<PAGE> PAGE 1
000 A000000 05/31/98
000 C000000 0000867502
000 D000000 N
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007 C020400 WACHOVIA VIRGINIA MUNICIPAL BOND FUND
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<PAGE> PAGE 2
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
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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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<PAGE> PAGE 21
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<PAGE> PAGE 22
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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</TABLE>
Report of Independent Auditors
To the Shareholders and
Board of Trustees of
The Wachovia Municipal Funds
In planning and performing our audit of the financial statements of The
Wachovia Municipal Funds for the year ended November 30, 1998, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, and not to provide
assurance on the internal control.
The management of The Wachovia Municipal Funds is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the specific internal control components
does not reduce to a relatively low level the risk that errors or fraud
in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control and
its operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at November 30,
1998.
This report is intended solely for the information and use of the board
of trustees and management of The Wachovia Municipal Funds and the
Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
Pittsburgh, Pennsylvania
January 22, 1999
Form N-SAR
Semi-Annual Report for Registered Investment Companies
Registrant's Name:
The Wachovia Municipal Funds
Date of Filing to which
Form SE Relates:
FYE
11/30/98
Type of Filing:
Form N-SAR
Paralegal's Name:
Maureen A. Ferguson
Paralegal's Extension No.:
7405
PORTFOLIO/SERIES NAMES
1
Wachovia South Carolina Municipal Bond Fund
2
Wachovia North Carolina Municipal Bond Fund
3
Wachovia Georgia Municipal Bond Fund
4
Wachovia Virginia Municipal Bond Fund
5
6
7
8
9
10
FORM SE Notification Form
N-SAR Exhibit Index
(Exhibits to be attached will appear in bold-face type)
77.A.
Are there any exhibits?
Yes:
X
No:
77.B.
Accountant's Report on Internal Control [Annual N-SARs only]
77.C.
Matters Submitted to a Vote of Securities Holders
77.D.
Policies with Respect to Security Investments
77.E.
Legal Proceedings
77.F.
Changes in Security for Debt
77.G.
Defaults and Arrears on Senior Securities
77.H.
Changes in Control of Registrant
77.I.
Terms of New or Amended Securities
77.J.
Revaluation of Assets or Restatement of Capital Share Account
77.K.
Changes in Registrant's Certifying Accountant
77.L.
Changes in Accounting and Principles and Practices
77.M.
Mergers
77.N.
Actions Required to be Reported Pursuant to Rule 2a-7
77.O.
Transactions effected Pursuant to Rule 10f-3
77.P.
Information Required to be Filed Pursuant to Existing Exemptive Orders
77.Q.
Exhibits
Item 14 -- Form N-SAR
PORTFOLIO/SERIES NAME:
All
PORTFOLIO/SERIES NUMBER:
REGISTRANT'S NAME:
The Wachovia Municipal Funds
Affiliated Broker/Dealer
14
A
Broker/Dealer Name (if any):
None
B
File Number:
8-
14
A
Broker/Dealer Name (if any):
B
File Number:
8-
14
A
Broker/Dealer Name (if any):
B
File Number:
8-
14
A
Broker/Dealer Name (if any):
B
File Number:
8-
14
A
Broker/Dealer Name (if any):
B
File Number:
8-
Item 77 -- Form N-SAR
PORTFOLIO/SERIES NAME:
All
PORTFOLIO/SERIES NUMBER:
REGISTRANT'S NAME:
The Wachovia Municipal Funds
Y or N
77.A
.
Is the Registrant filing any of the following attachments with
the current filing of Form N-SAR? (Answer for all Series as
a group)
Y
NOTE: If answer is "Y," mark those items below being filed
as an attachment to this form or incorporated by reference.
Filed as
an
Attachment
?
(Y or N)
B.
Accountant's Report on Internal Control [Annual N-SAR ONLY]
Y
C.
Matters Submitted to a Vote of Securities Holders
N
D.
Policies with Respect to Security Investments
N
E.
Legal Proceedings
N
F.
Changes in Security for Debt
N
G.
Defaults and Arrears on Senior Securities
N
H.
Changes in Control of Registrant
N
I.
Terms of New or Amended Securities
[Includes additions/deletions of classes to existing
portfolios]
N
J.
Revaluation of Assets or Restatement of Capital Share Account
N
K.
Changes in Registrant's Certifying Accountant
N
L.
Changes in Accounting Principles and Practices
N
M.
Mergers
N
N.
Actions Required to be Reported Pursuant to Rule 2a-7
N
O.
Transactions effected Pursuant to Rule 10f-3
N
P.
Information Required to be Filed Pursuant to Existing Exemptive
Orders
N
Q.1)
Exhibits
Y
Q.2)
Any information called for by instructions to sub-item 77Q2
N
Q.3)
Any information called for by instructions to sub-item 77Q3
N
EXHIBIT 77Q
THE WACHOVIA MUNICIPAL FUNDS
Amendment No. 11
to the
AMENDED AND RESTATED DECLARATION OF TRUST
dated February 24, 1992
Effective December 4, 1997:
Strike the first paragraph of Section 5 of Article III from the
Declaration of Trust and substitute in its place the following:
Section 5. Establishment and Designation of Series or Class.
Without limiting the authority of the Trustees set forth in Article
XII, Section 8, inter alia, to establish and designate any
additional Series or Class, or to modify the rights and preferences
of any existing Series or Class the Series and Classes of the Trust
are established and designated as:
Wachovia Georgia Municipal Bond Fund
Class A Shares
Class B Shares
Class Y Shares
Wachovia North Carolina Municipal Bond Fund
Class A Shares
Class B Shares
Class Y Shares
Wachovia South Carolina Municipal Bond Fund
Class A Shares
Class B Shares
Class Y Shares
Wachovia Virginia Municipal Bond Fund
Class A Shares
Class B Shares
Class Y Shares
The undersigned certify that the above-stated amendment is a true
and correct Amendment to the Declaration of Trust, as adopted by the
Board of Trustees on the 4th day of December, 1997.
WITNESS the due execution hereof this 4th day of December, 1997.
/s/James A. Hanley /s/Samuel E. Hudgins
James A. Hanley Samuel E. Hudgins
/s/J. Berkley Ingram, Jr. /s/D. Dean Kaylor
J. Berkley Ingram, Jr. D. Dean Kaylor
/s/Charles S. Way, Jr.
Charles S. Way, Jr.
