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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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<PAGE> PAGE 20
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<PAGE> PAGE 21
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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 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
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 N
070 R020400 N
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072 B000400 5050
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<PAGE> PAGE 22
072 G000400 93
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<PAGE> PAGE 23
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075 B000400 113314
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024 000500 N
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<PAGE> PAGE 24
034 000500 Y
035 000500 10
036 A000500 N
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037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 N
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042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
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048 F010500 0
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048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
062 A000500 N
<PAGE> PAGE 25
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
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
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
<PAGE> PAGE 26
070 K020500 N
070 L010500 Y
070 L020500 N
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
070 R010500 N
070 R020500 N
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071 B000500 109616
071 C000500 175153
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072 B000500 380
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<PAGE> PAGE 27
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024 000600 N
025 A000601 DELETE
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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066 G000600 Y
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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SIGNATURE STEVE KEANE
TITLE ASST. GEN. COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,631,732
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,130,309
<AVERAGE-NET-ASSETS> 108,881,722
<PER-SHARE-NAV-BEGIN> 10.370
<PER-SHARE-NII> 0.530
<PER-SHARE-GAIN-APPREC> 0.240
<PER-SHARE-DIVIDEND> (0.530)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.610
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 00008880934
<NAME> REGIONS FUNDS
<SERIES>
<NUMBER> 031
<NAME> REGIONS GROWTH FUND - TRUST SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> 253,605,720
<INVESTMENTS-AT-VALUE> 389,663,888
<RECEIVABLES> 8,089,139
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 397,753,027
<PAYABLE-FOR-SECURITIES> 9,874,431
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 343,950
<TOTAL-LIABILITIES> 10,218,381
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 224,818,146
<SHARES-COMMON-STOCK> 12,280,727
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 12,290
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,646,048
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 136,058,162
<NET-ASSETS> 246,612,797
<DIVIDEND-INCOME> 3,613,804
<INTEREST-INCOME> 276,736
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<NET-INVESTMENT-INCOME> 543,522
<REALIZED-GAINS-CURRENT> 26,736,007
<APPREC-INCREASE-CURRENT> 68,542,924
<NET-CHANGE-FROM-OPS> 95,822,453
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 217,639
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,907,936
<NUMBER-OF-SHARES-REDEEMED> (1,627,209)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 112,528,178
<ACCUMULATED-NII-PRIOR> 108,032
<ACCUMULATED-GAINS-PRIOR> 29,068,101
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,552,575
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,347,018
<AVERAGE-NET-ASSETS> 225,987,674
<PER-SHARE-NAV-BEGIN> 17.810
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 2.270
<PER-SHARE-DIVIDEND> (0.020)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 20.080
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 00008880934
<NAME> REGIONS FUNDS
<SERIES>
<NUMBER> 032
<NAME> REGIONS GROWTH FUND - INVESTMENT SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> 253,605,720
<INVESTMENTS-AT-VALUE> 389,663,888
<RECEIVABLES> 8,089,139
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 397,753,027
<PAYABLE-FOR-SECURITIES> 9,874,431
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 343,950
<TOTAL-LIABILITIES> 10,218,381
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 224,818,146
<SHARES-COMMON-STOCK> 7,018,666
<SHARES-COMMON-PRIOR> 16,285,602
<ACCUMULATED-NII-CURRENT> 12,290
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,646,048
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 136,058,162
<NET-ASSETS> 140,921,849
<DIVIDEND-INCOME> 3,613,804
<INTEREST-INCOME> 276,736
<OTHER-INCOME> 0
<EXPENSES-NET> 3,347,018
<NET-INVESTMENT-INCOME> 543,522
<REALIZED-GAINS-CURRENT> 26,736,007
<APPREC-INCREASE-CURRENT> 68,542,924
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<NUMBER-OF-SHARES-SOLD> 4,942,544
<NUMBER-OF-SHARES-REDEEMED> (14,721,586)
<SHARES-REINVESTED> 512,106
<NET-CHANGE-IN-ASSETS> 112,528,178
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,347,018
<AVERAGE-NET-ASSETS> 196,385,336
<PER-SHARE-NAV-BEGIN> 16.890
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 5.000
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> (1.800)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 20.080
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000880934
<NAME> REGIONS FUNDS
<SERIES>
<NUMBER> 041
<NAME> REGIONS LIMITED MATURITY GOVERNMENT FUND - TRUST SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> 90,604,260
<INVESTMENTS-AT-VALUE> 91,577,251
<RECEIVABLES> 1,150,812
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<OTHER-ITEMS-ASSETS> 2,677
<TOTAL-ASSETS> 92,730,740
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<TOTAL-LIABILITIES> 3,646,878
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 4,094,604
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<APPREC-INCREASE-CURRENT> 666,940
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<NUMBER-OF-SHARES-REDEEMED> (1,210,665)
<SHARES-REINVESTED> 0
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<ACCUMULATED-NII-PRIOR> 18,946
<ACCUMULATED-GAINS-PRIOR> (337,695)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 955,455
<AVERAGE-NET-ASSETS> 56,964,959
<PER-SHARE-NAV-BEGIN> 9.960
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> 0.110
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.070
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000880934
<NAME> REGIONS FUNDS
<SERIES>
<NUMBER> 042
<NAME> REGIONS LIMITED MATURITY GOVERNMENT FUND - INVESTMENT SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> 90,604,260
<INVESTMENTS-AT-VALUE> 91,577,251
<RECEIVABLES> 1,150,812
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,677
<TOTAL-ASSETS> 92,730,740
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<TOTAL-LIABILITIES> 3,646,878
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<SHARES-COMMON-STOCK> 3,322,637
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 85,034
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 972,991
<NET-ASSETS> 33,456,406
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,050,059
<OTHER-INCOME> 0
<EXPENSES-NET> 955,455
<NET-INVESTMENT-INCOME> 4,094,604
<REALIZED-GAINS-CURRENT> 422,729
<APPREC-INCREASE-CURRENT> 666,940
<NET-CHANGE-FROM-OPS> 5,184,273
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,690,862
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 2,615,874
<NUMBER-OF-SHARES-REDEEMED> (7,438,036)
<SHARES-REINVESTED> 132,888
<NET-CHANGE-IN-ASSETS> 9,462,591
<ACCUMULATED-NII-PRIOR> 18,946
<ACCUMULATED-GAINS-PRIOR> (337,695)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 613,188
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 955,455
<AVERAGE-NET-ASSETS> 56,348,868
<PER-SHARE-NAV-BEGIN> 9.940
<PER-SHARE-NII> 0.460
<PER-SHARE-GAIN-APPREC> 0.130
<PER-SHARE-DIVIDEND> (0.460)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.070
<EXPENSE-RATIO> 1.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000880934
<NAME> REGIONS FUNDS
<SERIES>
<NUMBER> 011
<NAME> REGIONS TREASURY MONEY MARKET FUND - TRUST SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> 615,782,809
<INVESTMENTS-AT-VALUE> 615,782,809
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<PAID-IN-CAPITAL-COMMON> 614,264,976
<SHARES-COMMON-STOCK> 524,591,852
<SHARES-COMMON-PRIOR> 166,035,144
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
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<NET-ASSETS> 524,591,852
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 1,657,894
<NET-INVESTMENT-INCOME> 13,740,357
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<DISTRIBUTIONS-OF-INCOME> 11,324,148
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 735,928,297
<NUMBER-OF-SHARES-REDEEMED> (378,903,313)
<SHARES-REINVESTED> 1,531,724
<NET-CHANGE-IN-ASSETS> 402,269,761
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,530,439
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,423,113
<AVERAGE-NET-ASSETS> 260,350,362
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.050)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000880934
<NAME> REGIONS FUNDS
<SERIES>
<NUMBER> 012
<NAME> REGIONS TREASURY MONEY MARKET FUND - INVESTMENT SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> 615,782,809
<INVESTMENTS-AT-VALUE> 615,782,809
<RECEIVABLES> 152,352
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 1,670,185
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<PAID-IN-CAPITAL-COMMON> 614,264,976
<SHARES-COMMON-STOCK> 89,673,124
<SHARES-COMMON-PRIOR> 45,960,071
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 89,673,124
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,398,251
<OTHER-INCOME> 0
<EXPENSES-NET> 1,657,894
<NET-INVESTMENT-INCOME> 13,740,357
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,740,357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,416,209
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 378,489,440
<NUMBER-OF-SHARES-REDEEMED> (337,086,054)
<SHARES-REINVESTED> 2,309,667
<NET-CHANGE-IN-ASSETS> 402,269,761
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,530,439
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,423,113
<AVERAGE-NET-ASSETS> 55,564,658
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.040)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000880934
<NAME> REGIONS FUNDS
<SERIES>
<NUMBER> 051
<NAME> REGIONS VALUE FUND - TRUST SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> 172,983,548
<INVESTMENTS-AT-VALUE> 204,404,275
<RECEIVABLES> 781,546
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 735,366
<TOTAL-ASSETS> 205,921,187
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 116,736
<TOTAL-LIABILITIES> 116,736
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159,548,067
<SHARES-COMMON-STOCK> 9,145,338
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 257,429
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,578,228
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,420,727
<NET-ASSETS> 157,989,881
<DIVIDEND-INCOME> 3,918,735
<INTEREST-INCOME> 380,535
<OTHER-INCOME> 0
<EXPENSES-NET> 1,977,822
<NET-INVESTMENT-INCOME> 2,321,448
<REALIZED-GAINS-CURRENT> 14,577,823
<APPREC-INCREASE-CURRENT> 1,792,241
<NET-CHANGE-FROM-OPS> 18,691,512
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,022,894
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,264,378
<NUMBER-OF-SHARES-REDEEMED> (1,119,040)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 53,273,162
<ACCUMULATED-NII-PRIOR> 299,491
<ACCUMULATED-GAINS-PRIOR> 3,981,254
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,464,460
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,977,822
<AVERAGE-NET-ASSETS> 151,476,126
<PER-SHARE-NAV-BEGIN> 17.310
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> (0.020)
<PER-SHARE-DIVIDEND> (0.110)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.280
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000880934
<NAME> REGIONS FUNDS
<SERIES>
<NUMBER> 052
<NAME> REGIONS VALUE FUND - INVESTMENT SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> 172,983,548
<INVESTMENTS-AT-VALUE> 204,404,275
<RECEIVABLES> 781,546
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 735,366
<TOTAL-ASSETS> 205,921,187
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 116,736
<TOTAL-LIABILITIES> 116,736
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159,548,067
<SHARES-COMMON-STOCK> 2,768,194
<SHARES-COMMON-PRIOR> 9,429,868
<ACCUMULATED-NII-CURRENT> 257,429
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,578,228
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,420,727
<NET-ASSETS> 47,814,570
<DIVIDEND-INCOME> 3,918,735
<INTEREST-INCOME> 380,535
<OTHER-INCOME> 0
<EXPENSES-NET> 1,977,822
<NET-INVESTMENT-INCOME> 2,321,448
<REALIZED-GAINS-CURRENT> 14,577,823
<APPREC-INCREASE-CURRENT> 1,792,241
<NET-CHANGE-FROM-OPS> 18,691,512
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,340,616
<DISTRIBUTIONS-OF-GAINS> 3,980,849
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,622,183
<NUMBER-OF-SHARES-REDEEMED> (10,339,476)
<SHARES-REINVESTED> 55,619
<NET-CHANGE-IN-ASSETS> 53,273,162
<ACCUMULATED-NII-PRIOR> 299,491
<ACCUMULATED-GAINS-PRIOR> 3,981,254
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,464,460
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,977,822
<AVERAGE-NET-ASSETS> 100,605,638
<PER-SHARE-NAV-BEGIN> 16.180
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 1.500
<PER-SHARE-DIVIDEND> (0.210)
<PER-SHARE-DISTRIBUTIONS> (0.420)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.270
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders of
REGIONS FUNDS:
We have audited the accompanying statement of assets and liabilities of
the Regions Funds (formerly, First Priority Funds)(comprising the
following portfolios: Regions Treasury Money Market Fund, Regions
Limited Maturity Government Fund, Regions Fixed Income Fund, Regions
Balanced Fund, Regions Value Fund and Regions Growth Fund), including
the schedule of investments, as of November 30, 1998, and the related
statements of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then
ended, and the financial highlights for period then ended. These
financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion of
these financial statements and financial highlights based on our audit
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of the securities owned as of November 30, 1998, by
correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Regions Funds as of November 30, 1998, the results
of its operations, the changes in its net assets for each of the two
years in the period then ended, and the financial highlights for the
period then ended, in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Pittsburgh, Pennsylvania
January 14, 1999
