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Southtrust Funds – ‘NSAR-A’ for 10/31/00

As of:  Wednesday, 12/27/00   ·   For:  10/31/00   ·   Accession #:  884735-0-11   ·   File #:  811-06580

Previous ‘NSAR-A’:  ‘NSAR-A’ on 12/30/99 for 10/31/99   ·   Next:  ‘NSAR-A’ on 12/27/01 for 10/31/01   ·   Latest:  ‘NSAR-A’ on 12/30/04 for 10/31/04

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  As Of               Filer                 Filing    For·On·As Docs:Size

12/27/00  Southtrust Funds                  NSAR-A     10/31/00    8:41K

Semi-Annual Report by an Investment Company   —   Form N-SAR   —   ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-A      Semi-Annual Report by an Investment Company           32    133K 
 2: EX-99       Miscellaneous Exhibit                                  2ħ     7K 
 3: EX-27     ƒ Financial Data Schedule                                2ħ     9K 
 4: EX-27     ƒ Financial Data Schedule                                2ħ     8K 
 5: EX-27     ƒ Financial Data Schedule                                2ħ     8K 
 6: EX-27     ƒ Financial Data Schedule                                2ħ     8K 
 7: EX-27     ƒ Financial Data Schedule                                2ħ     9K 
 8: EX-27     ƒ Financial Data Schedule                                2ħ     8K 


‘NSAR-A’   —   Semi-Annual Report by an Investment Company




SEC Info rendering:  Data from the Answer File, which may only contain updates to a prior Form N-SAR


Form N-SAR
 
Semi-Annual Report by an Open-End Investment Company
 
Report 
 
      Registrant:   The Southtrust FundsList all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  10/31/00

Were there any Answer File errors in the Filing?  None Found
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.SEC CIK:      884735
SEC File #:   811-06580

Telephone #:  412-288-7403
 
 2.Address:      Federated Investors Tower
              Pittsburgh, PA  15222
 
 3.Is this the first Form N-SAR filed by the Registrant?  No
 
 4.Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series Top of Form N-SAR 
                                                                                    
 7.Is the Registrant a Funds/Series (multiple portfolios) company?  Yes

The number of separate Funds/Series (portfolios) at period end:  6
The number of separate Funds/Series (portfolios) reported here: 6...

N-SAR S#      Fund/Series — Filings for F/S#… Symbols 
 
Information Common to All 
Series 6:     Southtrust Alabama Tax-Free Income FundN-SARs
Series 2:     Southtrust Bond FundN-SARs
Series 5:     Southtrust Growth FundN-SARs
Series 4:     Southtrust Income FundN-SARs
Series 1:     Southtrust U.S. Treasury MMKT FundN-SARs
Series 3:     Southtrust ValueN-SARs
 
Family of Investment Companies 
 
19.Is the Registrant/Series part of a “family” of investment companies?  No
 
Investment Company Type 
 
27.Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Additional Disclosures 
 
77.Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77Q1: Other DisclosureYes
 
Subsidiaries 
 
78.Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
 All SeriesList of 6 Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: Investment Adviser 
 
 8.1Name:         Southtrust Bank of Alabama, N.A.
Role:         Adviser
Location:     Birmingham, AL
 
 All: Administrator 
 
10.1Name:         Federated Administrative Services
Location:     Pittsburgh, PA
 
 All: Principal Underwriter 
 
11.1Name:         Federated Securities Corp.
SEC File #:   008-15561
Location:     Pittsburgh, PA
 
 All: Shareholder Servicing/Transfer Agent 
 
12.1Name:         Federated Shareholder Services Co.
SEC File #:   084-01869
Location:     Pittsburgh, PA
 
 All: Independent Public Accountant 
 
13.1Name:         Arthur Andersen LLP
Location:     Boston, MA
 
 All: Custodian 
 
18.Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
 All: Brokerage Commissions Paid on Portfolio Transactions 
 
20.The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1Broker:       Morgan Stanley & Co., Inc.
IRS #:        13-2655998
Commissions paid ($000s)95
 
20.2Broker:       Salomon Smith Barney Inc.
IRS #:        13-1912900
Commissions paid ($000s)54
 
20.3Broker:       Cantor Fitzgerald & Co.
IRS #:        13-3680184
Commissions paid ($000s)48
 
20.4Broker:       Lehman Government Securities
Commissions paid ($000s)43
 
20.5Broker:       Donaldson, Lufkin & Jenrette
IRS #:        13-2741729
Commissions paid ($000s)36
 
20.6Broker:       Bernstein Sanford C. & Co., Inc.
IRS #:        13-2625874
Commissions paid ($000s)36
 
20.7Broker:       Autranet, Inc.
Commissions paid ($000s)35
 
20.8Broker:       Bear Sterns & Co. Inc.
IRS #:        13-3299429
Commissions paid ($000s)30
 
20.9Broker:       Merrill Lynch Pierce Fenner & Smith
IRS #:        13-5674085
Commissions paid ($000s)26
 
20.10Broker:       Fourteen Research Corp.
Commissions paid ($000s)25
 
21.Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s)481
 
 All: Portfolio Transactions with Entities Acting as Principals 
 
22.The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1Entity:       Greenwich Securities
Registrant’s purchases ($000s)24,580,045
 
22.2Entity:       Warburg Dillon Reed
Registrant’s purchases ($000s)23,364,000
 
22.3Entity:       Bear Sterns & Co.
IRS #:        13-3299429
Registrant’s purchases ($000s)22,465,019
 
22.4Entity:       Lehman Brothers, Inc.
IRS #:        13-2518466
Registrant’s purchases ($000s)9,533,009
Registrant’s sales ($000s)1,037
 
22.5Entity:       Donaldson, Lufkin & Jenrette
IRS #:        13-2741729
Registrant’s purchases ($000s)7,840,407
Registrant’s sales ($000s)1,490
 
22.6Entity:       Dresdner Securities
Registrant’s purchases ($000s)2,739,000
 
22.7Entity:       Barclays Dezoete Wedd Securities
IRS #:        13-3551367
Registrant’s purchases ($000s)1,458,000
 
22.8Entity:       Morgan Stanley & Co., Inc.
IRS #:        13-2655998
Registrant’s purchases ($000s)784,241
Registrant’s sales ($000s)6,538
 
22.9Entity:       Morgan, J.P. Securities Inc.
IRS #:        13-3224016
Registrant’s purchases ($000s)323,000
 
22.10Entity:       Merrill Lynch Pierce Fenner & Smith
IRS #:        13-5674085
Registrant’s purchases ($000s)292,285
Registrant’s sales ($000s)248
 
23.Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s)94,271,140
   Aggregate sales ($000s)181,345
 
 All: Considerations which Affected the Participation of Brokers or Dealers 
 
26.Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  Yes
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  Yes
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  Yes
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
 All: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
34.Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
 All: Payment Plan for the Distribution of Fund Shares 
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
Printing & mailing of prospectuses to other than current shareholders ..
Payments to underwriters ...............................................
Payments to brokers or dealers .........................................
Direct payments to sales personnel .....................................
Payments to banks and savings & loans ..................................
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
Unallocated payments made for a combination of such services ...........
 
43.Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s)0
 
44.If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s)0
 
 All: Advisory Fee 
 
54.Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  No
Clerical and bookkeeping services ......................................  No
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  No
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  No
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  No
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
 All: Classification and Asset Allocation 
 
58.Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.Is the Registrant/Series a management investment company?  Yes
 
60.Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $1,000
 
 All: Fidelity Bond in Effect at Fiscal Year End 
 
80.Insurer:      Lloyd’s of London

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s)25,000
 
81.Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  103
 
82.Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 1Information Common to All Funds/Series  List of 6 Funds/Series 
 
 7.Name:         Southtrust U.S. Treasury MMKT FundN-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 1: Custodian 
 
15.1Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
 S 1: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S 1: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
108,423
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 100,176
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
146,608
      Reinvestment of dividends and distributions ................ 882
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 133,791
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
150,165
      Reinvestment of dividends and distributions ................ 997
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 129,765
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
192,581
      Reinvestment of dividends and distributions ................ 1,159
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 145,461
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
146,177
      Reinvestment of dividends and distributions ................ 1,324
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 179,910
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
145,440
      Reinvestment of dividends and distributions ................ 1,452
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 104,813

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
889,394
      Reinvestment of dividends and distributions ................ 5,814
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 793,916

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s)0
 
 S 1: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.Was a front-end sales load deducted from any share sales during the
period?  No
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S 1: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  No
 
 S 1: Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.5%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
 S 1: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 1: Classification and Asset Allocation 
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................    23.4%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................    76.8
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
State and Municipal – tax-free ..............      0.0
Corporate ...................................      0.0
All other ...................................      0.0

Non-Debt
Investments other than debt securities ......      0.0%
 
63.The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     16
    Years:    0.0
 
64.Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.Is the Registrant/Series an index Fund?  No
 
 S 1: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             No        
Writing or investing in options on debt securities?      No        
Writing or investing in options on stock indices?        No        
Writing or investing in interest rate futures?           No        
Writing or investing in stock index futures?             No        
Writing or investing in options on futures?              No        
Writing or investing in options on stock index futures?  No        
Writing or investing in other commodity futures?         No        
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            No        
Currency exchange transactions?                          No        
Loaning portfolio securities?                            Yes to both
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        
Short selling?                                           No        
 
 S 1: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s)0
Sales ($000s):      0

Monthly average Value of portfolio ($000s)0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 1: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
28,445
Net dividend income ..............................................
Account maintenance fees .........................................
Net other income .................................................

Expenses  ($000s)
Advisory fees ....................................................
2,232
Administrator fees ............................................... 444
Salaries and other compensation ..................................
Shareholder Servicing Agent fees ................................. 15
Custodian fees ................................................... 35
Postage ..........................................................
Printing expenses ................................................ 13
Directors’ fees .................................................. 16
Registration fees ................................................ 17
Taxes ............................................................
Interest .........................................................
Bookkeeping fees paid to anyone performing this service .......... 58
Auditing fees .................................................... 6
Legal fees ....................................................... 5
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 1,116
Amortization of organization expenses ............................
Shareholder meeting expenses .....................................
Other expenses ................................................... 12
Total expenses ................................................... 3,969

Expense reimbursements ($000s):   1,741

Net investment income ($000s):    26,217

Realized capital gains ($000s):   0
Realized capital losses ($000s)0

Net unrealized appreciation during the period ($000s)0
Net unrealized depreciation during the period ($000s)0

Total income dividends for which the record date passed during the
period ($000s)26,217

Total capital gains distributions for which the record date passed
during the period ($000s)0
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0300

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 1: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash ............................................................. 240
Repurchase agreements ............................................ 732,491
Short-term debt securities, other than repurchase agreements ..... 223,680
Long-term debt securities, including convertible debt ............
Preferred, conv. preferred and adjustable-rate preferred stock ...
Common stock .....................................................
Options on equities ..............................................
Options on all futures ...........................................
Other investments ................................................
Receivables from portfolio instruments sold ......................
Receivables from affiliated persons ..............................
Other receivables ................................................ 2,596
All other assets ................................................. 4
Total assets ..................................................... 959,011

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
Amounts owed to affiliated persons ...............................
Senior long-term debt ............................................
Other liabilities:
  Reverse repurchase agreements ..................................
  Short sales ....................................................
  Written options ................................................
  All other liabilities .......................................... 4,936

Equity  ($000s)
Senior equity ....................................................
Net assets of common shareholders ................................ 954,075

Number of shares outstanding (000s):   954,075

Net Asset Value (NAV) per share (to nearest cent):  $1.00
Mark-to-market NAV per share:  $1.0000

Total number of shareholder accounts:  15

Total value of assets in segregated accounts ($000s)0
 
75.Daily average net assets during the period ($000s)885,658
 
 Series 2Information Common to All Funds/Series  List of 6 Funds/Series 
 
 7.Name:         Southtrust Bond FundN-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 2: Custodian 
 
15.1Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
 S 2: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S 2: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
904
      Reinvestment of dividends and distributions ................ 401
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,330
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
8,746
      Reinvestment of dividends and distributions ................ 394
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,077
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
4,429
      Reinvestment of dividends and distributions ................ 432
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,230
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
2,653
      Reinvestment of dividends and distributions ................ 434
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,247
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
7,050
      Reinvestment of dividends and distributions ................ 436
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,291
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
1,823
      Reinvestment of dividends and distributions ................ 466
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,548

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
25,605
      Reinvestment of dividends and distributions ................ 2,563
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 13,723

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s)26,309
 
 S 2: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s)1

The maximum sales load rate in effect at period end as a percentage of
the offering price:  3.5%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s)0

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s)0
 
32.Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s)0
 
33.Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s)0
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  Yes
 
38.Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s)0
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S 2: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  No
 
 S 2: Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.6%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
 S 2: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 2: Classification and Asset Allocation 
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.0
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.1

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................    40.6%
U.S. Government Agency ......................    25.2
State and Municipal – tax-free ..............      0.0
Corporate ...................................    33.9
All other ...................................      0.0

Non-Debt
Investments other than debt securities ......      0.0%
 
63.The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     0
    Years:    9.9
 
64.Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer?  No

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.Is the Registrant/Series an index Fund?  No
 
 S 2: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         Yes      No
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            No        
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes to both
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        
Short selling?                                           No        
 
 S 2: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s)45,131
Sales ($000s):      26,872

Monthly average Value of portfolio ($000s)118,083

Percent turnover (lesser of Purchases or Sales, divided by Value):  23%
 
 S 2: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
4,139
Net dividend income ..............................................
Account maintenance fees .........................................
Net other income .................................................

Expenses  ($000s)
Advisory fees ....................................................
365
Administrator fees ............................................... 61
Salaries and other compensation ..................................
Shareholder Servicing Agent fees ................................. 17
Custodian fees ................................................... 6
Postage ..........................................................
Printing expenses ................................................ 8
Directors’ fees .................................................. 2
Registration fees ................................................ 7
Taxes ............................................................
Interest .........................................................
Bookkeeping fees paid to anyone performing this service .......... 26
Auditing fees .................................................... 8
Legal fees ....................................................... 11
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 152
Amortization of organization expenses ............................
Shareholder meeting expenses .....................................
Other expenses ................................................... 4
Total expenses ................................................... 667

Expense reimbursements ($000s):   122

Net investment income ($000s):    3,594

Realized capital gains ($000s):   0
Realized capital losses ($000s)1,387

Net unrealized appreciation during the period ($000s)3,333
Net unrealized depreciation during the period ($000s)0

Total income dividends for which the record date passed during the
period ($000s)3,565

Total capital gains distributions for which the record date passed
during the period ($000s)0
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.2900

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 2: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash ............................................................. 66
Repurchase agreements ............................................
Short-term debt securities, other than repurchase agreements .....
Long-term debt securities, including convertible debt ............ 129,371
Preferred, conv. preferred and adjustable-rate preferred stock ...
Common stock .....................................................
Options on equities ..............................................
Options on all futures ...........................................
Other investments ................................................ 155
Receivables from portfolio instruments sold ......................
Receivables from affiliated persons ..............................
Other receivables ................................................ 2,303
All other assets ................................................. 21,166
Total assets ..................................................... 153,061

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
1,998
Amounts owed to affiliated persons ...............................
Senior long-term debt ............................................
Other liabilities:
  Reverse repurchase agreements ..................................
  Short sales ....................................................
  Written options ................................................
  All other liabilities .......................................... 21,261

Equity  ($000s)
Senior equity ....................................................
Net assets of common shareholders ................................ 129,802

Number of shares outstanding (000s):   13,212

Net Asset Value (NAV) per share (to nearest cent):  $9.82

Total number of shareholder accounts:  20

Total value of assets in segregated accounts ($000s)0
 
75.Monthly average net assets during the period ($000s)120,741
 
 Series 3Information Common to All Funds/Series  List of 6 Funds/Series 
 
 7.Name:         Southtrust ValueN-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 3: Custodian 
 
15.1Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
 S 3: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S 3: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
2,068
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 4,238
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
2,802
      Reinvestment of dividends and distributions ................ 22,651
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,086
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
4,983
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 7,568
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
3,269
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,797
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
7,137
      Reinvestment of dividends and distributions ................ 328
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 6,343
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
2,438
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 19,487

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
22,697
      Reinvestment of dividends and distributions ................ 22,979
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 44,519

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s)22,579
 
 S 3: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s)11

The maximum sales load rate in effect at period end as a percentage of
the offering price:  4.5%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s)1

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s)0
 
32.Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s)9
 
33.Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s)0
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  Yes
 
38.Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s)0
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S 3: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  No
 
 S 3: Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.75%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
 S 3: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 3: Classification and Asset Allocation 
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.Is the Registrant/Series an index Fund?  No
 
 S 3: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         Yes      No
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        
Short selling?                                           No        
 
 S 3: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s)92,499
Sales ($000s):      117,873

Monthly average Value of portfolio ($000s)312,214

Percent turnover (lesser of Purchases or Sales, divided by Value):  30%
 
 S 3: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
362
Net dividend income .............................................. 2,077
Account maintenance fees .........................................
Net other income .................................................

Expenses  ($000s)
Advisory fees ....................................................
1,230
Administrator fees ............................................... 163
Salaries and other compensation ..................................
Shareholder Servicing Agent fees ................................. 18
Custodian fees ................................................... 16
Postage ..........................................................
Printing expenses ................................................ 8
Directors’ fees .................................................. 6
Registration fees ................................................ 9
Taxes ............................................................
Interest .........................................................
Bookkeeping fees paid to anyone performing this service .......... 41
Auditing fees .................................................... 6
Legal fees ....................................................... 10
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 410
Amortization of organization expenses ............................
Shareholder meeting expenses .....................................
Other expenses ................................................... 6
Total expenses ................................................... 1,923

Expense reimbursements ($000s):   328

Net investment income ($000s):    844

Realized capital gains ($000s):   7,473
Realized capital losses ($000s)0

Net unrealized appreciation during the period ($000s)2,969
Net unrealized depreciation during the period ($000s)0

Total income dividends for which the record date passed during the
period ($000s)715

Total capital gains distributions for which the record date passed
during the period ($000s)25,193
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0400

Distribution of capital gains:  $1.3000
Other distributions:            $0.0000
 
 S 3: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash ............................................................. 172
Repurchase agreements ............................................
Short-term debt securities, other than repurchase agreements .....
Long-term debt securities, including convertible debt ............
Preferred, conv. preferred and adjustable-rate preferred stock ...
Common stock ..................................................... 302,796
Options on equities ..............................................
Options on all futures ...........................................
Other investments ................................................ 9,655
Receivables from portfolio instruments sold ...................... 6,229
Receivables from affiliated persons ..............................
Other receivables ................................................ 377
All other assets ................................................. 2
Total assets ..................................................... 319,231

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
3,061
Amounts owed to affiliated persons ...............................
Senior long-term debt ............................................
Other liabilities:
  Reverse repurchase agreements ..................................
  Short sales ....................................................
  Written options ................................................
  All other liabilities .......................................... 215

Equity  ($000s)
Senior equity ....................................................
Net assets of common shareholders ................................ 315,955

Number of shares outstanding (000s):   19,467

Net Asset Value (NAV) per share (to nearest cent):  $16.23

Total number of shareholder accounts:  82

Total value of assets in segregated accounts ($000s)0
 
75.Monthly average net assets during the period ($000s)325,292
 
 Series 4Information Common to All Funds/Series  List of 6 Funds/Series 
 
 7.Name:         Southtrust Income FundN-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 4: Custodian 
 
15.1Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
 S 4: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S 4: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
925
      Reinvestment of dividends and distributions ................ 61
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,070
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
762
      Reinvestment of dividends and distributions ................ 56
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,559
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
804
      Reinvestment of dividends and distributions ................ 55
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,416
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
1,334
      Reinvestment of dividends and distributions ................ 57
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,242
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
680
      Reinvestment of dividends and distributions ................ 54
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,139
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
1,184
      Reinvestment of dividends and distributions ................ 56
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,595

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
5,689
      Reinvestment of dividends and distributions ................ 339
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 8,021

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s)5,708
 
 S 4: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s)1

The maximum sales load rate in effect at period end as a percentage of
the offering price:  3.5%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s)0

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s)0
 
32.Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s)1
 
33.Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s)0
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  Yes
 
38.Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s)0
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S 4: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  No
 
 S 4: Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.6%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
 S 4: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 4: Classification and Asset Allocation 
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.0
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.4

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................    11.3%
U.S. Government Agency ......................    29.9
State and Municipal – tax-free ..............      4.6
Corporate ...................................    45.6
All other ...................................      4.8

Non-Debt
Investments other than debt securities ......      1.9%
 
63.The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     0
    Years:    6.0
 
64.Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer?  No

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.Is the Registrant/Series an index Fund?  No
 
 S 4: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      No        
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           No        
Writing or investing in stock index futures?             No        
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  No        
Writing or investing in other commodity futures?         No        
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            No        
Currency exchange transactions?                          No        
Loaning portfolio securities?                            Yes to both
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        Yes      No
Short selling?                                           Yes      No
 
 S 4: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s)9,912
Sales ($000s):      9,610

Monthly average Value of portfolio ($000s)61,488

Percent turnover (lesser of Purchases or Sales, divided by Value):  16%
 
 S 4: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
2,101
Net dividend income .............................................. 52
Account maintenance fees .........................................
Net other income .................................................

Expenses  ($000s)
Advisory fees ....................................................
193
Administrator fees ............................................... 50
Salaries and other compensation ..................................
Shareholder Servicing Agent fees ................................. 14
Custodian fees ................................................... 3
Postage ..........................................................
Printing expenses ................................................ 6
Directors’ fees .................................................. 2
Registration fees ................................................ 7
Taxes ............................................................
Interest .........................................................
Bookkeeping fees paid to anyone performing this service .......... 24
Auditing fees .................................................... 7
Legal fees ....................................................... 11
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 80
Amortization of organization expenses ............................
Shareholder meeting expenses .....................................
Other expenses ................................................... 6
Total expenses ................................................... 403

Expense reimbursements ($000s):   179

Net investment income ($000s):    1,929

Realized capital gains ($000s):   0
Realized capital losses ($000s)144

Net unrealized appreciation during the period ($000s)496
Net unrealized depreciation during the period ($000s)0

Total income dividends for which the record date passed during the
period ($000s)1,893

Total capital gains distributions for which the record date passed
during the period ($000s)0
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.2800

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 4: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash ............................................................. 16
Repurchase agreements ............................................
Short-term debt securities, other than repurchase agreements .....
Long-term debt securities, including convertible debt ............ 60,275
Preferred, conv. preferred and adjustable-rate preferred stock ... 1,175
Common stock .....................................................
Options on equities ..............................................
Options on all futures ...........................................
Other investments ................................................ 236
Receivables from portfolio instruments sold ...................... 1,068
Receivables from affiliated persons ..............................
Other receivables ................................................ 903
All other assets ................................................. 1
Total assets ..................................................... 63,674

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
999
Amounts owed to affiliated persons ...............................
Senior long-term debt ............................................
Other liabilities:
  Reverse repurchase agreements ..................................
  Short sales ....................................................
  Written options ................................................
  All other liabilities .......................................... 17

Equity  ($000s)
Senior equity ....................................................
Net assets of common shareholders ................................ 62,658

Number of shares outstanding (000s):   6,617

Net Asset Value (NAV) per share (to nearest cent):  $9.47

Total number of shareholder accounts:  11

Total value of assets in segregated accounts ($000s)0
 
75.Monthly average net assets during the period ($000s)63,744
 
 Series 5Information Common to All Funds/Series  List of 6 Funds/Series 
 
 7.Name:         Southtrust Growth FundN-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 5: Custodian 
 
15.1Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
 S 5: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S 5: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
408
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 558
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
1,039
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 459
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
1,937
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 328
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
832
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,133
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
532
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,449
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
4,481
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 527

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
9,229
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 4,454

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s)9,229
 
 S 5: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s)30

The maximum sales load rate in effect at period end as a percentage of
the offering price:  4.5%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s)3

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s)0
 
32.Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s)26
 
33.Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s)0
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  Yes
 
38.Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s)0
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S 5: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  No
 
 S 5: Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.75%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
 S 5: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 5: Classification and Asset Allocation 
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.Is the Registrant/Series an index Fund?  No
 
 S 5: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         Yes      No
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        
Short selling?                                           No        
 
 S 5: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s)16,864
Sales ($000s):      11,171

Monthly average Value of portfolio ($000s)85,998

Percent turnover (lesser of Purchases or Sales, divided by Value):  13%
 
 S 5: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
31
Net dividend income .............................................. 381
Account maintenance fees .........................................
Net other income .................................................

Expenses  ($000s)
Advisory fees ....................................................
328
Administrator fees ............................................... 43
Salaries and other compensation ..................................
Shareholder Servicing Agent fees ................................. 11
Custodian fees ................................................... 4
Postage ..........................................................
Printing expenses ................................................ 6
Directors’ fees .................................................. 2
Registration fees ................................................ 6
Taxes ............................................................
Interest .........................................................
Bookkeeping fees paid to anyone performing this service .......... 22
Auditing fees .................................................... 7
Legal fees ....................................................... 8
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 109
Amortization of organization expenses ............................
Shareholder meeting expenses .....................................
Other expenses ................................................... 4
Total expenses ................................................... 550

Expense reimbursements ($000s):   87

Net investment income ($000s):    -51

Realized capital gains ($000s):   0
Realized capital losses ($000s)1,639

Net unrealized appreciation during the period ($000s)725
Net unrealized depreciation during the period ($000s)0

Total income dividends for which the record date passed during the
period ($000s)0

Total capital gains distributions for which the record date passed
during the period ($000s)0
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 5: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash ............................................................. 48
Repurchase agreements ............................................
Short-term debt securities, other than repurchase agreements .....
Long-term debt securities, including convertible debt ............
Preferred, conv. preferred and adjustable-rate preferred stock ...
Common stock ..................................................... 88,890
Options on equities ..............................................
Options on all futures ...........................................
Other investments ................................................ 1,676
Receivables from portfolio instruments sold ......................
Receivables from affiliated persons ..............................
Other receivables ................................................ 78
All other assets .................................................
Total assets ..................................................... 90,692

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
448
Amounts owed to affiliated persons ...............................
Senior long-term debt ............................................
Other liabilities:
  Reverse repurchase agreements ..................................
  Short sales ....................................................
  Written options ................................................
  All other liabilities .......................................... 66

Equity  ($000s)
Senior equity ....................................................
Net assets of common shareholders ................................ 90,178

Number of shares outstanding (000s):   8,782

Net Asset Value (NAV) per share (to nearest cent):  $10.27

Total number of shareholder accounts:  102

Total value of assets in segregated accounts ($000s)0
 
75.Monthly average net assets during the period ($000s)86,688
 
 Series 6Information Common to All Funds/Series  List of 6 Funds/Series 
 
 7.Name:         Southtrust Alabama Tax-Free Income FundN-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 6: Custodian 
 
15.1Name:         State Street Bank & Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
 S 6: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S 6: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
121
      Reinvestment of dividends and distributions ................ 8
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 504
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
679
      Reinvestment of dividends and distributions ................ 9
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 388
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
2,201
      Reinvestment of dividends and distributions ................ 14
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 992
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
429
      Reinvestment of dividends and distributions ................ 18
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,241
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
421
      Reinvestment of dividends and distributions ................ 18
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 871
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
1,968
      Reinvestment of dividends and distributions ................ 25
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,286

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
5,819
      Reinvestment of dividends and distributions ................ 92
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 6,282

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s)5,837
 
 S 6: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s)18

The maximum sales load rate in effect at period end as a percentage of
the offering price:  3.5%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s)3

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s)0
 
32.Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s)16
 
33.Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s)0
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  Yes
 
38.Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s)0
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S 6: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  No
 
 S 6: Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.6%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
 S 6: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 6: Classification and Asset Allocation 
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.0
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
State and Municipal – tax-free ..............    97.7
Corporate ...................................      0.0
All other ...................................      2.9

Non-Debt
Investments other than debt securities ......      0.0%
 
63.The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     0
    Years:    8.1
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.Is the Registrant/Series an index Fund?  No
 
 S 6: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             No        
Writing or investing in options on debt securities?      No        
Writing or investing in options on stock indices?        No        
Writing or investing in interest rate futures?           No        
Writing or investing in stock index futures?             No        
Writing or investing in options on futures?              No        
Writing or investing in options on stock index futures?  No        
Writing or investing in other commodity futures?         No        
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            No        
Currency exchange transactions?                          No        
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  No        
Margin purchases?                                        No        
Short selling?                                           No        
 
 S 6: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s)2,763
Sales ($000s):      2,844

Monthly average Value of portfolio ($000s)51,992

Percent turnover (lesser of Purchases or Sales, divided by Value):  5%
 
 S 6: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
1,305
Net dividend income ..............................................
Account maintenance fees .........................................
Net other income .................................................

Expenses  ($000s)
Advisory fees ....................................................
161
Administrator fees ............................................... 27
Salaries and other compensation ..................................
Shareholder Servicing Agent fees ................................. 10
Custodian fees ................................................... 3
Postage ..........................................................
Printing expenses ................................................ 7
Directors’ fees .................................................. 1
Registration fees ................................................ 6
Taxes ............................................................
Interest .........................................................
Bookkeeping fees paid to anyone performing this service .......... 25
Auditing fees .................................................... 7
Legal fees ....................................................... 10
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 67
Amortization of organization expenses ............................
Shareholder meeting expenses .....................................
Other expenses ................................................... 4
Total expenses ................................................... 328

Expense reimbursements ($000s):   161

Net investment income ($000s):    1,138

Realized capital gains ($000s):   0
Realized capital losses ($000s)0

Net unrealized appreciation during the period ($000s)1,521
Net unrealized depreciation during the period ($000s)0

Total income dividends for which the record date passed during the
period ($000s)1,115

Total capital gains distributions for which the record date passed
during the period ($000s)0
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.2100

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 6: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash ............................................................. 9
Repurchase agreements ............................................
Short-term debt securities, other than repurchase agreements .....
Long-term debt securities, including convertible debt ............ 52,730
Preferred, conv. preferred and adjustable-rate preferred stock ...
Common stock .....................................................
Options on equities ..............................................
Options on all futures ...........................................
Other investments ................................................ 1,556
Receivables from portfolio instruments sold ......................
Receivables from affiliated persons ..............................
Other receivables ................................................ 835
All other assets .................................................
Total assets ..................................................... 55,130

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
501
Amounts owed to affiliated persons ...............................
Senior long-term debt ............................................
Other liabilities:
  Reverse repurchase agreements ..................................
  Short sales ....................................................
  Written options ................................................
  All other liabilities .......................................... 690

Equity  ($000s)
Senior equity ....................................................
Net assets of common shareholders ................................ 53,939

Number of shares outstanding (000s):   5,310

Net Asset Value (NAV) per share (to nearest cent):  $10.16

Total number of shareholder accounts:  11

Total value of assets in segregated accounts ($000s)0
 
75.Monthly average net assets during the period ($000s)53,328
 
 Signature  Top of Form N-SAR 
                                                                                    
/s/      Stephen A. Keane      
Name:   Stephen A. Keane
Title:  General Counsel

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