONS OF WELLS FARGO
BANK
- - INVOLVE INVESTMENT RISK, INCLUDING POSSIBLE LOSS
OF PRINCIPAL
- ---------------------
ii
<PAGE>
LETTER TO SHAREHOLDERS
- ------------------
TO OUR SHAREHOLDERS:
Welcome to the 1997 Stagecoach Funds Annual Report.
This Report, dated March 31, 1997, comes to you six months after the previous
Annual Report dated September 30, 1996. As we explained in the Shareholder
Letter at that time, for administrative reasons, the Stagecoach Funds have
shifted their financial year-end to March 31. This change does not otherwise
affect the operation, nor does it affect the investment objectives, of the
Funds.
The recently completed reporting period saw market volatility and the long-
expected increase in the federal funds target rate. After months of debate on
the rate of economic growth and the potential for increased rates of inflation,
the Federal Reserve Board acted in March to raise rates by 0.25%. The Fed's
action capped a six month period which showed only modest total return for the
fixed-income market.
The equity market, as measured by the Standard & Poor's 500 Index, fell 7.20% in
March from its January high. While this environment offered some challenges, we
feel that much of the "bad news" has been greatly exaggerated. For example, the
S&P 500 Index still enjoyed a 1997 year-to-date return through March 31 of
2.69%. The positive return for the six-month period ended March 31, 1997 was
11.24%. The news is similar concerning the further market correction that
occurred after the reporting period. As of early May, the market had recouped
much of its March and April losses.
Of course, equity issues do not rise and fall in unison. Large company stocks
have fared well recently as investor dollars sought their greater security and
reduced volatility. Various sectors such as technology and finance stocks have
fluctuated acutely in recent months. Value stocks have outperformed growth
stocks, in contrast to recent years.
It is all too easy to be confused by such a variety of returns and apparently
conflicting information. That's why it is so important to truly understand the
investment philosophies and long-range goals that govern your Fund. We have
always felt that the more you understand your investment, the less likely you
are to be unduly concerned with short-term developments.
The following pages discuss what factors have affected the returns for the
Stagecoach Funds during the reporting period. These commentaries were written
for you -- our shareholders -- as part of the Stagecoach Funds commitment to
education, information and service as we help you meet your financial goals.
STAGECOACH FUNDS
MAY 1997
---------------------
1
<PAGE>
THIS PAGE IS INTENTIONALLY LEFT BLANK --
- ---------------------
2
<PAGE>
STAGECOACH PRIME MONEY MARKET MUTUAL FUND
- --------------------
INVESTMENT ADVISER Q&A
WHAT WERE THE SEVEN-DAY CURRENT YIELDS AS OF MARCH 31, 1997?
Seven-day current yields for each class of the Prime Money Market Mutual Fund
for the end of the reporting period and for the prior period ended September 30,
1996, are as follows:
<TABLE>
<CAPTION>
MARCH 31, SEPT. 30,
1997 1996
<S> <C> <C>
- ----------------------------------------------------
Class A 5.02% 4.99%
Institutional Class 5.32% 5.29%
Service Class 5.12% 5.09%
</TABLE>
THE FEDERAL FUNDS TARGET RATE, SET BY THE FEDERAL RESERVE, IS THE GREATEST
INFLUENCE ON MONEY MARKET YIELDS. THE RATE REMAINED UNCHANGED THROUGHOUT MOST OF
THE YEAR AND YET MONEY MARKET YIELDS FLUCTUATED. WHY?
There are a number of reasons. If the economy is expected to grow rapidly, rates
usually move higher in anticipation of a Fed rate hike. Cash flows into money
market mutual funds are another important factor. The dynamics of supply and
demand as managers invest shareholders' cash can drive yields higher or drag
them lower, particularly for variable rate securities. It is important to keep
an eye on the general trend in yields rather than draw conclusions based on a
single-day "snap shot" of current yields. The Wall Street Journal's Market Diary
section, for example, publishes a useful graph tracking interest rates for
investors interested in following this sort of information.
WHAT DOES "WEIGHTED AVERAGE MATURITY" TELL US ABOUT THE FUND? HOW HAS IT CHANGED
DURING THE PERIOD?
Weighted average maturity is a measure of the average length of time before
securities in a portfolio mature on a dollar for dollar basis. It is one of the
measures of a Fund's sensitivity to interest rate changes. Funds with longer
maturities generally are more sensitive to interest rate fluctuations.
Typically, for a money market mutual fund, managers will increase maturity to
lock in higher rates or shorten maturity if they anticipate higher rates being
available soon. Market forces may also make one range relatively more attractive
than another. For the most part, the weighted average maturity for this Fund has
been fairly steady and in the short-to-intermediate range.
SINCE THE FEDERAL RESERVE RAISED THE FEDERAL FUNDS TARGET RATE IN MARCH, DO YOU
EXPECT FURTHER ACTION?
The Federal Reserve has rarely effected only a single increase when changing
monetary policy, so additional increases are likely. However, the federal funds
target rate is relatively high compared to the Consumer Price Index (the prime
measure of inflation), so we believe that substantial increases are unlikely.
---------------------
3
<PAGE>
PRIME MONEY MARKET MUTUAL FUND
- -------------------------------------------------
PORTFOLIO OF INVESTMENTS - MARCH 31, 1997
<TABLE>
<CAPTION>
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
<C> <S> <C> <C> <C> <C>
CERTIFICATES OF DEPOSITS - 16.30%
$60,000,000 Commerzbank Finance Inc 5.80 % 01/15/98 $ 60,013,647
30,000,000 Deutsche Bank (Yankee) 6.11 07/11/97 30,000,000
25,000,000 Huntington National Bank 5.33 04/14/97 25,000,000
40,000,000 Northern Trust Co 5.50 11/21/97 40,000,000
30,000,000 Societe Generale (Yankee) 6.09 07/30/97 30,000,000
50,000,000 Union Bank of California 6.00 04/04/97 50,000,000
--------------
TOTAL CERTIFICATES OF DEPOSITS $ 235,013,647
COMMERCIAL PAPER - 45.48%
$50,000,000 Asset Securitization Cooperative Corp++ 5.34 %(F) 04/14/97 $ 49,903,583
10,000,000 Associates Corp of North America 5.32 (F) 09/25/97 9,738,433
12,000,000 CC USA Inc++ 5.29 (F) 05/27/97 11,901,253
7,000,000 CC USA Inc++ 5.29 (F) 08/26/97 6,848,794
25,000,000 Ciesco LP 5.30 (F) 04/03/97 24,992,639
20,000,000 CIT Group Holdings Inc 5.26 (F) 04/22/97 19,938,633
30,000,000 Corporate Asset Funding Co Inc++ 5.25 (F) 04/04/97 29,986,875
50,000,000 Daimler Benz North America Corp 5.27 (F) 07/21/97 49,187,542
60,000,000 General Electric Capital Corp 5.33 (F) 04/28/97 59,760,150
40,000,000 Goldman Sachs & Co 5.34 (F) 05/28/97 39,661,800
25,000,000 IBM Credit Corp 5.30 (F) 04/04/97 24,988,958
25,000,000 Merrill Lynch & Co 5.28 (F) 06/04/97 24,765,333
45,000,000 Merrill Lynch & Co 5.34 (F) 06/06/97 44,559,450
18,800,000 Prefco Corp 5.27 (F) 04/25/97 18,733,949
55,000,000 Receivables Capital Corp++ 5.36 (F) 04/15/97 54,885,356
50,000,000 Reed Elsevier Inc++ 5.33 (F) 05/13/97 49,689,083
15,000,000 Riverwoods Funding Corp 5.34 (F) 04/16/97 14,966,625
37,000,000 Sweden (Kingdom of) 5.34 (F) 07/29/97 36,346,888
30,000,000 Swedish Export Credit Corp 5.34 (F) 05/14/97 29,808,650
55,000,000 Transamerica Financial Corp 5.33 (F) 04/22/97 54,828,998
--------------
TOTAL COMMERCIAL PAPER $ 655,492,992
</TABLE>
- ------------------------
4
<PAGE>
PRIME MONEY MARKET MUTUAL FUND
<TABLE>
<CAPTION>
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
<C> <S> <C> <C> <C> <C>
CORPORATE NOTES - 8.68%
$60,000,000 Barclays Bank Plc 5.62 % 02/20/98 $ 59,970,990
30,000,000 Beta Finance Inc 5.80 01/15/98 30,000,000
35,000,000 Society National Bank 6.13 11/21/97 35,106,619
--------------
TOTAL CORPORATE NOTES $ 125,077,609
FEDERAL AGENCIES - 1.02%
$15,000,000 Federal Farm Credit Bank 5.54 % 08/19/97 $ 14,694,917
VARIABLE AND FLOATING RATE BONDS - 20.80%
$60,000,000 Abbey National North America 5.61 % 10/10/97 $ 59,959,386
60,000,000 Bankers Trust New York Corp 5.60 11/20/97 59,973,576
50,000,000 CIT Group Holdings Inc 5.58 11/20/97 49,961,300
50,000,000 Federal Farm Credit Bank 5.54 11/06/97 49,971,000
30,000,000 First Bank of North Dakota 5.38 12/17/97 29,978,868
50,000,000 PNC Bank Corp 5.34 07/02/97 49,960,000
--------------
TOTAL VARIABLE AND FLOATING RATE BONDS $ 299,804,130
REPURCHASE AGREEMENTS - 7.60%
$72,419,000 Goldman Sachs Pooled Repurchase Agreement -
102% Collateralized by U.S. Government
Securities 6.50 % 04/01/97 $ 72,419,000
7,151,000 HSBC Securities Inc Repurchase Agreement - 102%
Collateralized by U.S. Government Securities 6.37 04/01/97 7,151,000
15,000,000 JP Morgan Securities Inc Repurchase Agreement -
102% Collateralized by U.S. Government
Securities 6.30 04/01/97 15,000,000
15,000,000 Morgan Stanley & Co Repurchase Agreement - 102%
Collateralized by U.S. Government Securities 6.20 04/01/97 15,000,000
--------------
TOTAL REPURCHASE AGREEMENTS $ 109,570,000
</TABLE>
---------------------
5
<PAGE>
PRIME MONEY MARKET MUTUAL FUND
<TABLE>
<C> <S> <C> <C> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
</TABLE>
<TABLE>
<C> <S> <C> <C>
(Cost $1,439,653,295)* (Note 1) 99.88% $1,439,653,295
Other Assets and Liabilities, Net 0.12 1,690,522
------ --------------
TOTAL NET ASSETS 100.00% $1,441,343,817
------ --------------
------ --------------
- ----------------------------------------------------------------------------------------------------------
</TABLE>
++ THESE SECURITIES ARE NOT REGISTERED UNDER THE SECURITIES ACT OF 1933.
RULE 144A UNDER THAT ACT PERMITS THESE SECURITIES TO BE RESOLD IN
TRANSACTIONS EXEMPT FROM REGISTRATION TO QUALIFIED INSTITUTIONAL
BUYERS. THESE SECURITIES WERE DEEMED LIQUID BY THE INVESTMENT ADVISER
IN ACCORDANCE WITH PROCEDURES APPROVED BY THE FUND'S BOARD OF
DIRECTORS.
(F) YIELD TO MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS THE SAME AS FOR FINANCIAL
STATEMENT PURPOSES.
The accompanying notes are an integral part of these financial statements.
- ------------------------
6
<PAGE>
STATEMENT OF ASSETS & LIABILITIES - MARCH 31, 1997
<TABLE>
<CAPTION>
PRIME
MONEY MARKET
MUTUAL FUND
<S> <C>
- -----------------------------------------------------------
ASSETS
INVESTMENTS:
In securities, at market value (see
cost below) $1,439,653,295
Cash 1,043
Receivables:
Interest 9,546,939
Organization expenses, net of
amortization 47,805
Prepaid expenses 199,837
TOTAL ASSETS 1,449,448,919
LIABILITIES
Payables:
Distribution to shareholders 5,867,709
Due to sponsor and distributor (Note
2) 400,531
Due to adviser (Note 2) 1,595,466
Other 241,396
TOTAL LIABILITIES 8,105,102
TOTAL NET ASSETS
$1,441,343,817
NET ASSETS CONSIST OF:
Paid-in capital $1,441,486,118
Undistributed net realized gain (loss)
on investments (142,301)
TOTAL NET ASSETS $1,441,343,817
COMPUTATION OF NET ASSET VALUE AND
OFFERING PRICE PER SHARE
Net assets - Class A $ 277,043,797
Shares outstanding - Class A 277,132,958
Net asset value and offering price per
share - Class A $ 1.00
Net assets - Institutional Class $ 538,194,693
Shares outstanding - Institutional Class 538,324,527
Net asset value and offering price per
share - Institutional Class $ 1.00
Net assets - Service Class $ 626,105,327
Shares outstanding - Service Class 626,274,744
Net asset value and offering price per
share - Service Class $ 1.00
INVESTMENT AT COST $1,439,653,295
- -----------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
---------------------
7
<PAGE>
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
PRIME MONEY MARKET MUTUAL
FUND
-----------------------------
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
MARCH 31, SEPT. 30,
1997 1996
- --------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Interest $ 41,277,920 $ 76,400,197
TOTAL INVESTMENT INCOME 41,277,920 76,400,197
EXPENSES (NOTE 2)
Advisory fees 1,880,042 3,399,237
Administration fees 400,123 1,230,872
Custody fees 125,587 159,830
Shareholder servicing fees 1,046,569 3,335,692
Portfolio accounting fees 180,938 20,916
Transfer agency fees 283,831 43,131
Distribution fees 70,734 62,301
Amortization of organization expenses 6,832 0
Legal and audit fees 18,800 39,536
Registration fees 115,588 134,969
Directors' fees 2,300 2,912
Shareholder reports 8,400 0
Other 12,166 115,064
TOTAL EXPENSES 4,151,910 8,544,460
Less:
Waived fees and reimbursed expenses (1,159,325) (2,901,214)
Net Expenses 2,992,585 5,643,246
NET INVESTMENT INCOME 38,285,335 70,756,951
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on sale of
investments (39,213) 0
NET GAIN (LOSS) ON INVESTMENTS (39,213) 0
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 38,246,122 $ 70,756,951
- --------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
- ---------------------
8
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
PRIME MONEY MARKET MUTUAL FUND
----------------------------------------------------
FOR THE SIX FOR THE FOR THE
MONTHS ENDED YEAR ENDED YEAR ENDED
MARCH 31, 1997 SEPT. 30, 1996 SEPT. 30, 1995
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $ 38,285,335 $ 70,756,951 $ 31,628,024
Net realized gain (loss) on sale of
investments (39,213) 0 0
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS 38,246,122 70,756,951 31,628,024
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
CLASS A (7,008,067) (14,569,914) 0
INSTITUTIONAL CLASS (13,890,812) (21,372,473) (299,809)
SERVICE CLASS (17,386,456) (34,814,564) (31,328,215)
In excess of net investment income
CLASS A 0 (17,515) 0
INSTITUTIONAL CLASS 0 (29,352) 0
SERVICE CLASS 0 (56,259) 0
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold - Class A 332,738,149 831,565,415 0
Reinvestment of dividends - Class A 240,495 916,433 0
Cost of shares redeemed - Class A (320,827,816) (567,563,822) 0
NET INCREASE IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A 12,150,828 264,918,026 0
Proceeds from shares sold -
Institutional Class 1,593,666,413 5,079,644,286 104,661,000
Reinvestment of dividends -
Institutional Class 1,847,923 176,187 0
Cost of shares redeemed - Institutional
Class (1,481,265,875) (4,686,437,789) (74,055,000)
NET INCREASE IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS 114,248,461 393,382,684 30,606,000
Proceeds from shares sold - Service
Class 1,211,666,872 2,007,890,215 8,252,511,223
Reinvestment of dividends - Service
Class 90,409 117,361 0
Cost of shares redeemed - Service Class (1,326,393,380) (1,881,188,708) (8,203,819,000)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CAPITAL SHARE TRANSACTIONS
- SERVICE CLASS (114,636,099) 126,818,868 48,692,223
INCREASE IN NET ASSETS 11,723,977 785,016,452 79,298,223
NET ASSETS:
Beginning net assets 1,429,619,840 644,603,388 565,305,165
ENDING NET ASSETS $1,441,343,817 $1,429,619,840 $ 644,603,388
- ---------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
---------------------
9
<PAGE>
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
<TABLE>
<CAPTION>
PRIME MONEY MARKET MUTUAL FUND (1)
-----------------------------------------------------
CLASS A INSTITUTIONAL CLASS
-------------------- -------------------------------
SIX SIX
MONTHS YEAR MONTHS YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
MARCH 31, SEPT. 30, MARCH 31, SEPT. 30, SEPT. 30,
1997 1996 (2) 1997 1996 1995 (3)
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00
--------- --------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.02 0.05 0.03 0.05 0.01
Net realized and unrealized gain
(loss) on investments 0.00 0.00 0.00 0.00 0.00
--------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 0.02 0.05 0.03 0.05 0.01
LESS DISTRIBUTIONS:
Dividends from net investment income (0.02) (0.05) (0.03) (0.05) (0.01)
Distributions from net realized gain 0.00 0.00 0.00 0.00 0.00
--------- --------- --------- --------- ---------
TOTAL FROM DISTRIBUTIONS (0.02) (0.05) (0.03) (0.05) (0.01)
--------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
TOTAL RETURN (NOT ANNUALIZED) 2.49% 5.09% 2.64% 5.39% 5.65%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s) $277,044 $264,900 $538,195 $423,959 $30,606
RATIOS TO AVERAGE NET ASSETS
(ANNUALIZED):
Ratio of expenses to average net
assets 0.55% 0.55% 0.25% 0.25% 0.26%
Ratio of net investment income to
average net assets 4.95% 5.06% 5.25% 5.33% 5.67%
- ---------------------------------------------------------------------------------------------
Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses 0.75% 0.68% 0.38% 0.60% 0.69%
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses 4.75% 4.93% 5.12% 4.98% 5.24%
- ---------------------------------------------------------------------------------------------
</TABLE>
** ANNUALIZED
(1) THE FUND OPERATED AS "PACIFIC AMERICAN LIQUID ASSETS, INC." THROUGH
OCTOBER 1, 1994, WHEN IT WAS REORGANIZED AS THE "PACIFIC AMERICAN
MONEY MARKET PORTFOLIO," A PORTFOLIO OF PACIFICA FUNDS TRUST. IN JULY
1995, THE FUND WAS RENAMED THE PACIFICA PRIME MONEY MARKET FUND, AND
ON SEPTEMBER 6, 1996, THE FUND WAS REORGANIZED AS A FUND OF STAGECOACH
FUNDS, INC.PRIOR TO APRIL 1, 1996, FIRST INTERSTATE CAPITAL
MANAGEMENT, INC. ("FICM") SERVED AS THE FUND'S ADVISER. IN CONNECTION
WITH THE MERGER OF FIRST INTERSTATE BANCORP INTO WELLS FARGO & CO. ON
APRIL 1, 1996, FICM WAS RENAMED WELLS FARGO INVESTMENT MANAGEMENT,
INC.
(2) THE CLASS A SHARES COMMENCED OPERATIONS ON OCTOBER 1, 1995.
(3) THE INSTITUTIONAL CLASS SHARES COMMENCED OPERATIONS ON AUGUST 11,
1995.
(4) THE FUND CHANGED ITS FISCAL YEAR-END FROM MARCH 31 TO SEPTEMBER 30.
The accompanying notes are an integral part of these financial statements.
- ---------------------
10
<PAGE>
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
<TABLE>
<CAPTION>
PRIME MONEY MARKET MUTUAL FUND (1) (CONT.)
----------------------------------------------------------------
SERVICE CLASS
----------------------------------------------------------------
SIX SIX
MONTHS YEAR YEAR MONTHS YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
MARCH 31, SEPT. 30, SEPT. 30, SEPT. 30, MARCH 31, MARCH 31,
1997 1996 1995 1994 (4) 1994 1993
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING
OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
--------- --------- --------- --------- --------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) 0.03 0.05 0.05 0.02 0.03 0.03
Net realized and
unrealized gain (loss)
on investments 0.00 0.00 0.00 0.00 0.00 0.00
--------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT
OPERATIONS 0.03 0.05 0.05 0.02 0.03 0.03
LESS DISTRIBUTIONS:
Dividends from net
investment income (0.03) (0.05) (0.05) (0.02) (0.03) (0.03)
Distributions from net
realized gain 0.00 0.00 0.00 0.00 0.00 0.00
--------- --------- --------- --------- --------- ---------
TOTAL FROM DISTRIBUTIONS (0.03) (0.05) (0.05) (0.02) (0.03) (0.03)
--------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF
PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
TOTAL RETURN (NOT
ANNUALIZED) 2.54% 5.19% 5.60% 3.71%** 3.00% 3.32%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000s) $626,105 $740,760 $614,101 $565,305 $527,599 $468,479
RATIOS TO AVERAGE NET ASSETS
(ANNUALIZED):
Ratio of expenses to
average net assets 0.45% 0.45% 0.41% 0.41% 0.41% 0.41%
Ratio of net investment
income to average net
assets 5.04% 5.14% 5.47% 3.67% 2.96% 3.27%
- ----------------------------------------------------------------------------------------------
Ratio of expenses to average
net assets prior to waived
fees and reimbursed
expenses 0.60% 0.62% 0.68% 0.89% 0.89% 0.89%
Ratio of net investment
income to average net
assets prior to waived
fees and reimbursed
expenses 4.89% 4.97% 5.20% 3.19% 2.48% 2.79%
- ----------------------------------------------------------------------------------------------
</TABLE>
** ANNUALIZED
(1) THE FUND OPERATED AS "PACIFIC AMERICAN LIQUID ASSETS, INC." THROUGH
OCTOBER 1, 1994, WHEN IT WAS REORGANIZED AS THE "PACIFIC AMERICAN
MONEY MARKET PORTFOLIO," A PORTFOLIO OF PACIFICA FUNDS TRUST. IN JULY
1995, THE FUND WAS RENAMED THE PACIFICA PRIME MONEY MARKET FUND, AND
ON SEPTEMBER 6, 1996, THE FUND WAS REORGANIZED AS A FUND OF STAGECOACH
FUNDS, INC.PRIOR TO APRIL 1, 1996, FIRST INTERSTATE CAPITAL
MANAGEMENT, INC. ("FICM") SERVED AS THE FUND'S ADVISER. IN CONNECTION
WITH THE MERGER OF FIRST INTERSTATE BANCORP INTO WELLS FARGO & CO. ON
APRIL 1, 1996, FICM WAS RENAMED WELLS FARGO INVESTMENT MANAGEMENT,
INC.
(2) THE CLASS A SHARES COMMENCED OPERATIONS ON OCTOBER 1, 1995.
(3) THE INSTITUTIONAL CLASS SHARES COMMENCED OPERATIONS ON AUGUST 11,
1995.
(4) THE FUND CHANGED ITS FISCAL YEAR-END FROM MARCH 31 TO SEPTEMBER 30.
The accompanying notes are an integral part of these financial statements.
---------------------
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
Stagecoach Funds, Inc. (the "Company") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end series
management investment company. The Company commenced operations on January 1,
1992, and currently offers the following nineteen separate diversified funds:
the Aggressive Growth, Asset Allocation, Balanced, Corporate Stock, Diversified
Income, Equity Value, Ginnie Mae, Growth and Income, Government Money Market
Mutual, Intermediate Bond, Money Market Mutual, Money Market Trust, National
Tax-Free, National Tax-Free Money Market Mutual, Prime Money Market Mutual,
Short-Intermediate U.S. Government Income, Small Cap, Treasury Money Market
Mutual, and U.S. Government Allocation Funds; and five non-diversified funds:
the Arizona Tax-Free, California Tax-Free Bond, California Tax-Free Income,
California Tax-Free Money Market Mutual, and Oregon Tax-Free Funds. These
financial statements represent the Prime Money Market Mutual Fund (the "Fund").
The Company changed its fiscal year-end from September 30 to March 31.
At a special shareholders meeting on July 16, 1996, the Shareholders of Pacifica
Funds Trust ("Pacifica") approved a plan of reorganization providing for the
transfer of the assets and liabilities of each Pacifica portfolio to a
corresponding fund of the Company in exchange for shares of designated classes
of the corresponding Stagecoach Fund. As a result of this reorganization,
effective September 6, 1996, the Stagecoach Prime Money Market Mutual Fund was
established to acquire all of the assets and assume all of the liabilities of
the Pacifica Prime Money Market Fund (the Predecessor Fund). All performance and
financial data prior to September 6, 1996, refers to the Predecessor Fund. This
acquisition was accomplished in a tax-free exchange for shares of the Fund.
The Fund offers Class A, Institutional Class, and Service Class shares. The
three classes of shares differ principally in the applicable distribution,
transfer agency, and shareholder servicing fees. Shareholders of each class also
bear certain expenses that pertain to that particular class. All shareholders
bear the common expenses of the Fund and earn income from the portfolio pro rata
based on the average daily net assets of each class, without distinction between
share classes. Dividends are determined separately for each class based on
income and expenses allocable to each class. Gains are allocated to each class
pro rata based upon net assets of each class on the date of distribution. No
class has preferential dividend rights. Differences in per share dividend rates
generally result from the relative weightings of pro rata income and gain
allocations and from differences in separate class expenses, including
distribution, transfer agency and shareholder servicing fees.
- ---------------------
12
<PAGE>
NOTES TO FINANCIAL STATEMENTS
The following significant accounting policies are consistently followed by the
Company in the preparation of its financial statements, and such policies are in
conformity with generally accepted accounting principles for investment
companies.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
INVESTMENT POLICY AND SECURITY VALUATION
The Fund invests in securities with remaining maturities not exceeding 397 days
(thirteen months), including obligations of the U.S. government, bankers
acceptances, commercial paper and certain floating- and variable-rate
instruments. Certain of these floating- and variable-rate instruments may carry
a demand feature that would permit the holder to tender them back to the issuer
at par value prior to maturity.
The Fund uses the amortized cost method to value its portfolio securities and
seeks to maintain a constant net asset value of $1.00 per share; however, there
can be no assurance that the Fund will meet this goal. The amortized cost method
involves valuing a security at its cost plus accretion of discount or minus
amortization of premium over the period until maturity, which approximates
market value.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded no later than one business day after trade
date. Interest income is accrued daily. Realized gains or losses are reported on
the basis of identified cost of securities delivered. Bond discounts and
premiums are accreted or amortized as required by the Internal Revenue Code.
REPURCHASE AGREEMENTS
Transactions involving purchases of securities under agreements to resell such
securities ("repurchase agreements") are treated as collateralized financing
transactions and are recorded at their contracted resale amounts. These
repurchase agreements, if any, are detailed in the Fund's Portfolio of
Investments. The Fund may participate in pooled repurchase agreement
transactions with other funds advised by Wells Fargo Bank, N.A. ("WFB"). The
repurchase agreement must be fully collateralized based on values that are
marked to market daily. The collateral may be held by an agent bank under a
tri-party agreement. It is the custodian's responsibility to value collateral
daily and to take action to obtain additional collateral as necessary to
maintain market value equal to or greater than the resale price. The repurchase
agreements entered into and held in the Fund at March 31, 1997, were
collateralized by U.S. government obligations.
---------------------
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DISTRIBUTIONS TO SHAREHOLDERS
Dividends from the Fund's net investment income are declared daily and
distributed monthly. Any distributions to shareholders from net realized capital
gains are declared and distributed annually.
FEDERAL INCOME TAXES
Each Fund of the Company is treated as a separate entity for federal income tax
purposes. It is the policy of each Fund of the Company to continue to qualify as
a regulated investment company by complying with the provisions applicable to
regulated investment companies, as defined in the Internal Revenue Code, and to
make distributions of substantially all of its investment company taxable income
and any net realized capital gains (after reduction for capital loss
carryforwards) sufficient to relieve it from all, or substantially all, federal
income taxes. Accordingly, no provision for federal income taxes was required at
December 31, 1996.
The Fund had net capital loss carryforwards at December 31, 1996 as follows:
<TABLE>
<CAPTION>
CAPITAL LOSS
FUND YEAR EXPIRES CARRYFORWARD
<S> <C> <C>
- ------------------------------------------------------------------------------------------------
Prime Money Market Mutual Fund 1998 $ 1,928
1999 525
2000 60,951
2001 56,414
2002 622
</TABLE>
Any loss carryforwards from Pacifica are included in the Stagecoach Fund's
carryforwards as shown above. The Board of Directors intends to offset net
capital gains with any capital loss carryforward until each carryforward has
been fully utilized or expires. No capital gain distribution shall be made until
any capital loss carryforwards have been fully utilized or have expired. Due to
the timing of dividend distributions and the differences in accounting for
income and realized gains (losses) for financial statement and federal income
tax purposes, the fiscal year in which amounts are distributed may differ from
the year in which the income and realized gains (losses) were recorded by the
Fund. The differences between the income and gains distributed on a book versus
tax basis, if any, are shown as excess distributions of net investment income
and net realized gain on the sale of investments in the accompanying Statements
of Changes in Net Assets. The amount of distributions from net investment income
and net realized capital gains are determined in accordance with federal income
tax regulations, which may differ from generally accepted accounting principles.
These "book/tax" differences are either considered temporary or permanent in
nature. To the extent that these differences are permanent in nature, such
amounts are reclassified within the capital accounts based on
- ---------------------
14
<PAGE>
NOTES TO FINANCIAL STATEMENTS
their federal tax-basis treatment; temporary differences do not require
reclassifications.
ORGANIZATION EXPENSES
The Fund has been charged for expenses incurred in connection with the
organization and initial registration of the Fund and/or class of shares. Such
expenses are being amortized by the Fund on a straight-line basis over 60 months
from the date the Fund and/or class commenced operations.
2. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
The Company has entered into an advisory contract on behalf of the Fund with
WFB. Pursuant to the contract, WFB has agreed to furnish investment guidance and
policy direction in connection with daily portfolio management. Under the
contract, WFB is entitled to be paid monthly advisory fees at the annual rate of
0.25% of the Fund's average daily net assets.
For the period from October 1, 1995 to March 31, 1996, the Fund was advised by
First Interstate Capital Management ("FICM"). Pursuant to the advisory contract,
the Fund paid an advisory fee at an annual rate of 0.30% of the first $500
million of the Fund's average daily net assets, 0.25% of the next $500 million,
and 0.20% of the Fund's average daily net assets in excess of $1 billion. On
April 1, 1996, First Interstate Bancorp ("FIB") was merged with and into Wells
Fargo & Company ("Wells Fargo"); and FICM and First Interstate Bank of
California ("FICAL") became indirect wholly-owned subsidiaries of Wells Fargo.
In connection with this merger, FICM changed its name to Wells Fargo Investment
Management, Inc ("WFIM"). For the period from April 1, 1996 to September 5,
1996, such advisory fees were paid to WFIM.
The Company has entered into a contract on behalf of the Fund with WFB, whereby
WFB is responsible for providing custody and portfolio accounting services for
the Fund. For providing custody services, WFB is entitled to be compensated at
an annual rate of 0.0167% of the average daily net assets of the Fund. For
portfolio accounting services, WFB is entitled to a monthly base fee of $2,000
plus 0.07% of the first $50 million of the Fund's average daily net assets,
0.045% of the next $50 million, and 0.02% of the Fund's average daily net assets
in excess of $100 million.
For the period from October 1, 1995 to March 31, 1996, FICAL served as the
custodian for the Fund. Pursuant to the contract, the Fund paid a custodian fee
based on net assets and certain transaction charges. For the period from April
1, 1996 to September 5, 1996, such custodian fees were paid to WFB.
---------------------
15
<PAGE>
NOTES TO FINANCIAL STATEMENTS
The Company has entered into a contract on behalf of the Fund with WFB, whereby
WFB has agreed to act as transfer agent for the Fund. Under the transfer agency
contract, WFB is entitled to receive transfer agency fees at an annual rate of
0.10% of the average daily net assets of the Class A shares of the Fund, and
0.02% of the average daily net assets of the Institutional Class and Service
Class shares of the Fund. Prior to February 1, 1997, under the contract with the
Fund, WFB was entitled to be paid transfer agency fees at an annual rate of
0.07%, 0.02% and 0.04% of average daily net assets attributable to Class A,
Institutional Class and Service Class shares, respectively. The transfer agency
fees of the Fund for the six months ended March 31, 1997, were as follows:
<TABLE>
<CAPTION>
TRANSFER AGENCY
TRANSFER AGENCY FEES TRANSFER AGENCY
FEES INSTITUTIONAL FEES
FUND CLASS A CLASS SERVICE CLASS
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------
Prime Money Market Mutual Fund $113,094 $52,819 $117,918
</TABLE>
For the period from October 1, 1995 to September 5, 1996, the Fund retained
Furman Selz LLC ("Furman Selz") to perform transfer agency services.
The Company has entered into a contract on behalf of the Fund with WFB, whereby
WFB has agreed to provide shareholder services for the Fund. WFB is entitled to
be compensated for these services based on an annual rate not to exceed 0.25% of
average daily net assets attributable to Class A shares of the Fund and 0.20% of
the average daily net assets attributable to the Service Class shares of the
Fund.
For the period from October 1, 1995 to September 5, 1996, various banks, trust
companies, broker-dealers or other financial organizations (collectively,
"Service Organizations") also provided administrative services for the Fund,
such as maintaining shareholder accounts and records. The Fund paid fees to
Service Organizations in amounts up to an annual rate of 0.25% of the average
daily net assets of the Fund's shares owned by shareholders with whom the
Service Organization had a servicing relationship. Shareholder servicing fees
for the periods listed were as follows:
<TABLE>
<CAPTION>
SHAREHOLDER
SHAREHOLDER SHAREHOLDER SERVICING
SERVICING SERVICING FEES FEES
FEES INSTITUTIONAL SERVICE
PERIOD CLASS A CLASS CLASS
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------
For the Six Months Ended March 31, 1997 $353,671 $ 0 $692,898
For the Year Ended September 30, 1996 801,388 1,652,003 882,301
</TABLE>
Subject to the overall supervision of the Company's Board of Directors, WFB as
administrator and Stephens Inc. ("Stephens") as co-administrator provide the
Fund with supervisory, administrative and distribution services. For these
administrative services, WFB and Stephens are entitled to receive monthly fees
at the annual rates of 0.04% and 0.02%, respectively, of the Fund's average
- ---------------------
16
<PAGE>
NOTES TO FINANCIAL STATEMENTS
daily net assets. Prior to February 1, 1997, Stephens provided substantially the
same services as sole administrator to the Fund. Under the previous agreements,
Stephens was entitled to receive a monthly fee at the annual rate of 0.05% of
the average daily net assets of the Fund.
For the period from October 1, 1995 to April 15, 1996, the Dreyfus Corporation
("Dreyfus") provided administrative services for the operation of the Fund. As
compensation for such services, the Fund paid Dreyfus an annual fee, payable
monthly, of up to 0.10% of the average daily net assets of the Fund. From April
15, 1996 to September 5, 1996, Furman Selz provided administrative services for
the operation of the Fund. As compensation for such services, the Fund paid
Furman Selz an annual fee, payable monthly, of up to 0.15% of the average daily
net assets of the Fund.
The Company has adopted a Plan pursuant to Rule 12b-1 under the 1940 Act (the
"Plan"), whereby the Fund may defray all or part of the cost of preparing,
printing and distributing prospectuses and other promotional materials by paying
on an annual basis up to 0.05% of the average daily net assets attributable to
the Class A shares of the Fund. The Fund may participate in joint distribution
activities with any of the other funds, in which event, expenses reimbursed out
of the assets of one Fund may be attributable, in part, to the distribution-
related activities of another fund. Generally, the expenses attributable to
joint distribution activities are allocated among all of the funds in proportion
to their relative net asset sizes.
For the period from October 1, 1995 to September 5, 1996, the Fund had adopted a
Distribution Plan. The Plan provided for payments by the Fund of up to 0.05% of
the average daily net assets of the Class A shares of the Fund.
FEES WAIVED
The amount shown as waived fees and reimbursed expenses on the Statements of
Operations for the six months ended March 31, 1997 was waived by WFB. The
following amounts were waived for the year ended September 30, 1996:
<TABLE>
<CAPTION>
FEES WAIVED BY FEES WAIVED BY
FUND FIB WFB
<S> <C> <C>
- --------------------------------------------------------------------------------------------------
Prime Money Market Mutual Fund $1,553,968 $1,347,246
</TABLE>
Waived fees and reimbursed expenses continue at the discretion of WFB and
Stephens. WFB and Stephens have each agreed to waive or reimburse all or a
portion of their respective fees charged to, or expenses paid by, the Fund to
ensure that the total Fund operating expenses do not exceed, on an annual basis,
0.55%, 0.25% and 0.45% of the average daily net assets of the
---------------------
17
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Fund's Class A, Institutional Class, and Service Class of shares, respectively,
through August 31, 1997.
Certain officers and directors of the Company are also officers of Stephens. At
March 31, 1997, Stephens owned 76 shares of the Fund.
3. CAPITAL SHARE TRANSACTIONS
As of March 31, 1997, there were 91 billion shares of $.001 par value capital
stock authorized by the Company. At March 31, 1997, the Fund was authorized to
issue 5 billion shares of $.001 par value capital stock for each class of
shares. Capital share transactions for the Fund were as follows:
<TABLE>
<CAPTION>
PRIME MONEY MARKET MUTUAL FUND
-------------------------------------------------
FOR THE SIX FOR THE FOR THE
MONTHS ENDED YEAR ENDED YEAR ENDED
MARCH 31, 1997 SEPT. 30, 1996 SEPT. 30, 1995
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
Shares sold -- Class A 332,735,076 831,632,592 N/A
Shares issued in reinvestment of
dividends -- Class A 240,495 916,433 N/A
Shares redeemed -- Class A (320,827,816) (567,563,822) N/A
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING -- CLASS A 12,147,755 264,985,203 N/A
Shares sold -- Institutional Class 1,593,660,723 5,079,737,453 104,661,000
Shares issued in reinvestment of
dividends -- Institutional Class 1,847,923 176,187 0
Shares redeemed -- Institutional Class (1,481,265,875) (4,686,437,789) (74,055,000)
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING -- INSTITUTIONAL CLASS 114,242,771 393,475,851 30,606,000
Shares sold -- Service Class 1,211,658,277 2,007,890,215 8,252,511,223
Shares issued in reinvestment of
dividends -- Service Class 90,409 117,361 0
Shares redeemed -- Service Class (1,326,393,380) (1,881,188,709) (8,203,819,000)
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING -- SERVICE CLASS (114,644,694) 126,818,867 48,692,223
- -------------------------------------------------------------------------------------------
</TABLE>
- ---------------------
18
<PAGE>
INDEPENDENT AUDITORS' REPORT
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS
STAGECOACH FUNDS, INC.:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of the Prime Money Market Mutual Fund (one of the
funds comprising Stagecoach Funds, Inc.) as of March 31, 1997, and the related
statements of operations and changes in net assets, and financial highlights for
the six months ended March 31, 1997, and the year ended September 30, 1996.
These financial statements and financial highlights are the responsibility of
the Company's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. All years or
periods indicated in the accompanying financial statements and financial
highlights ending prior to October 1, 1995, were audited by other auditors whose
reports dated November 15, 1995, and May 4, 1994, expressed unqualified opinions
on this information.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of March
31, 1997, by correspondence with the custodian and other appropriate audit
procedures. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Prime Money Market Mutual Fund of Stagecoach Funds, Inc. as of March 31, 1997,
the results of its operations, the changes in its net assets and its financial
highlights for the periods indicated herein, except as noted above, in
conformity with generally accepted accounting principles.
[SIG]
[KPMG Peat Marwick LLP]
SAN FRANCISCO, CALIFORNIA
MAY 9, 1997
---------------------
19
<PAGE>
LIST OF ABBREVIATIONS
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
<TABLE>
<S> <C> <C>
ABAG -- Association of Bay Area Governments
ADR -- American Depository Receipts
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CMT -- Constant Maturity Treasury
COFI -- Cost of Funds Index
CONNIE LEE -- Connie Lee Insurance Company
COP -- Certificate of Participation
CP -- Commercial Paper
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
EDFA -- Education Finance Authority
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance, Inc
GNMA -- Government National Mortgage Association
GO -- General Obligation
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
LIBOR -- London Interbank Offered Rate
LOC -- Letter of Credit
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MUD -- Municipal Utility District
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PSFG -- Public School Fund Guaranty
RAW -- Revenue Anticipation Warrants
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
R&D -- Research & Development
SFMR -- Single Family Mortgage Revenue
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
V/R -- Variable Rate
</TABLE>
- ---------------------
20
<PAGE>
Wells Fargo provides investment advisory services, shareholder services, and
certain other services for the Stagecoach Funds. The Funds are sponsored and
distributed by STEPHENS INC., Member NYSE/SIPC. Wells Fargo is not affiliated
with Stephens Inc.
This report and the financial statements contained herein are submitted for the
general information of the shareholders of the Stagecoach Funds. If this report
is used for promotional purposes, distribution of the report must be accompanied
or preceded by a current prospectus. For a prospectus containing more complete
information, including charges and expenses, call 1-800-260-5969. Read the
prospectus carefully before you invest or send money.
SCF 084 (5/97)
<TABLE>
<S> <C>
STAGECOACH
FUNDS-REGISTERED TRADEMARK-
P.O. Box 7066
San Francisco, CA 94120-7066
DATED MATERIAL
PLEASE EXPEDITE
</TABLE>
[LOGO]
-C- 1997 Stagecoach Funds
