As filed with the Securities and Exchange Commission on December 31, 1997
File Nos. 33-58004
811-7474
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SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
--------------------------
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 20 / /
and
REGISTRATION STATEMENT UNDER THE /x/
INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 22 / /
/x/
BOSTON 1784 FUNDS*
(Exact Name of Registrant as Specified in Charter)
2 Oliver Street
Boston, Massachusetts 02109
(Address of Principal Executive Offices, Zip Code)
Registrant's Telephone Number, Including Area Code: (800) 342-5734
ROBERT A. NESHER
C/O SEI INVESTMENTS COMPANY
1 FREEDOM VALLEY DRIVE
OAKS, PENNSYLVANIA 19456
(Name and Address of Agent for Service)
Copies to:
JOHN M. BAKER, SENIOR COUNSEL ROGER P. JOSEPH, ESQ.
BANKBOSTON, N.A. BINGHAM DANA LLP
100 FEDERAL STREET, 01-19-02 150 FEDERAL STREET
BOSTON, MA 02110 BOSTON, MA 02110
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It is proposed that this filing will become effective on December 31, 1997
pursuant to paragraph (b) of Rule 485.
Pursuant to Rule 24f-2, Registrant has registered an indefinite number of its
Shares of Beneficial Interest (without par value) under the Securities Act of
1933 and filed a Rule 24f-2 Notice for Registrant's fiscal year ended May 31,
1997 on or before July 31, 1997.
* Relating to shares of Boston 1784 Florida Tax-Exempt Income Fund.
<PAGE>
<TABLE>
<CAPTION>
BOSTON 1784 FUNDS
CROSS REFERENCE SHEET
N-1A ITEM NO. LOCATION
- ------------- --------
- -------------------------------------------------------------------------------------------------------------
PART A
<S> <C> <C>
Item 1. Cover Page Cover Page
Item 2. Synopsis Not applicable
Item 3. Condensed Financial Information Financial Highlights
Item 4. General Description of Registrant Investment Information; General
Information; Appendix A
Item 5. Management of the Fund Management; General Information
Item 5A. Management's Discussion of Fund Performance Management, General Information
Item 6. Capital Stock and Other Securities General Information; Shareholder Services;
Dividends and Distributions; Taxes
Item 7. Purchases of Securities Being Offered Shareholder Services
Item 8. Redemption or Repurchase Shareholder Services
Item 9. Pending Legal Proceedings Not applicable
PART B
Item 10. Cover Page Cover Page
Item 11. Table of Contents Table of Contents
Item 12. General Information and History The Trust
Item 13. Investment Objectives and Policies Investment Objectives and Policies;
Permitted Investments and Investment
Practices; Investment Restrictions
Item 14. Management of the Fund Management (Prospectus); Management
Item 15. Control Persons and Principal Management (Prospectus)
Holders of Securities
Item 16. Investment Advisory and Other Management; Management (Prospectus);
Services General Information (Prospectus)
Item 17. Brokerage Allocation and Other Fund Transactions; Trading Practices and
Practices Brokerage
Item 18. Capital Stock and Other Securities Description of Shares; Trustee and
Shareholder Liability
Item 19. Purchase, Redemption, and Shareholder Services (Prospectus);
Pricing of Securities Being Purchase and Redemption of Shares
Offered
Item 20. Tax Status Taxes (Prospectus); Taxes
Item 21. Underwriters Management
Item 22. Calculation of Performance Data Performance Information
Item 23. Financial Statements Financial Information
</TABLE>
<PAGE>
PART C
Information required to be included in Part C is set forth
under the appropriate item, so numbered in Part C of this
Registration Statement.
<PAGE>
BOSTON 1784 FUNDS
EXPLANATORY NOTE
This Post-Effective Amendment (the "Amendment") to the Registrant's
Registration Statement on Form N-1A (the "Registration Statement") is being
filed with respect to Boston 1784 Florida Tax-Exempt Income Fund (the "Fund"), a
series of the Registrant, pursuant to the Registrant's undertaking to file a
post-effective amendment, using financials which need not be certified, within
four to six months following the date the Fund shares were sold to the public or
operations otherwise began. The Amendment is being filed to include (i) a
supplement to the Registrant's Prospectus for the Fund containing unaudited
financial statements for the Fund, and (ii) a supplement to the Registrant's
Statement of Additional Information for the Fund containing unaudited financial
statements for the Fund. As a result, the Amendment does not otherwise affect
the Registrant's currently effective Prospectus and Statement of Additional
Information for the Fund, both of which are hereby incorporated herein by
reference as most recently filed pursuant to Rule 497 under the Securities Act
of 1933, as amended. No Prospectus or Statement of Additional Information for
any other series of the Registrant is affected by this Amendment.
<PAGE>
BOSTON 1784 FUNDS
Boston 1784 Florida Tax-Exempt Income Fund
Supplement to Prospectus
dated October 1st, 1997
<TABLE>
<CAPTION>
Condensed Financial Information
The following is added to the end of the section entitled "Financial
Highlights--Tax-Exempt Funds" on page 7 of the Prospectus:
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND NET NET
ASSET UNREALIZED DISTRIBUTIONS DISTRIBUTIONS ASSET ASSETS RATIO
VALUE NET GAINS OR FROM NET FROM VALUE END OF EXPENSES
BEGINNING INVESTMENT (LOSSES) ON INVESTMENT CAPITAL END TOTAL OF PERIOD TO AVERAGE
OF PERIOD INCOME INVESTMENTS INCOME GAINS OF PERIOD RETURN* (000) NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------
BOSTON 1784 FLORIDA TAX-EXEMPT INCOME FUND
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FOR THE PERIOD ENDED
NOVEMBER 30, 1997(5) $10.00 0.20 0.20 (0.20) (0.02) $10.18 4.02%* $47,815 0.80%
- ------------------------------------------------------------------------------------------------------------------------------------
RATIO RATIO OF
RATIO OF EXPENSES NET INCOME
OF NET TO AVERAGE TO AVERAGE
INCOME NET ASSETS NET ASSETS PORTFOLIO
TO AVERAGE (EXCLUDING (EXCLUDING TURNOVER
NET ASSETS WAIVERS) WAIVERS) RATE
- --------------------------------------------------------------------------------
BOSTON 1784 FLORIDA TAX-EXEMPT INCOME FUND
<S> <C> <C> <C> <C>
FOR THE PERIOD ENDED
NOVEMBER 30, 1997(5) 4.64% 1.19% 4.25% 2.90%
- --------------------------------------------------------------------------------
<FN>
* TOTAL RETURN IS FOR THE PERIOD INDICATED AND HAS NOT BEEN ANNUALIZED.
(5) BOSTON 1784 FLORIDA TAX-EXEMPT INCOME FUND COMMENCED OPERATIONS ON
JUNE 30, 1997. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
</FN>
</TABLE>
The date of this Supplement is December 31, 1997
<PAGE>
BOSTON 1784 FUNDS
Boston 1784 Florida Tax-Exempt Income Fund
Supplement to Statement
of Additional Information
dated October 1st, 1997, as supplemented
November 5, 1997 and December 2, 1997
Financial Information
The section entitled "For the Institutional Prime Money Market Fund, Florida
Tax-Exempt Income Fund, Small Cap Equity Fund and Large Cap Equity Fund" on page
49 of the Statement of Additional Information is hereby deleted in its entirety
and replaced with the following text:
FOR THE INSTITUTIONAL PRIME MONEY MARKET FUND, SMALL CAP EQUITY FUND AND LARGE
CAP EQUITY FUND
Boston 1784 Institutional Prime Money Market Fund, Boston 1784 Small Cap
Equity Fund and Boston 1784 Large Cap Equity Fund are newly organized and have
not yet issued financial statements.
FOR THE FLORIDA TAX-EXEMPT INCOME FUND
See Financial Statements attached.
The date of this Supplement is December 31, 1997
<PAGE>
Boston 1784
Florida
Tax-Exempt
Income Fund
(unaudited)
<PAGE>
AS OF NOVEMBER 30, 1997
STATEMENT OF NET ASSETS (UNAUDITED)
BOSTON 1784 FLORIDA TAX-EXEMPT INCOME FUND
- ------------------------------------------------------
DESCRIPTION PAR (000) VALUE (000)
- ------------------------------------------------------
MUNICIPAL BONDS -- 93.2%
FLORIDA -- 93.2%
Brevard County, Health Facility
Authority RB, Holmes Regional
Medical Center, MBIA
5.625%, 10/01/14 $1,000 $1,031
Brevard County, Housing &
Finance Authority RB,
Series B, FSA
7.000%, 03/01/13 365 389
Broward County, Solid Waste
RB, MBIA
5.875%, 07/01/08 1,500 1,612
Cape Coral, Water
Improvement RB, FSA
6.375%, 06/01/09 1,500 1,635
Dade County, Aviation RB,
Series A, AMT, MBIA
5.750%, 10/01/15 1,000 1,042
Dade County, Housing Finance
Authority RB, Series D, FSA
6.950%, 12/15/12 770 826
Dade County, School District RB,
Pre-refunded @ 100, FGIC (A)
6.125%, 08/01/01 1,000 1,066
Dade County, Water & Sewer
System RB, FGIC
5.500%, 10/01/18 3,000 3,052
Escambia County, Housing
Finance Authority RB,
Series A, AMT, FHA
7.300%, 10/01/17 640 673
Florida State Board of Education
Capital Outlay GO, Series A
5.750%, 01/01/13 1,000 1,041
5.500%, 06/01/15 2,500 2,562
Florida State Board of Education
Capital Outlay GO,
Series B, MBIA
5.750%, 06/01/11 1,250 1,314
Florida State Finance Department
RB, MBIA
5.500%, 07/01/12 1,000 1,047
Florida State Finance Department
RB, Series A, AMBAC
5.700%, 07/01/09 2,000 2,115
- ------------------------------------------------------
DESCRIPTION PAR (000) VALUE (000)
- ------------------------------------------------------
Florida State Finance Department
RB, Series A, MBIA
6.250%, 07/01/13 $2,500 $2,681
Florida State Pollution
Control RB, Series Y,
Pre-refunded @ 101 (A)
6.400%, 07/01/02 1,000 1,093
Florida State Turnpike
Authority RB, FGIC
5.250%, 07/01/11 2,000 2,038
Fort Lauderdale GO
5.500%, 07/01/15 1,000 1,024
Gainesville, Utilities System
RB, Series B
5.500%, 10/01/13 2,000 2,048
Hillsborough County, Allegany
Health Systems RB, MBIA
6.375%, 12/01/12 1,300 1,411
Indian Trace Community, Water
Management RB, MBIA
5.500%, 05/01/07 1,000 1,071
Jacksonville, Health Facility
Authority RB,
Pre-refunded @ 102,
MBIA (A)
6.500%, 05/01/02 1,345 1,488
Naples, Community Hospital
Project RB, MBIA
5.500%, 10/01/16 1,000 1,016
North Port, Utility System
RB, FGIC
6.150%, 10/01/09 1,000 1,083
Orlando, Water & Electric
Utilities Commission RB
5.250%, 10/01/14 1,000 993
Palm Beach County, Solid Waste
Authority RB, MBIA
6.250%, 12/01/08 500 548
Polk County, Utility Systems
RB, FGIC
5.250%, 10/01/17 1,500 1,504
Port St. Lucie, Special Assessment,
District 1, MBIA
5.850%, 10/01/11 3,070 3,281
<PAGE>
- ------------------------------------------------------
DESCRIPTION PAR (000) VALUE (000)
- ------------------------------------------------------
FLORIDA (CONTINUED)
Reedy Creek, Improvements
GO, Series A, MBIA
5.750%, 06/01/14 $2,500 $ 2,619
Volusia County, Hospital Facilities
RB, Memorial Health Systems
Project, AMBAC
5.500%, 11/15/16 1,250 1,280
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44,583
-------
TOTAL MUNICIPAL BONDS
(Cost $42,821) 44,583
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REPURCHASE AGREEMENT -- 5.5%
Paine Webber
5.690%, dated 11/28/97,
matures 12/01/97, repurchase
price $2,631,018 (collateralized
by U.S. Treasury Instruments:
total market value $2,682,158) 2,630 2,630
-------
TOTAL REPURCHASE AGREEMENT
(Cost $2,630) 2,630
-------
TOTAL INVESTMENTS -- 98.7%
(Cost $45,451) 47,213
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OTHER ASSETS AND LIABILITIES,
NET-- 1.3% 602
-------
- ------------------------------------------------------
DESCRIPTION VALUE (000)
- ------------------------------------------------------
NET ASSETS:
Capital Shares (unlimited authorization --
no par value) based on 4,696,465
outstanding shares of beneficial interest $46,052
Accumulated Net Realized Gain
on Investments 1
Net Unrealized Appreciation
on Investments 1,762
-------
TOTAL NET ASSETS-- 100.0% $47,815
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $10.18
=======
(A) PRE-REFUNDED SECURITY. THE PRE-REFUNDED DATE IS SHOWN AS THE MATURITY DATE
ON THE STATEMENT OF NET ASSETS.
AMT--ALTERNATIVE MINIMUM TAX
GO--GENERAL OBLIGATION
RB--REVENUE BOND
THE FOLLOWING ORGANIZATIONS HAVE PROVIDED UNDERLYING CREDIT
SUPPORT FOR THE SECURITIES AS DEFINED IN THE STATEMENT OF NET ASSETS.
AMBAC--AMERICAN MUNICIPAL BOND ASSURANCE CORPORATION
FGIC--FINANCIAL GUARANTY INSURANCE CORPORATION
FHA--FEDERAL HOUSING ADMINISTRATION
FSA--FINANCIAL SECURITY ASSURANCE
MBIA--MUNICIPAL BOND INSURANCE ASSOCIATION
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF OPERATIONS (000) (UNAUDITED)
- --------------------------------------------------------------------------------
FOR THE PERIOD ENDED NOVEMBER 30, 1997
BOSTON
1784
FLORIDA
TAX-EXEMPT
INCOME
FUND
==========
INCOME:
INTEREST INCOME $ 1,054
-------
TOTAL INCOME 1,054
-------
EXPENSES:
INVESTMENT ADVISORY FEES 142
LESS: WAIVER OF INVESTMENT
ADVISORY FEES (27)
ADMINISTRATOR FEES 14
12B-1 FEES 48
LESS: WAIVER OF 12B-1 FEES (48)
TRANSFER AGENT FEES & EXPENSES 7
REGISTRATION FEES 7
PRINTING 1
AMORTIZATION OF DEFERRED
ORGANIZATIONAL COSTS 1
PROFESSIONAL FEES 1
CUSTODIAN FEES 6
OTHER EXPENSES 1
-------
TOTAL EXPENSES, NET OF WAIVERS 153
-------
NET INVESTMENT INCOME 901
-------
NET REALIZED GAIN ON INVESTMENTS 87
NET CHANGE IN UNREALIZED
APPRECIATION ON INVESTMENTS 767
-------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND
FOREIGN CURRENCY 854
-------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 1,755
=======
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) (UNAUDITED)
- ----------------------------------------------------
BOSTON
1784
FLORIDA
TAX-EXEMPT
INCOME
FUND
==========
6/30/97 (1)
TO
11/30/97
----------
INVESTMENT ACTIVITIES:
NET INVESTMENT INCOME $ 901
NET REALIZED GAIN ON INVESTMENTS 87
NET UNREALIZED APPRECIATION
ON INVESTMENTS 767
-------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 1,755
-------
DISTRIBUTIONS TO
SHAREHOLDERS:
NET INVESTMENT INCOME (901)
REALIZED CAPITAL GAINS (86)
--------
TOTAL DISTRIBUTIONS (987)
--------
SHARE TRANSACTIONS:
VALUE FROM SHARES ISSUED IN
CONNECTION WITH ACQUISITION
OF COMMON TRUST FUND ASSETS 41,223
PROCEEDS FROM SHARES ISSUED 7,231
REINVESTMENT OF CASH DISTRIBUTIONS 86
COST OF SHARES REDEEMED (1,493)
--------
INCREASE IN NET ASSETS FROM
SHARE TRANSACTIONS 47,047
--------
TOTAL INCREASE IN NET ASSETS 47,815
NET ASSETS:
BEGINNING OF PERIOD --
--------
NET ASSETS:
END OF PERIOD $47,815
=======
CAPITAL SHARE TRANSACTIONS:
SHARES ISSUED IN CONNECTION
WITH ACQUISITION OF
COMMON TRUST FUND ASSETS 4,122
SHARES ISSUED 713
SHARES ISSUED IN LIEU OF
CASH DISTRIBUTIONS 8
SHARES REDEEMED (147)
-------
NET INCREASE IN CAPITAL SHARES 4,696
=======
UNDISTRIBUTED/OVERDISTRIBUTION
NET INVESTMENT INCOME --
=======
(1) THE BOSTON 1784 FLORIDA TAX-EXEMPT INCOME FUND COMMENCED
OPERATIONS ON JUNE 30, 1997.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
Boston 1784 Florida Tax-Exempt Income, is a portfolio offered by Boston 1784
Funds (the "Trust"), an open-end investment company registered under the
Investment Company Act of 1940, as amended. The Trust is offering shares in 17
separate portfolios (the "Funds") as of November 30, 1997:
On June 30, 1997, BankBoston's Florida Tax-Exempt Bond Common Trust Fund
was converted into Boston 1784 Florida Tax-Exempt Income Fund. The assets which
consisted of securities and related receivables, were converted on a tax-free
basis. The net assets, unrealized appreciation of the Common Trust Fund
immediately before the conversion, and the number of shares issued were
$41,223,322, $994,489 and 4,122,332 respectively.
MONEY MARKET FUNDS:
BOSTON 1784 TAX-FREE MONEY MARKET FUND
BOSTON 1784 U.S. TREASURY MONEY MARKET FUND
BOSTON 1784 INSTITUTIONAL U.S. TREASURY
MONEY MARKET FUND
BOSTON 1784 INSTITUTIONAL PRIME MONEY MARKET FUND
BOSTON 1784 PRIME MONEY MARKET FUND
BOND FUNDS:
BOSTON 1784 SHORT-TERM INCOME FUND
BOSTON 1784 INCOME FUND
BOSTON 1784 U.S. GOVERNMENT MEDIUM-TERM
INCOME FUND
TAX-EXEMPT INCOME FUNDS:
BOSTON 1784 TAX-EXEMPT MEDIUM-TERM INCOME FUND
BOSTON 1784 CONNECTICUT TAX-EXEMPT INCOME FUND
BOSTON 1784 FLORIDA TAX-EXEMPT INCOME FUND
BOSTON 1784 MASSACHUSETTS TAX-EXEMPT INCOME FUND
BOSTON 1784 RHODE ISLAND TAX-EXEMPT INCOME FUND
STOCK FUNDS:
BOSTON 1784 ASSET ALLOCATION FUND
BOSTON 1784 GROWTH AND INCOME FUND
BOSTON 1784 GROWTH FUND
BOSTON 1784 INTERNATIONAL EQUITY FUND
The Funds' prospectuses provide a description of each Fund's investment
objectives, policies and strategies. The financial statements of Boston 1784
Florida Tax-Exempt Income Fund are included herein. The assets of each Fund are
segregated, and a shareholder's interest is limited to the Fund in which shares
are held. The financial statements have been prepared in accordance with
generally accepted accounting principles which require the use of management's
estimates. Actual results could differ from these estimates.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Funds.
SECURITY VALUATION --
Investment securities of the Fund are valued on the basis of valuations
furnished by a pricing service, use of which has been approved by the Board of
Trustees of the Trust. Valuations supplied by the pricing service are subject to
review by the Adviser and, if adjusted pursuant to Adviser review, by the Board
of Trustees. Securities for which market quotations are not readily available,
whether or not listed, will be valued at their fair value as determined in good
faith by the Board of Trustees of the Trust, or pursuant to procedures adopted
by the Board subject to review by the Board of the resulting valuations.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS AND INVESTMENT INCOME --
Security transactions are accounted for on the trade date of the security
purchase or sale. Costs used in determining net realized capital gains and
losses on the sale of securities are those of the specific securities sold,
adjusted for the accretion and amortization of the purchase discounts and
premiums during the respective holding period. Interest income is recorded on
the accrual basis.
REPURCHASE AGREEMENTS --
The Fund invests in Tri-Party Repurchase Agreements. Securities pledged as
collateral for Tri-Party Repurchase Agreements are maintained in a segregated
account by the broker's custodian bank until maturity of the Repurchase
Agreements. Provisions of the Agreements and procedures adopted by the Adviser
ensure that the market value of the collateral, including accrued interest
thereon, is sufficient in the event of default by the counterparty. If the
counterparty defaults and the value of the collateral declines or if the
counterparty enters into insolvency proceedings, realization on the collateral
by the Fund may be delayed or limited.
EXPENSES --
Expenses that are directly related to one of the Funds are charged directly to
that Fund. Other operating expenses of the Trust are prorated to the Funds on
the basis of relative net assets.
DISTRIBUTIONS TO SHAREHOLDERS --
Distributions from net investment income are declared on a daily basis and are
payable on the first business day of the following month. Any net realized
capital gains on sales of securities for the Fund are distributed to its
shareholders at least annually.
FEDERAL INCOME TAXES --
The Fund's policy is to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of its
taxable income to its shareholders. Accordingly, no provision for Federal income
taxes is required in the financial statements.
ORGANIZATION COSTS --
Organization costs have been deferred by the Fund and are being amortized on a
straight line basis over a period of sixty months commencing with operations. In
the event any of the initial shares of the Fund are redeemed by any holder
thereof during the period that the Fund is amortizing its organizational costs,
the redemption proceeds payable to the holders thereof by the Fund will be
reduced by the unamortized organizational costs in the same ratio as the number
of shares redeemed bears to the initial shares outstanding at the time of
redemption.
3. INVESTMENT ADVISORY AND CUSTODIAL SERVICES
Pursuant to an investment advisory agreement dated June 1, 1993, investment
advisory services are provided to the Fund by Bank-Boston, N.A. (the "Adviser").
The Adviser is entitled to receive an annual fee of 0.74% of the average daily
net assets of the Fund. BankBoston has voluntarily agreed to waive a portion of
its fee as necessary to assist the Fund in maintaining a competitive expense
ratio.
The Fund and BankBoston, N.A. (the "Custodian") are parties to a custodial
agreement dated June 1, 1993 under which the
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
Custodian holds cash, securities and other assets of the Fund as required by the
Investment Company Act of 1940, as amended. The Custodian is entitled to receive
an annual fee, to be paid monthly, of 0.01% for the first $100 million in
average daily net assets, 0.0075% for the next $100 million in average daily net
assets and 0.0050% for the average daily net assets over $200 million. In its
capacity as custodian to the Fund, the Custodian plays no role in determining
the investment policies of the Fund or which securities are to be purchased or
sold by the Fund.
4. ADMINISTRATIVE AND DISTRIBUTION SERVICES
Pursuant to an administration agreement dated December 1, 1996, SEI Fund
Resources acts as the Trust's Administrator, and is entitled to receive an
annual fee of 0.085% of the Trust's first $5 billion of average daily net assets
and 0.045% of the Trust's average daily net assets over $5 billion. Such fee is
computed daily and paid monthly.
SEI Investments Distribution Co. ("SEI Investments"), a wholly owned
subsidiary of SEI Investments Company, became the Fund's Distributor pursuant to
a distribution agreement dated June 1, 1993 as amended and restated October 27,
1995. The Trust has adopted a distribution plan with respect to the Fund
pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended
(collectively, the "Plan"). The Distribution Agreement and the Plan provide that
the Trust will pay the Distributor a fee, calculated daily and paid monthly, at
an annual rate of 0.25% of the average daily net assets of the Fund. The
Distributor agreed to waive all of its 12b-1 distribution fee for the period
ended November 30, 1997.
Certain officers of the Fund are also officers of the Administrator. Such
officers are paid no fees by the Fund.
The Fund has paid legal fees to a law firm with which the Secretary of the
Trust is associated.
5. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale of securities,
other than temporary cash investments, for the period ended November 30, 1997,
was $6,466 and $1,240 respectively (000).
At November 30, 1997 the total cost of securities and the net realized
gains or losses on securities sold for Federal income tax purposes was not
materially different from amounts reported for financial purposes.
At November 30, 1997, the net unrealized appreciation on investment
securities held by the Fund aggregated to $1,762 of which $1,764 related to
appreciated securities and $2 related to depreciated securities (000).
6. CONCENTRATION OF CREDIT RISK
The Fund invests in debt instruments of municipal issuers. The issuers' ability
to meet their obligations may be affected by economic developments in a specific
state or region. The Fund invests primarily in obligations located in Florida.
<PAGE>
PART C: OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(A) FINANCIAL STATEMENTS INCLUDED IN PART A:
Condensed Financial Information-Financial Highlights
(for the period from the commencement of operations
(June 30, 1997) to November 30, 1997) (unaudited)
FINANCIAL STATEMENTS INCLUDED IN PART B:
Statement of Net Assets, November 30, 1997
Statement of Operations, November 30, 1997
Statement of Changes in Net Assets, November 30, 1997
Notes to Financial Statements, November 30, 1997
-------------
(B) EXHIBITS
*(1)(a) Declaration of Trust of the Registrant
***********(1)(b) Certificate of Amendment to Agreement and
Declaration of Trust
**(2) By-Laws of the Registrant
***,(5)(a) Investment Advisory Agreement between the
****** Registrant and BankBoston, N.A.
******** (5)(b) Form of Investment Advisory Agreement between the
Registrant and BankBoston, N.A. with Schedule
reflecting advisory fees to be paid by the
Registrant on behalf of Boston 1784 Prime Money
Market Fund
*****(5)(c) Investment Advisory Agreement between the
Registrant and BankBoston, N.A. with respect to
Boston 1784 International Equity Fund
*****(5)(d) Investment Advisory Agreement between the
Registrant and Kleinwort Benson Investment
Management Americas Inc. with respect to Boston
1784 International Equity Fund
*********(5)(e) Form of Investment Advisory Agreement between the
Registrant and BankBoston, N.A. with Schedule
reflecting advisory fees to be paid by the
Registrant on behalf of Boston 1784 Small Cap
Equity Fund
**********(5)(f) Form of Investment Advisory Agreement between the
Registrant and BankBoston, N.A. with Schedule
reflecting advisory fees to be
<PAGE>
paid by the Registrant on behalf of Boston 1784
Large Cap Equity Fund
******(6) Amended and Restated Distribution Agreement
between the Registrant and SEI Financial Services
Company
***(8) Custodian Agreement
***(9)(a) Administration Agreement between the Registrant
and SEI Financial Management Corporation
*******(9)(b) Transfer Agency and Service Agreement between the
Registrant and State Street Bank and Trust Company
***(9)(c) Fund Accounting Agreement between the Registrant
and BankBoston, N.A.
(11)(a) Consent of Coopers & Lybrand L.L.P.
(11)(b) Consent of Ernst & Young LLP
******(15)(a) Amended and Restated Distribution Plan of the
Registrant
******(15)(b) Distribution Plan (Class C Shares of Boston 1784
U.S. Treasury Money Market Fund) of the Registrant
******(15)(c) Distribution Plan (Class D Shares of Boston 1784
U.S. Treasury Money Market Fund) of the Registrant
(17) Financial Data Schedule
********19(a) Code of Ethics of the Registrant
********19(b) Code of Ethics of BankBoston, N.A.
********19(c) Code of Ethics of the Administrator and
Distributor
****(25)(a) Powers of Attorney of Trustees of Registrant
***********(25)(b) Powers of Attorney of Trustees of Registrant
- ---------------------------------
* Incorporated by reference to Registrant's Statement on
Form N1-A filed with the SEC on February 8, 1993.
** Incorporated by reference to Registrant's Pre-Effective
Amendment No. 2 filed with the SEC on May 18, 1993.
*** Incorporated by reference to Registrant's Post-Effective
Amendment No. 2 filed with the SEC on January 31, 1994.
**** Incorporated by reference to Registrant's Pre-Effective
Amendment No. 2 filed with the SEC on May 18, 1993 (on
signature page).
***** Incorporated by reference to Registrant's Post-Effective
Amendment No. 5 filed with the SEC on September 28, 1994.
****** Incorporated by reference to Registrant's Post-Effective
Amendment No. 8 filed with the SEC on November 1, 1995.
<PAGE>
******* Incorporated by reference to Registrant's Post-Effective
Amendment No. 9 filed with the SEC on December 15, 1995.
******** Incorporated by reference to Registrant's Post-Effective
Amendment No. 10 filed with the SEC on July 17, 1996.
********* Incorporated by reference to Registrant's Post-Effective
Amendment No. 13 filed with the SEC on November 15, 1996.
********** Incorporated by reference to Registrant's Post-Effective
Amendment No. 14 filed with the SEC on March 17, 1997.
*********** Incorporated by reference to Registrant's Post-Effective
Amendment No. 16 filed with the SEC on August 1, 1997.
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT
See the Prospectus and the Statement of Additional Information
regarding the Trust's control relationships. SEI Investments Fund
Resources is a Delaware business trust whose sole beneficiary is SEI
Investments Management Corporation (formerly known as SEI Financial
Management Corporation). SEI Investments Management Corporation is a
subsidiary of SEI Investments Company which also controls the
distributor of the Registrant, SEI Investments Distribution Co.
(formerly known as SEI Financial Services Company), and other
corporations engaged in providing various financial and record keeping
services, primarily to bank trust departments, pension plan sponsors,
and investment managers.
ITEM 26. NUMBER OF HOLDERS OF SECURITIES
<TABLE>
<CAPTION>
TITLE OF CLASS NUMBER OF RECORD HOLDERS
-------------- ------------------------
Shares of beneficial interest, without par value As of November 19, 1997
<S> <C>
Boston 1784 U.S. Treasury Money Market Fund (Class A) 13,364
Boston 1784 U.S. Treasury Money Market Fund (Class C) 1
Boston 1784 U.S. Treasury Money Market Fund (Class D) 1
Boston 1784 Prime Money Market Fund 3,793
Boston 1784 Tax-Free Money Market Fund 1,095
Boston 1784 Institutional U.S. Treasury Money Market Fund 1,382
Boston 1784 U.S. Government Medium-Term Income Fund 795
Boston 1784 Institutional Prime Money Market Fund 13
Boston 1784 Short-Term Income Fund 1,748
Boston 1784 Income Fund 659
Boston 1784 Tax-Exempt Medium-Term Income Fund 321
Boston 1784 Connecticut Tax-Exempt Income Fund 355
Boston 1784 Florida Tax-Exempt Income Fund 12
Boston 1784 Massachusetts Tax-Exempt Income Fund 745
Boston 1784 Rhode Island Tax-Exempt Income Fund 156
Boston 1784 Asset Allocation Fund 982
Boston 1784 Large Cap Equity Fund 0
Boston 1784 Growth and Income Fund 5,310
Boston 1784 Growth Fund 3,659
Boston 1784 Small Cap Equity Fund 2
Boston 1784 International Equity Fund 967
</TABLE>
<PAGE>
ITEM 27. INDEMNIFICATION
Article VIII of the Agreement and Declaration of Trust filed
as Exhibit 1 to the Registration Statement is incorporated herein by
reference. The Trust participates in a group liability policy under
which the Trust and its trustees, officers and affiliated persons are
insured against certain liabilities.
ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER
BankBoston, N.A. ("BankBoston") and its affiliates offer a
wide variety of banking and other financial services to customers
throughout New England, the United States and internationally. As of
June 30, 1997, BankBoston and its affiliates had aggregate gross
interest and non-interest income of $3.262 billion year to date, net
income of $419 million and assets of approximately $66.1 billion,
including customer deposits of $43 billion. BankBoston's principal
place of business is 100 Federal Street, Boston, Massachusetts 02110.
Other business, profession, vocation, or employment of a
substantial nature in which each director or principal officer of
BankBoston is or has been, at any time during the last two fiscal
years, engaged for his or her own account or in the capacity of
director, officer, employee, partner or trustee are as follows (each
Director of BankBoston is also a director of BankBoston Corporation):
NAME AND POSITION CONNECTION WITH AND
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY
- ----------------------- ---------------------
Wayne A. Budd, Senior Vice President, NYNEX Government Affairs &
Director Regulatory Matters, Room 1800, 185 Franklin
Street, Boston, MA 02107, since 1996. Senior
Partner, Goodwin, Procter & Hoar, from 1993 to
1996, United States Attorney, District of
Massachusetts from 1989 to 1992; Associate
Attorney General of the United States from 1992
to 1993.
John A. Cervieri Jr., Chairman and President, Property Capital
Director Associates, Inc., 580 Ocean Road, Narragansett,
RI 02882. Managing Trustee, Property Capital
Trust, and Chairman of the Board and Chief
Executive Officer, Americana Hotels and Realty
Corporation.
William F. Connell, Chairman and Chief Executive Officer of Connell
Director Limited Partnership, One International Place,
Boston, MA 02109, since 1987. Director of Boston
Edison Company, Arthur D. Little, Inc., Harcourt
General, Inc., North American Mortgage Company,
and LCI International, Inc.
<PAGE>
Gary L. Countryman, Chairman and Chief Executive Officer of Liberty
Director MutualInsurance Company, 175 Berkeley Street,
Boston, MA 02117. Chairman of Liberty Mutual
Insurance Company since 1991; Director of Boston
Edison Company, The Neiman-Marcus Group, Inc.,
Alliance of American Insurers, and Harcourt
General, Inc.
William M. Crozier, Jr., Chairman of the Board, BankBoston Corporation,
Chairman of the Board, 100 Federal Street, Boston, MA 02110, Chairman of
BankBoston Corporation, the Board and Chief Executive Officer of BayBanks
100 Federal Street, from 1974 to July, 1996.
Boston, MA 02110
Alice F. Emerson, Senior Fellow, The Andrew W. Mellon Foundation,
Director 140 East 62nd Street, New York, NY 10021, since
1991. President Emerita of Wheaton College;
President of Wheaton College from 1975 to 1991;
Director of Eastman Kodak Company, Champion
International Corporation and AES Corporation.
Charles K. Gifford, Chief Executive Officer of BankBoston Corporation
Chief Executive Officer of and Chairman and Chief Executive Officer of
BankBoston Corporation, BankBoston since July 1995; President of
100 Federal Street, BankBoston and BankBoston Corporation since 1989;
Boston, MA 02110 Director of Massachusetts Mutual Life Insurance
Company and Boston Edison Company.
Thomas J. May, Chairman, President and Chief Executive Officer
Director of Boston Edison Company, 800 Boylston Street,
Boston, MA 02199, since July, 1994. President and
Chief Operating Officer of Boston Edison Company
from 1993 to July, 1994; Director of New England
Mutual Life Insurance Company.
Donald F. McHenry, University Research Professor of Diplomacy and
Director International Relations, Georgetown University,
School of Foreign Service, Washington, D.C.
20057, since 1981. President of the IRC Group
since 1983; Director of American Telephone and
Telegraph Company, Coca-Cola Company,
International Paper Company, and SmithKline
Beecham, plc.
<PAGE>
Henrique de Campos Meirelles, President and Chief Operating Officer (until
President and Chief Operating July, 1996, Group Executive), BankBoston, N.A.,
Officer (until July, 1996, 100 Street, Boston, MA 02110.
Group Executive),
BankBoston, 100 Federal Street,
Boston, MA 02110
Paul C. O'Brien, President of The O'Brien Group, Inc., Two
Director International Place, Boston, MA 02110 since
1995. President and Chief Executive Officer of
New England Telephone and Telegraph Company
from 1988 to 1993 and Chairman of the Board
from 1993 to December 1994. Chairman of the
Board of ViewTech, Inc. since January 1997,
Director of Cambridge NeuroScience, Inc, First
Pacific Networks Inc., Shiva Corporation, The
Registry, Inc., and ViewTech, Inc.
Thomas R. Piper, Lawrence E. Fouraker Professor of Business
Director Administration, Harvard University Graduate
School of Business Administration, Morgan Hall
- 469, Boston, MA 02163
Fran S. Rodgers, Chief Executive Officer of WFD, Inc. (Formerly
Director Work/Family Directions) 930 Commonwealth
Avenue, Boston, MA 02215; Founder and Chief
Executive Officer of Work/Family Directions
since 1983; Trustee of Barnard College of
Columbia University, Trustee and Fellow of
Foundation of the National Academy of Human
Resources, and Director of the Stone Center at
Wellesley College.
John W. Rowe, President and Chief Executive Officer of New
Director England Electric System, 25 Research Drive,
Westborough, MA 01582, since 1989. Director of
New England Electric System and UNUM
Corporation.
Glenn P. Strehle, Vice President for Finance and Treasurer,
Director Massachusetts Institute of Technology, Building
4 - Room 110, 77 Massachusetts Avenue,
Cambridge, MA 02139, since 1975 Vice President
since 1986 and Vice President for Finance and
Treasurer since 1994; Director of BayBanks from
1979 to July, 1996. Director, SofTech, Inc. and
Liberty Financial Companies; Trustee of
Property Capital Trust.
<PAGE>
William C. Van Faasen, President and Chief Executive Officer of Blue
Director Cross and Blue Shield of Massachusetts, Inc.,
100 Summer Street, Boston, Massachusetts 02110.
Executive Vice President and Chief Operating
Officer of Blue Cross and Blue Shield of
Massachusetts, Inc. from 1990 to 1992 and
President and Chief Executive Officer of Blue
Cross and Blue Shield of Massachusetts, Inc.
since 1992.
Thomas B. Wheeler, Chairman and Chief Executive Officer of
Director Massachusetts Mutual Life Insurance Company,
1295 State Street, Springfield, MA 01111.
President of Massachusetts Mutual Life
Insurance Company from 1987 to March, 1996 and
Chief Executive Officer since 1988 and Chairman
since March, 1996; Director of Massachusetts
Mutual Life Insurance Company and Textron Inc.
Alfred M. Zeien, Chairman of the Board and Chief Executive
Director Officer of The Gillette Company, Prudential
Tower Building, Boston, MA 02199, since 1991.
Director of Polaroid Corporation, Raytheon
Company and Massachusetts Mutual Life Insurance
Company.
Kleinwort Benson Investment Management Americas Inc.
("Kleinwort Benson") is the U.S. registered investment management
subsidiary of the London based Kleinwort Benson Group plc, a holding
company for a merchant banking group whose origins date back to 1792,
which in turn is a subsidiary of Dresdner Bank A.G. Kleinwort Benson
has offices in London, Hong Kong and Tokyo. As of June 30, 1997,
Kleinwort Benson had approximately $50 billion of assets under
management. Kleinwort Benson's principal place of business is 75 Wall
Street, New York, New York 10005.
Other business, profession, vocation, or employment of a
substantial nature in which each director or principal officer of
Kleinwort Benson is or has been, at any time during the last two fiscal
years, engaged for his or her own account or in the capacity of
director, officer, employee, partner or trustee are as follows:
NAME AND POSITION CONNECTION WITH AND
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY
- ----------------------- ---------------------
John L. Duffy, Chief Operating Officer of Kleinwort Benson. Chief
Director Financial Officer, Kleinwort Benson North America, Inc.
from May 1991 to July 1993.
Francis M. Harte, Treasurer and Principal Financial and Accounting
Director Officer of Kleinwort Benson Australian Income Fund,
Inc.
Lauren R. Teel, Responsible for Client Servicing and Marketing for
Senior Vice President Kleinwort Benson.
<PAGE>
Simon Fenton, Senior Vice President, Marketing. Based in the United
Senior Vice President Kingdom.
Jerome S. Pilpel, Senior Vice President, Compliance for Dresdner
Director, Secretary Kleinwort Benson North America LLC
ITEM 29. PRINCIPAL UNDERWRITERS
(a) The Registrant's distributor, SEI Investments Distribution Co. (the
"Distributor"), acts as distributor for SEI Daily Income Trust, SEI
Liquid Asset Trust, SEI Tax Exempt Trust, SEI Index Funds, SEI
Institutional Managed Trust, SEI International Trust, The Advisors'
Inner Circle Fund, The Pillar Funds, CUFund, STI Classic Funds,
CoreFunds, Inc., First American Funds, Inc., First American Investment
Funds, Inc., The Arbor Fund, Boston 1784 Funds(R), Marquis Funds(R),
Morgan Grenfell Investment Trust, The PBHG Funds, Inc., The Achievement
Funds Trust, Bishop Street Funds, CrestFunds, Inc., STI Classic
Variable Trust, ARK Funds, Monitor Funds, FMB Funds, Inc., SEI Asset
Allocation Trust, TIP Funds, SEI Institutional Investments Trust, First
American Strategy Funds, Inc., Highmark Funds, Armada Funds, and
Expedition Funds pursuant to distribution agreements dated July 15,
1982, November 29, 1982, December 3, 1982, July 10, 1985, January 22,
1987, August 30, 1988, January 30, 1991, November 14, 1991, February
28, 1992, May 1, 1992, May 29, 1992, October 30, 1992, November 1,
1992, November 1, 1992, January 28, 1993, June 1, 1993, August 17,
1993, January 3, 1994, July 16, 1993, December 27, 1994, January 27,
1995, March 1, 1995, August 18, 1995, November 1, 1995, January 11,
1996, March 1, 1996, April 1, 1996, April 28, 1996, June 14, 1996,
October 1, 1996, February 18, 1997, March 8, 1997, and June 9, 1997
respectively.
The Distributor provides numerous financial services to investment
managers, pension plan sponsors, and bank trust departments. These
services include fund evaluation, performance measurement, and
consulting services ("Funds Evaluation") and automated execution,
clearing and settlement of securities transactions ("MarketLink").
(b) The following are the directors and officers of the Distributor.
Unless otherwise noted, the business address of each director or
officer is 1 Freedom Valley Drive, Oaks, Pennsylvania 19456.
<PAGE>
<TABLE>
<CAPTION>
POSITION AND POSITIONS AND
NAME OFFICES WITH UNDERWRITER OFFICES WITH REGISTRANT
- ---- ------------------------ -----------------------
<S> <C> <C>
Alfred P. West, Jr. Director, Chairman and Chief --
Executive Officer
Henry H. Greer Director, President & Chief --
Operating Officer
Carmen V. Romeo Director, Executive Vice --
President & President
-Investment Advisory Group
Gilbert L. Beebower Executive Vice President --
Richard B. Lieb Executive Vice President, --
President-Investment
Services Division
Dennis J. McGonigle Executive Vice President --
Leo J. Dolan, Jr. Senior Vice President --
Carl A. Guarino Senior Vice President --
Larry Hutchison Senior Vice President --
David G. Lee Senior Vice President Senior Vice President &
Assistant Secretary
Jack May Senior Vice President
A. Keith McDowell Senior Vice President --
Hartland J. McKeown Senior Vice President --
Barbara J. Moore Senior Vice President --
Robert Wagner Senior Vice President --
Patrick K. Walsh Senior Vice President --
Kevin P. Robins Senior Vice President, General Vice President & Assistant
Counsel & Secretary Secretary
Kathryn L. Stanton Vice President & Assistant Vice President & Assistant
Secretary Secretary
Robert Crudup Vice President & Managing --
Director
<PAGE>
Victor Galef Vice President & Managing --
Director
Kim Kirk Vice President & Managing --
Director
Carolyn McLaurin Vice President & Managing --
Director
John Krzeminski Vice President & Managing --
Director
Donald Pepin Vice President & Managing --
Director
Mark Samuels Vice President & Managing --
Director
Wayne M. Withrow Vice President & Managing --
Director
Cynthia M. Parrish Vice President & Assistant --
Secretary
Sandra K. Orlow Vice President & Assistant Vice President & Assistant
Secretary Secretary
Robert Aller Vice President --
Marc H. Cahn Vice President & Assistant Vice President & Assistant
Secretary Secretary
Gordon W. Carpenter Vice President --
Todd Cipperman Vice President & Assistant Vice President & Assistant
Secretary Secretary
Barbara Doyne Vice President --
Jeff Drennen Vice President --
Kathy Heilig Vice President & Treasurer --
Michael Kantor Vice President --
Samuel King Vice President --
Jack May Senior Vice President --
W. Kelso Morrill Vice President --
<PAGE>
Joanne Nelson Vice President --
Barbara A. Nugent Vice President & Assistant Vice President & Assistant
Secretary Secretary
Kim Rainey Vice President --
Rob Redican Vice President --
Maria Rinehart Vice President --
Steve Smith Vice President --
Daniel Spaventa Vice President --
James Dougherty Director, Brokerage --
Services
</TABLE>
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS
Books or other documents required to be maintained by Section 31(a) of
the Investment Company Act of 1940, and the rules promulgated thereunder, are
maintained as follows:
BankBoston, N.A. (custodian and investment adviser)
100 Federal Street
Boston, Massachusetts 02110
and
150 Royall Street,
Canton, Massachusetts 02021
Kleinwort Benson Investment Management Americas Inc.
(investment adviser)
75 Wall Street
New York, New York 10005
and
10 Fenchurch Street
London, England EC3M 3HB
SEI Investments Fund Resources (administrator and fund accountant)
1 Freedom Valley Drive
Oaks, Pennsylvania 19456
ITEM 31. MANAGEMENT SERVICES
Not applicable.
ITEM 32. UNDERTAKINGS
(a) Not applicable.
(b) Not applicable.
(c) The Registrant undertakes to furnish each person to whom an
applicable prospectus is delivered with a copy of its latest
Annual Report to shareholders, upon request without charge.
<PAGE>
NOTICE
A copy of the Agreement and Declaration of Trust for the Trust is on
file with the Secretary of State of The Commonwealth of Massachusetts and notice
is hereby given that this Registration Statement has been executed on behalf of
the Trust by an officer of the Trust as an officer and by its Trustees as
trustees and not individually and the obligations of or arising out of this
Registration Statement are not binding upon any of the Trustees, officers, or
Shareholders individually but are binding only upon the assets and property of
the Trust.
<PAGE>
Signatures
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, as amended, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this
Post-Effective Amendment to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Oaks, Commonwealth of Pennsylvania on
the 31st day of December, 1997.
BOSTON 1784 FUNDS(Registration Mark)
By: /S/ ROBERT A. NESHER
---------------------
Robert A. Nesher
President
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment No. 20 to the Registration Statement on Form N-1A has been signed
below by the following persons in the capacity on the date indicated.
/S/ ROBERT A. NESHER Trustee, President & Chief December 31, 1997
- -------------------- Executive Officer
Robert A. Nesher
/S/ STEPHEN G. MEYER Controller December 31, 1997
- --------------------
Stephen G. Meyer
* Trustee December 31, 1997
- --------------------
David H. Carter
* Trustee December 31, 1997
- --------------------
Tarrant Cutler
* Trustee December 31, 1997
- --------------------
Kenneth A. Froot
* Trustee December 31, 1997
- --------------------
Sara L. Johnson
* Trustee December 31, 1997
- --------------------
Kathryn F. Muncil
* Trustee December 31, 1997
- --------------------
Alvin J. Silk
*By: /S/ ROBERT A. NESHER
--------------------
Robert A. Nesher
Executed by Robert A. Nesher, Attorney-in-fact on behalf of those indicated,
pursuant to Powers of Attorney previously filed.
<PAGE>
EXHIBIT INDEX
EXHIBIT NAME
------- ----
(17) Financial Data Schedule
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000897217
<NAME> 1784 FUNDS
<SERIES>
<NUMBER> 160
<NAME> FLORIDA TAX-EXEMPT INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-30-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 45451
<INVESTMENTS-AT-VALUE> 47213
<RECEIVABLES> 803
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48016
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 201
<TOTAL-LIABILITIES> 201
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46052
<SHARES-COMMON-STOCK> 4696
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1762
<NET-ASSETS> 47815
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1054
<OTHER-INCOME> 0
<EXPENSES-NET> 153
<NET-INVESTMENT-INCOME> 901
<REALIZED-GAINS-CURRENT> 87
<APPREC-INCREASE-CURRENT> 767
<NET-CHANGE-FROM-OPS> 1755
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (901)
<DISTRIBUTIONS-OF-GAINS> (86)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4835
<NUMBER-OF-SHARES-REDEEMED> (147)
<SHARES-REINVESTED> 8
<NET-CHANGE-IN-ASSETS> 47815
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 228
<AVERAGE-NET-ASSETS> 45433
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> .20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.18
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
