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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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 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
070 F010400 N
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<PAGE> PAGE 23
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015 A000501 FIRST ALABAMA BANK
015 B000501 C
<PAGE> PAGE 24
015 C010501 BIRMINGHAM
015 C020501 AL
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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015 A000601 FIRST ALABAMA BANK
015 B000601 C
015 C010601 BIRMINGHAM
<PAGE> PAGE 29
015 C020601 AL
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015 A000602 FEDERAL RESERVE BANK
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015 C020602 AL
015 C030602 35203
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015 A000603 BANKERS TRUST COMPANY
015 B000603 S
015 C010603 NEW YORK
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015 C030603 10015
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015 A000604 DEPOSITORY TRUST COMPANY
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024 000600 Y
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN.COUNSEL
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<TABLE> <S> <C>
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<SERIES>
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<NAME> First Priority Treasury Money Market Fund
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> First Priority Fixed Income Fund
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<PERIOD-END> May-31-1995
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<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> First Priority Equity Fund
Investment Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 133,534,435
<INVESTMENTS-AT-VALUE> 145,262,071
<RECEIVABLES> 3,932,780
<ASSETS-OTHER> 12,266
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 149,207,117
<PAYABLE-FOR-SECURITIES> 4,145,249
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55,902
<TOTAL-LIABILITIES> 4,201,151
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133,596,717
<SHARES-COMMON-STOCK> 13,257,335
<SHARES-COMMON-PRIOR> 592,016
<ACCUMULATED-NII-CURRENT> 434,017
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (752,404)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,727,636
<NET-ASSETS> 145,005,966
<DIVIDEND-INCOME> 1,736,534
<INTEREST-INCOME> 499,535
<OTHER-INCOME> 0
<EXPENSES-NET> 667,242
<NET-INVESTMENT-INCOME> 1,568,827
<REALIZED-GAINS-CURRENT> (751,224)
<APPREC-INCREASE-CURRENT> 12,912,621
<NET-CHANGE-FROM-OPS> 13,730,224
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 882,369
<DISTRIBUTIONS-OF-GAINS> 195,892
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,135,597
<NUMBER-OF-SHARES-REDEEMED> 789,336
<SHARES-REINVESTED> 26,684
<NET-CHANGE-IN-ASSETS> (5,001,241)
<ACCUMULATED-NII-PRIOR> 646,818
<ACCUMULATED-GAINS-PRIOR> 4,191,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 544,699
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 758,763
<AVERAGE-NET-ASSETS> 82,207,808
<PER-SHARE-NAV-BEGIN> 10.360
<PER-SHARE-NII> 0.540
<PER-SHARE-GAIN-APPREC> 0.500
<PER-SHARE-DIVIDEND> 0.130
<PER-SHARE-DISTRIBUTIONS> 0.330
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.940
<EXPENSE-RATIO> 105
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> First Priority Limited Maturity Government Fun
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 62,042,270
<INVESTMENTS-AT-VALUE> 62,064,760
<RECEIVABLES> 728,457
<ASSETS-OTHER> 23,325
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,816,542
<PAYABLE-FOR-SECURITIES> 999,390
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 311,974
<TOTAL-LIABILITIES> 1,311,364
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61,581,850
<SHARES-COMMON-STOCK> 6,195,976
<SHARES-COMMON-PRIOR> 5,056,046
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (99,162)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,490
<NET-ASSETS> 61,505,178
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,538,186
<OTHER-INCOME> 0
<EXPENSES-NET> 166,228
<NET-INVESTMENT-INCOME> 1,371,958
<REALIZED-GAINS-CURRENT> (36,447)
<APPREC-INCREASE-CURRENT> 1,924,305
<NET-CHANGE-FROM-OPS> 3,259,816
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,371,958
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,691,733
<NUMBER-OF-SHARES-REDEEMED> 552,850
<SHARES-REINVESTED> 1,048
<NET-CHANGE-IN-ASSETS> 12,979,117
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (62,715)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 187,586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 307,796
<AVERAGE-NET-ASSETS> 53,891,365
<PER-SHARE-NAV-BEGIN> 9.600
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> 0.330
<PER-SHARE-DIVIDEND> 0.250
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.930
<EXPENSE-RATIO> 62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> FIRST PRIORITY EQUITY INCOME FUND
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 36,517,831
<INVESTMENTS-AT-VALUE> 38,790,675
<RECEIVABLES> 515,683
<ASSETS-OTHER> 2,001
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39,308,359
<PAYABLE-FOR-SECURITIES> 1,132,490
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,387
<TOTAL-LIABILITIES> 1,175,877
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,343,631
<SHARES-COMMON-STOCK> 3,448,241
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 146,737
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 369,270
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,272,844
<NET-ASSETS> 38,132,482
<DIVIDEND-INCOME> 329,840
<INTEREST-INCOME> 277,899
<OTHER-INCOME> 0
<EXPENSES-NET> 100,175
<NET-INVESTMENT-INCOME> 507,564
<REALIZED-GAINS-CURRENT> 369,270
<APPREC-INCREASE-CURRENT> 2,272,844
<NET-CHANGE-FROM-OPS> 3,149,678
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 360,827
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,525,258
<NUMBER-OF-SHARES-REDEEMED> 77,017
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 38,132,482
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95,128
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 166,945
<AVERAGE-NET-ASSETS> 26,397,740
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.180
<PER-SHARE-GAIN-APPREC> 1.020
<PER-SHARE-DIVIDEND> 0.140
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.060
<EXPENSE-RATIO> 84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> FIRST PRIORITY BALANCED FUND
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 41,892,112
<INVESTMENTS-AT-VALUE> 45,046,073
<RECEIVABLES> 1,330,638
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,376,711
<PAYABLE-FOR-SECURITIES> 202,330
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,781
<TOTAL-LIABILITIES> 228,111
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,466,348
<SHARES-COMMON-STOCK> 4,242,821
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 363,871
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 164,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,153,961
<NET-ASSETS> 46,148,600
<DIVIDEND-INCOME> 227,999
<INTEREST-INCOME> 784,190
<OTHER-INCOME> 0
<EXPENSES-NET> 125,676
<NET-INVESTMENT-INCOME> 886,513
<REALIZED-GAINS-CURRENT> 164,420
<APPREC-INCREASE-CURRENT> 3,153,961
<NET-CHANGE-FROM-OPS> 4,204,894
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 522,642
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,543,971
<NUMBER-OF-SHARES-REDEEMED> 301,150
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 46,148,600
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 153,680
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 233,911
<AVERAGE-NET-ASSETS> 42,566,304
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> 0.790
<PER-SHARE-DIVIDEND> 0.120
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.880
<EXPENSE-RATIO> 65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> First Priority Equity Fund
Trust Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 133,534,435
<INVESTMENTS-AT-VALUE> 145,262,071
<RECEIVABLES> 3,932,780
<ASSETS-OTHER> 12,266
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 149,207,117
<PAYABLE-FOR-SECURITIES> 4,145,249
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55,902
<TOTAL-LIABILITIES> 4,201,151
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133,596,717
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 13,886,126
<ACCUMULATED-NII-CURRENT> 434,017
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (752,404)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,727,636
<NET-ASSETS> 0
<DIVIDEND-INCOME> 1,736,534
<INTEREST-INCOME> 499,535
<OTHER-INCOME> 0
<EXPENSES-NET> 667,242
<NET-INVESTMENT-INCOME> 1,568,827
<REALIZED-GAINS-CURRENT> (751,224)
<APPREC-INCREASE-CURRENT> 12,912,621
<NET-CHANGE-FROM-OPS> 13,730,224
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 899,259
<DISTRIBUTIONS-OF-GAINS> 3,996,308
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 559,276
<NUMBER-OF-SHARES-REDEEMED> 2,153,028
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (5,001,241)
<ACCUMULATED-NII-PRIOR> 646,818
<ACCUMULATED-GAINS-PRIOR> 4,191,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 544,699
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 758,763
<AVERAGE-NET-ASSETS> 82,207,808
<PER-SHARE-NAV-BEGIN> 10.360
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 0.020
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 0.330
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.050
<EXPENSE-RATIO> 83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> First Priority Fixed Income Fund
Trust Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 165,368,007
<INVESTMENTS-AT-VALUE> 163,290,944
<RECEIVABLES> 1,477,027
<ASSETS-OTHER> 12,232
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 164,780,203
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 933,785
<TOTAL-LIABILITIES> 933,785
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 169,425,786
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 16,203,508
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,502,305)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,077,063)
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,063,026
<OTHER-INCOME> 0
<EXPENSES-NET> 731,568
<NET-INVESTMENT-INCOME> 4,331,458
<REALIZED-GAINS-CURRENT> (2,413,709)
<APPREC-INCREASE-CURRENT> 13,127,305
<NET-CHANGE-FROM-OPS> 15,045,054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,365,306
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 230,703
<NUMBER-OF-SHARES-REDEEMED> 2,725,175
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 912,157
<ACCUMULATED-NII-PRIOR> 112,715
<ACCUMULATED-GAINS-PRIOR> (1,088,596)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 564,225
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 794,585
<AVERAGE-NET-ASSETS> 106,698,130
<PER-SHARE-NAV-BEGIN> 9.460
<PER-SHARE-NII> 0.090
<PER-SHARE-GAIN-APPREC> 0.110
<PER-SHARE-DIVIDEND> 0.090
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.570
<EXPENSE-RATIO> 82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
