<PAGE>
000 A000000 02/28/97
000 C000000 0000895613
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001 C000000 9199729922
002 A000000 105 NORTH WASHINGTON STREET
002 B000000 ROCKY MOUNT
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002 D010000 27802
002 D020000 0069
003 000000 N
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C020800 NORTH CAROLINA TAX FREE BOND FUND
007 C030800 N
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007 C011000 10
010 A00AA01 THE NOTTINGHAM COMPANY
010 B00AA01 84-1954
010 C01AA01 ROCKY MOUNT
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012 A00AA01 THE NOTTINGHAM COMPANY
012 B00AA01 84-1954
012 C01AA01 ROCKY MOUNT
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013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 PITTSBURGH
013 B02AA01 PA
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<PAGE>
013 B04AA01 5401
015 A00AA01 WACHOVIA BANK OF NORTH CAROLINA N.A.
015 B00AA01 C
015 C01AA01 WINSTON-SALEM
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015 E01AA01 X
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<PAGE>
026 E000000 N
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086 F020000 0
008 A000801 BOYS, ARNOLD & COMPANY, INC.
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008 C000801 801-13200
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024 000800 N
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028 A030800 0
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028 B010800 188
028 B020800 21
028 B030800 0
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<PAGE>
028 C020800 21
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028 F020800 19
028 F030800 0
028 F040800 47
028 G010800 1179
028 G020800 124
028 G030800 0
028 G040800 543
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029 000800 N
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030 C000800 0.00
031 A000800 0
031 B000800 0
032 000800 0
033 000800 0
034 000800 N
035 000800 0
036 B000800 0
037 000800 N
038 000800 0
039 000800 N
040 000800 N
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042 A000800 0
042 B000800 0
042 C000800 0
042 D000800 0
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 0
044 000800 0
045 000800 Y
046 000800 N
047 000800 Y
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<PAGE>
048 A020800 0.350
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
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048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 100000
048 K020800 0.250
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 Y
053 C000800 N
054 A000800 Y
054 B000800 Y
054 C000800 N
054 D000800 N
054 E000800 N
054 F000800 N
054 G000800 N
054 H000800 Y
054 I000800 N
054 J000800 Y
054 K000800 N
054 L000800 N
054 M000800 Y
054 N000800 N
054 O000800 N
055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
058 B000800 N
058 C000800 N
058 D000800 N
<PAGE>
058 E000800 N
059 000800 Y
060 A000800 N
060 B000800 N
061 000800 10000
062 A000800 Y
062 B000800 0.0
062 C000800 0.0
062 D000800 1.7
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 98.3
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 9.6
064 A000800 N
064 B000800 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 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 N
<PAGE>
070 J020800 N
070 K010800 N
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 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 791
071 B000800 103
071 C000800 6587
071 D000800 2
072 A000800 6
072 B000800 179
072 C000800 2
072 D000800 0
072 E000800 0
072 F000800 12
072 G000800 5
072 H000800 0
072 I000800 9
072 J000800 5
072 K000800 1
072 L000800 1
072 M000800 3
072 N000800 1
072 O000800 0
072 P000800 0
072 Q000800 10
072 R000800 4
072 S000800 5
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 6
072 X000800 62
072 Y000800 34
072 Z000800 153
072AA000800 2
072BB000800 0
072CC010800 155
072CC020800 0
<PAGE>
072DD010800 153
072DD020800 0
072EE000800 0
073 A010800 0.2400
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 86
074 B000800 0
074 C000800 0
074 D000800 7118
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 1
074 L000800 114
074 M000800 6
074 N000800 7325
074 O000800 0
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 7
074 S000800 0
074 T000800 7318
074 U010800 692
074 U020800 0
074 V010800 10.57
074 V020800 0.00
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074 X000800 211
074 Y000800 7318
075 A000800 0
075 B000800 6587
076 000800 0.00
SIGNATURE C. FRANK WATSON III
TITLE SECRETARY
