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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 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
048 J010400 0
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055 A000400 N
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063 B000400 4.0
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
<PAGE> PAGE 22
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
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070 M020400 N
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070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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<PAGE> PAGE 23
072CC010400 2688
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015 A000501 FIRST ALABAMA BANK
015 B000501 C
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<PAGE> PAGE 24
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<PAGE> PAGE 25
042 D000500 0
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056 000500 Y
057 000500 N
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<PAGE> PAGE 26
062 O000500 0.0
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066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
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070 C020500 N
070 D010500 Y
070 D020500 N
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070 E020500 N
070 F010500 Y
070 F020500 N
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070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
<PAGE> PAGE 27
070 R010500 N
070 R020500 N
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<PAGE> PAGE 28
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015 A000601 FIRST ALABAMA BANK
015 B000601 C
015 C010601 BIRMINGHAM
015 C020601 AL
015 C030601 35203
015 E030601 X
024 000600 N
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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067 000600 Y
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069 000600 N
<PAGE> PAGE 31
070 A010600 Y
070 A020600 Y
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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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<OTHER-INCOME> 0
<EXPENSES-NET> 1,534,758
<NET-INVESTMENT-INCOME> 8,305,409
<REALIZED-GAINS-CURRENT> (2,505,522)
<APPREC-INCREASE-CURRENT> 16,376,572
<NET-CHANGE-FROM-OPS> 22,176,459
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,052,406
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,836,454
<NUMBER-OF-SHARES-REDEEMED> 5,598,273
<SHARES-REINVESTED> 41,512
<NET-CHANGE-IN-ASSETS> (2,648,230)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,088,596)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,167,748
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,597,775
<AVERAGE-NET-ASSETS> 155,902,658
<PER-SHARE-NAV-BEGIN> 9.460
<PER-SHARE-NII> 0.520
<PER-SHARE-GAIN-APPREC> 0.900
<PER-SHARE-DIVIDEND> 0.540
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.340
<EXPENSE-RATIO> 1.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> First Priority Funds
First Priority Equity Fund
Trust Shares
<PERIOD-TYPE> 2-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 138,121,663
<INVESTMENTS-AT-VALUE> 157,223,515
<RECEIVABLES> 298,917
<ASSETS-OTHER> 8,761
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 157,531,193
<PAYABLE-FOR-SECURITIES> 3,176,525
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57,235
<TOTAL-LIABILITIES> 3,233,760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,755,153
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 13,886,126
<ACCUMULATED-NII-CURRENT> 451,537
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,977,391
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,113,352
<NET-ASSETS> 0
<DIVIDEND-INCOME> 748,245
<INTEREST-INCOME> 3,253,859
<OTHER-INCOME> 0
<EXPENSES-NET> 1,439,080
<NET-INVESTMENT-INCOME> 2,563,024
<REALIZED-GAINS-CURRENT> 6,978,571
<APPREC-INCREASE-CURRENT> 20,298,337
<NET-CHANGE-FROM-OPS> 29,839,932
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 938,172
<DISTRIBUTIONS-OF-GAINS> 3,996,308
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,290,226
<ACCUMULATED-NII-PRIOR> 646,818
<ACCUMULATED-GAINS-PRIOR> 4,191,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,151,393
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,568,520
<AVERAGE-NET-ASSETS> 143,792,761
<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> 0.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> First Priority Funds
First Priority Equity Fund
Investment Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 138,121,663
<INVESTMENTS-AT-VALUE> 157,223,515
<RECEIVABLES> 298,917
<ASSETS-OTHER> 8,761
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 157,531,193
<PAYABLE-FOR-SECURITIES> 3,176,525
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57,235
<TOTAL-LIABILITIES> 3,233,760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,755,153
<SHARES-COMMON-STOCK> 12,752,956
<SHARES-COMMON-PRIOR> 592,016
<ACCUMULATED-NII-CURRENT> 451,537
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,977,391
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,113,352
<NET-ASSETS> 154,297,433
<DIVIDEND-INCOME> 748,245
<INTEREST-INCOME> 3,253,859
<OTHER-INCOME> 0
<EXPENSES-NET> 1,439,080
<NET-INVESTMENT-INCOME> 2,563,024
<REALIZED-GAINS-CURRENT> 6,978,571
<APPREC-INCREASE-CURRENT> 20,298,337
<NET-CHANGE-FROM-OPS> 29,839,932
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,859,046
<DISTRIBUTIONS-OF-GAINS> 195,892
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,417,880
<NUMBER-OF-SHARES-REDEEMED> 4,173,046
<SHARES-REINVESTED> 29,980
<NET-CHANGE-IN-ASSETS> 4,290,226
<ACCUMULATED-NII-PRIOR> 646,818
<ACCUMULATED-GAINS-PRIOR> 4,191,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,151,393
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,568,520
<AVERAGE-NET-ASSETS> 143,792,761
<PER-SHARE-NAV-BEGIN> 10.360
<PER-SHARE-NII> 0.180
<PER-SHARE-GAIN-APPREC> 2.100
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 0.330
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.100
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> First Priority Funds
First Priority Limited Maturity Government Fun
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 62,267,882
<INVESTMENTS-AT-VALUE> 63,054,042
<RECEIVABLES> 1,345,640
<ASSETS-OTHER> 16,045
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,415,727
<PAYABLE-FOR-SECURITIES> 1,000,308
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 337,580
<TOTAL-LIABILITIES> 1,337,888
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,423,654
<SHARES-COMMON-STOCK> 6,279,565
<SHARES-COMMON-PRIOR> 5,056,046
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (131,975)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 786,160
<NET-ASSETS> 63,077,839
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,409,755
<OTHER-INCOME> 0
<EXPENSES-NET> 355,388
<NET-INVESTMENT-INCOME> 3,054,367
<REALIZED-GAINS-CURRENT> (69,260)
<APPREC-INCREASE-CURRENT> 2,687,975
<NET-CHANGE-FROM-OPS> 5,673,082
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,054,367
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,394,876
<NUMBER-OF-SHARES-REDEEMED> 1,173,524
<SHARES-REINVESTED> 2,167
<NET-CHANGE-IN-ASSETS> 14,551,778
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (62,715)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 406,281
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 637,545
<AVERAGE-NET-ASSETS> 57,761,280
<PER-SHARE-NAV-BEGIN> 9.600
<PER-SHARE-NII> 0.510
<PER-SHARE-GAIN-APPREC> 0.440
<PER-SHARE-DIVIDEND> 0.510
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.040
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> First Priority Funds
First Priority Equity Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 40,434,147
<INVESTMENTS-AT-VALUE> 45,226,950
<RECEIVABLES> 218,032
<ASSETS-OTHER> 16,534
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,461,516
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,840
<TOTAL-LIABILITIES> 37,840
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,073,488
<SHARES-COMMON-STOCK> 3,773,216
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 230,372
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,327,013
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,792,803
<NET-ASSETS> 45,423,676
<DIVIDEND-INCOME> 885,623
<INTEREST-INCOME> 623,614
<OTHER-INCOME> 0
<EXPENSES-NET> 224,922
<NET-INVESTMENT-INCOME> 1,284,315
<REALIZED-GAINS-CURRENT> 1,327,013
<APPREC-INCREASE-CURRENT> 4,792,803
<NET-CHANGE-FROM-OPS> 7,404,131
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,053,943
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,087,317
<NUMBER-OF-SHARES-REDEEMED> 314,184
<SHARES-REINVESTED> 83
<NET-CHANGE-IN-ASSETS> 45,423,676
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 261,156
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 405,837
<AVERAGE-NET-ASSETS> 33,533,336
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.400
<PER-SHARE-GAIN-APPREC> 1.980
<PER-SHARE-DIVIDEND> 0.340
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.040
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> First Priority Funds
First Priority Balanced Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 45,942,887
<INVESTMENTS-AT-VALUE> 50,894,640
<RECEIVABLES> 326,774
<ASSETS-OTHER> 20,888
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,242,302
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,694
<TOTAL-LIABILITIES> 45,694
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,977,162
<SHARES-COMMON-STOCK> 4,469,111
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 335,912
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 931,781
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,951,753
<NET-ASSETS> 51,196,608
<DIVIDEND-INCOME> 474,888
<INTEREST-INCOME> 1,687,618
<OTHER-INCOME> 0
<EXPENSES-NET> 264,587
<NET-INVESTMENT-INCOME> 1,897,919
<REALIZED-GAINS-CURRENT> 931,781
<APPREC-INCREASE-CURRENT> 4,951,753
<NET-CHANGE-FROM-OPS> 7,781,453
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,562,007
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,045,851
<NUMBER-OF-SHARES-REDEEMED> 576,771
<SHARES-REINVESTED> 31
<NET-CHANGE-IN-ASSETS> 51,196,608
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 349,457
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 507,419
<AVERAGE-NET-ASSETS> 45,533,432
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.440
<PER-SHARE-GAIN-APPREC> 1.380
<PER-SHARE-DIVIDEND> 0.360
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.460
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
