<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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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<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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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE JOHN J. PILEGGI
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> First Union Balanced Fund Class A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<LEGEND>
(Replace this text with the legend, if applicable)
</LEGEND>
<NAME> First Union Balanced Fund Class B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> First Union Balanced Fund Class C
<SERIES>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> First Union Balanced Fund Class Y
<SERIES>
<NUMBER> 007
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> First Union Utility Fund Class A
<SERIES>
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<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> First Union Utility Fund Class B
<SERIES>
<NUMBER> 014
<NAME> First Union Utility Fund
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> First Union Utility Fund Class C
<SERIES>
<NUMBER> 014
<NAME> First Union Utility Fund
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> First Union Utility Fund Class Y
<SERIES>
<NUMBER> 014
<NAME> First Union Utility Fund
<S> <C>
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<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.77
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> First Union Value Fund Class A
<SERIES>
<NUMBER> 001
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-START> Jan-01-1995
<PERIOD-END> Jun-30-1995
<INVESTMENTS-AT-COST> 893,202,507
<INVESTMENTS-AT-VALUE> 1,007,958,773
<RECEIVABLES> 3,518,252
<ASSETS-OTHER> 29,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,011,507,013
<PAYABLE-FOR-SECURITIES> 1,040,550
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,157,628
<TOTAL-LIABILITIES> 8,198,178
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 867,008,124
<SHARES-COMMON-STOCK> 10,923,649
<SHARES-COMMON-PRIOR> 11,360,202
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 664,108
<ACCUMULATED-NET-GAINS> 22,208,553
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114,756,266
<NET-ASSETS> 210,363,459
<DIVIDEND-INCOME> 15,610,380
<INTEREST-INCOME> 1,600,686
<OTHER-INCOME> 0
<EXPENSES-NET> 3,850,060
<NET-INVESTMENT-INCOME> 13,361,006
<REALIZED-GAINS-CURRENT> 22,849,455
<APPREC-INCREASE-CURRENT> 109,494,495
<NET-CHANGE-FROM-OPS> 145,704,956
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,823,593
<DISTRIBUTIONS-OF-GAINS> 41,512
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 328,150
<NUMBER-OF-SHARES-REDEEMED> 917,814
<SHARES-REINVESTED> 153,111
<NET-CHANGE-IN-ASSETS> 202,692,062
<ACCUMULATED-NII-PRIOR> (434,532)
<ACCUMULATED-GAINS-PRIOR> (443,010)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,264,453
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,850,060
<AVERAGE-NET-ASSETS> 200,073,336
<PER-SHARE-NAV-BEGIN> 16.62
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 2.64
<PER-SHARE-DIVIDEND> 0.26
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.26
<EXPENSE-RATIO> 0.92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> First Union Value Fund Class B
<SERIES>
<NUMBER> 001
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-START> Jan-01-1995
<PERIOD-END> Jun-30-1995
<EXCHANGE-RATE> 0
<INVESTMENTS-AT-COST> 893,202,507
<INVESTMENTS-AT-VALUE> 1,007,958,773
<RECEIVABLES> 3,518,252
<ASSETS-OTHER> 29,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,011,507,013
<PAYABLE-FOR-SECURITIES> 1,040,550
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,157,628
<TOTAL-LIABILITIES> 8,198,178
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 867,008,124
<SHARES-COMMON-STOCK> 6,293,064
<SHARES-COMMON-PRIOR> 6,274,003
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 664,108
<ACCUMULATED-NET-GAINS> 22,208,553
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114,756,266
<NET-ASSETS> 121,196,530
<DIVIDEND-INCOME> 15,610,380
<INTEREST-INCOME> 1,600,686
<OTHER-INCOME> 0
<EXPENSES-NET> 3,850,060
<NET-INVESTMENT-INCOME> 13,361,006
<REALIZED-GAINS-CURRENT> 22,849,455
<APPREC-INCREASE-CURRENT> 109,494,495
<NET-CHANGE-FROM-OPS> 145,704,956
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,203,736
<DISTRIBUTIONS-OF-GAINS> 23,772
<DISTRIBUTIONS-OTHER> 50
<NUMBER-OF-SHARES-SOLD> 381,708
<NUMBER-OF-SHARES-REDEEMED> 426,985
<SHARES-REINVESTED> 64,338
<NET-CHANGE-IN-ASSETS> 202,692,062
<ACCUMULATED-NII-PRIOR> (434,532)
<ACCUMULATED-GAINS-PRIOR> (443,010)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,264,453
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,850,060
<AVERAGE-NET-ASSETS> 113,030,080
<PER-SHARE-NAV-BEGIN> 16.62
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 2.64
<PER-SHARE-DIVIDEND> 0.19
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.26
<EXPENSE-RATIO> 1.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> First Union Value Fund Class C
<SERIES>
<NUMBER> 001
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-START> Jan-01-1995
<PERIOD-END> Jun-30-1995
<INVESTMENTS-AT-COST> 893,202,507
<INVESTMENTS-AT-VALUE> 1,007,958,773
<RECEIVABLES> 3,518,252
<ASSETS-OTHER> 29,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,011,507,013
<PAYABLE-FOR-SECURITIES> 1,040,550
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,157,628
<TOTAL-LIABILITIES> 8,198,178
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 867,008,124
<SHARES-COMMON-STOCK> 32,541
<SHARES-COMMON-PRIOR> 29,207
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 664,108
<ACCUMULATED-NET-GAINS> 22,208,553
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114,756,266
<NET-ASSETS> 626,156
<DIVIDEND-INCOME> 15,610,380
<INTEREST-INCOME> 1,600,686
<OTHER-INCOME> 0
<EXPENSES-NET> 3,850,060
<NET-INVESTMENT-INCOME> 13,361,006
<REALIZED-GAINS-CURRENT> 22,849,455
<APPREC-INCREASE-CURRENT> 109,494,495
<NET-CHANGE-FROM-OPS> 145,704,956
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,031
<DISTRIBUTIONS-OF-GAINS> 122
<DISTRIBUTIONS-OTHER> 65
<NUMBER-OF-SHARES-SOLD> 3,459
<NUMBER-OF-SHARES-REDEEMED> 463
<SHARES-REINVESTED> 338
<NET-CHANGE-IN-ASSETS> 202,692,062
<ACCUMULATED-NII-PRIOR> (434,532)
<ACCUMULATED-GAINS-PRIOR> (443,010)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,264,453
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,850,060
<AVERAGE-NET-ASSETS> 564,213
<PER-SHARE-NAV-BEGIN> 16.61
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 2.63
<PER-SHARE-DIVIDEND> 0.19
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.24
<EXPENSE-RATIO> 1.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> First Union Value Fund Class Y
<SERIES>
<NUMBER> 001
<NAME>
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-START> Jan-01-1995
<PERIOD-END> Jun-30-1995
<INVESTMENTS-AT-COST> 893,202,507
<INVESTMENTS-AT-VALUE> 1,007,958,773
<RECEIVABLES> 3,518,252
<ASSETS-OTHER> 29,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,011,507,013
<PAYABLE-FOR-SECURITIES> 1,040,550
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,157,628
<TOTAL-LIABILITIES> 8,198,178
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 867,008,124
<SHARES-COMMON-STOCK> 34,853,415
<SHARES-COMMON-PRIOR> 30,516,178
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 664,108
<ACCUMULATED-NET-GAINS> 22,208,553
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114,756,266
<NET-ASSETS> 671,122,690
<DIVIDEND-INCOME> 15,610,380
<INTEREST-INCOME> 1,600,686
<OTHER-INCOME> 0
<EXPENSES-NET> 3,850,060
<NET-INVESTMENT-INCOME> 13,361,006
<REALIZED-GAINS-CURRENT> 22,849,455
<APPREC-INCREASE-CURRENT> 109,494,495
<NET-CHANGE-FROM-OPS> 145,704,956
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,278,469
<DISTRIBUTIONS-OF-GAINS> 132,485
<DISTRIBUTIONS-OTHER> 278,638
<NUMBER-OF-SHARES-SOLD> 9,045,607
<NUMBER-OF-SHARES-REDEEMED> 5,185,489
<SHARES-REINVESTED> 477,119
<NET-CHANGE-IN-ASSETS> 202,692,062
<ACCUMULATED-NII-PRIOR> (434,532)
<ACCUMULATED-GAINS-PRIOR> (443,010)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,264,453
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,850,060
<AVERAGE-NET-ASSETS> 599,619,973
<PER-SHARE-NAV-BEGIN> 16.61
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 2.66
<PER-SHARE-DIVIDEND> 0.28
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.26
<EXPENSE-RATIO> 0.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
