FLAGSHIP ADMIRAL FUNDS INC
NSAR-B, 1996-08-29
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<PAGE>      PAGE  1
000 B000000 06/30/96
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 MUTUTAL 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
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
<PAGE>      PAGE  2
013 B02AA01 OH
013 B03AA01 45402
014 A00AA01 FLAGSHIP FUNDS INC.
014 B00AA01 8-29199
018  00AA00 Y
019 A00AA00 Y
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020 A000002 DEAN WITTER
020 B000002 94-1671384
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020 B000007 13-5616116
020 C000007      4
020 A000008 J C BRADFORD
020 B000008 62-0136910
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020 A000009 BROADCOURT CAPITAL
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020 A000010 EVEREN SECURITIES
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022 A000002 BAIRD, ROBERT, W
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
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008 D040101 2030
012 A000101 BOSTON FINANCIAL DATA SERVICES
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012 C010101 BOSTON
012 C020101 MA
012 C030101 02101
015 A000101 STATE STREET BANK & TRUST CO.
015 B000101 C
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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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
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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008 A000301 FLAGSHIP FINANCIAL INC.
008 B000301 A
008 C000301 801-14147
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008 D030301 45402
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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
015 B000301 C
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<PAGE>      PAGE  16
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054 D000300 N
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054 H000300 N
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054 J000300 N
054 K000300 N
054 L000300 N
054 M000300 N
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<PAGE>      PAGE  17
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070 J020300 N
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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074 W000300   0.0000
074 X000300        0
074 Y000300        0
075 A000300        0
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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
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028 A020400        17
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<PAGE>      PAGE  20
028 A040400       137
028 B010400       810
028 B020400        11
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028 C010400       395
028 C020400        13
028 C030400         0
028 C040400        87
028 D010400       193
028 D020400        13
028 D030400         0
028 D040400       139
028 E010400       398
028 E020400        14
028 E030400         0
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028 F010400       115
028 F020400        12
028 F030400         0
028 F040400       106
028 G010400      2263
028 G020400        80
028 G030400         0
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030 B000400  2.50
030 C000400  0.00
031 A000400      3
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032  000400     13
033  000400      0
034  000400 Y
035  000400     10
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
<PAGE>      PAGE  21
043  000400     11
044  000400      0
045  000400 Y
046  000400 N
047  000400 Y
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048 A020400 0.000
048 B010400        0
048 B020400 0.000
048 C010400        0
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048 D010400        0
048 D020400 0.000
048 E010400        0
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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
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
<PAGE>      PAGE  22
055 B000400 N
056  000400 Y
057  000400 N
058 A000400 N
059  000400 Y
060 A000400 Y
060 B000400 Y
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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  17.8
062 N000400  81.3
062 O000400   0.0
062 P000400   0.0
062 Q000400   0.0
062 R000400   0.0
063 A000400   0
063 B000400  5.3
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
<PAGE>      PAGE  23
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 Y
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400      6731
071 B000400      5239
071 C000400      4240
071 D000400  124
072 A000400 12
072 B000400      268
072 C000400        0
072 D000400        0
072 E000400        0
072 F000400       15
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072 H000400        0
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072 J000400       44
072 K000400        0
072 L000400        0
072 M000400        2
072 N000400       27
072 O000400        0
072 P000400        0
072 Q000400        0
072 R000400        8
072 S000400        1
072 T000400       11
072 U000400       26
072 V000400        0
072 W000400        0
072 X000400      160
072 Y000400      145
072 Z000400      253
072AA000400       65
<PAGE>      PAGE  24
072BB000400        0
072CC010400        0
072CC020400      163
072DD010400      130
072DD020400      127
072EE000400       50
073 A010400   0.5300
073 A020400   0.5500
073 B000400   0.0900
073 C000400   0.0000
074 A000400       73
074 B000400        0
074 C000400        0
074 D000400     4950
074 E000400        0
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400        0
074 K000400        0
074 L000400       37
074 M000400        0
074 N000400     5060
074 O000400        0
074 P000400        1
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074 S000400        0
074 T000400     4997
074 U010400      275
074 U020400      263
074 V010400     9.30
074 V020400     9.30
074 W000400   0.0000
074 X000400      143
074 Y000400        0
075 A000400        0
075 B000400     4258
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
<PAGE>      PAGE  25
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
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015 C030501 02101
015 E010501 X
028 A010500       150
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033  000500      0
034  000500 Y
035  000500      3
036 A000500 N
036 B000500      0
<PAGE>      PAGE  26
037  000500 N
038  000500      0
039  000500 N
040  000500 Y
041  000500 Y
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042 B000500   0
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042 D000500 100
042 E000500   0
042 F000500   0
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042 H000500   0
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045  000500 Y
046  000500 N
047  000500 Y
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048 I010500        0
048 I020500 0.000
048 J010500        0
048 J020500 0.000
048 K010500        0
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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
<PAGE>      PAGE  27
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 B000500 N
056  000500 Y
057  000500 N
058 A000500 N
059  000500 Y
060 A000500 Y
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062 A000500 Y
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062 C000500   0.0
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062 E000500   0.0
062 F000500   0.0
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062 H000500   0.0
062 I000500   0.0
062 J000500   0.0
062 K000500   0.0
062 L000500   0.0
062 M000500   8.0
062 N000500  92.0
062 O000500   0.0
062 P000500   0.0
062 Q000500   0.0
062 R000500   0.0
063 A000500   0
063 B000500  9.1
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
<PAGE>      PAGE  28
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 Y
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500      5493
071 B000500      3933
071 C000500      4301
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072 A000500 12
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<PAGE>      PAGE  29
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072 Y000500      152
072 Z000500      255
072AA000500      134
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072DD010500      109
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072EE000500       79
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074 V010500     9.26
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<PAGE>      PAGE  30
074 Y000500     4051
075 A000500        0
075 B000500     4359
076  000500     0.00
SIGNATURE   RICHARD P. DAVIS                             
TITLE       PRESIDENT           
 


<TABLE> <S> <C>

 <ARTICLE>                                                        6
 
 <CIK>                                       0000721704

 <NAME>                       FLAGSHIP INTERMEDIATE U.S. GOVERNMENT FUND
 
 <SERIES>

 <NUMBER>                                                       051
 
 <NAME>                                      CLASS A

 <MULTIPLIER>                                                     1
 
        

 <S>                                         <C>
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</TABLE>

<TABLE> <S> <C>

 <ARTICLE>                                                        6
 
 <CIK>                                       0000721704
 
 <NAME>                                      FLAGSHIP INTERMEDIATE
                                             U.S. GOVERNMENT FUND

 <SERIES>
 
 <NUMBER>                                                       053
 
 <NAME>                                      CLASS C
 
 <MULTIPLIER>                                                     1

        

 <S>                                         <C>
 <PERIOD-TYPE>                               12-MOS
 
 <FISCAL-YEAR-END>                           JUN-30-1996
 
 <PERIOD-START>                              JUL-01-1995

 <PERIOD-END>                                JUN-30-1996
 
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 <ASSETS-OTHER>                                              11,029             

 <OTHER-ITEMS-ASSETS>                                             0
 
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</TABLE>

<TABLE> <S> <C>

 <ARTICLE>                                                        6
 
 <CIK>                                       0000721704

 <NAME>                                      FLAGSHIP LIMITED TERM U.S. 
 
 GOVERNMENT FUND
 
 <SERIES>

 <NUMBER>                                                       041
 
 <NAME>                                      CLASS A

 <MULTIPLIER>                                                     1
 
        

 <S>                                         <C>
 <PERIOD-TYPE>                               12-MOS

 <FISCAL-YEAR-END>                           JUN-30-1996
 
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 <SENIOR-LONG-TERM-DEBT>                                          0
 
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 <EQUALIZATION>                                                   0
 
 <DISTRIBUTIONS-OF-INCOME>                                (129,718)

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 <DISTRIBUTIONS-OTHER>                                            0
 
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</TABLE>

<TABLE> <S> <C>

 <ARTICLE>                                                        6
 
 <CIK>                                       0000721704
 
 <NAME>                                      FLAGSHIP LIMITED TERM
                                             U.S. GOVERNMENT FUND

 <SERIES>
 
 <NUMBER>                                                       043
 
 <NAME>                                      CLASS C
 
 <MULTIPLIER>                                                     1

        
 
 <S>                                         <C>
 <PERIOD-TYPE>                               12-MOS
 
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 <PERIOD-START>                              JUL-01-1995

 <PERIOD-END>                                JUN-30-1996
 
 <INVESTMENTS-AT-COST>                                    5,027,027
 
 <INVESTMENTS-AT-VALUE>                                   4,949,869
 
 <RECEIVABLES>                                               37,334
 
 <ASSETS-OTHER>                                              73,278

 <OTHER-ITEMS-ASSETS>                                             0
 
 <TOTAL-ASSETS>                                           5,060,481
 
 <PAYABLE-FOR-SECURITIES>                                         0
 
 <SENIOR-LONG-TERM-DEBT>                                          0

 <OTHER-ITEMS-LIABILITIES>                                   63,434
 
 <TOTAL-LIABILITIES>                                         63,434
 
 <SENIOR-EQUITY>                                                  0
 
 <PAID-IN-CAPITAL-COMMON>                                 5,087,451
 
 <SHARES-COMMON-STOCK>                                      262,629

 <SHARES-COMMON-PRIOR>                                      204,944
 
 <ACCUMULATED-NII-CURRENT>                                        0
 
 <OVERDISTRIBUTION-NII>                                           0
 
 <ACCUMULATED-NET-GAINS>                                   (13,246)

 <OVERDISTRIBUTION-GAINS>                                         0
 
 <ACCUM-APPREC-OR-DEPREC>                                  (77,158)
 
 <NET-ASSETS>                                             4,997,047
 
 <DIVIDEND-INCOME>                                                0
 
 <INTEREST-INCOME>                                          267,562

 <OTHER-INCOME>                                                   0
 
 <EXPENSES-NET>                                            (15,002)
 
 <NET-INVESTMENT-INCOME>                                    252,560
 
 <REALIZED-GAINS-CURRENT>                                    65,431

 <APPREC-INCREASE-CURRENT>                                (162,523)
 
 <NET-CHANGE-FROM-OPS>                                      155,468
 
 <EQUALIZATION>                                                   0
 
 <DISTRIBUTIONS-OF-INCOME>                                (126,741)
 
 <DISTRIBUTIONS-OF-GAINS>                                  (26,988)

 <DISTRIBUTIONS-OTHER>                                            0
 
 <NUMBER-OF-SHARES-SOLD>                                    207,954
 
 <NUMBER-OF-SHARES-REDEEMED>                              (159,264)
 
 <SHARES-REINVESTED>                                          8,995

 <NET-CHANGE-IN-ASSETS>                                     474,747
 
 <ACCUMULATED-NII-PRIOR>                                      1,862
 
 <ACCUMULATED-GAINS-PRIOR>                                 (28,895)
 
 <OVERDISTRIB-NII-PRIOR>                                          0
 
 <OVERDIST-NET-GAINS-PRIOR>                                       0 
 
 <GROSS-ADVISORY-FEES>                                       14,943
 
 <INTEREST-EXPENSE>                                               0
 
 <GROSS-EXPENSE>                                            178,697

 <AVERAGE-NET-ASSETS>                                     4,257,701
 
 <PER-SHARE-NAV-BEGIN>                                         9.61
 
 <PER-SHARE-NII>                                               0.54
 
 <PER-SHARE-GAIN-APPREC>                                     (0.18)
 
 <PER-SHARE-DIVIDEND>                                        (0.55)

 <PER-SHARE-DISTRIBUTIONS>                                   (0.12)
 
 <RETURNS-OF-CAPITAL>                                          0.00
 
 <PER-SHARE-NAV-END>                                           9.30
 
 <EXPENSE-RATIO>                                               0.65

 <AVG-DEBT-OUTSTANDING>                                           0
 
 <AVG-DEBT-PER-SHARE>                                             0
 
         


</TABLE>

<TABLE> <S> <C>

 <ARTICLE>                                                        6
 
 <CIK>                                       0000721704

 <NAME>                                      GOLDEN RAINBOW FUND
 
 <SERIES>

 <NUMBER>                                                        02
 
 <NAME>                                      CLASS A

 <MULTIPLIER>                                                     1
 
        

 <S>                                         <C>
 <PERIOD-TYPE>                               12-MOS

 <FISCAL-YEAR-END>                           JUN-30-1996
 
 <PERIOD-START>                              JUL-01-1995

 <PERIOD-END>                                JUN-30-1996
 
 <INVESTMENTS-AT-COST>                                  161,208,709

 <INVESTMENTS-AT-VALUE>                                 183,086,813
 
 <RECEIVABLES>                                            1,727,612

 <ASSETS-OTHER>                                              11,586
 
 <OTHER-ITEMS-ASSETS>                                             0

 <TOTAL-ASSETS>                                         184,826,011
 
 <PAYABLE-FOR-SECURITIES>                                         0

 <SENIOR-LONG-TERM-DEBT>                                          0
 
 <OTHER-ITEMS-LIABILITIES>                                  518,949
 
 <TOTAL-LIABILITIES>                                        518,949

 <SENIOR-EQUITY>                                                  0
 
 <PAID-IN-CAPITAL-COMMON>                               164,429,171

 <SHARES-COMMON-STOCK>                                   10,494,564
 
 <SHARES-COMMON-PRIOR>                                   10,481,430

 <ACCUMULATED-NII-CURRENT>                                    8,324
 
 <OVERDISTRIBUTION-NII>                                           0

 <ACCUMULATED-NET-GAINS>                                  3,654,411
 
 <OVERDISTRIBUTION-GAINS>                                         0

 <ACCUM-APPREC-OR-DEPREC>                                16,215,156
 
 <NET-ASSETS>                                           184,307,062

 <DIVIDEND-INCOME>                                        1,772,583
 
 <INTEREST-INCOME>                                        8,040,943

 <OTHER-INCOME>                                                   0
 
 <EXPENSES-NET>                                         (2,057,358)

 <NET-INVESTMENT-INCOME>                                  7,756,168
 
 <REALIZED-GAINS-CURRENT>                                12,088,033

 <APPREC-INCREASE-CURRENT>                              (5,260,060)
 
 <NET-CHANGE-FROM-OPS>                                   14,584,141

 <EQUALIZATION>                                                   0
 
 <DISTRIBUTIONS-OF-INCOME>                              (7,849,812)

 <DISTRIBUTIONS-OF-GAINS>                              (13,926,555) 
 
 <DISTRIBUTIONS-OTHER>                                            0
 
 <NUMBER-OF-SHARES-SOLD>                                  1,286,586

 <NUMBER-OF-SHARES-REDEEMED>                            (2,390,075)
 
 <SHARES-REINVESTED>                                      1,116,623

 <NET-CHANGE-IN-ASSETS>                                 (7,165,465)
 
 <ACCUMULATED-NII-PRIOR>                                    101,968

 <ACCUMULATED-GAINS-PRIOR>                                5,492,933
 
 <OVERDISTRIB-NII-PRIOR>                                          0

 <OVERDIST-NET-GAINS-PRIOR>                                       0
 
 <GROSS-ADVISORY-FEES>                                    1,434,522

 <INTEREST-EXPENSE>                                               0
 
 <GROSS-EXPENSE>                                          2,445,841

 <AVERAGE-NET-ASSETS>                                   193,556,959
 
 <PER-SHARE-NAV-BEGIN>                                        18.27

 <PER-SHARE-NII>                                               0.73
 
 <PER-SHARE-GAIN-APPREC>                                       0.61

 <PER-SHARE-DIVIDEND>                                        (0.74)
 
 <PER-SHARE-DISTRIBUTIONS>                                   (1.31)

 <RETURNS-OF-CAPITAL>                                          0.00
 
 <PER-SHARE-NAV-END>                                          17.56

 <EXPENSE-RATIO>                                               1.06
 
 <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>                               12-MOS

 <FISCAL-YEAR-END>                           JUN-30-1996
 
 <PERIOD-START>                              JUL-01-1995

 <PERIOD-END>                                JUN-30-1996
 
 <INVESTMENTS-AT-COST>                                   28,637,209

 <INVESTMENTS-AT-VALUE>                                  31,301,292
 
 <RECEIVABLES>                                            2,011,401

 <ASSETS-OTHER>                                              15,649
 
 <OTHER-ITEMS-ASSETS>                                             0

 <TOTAL-ASSETS>                                          33,328,342
 
 <PAYABLE-FOR-SECURITIES>                                   962,100

 <SENIOR-LONG-TERM-DEBT>                                          0
 
 <OTHER-ITEMS-LIABILITIES>                                1,054,852
 
 <TOTAL-LIABILITIES>                                      2,016,952

 <SENIOR-EQUITY>                                                  0
 
 <PAID-IN-CAPITAL-COMMON>                                48,661,604

 <SHARES-COMMON-STOCK>                                    2,254,287
 
 <SHARES-COMMON-PRIOR>                                    2,440,747

 <ACCUMULATED-NII-CURRENT>                                        0
 
 <OVERDISTRIBUTION-NII>                                           0

 <ACCUMULATED-NET-GAINS>                               (20,014,297)
 
 <OVERDISTRIBUTION-GAINS>                                         0

 <ACCUM-APPREC-OR-DEPREC>                                 2,664,083
 
 <NET-ASSETS>                                            31,311,390

 <DIVIDEND-INCOME>                                        2,004,164
 
 <INTEREST-INCOME>                                          126,983

 <OTHER-INCOME>                                                   0
 
 <EXPENSES-NET>                                           (316,609)

 <NET-INVESTMENT-INCOME>                                  1,814,538
 
 <REALIZED-GAINS-CURRENT>                                   777,426

 <APPREC-INCREASE-CURRENT>                                1,636,281
 
 <NET-CHANGE-FROM-OPS>                                    4,228,245

 <EQUALIZATION>                                                   0
 
 <DISTRIBUTIONS-OF-INCOME>                              (1,498,943)

 <DISTRIBUTIONS-OF-GAINS>                                         0 
 
 <DISTRIBUTIONS-OTHER>                                            0
 
 <NUMBER-OF-SHARES-SOLD>                                    376,821

 <NUMBER-OF-SHARES-REDEEMED>                              (637,030)
 
 <SHARES-REINVESTED>                                         73,749

 <NET-CHANGE-IN-ASSETS>                                       9,638
 
 <ACCUMULATED-NII-PRIOR>                                          0

 <ACCUMULATED-GAINS-PRIOR>                             (44,163,229)
 
 <OVERDISTRIB-NII-PRIOR>                                          0

 <OVERDIST-NET-GAINS-PRIOR>                                       0
 
 <GROSS-ADVISORY-FEES>                                      157,329

 <INTEREST-EXPENSE>                                               0
 
 <GROSS-EXPENSE>                                            509,863

 <AVERAGE-NET-ASSETS>                                    31,379,875
 
 <PER-SHARE-NAV-BEGIN>                                        10.24

 <PER-SHARE-NII>                                               0.64
 
 <PER-SHARE-GAIN-APPREC>                                       0.85

 <PER-SHARE-DIVIDEND>                                        (0.64)
 
 <PER-SHARE-DISTRIBUTIONS>                                     0.00

 <RETURNS-OF-CAPITAL>                                          0.00
 
 <PER-SHARE-NAV-END>                                          11.09

 <EXPENSE-RATIO>                                               0.98
 
 <AVG-DEBT-OUTSTANDING>                                      55,342
 
 <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>                               12-MOS
 
 <FISCAL-YEAR-END>                           JUN-30-1996
 
 <PERIOD-START>                              JUL-01-1995

 <PERIOD-END>                                JUN-30-1996
 
 <INVESTMENTS-AT-COST>                                   28,637,209
 
 <INVESTMENTS-AT-VALUE>                                  31,301,292
 
 <RECEIVABLES>                                            2,011,401
 
 <ASSETS-OTHER>                                              15,649

 <OTHER-ITEMS-ASSETS>                                             0
 
 <TOTAL-ASSETS>                                          33,328,342
 
 <PAYABLE-FOR-SECURITIES>                                   962,100
 
 <SENIOR-LONG-TERM-DEBT>                                          0

 <OTHER-ITEMS-LIABILITIES>                                1,054,852
 
 <TOTAL-LIABILITIES>                                      2,016,952
 
 <SENIOR-EQUITY>                                                  0
 
 <PAID-IN-CAPITAL-COMMON>                                48,661,604
 
 <SHARES-COMMON-STOCK>                                      568,579

 <SHARES-COMMON-PRIOR>                                      537,415
 
 <ACCUMULATED-NII-CURRENT>                                        0
 
 <OVERDISTRIBUTION-NII>                                           0
 
 <ACCUMULATED-NET-GAINS>                               (20,014,297)

 <OVERDISTRIBUTION-GAINS>                                         0
 
 <ACCUM-APPREC-OR-DEPREC>                                 2,664,083
 
 <NET-ASSETS>                                            31,311,390
 
 <DIVIDEND-INCOME>                                        2,004,164
 
 <INTEREST-INCOME>                                          126,983

 <OTHER-INCOME>                                                   0
 
 <EXPENSES-NET>                                           (316,609)
 
 <NET-INVESTMENT-INCOME>                                  1,814,538
 
 <REALIZED-GAINS-CURRENT>                                   777,426

 <APPREC-INCREASE-CURRENT>                                1,636,281
 
 <NET-CHANGE-FROM-OPS>                                    4,228,245
 
 <EQUALIZATION>                                                   0
 
 <DISTRIBUTIONS-OF-INCOME>                                (318,359)
 
 <DISTRIBUTIONS-OF-GAINS>                                         0

 <DISTRIBUTIONS-OTHER>                                            0
 
 <NUMBER-OF-SHARES-SOLD>                                    140,200
 
 <NUMBER-OF-SHARES-REDEEMED>                              (128,817)
 
 <SHARES-REINVESTED>                                         19,781

 <NET-CHANGE-IN-ASSETS>                                     800,428
 
 <ACCUMULATED-NII-PRIOR>                                          0
 
 <ACCUMULATED-GAINS-PRIOR>                             (44,163,229)
 
 <OVERDISTRIB-NII-PRIOR>                                          0
 
 <OVERDIST-NET-GAINS-PRIOR>                                       0 
 
 <GROSS-ADVISORY-FEES>                                      157,329
 
 <INTEREST-EXPENSE>                                               0
 
 <GROSS-EXPENSE>                                            509,863

 <AVERAGE-NET-ASSETS>                                    31,379,875
 
 <PER-SHARE-NAV-BEGIN>                                        10.24
 
 <PER-SHARE-NII>                                               0.58
 
 <PER-SHARE-GAIN-APPREC>                                       0.84
 
 <PER-SHARE-DIVIDEND>                                        (0.58)

 <PER-SHARE-DISTRIBUTIONS>                                     0.00
 
 <RETURNS-OF-CAPITAL>                                          0.00
 
 <PER-SHARE-NAV-END>                                          11.08
 
 <EXPENSE-RATIO>                                               1.52

 <AVG-DEBT-OUTSTANDING>                                      55,342
 
 <AVG-DEBT-PER-SHARE>                                          0.02
 
         


</TABLE>


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