<PAGE> PAGE 1
000 B000000 05/31/95
000 C000000 0000897217
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 1784 FUNDS
001 B000000 811-7474
001 C000000 8003425734
002 A000000 2 OLIVER STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 13
007 C010100 1
007 C020100 TAX FREE MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 US TREASURY MONEY MARKET FUND
007 C030200 N
007 C010300 3
007 C020300 INSTITUTIONAL US TREASURY MONEY MARKET FUND
007 C030300 N
007 C010400 4
007 C020400 US GOVERNMENT MEDIUM TERM INCOME
007 C030400 N
007 C010500 5
007 C020500 TAX EXEMPT MEDIUM TERM INCOME
007 C030500 N
007 C010600 6
007 C020600 MASSACHUSETTS TAX EXEMPT MEDIUM TERM INCOME
007 C030600 N
007 C010700 7
007 C020700 GROWTH & INCOME FUND
007 C030700 N
007 C010800 8
007 C020800 ASSET ALLOCATION FUND
007 C030800 N
007 C010900 9
007 C020900 SHORT TERM INCOME FUND
007 C030900 N
007 C011000 10
007 C021000 INCOME FUND
<PAGE> PAGE 2
007 C031000 N
007 C011100 11
007 C021100 CONNECTICUT TAX EXEMPT INCOME FUND
007 C031100 N
007 C011200 12
007 C021200 RHODE ISLAND TAX EXEMPT INCOME FUND
007 C031200 N
007 C011300 13
007 C021300 INTERNATIONAL EQUITY FUND
007 C031300 N
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 SEI FINANCIAL MANAGEMENT CORPORATION
010 B00AA01 0000
010 C01AA01 WAYNE
010 C02AA01 PA
010 C03AA01 19087
010 C04AA01 1658
011 A00AA01 SEI FINANCIAL SERVICES CORPORATION
011 B00AA01 8-0000
011 C01AA01 WAYNE
011 C02AA01 PA
011 C03AA01 19087
011 C04AA01 1658
012 A00AA01 SEI FINANCIAL MANAGEMENT CORPORATION
012 B00AA01 84-0000
012 C01AA01 WAYNE
012 C02AA01 PA
012 C03AA01 19087
012 C04AA01 1658
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
015 A00AA01 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 13
019 C00AA00 1784 FUNDS
020 A000001 AUTRANET, INC.
020 B000001 13-2961507
<PAGE> PAGE 3
020 C000001 31
020 A000002 DONALDSON LUFKIN & JENRETTE
020 B000002 13-2741729
020 C000002 8
020 A000003 MCGRAW HILL SECURITIES
020 B000003 13-2671951
020 C000003 6
020 A000004 PAINE WEBBER
020 B000004 13-2638166
020 C000004 6
020 A000005 BOSTON INSTITUTIONAL SERVICES, INC.
020 B000005 04-2479358
020 C000005 5
020 A000006 LEHMAN BROTHERS
020 B000006 13-2518466
020 C000006 4
020 A000007 BEAR STEARNS
020 B000007 13-4946705
020 C000007 3
020 A000008 WARBURG, S.C.
020 B000008 13-2671492
020 C000008 3
020 A000009 WERTHEIM SCHROEDER CORP
020 B000009 13-2697272
020 C000009 3
020 A000010 GOLDMAN SACHS
020 B000010 13-5108880
020 C000010 3
021 000000 102
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001 18435926
022 D000001 275151
022 A000002 PAINE WEBBER
022 B000002 13-2638166
022 C000002 11325940
022 D000002 67366
022 A000003 PRUDENTIAL BACHE SECURITIES
022 B000003 22-2347336
022 C000003 10925532
022 D000003 2871
022 A000004 SANWA SECURITIES
022 B000004 13-3046258
022 C000004 9094587
022 D000004 30332
022 A000005 KIDDER PEABODY
022 B000005 23-0972337
022 C000005 2419170
022 D000005 64524
022 A000006 GREENWICH CAPITAL MARKETS
022 B000006 13-3172275
<PAGE> PAGE 4
022 C000006 1438614
022 D000006 0
022 A000007 FUJI BANK
022 B000007 36-2880742
022 C000007 982529
022 D000007 1831
022 A000008 HSBC SECURITIES
022 B000008 13-2650272
022 C000008 249969
022 D000008 36610
022 A000009 GOLDMAN SACHS
022 B000009 13-5108880
022 C000009 132700
022 D000009 57382
022 A000010 FIDELITY INVESTMENTS
022 C000010 94440
022 D000010 56629
023 C000000 57264189
023 D000000 1490480
026 A000000 Y
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
080 C00AA00 43000
081 A00AA00 Y
081 B00AA00 283
082 A00AA00 Y
082 B00AA00 50
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 80872
028 A020100 157
028 A030100 0
028 A040100 138463
028 B010100 137320
028 B020100 153
028 B030100 0
028 B040100 70246
028 C010100 95381
<PAGE> PAGE 5
028 C020100 203
028 C030100 0
028 C040100 50237
028 D010100 142015
028 D020100 245
028 D030100 0
028 D040100 109948
028 E010100 44116
028 E020100 293
028 E030100 0
028 E040100 109275
028 F010100 112557
028 F020100 274
028 F030100 0
028 F040100 69785
028 G010100 612261
028 G020100 1325
028 G030100 0
028 G040100 547954
028 H000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 11.6
062 E000100 85.8
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 4.9
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 39
063 B000100 0.0
066 A000100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 17750
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 1876
<PAGE> PAGE 6
072 G000100 537
072 H000100 0
072 I000100 77
072 J000100 41
072 K000100 0
072 L000100 51
072 M000100 19
072 N000100 130
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 47
072 S000100 30
072 T000100 0
072 U000100 11
072 V000100 0
072 W000100 40
072 X000100 2859
072 Y000100 512
072 Z000100 15403
072AA000100 0
072BB000100 1
072CC010100 0
072CC020100 0
072DD010100 15403
072DD020100 0
072EE000100 9
073 A010100 0.0324
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 62716
074 C000100 463071
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 26270
074 J000100 0
074 K000100 0
074 L000100 5253
074 M000100 183
074 N000100 557493
074 O000100 16000
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
<PAGE> PAGE 7
074 R040100 2081
074 S000100 0
074 T000100 539412
074 U010100 539418
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9991
074 X000100 847
074 Y000100 0
075 A000100 469042
075 B000100 0
076 000100 0.00
008 A000201 THE FIRST NATIONAL BANK OF BOSTON
008 B000201 A
008 C000201 801-0000
008 D010201 BOSTON
008 D020201 MA
008 D030201 02110
024 000200 Y
025 A000201 LEHMAN BROTHERS
025 B000201 13-2518466
025 C000201 D
025 D000201 960
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 11554
028 A020200 71
028 A030200 0
028 A040200 6088
028 B010200 9816
028 B020200 103
028 B030200 0
028 B040200 5181
028 C010200 12570
028 C020200 117
028 C030200 0
028 C040200 3901
028 D010200 18603
028 D020200 141
028 D030200 0
028 D040200 12180
028 E010200 9865
028 E020200 196
028 E030200 0
028 E040200 7358
<PAGE> PAGE 8
028 F010200 14149
028 F020200 209
028 F030200 0
028 F040200 8856
028 G010200 76557
028 G020200 837
028 G030200 0
028 G040200 43564
028 H000200 0
062 A000200 Y
062 B000200 27.5
062 C000200 25.9
062 D000200 43.6
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 3.5
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 46
063 B000200 0.0
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 1476
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 102
072 G000200 29
072 H000200 0
072 I000200 48
072 J000200 2
072 K000200 0
072 L000200 2
072 M000200 1
072 N000200 9
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 2
<PAGE> PAGE 9
072 S000200 1
072 T000200 0
072 U000200 12
072 V000200 0
072 W000200 29
072 X000200 237
072 Y000200 83
072 Z000200 1322
072AA000200 0
072BB000200 9
072CC010200 0
072CC020200 0
072DD010200 1322
072DD020200 0
072EE000200 0
073 A010200 0.0470
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 24000
074 C000200 29410
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 1915
074 J000200 0
074 K000200 0
074 L000200 16
074 M000200 48
074 N000200 55389
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 321
074 S000200 0
074 T000200 55068
074 U010200 55077
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 1.0002
074 X000200 1676
074 Y000200 0
075 A000200 25781
075 B000200 0
<PAGE> PAGE 10
076 000200 0.00
008 A000301 THE FIRST NATIONAL BANK OF BOSTON
008 B000301 A
008 C000301 801-0000
008 D010301 BOSTON
008 D020301 MA
008 D030301 02110
028 A010300 321986
028 A020300 563
028 A030300 0
028 A040300 323419
028 B010300 334278
028 B020300 548
028 B030300 0
028 B040300 302722
028 C010300 246273
028 C020300 567
028 C030300 0
028 C040300 265321
028 D010300 235737
028 D020300 564
028 D030300 0
028 D040300 222368
028 E010300 264274
028 E020300 535
028 E030300 0
028 E040300 234177
028 F010300 368507
028 F020300 550
028 F030300 0
028 F040300 301934
028 G010300 1771055
028 G020300 3327
028 G030300 0
028 G040300 1649941
028 H000300 0
062 A000300 Y
062 B000300 23.7
062 C000300 28.2
062 D000300 46.8
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 1.8
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
<PAGE> PAGE 11
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 49
063 B000300 0.0
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 13974
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 516
072 G000300 294
072 H000300 0
072 I000300 44
072 J000300 23
072 K000300 0
072 L000300 28
072 M000300 11
072 N000300 46
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 25
072 S000300 16
072 T000300 0
072 U000300 12
072 V000300 0
072 W000300 34
072 X000300 1049
072 Y000300 284
072 Z000300 13209
072AA000300 4
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 13209
072DD020300 0
072EE000300 0
073 A010300 0.0494
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 185000
074 C000300 205381
074 D000300 0
074 E000300 0
<PAGE> PAGE 12
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 7080
074 J000300 0
074 K000300 0
074 L000300 191
074 M000300 62
074 N000300 397714
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 2129
074 S000300 0
074 T000300 395585
074 U010300 395600
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 1.0002
074 X000300 0
074 Y000300 0
075 A000300 258023
075 B000300 0
076 000300 0.00
008 A000401 THE FIRST NATIONAL BANK OF BOSTON
008 B000401 A
008 C000401 801-0000
008 D010401 BOSTON
008 D020401 MA
008 D030401 02110
024 000400 Y
025 A000401 LEHMAN BROTHERS
025 B000401 13-2518466
025 C000401 D
025 D000401 106
025 A000402 DELETE
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 6493
028 A020400 107
028 A030400 0
028 A040400 3774
<PAGE> PAGE 13
028 B010400 6955
028 B020400 115
028 B030400 0
028 B040400 2193
028 C010400 2984
028 C020400 101
028 C030400 0
028 C040400 4136
028 D010400 4831
028 D020400 100
028 D030400 0
028 D040400 1964
028 E010400 4190
028 E020400 112
028 E030400 0
028 E040400 2602
028 F010400 6750
028 F020400 96
028 F030400 0
028 F040400 1779
028 G010400 32203
028 G020400 631
028 G030400 0
028 G040400 16448
028 H000400 0
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 5.8
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.2
062 M000400 30.9
062 N000400 60.7
062 O000400 0.0
062 P000400 0.0
062 Q000400 1.8
062 R000400 0.0
063 A000400 0
063 B000400 7.4
071 A000400 183347
071 B000400 145926
071 C000400 102665
071 D000400 142
072 A000400 12
072 B000400 7966
<PAGE> PAGE 14
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 837
072 G000400 130
072 H000400 0
072 I000400 58
072 J000400 13
072 K000400 0
072 L000400 16
072 M000400 4
072 N000400 20
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 14
072 S000400 7
072 T000400 294
072 U000400 12
072 V000400 0
072 W000400 35
072 X000400 1440
072 Y000400 535
072 Z000400 7061
072AA000400 0
072BB000400 4071
072CC010400 7084
072CC020400 0
072DD010400 7061
072DD020400 0
072EE000400 0
073 A010400 0.5757
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 7500
074 C000400 0
074 D000400 121595
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 212
074 J000400 64
074 K000400 0
074 L000400 1449
074 M000400 39
074 N000400 130859
074 O000400 0
074 P000400 0
<PAGE> PAGE 15
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 778
074 S000400 0
074 T000400 130081
074 U010400 13599
074 U020400 0
074 V010400 9.57
074 V020400 0.00
074 W000400 0.0000
074 X000400 969
074 Y000400 0
075 A000400 0
075 B000400 113123
076 000400 0.00
008 A000501 THE FIRST NATIONAL BANK OF BOSTON
008 B000501 A
008 C000501 801-0000
008 D010501 BOSTON
008 D020501 MA
008 D030501 02110
024 000500 Y
025 A000501 FIDELITY INVESTMENTS
025 C000501 D
025 D000501 1605
025 A000502 LEHMAN BROTHERS
025 B000502 13-2518466
025 C000502 D
025 D000502 1607
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 39605
028 A020500 0
028 A030500 0
028 A040500 4918
028 B010500 65866
028 B020500 33
028 B030500 0
028 B040500 2194
028 C010500 9945
028 C020500 30
028 C030500 0
028 C040500 1074
028 D010500 5326
028 D020500 29
<PAGE> PAGE 16
028 D030500 0
028 D040500 1815
028 E010500 6793
028 E020500 34
028 E030500 0
028 E040500 8672
028 F010500 3360
028 F020500 30
028 F030500 0
028 F040500 2028
028 G010500 130895
028 G020500 156
028 G030500 0
028 G040500 20701
028 H000500 0
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 4.5
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 1.8
062 M000500 0.0
062 N000500 0.0
062 O000500 95.4
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 7.8
071 A000500 184134
071 B000500 57936
071 C000500 77518
071 D000500 75
072 A000500 12
072 B000500 5839
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 742
072 G000500 113
072 H000500 0
072 I000500 53
072 J000500 10
072 K000500 0
072 L000500 9
<PAGE> PAGE 17
072 M000500 3
072 N000500 29
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 8
072 S000500 5
072 T000500 251
072 U000500 12
072 V000500 0
072 W000500 30
072 X000500 1265
072 Y000500 465
072 Z000500 5039
072AA000500 777
072BB000500 0
072CC010500 7776
072CC020500 0
072DD010500 5039
072DD020500 0
072EE000500 0
073 A010500 0.4828
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 8000
074 C000500 0
074 D000500 168155
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 3212
074 J000500 1120
074 K000500 0
074 L000500 3086
074 M000500 40
074 N000500 183613
074 O000500 6314
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 954
074 S000500 0
074 T000500 176345
074 U010500 17393
074 U020500 0
074 V010500 10.14
<PAGE> PAGE 18
074 V020500 0.00
074 W000500 0.0000
074 X000500 407
074 Y000500 0
075 A000500 0
075 B000500 100266
076 000500 0.00
008 A000601 THE FIRST NATIONAL BANK OF BOSTON
008 B000601 A
008 C000601 801-0000
008 D010601 BOSTON
008 D020601 MA
008 D030601 02110
024 000600 Y
025 A000601 FIDELITY INVESTMENTS
025 C000601 D
025 D000601 62
025 A000602 LEHMAN BROTHERS
025 B000602 13-2518966
025 C000602 D
025 D000602 62
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 11089
028 A020600 0
028 A030600 0
028 A040600 2394
028 B010600 10845
028 B020600 75
028 B030600 0
028 B040600 2239
028 C010600 7036
028 C020600 64
028 C030600 0
028 C040600 481
028 D010600 4592
028 D020600 64
028 D030600 0
028 D040600 525
028 E010600 3034
028 E020600 78
028 E030600 0
028 E040600 1327
028 F010600 2450
028 F020600 69
028 F030600 0
028 F040600 1524
<PAGE> PAGE 19
028 G010600 39046
028 G020600 350
028 G030600 0
028 G040600 8490
028 H000600 0
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 6.8
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.2
062 M000600 0.0
062 N000600 0.0
062 O000600 95.1
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 8.3
071 A000600 50507
071 B000600 18891
071 C000600 54617
071 D000600 35
072 A000600 12
072 B000600 3466
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 448
072 G000600 69
072 H000600 0
072 I000600 55
072 J000600 7
072 K000600 0
072 L000600 8
072 M000600 3
072 N000600 14
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 5
072 S000600 7
072 T000600 151
072 U000600 12
072 V000600 0
<PAGE> PAGE 20
072 W000600 35
072 X000600 814
072 Y000600 330
072 Z000600 2982
072AA000600 0
072BB000600 1525
072CC010600 3348
072CC020600 0
072DD010600 2982
072DD020600 0
072EE000600 0
073 A010600 0.4731
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 5600
074 C000600 0
074 D000600 78075
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 124
074 J000600 0
074 K000600 0
074 L000600 1526
074 M000600 40
074 N000600 85365
074 O000600 2861
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 446
074 S000600 0
074 T000600 82058
074 U010600 8289
074 U020600 0
074 V010600 9.90
074 V020600 0.00
074 W000600 0.0000
074 X000600 727
074 Y000600 0
075 A000600 0
075 B000600 60497
076 000600 0.00
008 A000701 THE FIRST NATIONAL BANK OF BOSTON
008 B000701 A
008 C000701 801-0000
<PAGE> PAGE 21
008 D010701 BOSTON
008 D020701 MA
008 D030701 02110
024 000700 Y
025 A000701 LEHMAN BROTHERS
025 B000701 13-2518466
025 C000701 D
025 D000701 195
025 A000702 DELETE
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 4034
028 A020700 1549
028 A030700 0
028 A040700 2130
028 B010700 4556
028 B020700 112
028 B030700 0
028 B040700 1502
028 C010700 6781
028 C020700 1
028 C030700 0
028 C040700 2091
028 D010700 9516
028 D020700 1
028 D030700 0
028 D040700 12646
028 E010700 7720
028 E020700 105
028 E030700 0
028 E040700 8589
028 F010700 7999
028 F020700 1
028 F030700 0
028 F040700 7646
028 G010700 40606
028 G020700 1769
028 G030700 0
028 G040700 34604
028 H000700 0
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
<PAGE> PAGE 22
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
066 A000700 Y
066 B000700 N
066 C000700 N
066 D000700 N
066 E000700 Y
066 F000700 N
066 G000700 N
067 000700 N
071 A000700 122661
071 B000700 40859
071 C000700 104935
071 D000700 39
072 A000700 12
072 B000700 742
072 C000700 3013
072 D000700 0
072 E000700 0
072 F000700 1393
072 G000700 215
072 H000700 0
072 I000700 58
072 J000700 18
072 K000700 0
072 L000700 19
072 M000700 7
072 N000700 41
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 17
072 S000700 11
072 T000700 491
072 U000700 12
072 V000700 0
072 W000700 35
072 X000700 2317
072 Y000700 549
072 Z000700 1987
072AA000700 0
<PAGE> PAGE 23
072BB000700 66
072CC010700 32385
072CC020700 0
072DD010700 1640
072DD020700 0
072EE000700 1553
073 A010700 0.0998
073 A020700 0.0000
073 B000700 0.0853
073 C000700 0.0000
074 A000700 0
074 B000700 9000
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 216070
074 G000700 0
074 H000700 0
074 I000700 390
074 J000700 5375
074 K000700 0
074 L000700 481
074 M000700 79
074 N000700 231395
074 O000700 1980
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 215
074 S000700 0
074 T000700 229200
074 U010700 18847
074 U020700 0
074 V010700 12.16
074 V020700 0.00
074 W000700 0.0000
074 X000700 3872
074 Y000700 0
075 A000700 0
075 B000700 188244
076 000700 0.00
008 A000801 THE FIRST NATIONAL BANK OF BOSTON
008 B000801 A
008 C000801 801-0000
008 D010801 BOSTON
008 D020801 MA
008 D030801 02110
024 000800 Y
025 A000801 LEHMAN BROTHERS
<PAGE> PAGE 24
025 B000801 13-2518466
025 C000801 D
025 D000801 231
025 D000802 0
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 141
028 A020800 6
028 A030800 0
028 A040800 291
028 B010800 255
028 B020800 44
028 B030800 0
028 B040800 151
028 C010800 109
028 C020800 0
028 C030800 0
028 C040800 187
028 D010800 404
028 D020800 0
028 D030800 0
028 D040800 95
028 E010800 267
028 E020800 45
028 E030800 0
028 E040800 172
028 F010800 311
028 F020800 0
028 F030800 0
028 F040800 235
028 G010800 1487
028 G020800 95
028 G030800 0
028 G040800 1131
028 H000800 0
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
<PAGE> PAGE 25
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 Y
066 D000800 N
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
071 A000800 3388
071 B000800 3626
071 C000800 5039
071 D000800 67
072 A000800 12
072 B000800 195
072 C000800 112
072 D000800 0
072 E000800 0
072 F000800 55
072 G000800 9
072 H000800 0
072 I000800 51
072 J000800 1
072 K000800 0
072 L000800 1
072 M000800 0
072 N000800 2
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 1
072 S000800 1
072 T000800 19
072 U000800 12
072 V000800 0
072 W000800 36
072 X000800 188
072 Y000800 95
072 Z000800 214
072AA000800 87
072BB000800 0
072CC010800 775
072CC020800 0
072DD010800 198
072DD020800 0
072EE000800 6
<PAGE> PAGE 26
073 A010800 0.2683
073 A020800 0.0000
073 B000800 0.0078
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 1034
074 D000800 1533
074 E000800 0
074 F000800 4774
074 G000800 0
074 H000800 0
074 I000800 1279
074 J000800 0
074 K000800 0
074 L000800 64
074 M000800 41
074 N000800 8725
074 O000800 34
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 69
074 S000800 0
074 T000800 8622
074 U010800 784
074 U020800 0
074 V010800 10.99
074 V020800 0.00
074 W000800 0.0000
074 X000800 661
074 Y000800 0
075 A000800 0
075 B000800 7442
076 000800 0.00
008 A000901 THE FIRST NATIONAL BANK OF BOSTON
008 B000901 A
008 C000901 801-0000
008 D010901 BOSTON
008 D020901 MA
008 D030901 02110
024 000900 Y
025 A000901 LEHMAN BROTHERS
025 B000901 13-2518466
025 C000901 D
025 D000901 41
025 A000902 DELETE
025 D000902 0
025 D000903 0
<PAGE> PAGE 27
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 6299
028 A020900 73
028 A030900 0
028 A040900 692
028 B010900 4193
028 B020900 88
028 B030900 0
028 B040900 883
028 C010900 2838
028 C020900 77
028 C030900 0
028 C040900 392
028 D010900 12017
028 D020900 83
028 D030900 0
028 D040900 3957
028 E010900 3008
028 E020900 102
028 E030900 0
028 E040900 1004
028 F010900 3627
028 F020900 95
028 F030900 0
028 F040900 1038
028 G010900 31982
028 G020900 518
028 G030900 0
028 G040900 7966
028 H000900 0
062 A000900 Y
062 B000900 0.1
062 C000900 0.0
062 D000900 2.9
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.2
062 M000900 12.3
062 N000900 15.6
062 O000900 8.7
062 P000900 40.7
062 Q000900 20.4
<PAGE> PAGE 28
062 R000900 0.0
063 A000900 0
063 B000900 2.2
064 A000900 N
064 B000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
071 A000900 64967
071 B000900 22341
071 C000900 26426
071 D000900 85
072 A000900 11
072 B000900 1948
072 C000900 0
072 D000900 0
072 E000900 0
072 F000900 144
072 G000900 32
072 H000900 0
072 I000900 48
072 J000900 4
072 K000900 0
072 L000900 4
072 M000900 1
072 N000900 19
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 4
072 S000900 2
072 T000900 72
072 U000900 2
072 V000900 0
072 W000900 33
072 X000900 365
072 Y000900 228
072 Z000900 1811
072AA000900 28
072BB000900 0
072CC010900 826
072CC020900 0
072DD010900 1811
072DD020900 0
072EE000900 0
073 A010900 0.5592
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
<PAGE> PAGE 29
074 A000900 0
074 B000900 1500
074 C000900 7025
074 D000900 44447
074 E000900 0
074 F000900 0
074 G000900 0
074 H000900 0
074 I000900 82
074 J000900 0
074 K000900 0
074 L000900 947
074 M000900 7
074 N000900 54008
074 O000900 1100
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 327
074 S000900 0
074 T000900 52581
074 U010900 5210
074 U020900 0
074 V010900 10.09
074 V020900 0.00
074 W000900 0.0000
074 X000900 742
074 Y000900 0
075 A000900 0
075 B000900 31379
076 000900 0.00
008 A001001 THE FIRST NATIONAL BANK OF BOSTON
008 B001001 A
008 C001001 801-0000
008 D011001 BOSTON
008 D021001 MA
008 D031001 02110
024 001000 Y
025 A001001 LEHMAN BROTHERS
025 B001001 13-2518466
025 C001001 D
025 D001001 63
025 D001002 0
025 D001003 0
025 D001004 0
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
<PAGE> PAGE 30
028 A011000 13093
028 A021000 56
028 A031000 0
028 A041000 1196
028 B011000 5078
028 B021000 62
028 B031000 0
028 B041000 719
028 C011000 2478
028 C021000 50
028 C031000 0
028 C041000 1259
028 D011000 7686
028 D021000 52
028 D031000 0
028 D041000 1741
028 E011000 3378
028 E021000 64
028 E031000 0
028 E041000 3419
028 F011000 3275
028 F021000 57
028 F031000 0
028 F041000 2534
028 G011000 34988
028 G021000 341
028 G031000 0
028 G041000 10868
028 H001000 0
062 A001000 Y
062 B001000 0.0
062 C001000 0.0
062 D001000 3.8
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.1
062 M001000 7.5
062 N001000 31.1
062 O001000 0.0
062 P001000 42.9
062 Q001000 13.7
062 R001000 0.0
063 A001000 0
063 B001000 10.8
064 A001000 N
064 B001000 N
<PAGE> PAGE 31
071 A001000 305893
071 B001000 127206
071 C001000 157965
071 D001000 81
072 A001000 11
072 B001000 11330
072 C001000 0
072 D001000 0
072 E001000 0
072 F001000 1109
072 G001000 170
072 H001000 0
072 I001000 53
072 J001000 15
072 K001000 0
072 L001000 16
072 M001000 6
072 N001000 60
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 14
072 S001000 10
072 T001000 361
072 U001000 2
072 V001000 0
072 W001000 33
072 X001000 1849
072 Y001000 1026
072 Z001000 10507
072AA001000 0
072BB001000 996
072CC011000 9287
072CC021000 0
072DD011000 10507
072DD021000 0
072EE001000 0
073 A011000 0.6243
073 A021000 0.0000
073 B001000 0.0000
073 C001000 0.0000
074 A001000 0
074 B001000 7500
074 C001000 0
074 D001000 187173
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 126
074 J001000 0
<PAGE> PAGE 32
074 K001000 0
074 L001000 2948
074 M001000 20
074 N001000 197767
074 O001000 0
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 1252
074 S001000 0
074 T001000 196515
074 U011000 18908
074 U021000 0
074 V011000 10.39
074 V021000 0.00
074 W001000 0.0000
074 X001000 263
074 Y001000 0
075 A001000 0
075 B001000 163825
076 001000 0.00
008 A001101 THE FIRST NATIONAL BANK OF BOSTON
008 B001101 A
008 C001101 801-0000
008 D011101 BOSTON
008 D021101 MA
008 D031101 02110
024 001100 Y
025 A001101 FIDELITY INVESTMENTS
025 C001101 D
025 D001101 368
025 A001102 LEHMAN BROTHERS
025 B001102 13-2518466
025 C001102 D
025 D001102 372
025 D001103 0
025 D001104 0
025 D001105 0
025 D001106 0
025 D001107 0
025 D001108 0
028 A011100 3504
028 A021100 7
028 A031100 0
028 A041100 898
028 B011100 3535
028 B021100 11
028 B031100 0
028 B041100 79
<PAGE> PAGE 33
028 C011100 3275
028 C021100 11
028 C031100 0
028 C041100 695
028 D011100 2357
028 D021100 12
028 D031100 0
028 D041100 435
028 E011100 3831
028 E021100 18
028 E031100 0
028 E041100 914
028 F011100 1882
028 F021100 17
028 F031100 0
028 F041100 1129
028 G011100 18384
028 G021100 76
028 G031100 0
028 G041100 4150
028 H001100 0
062 A001100 Y
062 B001100 0.0
062 C001100 0.0
062 D001100 3.3
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 1.2
062 M001100 0.0
062 N001100 0.0
062 O001100 94.7
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 8.8
064 A001100 Y
064 B001100 N
071 A001100 72205
071 B001100 15835
071 C001100 44535
071 D001100 36
072 A001100 10
072 B001100 2425
072 C001100 0
072 D001100 0
<PAGE> PAGE 34
072 E001100 0
072 F001100 301
072 G001100 46
072 H001100 0
072 I001100 45
072 J001100 6
072 K001100 0
072 L001100 7
072 M001100 2
072 N001100 22
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 6
072 S001100 3
072 T001100 102
072 U001100 2
072 V001100 0
072 W001100 29
072 X001100 571
072 Y001100 358
072 Z001100 2212
072AA001100 0
072BB001100 271
072CC011100 2155
072CC021100 0
072DD011100 23212
072DD021100 0
072EE001100 0
073 A011100 0.4493
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 0
074 B001100 2000
074 C001100 0
074 D001100 58129
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 740
074 J001100 0
074 K001100 0
074 L001100 824
074 M001100 7
074 N001100 61700
074 O001100 0
074 P001100 0
074 Q001100 0
074 R011100 0
<PAGE> PAGE 35
074 R021100 0
074 R031100 0
074 R041100 331
074 S001100 0
074 T001100 61369
074 U011100 5975
074 U021100 0
074 V011100 10.27
074 V021100 0.00
074 W001100 0.0000
074 X001100 288
074 Y001100 0
075 A001100 0
075 B001100 48931
076 001100 0.00
008 A001201 THE FIRST NATIONAL BANK OF BOSTON
008 B001201 A
008 C001201 801-0000
008 D011201 BOSTON
008 D021201 MA
008 D031201 02110
024 001200 Y
025 A001201 FIDELITY INVESTMENT
025 C001201 D
025 D001201 270
025 A001202 LEHMAN BROTHERS
025 B001202 13-2518466
025 C001202 D
025 D001202 271
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 2320
028 A021200 1
028 A031200 0
028 A041200 881
028 B011200 5716
028 B021200 1
028 B031200 0
028 B041200 295
028 C011200 773
028 C021200 1
028 C031200 0
028 C041200 120
028 D011200 610
028 D021200 2
028 D031200 0
028 D041200 528
<PAGE> PAGE 36
028 E011200 325
028 E021200 3
028 E031200 0
028 E041200 313
028 F011200 1011
028 F021200 3
028 F031200 0
028 F041200 672
028 G011200 10755
028 G021200 11
028 G031200 0
028 G041200 2809
028 H001200 0
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 1.7
062 M001200 0.0
062 N001200 0.0
062 O001200 94.3
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 0
063 B001200 8.7
064 A001200 N
064 B001200 N
071 A001200 40711
071 B001200 13653
071 C001200 23740
071 D001200 58
072 A001200 10
072 B001200 1351
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 164
072 G001200 25
072 H001200 0
072 I001200 45
072 J001200 3
072 K001200 0
072 L001200 4
<PAGE> PAGE 37
072 M001200 2
072 N001200 19
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 3
072 S001200 3
072 T001200 55
072 U001200 2
072 V001200 0
072 W001200 29
072 X001200 354
072 Y001200 235
072 Z001200 1232
072AA001200 0
072BB001200 188
072CC011200 0
072CC021200 970
072DD011200 1232
072DD021200 0
072EE001200 0
073 A011200 0.4545
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 1000
074 B001200 0
074 C001200 0
074 D001200 30660
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 541
074 J001200 0
074 K001200 0
074 L001200 481
074 M001200 5
074 N001200 32687
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 192
074 S001200 0
074 T001200 32495
074 U011200 3208
074 U021200 0
074 V011200 10.13
<PAGE> PAGE 38
074 V021200 0.00
074 W001200 0.0000
074 X001200 77
074 Y001200 0
075 A001200 0
075 B001200 26685
076 001200 0.00
008 A001301 THE FIRST NATIONAL BANK OF BOSTON
008 B001301 A
008 C001301 801-0000
008 D011301 BOSTON
008 D021301 MA
008 D031301 02110
008 A001302 KLEINWORT BENSON INVESTMENT MNGT AMERICAS INC
008 B001302 A
008 C001302 801-0000
008 D011302 NEW YORK
008 D021302 NY
008 D031302 10166
024 001300 Y
025 A001301 LEHMAN BROTHERS
025 B001301 13-2518466
025 C001301 D
025 D001301 18
028 A011300 0
028 A021300 0
028 A031300 0
028 A041300 0
028 B011300 50893
028 B021300 0
028 B031300 0
028 B041300 96
028 C011300 19884
028 C021300 0
028 C031300 0
028 C041300 111
028 D011300 39785
028 D021300 0
028 D031300 0
028 D041300 404
028 E011300 16895
028 E021300 0
028 E031300 0
028 E041300 362
028 F011300 13671
028 F021300 0
028 F031300 0
028 F041300 583
028 G011300 141128
028 G021300 0
028 G031300 0
<PAGE> PAGE 39
028 G041300 1556
028 H001300 0
029 001300 N
030 A001300 0
030 B001300 0.00
030 C001300 0.00
034 001300 N
035 001300 0
036 B001300 0
037 001300 N
038 001300 0
039 001300 N
040 001300 Y
041 001300 N
045 001300 Y
046 001300 Y
047 001300 Y
048 001300 1.000
048 A011300 0
048 A021300 0.000
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 Y
053 B001300 Y
053 C001300 N
054 A001300 N
054 B001300 N
054 C001300 Y
054 D001300 Y
<PAGE> PAGE 40
054 E001300 Y
054 F001300 Y
054 G001300 N
054 H001300 N
054 I001300 Y
054 J001300 N
054 K001300 Y
054 L001300 Y
054 M001300 Y
054 N001300 Y
054 O001300 N
055 A001300 N
055 B001300 N
056 001300 N
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 1000
062 A001300 N
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 0.0
062 N001300 0.0
062 O001300 0.0
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
066 A001300 Y
066 B001300 N
066 C001300 Y
066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 Y
069 001300 N
070 A011300 Y
070 A021300 Y
<PAGE> PAGE 41
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 Y
070 G021300 Y
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 N
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 Y
070 M011300 Y
070 M021300 Y
070 N011300 Y
070 N021300 N
070 O011300 N
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 157
071 B001300 9
071 C001300 112
071 D001300 11
072 A001300 5
072 B001300 332
072 C001300 939
072 D001300 0
072 E001300 0
072 F001300 398
072 G001300 44
072 H001300 0
072 I001300 29
072 J001300 9
072 K001300 0
072 L001300 11
072 M001300 3
<PAGE> PAGE 42
072 N001300 42
072 O001300 96
072 P001300 0
072 Q001300 0
072 R001300 9
072 S001300 5
072 T001300 100
072 U001300 1
072 V001300 0
072 W001300 26
072 X001300 773
072 Y001300 321
072 Z001300 819
072AA001300 164
072BB001300 0
072CC011300 7884
072CC021300 0
072DD011300 0
072DD021300 0
072EE001300 0
073 A011300 0.0000
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 1124
074 B001300 11000
074 C001300 0
074 D001300 468
074 E001300 3119
074 F001300 139188
074 G001300 0
074 H001300 0
074 I001300 34
074 J001300 21596
074 K001300 0
074 L001300 655
074 M001300 33
074 N001300 177217
074 O001300 6607
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 22171
074 S001300 0
074 T001300 148439
074 U011300 14265
074 U021300 0
074 V011300 10.41
074 V021300 0.00
<PAGE> PAGE 43
074 W001300 0.0000
074 X001300 148
074 Y001300 0
075 A001300 0
075 B001300 96132
076 001300 0.00
SIGNATURE STEVEN G MEYER
TITLE V.P.& CONTROLLER
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of 1784 Funds:
In planning and performing our audit of the financial statements and
financial highlights of the 1784 Funds, (comprised of 1784 Tax-Free
Money Market Fund, 1784 U.S. Treasury Money-Market Fund, 1784
U.S. Government Medium-Term Income Fund, 1784 Massachusetts
Tax-Exempt Income Fund, 1784 Short-Term Income Fund, 1784
Income Fund, 1784 Tax-Exempt Medium-Term Income Fund,
1784 Rhode Island Tax-Exempt Income Fund, 1784 Connecticut
Tax-Exempt Income Fund, 1784 Growth and Income Fund, 1784
International Equity Fund,1784 Asset Allocation Fund, and 1784
Institutional U.S. Treasury Money Market Fund - referred to collectively
herein as the "Fund") for the year ended May 31, 1995, 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
financial highlights and to comply with the requirements of Form N-SAR
not to provide assurance on the internal control structure.
The management of the Fund 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 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 and financial highlights 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 May 31, 1995.
This report is intended solely for the information and use of management
of the Fund and the Securities and Exchange Commission.
/s/ Coopers & Lybrand LLP
Coopers & Lybrand LLP
Boston, Massachusetts
July 19, 1995
