<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
019 B00AA00 60
019 C00AA00 FLAGSHIPXX
020 A000001 ROBERT BAIRD
020 B000001 39-6037917
020 C000001 45
020 A000002 DEAN WITTER
020 B000002 94-1671384
020 C000002 16
020 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000003 13-5674085
020 C000003 6
020 A000004 IFG NETWORK
020 B000004 59-2765230
020 C000004 5
020 A000005 PAINEWEBBER
020 B000005 04-1699435
020 C000005 5
020 A000006 SMITH BARNEY
020 B000006 13-1912900
020 C000006 4
020 A000007 COWEN & COMPANY
020 B000007 13-5616116
020 C000007 4
020 A000008 J C BRADFORD
020 B000008 62-0136910
020 C000008 3
020 A000009 BROADCOURT CAPITAL
020 B000009 13-3144415
020 C000009 3
020 A000010 EVEREN SECURITIES
020 B000010 34-1542819
020 C000010 2
021 000000 93
022 A000001 SMITH BARNEY, HARRIS UPHAM & CO, INC.
022 B000001 13-1912900
022 C000001 36576
022 D000001 43559
022 A000002 BAIRD, ROBERT, W
022 B000002 39-6037917
022 C000002 13621
022 D000002 11706
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
022 C000003 17815
022 D000003 5547
<PAGE> PAGE 3
022 A000004 PRUDENTIAL
022 B000004 22-2347336
022 C000004 12886
022 D000004 0
022 A000005 A.G. EDWARDS
022 B000005 43-0895447
022 C000005 0
022 D000005 5638
022 A000006 UBS
022 B000006 13-2932996
022 C000006 4224
022 D000006 1228
022 A000007 LEHMAN BROTHERS
022 B000007 13-2518466
022 C000007 0
022 D000007 5133
022 A000008 PAINEWEBBER
022 B000008 04-1699435
022 C000008 3807
022 D000008 484
022 A000009 J.B. HANAUR
022 B000009 22-1847493
022 C000009 1141
022 D000009 2612
022 A000010 FLAGSHIP
022 B000010 31-1053247
022 C000010 1407
022 D000010 1407
023 C000000 91477
023 D000000 77314
024 00AA00 N
026 A000000 Y
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 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
<PAGE> PAGE 4
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 3250
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
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
<PAGE> PAGE 5
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 560
028 A020100 84
028 A030100 0
028 A040100 702
028 B010100 1441
028 B020100 79
028 B030100 0
028 B040100 698
028 C010100 447
028 C020100 87
028 C030100 0
028 C040100 631
028 D010100 329
028 D020100 85
028 D030100 0
028 D040100 817
028 E010100 434
028 E020100 87
028 E030100 0
028 E040100 810
028 F010100 314
028 F020100 82
028 F030100 0
028 F040100 949
028 G010100 3525
028 G020100 504
028 G030100 0
028 G040100 4607
028 H000100 2034
029 000100 Y
030 A000100 101
030 B000100 4.20
030 C000100 0.00
031 A000100 13
031 B000100 0
032 000100 88
033 000100 0
034 000100 Y
035 000100 1
036 A000100 N
036 B000100 0
037 000100 N
<PAGE> PAGE 6
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 146
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
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
<PAGE> PAGE 7
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
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
<PAGE> PAGE 8
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 Y
070 I020100 N
070 J010100 N
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 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 35395
071 B000100 35930
071 C000100 30697
071 D000100 115
072 A000100 12
072 B000100 127
072 C000100 2004
072 D000100 0
072 E000100 0
072 F000100 157
072 G000100 0
072 H000100 0
072 I000100 68
072 J000100 61
072 K000100 0
<PAGE> PAGE 9
072 L000100 0
072 M000100 4
072 N000100 34
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 24
072 S000100 4
072 T000100 146
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 498
072 Y000100 182
072 Z000100 1815
072AA000100 777
072BB000100 0
072CC010100 1636
072CC020100 0
072DD010100 1499
072DD020100 318
072EE000100 0
073 A010100 0.6400
073 A020100 0.5800
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 996
074 E000100 9612
074 F000100 20693
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 1759
074 K000100 0
074 L000100 253
074 M000100 15
074 N000100 33328
074 O000100 962
074 P000100 13
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1042
074 S000100 0
074 T000100 31311
074 U010100 2254
074 U020100 569
<PAGE> PAGE 10
074 V010100 11.09
074 V020100 11.08
074 W000100 0.0000
074 X000100 1817
074 Y000100 4837
075 A000100 0
075 B000100 31380
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
028 A010200 879
028 A020200 0
028 A030200 0
028 A040200 1733
028 B010200 1173
028 B020200 0
028 B030200 0
028 B040200 2941
028 C010200 3233
028 C020200 1607
028 C030200 0
028 C040200 2893
028 D010200 2328
028 D020200 0
028 D030200 0
028 D040200 6152
028 E010200 1089
028 E020200 0
028 E030200 0
<PAGE> PAGE 11
028 E040200 6853
028 F010200 1444
028 F020200 1627
028 F030200 0
028 F040200 3410
028 G010200 10146
028 G020200 3234
028 G030200 0
028 G040200 23982
028 H000200 120
029 000200 Y
030 A000200 20
030 B000200 4.20
030 C000200 0.00
031 A000200 3
031 B000200 0
032 000200 17
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
042 D000200 100
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 386
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
<PAGE> PAGE 12
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 Y
053 B000200 Y
053 C000200 Y
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
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
<PAGE> PAGE 13
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
063 A000200 0
063 B000200 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 Y
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
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
<PAGE> PAGE 14
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 141327
071 B000200 154750
071 C000200 169931
071 D000200 83
072 A000200 12
072 B000200 8041
072 C000200 1772
072 D000200 0
072 E000200 0
072 F000200 1435
072 G000200 0
072 H000200 0
072 I000200 91
072 J000200 12
072 K000200 0
072 L000200 0
072 M000200 14
072 N000200 8
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 20
072 S000200 29
072 T000200 386
072 U000200 57
072 V000200 0
072 W000200 5
072 X000200 2057
072 Y000200 0
072 Z000200 7756
072AA000200 12088
072BB000200 0
072CC010200 0
072CC020200 5260
072DD010200 7850
072DD020200 0
072EE000200 13927
073 A010200 0.7400
073 A020200 0.0000
073 B000200 1.3100
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 5663
<PAGE> PAGE 15
074 D000200 103770
074 E000200 0
074 F000200 73654
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 705
074 K000200 1023
074 L000200 0
074 M000200 11
074 N000200 184826
074 O000200 0
074 P000200 112
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 407
074 S000200 0
074 T000200 184307
074 U010200 10495
074 U020200 0
074 V010200 17.56
074 V020200 0.00
074 W000200 0.0000
074 X000200 2028
074 Y000200 0
075 A000200 0
075 B000200 193567
076 000200 0.00
008 A000301 FLAGSHIP FINANCIAL INC.
008 B000301 A
008 C000301 801-14147
008 D010301 DAYTON
008 D020301 OH
008 D030301 45402
008 D040301 2030
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
015 C010301 BOSTON
015 C020301 MA
015 C030301 02101
015 E010301 X
037 000300 N
038 000300 0
039 000300 N
<PAGE> PAGE 16
040 000300 Y
041 000300 N
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
054 A000300 N
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
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
<PAGE> PAGE 17
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
063 A000300 0
063 B000300 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
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
<PAGE> PAGE 18
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 0
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
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
<PAGE> PAGE 19
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
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 352
028 A020400 17
028 A030400 0
<PAGE> PAGE 20
028 A040400 137
028 B010400 810
028 B020400 11
028 B030400 0
028 B040400 1269
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
028 E040400 237
028 F010400 115
028 F020400 12
028 F030400 0
028 F040400 106
028 G010400 2263
028 G020400 80
028 G030400 0
028 G040400 1975
028 H000400 601
029 000400 Y
030 A000400 16
030 B000400 2.50
030 C000400 0.00
031 A000400 3
031 B000400 0
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
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
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
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 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
072 G000400 0
072 H000400 0
072 I000400 26
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
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 62
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
015 C020501 MA
015 C030501 02101
015 E010501 X
028 A010500 150
028 A020500 13
028 A030500 0
028 A040500 248
028 B010500 28
028 B020500 12
028 B030500 0
028 B040500 3
028 C010500 262
028 C020500 13
028 C030500 0
028 C040500 307
028 D010500 122
028 D020500 13
028 D030500 0
028 D040500 71
028 E010500 269
028 E020500 13
028 E030500 0
028 E040500 202
028 F010500 278
028 F020500 16
028 F030500 0
028 F040500 116
028 G010500 1109
028 G020500 80
028 G030500 0
028 G040500 947
028 H000500 505
029 000500 Y
030 A000500 29
030 B000500 3.00
030 C000500 0.00
031 A000500 5
031 B000500 0
032 000500 24
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
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 26
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
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
<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
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
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 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
071 D000500 91
072 A000500 12
072 B000500 289
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 22
072 G000500 0
072 H000500 0
072 I000500 26
072 J000500 45
072 K000500 0
072 L000500 0
072 M000500 2
072 N000500 28
072 O000500 0
<PAGE> PAGE 29
072 P000500 0
072 Q000500 0
072 R000500 9
072 S000500 1
072 T000500 26
072 U000500 27
072 V000500 0
072 W000500 0
072 X000500 186
072 Y000500 152
072 Z000500 255
072AA000500 134
072BB000500 0
072CC010500 0
072CC020500 264
072DD010500 109
072DD020500 145
072EE000500 79
073 A010500 0.6000
073 A020500 0.5300
073 B000500 0.1700
073 C000500 0.0000
074 A000500 11
074 B000500 0
074 C000500 0
074 D000500 4684
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 68
074 M000500 0
074 N000500 4763
074 O000500 0
074 P000500 2
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 48
074 S000500 0
074 T000500 4713
074 U010500 223
074 U020500 286
074 V010500 9.26
074 V020500 9.26
074 W000500 0.0000
074 X000500 188
<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>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 4,786,698
<INVESTMENTS-AT-VALUE> 4,683,807
<RECEIVABLES> 68,588
<ASSETS-OTHER> 11,029
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,763,424
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50,464
<TOTAL-LIABILITIES> 50,464
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,788,769
<SHARES-COMMON-STOCK> 222,742
<SHARES-COMMON-PRIOR> 104,707
<ACCUMULATED-NII-CURRENT> 1,121
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,961
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (102,891)
<NET-ASSETS> 4,712,960
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 288,781
<OTHER-INCOME> 0
<EXPENSES-NET> (33,848)
<NET-INVESTMENT-INCOME> 254,933
<REALIZED-GAINS-CURRENT> 133,801
<APPREC-INCREASE-CURRENT> (263,543)
<NET-CHANGE-FROM-OPS> 125,191
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (109,132)
<DISTRIBUTIONS-OF-GAINS> (32,239)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 171,645
<NUMBER-OF-SHARES-REDEEMED> (62,490)
<SHARES-REINVESTED> 8,880
<NET-CHANGE-IN-ASSETS> 1,048,399
<ACCUMULATED-NII-PRIOR> 466
<ACCUMULATED-GAINS-PRIOR> (28,947)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,855
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 191,864
<AVERAGE-NET-ASSETS> 4,359,084
<PER-SHARE-NAV-BEGIN> 9.68
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> (0.24)
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> (0.18)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.26
<EXPENSE-RATIO> 0.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
<INVESTMENTS-AT-COST> 4,786,698
<INVESTMENTS-AT-VALUE> 4,683,807
<RECEIVABLES> 68,588
<ASSETS-OTHER> 11,029
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,763,424
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50,464
<TOTAL-LIABILITIES> 50,464
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,788,769
<SHARES-COMMON-STOCK> 286,324
<SHARES-COMMON-PRIOR> 232,156
<ACCUMULATED-NII-CURRENT> 1,121
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,961
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (102,891)
<NET-ASSETS> 4,712,960
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 288,781
<OTHER-INCOME> 0
<EXPENSES-NET> (33,848)
<NET-INVESTMENT-INCOME> 254,933
<REALIZED-GAINS-CURRENT> 133,801
<APPREC-INCREASE-CURRENT> (263,543)
<NET-CHANGE-FROM-OPS> 125,191
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (145,146)
<DISTRIBUTIONS-OF-GAINS> (46,654)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 127,423
<NUMBER-OF-SHARES-REDEEMED> (83,924)
<SHARES-REINVESTED> 10,669
<NET-CHANGE-IN-ASSETS> 402,750
<ACCUMULATED-NII-PRIOR> 466
<ACCUMULATED-GAINS-PRIOR> (28,947)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,855
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 191,864
<AVERAGE-NET-ASSETS> 4,359,084
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> (0.26)
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> (0.17)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.26
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
<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> 274,601
<SHARES-COMMON-PRIOR> 166,540
<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> (129,718)
<DISTRIBUTIONS-OF-GAINS> (22,794)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 263,281
<NUMBER-OF-SHARES-REDEEMED> (164,984)
<SHARES-REINVESTED> 9,764
<NET-CHANGE-IN-ASSETS> 954,742
<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> 9.60
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.30
<EXPENSE-RATIO> 0.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
<FISCAL-YEAR-END> JUN-30-1996
<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>