<PAGE> PAGE 1
000 B000000 06/30/1999
000 C000000 894617
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000 H000000 N
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000 J000000 U
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007 C011800 18
007 C011900 19
007 C012000 20
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007 C012200 22
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<PAGE> PAGE 2
007 C032200 N
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007 C022300 OREGON TAX-FREE FUND
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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
070 F021100 N
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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
070 G021200 N
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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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<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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<NAME> OREGON TAX-FREE FUND CLASS A
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<NAME> OREGON TAX-FREE FUND CLASS B
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<NAME> OREGON TAX-FREE FUND INSTITUTIONAL CLASS
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<TABLE> <S> <C>
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<NAME> CALIFORNIA TAX-FREE BOND FUND CLASS A
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<TABLE> <S> <C>
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<NUMBER> 332
<NAME> CALIFORNIA TAX-FREE BOND FUND CLASS B
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</TABLE>
<TABLE> <S> <C>
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<NUMBER> 333
<NAME> CALIFORNIA TAX-FREE BOND FUND CLASS C
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</TABLE>
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<NAME> CALIFORNIA TAX-FREE BOND FUND INSTITUTIONAL CLASS
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</TABLE>
<TABLE> <S> <C>
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<NUMBER> 371
<NAME> CORPORATE BOND FUND CLASS A
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<NAME> CORPORATE BOND FUND CLASS B
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 373
<NAME> CORPORATE BOND FUND CLASS C
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
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<ACCUMULATED-NET-GAINS> (135405)
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<ACCUM-APPREC-OR-DEPREC> (649090)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 121
<NAME> SHORT-INTERMEDIATE U.S. GOVERNMENT INCOME FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
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<ACCUMULATED-NET-GAINS> (16104901)
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<NET-CHANGE-IN-ASSETS> (3420610)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 122
<NAME> SHORT-INTERMEDIATE U.S. GOVERNMENT INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 132835140
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 129
<NAME> SHORT-INTERM. U.S. GOVERNMENT INCOME FUND INSTITUTIONAL CLASS
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 132835140
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<ACCUMULATED-NET-GAINS> (16104901)
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<EXPENSE-RATIO> 0.91
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 381
<NAME> STRATEGIC INCOME FUND CLASS A
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-13-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 49027373
<INVESTMENTS-AT-VALUE> 47986417
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<PAID-IN-CAPITAL-COMMON> 52711915
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<ACCUM-APPREC-OR-DEPREC> (1026853)
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<EXPENSES-NET> (502058)
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<NUMBER-OF-SHARES-SOLD> 1437339
<NUMBER-OF-SHARES-REDEEMED> 543204
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.04
<EXPENSE-RATIO> 0.66
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 382
<NAME> STRATEGIC INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-13-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 49027373
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<OTHER-ITEMS-ASSETS> 44693
<TOTAL-ASSETS> 52299175
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 1146811
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<PAID-IN-CAPITAL-COMMON> 52711915
<SHARES-COMMON-STOCK> 3062458
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<ACCUMULATED-NII-CURRENT> 84559
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (617257)
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<ACCUM-APPREC-OR-DEPREC> (1026853)
<NET-ASSETS> 36891598
<DIVIDEND-INCOME> 339097
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<EXPENSES-NET> (502058)
<NET-INVESTMENT-INCOME> 2467497
<REALIZED-GAINS-CURRENT> (615567)
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<DISTRIBUTIONS-OF-INCOME> (1634801)
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<NUMBER-OF-SHARES-SOLD> 3788681
<NUMBER-OF-SHARES-REDEEMED> 819929
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<PER-SHARE-GAIN-APPREC> (.45)
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<PER-SHARE-NAV-END> 12.05
<EXPENSE-RATIO> 1.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 383
<NAME> STRATEGIC INCOME FUND CLASS C
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-13-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 49027373
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<ASSETS-OTHER> 3801
<OTHER-ITEMS-ASSETS> 44693
<TOTAL-ASSETS> 52299175
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 1146811
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52711915
<SHARES-COMMON-STOCK> 252129
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 84559
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (617257)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1026853)
<NET-ASSETS> 3037364
<DIVIDEND-INCOME> 339097
<INTEREST-INCOME> 2630458
<OTHER-INCOME> 0
<EXPENSES-NET> (502058)
<NET-INVESTMENT-INCOME> 2467497
<REALIZED-GAINS-CURRENT> (615567)
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<DISTRIBUTIONS-OF-INCOME> (157519)
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<NUMBER-OF-SHARES-SOLD> 347631
<NUMBER-OF-SHARES-REDEEMED> 106035
<SHARES-REINVESTED> 10533
<NET-CHANGE-IN-ASSETS> 51152364
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<PER-SHARE-GAIN-APPREC> (.45)
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<PER-SHARE-NAV-END> 12.05
<EXPENSE-RATIO> 1.47
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 311
<NAME> U.S. GOVERNMENT INCOME FUND CLASS A
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1999
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<EXPENSES-NET> (2399691)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 312
<NAME> U.S. GOVERNMENT INCOME FUND CLASS B
<S> <C>
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<ACCUMULATED-NET-GAINS> (15859039)
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[KPMG LETTERHEAD]
Independent Auditors' Report on Internal Accounting Controls
The Board of Trustees and Shareholders
Stagecoach Funds, Inc.:
In planning and performing our audits of the financial statements of the Arizona
Tax-Free Fund, California Tax-Free Bond Fund, California Tax-Free Income Fund,
Corporate Bond Fund, National Tax-Free Fund, Oregon Tax-Free Fund,
Short-Intermediate U.S. Government Income Fund, Strategic Income Fund, U.S.
Government Income Fund, and Variable Rate Government Fund (ten of the funds
comprising Stagecoach Funds, Inc.) for the year ended June 30, 1999, except for
the Strategic Income Fund, which is for the period from July 13, 1998
(commencement of operations) to June 30, 1999, we considered internal control,
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 internal control.
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 may
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
June 30, 1999.
This report is intended solely for the information and use of the board of
trustees, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
/s/ KPMG LLP
July 26, 1999
SHAREHOLDERS' MEETING AND PROXY VOTING RESULTS
The following proposal was passed by the required majority of shareholders of
the MasterWorks Short-Intermediate Term Fund at a Special Shareholders' meeting
held on November 29, 1998, for the purpose of voting on this proposal.
To approve a Plan of Consolidation providing for the transfer of the
assets and liabilities of the MasterWorks Short-Intermediate Term Fund to the
Stagecoach Short-Intermediate U.S. Government Income Fund in exchange for shares
of designated classes of the Stagecoach Short-Intermediate U.S. Government
Income Fund.
For Against Abstain
768,335 0 0
