<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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070 I023100 N
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070 J023100 N
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070 M013100 N
070 M023100 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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050 003500 N
051 003500 N
052 003500 N
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053 B003500 Y
053 C003500 Y
054 A003500 Y
054 B003500 Y
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054 E003500 N
054 F003500 N
054 G003500 N
054 H003500 N
054 I003500 N
054 J003500 Y
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054 L003500 N
054 M003500 N
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<PAGE> PAGE 43
057 003500 N
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062 F003500 24.9
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063 B003500 0.0
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070 B013500 N
070 B023500 N
070 C013500 N
070 C023500 N
070 D013500 N
070 D023500 N
070 E013500 N
070 E023500 N
070 F013500 N
070 F023500 N
070 G013500 N
070 G023500 N
070 H013500 N
070 H023500 N
070 I013500 N
070 I023500 N
070 J013500 N
070 J023500 N
070 K013500 Y
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<PAGE> PAGE 44
070 L023500 N
070 M013500 N
070 M023500 N
070 N013500 N
070 N023500 N
070 O013500 N
070 O023500 N
070 P013500 N
070 P023500 N
070 Q013500 N
070 Q023500 N
070 R013500 N
070 R023500 N
071 A003500 0
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<PAGE> PAGE 45
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SIGNATURE ANN BONSTEEL
TITLE ASST SECRETARY
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<SERIES>
<NUMBER> 35
<NAME> OVERLAND EXPRESS SWEEP FUND
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<NUMBER> 283
<NAME> VARIABLE RATE GOVERNMENT FUND CLASS C
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 29
<NAME> SHORT-TERM MUNICIPAL INCOME FUND
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<NAME> SHORT-TERM GOVERNMENT-CORPORATE INCOME FUND
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<NAME> U.S. GOVERNMENT INCOME FUND CLASS A
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<NAME> U.S. GOVERNMENT INCOME FUND CLASS B
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<NAME> U.S. GOVERNMENT INCOME FUND CLASS C
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 957418
<AVERAGE-NET-ASSETS> 95433000
<PER-SHARE-NAV-BEGIN> 10.49
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> (0.55)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.71
<EXPENSE-RATIO> 1.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 319
<NAME> U.S. GOVERNMENT INCOME FUND INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 274260754
<INVESTMENTS-AT-VALUE> 276408313
<RECEIVABLES> 41631333
<ASSETS-OTHER> 175501
<OTHER-ITEMS-ASSETS> 34754
<TOTAL-ASSETS> 318249901
<PAYABLE-FOR-SECURITIES> 73426094
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1838550
<TOTAL-LIABILITIES> 75264644
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 259304234
<SHARES-COMMON-STOCK> 461875
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18466536)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2147559
<NET-ASSETS> 7254516
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6482519
<OTHER-INCOME> 0
<EXPENSES-NET> (850896)
<NET-INVESTMENT-INCOME> 5631623
<REALIZED-GAINS-CURRENT> (16017813)
<APPREC-INCREASE-CURRENT> 2148328
<NET-CHANGE-FROM-OPS> (8237862)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4647)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 462544
<NUMBER-OF-SHARES-REDEEMED> 669
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 163456141
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (145837154)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 469051
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 957418
<AVERAGE-NET-ASSETS> 95433000
<PER-SHARE-NAV-BEGIN> 15.73
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.71
<EXPENSE-RATIO> 0.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 321
<NAME> INDEX ALLOCATION FUND CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 104787065
<INVESTMENTS-AT-VALUE> 127217763
<RECEIVABLES> 418154
<ASSETS-OTHER> 338
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 127636255
<PAYABLE-FOR-SECURITIES> 33543
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 650011
<TOTAL-LIABILITIES> 683554
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102888301
<SHARES-COMMON-STOCK> 5189607
<SHARES-COMMON-PRIOR> 4312765
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1633702
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22430698
<NET-ASSETS> 80512337
<DIVIDEND-INCOME> 1379317
<INTEREST-INCOME> 1887595
<OTHER-INCOME> 0
<EXPENSES-NET> (1610323)
<NET-INVESTMENT-INCOME> 1656589
<REALIZED-GAINS-CURRENT> 12775977
<APPREC-INCREASE-CURRENT> 8758372
<NET-CHANGE-FROM-OPS> 23190938
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1312200)
<DISTRIBUTIONS-OF-GAINS> (8070952)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 850777
<NUMBER-OF-SHARES-REDEEMED> 470768
<SHARES-REINVESTED> 496833
<NET-CHANGE-IN-ASSETS> 41944925
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1358022
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 747203
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1643565
<AVERAGE-NET-ASSETS> 107094000
<PER-SHARE-NAV-BEGIN> 13.99
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 3.23
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> (1.71)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.51
<EXPENSE-RATIO> 1.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 322
<NAME> INDEX ALLOCATION FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 104787065
<INVESTMENTS-AT-VALUE> 127217763
<RECEIVABLES> 418154
<ASSETS-OTHER> 338
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 127636255
<PAYABLE-FOR-SECURITIES> 33543
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 650011
<TOTAL-LIABILITIES> 683554
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102888301
<SHARES-COMMON-STOCK> 18462
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1633702
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22430698
<NET-ASSETS> 356464
<DIVIDEND-INCOME> 1379317
<INTEREST-INCOME> 1887595
<OTHER-INCOME> 0
<EXPENSES-NET> (1610323)
<NET-INVESTMENT-INCOME> 1656589
<REALIZED-GAINS-CURRENT> 12775977
<APPREC-INCREASE-CURRENT> 8758372
<NET-CHANGE-FROM-OPS> 23190938
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18462
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 41944925
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1358022
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 747203
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1643565
<AVERAGE-NET-ASSETS> 107094000
<PER-SHARE-NAV-BEGIN> 18.99
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.32
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.31
<EXPENSE-RATIO> 2.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 323
<NAME> INDEX ALLOCATION FUND CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 104787065
<INVESTMENTS-AT-VALUE> 127217763
<RECEIVABLES> 418154
<ASSETS-OTHER> 338
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 127636255
<PAYABLE-FOR-SECURITIES> 33543
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 650011
<TOTAL-LIABILITIES> 683554
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102888301
<SHARES-COMMON-STOCK> 2385844
<SHARES-COMMON-PRIOR> 1415178
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1633702
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22430698
<NET-ASSETS> 46083900
<DIVIDEND-INCOME> 1379317
<INTEREST-INCOME> 1887595
<OTHER-INCOME> 0
<EXPENSES-NET> (1610323)
<NET-INVESTMENT-INCOME> 1656589
<REALIZED-GAINS-CURRENT> 12775977
<APPREC-INCREASE-CURRENT> 8758372
<NET-CHANGE-FROM-OPS> 23190938
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (344406)
<DISTRIBUTIONS-OF-GAINS> (4429345)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1061333
<NUMBER-OF-SHARES-REDEEMED> 255583
<SHARES-REINVESTED> 164916
<NET-CHANGE-IN-ASSETS> 41944925
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1358022
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 747203
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1643565
<AVERAGE-NET-ASSETS> 107094000
<PER-SHARE-NAV-BEGIN> 17.42
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 4.00
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> (2.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.32
<EXPENSE-RATIO> 2.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 331
<NAME> CALIFORNIA TAX-FREE BOND FUND CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 632441179
<INVESTMENTS-AT-VALUE> 674474729
<RECEIVABLES> 11877744
<ASSETS-OTHER> 1340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 686353813
<PAYABLE-FOR-SECURITIES> 5483245
<SENIOR-LONG-TERM-DEBT> 3262925
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 8746170
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 634784803
<SHARES-COMMON-STOCK> 45022879
<SHARES-COMMON-PRIOR> 22844914
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 789290
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42033550
<NET-ASSETS> 509843709
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14339791
<OTHER-INCOME> 0
<EXPENSES-NET> (1961009)
<NET-INVESTMENT-INCOME> 12378782
<REALIZED-GAINS-CURRENT> 1877019
<APPREC-INCREASE-CURRENT> 34032101
<NET-CHANGE-FROM-OPS> 48287902
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11799980)
<DISTRIBUTIONS-OF-GAINS> (1345647)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27081868
<NUMBER-OF-SHARES-REDEEMED> 4493270
<SHARES-REINVESTED> 601099
<NET-CHANGE-IN-ASSETS> 431398114
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 294260
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1259094
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2357069
<AVERAGE-NET-ASSETS> 258680000
<PER-SHARE-NAV-BEGIN> 10.97
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 0.42
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> (0.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.32
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 332
<NAME> CALIFORNIA TAX-FREE BOND FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 632441179
<INVESTMENTS-AT-VALUE> 674474729
<RECEIVABLES> 11877744
<ASSETS-OTHER> 1340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 686353813
<PAYABLE-FOR-SECURITIES> 5483245
<SENIOR-LONG-TERM-DEBT> 3262925
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 8746170
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 634784803
<SHARES-COMMON-STOCK> 6739744
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 789290
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42033550
<NET-ASSETS> 77791575
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14339791
<OTHER-INCOME> 0
<EXPENSES-NET> (1961009)
<NET-INVESTMENT-INCOME> 12378782
<REALIZED-GAINS-CURRENT> 1877019
<APPREC-INCREASE-CURRENT> 34032101
<NET-CHANGE-FROM-OPS> 48287902
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (141890)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6780297
<NUMBER-OF-SHARES-REDEEMED> 40678
<SHARES-REINVESTED> 125
<NET-CHANGE-IN-ASSETS> 431398114
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 294260
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1259094
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2357069
<AVERAGE-NET-ASSETS> 258680000
<PER-SHARE-NAV-BEGIN> 11.51
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.54
<EXPENSE-RATIO> 1.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 333
<NAME> CALIFORNIA TAX-FREE BOND FUND CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 632441179
<INVESTMENTS-AT-VALUE> 674474729
<RECEIVABLES> 11877744
<ASSETS-OTHER> 1340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 686353813
<PAYABLE-FOR-SECURITIES> 5483245
<SENIOR-LONG-TERM-DEBT> 3262925
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 8746170
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 634784803
<SHARES-COMMON-STOCK> 507605
<SHARES-COMMON-PRIOR> 474921
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 789290
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42033550
<NET-ASSETS> 5859598
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14339791
<OTHER-INCOME> 0
<EXPENSES-NET> (1961009)
<NET-INVESTMENT-INCOME> 12378782
<REALIZED-GAINS-CURRENT> 1877019
<APPREC-INCREASE-CURRENT> 34032101
<NET-CHANGE-FROM-OPS> 48287902
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (247997)
<DISTRIBUTIONS-OF-GAINS> (36342)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 114726
<NUMBER-OF-SHARES-REDEEMED> 200314
<SHARES-REINVESTED> 11817
<NET-CHANGE-IN-ASSETS> 431398114
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 294260
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1259094
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2357069
<AVERAGE-NET-ASSETS> 258680000
<PER-SHARE-NAV-BEGIN> 11.19
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> 0.42
<PER-SHARE-DIVIDEND> (0.47)
<PER-SHARE-DISTRIBUTIONS> (0.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.54
<EXPENSE-RATIO> 1.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 339
<NAME> CALIFORNIA TAX-FREE BOND FUND INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 632441179
<INVESTMENTS-AT-VALUE> 674474729
<RECEIVABLES> 11877744
<ASSETS-OTHER> 1340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 686353813
<PAYABLE-FOR-SECURITIES> 5483245
<SENIOR-LONG-TERM-DEBT> 3262925
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 8746170
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 634784803
<SHARES-COMMON-STOCK> 7409949
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 789290
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42033550
<NET-ASSETS> 84112761
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14339791
<OTHER-INCOME> 0
<EXPENSES-NET> (1961009)
<NET-INVESTMENT-INCOME> 12378782
<REALIZED-GAINS-CURRENT> 1877019
<APPREC-INCREASE-CURRENT> 34032101
<NET-CHANGE-FROM-OPS> 48287902
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (188915)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7506033
<NUMBER-OF-SHARES-REDEEMED> 96138
<SHARES-REINVESTED> 54
<NET-CHANGE-IN-ASSETS> 431398114
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 294260
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1259094
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2357069
<AVERAGE-NET-ASSETS> 258680000
<PER-SHARE-NAV-BEGIN> 11.32
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.35
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 341
<NAME> STRATEGIC GROWTH FUND CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 211080569
<INVESTMENTS-AT-VALUE> 213081188
<RECEIVABLES> 1998972
<ASSETS-OTHER> 532
<OTHER-ITEMS-ASSETS> 38461
<TOTAL-ASSETS> 215119153
<PAYABLE-FOR-SECURITIES> 1109178
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 718249
<TOTAL-LIABILITIES> 1827427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 217314062
<SHARES-COMMON-STOCK> 7421786
<SHARES-COMMON-PRIOR> 7124331
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6022955)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2000619
<NET-ASSETS> 148121994
<DIVIDEND-INCOME> 173507
<INTEREST-INCOME> 200416
<OTHER-INCOME> 0
<EXPENSES-NET> (2350625)
<NET-INVESTMENT-INCOME> (1976702)
<REALIZED-GAINS-CURRENT> 27263706
<APPREC-INCREASE-CURRENT> (4721950)
<NET-CHANGE-FROM-OPS> 20565054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (32094549)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9450816
<NUMBER-OF-SHARES-REDEEMED> 8176548
<SHARES-REINVESTED> 1180296
<NET-CHANGE-IN-ASSETS> 27002030
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 13580859
<OVERDISTRIB-NII-PRIOR> (964819)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 853705
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2357401
<AVERAGE-NET-ASSETS> 170599000
<PER-SHARE-NAV-BEGIN> 26.42
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 2.48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (8.87)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.96
<EXPENSE-RATIO> 1.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 342
<NAME> STRATEGIC GROWTH FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 211080569
<INVESTMENTS-AT-VALUE> 213081188
<RECEIVABLES> 1998972
<ASSETS-OTHER> 532
<OTHER-ITEMS-ASSETS> 38461
<TOTAL-ASSETS> 215119153
<PAYABLE-FOR-SECURITIES> 1109178
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 718249
<TOTAL-LIABILITIES> 1827427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 217314062
<SHARES-COMMON-STOCK> 968504
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6022955)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2000619
<NET-ASSETS> 23561955
<DIVIDEND-INCOME> 173507
<INTEREST-INCOME> 200416
<OTHER-INCOME> 0
<EXPENSES-NET> (2350625)
<NET-INVESTMENT-INCOME> (1976702)
<REALIZED-GAINS-CURRENT> 27263706
<APPREC-INCREASE-CURRENT> (4721950)
<NET-CHANGE-FROM-OPS> 20565054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 986522
<NUMBER-OF-SHARES-REDEEMED> 18018
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 27002030
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 13580859
<OVERDISTRIB-NII-PRIOR> (964819)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 853705
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2357401
<AVERAGE-NET-ASSETS> 170599000
<PER-SHARE-NAV-BEGIN> 23.68
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 0.67
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.33
<EXPENSE-RATIO> 1.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 343
<NAME> STRATEGIC GROWTH FUND CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 211080569
<INVESTMENTS-AT-VALUE> 213081188
<RECEIVABLES> 1998972
<ASSETS-OTHER> 532
<OTHER-ITEMS-ASSETS> 38461
<TOTAL-ASSETS> 215119153
<PAYABLE-FOR-SECURITIES> 1109178
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 718249
<TOTAL-LIABILITIES> 1827427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 217314062
<SHARES-COMMON-STOCK> 1710809
<SHARES-COMMON-PRIOR> 2437482
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6022955)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2000619
<NET-ASSETS> 41607777
<DIVIDEND-INCOME> 173507
<INTEREST-INCOME> 200416
<OTHER-INCOME> 0
<EXPENSES-NET> (2350625)
<NET-INVESTMENT-INCOME> (1976702)
<REALIZED-GAINS-CURRENT> 27263706
<APPREC-INCREASE-CURRENT> (4721950)
<NET-CHANGE-FROM-OPS> 20565054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (12310107)
<NUMBER-OF-SHARES-SOLD> 7044117
<NUMBER-OF-SHARES-REDEEMED> 7280888
<SHARES-REINVESTED> 249166
<NET-CHANGE-IN-ASSETS> 27002030
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 13580859
<OVERDISTRIB-NII-PRIOR> (964819)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 853705
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2357401
<AVERAGE-NET-ASSETS> 170599000
<PER-SHARE-NAV-BEGIN> 32.42
<PER-SHARE-NII> (0.45)
<PER-SHARE-GAIN-APPREC> 3.17
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (10.82)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.32
<EXPENSE-RATIO> 1.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 281
<NAME> VARIABLE RATE GOVERNMENT FUND CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 225950538
<INVESTMENTS-AT-VALUE> 227305626
<RECEIVABLES> 5497490
<ASSETS-OTHER> 1462
<OTHER-ITEMS-ASSETS> 2757
<TOTAL-ASSETS> 232807335
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 996579
<TOTAL-LIABILITIES> 996579
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 374961873
<SHARES-COMMON-STOCK> 24630030
<SHARES-COMMON-PRIOR> 42589355
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (144506205)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1355088
<NET-ASSETS> 227352811
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 21098626
<OTHER-INCOME> 0
<EXPENSES-NET> (2727764)
<NET-INVESTMENT-INCOME> 18370862
<REALIZED-GAINS-CURRENT> 1330949
<APPREC-INCREASE-CURRENT> (325594)
<NET-CHANGE-FROM-OPS> 19376217
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18017297)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7444514
<NUMBER-OF-SHARES-REDEEMED> 25731027
<SHARES-REINVESTED> 327188
<NET-CHANGE-IN-ASSETS> (167653114)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (145837154)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1650124
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3660895
<AVERAGE-NET-ASSETS> 330749000
<PER-SHARE-NAV-BEGIN> 9.25
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.23
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
PROXY
ATTACHMENT
77C
SHAREHOLDERS' MEETING AND PROXY VOTING RESULTS
PROPOSAL 1
To approve a proposed Agreement and Plan of Consolidation providing for the
transfer of the assets and stated liabilities of specific Overland portfolios
to corresponding investment portfolios of Stagecoach Funds, Inc., in exchange
for shares of equal value of designated classes of the Stagecoach Funds.
<TABLE>
<S> <C> <C>
CALIFORNIA TAX-FREE BOND FUND
For Against Abstain
- -----------------------------------------
11,708,017 656,057 967,290
INDEX ALLOCATION FUND
For Against Abstain
- -----------------------------------------
3,427,823 156,356 280,436
OVERLAND EXPRESS SWEEP FUND
For Against Abstain
- -----------------------------------------
1,229,016,781 20,991,827 92,664,208
SHORT-TERM GOVERNMENT-CORPORATE INCOME FUND
For Against Abstain
- -----------------------------------------
995,384 0 0
SHORT-TERM MUNICIPAL INCOME FUND
For Against Abstain
- -----------------------------------------
2,344,459 0 0
STRATEGIC GROWTH FUND
For Against Abstain
- -----------------------------------------
3,639,051 99,472 280,253
U.S. GOVERNMENT INCOME FUND
For Against Abstain
- -----------------------------------------
5,566,973 306,540 588,496
VARIABLE RATE GOVERNMENT FUND
For Against Abstain
- -----------------------------------------
21,798,205 1,959,250 810,199
</TABLE>
SHAREHOLDERS' MEETING AND PROXY VOTING RESULTS
PROPOSAL 2
For Class D shareholders of specific Overland portfolios to approve a
twenty-five basis point (0.25%) increase in the maximum level of distribution
fees payable under the rule 12b-1 distribution plan for the Class C shares of
corresponding portfolios of Stagecoach Funds, Inc.
<TABLE>
<S> <C> <C>
CALIFORNIA TAX-FREE BOND FUND
For Against Abstain
- -----------------------------------------
179,588 41,378 3,032
U.S. GOVERNMENT INCOME FUND
For Against Abstain
- -----------------------------------------
69,935 4,123 5,078
</TABLE>
CONSOLIDATION
ATTACHMENT
77M
CONSOLIDATION OF OVERLAND EXPRESS FUNDS, INC. AND STAGECOACH FUNDS, INC.
At a meeting held on July 23, 1997, the Boards of Directors of Overland Express
Funds, Inc. ("Overland") and Stagecoach Funds, Inc. ("Stagecoach") approved a
consolidation agreement providing for the transfer of the assets and
liabilities of each the 14 Overland Portfolios to Stagecoach in exchange for
shares of designated classes of the corresponding Stagecoach Funds ("the
Consolidation"). Proxy statements were mailed to shareholders on October 10,
1997 (see the Stagecoach Registration Statement filed via Edgar on Form N-14
with the Securities and Exchange Commission on September 3, 1997 (SEC file nos.
811-6419; 33-42927)). The Consolidation was subsequently approved by Overland
shareholders at meetings held for this purpose on November 20 and 26, and
December 5 and 11, 1997 and occurred at the close of business on December 12,
1997. Each Overland shareholder will hold shares of the corresponding
Stagecoach Fund equal in value to the total value of the shares of the Overland
Fund held by the shareholder immediately before the Consolidation. A chart
showing the classes of each Overland Portfolio and the designated classes of
the corresponding Stagecoach Funds is shown below.
OVERLAND/STAGECOACH FUNDS CONSOLIDATION MAP
<TABLE>
<CAPTION>
EXISTING STAGECOACH FUNDS -
OVERLAND EXPRESS FUNDS - CLASSES EXISTING OR NEW CLASSES
- -------------------------------- -----------------------
<S> <C>
California Tax-Free Bond - A and D California Tax-Free Bond - A and C
California Tax-Free Money Market California Tax-Free Money Market Mutual
Money Market - A and Institutional Prime Money Market Mutual - A and Administrative
Municipal Income - A and D National Tax-Free - A and C
National Tax-Free Institutional Money Market National Tax-Free Money Market Mutual - Institutional
Small Cap Strategy - A and D Small Cap - A and C
Strategic Growth - A and D Aggressive (Strategic) Growth - A and C
U.S. Government Income - A and D Ginnie Mae (U.S. Government Income) - A and C
U.S. Treasury Money Market - A and Treasury Money Market Mutual - A and Administrative
Institutional
</TABLE>
<TABLE>
<CAPTION>
OVERLAND EXPRESS FUNDS - CLASSES NEW STAGECOACH FUNDS - CLASSES
- -------------------------------- ------------------------------
<S> <C>
Index Allocation - A and D Index Allocation - A and C
Overland Sweep Overland Express Sweep
Short-Term Government-Corporate Income Short-Term Government-Corporate Income
Short-Term Municipal Income Short-Term Municipal Income
Variable Rate Government - A and D Variable Rate Government - A and C
</TABLE>
Subsequent to the Consolidation, the Stagecoach Aggressive Growth Fund was
renamed Stagecoach Strategic Growth Fund and the Stagecoach Ginnie Mae Fund was
renamed Stagecoach U.S. Government Income Fund.
All acquisitions were accomplished in separate tax-free exchanges for shares of
the respective Fund. Articles Supplementary have been filed with the State of
Maryland to reflect the additions and changes to Stagecoach. Overland is
currently in the process of winding down all its affairs and related tax
matters.
[KPMG PEAT MARWICK LLP LETTERHEAD]
Three Embarcadero Center
San Francisco, CA 94111
Independent Auditors' Report on Internal Accounting Controls
The Board of Directors and Shareholders
Stagecoach Funds, Inc.:
In planning and performing our audit of the financial statements of Stagecoach
Funds, Inc. (including only, California Tax-Free Bond Fund, Index Allocation
Fund, Overland Express Sweep Fund, Short-Term Government-Corporate Income Fund,
Short-Term Municipal Income Fund, Strategic Growth Fund, U.S. Government Income
Fund and Variable Rate Government Fund) for the year ended December 31, 1997, we
considered its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Stagecoach Funds, Inc. is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited my occur
and not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding securities,
that we consider to be material weaknesses as defined above as of December 31,
1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ KPMG PEAT MARWICK LLP
February 6, 1998
