<PAGE> PAGE 1
000 A000000 11/30/96
000 C000000 0000897217
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 1784 FUNDS
001 B000000 811-07474
001 C000000 0000000000
002 A000000 530 E SWEDEFORD RD
002 B000000 WAYNE
002 C000000 PA
002 D010000 19087
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 14
022 A000001 LEHMAN BROTHERS
022 B000001 13-2927667
022 C000001 21441530
022 D000001 70588
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002 19121158
022 D000002 17652
022 A000003 J.P. MORGAN
022 B000003 13-3224016
022 C000003 17160056
022 D000003 12052
022 A000004 PRUDENTIAL SECURITIES
022 B000004 22-2347336
022 C000004 7972511
022 D000004 115714
022 A000005 PAINE WEBBER
022 B000005 13-2760086
022 C000005 7256086
022 D000005 0
022 A000006 PRUDENTIAL FUNDING CORP
022 C000006 7084600
022 D000006 16364
022 A000007 GREENWICH CAPITAL MARKETS
022 B000007 13-3172275
022 C000007 3754403
022 D000007 0
022 A000008 DEAN WITTER
022 B000008 94-1671384
<PAGE> PAGE 2
022 C000008 2728013
022 D000008 6035
022 A000009 MORGAN STANLEY
022 B000009 13-2655998
022 C000009 2677647
022 D000009 8553
022 A000010 BANK OF BOSTON
022 C000010 565693
022 D000010 2084
023 C000000 92951404
023 D000000 899775
SIGNATURE STEPHEN MEYER
TITLE CONTROLLER
November 30, 1996
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
9. Acquisition of BayFunds
On July 31, 1996, the Board of Trustees of the Trust and on July 31, 1996
and August 15, 1996 the Board of Trustees of BayFunds approved an
Agreement and Plan of Reorganization (the "Reorganization Agreement")
providing for the transfer of all assets and liabilities of the portfolios of
BayFunds in exchange for the issuance of shares in certain Funds in
tax-free reorganizations (except in the case of the reorganization of
BayFunds U.S. Treasury Money Market Portfolio with the 1784 U.S.
Treasury Money Market Fund and the 1784 Institutional U.S. Treasury
Money Market Fund which did not qualify for tax-free treatment). At a
special meeting of the shareholders held on November 6, 1996, the
shareholders of BayFunds voted to approve the Reorganization Agreement.
Pursuant to the Reorganization Agreement, on November 25, 1996
substantially all of the assets and liabilities of the BayFunds U.S. Treasury
Money Market Portfolio, BayFunds Equity Portfolio, BayFunds Short
Term Yield Portfolio and BayFunds Bond Portfolio were transferred to
certain Funds in exchange for shares of such Fund. In addition, all of the
assets and liabilities of the BayFunds Money Market Portfolio were
transferred to the newly-organized 1784 Prime Money Market Fund. The
details of these reorganizations as they relate to the Funds are described
below.
The following table summarizes certain relevant information of the Funds
prior to and immediately after the reorganizations on November 25, 1996
and December 9, 1996.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Combined
Shares Net Assets
Shares Net Assets Issued in After NAV
BayFunds at 11/22/96 at 11/22/96 1784 Funds Reorganization Reorganization Per Share
U.S. Treasury Money Market Portfolio
Instit. Shares 1,047,875,73 1,047,875,735 Institutional U.S. Treasury M.M. 1,047,875,735 2,061,477,41 1.00
Investment Shares 320,109,970 320,109,970 U.S. Treasury Money Market 320,109,970 424,383,92 1.00
Equity Portfolio
Instit. Shares 6,084,433 90,308,716 Growth 7,697,195 232,770,598 11.73
Investment Shares 2,652,009 39,367,199 Growth 3,355,364 232,770,598 11.73
Short Term Yield Portfolio
Instit. Shares 3,061,193 28,076,910 Short-Term Income 2,783,999 142,633,338 10.09
Investment Shares 1,694,530 15,543,024 Short-Term Income 1,541,097 142,633,338 10.09
Bond Portfolio
Trust Shares 4,543,688 45,727,982 Income 4,474,157 306,880,031 10.22
Investment Shares 547,758 5,512,661 Income 539,376 306,880,031 10.22
Combined
Shares Net Assets
Shares Net Assets Issued in After NAV
BayFund at 12/6/96 at 12/6/96 1784 Fund Reorganization Reorganization Per Share
Money Market
Trust Shares 94,945,689 94,945,452 Prime Money Market -- 139,535,948 1.00
Investment Shares 44,590,608 44,590,496 Prime Money Market -- 139,535,94 1.00
</TABLE>
The acquired unrealized appreciation at November 25, 1996 of the BayFund
Equity, Short Term Yield and Bond Portfolios was $43,352,830, $81,551
and $311,988, respectively.
