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<PAGE> PAGE 1
000 B000000 12/31/94
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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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067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
<PAGE> PAGE 20
070 A010300 Y
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 Y
070 J020300 Y
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
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070 R020300 N
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<PAGE> PAGE 21
072 L000300 19
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<PAGE> PAGE 22
074 V010300 1.00
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015 A000401 STATE STREET BANK AND TRUST COMPANY
015 B000401 C
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015 A000403 NATIONSBANK OF NORTH CAROLINA
015 B000403 S
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015 B000404 S
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015 A000405 BANK OF NEW YORK
015 B000405 S
015 C010405 NEW YORK
015 C020405 NY
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015 A000406 BANKERS TRUST CO.
015 B000406 S
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<PAGE> PAGE 23
025 D000406 0
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031 A000400 0
031 B000400 0
032 000400 0
033 000400 0
034 000400 Y
035 000400 61
036 A000400 N
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037 000400 N
038 000400 0
039 000400 N
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041 000400 Y
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<PAGE> PAGE 24
042 C000400 100
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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 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 1000
062 A000400 Y
<PAGE> PAGE 25
062 B000400 0.0
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062 E000400 3.4
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062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 45
063 B000400 0.0
064 A000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
<PAGE> PAGE 26
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 0
071 B000400 0
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072 A000400 12
072 B000400 4704
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<PAGE> PAGE 27
074 A000400 266
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015 A000501 STATE STREET BANK AND TRUST COMPANY
015 B000501 C
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015 A000503 BANK OF NEW YORK
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<PAGE> PAGE 28
015 E010503 X
015 A000504 MORGAN GUARANTY BANK & TRUST CO.
015 B000504 S
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015 C030504 10015
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015 A000505 NATIONSBANK OF NORTH CAROLINA
015 B000505 S
015 C010505 CHARLOTTE
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015 A000506 PNC BANK, NA
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015 C010506 PITTSBURGH
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<PAGE> PAGE 29
028 F040500 4496
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034 000500 Y
035 000500 232
036 A000500 N
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037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
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<PAGE> PAGE 30
048 H010500 0
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049 000500 N
050 000500 N
051 000500 N
052 000500 N
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055 A000500 Y
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056 000500 Y
057 000500 N
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<PAGE> PAGE 31
070 A010500 Y
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070 E020500 N
070 F010500 N
070 F020500 N
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070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 N
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<PAGE> PAGE 32
072 L000500 31
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<PAGE> PAGE 33
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015 A000601 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 34
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<PAGE> PAGE 35
042 D000600 0
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048 K020600 0.000
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050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
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055 B000600 N
056 000600 Y
057 000600 N
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059 000600 Y
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061 000600 1000
062 A000600 Y
062 B000600 28.7
<PAGE> PAGE 36
062 C000600 0.0
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063 B000600 0.0
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070 I020600 N
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070 M010600 N
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<PAGE> PAGE 37
070 N020600 N
070 O010600 Y
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<PAGE> PAGE 38
074 B000600 652791
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015 A000701 STATE STREET BANK AND TRUST COMPANY
015 B000701 C
015 C010701 BOSTON
015 C020701 MA
015 C030701 02266
015 C040701 8609
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015 A000702 BANKERS TRUST CO.
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015 C030702 10015
015 E010702 X
015 A000703 BANK OF NEW YORK
015 B000703 S
015 C010703 NEW YORK
015 C020703 NY
015 C030703 10006
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<PAGE> PAGE 39
015 A000704 MORGAN GUARANTY BANK & TRUST CO.
015 B000704 S
015 C010704 NEW YORK
015 C020704 NY
015 C030704 10015
015 E010704 X
015 A000705 NATIONSNBANK OF NORTH CAROLINA
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<PAGE> PAGE 40
028 G010700 120817
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034 000700 Y
035 000700 179
036 A000700 N
036 B000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
041 000700 Y
042 A000700 0
042 B000700 0
042 C000700 100
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 773
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
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048 A010700 0
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048 B010700 0
048 B020700 0.000
048 C010700 0
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<PAGE> PAGE 41
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 N
055 A000700 Y
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 1000
062 A000700 N
062 B000700 0.0
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062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
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062 H000700 0.0
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062 J000700 0.0
062 K000700 0.0
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062 Q000700 0.0
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063 A000700 0
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066 A000700 Y
066 B000700 N
066 C000700 N
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 Y
067 000700 Y
068 A000700 N
068 B000700 N
<PAGE> PAGE 42
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 Y
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 Y
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
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071 B000700 302786
071 C000700 857371
071 D000700 35
072 A000700 12
072 B000700 25576
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<PAGE> PAGE 43
072 K000700 0
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<PAGE> PAGE 44
074 U020700 12637
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015 A000801 STATE STREET BANK AND TRUST COMPANY
015 B000801 C
015 C010801 BOSTON
015 C020801 MA
015 C030801 02266
015 C040801 8609
015 E010801 X
015 A000802 NATIONSBANK OF NORTH CAROLINA
015 B000802 S
015 C010802 CHARLOTTE
015 C020802 NC
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015 A000803 BANKERS TRUST CO.
015 B000803 S
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015 C030803 10015
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015 A000804 MORGAN GUARANTY BANK & TRUST CO.
015 B000804 S
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015 A000805 PNC BANK, NA
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015 C010805 PITTSBURGH
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015 A000806 BANK OF NEW YORK
015 B000806 S
015 C010806 NEW YORK
015 C020806 NY
015 C030806 10006
015 E010806 X
024 000800 Y
025 A000801 LEHMAN BROTHERS, INC.
025 B000801 13-2518466
025 C000801 D
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<PAGE> PAGE 45
025 A000802 GOLDMAN, SACHS & CO.
025 B000802 13-5108880
025 C000802 D
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030 C000800 0.00
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032 000800 0
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035 000800 0
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037 000800 N
<PAGE> PAGE 46
038 000800 0
039 000800 N
040 000800 N
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042 E000800 0
042 F000800 0
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043 000800 0
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046 000800 N
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048 I020800 0.000
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048 K020800 0.000
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050 000800 N
051 000800 N
052 000800 N
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053 C000800 N
055 A000800 Y
055 B000800 N
056 000800 Y
057 000800 N
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<PAGE> PAGE 47
059 000800 Y
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062 O000800 0.0
062 P000800 48.3
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 7.8
064 A000800 N
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 Y
070 I020800 N
070 J010800 Y
070 J020800 Y
070 K010800 Y
<PAGE> PAGE 48
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 30936
071 B000800 43279
071 C000800 95752
071 D000800 32
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072 B000800 7723
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<PAGE> PAGE 49
072EE000800 0
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015 A000901 STATE STREET BANK AND TRUST COMPANY
015 B000901 C
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015 C040901 8609
015 E010901 X
015 A000902 BANK OF NEW YORK
015 B000902 S
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015 C030902 10006
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<PAGE> PAGE 50
015 A000903 PNC BANK, NA
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015 C010903 PITTSBURGH
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015 B000904 S
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015 A000905 BANKERS TRUST CO.
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015 C030905 10015
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015 A000906 NATIONSBANK OF NORTH CAROLINA
015 B000906 S
015 C010906 CHARLOTTE
015 C020906 NY
015 C030906 28255
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<PAGE> PAGE 51
028 E030900 0
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028 G020900 967
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030 B000900 4.75
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031 A000900 3
031 B000900 0
032 000900 207
033 000900 0
034 000900 Y
035 000900 127
036 A000900 N
036 B000900 0
037 000900 N
038 000900 0
039 000900 N
040 000900 Y
041 000900 Y
042 A000900 0
042 B000900 0
042 C000900 100
042 D000900 0
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 379
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047 000900 Y
048 000900 0.500
048 A010900 0
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048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
<PAGE> PAGE 52
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
053 C000900 N
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 N
060 B000900 N
061 000900 1000
062 A000900 Y
062 B000900 0.0
062 C000900 0.0
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062 O000900 105.3
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063 A000900 0
063 B000900 20.1
064 A000900 Y
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<PAGE> PAGE 53
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 N
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 77589
071 B000900 70363
071 C000900 55844
071 D000900 126
072 A000900 12
072 B000900 3392
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<PAGE> PAGE 54
072 G000900 75
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<PAGE> PAGE 55
074 R040900 777
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015 A001001 STATE STREET BANK AND TRUST COMPANY
015 B001001 C
015 C011001 BOSTON
015 C021001 MA
015 C031001 02266
015 C041001 8609
015 E011001 X
015 A001002 BANKERS TRUST CO
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015 C031003 10006
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<PAGE> PAGE 56
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035 001000 1355
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<PAGE> PAGE 57
039 001000 N
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050 001000 N
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<PAGE> PAGE 58
059 001000 Y
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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075 B001000 268381
076 001000 0.00
015 A001101 STATE STREET BANK AND TRUST COMPANY
015 B001101 C
015 C011101 BOSTON
015 C021101 MA
015 C031101 02266
015 C041101 8609
015 E011101 X
015 A001102 BANKERS TRUST CO.
015 B001102 S
015 C011102 NEW YORK
015 C021102 NY
015 C031102 10015
015 E011102 X
<PAGE> PAGE 61
015 A001103 BANK OF NEW YORK
015 B001103 S
015 C011103 NEW YORK
015 C021103 NY
015 C031103 10006
015 E011103 X
015 A001104 MORGAN GUARANTY BANK & TRUST CO.
015 B001104 S
015 C011104 NEW YORK
015 C021104 NY
015 C031104 10015
015 E011104 X
015 A001105 NATIONSBANK OF NORTH CAROLINA
015 B001105 S
015 C011105 CHARLOTTE
015 C021105 NC
015 C031105 28255
015 E011105 X
015 A001106 PNC BANK, NA
015 B001106 S
015 C011106 PITTSBURGH
015 C021106 PA
015 C031106 15265
015 E011106 X
024 001100 N
025 D001101 0
025 D001102 0
025 D001103 0
025 D001104 0
025 D001105 0
025 D001106 0
025 D001107 0
025 D001108 0
028 A011100 1354
028 A021100 73
028 A031100 0
028 A041100 426
028 B011100 1869
028 B021100 74
028 B031100 0
028 B041100 615
028 C011100 2009
028 C021100 75
028 C031100 0
028 C041100 685
028 D011100 612
028 D021100 78
028 D031100 0
028 D041100 1095
028 E011100 1934
028 E021100 75
<PAGE> PAGE 62
028 E031100 0
028 E041100 1389
028 F011100 702
028 F021100 69
028 F031100 0
028 F041100 3614
028 G011100 8480
028 G021100 444
028 G031100 0
028 G041100 7824
028 H001100 150
029 001100 Y
030 A001100 2
030 B001100 4.75
030 C001100 0.00
031 A001100 0
031 B001100 0
032 001100 2
033 001100 0
034 001100 Y
035 001100 108
036 A001100 N
036 B001100 0
037 001100 N
038 001100 0
039 001100 N
040 001100 Y
041 001100 Y
042 A001100 0
042 B001100 0
042 C001100 100
042 D001100 0
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
043 001100 202
044 001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.500
048 A011100 0
048 A021100 0.000
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
048 D011100 0
048 D021100 0.000
048 E011100 0
<PAGE> PAGE 63
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
049 001100 N
050 001100 N
051 001100 N
052 001100 N
053 A001100 Y
053 B001100 Y
053 C001100 N
055 A001100 Y
055 B001100 N
056 001100 Y
057 001100 N
058 A001100 N
059 001100 Y
060 A001100 N
060 B001100 N
061 001100 1000
062 A001100 Y
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 96.9
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 19.5
064 A001100 Y
064 B001100 N
<PAGE> PAGE 64
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 N
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 38401
071 B001100 23573
071 C001100 32659
071 D001100 72
072 A001100 12
072 B001100 2003
072 C001100 0
072 D001100 0
072 E001100 0
072 F001100 172
<PAGE> PAGE 65
072 G001100 75
072 H001100 0
072 I001100 29
072 J001100 52
072 K001100 0
072 L001100 20
072 M001100 0
072 N001100 25
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 12
072 S001100 2
072 T001100 222
072 U001100 0
072 V001100 0
072 W001100 9
072 X001100 618
072 Y001100 262
072 Z001100 1647
072AA001100 2
072BB001100 2061
072CC011100 0
072CC021100 3013
072DD011100 71
072DD021100 1576
072EE001100 0
073 A011100 0.0000
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 234
074 B001100 0
074 C001100 0
074 D001100 34122
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 2034
074 K001100 0
074 L001100 773
074 M001100 16
074 N001100 37179
074 O001100 1205
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
<PAGE> PAGE 66
074 R041100 765
074 S001100 0
074 T001100 35209
074 U011100 198
074 U021100 3750
074 V011100 0.00
074 V021100 0.00
074 W001100 0.0000
074 X001100 1007
074 Y001100 0
075 A001100 0
075 B001100 34621
076 001100 0.00
015 A001201 STATE STREET BANK AND TRUST COMPANY
015 B001201 C
015 C011201 BOSTON
015 C021201 MA
015 C031201 02266
015 C041201 8609
015 E011201 X
015 A001202 PNC BANK, NA
015 B001202 S
015 C011202 PITTSBURGH
015 C021202 PA
015 C031202 15265
015 E011202 X
015 A001203 NATIONSBANK OF NORTH CAROLINA
015 B001203 S
015 C011203 CHARLOTTE
015 C021203 NC
015 C031203 28255
015 E011203 X
015 A001204 MORGAN GUARANTY BANK & TRUST CO.
015 B001204 S
015 C011204 NEW YORK
015 C021204 NY
015 C031204 10015
015 E011204 X
015 A001205 BANK OF NEW YORK
015 B001205 S
015 C011205 NEW YORK
015 C021205 NY
015 C031205 10006
015 E011205 X
015 A001206 BANKERS TRUST CO.
015 B001206 S
015 C011206 NEW YORK
015 C021206 NY
015 C031206 10015
015 E011206 X
024 001200 N
<PAGE> PAGE 67
025 D001201 0
025 D001202 0
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 806
028 A021200 0
028 A031200 0
028 A041200 248
028 B011200 667
028 B021200 24
028 B031200 0
028 B041200 28
028 C011200 426
028 C021200 25
028 C031200 0
028 C041200 149
028 D011200 445
028 D021200 26
028 D031200 0
028 D041200 307
028 E011200 46
028 E021200 26
028 E031200 0
028 E041200 228
028 F011200 177
028 F021200 51
028 F031200 0
028 F041200 488
028 G011200 2567
028 G021200 152
028 G031200 0
028 G041200 1448
028 H001200 2348
029 001200 Y
030 A001200 103
030 B001200 4.75
030 C001200 0.00
031 A001200 6
031 B001200 0
032 001200 97
033 001200 0
034 001200 Y
035 001200 20
036 A001200 N
036 B001200 0
037 001200 N
038 001200 0
<PAGE> PAGE 68
039 001200 N
040 001200 Y
041 001200 Y
042 A001200 0
042 B001200 0
042 C001200 100
042 D001200 0
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 48
044 001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.500
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
053 C001200 N
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
058 A001200 N
<PAGE> PAGE 69
059 001200 Y
060 A001200 N
060 B001200 N
061 001200 1000
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 1.7
062 M001200 0.0
062 N001200 0.0
062 O001200 92.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 0
063 B001200 20.3
064 A001200 Y
064 B001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 N
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
<PAGE> PAGE 70
070 K011200 Y
070 K021200 Y
070 L011200 N
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 15136
071 B001200 10278
071 C001200 6978
071 D001200 147
072 A001200 12
072 B001200 425
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 37
072 G001200 75
072 H001200 0
072 I001200 32
072 J001200 44
072 K001200 0
072 L001200 17
072 M001200 0
072 N001200 20
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 12
072 S001200 1
072 T001200 53
072 U001200 0
072 V001200 0
072 W001200 10
072 X001200 301
072 Y001200 227
072 Z001200 351
072AA001200 4
072BB001200 891
072CC011200 0
072CC021200 186
072DD011200 8
<PAGE> PAGE 71
072DD021200 343
072EE001200 0
073 A011200 0.0000
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 71
074 B001200 0
074 C001200 0
074 D001200 7898
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 147
074 J001200 260
074 K001200 0
074 L001200 272
074 M001200 11
074 N001200 8659
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 76
074 S001200 0
074 T001200 8583
074 U011200 33
074 U021200 949
074 V011200 0.00
074 V021200 0.00
074 W001200 0.0000
074 X001200 421
074 Y001200 0
075 A001200 0
075 B001200 7483
076 001200 0.00
015 A001301 STATE STREET BANK AND TRUST COMPANY
015 B001301 C
015 C011301 BOSTON
015 C021301 MA
015 C031301 02266
015 C041301 8609
015 E011301 X
015 A001302 PNC BANK, NA
015 B001302 S
015 C011302 PITTSBURGH
015 C021302 PA
015 C031302 15265
<PAGE> PAGE 72
015 E011302 X
015 A001303 NATIONSBANK OF NORTH CAROLINA
015 B001303 S
015 C011303 CHARLOTTE
015 C021303 NC
015 C031303 28255
015 E011303 X
015 A001304 MORGAN GUARANTY BANK & TRUST CO.
015 B001304 S
015 C011304 NEW YORK
015 C021304 NY
015 C031304 10015
015 E011304 X
015 A001305 BANK OF NEW YORK
015 B001305 S
015 C011305 NEW YORK
015 C021305 NY
015 C031305 10006
015 E011305 X
015 A001306 BANKERS TRUST CO.
015 B001306 S
015 C011306 NEW YORK
015 C021306 NY
015 C031306 10015
015 E011306 X
024 001300 N
025 D001301 0
025 D001302 0
025 D001303 0
025 D001304 0
025 D001305 0
025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 133
028 A021300 0
028 A031300 0
028 A041300 31
028 B011300 368
028 B021300 16
028 B031300 0
028 B041300 106
028 C011300 323
028 C021300 18
028 C031300 0
028 C041300 13
028 D011300 152
028 D021300 19
028 D031300 0
028 D041300 116
028 E011300 172
<PAGE> PAGE 73
028 E021300 18
028 E031300 0
028 E041300 300
028 F011300 223
028 F021300 37
028 F031300 0
028 F041300 158
028 G011300 1371
028 G021300 108
028 G031300 0
028 G041300 724
028 H001300 1106
029 001300 Y
030 A001300 62
030 B001300 4.75
030 C001300 0.00
031 A001300 6
031 B001300 0
032 001300 56
033 001300 0
034 001300 Y
035 001300 5
036 A001300 N
036 B001300 0
037 001300 N
038 001300 0
039 001300 N
040 001300 Y
041 001300 Y
042 A001300 0
042 B001300 0
042 C001300 100
042 D001300 0
042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 28
044 001300 0
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.500
048 A011300 0
048 A021300 0.000
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
<PAGE> PAGE 74
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 Y
053 B001300 Y
053 C001300 N
055 A001300 Y
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 N
060 B001300 N
061 001300 1000
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.9
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 3.6
062 M001300 0.0
062 N001300 0.0
062 O001300 98.2
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
063 A001300 0
063 B001300 18.2
064 A001300 Y
<PAGE> PAGE 75
064 B001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 N
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 Y
070 K011300 Y
070 K021300 Y
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 Y
070 P011300 Y
070 P021300 Y
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 5910
071 B001300 2802
071 C001300 4745
071 D001300 59
072 A001300 12
072 B001300 282
072 C001300 0
072 D001300 0
072 E001300 0
<PAGE> PAGE 76
072 F001300 25
072 G001300 76
072 H001300 0
072 I001300 31
072 J001300 48
072 K001300 0
072 L001300 21
072 M001300 0
072 N001300 20
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 12
072 S001300 0
072 T001300 31
072 U001300 0
072 V001300 0
072 W001300 11
072 X001300 275
072 Y001300 230
072 Z001300 237
072AA001300 0
072BB001300 259
072CC011300 0
072CC021300 436
072DD011300 7
072DD021300 230
072EE001300 0
073 A011300 0.0000
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 0
074 C001300 50
074 D001300 5660
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 208
074 J001300 0
074 K001300 0
074 L001300 130
074 M001300 11
074 N001300 6059
074 O001300 248
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
<PAGE> PAGE 77
074 R031300 0
074 R041300 44
074 S001300 0
074 T001300 5767
074 U011300 39
074 U021300 613
074 V011300 0.00
074 V021300 0.00
074 W001300 0.0000
074 X001300 241
074 Y001300 0
075 A001300 0
075 B001300 5046
076 001300 0.00
015 A001401 STATE STREET BANK AND TRUST COMPANY
015 B001401 C
015 C011401 BOSTON
015 C021401 MA
015 C031401 02266
015 C041401 8609
015 E011401 X
015 A001402 BANK OF NEW YORK
015 B001402 S
015 C011402 NEW YORK
015 C021402 NY
015 C031402 10006
015 E011402 X
015 A001403 PNC BANK, NA
015 B001403 S
015 C011403 PITTSBURGH
015 C021403 PA
015 C031403 15265
015 E011403 X
015 A001404 MORGAN GUARANTY BANK & TRUST CO.
015 B001404 S
015 C011404 NEW YORK
015 C021404 NY
015 C031404 10015
015 E011404 X
015 A001405 BANKERS TRUST CO.
015 B001405 S
015 C011405 NEW YORK
015 C021405 NY
015 C031405 10015
015 E011405 X
015 A001406 NATIONSBANK OF NORTH CAROLINA
015 B001406 S
015 C011406 CHARLOTTE
015 C021406 NC
015 C031406 28255
015 E011406 X
<PAGE> PAGE 78
024 001400 N
025 D001401 0
025 D001402 0
025 D001403 0
025 D001404 0
025 D001405 0
025 D001406 0
025 D001407 0
025 D001408 0
028 A011400 1845
028 A021400 113
028 A031400 0
028 A041400 426
028 B011400 1672
028 B021400 120
028 B031400 0
028 B041400 288
028 C011400 1448
028 C021400 109
028 C031400 0
028 C041400 373
028 D011400 764
028 D021400 117
028 D031400 0
028 D041400 663
028 E011400 717
028 E021400 117
028 E031400 0
028 E041400 725
028 F011400 838
028 F021400 86
028 F031400 0
028 F041400 861
028 G011400 7284
028 G021400 662
028 G031400 0
028 G041400 3336
028 H001400 6076
029 001400 Y
030 A001400 243
030 B001400 4.75
030 C001400 0.00
031 A001400 10
031 B001400 0
032 001400 233
033 001400 0
034 001400 Y
035 001400 82
036 A001400 N
036 B001400 0
037 001400 N
<PAGE> PAGE 79
038 001400 0
039 001400 N
040 001400 Y
041 001400 Y
042 A001400 0
042 B001400 0
042 C001400 100
042 D001400 0
042 E001400 0
042 F001400 0
042 G001400 0
042 H001400 0
043 001400 176
044 001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.500
048 A011400 0
048 A021400 0.000
048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
048 D011400 0
048 D021400 0.000
048 E011400 0
048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
049 001400 N
050 001400 N
051 001400 N
052 001400 N
053 A001400 Y
053 B001400 Y
053 C001400 N
055 A001400 Y
055 B001400 N
056 001400 Y
057 001400 N
<PAGE> PAGE 80
058 A001400 N
059 001400 Y
060 A001400 Y
060 B001400 Y
061 001400 1000
062 A001400 N
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
063 A001400 0
063 B001400 0.0
066 A001400 Y
066 B001400 N
066 C001400 N
066 D001400 N
066 E001400 Y
066 F001400 N
066 G001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 Y
070 B011400 Y
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 Y
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 N
<PAGE> PAGE 81
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 Y
070 L021400 Y
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 Y
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
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071 B001400 6917
071 C001400 30077
071 D001400 23
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072 X001400 583
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<PAGE> PAGE 82
072AA001400 9
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015 A001501 STATE STREET BANK AND TRUST COMPANY
015 B001501 C
015 C011501 BOSTON
015 C021501 MA
015 C031501 02266
015 C041501 8609
015 E011501 X
<PAGE> PAGE 83
015 A001502 PNC BANK, NA
015 B001502 S
015 C011502 PITTSBURGH
015 C021502 PA
015 C031502 15265
015 E011502 X
015 A001503 NATIONSBANK OF NORTH CAROLINA
015 B001503 S
015 C011503 CHARLOTTE
015 C021503 NC
015 C031503 28255
015 E011503 X
015 A001504 MORGAN GUARANTY BANK & TRUST CO.
015 B001504 S
015 C011504 NEW YORK
015 C021504 NY
015 C031504 10015
015 E011504 X
015 A001505 BANK OF NEW YORK
015 B001505 S
015 C011505 NEW YORK
015 C021505 NY
015 C031505 10006
015 E011505 X
015 A001506 BANKERS TRUST CO.
015 B001506 S
015 C011506 NEW YORK
015 C021506 NY
015 C031506 10015
015 E011506 X
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<PAGE> PAGE 84
028 D011500 280
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031 B001500 0
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035 001500 5
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038 001500 0
039 001500 N
040 001500 Y
041 001500 Y
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042 D001500 0
042 E001500 0
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<PAGE> PAGE 85
048 B021500 0.000
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048 D021500 0.000
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048 H021500 0.000
048 I011500 0
048 I021500 0.000
048 J011500 0
048 J021500 0.000
048 K011500 0
048 K021500 0.000
049 001500 N
050 001500 N
051 001500 N
052 001500 N
053 A001500 Y
053 B001500 Y
053 C001500 N
055 A001500 Y
055 B001500 N
056 001500 Y
057 001500 N
058 A001500 N
059 001500 Y
060 A001500 N
060 B001500 N
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062 O001500 98.5
062 P001500 0.0
<PAGE> PAGE 86
062 Q001500 0.0
062 R001500 0.0
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063 B001500 18.2
064 A001500 Y
064 B001500 N
066 A001500 N
067 001500 N
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 N
070 B011500 N
070 B021500 N
070 C011500 Y
070 C021500 N
070 D011500 N
070 D021500 N
070 E011500 Y
070 E021500 N
070 F011500 N
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 N
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 Y
070 L011500 N
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 Y
070 N021500 N
070 O011500 Y
070 O021500 N
070 P011500 Y
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
071 A001500 3481
071 B001500 410
071 C001500 1776
071 D001500 23
<PAGE> PAGE 87
072 A001500 12
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<PAGE> PAGE 88
074 O001500 0
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015 A001601 STATE STREET BANK AND TRUST COMPANY
015 B001601 C
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015 C021601 MA
015 C031601 02266
015 C041601 8609
015 E011601 X
015 A001602 CITIBANK N.A.
015 B001602 S
015 C011602 BUENOS AIRES
015 D011602 ARGENTINA
015 E041602 X
015 A001603 STANDARD CHARTERED BANK
015 B001603 S
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015 D011603 HONG KONG
015 E041603 X
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015 C011604 JAKARTA
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<PAGE> PAGE 89
015 D021606 D.F. 06695
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015 A001607 STANDARD CHARTERED BANK
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015 A001609 STANDARD CHARTERED BANK
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015 D011609 THE PHILLIPPINES
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015 D011611 SINGAPORE
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015 D011612 THAILAND
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<PAGE> PAGE 90
028 A021600 0
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<PAGE> PAGE 91
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055 A001600 N
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<PAGE> PAGE 92
062 F001600 0.0
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070 I021600 N
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070 L011600 Y
070 L021600 Y
070 M011600 Y
<PAGE> PAGE 93
070 M021600 Y
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070 O021600 N
070 P011600 Y
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070 R011600 N
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<PAGE> PAGE 94
073 C001600 0.0000
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015 A001701 STATE STREET BANK AND TRUST COMPANY
015 B001701 C
015 C011701 BOSTON
015 C021701 MA
015 C031701 02266
015 C041701 8609
015 E011701 X
015 A001702 STANDARD CHARTERED BANK
015 B001702 S
015 C011702 MAKATI,METRO MANILLA
015 D011702 THE PHILLIPPINES
015 E041702 X
015 A001703 CHRISTIANIA BANK OF KREDITKASSE
015 B001703 S
015 C011703 OSLO
015 D011703 NORWAY
015 E041703 X
<PAGE> PAGE 95
015 A001704 ANZ NOMINEES LTD.
015 B001704 S
015 C011704 WELLINGTON
015 D011704 NEW ZEALAND
015 E041704 X
015 A001705 MEES PIERSON N.V.
015 B001705 S
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015 E041705 X
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015 B001706 S
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015 D021706 D.F. 06695
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015 C011709 28022 MADRID
015 D011709 SPAIN
015 E041709 X
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015 B001710 S
015 C011710 SINGAPORE
015 D011710 SINGAPORE
015 D021710 0104
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015 A001711 BANCO COMMERCIAL PORTUGUES
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015 C011711 LISBON
015 D011711 PORTUGAL
015 D021711 1000
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015 B001712 S
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015 D021712 E14 5AF
015 E041712 X
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<PAGE> PAGE 96
015 C011713 ISTANBUL
015 D011713 TURKEY
015 E041713 X
015 A001714 STANDARD CHARTERED BANK
015 B001714 S
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015 D011714 THAILAND
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015 E041714 X
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015 B001715 S
015 C011715 50450 KUALA LUMPUR
015 D011715 MALAYSIA
015 E041715 X
015 A001716 SUMITOMO TRUST & BANK CO., LTD.
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015 D011716 JAPAN
015 E041716 X
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015 D011717 ITALY
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015 A001718 BANK OF IRELAND
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015 D011718 IRELAND
015 E041718 X
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015 C011719 JAKARTA
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015 D021719 10220
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015 D011720 HONG KONG
015 E041720 X
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015 E041721 X
015 A001722 BERLINER HANDES-UND FRANKFURTER BANK
015 B001722 S
015 C011722 D-6000 FRANKFURT AM
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015 E041722 X
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<PAGE> PAGE 97
015 B001723 S
015 C011723 75078 PARIS
015 D011723 FRANCE
015 E041723 X
015 A001724 KANSALLIS-OSAKE-PANKKI
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015 C011724 00500 HELSINKI
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015 A001725 DEN DANSKE BANK
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015 D011725 DENMARK
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015 A001726 GENERALE DE BANQUE
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015 E041726 X
015 A001727 CITIBANK N.A.
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015 D011727 ARGENTINA
015 E041727 X
015 A001728 WESTPAC CUSTODIAN NOMINEE LTD.
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<PAGE> PAGE 98
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<PAGE> PAGE 99
047 001700 Y
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052 001700 N
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055 B001700 N
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<PAGE> PAGE 100
062 L001700 0.0
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062 O001700 0.0
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062 Q001700 0.0
062 R001700 0.0
063 A001700 0
063 B001700 0.0
066 A001700 Y
066 B001700 N
066 C001700 Y
066 D001700 N
066 E001700 N
066 F001700 N
066 G001700 N
067 001700 N
068 A001700 N
068 B001700 N
069 001700 N
070 A011700 Y
070 A021700 Y
070 B011700 Y
070 B021700 N
070 C011700 Y
070 C021700 N
070 D011700 Y
070 D021700 N
070 E011700 Y
070 E021700 N
070 F011700 Y
070 F021700 N
070 G011700 Y
070 G021700 N
070 H011700 Y
070 H021700 N
070 I011700 N
070 I021700 N
070 J011700 Y
070 J021700 N
070 K011700 Y
070 K021700 Y
070 L011700 Y
070 L021700 Y
070 M011700 Y
070 M021700 Y
070 N011700 Y
070 N021700 N
070 O011700 Y
070 O021700 N
070 P011700 Y
<PAGE> PAGE 101
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 N
070 R021700 N
071 A001700 32610
071 B001700 301
071 C001700 24801
071 D001700 1
072 A001700 4
072 B001700 23
072 C001700 134
072 D001700 0
072 E001700 0
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072 G001700 16
072 H001700 0
072 I001700 1
072 J001700 41
072 K001700 0
072 L001700 1
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072 N001700 0
072 O001700 0
072 P001700 0
072 Q001700 0
072 R001700 0
072 S001700 1
072 T001700 13
072 U001700 0
072 V001700 0
072 W001700 19
072 X001700 153
072 Y001700 61
072 Z001700 65
072AA001700 50
072BB001700 78
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072CC021700 1094
072DD011700 14
072DD021700 0
072EE001700 4
073 A011700 0.0000
073 A021700 0.0000
073 B001700 0.0000
073 C001700 0.0000
074 A001700 0
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074 E001700 1150
<PAGE> PAGE 102
074 F001700 29409
074 G001700 0
074 H001700 0
074 I001700 665
074 J001700 0
074 K001700 0
074 L001700 1454
074 M001700 514
074 N001700 34497
074 O001700 1279
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074 R031700 0
074 R041700 1078
074 S001700 0
074 T001700 32140
074 U011700 2509
074 U021700 875
074 V011700 0.00
074 V021700 0.00
074 W001700 0.0000
074 X001700 1843
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SIGNATURE S. ELLIOTT COHEN
TITLE ASST. GEN. COUNSEL
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<S> <C>
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<SERIES>
<NUMBER> 1
<NAME> First Union Balanced Portfolio
Class A
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 2
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Class B
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 3
<NAME> First Union Balanced Portfolio
Class C
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<NUMBER> 4
<NAME> First Union Balanced Portfolio
Y Shares
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<TABLE> <S> <C>
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<NUMBER> 5
<NAME> First Union Emerging Markets Growth Portfolio
Class A Investment Shares
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Class C Investment Shares
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<NAME> First Union Emerging Markets Growth Portfolio
Y Shares
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<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.010
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</TABLE>
<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 9
<NAME> First Union Fixed Income Portfolio
Class A Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 403,108,910
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<NET-CHANGE-IN-ASSETS> (25,897,070)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> First Union Fixed Income Portfolio
Class B Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 403,108,910
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<NET-CHANGE-IN-ASSETS> (25,897,070)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> First Union Fixed Income Portfolio
Class C Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 403,108,910
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<NET-CHANGE-IN-ASSETS> (25,897,070)
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<PER-SHARE-GAIN-APPREC> (0.300)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> First Union Fixed Income Portfolio
Y Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 403,108,910
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<RECEIVABLES> 5,596,256
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<NET-CHANGE-IN-ASSETS> (25,897,070)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> First Union Florida Municipal Bond Portfolio
Class A Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 36,767,689
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<PER-SHARE-NAV-BEGIN> 10.340
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<PER-SHARE-GAIN-APPREC> (1.420)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> First Union Florida Municipal Bond Portfolio
Class B Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 36,767,689
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> First Union Florida Municipal Bond Portfolio
Y Shares
<PERIOD-TYPE> 12-MOS
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 16
<NAME> First Union Georgia Municipal Bond Portfolio
Class A Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 8,195,670
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 17
<NAME> First Union Georgia Municipal Bond Portfolio
Class B Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 8,195,670
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<TABLE> <S> <C>
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<NUMBER> 18
<NAME> First Union Georgia Municipal Bond Portfolio
Y Shares
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 19
<NAME> First Union High Grade Tax Free Portfolio
Class A Investment Shares
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<PERIOD-END> Dec-31-1994
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 20
<NAME> First Union High Grade Tax Free Portfolio
Class B Investment Shares
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<TABLE> <S> <C>
<S> <C>
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<NUMBER> 21
<NAME> First Union High Grade Tax Free Portfolio
Y Shares
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 22
<NAME> First Union International Equity Portfolio
Class A Investment Shares
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<PERIOD-END> Dec-31-1994
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 23
<NAME> First Union International Equity Portfolio
Class B Investment Shares
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<TABLE> <S> <C>
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<NUMBER> 24
<NAME> First Union International Equity Portfolio
Class C Investment Shares
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</TABLE>
<TABLE> <S> <C>
<S> <C>
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<NUMBER> 25
<NAME> First Union International Equity Portfolio
Y Shares
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</TABLE>
<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 26
<NAME> First Union Managed Bond Portfolio
<PERIOD-TYPE> 12-MOS
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 27
<NAME> First Union Money Market Portfolio
Class A Investment Shares
<PERIOD-TYPE> 12-MOS
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 28
<NAME> First Union Money Market Portfolio
Class B Investment Shares
<PERIOD-TYPE> 12-MOS
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 29
<NAME> First Union Money Market Portfolio
Y Shares
<PERIOD-TYPE> 12-MOS
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</TABLE>
<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 30
<NAME> First Union North Carolina Municipal Bond Port
Class A Investment Shares
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<PERIOD-END> Dec-31-1994
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</TABLE>
<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 31
<NAME> First Union North Carolina Municipal Bond Port
Class B Investment Shares
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<TABLE> <S> <C>
<S> <C>
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<NUMBER> 32
<NAME> First Union North Carolina Municipal Bond Port
Y Shares
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<TABLE> <S> <C>
<S> <C>
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<NUMBER> 33
<NAME> First Union South Carolina Municipal Bond Port
Class A Investment Shares
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</TABLE>
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<NUMBER> 34
<NAME> First Union South Carolina Municipal Bond Port
Class B Investment Shares
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<NAME> First Union South Carolina Municipal Bond Port
Y Shares
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<NAME> First Union Tax-Free Money Market Portfolio
Class A Investment Shares
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<NUMBER> 37
<NAME> First Union Tax-Free Money Market Portfolio
Y Shares
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<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 38
<NAME> First Union Treasury Money Market Portfolio
Class A Investment Shares
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<NUMBER> 39
<NAME> First Union Treasury Money Market Portfolio
Y Shares
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<TABLE> <S> <C>
<S> <C>
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<NUMBER> 40
<NAME> First Union U.S. Government Portfolio
Class A
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Class B
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<NUMBER> 42
<NAME> First Union U.S. Government Portfolio
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<NAME> First Union U.S. Government Portfolio
Y Shares
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<SHARES-COMMON-PRIOR> 1,441,612
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<NET-ASSETS> 15,595,022
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<INTEREST-INCOME> 21,549,057
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<EXPENSES-NET> 3,855,865
<NET-INVESTMENT-INCOME> 17,693,192
<REALIZED-GAINS-CURRENT> (5,468,380)
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<NET-CHANGE-FROM-OPS> (11,029,173)
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<DISTRIBUTIONS-OF-INCOME> 1,081,968
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<NUMBER-OF-SHARES-SOLD> 1,020,057
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<SHARES-REINVESTED> 96,545
<NET-CHANGE-IN-ASSETS> (54,895,564)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,978,402)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,355,420
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,961,388
<AVERAGE-NET-ASSETS> 270,169,757
<PER-SHARE-NAV-BEGIN> 10.050
<PER-SHARE-NII> 0.690
<PER-SHARE-GAIN-APPREC> (0.980)
<PER-SHARE-DIVIDEND> 0.690
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<PER-SHARE-NAV-END> 9.070
<EXPENSE-RATIO> 71
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 44
<NAME> First Union Utility Portfolio
Class A Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 40,728,944
<INVESTMENTS-AT-VALUE> 38,332,674
<RECEIVABLES> 299,178
<ASSETS-OTHER> 35,840
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<TOTAL-LIABILITIES> 355,966
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 19,933
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (93,656)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,396,270)
<NET-ASSETS> 4,190,305
<DIVIDEND-INCOME> 1,413,163
<INTEREST-INCOME> 261,177
<OTHER-INCOME> 0
<EXPENSES-NET> 323,813
<NET-INVESTMENT-INCOME> 1,350,527
<REALIZED-GAINS-CURRENT> (93,656)
<APPREC-INCREASE-CURRENT> (2,396,270)
<NET-CHANGE-FROM-OPS> (1,139,399)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 191,065
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,050,103
<NUMBER-OF-SHARES-REDEEMED> 601,659
<SHARES-REINVESTED> 17,247
<NET-CHANGE-IN-ASSETS> 38,311,726
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 153,458
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 582,808
<AVERAGE-NET-ASSETS> 31,610,617
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.450
<PER-SHARE-GAIN-APPREC> (1.010)
<PER-SHARE-DIVIDEND> 0.440
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.000
<EXPENSE-RATIO> 53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 45
<NAME> First Union Utility Portfolio
Class B Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 40,728,944
<INVESTMENTS-AT-VALUE> 38,332,674
<RECEIVABLES> 299,178
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<TOTAL-ASSETS> 38,667,692
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 355,966
<TOTAL-LIABILITIES> 355,966
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,781,719
<SHARES-COMMON-STOCK> 3,197,871
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 19,933
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (93,656)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,396,270)
<NET-ASSETS> 28,792,123
<DIVIDEND-INCOME> 1,413,163
<INTEREST-INCOME> 261,177
<OTHER-INCOME> 0
<EXPENSES-NET> 323,813
<NET-INVESTMENT-INCOME> 1,350,527
<REALIZED-GAINS-CURRENT> (93,656)
<APPREC-INCREASE-CURRENT> (2,396,270)
<NET-CHANGE-FROM-OPS> (1,139,399)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 922,823
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,519,138
<NUMBER-OF-SHARES-REDEEMED> 406,297
<SHARES-REINVESTED> 85,030
<NET-CHANGE-IN-ASSETS> 38,311,726
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 153,458
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 582,808
<AVERAGE-NET-ASSETS> 31,610,617
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.390
<PER-SHARE-GAIN-APPREC> (1.010)
<PER-SHARE-DIVIDEND> 0.380
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.000
<EXPENSE-RATIO> 127
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 46
<NAME> First Union Utility Portfolio
Class C Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 40,728,944
<INVESTMENTS-AT-VALUE> 38,332,674
<RECEIVABLES> 299,178
<ASSETS-OTHER> 35,840
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,667,692
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 355,966
<TOTAL-LIABILITIES> 355,966
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,781,719
<SHARES-COMMON-STOCK> 14,199
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 19,933
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (93,656)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,396,270)
<NET-ASSETS> 127,883
<DIVIDEND-INCOME> 1,413,163
<INTEREST-INCOME> 261,177
<OTHER-INCOME> 0
<EXPENSES-NET> 323,813
<NET-INVESTMENT-INCOME> 1,350,527
<REALIZED-GAINS-CURRENT> (93,656)
<APPREC-INCREASE-CURRENT> (2,396,270)
<NET-CHANGE-FROM-OPS> (1,139,399)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,182
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,069
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 130
<NET-CHANGE-IN-ASSETS> 38,311,726
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 153,458
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 582,808
<AVERAGE-NET-ASSETS> 31,610,617
<PER-SHARE-NAV-BEGIN> 9.330
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> (0.330)
<PER-SHARE-DIVIDEND> 0.110
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.010
<EXPENSE-RATIO> 194
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 47
<NAME> First Union Utility Portfolio
Y Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 40,728,944
<INVESTMENTS-AT-VALUE> 38,332,674
<RECEIVABLES> 299,178
<ASSETS-OTHER> 35,840
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,667,692
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 355,966
<TOTAL-LIABILITIES> 355,966
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<SHARES-COMMON-STOCK> 577,662
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 19,933
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (93,656)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,396,270)
<NET-ASSETS> 5,201,415
<DIVIDEND-INCOME> 1,413,163
<INTEREST-INCOME> 261,177
<OTHER-INCOME> 0
<EXPENSES-NET> 323,813
<NET-INVESTMENT-INCOME> 1,350,527
<REALIZED-GAINS-CURRENT> (93,656)
<APPREC-INCREASE-CURRENT> (2,396,270)
<NET-CHANGE-FROM-OPS> (1,139,399)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 210,047
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 5,477
<NUMBER-OF-SHARES-SOLD> 580,992
<NUMBER-OF-SHARES-REDEEMED> 23,687
<SHARES-REINVESTED> 20,357
<NET-CHANGE-IN-ASSETS> 38,311,726
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 582,808
<AVERAGE-NET-ASSETS> 31,610,617
<PER-SHARE-NAV-BEGIN> 9.510
<PER-SHARE-NII> 0.370
<PER-SHARE-GAIN-APPREC> (0.500)
<PER-SHARE-DIVIDEND> 0.370
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.010
<PER-SHARE-NAV-END> 9.000
<EXPENSE-RATIO> 40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 48
<NAME> First Union Value Portfolio
Class A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 802,372,539
<INVESTMENTS-AT-VALUE> 807,634,310
<RECEIVABLES> 4,234,547
<ASSETS-OTHER> 743
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 811,869,600
<PAYABLE-FOR-SECURITIES> 3,938,539
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<TOTAL-LIABILITIES> 11,252,827
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<PAID-IN-CAPITAL-COMMON> 796,232,544
<SHARES-COMMON-STOCK> 11,360,202
<SHARES-COMMON-PRIOR> 10,774,671
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (434,532)
<ACCUMULATED-NET-GAINS> (443,010)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,261,771
<NET-ASSETS> 188,807,184
<DIVIDEND-INCOME> 27,496,851
<INTEREST-INCOME> 2,443,286
<OTHER-INCOME> 0
<EXPENSES-NET> 6,384,245
<NET-INVESTMENT-INCOME> 23,555,892
<REALIZED-GAINS-CURRENT> 37,989,054
<APPREC-INCREASE-CURRENT> (46,787,958)
<NET-CHANGE-FROM-OPS> 14,756,988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,495,722
<DISTRIBUTIONS-OF-GAINS> 8,939,524
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,358,029
<NUMBER-OF-SHARES-REDEEMED> 1,612,008
<SHARES-REINVESTED> 839,511
<NET-CHANGE-IN-ASSETS> 87,593,169
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (131,832)
<OVERDISTRIB-NII-PRIOR> (635,325)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,850,673
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,384,245
<AVERAGE-NET-ASSETS> 771,316,305
<PER-SHARE-NAV-BEGIN> 17.630
<PER-SHARE-NII> 0.520
<PER-SHARE-GAIN-APPREC> (0.200)
<PER-SHARE-DIVIDEND> 0.510
<PER-SHARE-DISTRIBUTIONS> 0.820
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.620
<EXPENSE-RATIO> 93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 49
<NAME> First Union Value Portfolio
Class B
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 802,372,539
<INVESTMENTS-AT-VALUE> 807,634,310
<RECEIVABLES> 4,234,547
<ASSETS-OTHER> 743
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<TOTAL-ASSETS> 811,869,600
<PAYABLE-FOR-SECURITIES> 3,938,539
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<TOTAL-LIABILITIES> 11,252,827
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<PAID-IN-CAPITAL-COMMON> 796,232,544
<SHARES-COMMON-STOCK> 6,274,003
<SHARES-COMMON-PRIOR> 3,400,580
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (434,532)
<ACCUMULATED-NET-GAINS> (443,010)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,261,771
<NET-ASSETS> 104,298,562
<DIVIDEND-INCOME> 27,496,851
<INTEREST-INCOME> 2,443,286
<OTHER-INCOME> 0
<EXPENSES-NET> 6,384,245
<NET-INVESTMENT-INCOME> 23,555,892
<REALIZED-GAINS-CURRENT> 37,989,054
<APPREC-INCREASE-CURRENT> (46,787,958)
<NET-CHANGE-FROM-OPS> 14,756,988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,952,154
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<DISTRIBUTIONS-OTHER> 24,340
<NUMBER-OF-SHARES-SOLD> 3,054,952
<NUMBER-OF-SHARES-REDEEMED> 575,508
<SHARES-REINVESTED> 393,979
<NET-CHANGE-IN-ASSETS> 87,593,169
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (131,832)
<OVERDISTRIB-NII-PRIOR> (635,325)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,850,673
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,384,245
<AVERAGE-NET-ASSETS> 771,316,305
<PER-SHARE-NAV-BEGIN> 17.630
<PER-SHARE-NII> 0.420
<PER-SHARE-GAIN-APPREC> (0.200)
<PER-SHARE-DIVIDEND> 0.410
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<RETURNS-OF-CAPITAL> 0.000
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<EXPENSE-RATIO> 153
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 50
<NAME> First Union Value Portfolio
Class C
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 802,372,539
<INVESTMENTS-AT-VALUE> 807,634,310
<RECEIVABLES> 4,234,547
<ASSETS-OTHER> 743
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 811,869,600
<PAYABLE-FOR-SECURITIES> 3,938,539
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<OTHER-ITEMS-LIABILITIES> 7,314,288
<TOTAL-LIABILITIES> 11,252,827
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 796,232,544
<SHARES-COMMON-STOCK> 29,207
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (434,532)
<ACCUMULATED-NET-GAINS> (443,010)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,261,771
<NET-ASSETS> 485,037
<DIVIDEND-INCOME> 27,496,851
<INTEREST-INCOME> 2,443,286
<OTHER-INCOME> 0
<EXPENSES-NET> 6,384,245
<NET-INVESTMENT-INCOME> 23,555,892
<REALIZED-GAINS-CURRENT> 37,989,054
<APPREC-INCREASE-CURRENT> (46,787,958)
<NET-CHANGE-FROM-OPS> 14,756,988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,060
<DISTRIBUTIONS-OF-GAINS> 22,671
<DISTRIBUTIONS-OTHER> 951
<NUMBER-OF-SHARES-SOLD> 27,701
<NUMBER-OF-SHARES-REDEEMED> 34
<SHARES-REINVESTED> 1,540
<NET-CHANGE-IN-ASSETS> 87,593,169
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (131,832)
<OVERDISTRIB-NII-PRIOR> (635,325)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,850,673
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,384,245
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<PER-SHARE-NAV-BEGIN> 18.280
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> (0.810)
<PER-SHARE-DIVIDEND> 0.190
<PER-SHARE-DISTRIBUTIONS> 0.820
<RETURNS-OF-CAPITAL> 0.040
<PER-SHARE-NAV-END> 16.610
<EXPENSE-RATIO> 168
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 51
<NAME> First Union Value Portfolio
Y Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 802,372,539
<INVESTMENTS-AT-VALUE> 807,634,310
<RECEIVABLES> 4,234,547
<ASSETS-OTHER> 743
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 811,869,600
<PAYABLE-FOR-SECURITIES> 3,938,539
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,314,288
<TOTAL-LIABILITIES> 11,252,827
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 796,232,544
<SHARES-COMMON-STOCK> 30,516,178
<SHARES-COMMON-PRIOR> 26,269,966
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (434,532)
<ACCUMULATED-NET-GAINS> (443,010)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 507,025,990
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<INTEREST-INCOME> 2,443,286
<OTHER-INCOME> 0
<EXPENSES-NET> 6,384,245
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<NUMBER-OF-SHARES-REDEEMED> 8,880,310
<SHARES-REINVESTED> 2,177,091
<NET-CHANGE-IN-ASSETS> 87,593,169
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (131,832)
<OVERDISTRIB-NII-PRIOR> (635,325)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
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<NUMBER> 52
<NAME> First Union Virginia Municipal Bond Portfolio
Class A
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<NUMBER> 53
<NAME> First Union Virginia Municipal Bond Portfolio
Class B
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</TABLE>
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<SERIES>
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<NAME> First Union Virginia Municipal Bond Portfolio
Y Shares
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</TABLE>
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