<PAGE> PAGE 1
000 B000000 06/30/95
000 C000000 0000721704
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FLAGSHIP ADMIRAL FUNDS INC.
001 B000000 811-3770
001 C000000 5134610332
002 A000000 ONE SOUTH MAIN STREET, ONE DAYTON CENTRE
002 B000000 DAYTON
002 C000000 OH
002 D010000 45402
002 D020000 2030
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 FLAGSHIP UTILITY INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 THE GOLDEN RAINBOW A JAMES ADVISED MUTUAL FU
007 C030200 N
007 C010300 3
007 C020300 FLAGSHIP SHORT DURATION U.S. GOVERNMENT FUND
007 C030300 N
007 C010400 4
007 C020400 FLAGSHIP LIMITED TERM U.S. GOVERNMENT FUND
007 C030400 N
007 C010500 5
007 C020500 FLAGSHIP INTERMEDIATE U.S. GOVERNMENT FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
<PAGE> PAGE 2
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
<PAGE> PAGE 3
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
011 A00AA01 FLAGSHIP FUNDS INC.
011 B00AA01 8-29199
011 C01AA01 DAYTON
011 C02AA01 OH
011 C03AA01 45402
011 C04AA01 2030
013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 DAYTON
013 B02AA01 OH
013 B03AA01 45402
014 A00AA01 FLAGSHIP FUNDS INC.
014 B00AA01 8-29199
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 60
019 C00AA00 FLAGSHIPXX
020 A000001 ROBERT BAIRD
020 B000001 39-6037917
020 C000001 57
020 A000002 SMITH BARNEY, HARRIS UPHA
020 B000002 13-1912900
020 C000002 33
020 A000003 PAINEWEBBER, INC.
020 B000003 04-1699435
020 C000003 32
020 A000004 IFG NETWORK
020 B000004 59-2765230
020 C000004 27
020 A000005 DEAN WITTER
020 B000005 94-1671384
<PAGE> PAGE 4
020 C000005 24
020 A000006 MERRILL LYNCH
020 B000006 13-5674085
020 C000006 22
020 A000007 J.C. BRADFORD
020 B000007 62-0136910
020 C000007 20
020 A000008 KEMPER FINANCIAL SERVICES
020 B000008 34-1542819
020 C000008 18
020 A000009 BROADCOURT CAPITAL
020 B000009 13-3144415
020 C000009 14
020 A000010 COWEN & CO.
020 B000010 13-5616116
020 C000010 11
021 000000 321
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001 46263
022 D000001 54185
022 A000002 SMITH BARNEY, INC.
022 B000002 13-1912900
022 C000002 28267
022 D000002 24780
022 A000003 ROBERT W. BAIRD
022 B000003 39-6037917
022 C000003 13736
022 D000003 22088
022 A000004 PAINEWEBBER, INC.
022 B000004 04-1699435
022 C000004 25737
022 D000004 4295
022 A000005 PRUDENTIAL
022 B000005 22-2347336
022 C000005 4932
022 D000005 8276
022 A000006 GOLDMAN SACHS
022 B000006 13-5108880
022 C000006 6610
022 D000006 3270
022 A000007 PRU BACHE
022 B000007 22-2347336
022 C000007 2930
022 D000007 2934
022 A000008 HANAUER, J.B.
022 B000008 22-1847493
022 C000008 2154
022 D000008 2046
022 A000009 DONALDSON, LUFKIN & JENRETTE
022 B000009 13-2741729
<PAGE> PAGE 5
022 C000009 1454
022 D000009 1418
022 A000010 UBS
022 C000010 512
022 D000010 408
023 C000000 206691
023 D000000 194701
024 00AA00 N
026 A000000 N
026 B000000 N
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 3650
081 A00AA00 Y
081 B00AA00 30
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 FLAGSHIP FINANCIAL INC.
008 B000101 A
008 C000101 801-14147
<PAGE> PAGE 6
008 D010101 DAYTON
008 D020101 OH
008 D030101 45402
008 D040101 2030
012 A000101 BOSTON FINANCIAL DATA SERVICES
012 B000101 84-00896
012 C010101 BOSTON
012 C020101 MA
012 C030101 02101
015 A000101 STATE STREET BANK & TRUST CO.
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02101
015 E010101 X
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 891
028 A020100 88
028 A030100 0
028 A040100 624
028 B010100 399
028 B020100 81
028 B030100 0
028 B040100 1158
028 C010100 403
028 C020100 90
028 C030100 0
028 C040100 763
028 D010100 386
028 D020100 86
028 D030100 0
028 D040100 583
028 E010100 349
028 E020100 88
028 E030100 0
028 E040100 747
028 F010100 287
028 F020100 88
028 F030100 0
028 F040100 499
028 G010100 2715
028 G020100 521
028 G030100 0
028 G040100 4374
<PAGE> PAGE 7
028 H000100 1092
029 000100 Y
030 A000100 46
030 B000100 4.20
030 C000100 0.00
031 A000100 6
031 B000100 0
032 000100 40
033 000100 0
034 000100 Y
035 000100 1
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 100
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 150
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 100000
048 A020100 0.500
048 B010100 100000
048 B020100 0.450
048 C010100 100000
048 C020100 0.400
048 D010100 200000
048 D020100 0.350
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
<PAGE> PAGE 8
048 J020100 0.000
048 K010100 500000
048 K020100 0.300
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 Y
054 A000100 Y
054 B000100 Y
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
055 A000100 N
055 B000100 Y
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 3000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
<PAGE> PAGE 9
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 Y
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 Y
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 43550
<PAGE> PAGE 10
071 B000100 47110
071 C000100 29707
071 D000100 147
072 A000100 12
072 B000100 100
072 C000100 2185
072 D000100 0
072 E000100 0
072 F000100 152
072 G000100 0
072 H000100 0
072 I000100 64
072 J000100 50
072 K000100 0
072 L000100 0
072 M000100 3
072 N000100 40
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 22
072 S000100 6
072 T000100 150
072 U000100 0
072 V000100 0
072 W000100 1
072 X000100 488
072 Y000100 157
072 Z000100 1954
072AA000100 0
072BB000100 1509
072CC010100 3182
072CC020100 0
072DD010100 1649
072DD020100 305
072EE000100 0
073 A010100 0.6400
073 A020100 0.5900
073 B000100 0.0000
073 C000100 0.0000
074 A000100 494
074 B000100 0
074 C000100 0
074 D000100 1901
074 E000100 7868
074 F000100 19652
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 450
074 K000100 344
<PAGE> PAGE 11
074 L000100 0
074 M000100 13
074 N000100 30722
074 O000100 0
074 P000100 13
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 208
074 S000100 0
074 T000100 30501
074 U010100 2441
074 U020100 537
074 V010100 10.24
074 V020100 10.24
074 W000100 0.0000
074 X000100 1965
074 Y000100 4287
075 A000100 0
075 B000100 30382
076 000100 0.00
008 A000201 FLAGSHIP FINANCIAL INC.
008 B000201 A
008 C000201 801-14147
008 D010201 DAYTON
008 D020201 OH
008 D030201 45402
008 D040201 2030
008 A000202 JAMES INVESTMENT RESEARCH, INC.
008 B000202 S
008 C000202 801-12359
008 D010202 XENIA
008 D020202 OH
008 D030202 45385
012 A000201 MGF SERVICE CORP.
012 B000201 84-1093
012 C010201 CINCINNATI
012 C020201 OH
012 C030201 45202
015 A000201 THE FIFTH THIRD BANK
015 B000201 C
015 C010201 CINCINNATI
015 C020201 OH
015 C030201 45263
015 E010201 X
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
<PAGE> PAGE 12
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 1782
028 A020200 0
028 A030200 0
028 A040200 2233
028 B010200 1844
028 B020200 0
028 B030200 0
028 B040200 3643
028 C010200 1789
028 C020200 1799
028 C030200 0
028 C040200 3998
028 D010200 2585
028 D020200 0
028 D030200 0
028 D040200 3324
028 E010200 1222
028 E020200 0
028 E030200 0
028 E040200 3531
028 F010200 964
028 F020200 1757
028 F030200 0
028 F040200 7584
028 G010200 10186
028 G020200 3556
028 G030200 0
028 G040200 24313
028 H000200 0
029 000200 N
030 A000200 0
030 B000200 0.00
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 0
033 000200 0
034 000200 N
035 000200 0
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 0
<PAGE> PAGE 13
042 D000200 100
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 321
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.740
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
054 A000200 Y
054 B000200 Y
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 N
054 M000200 Y
<PAGE> PAGE 14
054 N000200 N
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 5000
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
<PAGE> PAGE 15
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 82744
071 B000200 128427
071 C000200 170751
071 D000200 48
072 A000200 12
072 B000200 7680
072 C000200 1930
072 D000200 0
072 E000200 0
072 F000200 1397
072 G000200 0
072 H000200 0
072 I000200 72
072 J000200 9
072 K000200 0
072 L000200 0
072 M000200 19
072 N000200 10
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 29
072 S000200 43
072 T000200 321
072 U000200 57
072 V000200 0
<PAGE> PAGE 16
072 W000200 7
072 X000200 1964
072 Y000200 0
072 Z000200 7646
072AA000200 7317
072BB000200 0
072CC010200 14028
072CC020200 0
072DD010200 7544
072DD020200 0
072EE000200 3869
073 A010200 0.6800
073 A020200 0.0000
073 B000200 0.3500
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 22147
074 D000200 88769
074 E000200 0
074 F000200 72156
074 G000200 0
074 H000200 0
074 I000200 6792
074 J000200 433
074 K000200 0
074 L000200 1657
074 M000200 12
074 N000200 191966
074 O000200 0
074 P000200 194
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 299
074 S000200 0
074 T000200 191473
074 U010200 10481
074 U020200 0
074 V010200 18.27
074 V020200 0.00
074 W000200 0.0000
074 X000200 2163
074 Y000200 0
075 A000200 0
075 B000200 188755
076 000200 0.00
008 A000301 FLAGSHIP FINANCIAL INC.
008 B000301 A
008 C000301 801-14147
<PAGE> PAGE 17
008 D010301 DAYTON
008 D020301 OH
008 D030301 45402
008 D040301 1506
012 A000301 BOSTON FINANCIAL DATA SERVICES
012 B000301 84-00896
012 C010301 BOSTON
012 C020301 MA
012 C030301 02101
015 A000301 STATE STREET BANK & TRUST CO.
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02101
015 E010301 X
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 0
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 0
028 C020300 0
028 C030300 0
028 C040300 0
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 0
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 0
028 F020300 0
028 F030300 0
028 F040300 0
028 G010300 0
028 G020300 0
028 G030300 0
028 G040300 0
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
<PAGE> PAGE 18
033 000300 0
034 000300 N
035 000300 0
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 N
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 N
047 000300 N
048 000300 0.000
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
054 A000300 N
<PAGE> PAGE 19
054 B000300 N
054 C000300 N
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 N
054 H000300 N
054 I000300 N
054 J000300 N
054 K000300 N
054 L000300 N
054 M000300 N
054 N000300 N
054 O000300 N
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
059 000300 N
060 A000300 N
060 B000300 N
061 000300 0
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 N
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
<PAGE> PAGE 20
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 0
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 0
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
<PAGE> PAGE 21
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 0
072 Y000300 0
072 Z000300 0
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 0
074 M000300 0
074 N000300 0
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 0
074 S000300 0
074 T000300 0
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 0
074 Y000300 0
<PAGE> PAGE 22
075 A000300 0
075 B000300 0
076 000300 0.00
008 A000401 FLAGSHIP FINANCIAL INC.
008 B000401 A
008 C000401 801-14147
008 D010401 DAYTON
008 D020401 OH
008 D030401 45402
008 D040401 2030
012 A000401 BOSTON FINANCIAL DATA SERVICES
012 B000401 84-00896
012 C010401 BOSTON
012 C020401 MA
012 C030401 02101
015 A000401 STATE STREET BANK & TRUST CO.
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02101
015 E010401 X
028 A010400 25
028 A020400 7
028 A030400 0
028 A040400 669
028 B010400 49
028 B020400 5
028 B030400 0
028 B040400 184
028 C010400 129
028 C020400 6
028 C030400 0
028 C040400 525
028 D010400 937
028 D020400 8
028 D030400 0
028 D040400 503
028 E010400 367
028 E020400 10
028 E030400 0
028 E040400 29
028 F010400 641
028 F020400 7
028 F030400 0
028 F040400 264
028 G010400 2148
028 G020400 43
028 G030400 0
028 G040400 2174
028 H000400 593
029 000400 Y
<PAGE> PAGE 23
030 A000400 10
030 B000400 2.50
030 C000400 0.00
031 A000400 2
031 B000400 0
032 000400 8
033 000400 0
034 000400 Y
035 000400 1
036 A000400 N
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 100
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 11
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.350
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
<PAGE> PAGE 24
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 Y
054 A000400 Y
054 B000400 Y
054 C000400 N
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 N
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 N
055 A000400 Y
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 3000
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 43.0
062 N000400 56.7
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
<PAGE> PAGE 25
063 B000400 5.1
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 8047
071 B000400 5847
071 C000400 2335
071 D000400 250
072 A000400 12
072 B000400 167
072 C000400 0
<PAGE> PAGE 26
072 D000400 0
072 E000400 0
072 F000400 8
072 G000400 0
072 H000400 0
072 I000400 29
072 J000400 55
072 K000400 0
072 L000400 0
072 M000400 0
072 N000400 28
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 3
072 S000400 0
072 T000400 11
072 U000400 26
072 V000400 0
072 W000400 0
072 X000400 160
072 Y000400 137
072 Z000400 144
072AA000400 0
072BB000400 5
072CC010400 109
072CC020400 0
072DD010400 65
072DD020400 78
072EE000400 0
073 A010400 0.5900
073 A020400 0.5300
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 3555
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 57
074 M000400 0
074 N000400 3612
074 O000400 0
074 P000400 2
074 Q000400 0
<PAGE> PAGE 27
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 42
074 S000400 0
074 T000400 3568
074 U010400 167
074 U020400 205
074 V010400 9.60
074 V020400 9.61
074 W000400 0.0000
074 X000400 106
074 Y000400 2022
075 A000400 0
075 B000400 2382
076 000400 0.00
008 A000501 FLAGSHIP FINANCIAL INC
008 B000501 A
008 C000501 801-14147
008 D010501 DAYTON
008 D020501 OH
008 D030501 45402
008 D040501 2030
012 A000501 BOSTON FINANCIAL DATA SERVICES
012 B000501 84-00896
012 C010501 BOSTON
012 C020501 MA
012 C030501 02101
015 A000501 STATE STREET BANK & TRUST CO.
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02101
015 E010501 X
028 A010500 112
028 A020500 4
028 A030500 0
028 A040500 315
028 B010500 99
028 B020500 4
028 B030500 0
028 B040500 74
028 C010500 524
028 C020500 5
028 C030500 0
028 C040500 10
028 D010500 41
028 D020500 6
028 D030500 0
028 D040500 52
028 E010500 274
<PAGE> PAGE 28
028 E020500 6
028 E030500 0
028 E040500 139
028 F010500 238
028 F020500 5
028 F030500 0
028 F040500 113
028 G010500 1288
028 G020500 30
028 G030500 0
028 G040500 703
028 H000500 199
029 000500 Y
030 A000500 5
030 B000500 3.00
030 C000500 0.00
031 A000500 1
031 B000500 0
032 000500 4
033 000500 0
034 000500 Y
035 000500 1
036 A000500 N
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 100
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 16
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.500
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
<PAGE> PAGE 29
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 Y
054 A000500 Y
054 B000500 Y
054 C000500 N
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 N
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 N
054 M000500 Y
054 N000500 N
054 O000500 N
055 A000500 Y
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 3000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
<PAGE> PAGE 30
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 46.7
062 N000500 53.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 8.5
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
<PAGE> PAGE 31
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 6471
071 B000500 4778
071 C000500 2321
071 D000500 206
072 A000500 12
072 B000500 162
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 11
072 G000500 0
072 H000500 0
072 I000500 26
072 J000500 55
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 28
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 3
072 S000500 0
072 T000500 16
072 U000500 27
072 V000500 0
072 W000500 3
072 X000500 169
072 Y000500 143
072 Z000500 136
072AA000500 8
072BB000500 0
072CC010500 200
072CC020500 0
072DD010500 49
072DD020500 87
072EE000500 0
073 A010500 0.6000
073 A020500 0.5300
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 3252
<PAGE> PAGE 32
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 58
074 M000500 0
074 N000500 3310
074 O000500 0
074 P000500 2
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 46
074 S000500 0
074 T000500 3262
074 U010500 105
074 U020500 232
074 V010500 9.68
074 V020500 9.69
074 W000500 0.0000
074 X000500 118
074 Y000500 0
075 A000500 0
075 B000500 2243
076 000500 0.00
SIGNATURE RICHARD P. DAVIS
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000721704
<NAME> THE GOLDEN RAINBOW A JAMES ADVISED MUTUAL FUND
<SERIES>
<NUMBER> 02
<NAME> CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 161,596,676
<INVESTMENTS-AT-VALUE> 183,071,892
<RECEIVABLES> 2,090,522
<ASSETS-OTHER> 6,803,175
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 191,965,589
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 493,062
<TOTAL-LIABILITIES> 493,062
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 164,402,410
<SHARES-COMMON-STOCK> 10,481,430
<SHARES-COMMON-PRIOR> 11,325,239
<ACCUMULATED-NII-CURRENT> 101,968
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,492,933
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21,475,216
<NET-ASSETS> 191,472,527
<DIVIDEND-INCOME> 1,930,218
<INTEREST-INCOME> 7,679,134
<OTHER-INCOME> 0
<EXPENSES-NET> (1,963,667)
<NET-INVESTMENT-INCOME> 7,645,685
<REALIZED-GAINS-CURRENT> 7,317,261
<APPREC-INCREASE-CURRENT> 14,027,956
<NET-CHANGE-FROM-OPS> 28,990,902
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,543,717)
<DISTRIBUTIONS-OF-GAINS> (3,868,849)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,053,735
<NUMBER-OF-SHARES-REDEEMED> (2,521,692)
<SHARES-REINVESTED> 624,148
<NET-CHANGE-IN-ASSETS> 2,725,089
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,044,521
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,396,526
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,397,367
<AVERAGE-NET-ASSETS> 188,755,373
<PER-SHARE-NAV-BEGIN> 16.67
<PER-SHARE-NII> 0.69
<PER-SHARE-GAIN-APPREC> 1.94
<PER-SHARE-DIVIDEND> (0.68)
<PER-SHARE-DISTRIBUTIONS> (0.35)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.27
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000721704
<NAME> FLAGSHIP INTERMEDIATE US GOVERNMENT FUND
<SERIES>
<NUMBER> 051
<NAME> CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 3,091,415
<INVESTMENTS-AT-VALUE> 3,252,067
<RECEIVABLES> 57,554
<ASSETS-OTHER> 244
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,309,865
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,054
<TOTAL-LIABILITIES> 48,054
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,129,640
<SHARES-COMMON-STOCK> 104,707
<SHARES-COMMON-PRIOR> 45,269
<ACCUMULATED-NII-CURRENT> 466
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (28,947)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 160,652
<NET-ASSETS> 3,261,811
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 161,687
<OTHER-INCOME> 0
<EXPENSES-NET> (26,146)
<NET-INVESTMENT-INCOME> 135,541
<REALIZED-GAINS-CURRENT> 8,320
<APPREC-INCREASE-CURRENT> 200,196
<NET-CHANGE-FROM-OPS> 344,057
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (48,544)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 141,795
<NUMBER-OF-SHARES-REDEEMED> (84,258)
<SHARES-REINVESTED> 1,901
<NET-CHANGE-IN-ASSETS> 604,463
<ACCUMULATED-NII-PRIOR> 566
<ACCUMULATED-GAINS-PRIOR> (37,267)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,213
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169,578
<AVERAGE-NET-ASSETS> 2,242,544
<PER-SHARE-NAV-BEGIN> 9.03
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> 0.65
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.68
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000721704
<NAME> FLAGSHIP INTERMEDIATE
US GOVERNMENT FUND
<SERIES>
<NUMBER> 053
<NAME> CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 3,091,415
<INVESTMENTS-AT-VALUE> 3,252,067
<RECEIVABLES> 57,554
<ASSETS-OTHER> 244
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,309,865
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,054
<TOTAL-LIABILITIES> 48,054
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,129,640
<SHARES-COMMON-STOCK> 232,156
<SHARES-COMMON-PRIOR> 119,617
<ACCUMULATED-NII-CURRENT> 466
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (28,947)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 160,652
<NET-ASSETS> 3,261,811
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 161,687
<OTHER-INCOME> 0
<EXPENSES-NET> (26,146)
<NET-INVESTMENT-INCOME> 135,541
<REALIZED-GAINS-CURRENT> 8,320
<APPREC-INCREASE-CURRENT> 200,196
<NET-CHANGE-FROM-OPS> 344,057
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (87,097)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 173,777
<NUMBER-OF-SHARES-REDEEMED> (64,189)
<SHARES-REINVESTED> 2,951
<NET-CHANGE-IN-ASSETS> 1,167,177
<ACCUMULATED-NII-PRIOR> 566
<ACCUMULATED-GAINS-PRIOR> (37,267)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,213
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169,578
<AVERAGE-NET-ASSETS> 2,242,544
<PER-SHARE-NAV-BEGIN> 9.04
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> 0.65
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.69
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000721704
<NAME> FLAGSHIP LIMITED TERM US GOVERNMENT FUND
<SERIES>
<NUMBER> 041
<NAME> CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 3,469,530
<INVESTMENTS-AT-VALUE> 3,554,895
<RECEIVABLES> 56,867
<ASSETS-OTHER> 261
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,612,023
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,465
<TOTAL-LIABILITIES> 44,465
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,509,226
<SHARES-COMMON-STOCK> 166,540
<SHARES-COMMON-PRIOR> 46,521
<ACCUMULATED-NII-CURRENT> 1,862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (28,895)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 85,365
<NET-ASSETS> 3,567,558
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 166,916
<OTHER-INCOME> 0
<EXPENSES-NET> (22,858)
<NET-INVESTMENT-INCOME> 144,058
<REALIZED-GAINS-CURRENT> (4,567)
<APPREC-INCREASE-CURRENT> 108,840
<NET-CHANGE-FROM-OPS> 248,331
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (65,232)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 209,201
<NUMBER-OF-SHARES-REDEEMED> (92,489)
<SHARES-REINVESTED> 3,307
<NET-CHANGE-IN-ASSETS> 1,177,373
<ACCUMULATED-NII-PRIOR> 673
<ACCUMULATED-GAINS-PRIOR> (24,328)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,338
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 165,218
<AVERAGE-NET-ASSETS> 2,382,232
<PER-SHARE-NAV-BEGIN> 9.36
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> (0.59)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000721704
<NAME> FLAGSHIP LIMITED TERM
US GOVERNMENT FUND
<SERIES>
<NUMBER> 043
<NAME> CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 3,469,530
<INVESTMENTS-AT-VALUE> 3,554,895
<RECEIVABLES> 56,867
<ASSETS-OTHER> 261
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,612,023
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,465
<TOTAL-LIABILITIES> 44,465
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,509,226
<SHARES-COMMON-STOCK> 204,944
<SHARES-COMMON-PRIOR> 84,552
<ACCUMULATED-NII-CURRENT> 1,862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (28,895)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 85,365
<NET-ASSETS> 3,567,558
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 166,916
<OTHER-INCOME> 0
<EXPENSES-NET> (22,858)
<NET-INVESTMENT-INCOME> 144,058
<REALIZED-GAINS-CURRENT> (4,567)
<APPREC-INCREASE-CURRENT> 108,840
<NET-CHANGE-FROM-OPS> 248,331
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (77,637)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 302,393
<NUMBER-OF-SHARES-REDEEMED> (186,127)
<SHARES-REINVESTED> 4,126
<NET-CHANGE-IN-ASSETS> 1,163,597
<ACCUMULATED-NII-PRIOR> 673
<ACCUMULATED-GAINS-PRIOR> (24,328)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,338
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 165,218
<AVERAGE-NET-ASSETS> 2,382,232
<PER-SHARE-NAV-BEGIN> 9.36
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.61
<EXPENSE-RATIO> 1.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000721704
<NAME> FLAGSHIP UTILITY INCOME FUND
<SERIES>
<NUMBER> 011
<NAME> CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 28,393,940
<INVESTMENTS-AT-VALUE> 29,421,742
<RECEIVABLES> 793,589
<ASSETS-OTHER> 506,188
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,721,519
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 220,195
<TOTAL-LIABILITIES> 220,195
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73,636,751
<SHARES-COMMON-STOCK> 2,440,747
<SHARES-COMMON-PRIOR> 2,778,003
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44,163,229)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,027,802
<NET-ASSETS> 30,501,324
<DIVIDEND-INCOME> 2,185,091
<INTEREST-INCOME> 100,479
<OTHER-INCOME> 0
<EXPENSES-NET> (331,548)
<NET-INVESTMENT-INCOME> 1,954,022
<REALIZED-GAINS-CURRENT> (1,509,016)
<APPREC-INCREASE-CURRENT> 3,182,126
<NET-CHANGE-FROM-OPS> 3,627,132
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,648,894)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 429,971
<NUMBER-OF-SHARES-REDEEMED> (853,817)
<SHARES-REINVESTED> 86,590
<NET-CHANGE-IN-ASSETS> (1,921,196)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (50,186,899)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 151,911
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 488,215
<AVERAGE-NET-ASSETS> 30,382,187
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> 0.55
<PER-SHARE-DIVIDEND> (0.64)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 153,900
<AVG-DEBT-PER-SHARE> 0.02
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000721704
<NAME> FLAGSHIP UTILITY
INCOME FUND
<SERIES>
<NUMBER> 013
<NAME> CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 28,393,940
<INVESTMENTS-AT-VALUE> 29,421,742
<RECEIVABLES> 793,589
<ASSETS-OTHER> 506,188
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,721,519
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 220,195
<TOTAL-LIABILITIES> 220,195
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73,636,751
<SHARES-COMMON-STOCK> 537,415
<SHARES-COMMON-PRIOR> 529,516
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44,163,229)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,027,802
<NET-ASSETS> 30,501,324
<DIVIDEND-INCOME> 2,185,091
<INTEREST-INCOME> 100,479
<OTHER-INCOME> 0
<EXPENSES-NET> (331,548)
<NET-INVESTMENT-INCOME> 1,954,022
<REALIZED-GAINS-CURRENT> (1,509,016)
<APPREC-INCREASE-CURRENT> 3,182,126
<NET-CHANGE-FROM-OPS> 3,627,132
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (305,128)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 136,957
<NUMBER-OF-SHARES-REDEEMED> (150,761)
<SHARES-REINVESTED> 21,703
<NET-CHANGE-IN-ASSETS> 372,393
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (50,186,899)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 151,911
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 488,215
<AVERAGE-NET-ASSETS> 30,382,187
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 0.55
<PER-SHARE-DIVIDEND> (0.59)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> 1.54
<AVG-DEBT-OUTSTANDING> 153,900
<AVG-DEBT-PER-SHARE> 0
</TABLE>
