Report 
 
      
Registrant:   The Southtrust Funds — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  10/31/04

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
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 #:   811-03580

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 Fund — N-SARs
↓
Series 2:     Southtrust Bond Fund — N-SARs
↓
Series 5:     Southtrust Growth Fund — N-SARs
↓
Series 4:     Southtrust Income Fund — N-SARs
↓
Series 1:     Southtrust U.S. Treasury MMKT Fund — N-SARs
↓
Series 3:     Southtrust Value Fund — N-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)?  No
 
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 Series
↑List of 6 Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: 
Investment Adviser 
 
 8.1
Name:         Southtrust Investment Advisors
Role:         Adviser
SEC File #:   801-60088
Location:     Birmingham, AL
 
 All: 
Administrator 
 
10.1
Name:         Federated Services Co.
Location:     Pittsburgh, PA
 
 All: 
Principal Underwriter 
 
11.1
Name:         Federated Securities Corp.
SEC File #:   008-15561
Location:     Pittsburgh, PA
 
 All: 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Federated Shareholder Services Co.
SEC File #:   084-01869
Location:     Boston, MA
 
 All: 
Independent Public Accountant 
 
13.1
Name:         KPMG LLP
Location:     Boston, MA
 
 All: 
Affiliated Broker/Dealer 
 
14.1
Name:         Southtrust Securities, Inc.
SEC File #:   008-35267
 
 All: 
Custodian 
 
15.1
Name:         Southtrust Bank
Role:         Custodian
Location:     Birmingham, AL

Type of custody:  Section 17(f)(1) — Bank
 
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:
 
20.1
Broker:       Cantor Fitsgerald
Commissions paid ($000s):  17
 
20.2
Broker:       Cap Instiutional Services Inc.
Commissions paid ($000s):  16
 
20.3
Broker:       Bear Stearns + Co. Inc.
Commissions paid ($000s):  3
 
20.4
Broker:       Pershing LLC
Commissions paid ($000s):  1
 
20.5
Broker:       Lehman Brothers Inc.
Commissions paid ($000s):  1
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  39
 
 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:
 
22.1
Entity:       Lehman Brothers Inc.
Registrant’s purchases ($000s):  18,624,799
 
22.2
Entity:       Morgan Stanley DW Inc.
Registrant’s purchases ($000s):  18,458,210
Registrant’s sales ($000s):  3,328
 
22.3
Entity:       Greenwich Securities
Registrant’s purchases ($000s):  13,665,006
 
22.4
Entity:       Dreesdner Kleinwoth Wasserstei
Registrant’s purchases ($000s):  13,224,696
 
22.5
Entity:       Bear Stearns Co.
Registrant’s purchases ($000s):  12,130,000
 
22.6
Entity:       Chase Securities Inc.
Registrant’s purchases ($000s):  354,805
Registrant’s sales ($000s):  100,755
 
22.7
Entity:       Aim Management Co.
Registrant’s purchases ($000s):  84,882
Registrant’s sales ($000s):  82,393
 
22.8
Entity:       Clarke + Co.
Registrant’s sales ($000s):  149,969
 
22.9
Entity:       Deutsche Bank Alex. Brown Inst.
Registrant’s purchases ($000s):  52,280
Registrant’s sales ($000s):  5,218
 
22.10
Entity:       Raymond James & Associates
Registrant’s purchases ($000s):  6,770
Registrant’s sales ($000s):  6,163
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  94,589,072
   Aggregate sales ($000s):  356,514
 
 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 ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
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 ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  No
Services of independent auditors .......................................  Yes
Services of outside counsel ............................................  Yes
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  Yes
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
 Series 1
↑Information Common to All Funds/Series  ↑List of 6 Funds/Series 
 
 7.
Name:         Southtrust U.S. Treasury MMKT Fund — N-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 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) ............................
 217,196
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 461,041
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 175,120
      Reinvestment of dividends and distributions ................
 139
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 235,973
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 189,560
      Reinvestment of dividends and distributions ................
 144
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 184,730
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 174,179
      Reinvestment of dividends and distributions ................
 191
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 129,158
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 136,391
      Reinvestment of dividends and distributions ................
 253
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 272,832
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 268,432
      Reinvestment of dividends and distributions ................
 687
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 222,356

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,160,877
      Reinvestment of dividends and distributions ................
 1,414
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,506,090

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?  No
 
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 
 
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
 
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 ...............................    29.3%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................    70.7
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:     55
    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

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 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?                    No        –
Investments in shares of other investment companies?     No        –
Investments in securities of foreign issuers?            No        –
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      No        –
Purchases/sales by certain exempted affiliated persons?  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 ..............................................
 7,982
Net dividend income ..............................................
 –
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 3,172
Administrator fees ...............................................
 598
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 16
Custodian fees ...................................................
 44
Postage ..........................................................
 –
Printing expenses ................................................
 20
Directors’ fees ..................................................
 35
Registration fees ................................................
 18
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 193
Auditing fees ....................................................
 8
Legal fees .......................................................
 4
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 1,586
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 45
Total expenses ...................................................
 5,739

Expense reimbursements ($000s):   2,157

Net investment income ($000s):    4,399

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):  4,411

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:    $0.0036

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 1: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 35
Repurchase agreements ............................................
 842,031
Short-term debt securities, other than repurchase agreements .....
 349,331
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 ................................................
 965
All other assets .................................................
 91
Total assets .....................................................
 1,192,453

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 98
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 789

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 1,191,566

Number of shares outstanding (000s):   1,191,574

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

Total number of shareholder accounts:  37

Total value of assets in segregated accounts ($000s):  0
 
75.
Daily average net assets during the period ($000s):  1,258,646
 
 Series 2
↑Information Common to All Funds/Series  ↑List of 6 Funds/Series 
 
 7.
Name:         Southtrust Bond Fund — N-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 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) ............................
 1,225
      Reinvestment of dividends and distributions ................
 127
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 2,059
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,936
      Reinvestment of dividends and distributions ................
 123
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,811
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,856
      Reinvestment of dividends and distributions ................
 121
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,547
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 242
      Reinvestment of dividends and distributions ................
 120
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,427
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 732
      Reinvestment of dividends and distributions ................
 118
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 990
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 575
      Reinvestment of dividends and distributions ................
 118
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,049

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 6,566
      Reinvestment of dividends and distributions ................
 727
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 8,883

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  6,577
 
 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):  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?  No
 
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?  No
 
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 
 
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
 
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 ...............................    21.4%
U.S. Government Agency ......................    17.7
State and Municipal – tax-free ..............      0.0
Corporate ...................................    53.4
All other ...................................      6.1

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:    7.4
 
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?         No        –
Investments in restricted securities?                    Yes to both
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes      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 2: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  4,825
Sales ($000s):      2,746

Monthly average Value of portfolio ($000s):  132,062

Percent turnover (lesser of Purchases or Sales, divided by Value):  2%
 
 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 ..............................................
 3,309
Net dividend income ..............................................
 –
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 408
Administrator fees ...............................................
 64
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 17
Custodian fees ...................................................
 7
Postage ..........................................................
 –
Printing expenses ................................................
 7
Directors’ fees ..................................................
 3
Registration fees ................................................
 11
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 27
Auditing fees ....................................................
 9
Legal fees .......................................................
 3
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 170
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 15
Total expenses ...................................................
 741

Expense reimbursements ($000s):   136

Net investment income ($000s):    2,704

Realized capital gains ($000s):   0
Realized capital losses ($000s):  110

Net unrealized appreciation during the period ($000s):  1,541
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  2,876

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:    $0.2160

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 2: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 4
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 133,298
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 –
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 375
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 1,967
All other assets .................................................
 11
Total assets .....................................................
 135,655

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 ..........................................
 39

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 135,616

Number of shares outstanding (000s):   13,245

Net Asset Value (NAV) per share (to nearest cent):  $10.24

Total number of shareholder accounts:  43

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  134,974
 
 Series 3
↑Information Common to All Funds/Series  ↑List of 6 Funds/Series 
 
 7.
Name:         Southtrust Value Fund — N-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 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) ............................
 1,537
      Reinvestment of dividends and distributions ................
 277
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 2,316
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,941
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 5,248
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,166
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 4,635
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,658
      Reinvestment of dividends and distributions ................
 309
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 2,666
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,925
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,375
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,536
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,924

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 11,766
      Reinvestment of dividends and distributions ................
 586
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 22,164

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  11,812
 
 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):  8

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):  7
 
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?  No
 
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?  No
 
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 
 
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
 
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?  No
    Growth?                           Yes
    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?      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?             Yes      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?            Yes to both
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            No        –
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  No        –
Margin purchases?                                        No        –
Short selling?                                           No        –
 
 S 3: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  47,704
Sales ($000s):      56,064

Monthly average Value of portfolio ($000s):  307,029

Percent turnover (lesser of Purchases or Sales, divided by Value):  16%
 
 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 ..............................................
 60
Net dividend income ..............................................
 2,168
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 1,188
Administrator fees ...............................................
 149
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 21
Custodian fees ...................................................
 16
Postage ..........................................................
 –
Printing expenses ................................................
 12
Directors’ fees ..................................................
 8
Registration fees ................................................
 15
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 49
Auditing fees ....................................................
 7
Legal fees .......................................................
 3
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 396
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 18
Total expenses ...................................................
 1,882

Expense reimbursements ($000s):   317

Net investment income ($000s):    661

Realized capital gains ($000s):   21,394
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  7,320

Total income dividends for which the record date passed during the
period ($000s):  862

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:    $0.0450

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 3: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 8
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 .....................................................
 310,448
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 6,875
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 719
All other assets .................................................
 24
Total assets .....................................................
 318,074

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 31
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 53

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 317,990

Number of shares outstanding (000s):   18,855

Net Asset Value (NAV) per share (to nearest cent):  $16.86

Total number of shareholder accounts:  234

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  314,142
 
 Series 4
↑Information Common to All Funds/Series  ↑List of 6 Funds/Series 
 
 7.
Name:         Southtrust Income Fund — N-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 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) ............................
 1,573
      Reinvestment of dividends and distributions ................
 52
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 2,573
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,438
      Reinvestment of dividends and distributions ................
 51
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,193
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,021
      Reinvestment of dividends and distributions ................
 54
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 932
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 752
      Reinvestment of dividends and distributions ................
 53
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,974
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 769
      Reinvestment of dividends and distributions ................
 53
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,211
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,899
      Reinvestment of dividends and distributions ................
 65
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 667

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 9,452
      Reinvestment of dividends and distributions ................
 328
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 10,550

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  9,452
 
 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):  3

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):  2
 
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?  No
 
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?  Yes
 
41.
During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  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?  No
 
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 
 
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
 
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 ...................................      3.3

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................    15.9%
U.S. Government Agency ......................    23.9
State and Municipal – tax-free ..............      0.0
Corporate ...................................    43.8
All other ...................................    15.3

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:    3.3
 
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?      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      No
Currency exchange transactions?                          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 4: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  3,501
Sales ($000s):      4,295

Monthly average Value of portfolio ($000s):  80,504

Percent turnover (lesser of Purchases or Sales, divided by Value):  4%
 
 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 ..............................................
 1,539
Net dividend income ..............................................
 –
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 261
Administrator fees ...............................................
 41
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 16
Custodian fees ...................................................
 4
Postage ..........................................................
 –
Printing expenses ................................................
 6
Directors’ fees ..................................................
 3
Registration fees ................................................
 10
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 20
Auditing fees ....................................................
 8
Legal fees .......................................................
 3
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 109
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 13
Total expenses ...................................................
 494

Expense reimbursements ($000s):   200

Net investment income ($000s):    1,244

Realized capital gains ($000s):   142
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  116
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  1,576

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:    $0.1740

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 4: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 3
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 79,492
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 –
Options on equities ..............................................
 –
Options on all futures ...........................................
 7,158
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 1,003
All other assets .................................................
 6
Total assets .....................................................
 87,659

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 6
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 18

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 87,635

Number of shares outstanding (000s):   9,182

Net Asset Value (NAV) per share (to nearest cent):  $9.54

Total number of shareholder accounts:  30

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  86,276
 
 Series 5
↑Information Common to All Funds/Series  ↑List of 6 Funds/Series 
 
 7.
Name:         Southtrust Growth Fund — N-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 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) ............................
 1,153
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 682
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,142
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,102
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,259
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,034
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 990
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,509
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 740
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,178
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 794
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 702

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 6,078
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 6,207

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  6,078
 
 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):  7

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):  6
 
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?  No
 
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?  Yes
 
41.
During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  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?  No
 
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 
 
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
 
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?  No
    Growth?                           Yes
    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?      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?             Yes      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?            Yes to both
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            No        –
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  No        –
Margin purchases?                                        No        –
Short selling?                                           No        –
 
 S 5: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  9,133
Sales ($000s):      9,294

Monthly average Value of portfolio ($000s):  80,086

Percent turnover (lesser of Purchases or Sales, divided by Value):  11%
 
 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 ..............................................
 2
Net dividend income ..............................................
 429
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 327
Administrator fees ...............................................
 41
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 25
Custodian fees ...................................................
 4
Postage ..........................................................
 –
Printing expenses ................................................
 14
Directors’ fees ..................................................
 3
Registration fees ................................................
 12
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 15
Auditing fees ....................................................
 7
Legal fees .......................................................
 3
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 109
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 12
Total expenses ...................................................
 572

Expense reimbursements ($000s):   74

Net investment income ($000s):    -66

Realized capital gains ($000s):   14
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  758
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 .............................................................
 2
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 .....................................................
 86,750
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 46
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 110
All other assets .................................................
 6
Total assets .....................................................
 86,914

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 7
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 19

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 86,888

Number of shares outstanding (000s):   12,045

Net Asset Value (NAV) per share (to nearest cent):  $7.21

Total number of shareholder accounts:  379

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  86,501
 
 Series 6
↑Information Common to All Funds/Series  ↑List of 6 Funds/Series 
 
 7.
Name:         Southtrust Alabama Tax-Free Income Fund — N-SARs

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 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) ............................
 407
      Reinvestment of dividends and distributions ................
 34
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 613
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 18
      Reinvestment of dividends and distributions ................
 31
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,074
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 125
      Reinvestment of dividends and distributions ................
 31
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 657
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 932
      Reinvestment of dividends and distributions ................
 31
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,018
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 62
      Reinvestment of dividends and distributions ................
 30
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 341
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 661
      Reinvestment of dividends and distributions ................
 29
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 510

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,205
      Reinvestment of dividends and distributions ................
 186
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 4,213

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  2,205
 
 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):  0

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?  No
 
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?  Yes
 
41.
During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  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?  No
 
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 
 
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
 
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 ...............................      2.4%
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 ..............    95.4
Corporate ...................................      0.0
All other ...................................      2.2

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:    8.9
 
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?  Yes

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 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?                                      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):  6,231
Sales ($000s):      7,950

Monthly average Value of portfolio ($000s):  57,959

Percent turnover (lesser of Purchases or Sales, divided by Value):  11%
 
 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 ..............................................
 1,202
Net dividend income ..............................................
 6
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 181
Administrator fees ...............................................
 28
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 14
Custodian fees ...................................................
 3
Postage ..........................................................
 –
Printing expenses ................................................
 3
Directors’ fees ..................................................
 3
Registration fees ................................................
 11
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 15
Auditing fees ....................................................
 7
Legal fees .......................................................
 3
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 75
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 14
Total expenses ...................................................
 357

Expense reimbursements ($000s):   166

Net investment income ($000s):    1,017

Realized capital gains ($000s):   176
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  752
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  1,025

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:    $0.1820

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 6: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 2
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 58,578
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 –
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 1,315
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 757
All other assets .................................................
 5
Total assets .....................................................
 60,657

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 752
Amounts owed to affiliated persons ...............................
 5
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 14

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 59,886

Number of shares outstanding (000s):   5,586

Net Asset Value (NAV) per share (to nearest cent):  $10.72

Total number of shareholder accounts:  11

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  59,783
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Stephen A. Keane      
Name:   Stephen A. Keane
Title:  General Counsel