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REGIONS FUNDS
N-30D/A, 2000-08-01

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1	An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in them.

2

Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. A 3.00% maximum contingent deferred sales charge is applicable to Class B Shares redeemed within three years of purchase.

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3

Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. A 3.00% maximum contingent deferred sales charge is applicable to Class B Shares redeemed within three years of purchase.

4	Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

5	Systematic investing does not ensure a profit or protect against loss in declining markets.

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Principal Amount				Value
U.S. Treasury Obligations—94.1%
		U.S. Treasury Bills
$445,000,000		6/1/2000—8/3/2000		$442,832,619
		U.S. Treasury Notes
55,000,000		4.500%—6.125%, 9/30/2000		54,778,042
105,000,000		5.125%—6.250%, 8/31/2000		104,958,767
		Total		159,736,809
		Total U.S. Treasury Obligations (at amortized cost)		602,569,428

Shares				Value
Mutual Fund Shares—6.0%
18,756,810		Federated U.S. Treasury Cash Reserves Fund		$ 18,756,810
1,000,000		Goldman Sachs Fund Square Trust		1,000,000
18,660,869		Provident Institutional Federal Security Portfolio		18,660,869
		Total Mutual Fund Shares (at net asset value)		38,417,679
		Total Investments (at amortized cost)(1)		$640,987,107

(1)	Also represents cost for federal tax purposes.

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Principal Amount				Value
Corporate Bonds—12.6%
		Finance-Automotive—1.8%
$  2,000,000		Ford Motor Credit Co., 6.375%, 10/6/2000		$      1,996,160
		Finance—Commercial—2.7%
3,000,000		IBM Credit Corp., 6.390%, 7/30/2002		2,928,930
		Finance Companies—1.8%
2,000,000		International Lease Finance Corp., 5.400%, 1/22/2002		1,929,060
		Household Products—2.7%
3,000,000		Colgate-Palmolive Co., 6.580%, 11/5/2002		2,940,690
		Producer Manufacturing—1.8%
2,000,000		Cooper Industries, Inc., 5.620%, 2/15/2001		1,972,780
		Utilities—1.8%
2,000,000		Southern California Edison Co., 5.875%, 1/15/2001		1,979,880
		Total Corporate Bonds (identified cost $13,909,120)		13,747,500
U.S. Government Agencies—56.7%
		Federal Farm Credit Bank—5.4%
1,000,000		5.250%, 5/1/2002		964,640
3,000,000		6.750%, 1/13/2003		2,955,510
2,000,000		6.750%, 9/29/2003		1,955,780
		Total		5,875,930
		Federal Home Loan Bank—28.3%
1,800,000		5.400%, 1/15/2003		1,717,542
2,000,000		5.575%, 8/28/2001		1,960,380
2,000,000		5.580%, 4/9/2001		1,975,060
2,000,000		5.610%, 3/1/2001		1,977,780
1,000,000		5.875%, 8/15/2001		988,370
1,000,000		5.950%, 10/6/2000		997,120
1,000,000		6.100%, 10/9/2002		973,000
1,000,000		6.130%, 7/19/2002		975,960
4,000,000		6.250%, 11/15/2002		3,898,280
8,000,000		6.750%, 2/15/2002		7,926,960
2,000,000		6.750%, 5/1/2002		1,980,220

Principal Amount				Value
U.S. Government Agencies—Continued
		Federal Home Loan Bank— Continued
$  5,500,000		7.000%, 2/14/2003		$      5,460,785
		Total		30,831,457
		Federal Home Loan Mortgage Corporation—9.3%
1,000,000		5.960%, 10/20/2000		996,870
2,000,000		7.000%, 11/7/2003		1,966,960
2,000,000		7.000%, 12/29/2003		1,965,780
3,300,000		7.000%, 2/15/2003		3,267,627
2,000,000		7.000%, 4/21/2003		1,973,020
		Total		10,170,257
		Federal National Mortgage Association—13.7%
1,000,000		5.600%, 2/2/2001		990,340
4,000,000		5.860%, 11/7/2000		3,984,480
2,000,000		6.200%, 6/19/2002		1,955,340
2,000,000		6.500%, 8/15/2004		1,935,080
5,200,000		6.500%, 9/5/2002		5,099,848
1,000,000		6.750%, 10/30/2002		984,300
		Total		14,949,388
		Total U.S. Government Agencies (identified cost $62,641,908)		61,827,032
U.S. Treasury Obligations—25.9%
		U.S. Treasury Notes—25.9%
500,000		STRIP, IO, 5/15/2001		470,405
1,500,000		5.375%, 6/30/2000		1,500,990
3,000,000		5.375%, 6/30/2003		2,895,780
500,000		5.500%, 12/31/2000		496,880
3,000,000		5.500%, 5/31/2003		2,905,020
500,000		5.625%, 11/30/2000		498,225
2,000,000		5.625%, 5/15/2001		1,979,800
500,000		5.750%, 10/31/2000		498,995
1,200,000		5.750%, 11/30/2002		1,173,348
1,000,000		5.875%, 6/30/2000		1,001,050
9,000,000		6.000%, 8/15/2004		8,805,690
1,000,000		6.250%, 2/15/2003		988,000

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Principal Amount				Value
U.S. Treasury Obligations—Continued
		U.S. Treasury Notes— Continued
$  5,000,000		6.250%, 8/31/2002		$  4,951,100
		Total U.S. Treasury Obligations (identified cost $28,568,789)		28,165,283

Principal Amount				Value
U.S. Treasury Obligations—Continued
(1)Repurchase Agreements—3.9%
$  4,298,738		GX Clarke & Co., 6.390%, dated 5/31/2000, due 6/1/2000 (at amortized cost)		$  4,298,738
		Total Investments (Identified Cost $109,418,555)(2)		$  108,038,553

(1)	The repurchase agreement is fully collateralized by U.S. Treasury obligations based on market prices at the date of the portfolio.

(2)	The cost of investments for federal tax purposes amounts to $109,418,555. The net unrealized depreciation of investments on a federal tax basis amounts to $1,380,002 which is comprised of $12,232 appreciation and $1,392,234 depreciation at May 31, 2000.

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Principal Amount				Value
Corporate Bonds—25.1%
		Consumer Durables—0.4%
		Motor Vehicles
$      880,000		Ford Motor Co., Note, 8.875%, 4/1/2006		$        919,468
		Consumer Non-Durables—6.9%
		Household Products
2,000,000		Colgate-Palmolive Co., Note, 6.58%, 11/5/2002		1,960,460
		Packaged Foods
2,500,000		Campbell Soup Co., Bond, 6.15%, 12/1/2002		2,418,275
3,000,000		Campbell Soup Co., Note, 6.90%, 10/15/2006		2,868,240
5,000,000		Sara Lee Corp., Note, 5.95%, 1/20/2005		4,723,700
		Total		10,010,215
		Personal Care
3,000,000		Avon Products, Inc., Sr. Note, 6.55%, 8/1/2007		2,727,030
		Telecommunication-Cellular
3,000,000		Airtouch Communications, Inc., Unsecured Note, 6.65%, 5/1/2008		2,734,890
		Total Consumer Non-Durables		17,432,595
		Finance—10.9%
		Finance-Automotive
1,000,000		Ford Motor Credit Co., Sr. Note, 5.75%, 2/23/2004		932,470
5,000,000		General Motors Acceptance Corp., Sr. Unsub., 5.875%, 1/22/2003		4,755,600
		Total		5,688,070
		Finance Companies
1,000,000		Associates Corp. of North America, Sr. Note, 5.75%, 10/15/2003		938,900
2,000,000		Commercial Credit Co., Note, 5.90%, 9/1/2003		1,894,240
1,000,000		Commercial Credit Co., Note, 6.50%, 8/1/2004		948,090
1,000,000		International Lease Finance Corp., Note, 5.40%, 1/22/2002		964,530

Principal Amount				Value
Corporate Bonds—Continued
		Finance—Continued
		Finance Companies— Continued
$ 5,000,000		National Rural Utilities Cooperative Finance Corp., Note, 6.046%, 4/15/2003		$    4,786,300
5,000,000		Sears Roebuck Acceptance Corp., Bond, 6.00%, 3/20/2003		4,742,950
		Total		14,275,010
		Investment Bankers/Brokers/Services
5,000,000		Merrill Lynch & Co., Inc., Note, 6.00%, 2/12/2003		4,796,750
2,000,000		Morgan Stanley, Dean Witter & Co., Sr. Unsub., 5.625%, 1/20/2004		1,858,120
		Total		6,654,870
		Major Banks
1,000,000		SouthTrust Bank of Alabama, Birmingham, Sub. Note, 7.00%, 11/15/2008		923,850
		Total Finance		27,541,800
		Non-Energy Minerals—3.7%
		Aluminum
4,000,000		Alcoa, Inc., Note, 5.75%, 2/1/2001		3,961,440
		Chemicals
2,750,000		Air Products & Chemicals, Inc., Note, 6.25%, 6/15/2003		2,626,553
		Chemicals-Specialty
3,000,000		Lubrizol Corp., Sr. Note, 5.875%, 12/1/2008		2,632,800
		Total Non-Energy Minerals		9,220,793
		Transportation—0.4%
		Railroads
1,000,000		Burlington Northern Santa Fe, Equip. Trust, Series 99-A, 5.85%, 5/1/2005		920,490
		Utilities—2.8%
		Electric Utilities: West
3,000,000		Southern California Edison Co., Sr. Note, 5.875%, 1/15/2001		2,969,820

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Principal Amount				Value
Corporate Bonds—Continued
		Utilities—Continued
		Major U.S. Telecommunications
$ 2,400,000		BellSouth Telecommunications, Inc., Note, 6.00%, 6/15/2002		$    2,314,464
2,000,000		New York Telephone Co., Unsecd. Note, 5.875%, 9/1/2003		1,895,000
		Total		4,209,464
		Total Utilities		7,179,284
		Total Corporate Bonds (identified cost $66,251,513)		63,214,430
Corporate Notes—4.2%
		Finance—3.8%
		Finance-Automotive
5,000,000		Ford Motor Credit Co., Sr. Note, 6.00%, 1/14/2003		4,794,550
		Finance Companies
2,000,000		American General Finance Corp., Note, 6.05%, 4/9/2003		1,906,340
2,000,000		Associates Corp. of North America, Sr. Note, 6.50%, 7/15/2002		1,958,500
1,000,000		Associates Corp. of North America, Sr. Note, 6.875%, 8/1/2003		972,100
		Total		4,836,940
		Total Finance		9,631,490
		Health Technology—0.4%
		Major Pharmaceuticals
1,000,000		Warner-Lambert Co., Note, 5.75%, 1/15/2003		961,000
		Total Corporate Notes (identified cost $10,997,895)		10,592,490
U.S. Government Agencies—53.5%
		Federal Farm Credit Bank
3,200,000		5.10%, 11/9/2005		2,860,000
3,000,000		5.25%, 12/28/2005		2,694,930
1,000,000		5.55%, 2/24/2006		907,120
2,000,000		5.70%, 4/28/2006		1,828,280
1,000,000		5.75%, 9/1/2005		924,460
5,500,000		5.79%, 3/15/2006		5,058,020
1,000,000		5.90%, 1/10/2005		938,010
2,000,000		6.50%, 9/29/2006		1,898,560
1,300,000		7.15%, 8/25/2005		1,269,008
		Total		18,378,388

Principal Amount				Value
U.S. Government Agencies—Continued
		Federal Home Loan Bank
$ 2,200,000		5.08%, 10/14/2005		$  1,966,690
2,000,000		5.615%, 3/1/2006		1,819,700
4,000,000		5.80%, 3/30/2009		3,536,360
2,800,000		5.85%, 2/27/2008		2,518,376
5,850,000		6.07%, 11/5/2003		5,664,479
3,000,000		6.14%, 12/10/2004		2,859,594
1,875,000		6.25%, 8/13/2004		1,796,269
4,000,000		6.25%, 11/15/2004		3,823,720
2,895,000		6.375%, 8/15/2006		2,732,706
4,000,000		6.50%, 11/15/2006		3,794,240
1,000,000		6.75%, 2/15/2002		990,870
10,000,000		7.125%, 2/15/2005		9,848,200
1,070,000		7.25%, 2/15/2007		1,058,733
3,000,000		7.34%, 10/4/2006		2,927,580
1,000,000		7.52%, 8/24/2004		989,920
1,000,000		7.54%, 10/13/2009		964,600
		Total		47,292,037
		Federal Home Loan Mortgage Corporation
2,000,000		6.625%, 11/28/2005		1,917,240
3,000,000		6.875%, 1/15/2005		2,935,560
5,000,000		7.00%, 2/15/2003		4,950,950
950,000		7.00%, 11/7/2003		934,306
4,000,000		7.00%, 12/29/2003		3,931,560
2,000,000		7.51%, 10/27/2006		1,960,360
2,000,000		7.53%, 8/7/2006		1,964,840
1,500,000		8.05%, 1/12/2010		1,470,090
314,132		Series 1414, Class F, 7.55%, 11/15/2007		321,510
876,265		Series 1475, Class O, 7.00%, 2/15/2008		848,697
		Total		21,235,113
		Federal National Mortgage Association
4,151,148		6.00%, 9/1/2013		3,882,610
1,500,000		6.50%, 8/15/2004		1,451,310
1,700,000		6.75%, 10/30/2002		1,673,310
1,896,394		7.00%, 9/1/2014		1,835,349
5,000,000		7.09%, 3/13/2007		4,849,050
2,000,000		7.27%, 2/14/2007		1,941,180
2,000,000		7.28%, 10/27/2004		1,968,540

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Principal Amount				Value
U.S. Government Agencies—Continued
$ 3,000,000		7.45%, 10/30/2006		$  2,936,610
10,000,000		7.55%, 3/27/2007		9,781,300
2,000,000		8.00%, 9/1/2009		1,962,480
3,716,165		Series G93-32, Class J, 6.75%, 5/25/2009		3,546,411
3,000,000		Series MTN, 7.11%, 3/20/2006		2,910,300
2,000,000		Unsecd. Note, Series MTN, 7.07%, 10/24/2006		1,949,260
3,000,000		Unsecd. Note, 7.65%, 11/6/2009		2,908,380
		Total		43,596,090
		Government National Mortgage Association
1,801,195		6.00%, 2/15/2014		1,683,559
1,154,383		6.00%, 2/15/2014		1,078,990
		Total		2,762,549
		Tennessee Valley Authority
2,313,000		STRIPS, PO, Tennessee Valley Authority, 10/15/2003		1,810,848
		Total U.S. Government Agencies (identified cost $140,342,177)		135,075,025

Principal Amount				Value
U.S. Treasury Obligations—14.9%
		U.S. Treasury Bonds
$  6,000,000		IO, 02/15/2006		$   4,151,940
2,000,000		7.50%, 5/15/2002		2,027,400
		Total		6,179,340
		U.S. Treasury Notes
3,000,000		5.625%, 2/15/2006		2,872,350
5,000,000		5.625%, 5/15/2008		4,747,050
3,000,000		5.875%, 11/15/2005		2,906,790
1,000,000		6.00%, 8/15/2004		978,410
3,000,000		6.00%, 8/15/2009		2,925,180
4,000,000		6.125%, 8/15/2007		3,915,400
3,000,000		6.25%, 8/31/2002		2,970,660
6,000,000		6.50%, 10/15/2006		5,982,180
4,000,000		6.50%, 5/15/2005		3,989,920
		Total		31,287,940
		Total U.S. Treasury Obligations (identified cost $37,905,198)		37,467,280
(1) Repurchase Agreements—1.4%
3,643,504		GX Clarke & Co., 6.39%, dated 5/31/2000, due 6/1/2000 (at amortized cost)		3,643,504
		Total Investments (identified cost $259,140,287)(2)		$249,992,729

(1)	The repurchase agreement is fully collateralized by U.S. Treasury obligations based on market prices at the date of the portfolio.

(2)	The cost of investments for federal tax purposes amounts to $259,140,287. The net unrealized depreciation of investments on a federal tax basis amounts to $9,147,558 which is comprised of $190,547 appreciation and $9,338,105 depreciation at May 31, 2000.

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Shares				Value
Common Stocks—52.9%
		Consumer Durables—1.7%
		Soft Drink
32,300		Coca-Cola Co.		$      1,724,012
32,000		PepsiCo, Inc.		1,302,000
		Total Consumer Durables		3,026,012
		Consumer Non-Durables—2.7%
		Packaged Goods/Cosmetics
22,000		Colgate-Palmolive Co.		1,157,750
13,700		Gillette Co.		457,238
16,000		Kimberly-Clark Corp.		968,000
17,100		Procter & Gamble Co.		1,137,150
		Total		3,720,138
		Packaged Foods
17,000		General Mills, Inc.		674,688
24,000		Sara Lee Corp.		432,000
		Total		1,106,688
		Total Consumer Non- Durables		4,826,826
		Consumer Services—1.0%
		Food Distributors
24,000		Sysco Corp.		1,006,500
		Restaurants
22,000		McDonald’s Corp.		787,875
		Total Consumer Services		1,794,375
		Energy Minerals—2.6%
		International Oil Companies
8,800		Chevron Corp.		813,450
36,137		Exxon Mobil Corp.		3,010,664
15,000		Texaco, Inc.		861,563
		Total Energy Minerals		4,685,677
		Electronic Technology—12.2%
		Computers-Communications
60,000		(1)Cisco Systems, Inc.		3,416,250
		Electronic Data Processing
34,900		(1)Dell Computer Corp.		1,505,062
17,000		(1)Gateway, Inc.		841,500
26,100		International Business Machines Corp.		2,800,856
16,000		(1)Sun Microsystems, Inc.		1,226,000
		Total		6,373,418

Shares				Value
Common Stocks—Continued
		Electronic Technology— Continued
		Electronic Data Processing— Continued
		Semiconductors
45,000		Intel Corp.		$  5,610,937
		Telecommucication-Equipment
50,100		Lucent Technologies, Inc.		2,874,487
9,500		Motorola, Inc.		890,625
26,400		Nortel Networks Corp.		1,433,850
24,000		(1)Tellabs, Inc.		1,558,500
		Total		6,757,462
		Total Electronic Technology		22,158,067
		Finance—7.7%
		Diversified Financial Services
33,000		American Express Co.		1,775,812
346		(1)Berkshire Hathaway, Inc., Class B		652,556
47,000		Citigroup, Inc.		2,922,812
17,000		Federal National Mortgage Association		1,022,125
		Total		6,373,305
		Life Insurance
8,500		American General Corp.		544,531
6,800		Jefferson-Pilot Corp.		466,650
		Total		1,011,181
		Major Banks
19,000		Bank of America Corp.		1,055,687
16,800		Chase Manhattan Corp.		1,254,750
32,200		Wells Fargo Co.		1,457,050
		Total		3,767,487
		Multi-line Insurance
24,450		American International Group, Inc.		2,752,153
		Total Finance		13,904,126
		Health Technology—6.9%
		Major Pharmaceuticals
33,000		American Home Products Corp.		1,777,875
33,800		Bristol-Myers Squibb Co.		1,861,113
7,000		Guidant Corp.		354,375

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Shares				Value
Common Stocks—Continued
		Health Technology—Continued
		Major Pharmaceuticals— Continued
23,900		Johnson & Johnson		$  2,139,050
36,400		Merck & Co., Inc.		2,716,350
61,500		Pfizer, Inc.		2,740,594
18,000		Schering Plough Corp.		870,750
		Total Health Technology		12,460,107
		Industrial Services—1.2%
		Oilfield Services/Equipment
21,000		Halliburton Co.		1,071,000
14,500		Schlumberger Ltd.		1,066,656
		Total Industrial Services		2,137,656
		Non-Energy Materials—0.9%
		Biotechnology
19,800		(1)Amgen, Inc.		1,259,775
		Specialty Chemicals
8,800		Du Pont (E.I.) de Nemours & Co.		431,200
		Total Non-Energy Materials		1,690,975
		Process Industries—2.8%
		Multi-Sector Companies
94,800		General Electric Co.		4,988,850
		Producer Manufacturing—0.5%
		Motor Vehicles
13,200		General Motors Corp.		932,250
		Retail Trade—3.5%
		Building Materials
3,000		Corning, Inc.		580,313
8,500		Illinois Tool Works, Inc.		493,531
27,300		Tyco International Ltd.		1,284,806
		Total		2,358,650
		Building Materials Chains
19,000		Home Depot, Inc.		927,438
		Discount Store
53,000		Wal-Mart Stores, Inc.		3,054,125
		Total Retail Trade		6,340,213
		Technology Services—4.8%
		Computers Peripheral
8,700		(1)EMC Corp. Mass		1,011,919

Shares or Principal Amount				Value
Common Stocks—Continued
		Technology Services—continued
		Computer Software
27,500		(1)America Online, Inc.		$  1,457,500
11,000		(1)BMC Software, Inc.		484,000
9,000		Computer Associates International, Inc.		463,500
59,100		(1)Microsoft Corp.		3,697,444
23,000		(1)Oracle Corp.		1,653,125
		Total		7,755,569
		Total Technology Services		8,767,488
		Utilities—4.4%
		Electric Utilities: South
5,000		Duke Energy Corp.		291,250
5,000		Florida Progress Corp.		248,125
10,000		Southern Co.		259,375
		Total		798,750
		Major U.S. Telecommunications
32,200		AT&T Corp.		1,116,938
16,500		Bell Atlantic Corp.		872,438
26,000		BellSouth Corp.		1,213,875
12,000		(1)Qwest Communications International, Inc.		507,750
40,000		SBC Communications, Inc.		1,747,500
43,600		(1)WorldCom, Inc.		1,640,450
		Total		7,098,951
		Oil/Gas Transmission
5,500		Williams Cos., Inc. (The)		228,594
		Total Utilities		8,126,295
		Total Common Stocks (identified cost $66,747,588)		95,838,917
Corporate Bonds—9.1%
		Consumer Durables—1.1%
		Motor Vehicles
$      120,000		Ford Motor Co., Note, 8.875%, 4/1/2006		125,382
1,000,000		Ford Motor Credit Corp., Sr. Note, 5.75%, 2/23/2004		932,470
		Total		1,057,852

---

Principal Amount				Value
Corporate Bonds—Continued
		Consumer Durables—Continued
		Railroads
$  1,000,000		Burlington Northern Santa Fe, Equip. Trust, Series 99-A, 5.85%, 5/1/2005		$    920,490
		Total Consumer Durables		1,978,342
		Consumer Non-Durables—0.7%
		Foods Distributors
1,376,000		Campbell Soup Co., Note, 6.90%, 10/15/2006		1,315,566
		Consumer Staples—0.3%
		Personal Care
500,000		Avon Products, Inc., Sr. Note, 6.55%, 8/1/2007		454,505
		Finance—4.7%
		Finance Companies
2,000,000		Commercial Credit Co., Note, 5.90%, 9/1/2003		1,894,240
1,000,000		Commercial Credit Co., Note, 6.50%, 8/1/2004		948,090
2,000,000		IBM Credit Corp., 6.39%, 7/30/2002		1,952,620
1,000,000		Morgan Stanley, Dean Witter & Co., Sr. Unsub., 5.625%, 1/20/2004		929,060
425,000		National Rural Utilities Cooperative Finance Corp., Note, 6.046%, 4/15/2003		406,836
1,000,000		Sears Roebuck Acceptance Corp., Bond, 6.00%, 3/20/2003		948,590
		Total		7,079,436
		Investment Bankers/Brokers/Services
500,000		Merrill Lynch & Co., Inc., Note, 6.00%, 1/15/2001		496,055
1,000,000		Merrill Lynch & Co., Inc., Note, 6.00%, 2/12/2003		959,350
		Total		1,455,405
		Total Finance		8,534,841
		Process Industries—1.0%
		Specialty Chemicals
1,000,000		Air Products & Chemicals, Inc., Note, 6.25%, 6/15/2003		955,110
1,000,000		Lubrizol Corp., 5.875%, 12/1/2008		877,600
		Total Process Industries		1,832,710

Principal Amount				Value
Corporate Bonds—Continued
		Utilities—1.3%
		Electrical Utilities: West
$  1,000,000		Pacific Gas & Electric Co., 1st Ref. Mtg., 5.875%, 10/1/2005		$    919,440
		Telecommunication Cellular
1,500,000		Airtouch Communications, Inc., 6.65%, 5/1/2008		1,367,445
		Total Utilities		2,286,885
		Total Corporate Bonds (identified cost $17,195,805)		16,402,849
Corporate Notes—2.9%
		Finance Companies—2.7%
1,000,000		American General Finance Corp., Note, 6.05%, 4/9/2003		953,170
600,000		Associates Corp. of North America, Sr. Note, 6.50%, 7/15/2002		587,550
2,850,000		NationsBank Corp., Sr. Note, 5.80%, 1/31/2001		2,821,899
		Total		4,848,669
		Major Pharmaceuticals—0.2%
400,000		Warner-Lambert Co., Note, 5.75%, 1/15/2003		384,400
		Total Corporate Notes (identified cost $5,336,237)		5,233,069
U.S. Government Agencies—21.7%
		Federal Farm Credit Bank—3.3%
1,700,000		6.75%, 1/13/2003		1,674,789
1,000,000		7.15%, 8/25/2005		976,160
1,000,000		5.79%, 3/15/2006		919,640
500,000		5.90%, 1/10/2005		469,005
1,000,000		5.70%, 4/28/2006		914,140
1,000,000		Unsecd. Note, 5.80%, 6/17/2005		929,060
		Total		5,882,794
		Federal Home Loan Bank—8.1%
1,000,000		6.25%, 11/15/2004		955,930
1,000,000		6.10%, 10/9/2002		973,000
1,000,000		6.13%, 7/19/2002		975,960
1,000,000		6.25%, 8/13/2004		958,010
1,000,000		6.375%, 8/15/2006		943,940
1,740,000		6.50%, 11/15/2006		1,650,494
1,000,000		7.25%, 2/15/2007		989,470

---

Principal Amount				Value
U.S. Government Agencies—Continued
		Federal Home Loan Bank— Continued
$2,000,000		7.34%, 10/4/2006		1,951,720
1,000,000		7.52%, 8/24/2004		989,920
720,000		7.54%, 10/13/2009		694,512
3,000,000		Series BG08, 5.85%, 2/27/2008		2,698,260
1,000,000		Series TV02, 6.25%, 11/15/2002		974,570
		Total		14,755,786
		Federal Home Loan Mortgage Corporation—2.7%
2,000,000		Deb., 7.51%, 10/27/2006		1,960,360
1,000,000		6.875%, 1/15/2005		978,520
2,000,000		7.00%, 12/29/2003		1,965,780
		Total		4,904,660
		Federal National Mortgage Association—6.2%
2,000,000		8.00%, 9/1/2009		1,962,480
1,000,000		6.70%, 12/12/2006		959,450
1,896,394		7.00%, 9/1/2014		1,835,349
1,000,000		7.28%, 10/27/2004		984,270
2,000,000		7.45%, 10/30/2006		1,957,740
500,000		Series G93-32, Class J, 6.75%, 5/25/2009		477,160
700,000		Unsecd. Note, 6.20%, 6/19/2002		684,369
500,000		Unsecd. Note, 6.50%, 8/15/2004		483,770
2,000,000		Unsecd. Note, 7.65%, 11/6/2009		1,938,920
		Total		11,283,508

Principal Amount				Value
U.S. Government Agencies—Continued
		Government National Mortgage Assoc.—0.7%
$      900,598		6.00%, 2/15/2014		$          841,779
453,519		6.00%, 2/15/2014		423,899
		Total		1,265,678
		Tennessee Valley Authority—0.7%
1,500,000		Tennessee Valley Authority, 10/15/2003		1,174,350
		Total U.S. Government Agencies (identified cost $40,570,807)		39,266,776
U.S. Treasury Obligations—9.5%
		U.S. Treasury Notes—9.5%
1,000,000		STRIPS, IO, 0.010% 02/15/2006		691,990
1,000,000		5.625%, 2/15/2006		957,450
2,000,000		5.875%, 11/15/2005		1,937,860
1,000,000		6.00%, 8/15/2009		975,060
2,000,000		6.125%, 8/15/2007		1,957,700
1,000,000		6.25%, 2/15/2003		988,000
2,000,000		6.25%, 8/31/2002		1,980,440
5,800,000		6.50%, 10/15/2006		5,782,774
2,000,000		6.50%, 5/15/2005		1,994,960
		Total U.S. Treasury Obligations (identified cost $17,497,331)		17,266,234
(2) Repurchase Agreement—2.0%
3,703,293		GX Clarke & Co., 6.39%, dated 5/31/2000, due 6/1/2000 (at amortized cost)		3,703,293
		Total Investments (identified cost $151,051,061)(3)		$  177,711,138

(1)	Non-income producing security.

(2)	The repurchase agreement is fully collateralized by U.S. Treasury obligations based on market prices at the date of the portfolio.

(3)	The cost of investments for federal tax purposes amounts to $151,051,061. The net unrealized appreciation of investments on a federal tax basis amounts to $26,660,077 which is comprised of $32,957,293 appreciation and $6,297,216 depreciation at May 31, 2000.

---

Shares				Value
Common Stocks—95.6%
		Commercial Services—2.4%
		Computers Services
15,000		(1)3Com Corp.		$    627,188
19,000		(1)Computer Sciences Corp.		1,822,813
33,000		Electronic Data Systems Corp.		2,122,313
6,503		(1)Sabre Holdings Corp.		186,961
		Total		4,759,275
		Data Processing
27,000		First Data Corp.		1,513,688
		Food Distributors
30,000		ConAgra, Inc.		691,875
		Total Commercial Services		6,964,838
		Consumer Durables—4.0%
		Footwear
7,000		Nike, Inc., Class B		300,125
		Motor Vehicles
73,000		Ford Motor Co.		3,545,062
41,000		General Motors Corp.		2,895,625
		Total		6,440,687
		Newspapers
24,000		Gannett Co., Inc.		1,554,000
20,000		Tribune Co.		770,000
		Total		2,324,000
		Photographic Products
15,000		Eastman Kodak Co.		896,250
65,000		Xerox Corp.		1,763,125
		Total		2,659,375
		Total Consumer Durables		11,724,187
		Consumer Non-Durables—1.4%
		Tobacco
153,000		Philip Morris Cos., Inc.		3,997,125
		Consumer Services—6.5%
		Broadcasting
12,000		(1)Clear Channel Communications, Inc.		898,500
38,000		(1)MediaOne Group, Inc.		2,538,875
		Total		3,437,375

Shares				Value
Common Stocks—Continued
		Consumer Services—Continued
		Hotels/Resorts
27,000		Carnival Corp.		$    732,375
12,000		Marriott International, Inc., Class A		435,000
		Total		1,167,375
		Media Conglomerates
120,000		Disney (Walt) Co.		5,062,500
28,000		Seagram Co. Ltd.		1,335,250
83,740		(1)Viacom, Inc., Class B		5,191,880
		Total		11,589,630
		Restaurants
78,000		McDonald’s Corp.		2,793,375
		Total Consumer Services		18,987,755
		Electronic Technology—8.2%
		Aerospace
57,000		Boeing Co.		2,226,562
42,000		Lockheed Martin Corp.		1,029,000
		Total		3,255,562
		Computer Software
20,000		(1)Microsoft Corp.		1,251,250
27,000		(1)Novell, Inc.		224,438
		Total		1,475,688
		Electrical Equipment
34,000		Emerson Electric Co.		2,006,000
10,000		Raytheon Co., Class B		234,375
		Total		2,240,375
		Electronic Data Processing
105,000		Compaq Computer Corp.		2,756,250
58,000		Hewlett-Packard Co.		6,967,250
		Total		9,723,500
		Semiconductors
40,000		Micron Technology, Inc.		2,797,500
		Telecommunication- Equipment
47,000		Motorola, Inc.		4,406,250
		Total Electronic Technology		23,898,875

---

Shares				Value
Common Stocks—Continued
		Energy Minerals—11.0%
		Intergrated Oil Companies
27,880		BP Amoco PLC, ADR		$  1,515,975
25,000		Burlington Resources, Inc.		1,143,750
38,000		Chevron Corp.		3,512,625
35,000		Conoco, Inc., Class B		997,500
169,726		Exxon Mobil Corp.		14,140,297
24,000		Phillips Petroleum Co.		1,374,000
105,000		Royal Dutch Petroleum Co., ADR		6,555,937
30,000		Texaco, Inc.		1,723,125
6,001		Transocean Sedco Forex, Inc.		295,174
24,000		Unocal Corp.		922,500
		Total Energy Minerals		32,180,883
		Finance—26.0%
		Diversified Financial Services
191,500		Citigroup, Inc.		11,908,906
61,000		Federal National Mortgage Asssociation		3,667,625
		Total		15,576,531
		Finance Companies
69,000		American Express Co.		3,713,063
42,000		Associates First Capital Corp., Class A		1,152,375
35,000		Federal Home Loan Mortgage Corp.		1,557,500
16,000		Household International, Inc.		752,000
		Total		7,174,938
		Insurance/Miscellaneous
10,500		AON Corp.		368,813
12,000		Marsh & McLennan Cos., Inc.		1,320,750
		Total		1,689,563
		Investment Bankers/Brokers/ Services
6,500		Bear Stearns Cos., Inc.		255,938
21,000		Merrill Lynch & Co., Inc.		2,071,125
8,000		J.P. Morgan & Co., Inc.		1,030,000
62,000		Morgan Stanley, Dean Witter & Co.		4,460,125
		Total		7,817,188
		Major Banks
15,000		BB&T Corp.		439,687
93,000		Bank of America Corp.		5,167,313

Shares				Value
Common Stocks—Continued
		Finance—Continued
		Major Banks—Continued
40,000		Bank of New York Co., Inc.		$  1,877,500
56,200		Chase Manhattan Corp.		4,197,438
7,000		Comerica, Inc.		354,375
11,000		Fifth Third Bancorp		748,000
50,000		Firstar Corp.		1,278,125
54,000		First Union Corp.		1,900,125
45,000		Fleet Boston Financial Corp.		1,701,562
20,000		KeyCorp		420,000
27,000		Mellon Financial Corp.		1,041,188
30,000		National City Corp.		600,000
26,000		Northern Trust Corp.		1,711,125
14,000		PNC Financial Services Group		705,250
7,000		State Street Corp.		780,500
15,000		SunTrust Banks, Inc.		896,250
40,000		U.S. Bancorp, Inc.		1,040,000
8,000		Wachovia Corp.		553,000
102,000		Wells Fargo Co.		4,615,500
		Total		30,026,938
		Multi-line Insurance
50,000		Allstate Corp.		1,325,000
84,000		American International Group, Inc.		9,455,250
10,000		CIGNA Corp.		888,125
11,000		Hartford Financial Services Group, Inc.		650,375
		Total		12,318,750
		Property-Casualty Insurance
4,000		Chubb Corp.		280,000
3,500		Progressive Corp., OH		328,563
		Total		608,563
		Savings & Loan
30,000		Washington Mutual, Inc.		862,500
		Total Finance		76,074,971
		Healthcare/Drug—4.3%
		Health Care-Diversified
75,000		American Home Products Corp.		4,040,625
		Health Care-Medical Product & Supplies
15,000		Baxter International, Inc.		997,500

---

Shares				Value
Common Stocks—Continued
		Healthcare/Drug—Continued
		Hospital Management
56,000		HCA Healthcare Corp.		$  1,512,000
		Major Pharmaceuticals
95,460		Pharmacia Corp.		4,957,954
		Managed Care
7,000		Aetna, Inc.		467,250
8,000		UnitedHealth Group, Inc.		596,500
		Total		1,063,750
		Total Healthcare/Drug		12,571,829
		Industrial Services—1.3%
		Oilfield Services/Equipment
32,000		Halliburton Co.		1,632,000
31,000		Schlumberger Ltd.		2,280,437
		Total Industrial Services		3,912,437
		Life Insurance—1.4%
		Life Insurance
21,800		Aflac, Inc.		1,126,788
13,000		American General Corp.		832,813
30,000		Jefferson-Pilot Corp.		2,058,750
		Total Life Insurance		4,018,351
		Non-Energy Minerals—1.1%
		Aluminum
23,000		Alcoa, Inc.		1,344,062
		Contain (Metals/Glass
35,000		Crown Cork & Seal Co., Inc.		599,375
		Forest Products
9,000		Weyerhaeuser Co.		446,625
		Gold & Precious Metal Mining
10,000		Barrick Gold Corp.		180,625
		Household Products
10,000		Clorox Co.		396,250
		Other Metals/Minerals
4,000		Phelps Dodge Corp.		179,500
		Total Non-Energy Minerals		3,146,437
		Process Industries—2.5%
		Chemicals
17,000		Air Products & Chemicals, Inc.		588,625
15,000		Dow Chemical Co.		1,605,937
57,000		Du Pont (E.I.) de Nemours & Co.		2,793,000
		Total		4,987,562

Shares				Value
Common Stocks—Continued
		Process Industries—Continued
		Diversified Chemicals
18,000		PPG Industries, Inc.		$    892,125
		Paper
20,000		Georgia-Pacific Corp.		655,000
17,000		International Paper Co.		591,812
10,000		Mead Corp.		308,125
		Total		1,554,937
		Total Process Industries		7,434,624
		Producer Manufacturing—5.6%
		Auto Parts: O.E.M.
10,000		Dana Corp.		258,125
25,161		Delphi Auto Systems Corp.		454,471
22,000		Genuine Parts Co.		525,250
10,000		Goodyear Tire & Rubber Co.		248,750
10,000		TRW, Inc.		485,000
		Total		1,971,596
		Building Materials
30,000		Masco Corp.		590,625
20,000		Vulcan Materials Co.		935,000
		Total		1,525,625
		Diversified Manufacture
37,500		Honeywell International, Inc.		2,050,781
23,000		Illinois Tool Works, Inc.		1,335,437
23,000		Minnesota Mining & Manufacturing Co.		1,972,250
7,000		Textron, Inc.		439,250
26,000		United Technologies Corp.		1,571,375
		Total		7,369,093
		Foods
40,000		Coca-Cola Enterprises, Inc.		685,000
15,000		Hershey Foods Corp.		778,125
50,000		Nabisco Group Holdings Corp.		1,090,625
		Total		2,553,750
		Industrial Machinery/ Components
22,000		Caterpillar, Inc.		841,500
15,000		Deere & Co.		623,437
17,000		Ingersoll-Rand Co.		774,562
		Total		2,239,499

---

Shares				Value
Common Stocks—Continued
		Producer Manufacturing— Continued
		Oil & Gas-Drill & Equipment
24,000		Baker Hughes, Inc.		$    870,000
		Total Producer Manufacturing		16,529,563
		Retail Trade—2.7%
		Apparel
22,000		Limited, Inc.		530,750
		Building Supplies
28,000		Lowe’s Cos., Inc.		1,303,750
		Computers Electronics
20,000		Circuit City Stores, Inc.		996,250
		General Merchandise
26,000		Costco Wholesale Corp.		830,375
23,000		(1)K Mart Corp.		195,500
17,000		Sears, Roebuck & Co.		627,937
23,000		Target Corp.		1,441,812
		Total		3,095,624
		Major Department Stores
18,550		Albertsons, Inc.		679,394
10,000		(1)Federated Department Stores, Inc.		385,000
16,000		May Department Stores Co.		481,000
20,000		Nordstrom, Inc.		502,500
		Total		2,047,894
		Total Retail Trade		7,974,268
		Transportation—1.4%
		Air Freight
14,000		(1)FedEx Corp.		495,250
		Airlines
9,000		(1)AMR Corp.		256,500
7,000		Delta Air Lines, Inc.		360,063
50,000		Southwest Airlines Co.		959,375
		Total		1,575,938
		Railroads
22,000		Burlington Northern Santa Fe		519,750
10,000		CSX Corp.		217,500
25,000		Norfolk Southern Corp.		445,313
17,000		Union Pacific Corp.		719,313
		Total		1,901,876
		Total Transportation		3,973,064

Shares				Value
Common Stocks—Continued
		Utilities—15.8%
		Electric Companies
27,200		Dominion Resources, Inc.		$  1,244,400
49,000		Edison International		1,047,375
30,500		Public Service Enterprises Group, Inc.		1,136,125
41,600		Reliant Energy, Inc.		1,185,600
32,400		Unicom Corp.		1,350,675
		Total		5,964,175
		Electic Utilities: South
15,900		(1)AES Corp.		1,387,275
30,500		Consolidated Edison Co.		995,063
34,165		Duke Energy Corp.		1,990,111
24,539		FPL Group, Inc.		1,214,680
47,500		P G & E Corp.		1,232,031
72,700		Southern Co.		1,885,656
35,000		TXU Corp.		1,251,250
		Total		9,956,066
		Natural Gas
25,000		Enron Corp.		1,821,875
		Major U.S. Telecommunications
18,000		Alltel Corp.		1,177,875
160,000		AT&T Corp.		5,550,000
85,000		Bell Atlantic Corp.		4,494,375
100,000		BellSouth Corp.		4,668,750
35,000		(1)Global Crossing Ltd.		877,187
50,000		GTE Corp.		3,162,500
50,000		Sprint Corp.		3,025,000
144,000		(1)Worldcom Inc.		5,418,000
		Total		28,373,687
		Total Utilities		46,115,803
		Total Common Stocks (identified cost $264,384,250)		279,505,010

---

Principal Amount				Value
(2)Repurchase Agreement—4.2%
$12,371,311		GX Clarke & Co., 6.39%, dated 5/31/2000, due 6/1/2000 (at amortized cost)		$ 12,371,311
		Total Investments (identified cost $276,755,561)(3)		$291,876,321

(1)	Non-income producing security.

(2)	The repurchase agreement is fully collateralized by U.S. Treasury or agency obligations based on market prices at the date of the portfolio.

(3)	The cost of investments for federal tax purposes amounts to $276,755,561. The net unrealized appreciation of investments on a federal tax basis amounts to $15,120,760 which is comprised of $43,288,839 appreciation and $28,168,079 depreciation on May 31, 2000.

---

Shares				Value
Common Stocks—97.7%
		Biotechnology—1.5%
158,000		(1)Amgen, Inc.		$ 10,052,750
15,000		(1)Biogen, Inc.		817,500
		Total Biotechnology		10,870,250
		Capital Goods—8.3%
		Equipment—Machinery
1,164,000		General Electric Co.		61,255,500
		Commercial Cyclical—6.6%
		Merchandise/Mass Merchandising
569,000		Wal-Mart Stores, Inc.		32,788,625
		Merchandise/Specialty
50,000		Gap (The), Inc.		1,753,125
278,000		Home Depot, Inc.		13,569,875
		Total		15,323,000
		Total Commercial Cyclical		48,111,625
		Commercial Non-Cyclical—3.2%
		Tobacco/Cosmetics/Household
95,000		Colgate-Palmolive Co.		4,999,375
114,000		Gillette Co.		3,804,750
67,000		Kimberly-Clark Corp.		4,053,500
164,000		Procter & Gamble Co.		10,906,000
		Total Commercial Non-Cyclical		23,763,625
		Computers Services—0.7%
93,500		Automatic Data Processing, Inc.		5,136,656
		Food & Beverage—4.6%
30,000		Anheuser-Busch Cos., Inc.		2,325,000
31,000		BestFoods		1,999,500
348,000		Coca-Cola Co.		18,574,500
32,000		General Mills, Inc.		1,270,000
216,000		PepsiCo, Inc.		8,788,500
46,000		Sara Lee Corp.		828,000
		Total Food & Beverage		33,785,500
		Healthcare/Drug—13.1%
80,000		American Home Products Corp.		4,310,000
289,000		Bristol-Myers Squibb Co.		15,913,063
121,000		Lilly (Eli) & Co.		9,211,125

Shares				Value
Common Stocks—Continued
		Healthcare/Drug—Continued
332,000		Merck & Co., Inc.		$ 24,775,500
571,000		Pfizer, Inc.		25,445,188
177,000		Schering Plough Corp.		8,562,375
63,000		Warner-Lambert Co.		7,693,875
		Total Healthcare/Drug		95,911,126
		Hospital Supplies—5.0%
162,000		Abbott Laboratories		6,591,375
38,000		Guidant Corp.		1,923,750
221,000		Johnson & Johnson		19,779,500
158,000		Medtronic, Inc.		8,156,750
		Total Hospital Supplies		36,451,375
		Insurance/Miscellaneous—2.2%
90,000		American Express Co.		4,843,125
100,000		American International Group, Inc.		11,256,250
		Total Insurance/Miscellaneous		16,099,375
		Technology—49.4%
326,000		(1)America Online, Inc.		17,278,000
31,000		(1)BMC Software, Inc.		1,364,000
792,000		(1)Cisco Systems, Inc.		45,094,500
58,000		Computer Associates International, Inc.		2,987,000
56,000		Corning, Inc.		10,832,500
383,600		(1)Dell Computer Corp.		16,542,750
130,000		(1)EMC Corp. Mass		15,120,625
30,000		(1)Gateway, Inc.		1,485,000
419,000		Intel Corp.		52,244,063
231,000		International Business Machines Corp.		24,789,187
421,000		Lucent Technologies, Inc.		24,154,875
628,000		(1)Microsoft Corp.		39,289,250
80,000		Micron Technology, Inc.		5,595,000
347,000		Nortel Networks Corp.		18,846,437
346,000		(1)Oracle Corp.		24,868,750
85,000		(1)Qualcomm, Inc.		5,641,875
193,000		(1)Sun Microsystems, Inc.		14,788,625
93,000		(1)Tellabs, Inc.		6,039,187
230,000		Texas Instruments, Inc.		16,617,500

---

Shares				Value
Common Stocks—Continued
		Technology—Continued
216,000		Tyco International Ltd.		$ 10,165,500
73,000		(1)Yahoo, Inc.		8,253,562
		Total Technology		361,998,186
		Utilities—3.1%
		Communications
55,000		(1)Qwest Communications International, Inc.		2,327,188
400,000		SBC Communications, Inc.		17,475,000
75,000		(1)WorldCom, Inc.		2,821,875
		Total Utilities		22,624,063
		Total Common Stocks (identified cost $487,423,514)		716,007,281

Principal Amount				Value
(2)Repurchase Agreement—1.0%
$7,499,406		GX Clarke & Co., 6.39%, dated 5/31/2000, due 6/1/2000 (at amortized cost)		$  7,449,406
		Total Investments (identified cost $494,872,920)(3)		$723,456,687

(1)	Non-income producing security.

(2)	The repurchase agreement is fully collateralized by U.S. Treasury obligations based on market prices at the date of the portfolio.

(3)	The cost of investments for federal tax purposes amounts to $494,872,920. The net unrealized appreciation of investments on a federal tax basis amounts to $228,583,767 which is comprised of $251,035,780 appreciation and $22,452,013 depreciation on May 31, 2000.

---

Shares				Value
Common Stocks—75.7%
		Capital Goods—4.5%
		Electrical Equipment
70,000		(1)American Power Conversion Corp.		$    2,480,625
40,000		(1)Sanmina Corp.		2,545,000
36,000		Symbol Technologies, Inc.		1,586,250
		Total Capital Goods		6,611,875
		Commercial Services—4.5%
		Commerical & Construction Services
48,000		(1)Convergys Corp.		2,157,000
30,000		Viad Corp.		789,375
		Total		2,946,375
		Computers Systems
44,000		Comdisco, Inc.		1,127,500
10,000		Investment Technology Group, Inc.		337,500
		Total		1,465,000
		Data Processing
10,000		(1)Checkfree Holdings Corp.		418,125
30,000		(1)Concord EFS, Inc.		727,500
		Total		1,145,625
		Waste Management
100,000		(1)Allied Waste Industries, Inc.		1,018,750
		Total Commercial & Construction Services		6,575,750
		Consumer Cyclical—4.5%
		Building Supplies
24,000		Lowe’s Cos., Inc.		1,117,500
		Merchandise General
32,000		(1)BJ’s Wholesale Club, Inc.		992,000
		Merchandise/Mass Merchanding
28,000		Ross Stores, Inc.		591,500
		Merchandise/Specialty
80,000		(1)Abercrombie & Fitch Co., Class A		785,000
10,000		(1)American Eagle Outfitters, Inc.		164,375
14,000		(1)Dollar Tree Stores, Inc.		833,000
60,000		Family Dollar Stores, Inc.		1,185,000
10,000		(1)Jones Apparel Group, Inc.		268,125
4,000		Tiffany & Co.		243,750

Shares				Value
Common Stocks—Continued
		Consumer Cyclical—Continued
		Merchandise/Specialty— Continued
60,000		(1)Tommy Hilfiger Corp.		$        423,750
		Total		3,903,000
		Total Consumer Cyclical		6,604,000
		Consumer Non-Cyclical—1.7%
		Household Products
80,000		Dial Corp.		1,140,000
		Tobacco
80,000		UST, Inc.		1,330,000
		Total Consumer Non-Cyclical		2,470,000
		Consumer Services—1.6%
		Broadcast Media
36,000		(1)Westwood One, Inc.		1,194,750
		Restaurants
28,000		(1)Starbucks Corp.		952,000
		Retail-Food Chains
2,000		Hannaford Brothers Co.		144,500
		Total Consumer Services		2,291,250
		Electronic Technology—14.4%
		Computer Software/Services
74,000		(1)Cadence Design Systems, Inc.		1,184,000
10,000		(1)Electronic Arts, Inc.		638,750
84,000		(1)Informix Corp.		609,000
50,000		(1)Intuit, Inc.		1,812,500
14,000		(1)Macromedia, Inc.		1,121,750
30,000		(1)Rational Software Corp.		2,199,375
28,000		(1)Sybase, Inc.		533,750
22,000		(1)Synopsys, Inc.		1,040,875
		Total		9,140,000
		Semiconductors
50,000		(1)Atmel Corp.		1,909,375
24,000		(1)Cypress Semiconductor Corp.		1,009,500
36,000		(1)Microchip Technology, Inc.		2,043,563
24,000		(1)Novellus Systems, Inc.		1,156,500
14,000		(1)NVIDIA Corp.		1,597,750
16,000		(1)Qlogic Corp.		786,000

---

Shares				Value
Common Stocks—Continued
		Electronic Technology—Continued
		Semiconductors—Continued
8,000		(1)TranSwitch Corp.		$        501,000
10,000		(1)Triquint Semiconductor, Inc.		943,750
40,000		(1)Vitesse Semiconductor Corp.		2,025,000
		Total		11,972,438
		Total Electronic Technology		21,112,438
		Energy—6.3%
		Oil & Gas-Drill & Equipment
10,000		(1)Cooper Cameron Corp.		697,500
24,000		Diamond Offshore Drilling, Inc.		981,000
40,000		(1)Global Marine, Inc.		1,132,500
12,000		(1)Grant Prideco, Inc.		279,000
80,000		(1)Nabors Industries, Inc.		3,440,000
12,000		Weatherford International, Inc.		516,750
		Total		7,046,750
		Oil-Domestic
80,000		USX Corp.		2,175,000
		Total Energy		9,221,750
		Finance—2.5%
		Investment Bankers/Brokers/Services
36,000		(1)E*Trade Group, Inc.		560,250
22,000		Legg Mason, Inc.		970,750
		Total		1,531,000
		Major Banks
36,000		First Tennessee National Corp.		738,000
30,000		North Fork Bancorp, Inc.		496,875
16,000		Zions Bancorp		746,000
		Total		1,980,875
		Savings & Loan
24,000		Sovereign Bancorp, Inc.		165,000
		Total Finance		3,676,875
		Healthcare/Drug—21.9%
		Biotechnology
60,000		(1)Chiron Corp.		2,276,250
22,000		(1)Gilead Sciences, Inc.		1,203,125
40,000		(1)Human Genome Sciences, Inc.		3,510,000
70,000		(1)ICOS Corp.		2,450,000
20,000		(1)IDEC Pharmaceuticals Corp.		1,276,250

Shares				Value
Common Stocks—Continued
		Healthcare/Drug—Continued
		Biotechnology—Continued
23,000		(1)Medimmune, Inc.		$    3,573,625
34,000		(1)Millennium Pharmaceuticals, Inc.		2,843,250
		Total		17,132,500
		Healthcare-Diversified
60,000		Ivax Corp.		2,257,500
		Hospital Management
24,000		(1)Health Management Association, Class A		283,500
		Major Pharmaceuticals
40,000		(1)Forest Labratories, Inc., Class A		3,540,000
100,000		ICN Pharmaceuticals, Inc.		3,481,250
56,000		(1)Sepracor, Inc.		5,355,000
		Total		12,376,250
		Total Healthcare/Drug		32,049,750
		Metals/Minerals—2.5%
		Gold Exploration/Production
100,000		Barrick Gold Corp.		1,806,250
80,000		Newmont Mining Corp.		1,845,000
		Total Metals/Minerals		3,651,250
		Producer Manufacturing—2.4%
		Auto Parts & Equipment
60,000		Federal-Mogul Corp.		596,250
		Building Materials
20,000		(1)American Standard Cos.		923,750
		Chemicals-Diversified
40,000		Solutia, Inc.		485,000
		Manufacture-Specialized
40,000		(1)Jabil Circuit, Inc.		1,460,000
		Total Producer Manufacturing		3,465,000
		Technology—6.3%
		Communication-Equipment
10,000		(1)Adtran, Inc.		616,250
6,000		(1)Powerwave Technologies, Inc.		325,125
32,000		(1)Sawtek, Inc.		2,058,000
		Total		2,999,375
		Electronics-Distribution
15,000		Avnet, Inc.		1,037,812
10,000		(1)SCI Systems, Inc.		450,000
		Total		1,487,812

---

Shares				Value
Common Stocks—Continued
		Technology—Continued
		Electronics-Instruments
50,000		PerkinElmer, Inc.		$    2,625,000
22,000		(1)Waters Corp.		2,079,000
		Total		4,704,000
		Total Technology		9,191,187
		Utilities—2.6%
		Communications
60,000		BroadWing, Inc.		1,428,750

Shares or Principal Amount				Value
Common Stocks—Continued
		Utilities—Continued
		Power Producers-Independent
22,000		(1)Calpine Corp.		$    2,330,625
		Total Utilities		3,759,375
		Total Common Stocks (identified cost $99,778,143)		110,680,500
(2)Repurchase Agreement—24.3%
$35,561,504		GX Clarke & Co., 6.39%, dated 5/31/2000, due 6/1/2000 (at amortized cost)		35,561,504
		Total Investments (identified cost $135,339,647)(3)		$146,242,004

(1)	Non-income producing security.

(2)	The repurchase agreement is fully collateralized by U.S. Treasury and/or agency obligations based on market prices at the date of the portfolio.

(3)	The cost of investments for federal tax purposes amounts to $135,339,647. The net unrealized appreciation of investments on a federal tax basis amounts to $10,902,357 which is comprised of $21,238,373 appreciation and $10,336,016 depreciation on May 31, 2000.

---

		Treasury Money Market Fund		Limited Maturity Government Fund			Fixed Income Fund			Balanced Fund
Assets:
Investments in securities, at value		$640,987,107		$103,739,815			$246,349,225			$174,007,845
Investments in repurchase agreements		—		4,298,738			3,643,504			3,703,293
Total investments in securities		640,987,107		108,038,553			249,992,729			177,711,138
Cash		—		—			—			105,277
Income receivable		2,220,093		1,672,916			3,762,128			1,337,775
Receivable for investments sold		—		—			—			2,158,208
Receivable for shares sold		—		20,309			345,389			84,388
Total assets		643,207,200		109,731,778			254,100,246			181,396,786
Liabilities:
Payable for shares redeemed		—		—			—			58,011
Income distribution payable		2,776,475		498,517			1,276,610			—
Accrued expenses		310,489		256,409			556,457			155,721
Total liabilities		3,086,964		754,926			1,833,067			213,732
Net Assets Consist of:
Paid-in capital		$640,120,236		$111,250,510			$266,795,556			$152,459,109
Net unrealized appreciation (depreciation) of investments		—		(1,380,002	)		(9,147,558	)		26,660,077
Accumulated net realized gain (loss) on investments		—		(967,060	)		(5,382,728	)		1,599,625
Undistributed net investment income		—		73,404			1,909			464,243
Total Net Assets		$640,120,236		$108,976,852			$252,267,179			$181,183,054
Net Asset Value, Offering Price Per Share:(1)
(net assets÷shares outstanding)
Class A Shares		$1.00		$9.75			$9.89			$15.27
Class B Shares		$1.00		$9.75			$9.89			$15.26
Redemption Proceeds Per Share:(1)
Class A Shares		$1.00		$9.75			$9.89			$15.27
Class B Shares		$1.00		$9.46	(2)		$9.59	(2)		$14.80	(2)
Net Assets:
Class A Shares		$517,888,844		$  66,318,738			$206,021,833			$  14,199,308
Class B Shares		$122,231,392		$  42,658,114			$  46,245,346			$166,983,746
Shares Outstanding:
Class A Shares		$517,888,844		6,798,714			20,827,304			929,739
Class B Shares		$122,231,392		4,373,163			4,675,105			10,940,562
Investments, at identified cost		$640,987,107		$109,418,555			$259,140,287			$151,051,061
Investments, at tax cost		$640,987,107		$109,418,555			$259,140,287			$151,051,061

---

		Value Fund			Growth Fund			Aggressive Growth Fund
Assets:
Investments in securities, at value		$279,505,010			$716,007,281			$110,680,500
Investments in repurchase agreements		12,371,311			7,449,406			35,561,504
Total investments in securities		291,876,321			723,456,687			146,242,004
Cash		—			191,050			—
Income receivable		697,444			360,446			76,642
Receivable for investments sold		—			9,495,308			—
Receivable for shares sold		142,176			435,603			199,289
Total assets		292,715,941			733,939,094			146,517,935
Liabilities:
Payable for shares redeemed		18,246			83,518			5,578
Accrued expenses		303,116			582,339			306,317
Total liabilities		321,362			665,857			311,895
Net Assets Consist of:
Paid-in capital		$277,480,190			$486,107,470			$105,731,541
Net unrealized appreciation of investments		15,120,760			228,583,767			10,902,357
Accumulated net realized gain (loss) on investments		(637,521	)		19,965,776			29,405,497
Undistributed net investment income (net operating loss)		431,150			(1,383,776	)		166,645
Total Net Assets		$292,394,579			$733,273,237			$146,206,040
Net Asset Value, Offering Price Per Share:(1)
(net assets÷shares outstanding)								$15.55
Class A Shares		$15.33			$23.44			—
Class B Shares		$15.32			$23.36			—
Redemption Proceeds Per Share:(1)								$15.08	(2)
Class A Shares		$15.33			$23.44			—
Class B Shares		$14.86	(2)		$22.66	(2)		—
Net Assets:								$146,206,040
Class A Shares		$211,314,093			$361,664,346			—
Class B Shares		$  81,080,486			$371,608,891			—
Shares Outstanding:								9,403,964
Class A Shares		13,780,796			15,429,472			—
Class B Shares		5,291,814			15,908,930			—
Investments, at identified cost		$276,755,561			$494,872,920			$135,339,647
Investments, at tax cost		$276,755,561			$494,872,920			$135,339,647

---

		Treasury Money Market Fund			Limited Maturity Government Fund			Fixed Income Fund			Balanced Fund
Investment Income:
Interest		$16,735,743			$ 3,358,105			$ 8,392,568			$ 2,945,505
Dividends		—			—			—			510,919
Total income		16,735,743			3,358,105			8,392,568			3,456,424
Expenses:
Investment adviser fee		1,527,297			389,398			966,581			744,479
Administrative personnel and services fee		278,332			50,690			117,437			84,795
Custodian fees		39,023			12,376			25,582			19,862
Transfer and dividend disbursing agent fees and expenses		88,767			31,375			29,899			58,322
Directors’/Trustees’ fees		3,058			1,196			1,997			1,489
Auditing fees		9,009			8,817			9,988			8,515
Legal fees		2,444			3,199			3,544			3,397
Portfolio accounting fees		54,677			26,646			43,817			32,997
Distribution services fee— Class B Shares		237,661			—			—			—
Shareholder services fees— Class B Shares		—			55,340			59,126			213,781
Share registration costs		14,518			6,008			9,344			9,909
Printing and postage		13,292			12,767			12,952			10,988
Insurance premiums		916			890			644			1,665
Miscellaneous		4,766			2,281			5,927			2,325
Total expenses		2,273,760			600,983			1,286,838			1,192,524
Waivers:
Waiver of investment adviser fee		(763,648	)		(111,257	)		(322,194	)		(46,530	)
Waiver of distribution services fee— Class B Shares		(89,123	)		—			—			—
Total waivers		(852,771	)		(111,257	)		(322,194	)		(46,530	)
Net expenses		1,420,989			489,726			964,644			1,145,994
Net investment income		15,314,754			2,868,379			7,427,924			2,310,430
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		—			(818,439	)		(2,388,804	)		1,600,501
Net change in unrealized appreciation (depreciation) of investments		—			(320,370	)		(2,972,714	)		(4,641,404	)
Net realized and unrealized gain           (loss) on investments		—			(1,138,809	)		(5,361,518	)		(3,040,903	)
Change in net assets resulting                     from operations		$15,314,754			$  1,729,570			$  2,066,406			$    (730,473	)

---

		Value Fund			Growth Fund			Aggressive Growth Fund
Investment Income:
Interest		$    256,121			$    426,794			$      654,954
Dividends		2,757,932			2,075,379			161,980
Total income		3,014,053			2,502,173			816,934
Expenses:
Investment adviser fee		1,126,565			2,989,369			495,459
Administrative personnel and services fee		128,310			340,449			60,173
Custodian fees		27,373			42,434			14,462
Transfer and dividend disbursing agent fees and expenses		49,019			132,136			5,936
Directors’/Trustees’ fees		1,624			2,251			2,289
Auditing fees		8,525			9,151			6,779
Legal fees		3,878			3,737			4,330
Portfolio accounting fees		44,374			59,493			25,445
Shareholder services fees—Class B Shares		99,138			452,835			—
Share registration costs		12,069			22,055			13,456
Printing and postage		12,343			13,461			18,498
Insurance premiums		704			1,121			926
Miscellaneous		1,968			4,293			2,536
Total expenses		1,515,890			4,072,785			650,289
Waivers:
Waiver of investment adviser fee		(70,410	)		(186,836	)		—
Total waivers		(70,410	)		(186,836	)		—
Net expenses		1,445,480			3,885,949			650,289
Net investment income/(Net operating loss)		1,568,573			(1,383,776	)		166,645
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments		152,921			20,121,071			29,461,105
Net change in unrealized appreciation (depreciation) of investments		(775,319	)		(10,706,905	)		(3,309,287	)
Net realized and unrealized gain (loss) on investments		(622,398	)		9,414,166			26,151,818
Change in net assets resulting from operations		$    946,175			$    8,030,390			$26,318,463

---

		Treasury Money Market Fund						Limited Maturity Government Fund
		Six Months  Ended (unaudited) May 31, 2000			Year Ended November 30, 1999			Six Months  Ended (unaudited) May 31, 2000			Year Ended November 30, 1999
Increase (Decrease) in Net Assets:
Operations—
Net investment income		$  15,314,754			$    24,587,236			$    2,868,379			$    4,787,844
Net realized loss on investments		—			—			(818,439	)		(148,621	)
Net change in unrealized appreciation (depreciation) of investments		—			—			(320,370	)		(2,032,623	)
Change in net assets resulting from           operations		15,314,754			24,587,236			1,729,570			2,606,600
Distributions to Shareholders—
Distributions from net investment income:
Class A Shares		(12,457,332	)		(20,274,263	)		(1,747,986	)		(2,985,736	)
Class B Shares		(2,857,422	)		(4,312,973	)		(1,128,694	)		(1,761,333	)
Distributions from net realized gain on investment transactions:
Class A Shares		—			—			—			(52,723	)
Class B Shares		—			—			—			(32,311	)
Change in net assets resulting from                distributions to shareholders		(15,314,754	)		(24,587,236	)		(2,876,680	)		(4,832,103	)
Share Transactions—
Proceeds from sales of shares		559,943,226			1,197,387,609			15,542,195			52,403,368
Net asset value of shares issued to shareholders in payment of dividends declared		2,716,764			5,414,582			700,322			1,462,992
Cost of shares redeemed		(535,787,775	)		(1,203,819,146	)		(19,475,389	)		(27,367,885	)
Change in net assets resulting from           share transactions		26,872,215			(1,016,955	)		(3,232,872	)		26,498,475
Change in net assets		26,872,215			(1,016,955	)		(4,379,982	)		24,272,972
Net Assets:
Beginning of period		613,248,021			614,264,976			113,356,834			89,083,862
End of period		$  640,120,236			$      613,248,021			$108,976,852			$113,356,834
Undistributed net investment income included in net assets at end of period		—			—			$          73,404			$          81,705
Net loss as computed for federal tax purposes		—			—			$      (818,439	)		$      (148,621	)

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		Fixed Income Fund						Balanced Fund
		Six Months Ended (unaudited) May 31, 2000			Year Ended November 30, 1999			Six Months Ended (unaudited) May 31, 2000			Year Ended November 30, 1999
Increase (Decrease) in Net Assets:
Operations—
Net investment income		$    7,427,924			$  13,102,169			$    2,310,430			$    3,418,824
Net realized gain (loss) on investments		(2,388,804	)		(680,278	)		1,600,501			5,238,119
Net change in unrealized appreciation (depreciation) of investments		(2,972,714	)		(12,256,197	)		(4,641,404	)		5,433,879
Change in net assets resulting from           operations		2,066,406			165,694			(730,473	)		14,090,822
Distributions to Shareholders—
Distributions from net investment income:
Class A Shares		(6,105,283	)		(11,026, 911	)		(207,771	)		(287,625	)
Class B Shares		(1,323,646	)		(2,074,189	)		(2,071,756	)		(2,960,226	)
Distributions from net realized gain on investment transactions:
Class A Shares		—			—			(451,989	)		(338,863	)
Class B Shares		—			—			(4,786,110	)		(3,589,045	)
Change in net assets resulting from                distributions to shareholders		(7,428,929	)		(13,101,100	)		(7,517,626	)		(7,175,759	)
Share Transactions—
Proceeds from sales of shares		29,276,977			129,573,113			23,480,202			69,430,482
Net asset value of shares issued to shareholders in payment of dividends declared		406,931			913,517			6,445,762			6,244,173
Cost of shares redeemed		(35,975,672	)		(70,972,925	)		(23,400,224	)		(22,353,499	)
Change in net assets resulting from           share transactions		(6,291,764	)		59,513,705			6,525,740			53,321,156
Change in net assets		(11,654,287	)		46,578,299			(1,722,359	)		60,236,219
Net Assets:
Beginning of period		263,921,466			217,343,167			182,905,413			122,669,194
End of period		$252,267,179			$263,921,466			$181,183,054			$182,905,413
Undistributed net investment income included in net assets at end of period		$            1,909			$            2,914			$        464,243			$        433,340
Net gain (loss) as computed for federal tax purposes		$    (2,388,804	)		$      (680,278	)		$    1,600,501			$    5,238,119

---

		Value Fund						Growth Fund						Aggressive Growth Fund
		Six Months Ended (unaudited) May 31, 2000			Year Ended November 30, 1999			Six Months Ended (unaudited) May 31, 2000			Year Ended November 30, 1999			Six Months Ended (unaudited) May 31, 2000			Period Ended November 30, 1999(1)
Increase (Decrease) in Net Assets:
Operations—
Net investment income		$    1,568,573			$    2,416,732			$    (1,383,776	)		$   (333,582	)		$        166,645			$    (53,224	)
Net realized gain on investments		152,921			23,397,798			20,121,071			22,659,850			29,461,105			6,525,726
Net change in unrealized appreciation (depreciation) of investments		(775,319	)		(15,524,648	)		(10,706,905	)		103,232,510			(3,309,287	)		8,906,021
Change in net assets         resulting from         operations		946,175			10,289,882			8,030,390			125,558,778			26,318,463			15,378,523
Distributions to Shareholders—
Distributions from net investment income:														—
Class A Shares		(1,133,812	)		(1,853,308	)		—			(14,958	)		—			—
Class B Shares		(347,279	)		(477,590	)		—			—			—			—
Distributions from net realized gain on investment transactions:														(2,627,342	)		(3,900,768	)
Class A Shares		(7,024,159	)		(21,743,491	)		(6,770,735	)		(22,293,041	)		—			—
Class B Shares		(2,664,383	)		(7,334,030	)		(5,829,211	)		(14,565,540	)		—			—
Change in net assets                resulting from                distributions to                shareholders		(11,169,633	)		(31,408,419	)		(12,599,946	)		(36,873,539	)		(2,627,342	)		(3,900,768	)
Share Transactions—
Proceeds from sales of shares		55,788,492			139,219,690			118,264,881			307,504,952			55,685,621			50,570,676
Proceeds from shares issued in connection with the tax-free transfer of assets from the Collective Trust Fund		—			—			—			—			—			48,506,886	(2)
Net asset value of shares issued to shareholders in payment of dividends declared		2,022,002			5,835,363			4,728,557			12,706,860			199,459			215,841
Cost of shares redeemed		(37,715,114	)		(47,218,310	)		(83,011,343	)		(98,570,999	)		(29,362,138	)		(14,779,281	)
Change in net assets         resulting from share         transactions		20,095,380			97,836,743			39,982,095			221,640,813			26,522,942			84,514,122
Change in net assets		9,871,922			76,718,206			35,412,539			310,326,052			50,214,063			95,991,877
Net Assets:
Beginning of period		282,522,657			205,804,451			697,860,698			387,534,646			95,991,977			100
End of period		$292,394,579			$282,522,657			$733,273,237			$697,860,698			$146,206,040			$  95,991,977
Undistributed net investment income included in net assets at end of period		$        431,150			$        343,668			$    (1,383,776	)		—			$        166,645			—
Net gain as computed for federal tax purposes		$        152,921			$  24,187,663			$  20,121,071			$  22,596,643			$  29,461,105			$    6,525,726

(1)	Reflects operations for the period from March 15, 1999 (date of initial public investment) to November 30, 1999.

(2)	Includes $5,305,623 of unrealized appreciation, at March 15,1999 related to the tax-free transfer or assets from the Collective Trust Fund.

---

Year Ended November 30,		Net Asset Value, beginning of period		Net investment income (net operating loss)		Net realized and unrealized gain (loss) on investments			Total from investment operations			Distributions from net investment income			Distributions from net realized gain on investment transactions			Distributions in excess of net investment income
Treasury Money Market Fund—Class A Shares
1995		$  1.00		0.05		—			0.05			(0.05	)		—			—
1996		$  1.00		0.05		—			0.05			(0.05	)		—			—
1997		$  1.00		0.05		—			0.05			(0.05	)		—			—
1998		$  1.00		0.05		—			0.05			(0.05	)		—			—
1999		$  1.00		0.04		—			0.04			(0.04	)		—			—
2000(1)		$  1.00		0.03		—			0.03			(0.03	)		—			—
Treasury Money Market Fund—Class B Shares
1995		$  1.00		0.04		—			0.04			(0.04	)		—			—
1996		$  1.00		0.04		—			0.04			(0.04	)		—			—
1997		$  1.00		0.04		—			0.04			(0.04	)		—			—
1998		$  1.00		0.04		—			0.04			(0.04	)		—			—
1999		$  1.00		0.04		—			0.04			(0.04	)		—			—
2000(1)		$  1.00		0.02		—			0.02			(0.02	)		—			—
Limited Maturity Government Fund—Class A Shares
1998(2)		$  9.96		0.25		0.11			0.36			(0.25	)		—			—
1999		$10.07		0.46		(0.20	)		0.26			(0.46	)		(0.01	)		—
2000(1)		$  9.86		0.26		(0.11	)		0.15			(0.26	)		—			—
Limited Maturity Government Fund—Class B Shares
1995		$  9.60		0.51		0.44			0.95			(0.51	)		—			—
1996		$10.04		0.50		(0.08	)		0.42			(0.50	)		—			—
1997		$  9.96		0.49		(0.02	)		0.47			(0.49	)		—			—
1998		$  9.94		0.46		0.13			0.59			(0.46	)		—			—
1999		$10.07		0.45		(0.21	)		0.24			(0.44	)		(0.01	)		—
2000(1)		$  9.86		0.24		(0.11	)		0.13			(0.24	)		—			—
Fixed Income Fund—Class A Shares
1993		$10.27		0.51		0.50			1.01			(0.51	)		(0.10	)		—
1994		$10.67		0.54		(1.01	)		(0.47	)		(0.53	)		(0.20	)		(0.01)(4)
1995(3)		$  9.46		0.09		0.11			0.20			(0.09	)		—			—
1998(2)		$10.39		0.28		0.22			0.50			(0.28	)		—			—
1999		$10.61		0.53		(0.51	)		0.02			(0.53	)		—			—
2000(1)		$10.10		0.29		(0.21	)		0.08			(0.29	)		—			—
Fixed Income Fund—Class B Shares
1995		$  9.46		0.52		0.90			1.42			(0.54	)		—			—
1996		$10.34		0.54		0.02			0.56			(0.54	)		—			—
1997		$10.36		0.58		0.02			0.60			(0.59	)		—			—
1998		$10.37		0.53		0.24			0.77			(0.53	)		—			—
1999		$10.61		0.51		(0.51	)		0.00			(0.51	)		—			—
2000(1)		$10.10		0.28		(0.21	)		0.07			(0.28	)		—			—

(1)	For the six months ended May 31, 2000 (unaudited).

(2)	Reflects operations for the period from May 20, 1998 (date of initial public investment) to November 30, 1998.

(3)

Reflects operations for the two month period ended January 31, 1995. Prior to February 1, 1995, the Fund offered two classes of shares: Class B Shares and Class A Shares. On February 1, 1995, the Fund exchanged all outstanding Class A Shares for Class B Shares and no longer offered Class A Shares. The Fund resumed offering Class A Shares as of May 20, 1998.

(4)	Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These distributions did not represent a return of capital for federal income tax purposes.

								Ratios to average net assets
Total distributions			Net Asset Value, end of period		Total return(5)			Expenses			Net investment income (net operating loss)			Expense waiver/ reimbursement(6)			Net Assets, end of period (000 omitted)		Portfolio turnover
(0.05	)		$  1.00		5.48	%		0.33	%		5.35	%		0.50	%		$109,368		—
(0.05	)		$  1.00		4.83	%		0.52	%		4.71	%		0.29	%		$101,786		—
(0.05	)		$  1.00		4.81	%		0.52	%		4.71	%		0.25	%		$166,035		—
(0.05	)		$  1.00		4.71	%		0.47	%		4.57	%		0.25	%		$524,592		—
(0.04	)		$  1.00		4.21	%		0.44	%		4.12	%		0.25	%		$493,350		—
(0.03	)		$  1.00		2.56	%		0.42	%(7)		5.06	%(7)		0.25	%(7)		$517,889		—
(0.04	)		$  1.00		5.06	%		0.73	%		4.98	%		0.50	%		$  28,930		—
(0.04	)		$  1.00		4.41	%		0.92	%		4.31	%		0.29	%		$  40,619		—
(0.04	)		$  1.00		4.39	%		0.92	%		4.31	%		0.25	%		$  45,960		—
(0.04	)		$  1.00		4.30	%		0.87	%		4.17	%		0.25	%		$  89,673		—
(0.04	)		$  1.00		3.94	%		0.70	%		3.89	%		0.39	%		$119,898		—
(0.02	)		$  1.00		2.43	%		0.67	%(7)		4.81	%(7)		0.40	%(7)		$122,231		—
(0.25	)		$10.07		3.59	%		1.04	%(7)		4.73	%(7)		—			$  55,627		69	%
(0.47	)		$  9.86		2.64	%		0.82	%		4.66	%		0.19	%		$  66,678		22	%
(0.26	)		$  9.75		1.49	%		0.78	%(7)		5.25	%(7)		0.20	%(7)		$  66,319		48	%
(0.51	)		$10.04		10.12	%		0.61	%		5.26	%		0.49	%		$  63,078		26	%
(0.50	)		$  9.96		4.37	%		1.01	%		5.09	%		0.08	%		$  63,732		48	%
(0.49	)		$  9.94		4.81	%		0.99	%		4.91	%		—			$  79,621		40	%
(0.46	)		$10.07		6.05	%		1.12	%		4.65	%		—			$  33,456		69	%
(0.45	)		$  9.86		2.39	%		1.07	%		4.41	%		0.19	%		$  46,679		22	%
(0.24	)		$  9.75		1.37	%		1.03	%(7)		5.00	%(7)		0.20	%(7)		$  42,658		48	%
(0.61	)		$10.67		10.14	%		0.84	%		4.80	%		0.25	%		$169,881		83	%
(0.74	)		$  9.46		(4.55	%)		0.79	%		5.44	%		0.25	%		$153,289		24	%
(0.09	)		$  9.57		2.11	%		0.82	%(7)		5.79	%(7)		0.25	%(7)		—		—
(0.28	)		$10.61		4.87	%		0.97	%(7)		5.19	%(7)		—			$193,351		64	%
(0.53	)		$10.10		0.24	%		0.73	%		5.18	%		0.23	%		$215,281		18	%
(0.29	)		$  9.89		0.80	%		0.70	%(7)		5.81	%(7)		0.25	%(7)		$206,022		29	%
(0.54	)		$10.34		15.37	%		1.02	%		5.25	%		—			$160,286		45	%
(0.54	)		$10.36		5.66	%		1.02	%		5.38	%		—			$152,940		52	%
(0.59	)		$10.37		5.99	%		0.97	%		5.73	%		—			$184,064		37	%
(0.53	)		$10.61		7.60	%		0.99	%		5.17	%		—			$  23,992		64	%
(0.51	)		$10.10		(0.01	%)		0.98	%		4.95	%		0.23	%		$  48,641		18	%
(0.28	)		$  9.89		0.68	%		0.95	%(7)		5.56	%(7)		0.25	%(7)		$  46,245		29	%

(5)	Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(6)	This voluntary expense decrease is reflected in both the expense and net investment income (loss) ratios shown above.

(7)	Computed on an annualized basis.

---

Year Ended November 30,		Net Asset Value, beginning of period		Net investment income (net operating loss)			Net realized and unrealized gain (loss) on investments			Total from investment operations			Distributions from net investment income			Distributions from net realized gain on investment transactions			Distributions in excess of net investment income
Balanced Fund—Class A Shares
1998(2)		$14.52		0.19			0.80			0.99			(0.19	)		—			—
1999		$15.32		0.38			1.12			1.50			(0.36	)		(0.49	)		—
2000(1)		$15.97		0.21			(0.25	)		(0.04	)		(0.21	)		(0.45	)		—
Balanced Fund—Class B Shares
1995(3)		$10.00		0.44			1.38			1.82			(0.36	)		—			—
1996		$11.46		0.41			1.27			1.68			(0.42	)		(0.21	)		—
1997		$12.51		0.36			1.60			1.96			(0.37	)		(0.31	)		—
1998		$13.79		0.35			1.96			2.31			(0.37	)		(0.41	)		—
1999		$15.32		0.33			1.12			1.45			(0.32	)		(0.49	)		—
2000(1)		$15.96		0.19			(0.25	)		(0.06	)		(0.19	)		(0.45	)		—
Value Fund—Class A Shares
1998(2)		$17.31		0.10			(0.02	)		0.08			(0.11	)		—			—
1999		$17.28		0.18			0.73			0.91			(0.17	)		(2.09	)		—
2000(1)		$15.93		0.09			(0.06	)		0.03			(0.09	)		(0.54	)		—
Value Fund—Class B Shares
1995(3)		$10.00		0.40			1.98			2.38			(0.34	)		—			—
1996		$12.04		0.27			2.22			2.49			(0.29	)		(0.35	)		—
1997		$13.89		0.22			2.94			3.16			(0.21	)		(0.66	)		—
1998		$16.18		0.22			1.50			1.72			(0.21	)		(0.42	)		—
1999		$17.27		0.09			0.78			0.87			(0.13	)		(2.09	)		—
2000(1)		$15.92		0.07			(0.06	)		0.01			(0.07	)		(0.54	)		—
Growth Fund—Class A Shares
1993		$10.66		0.18			(0.03	)		0.15			(0.18	)		(0.12	)		—
1994		$10.51		0.25			(0.10	)		0.15			(0.23	)		(0.07	)		—
1995(4)		$10.36		0.08			0.02			0.10			(0.08	)		(0.33	)		—
1998(2)		$17.81		0.02			2.27			2.29			(0.02	)		—			—
1999		$20.08		0.03			5.18			5.21			(0.01	)		(1.73	)		—
2000(1)		$23.55		(0.03	)		0.34			0.31			—			(0.42	)		—
Growth Fund—Class B Shares
1995		$10.36		0.18			2.10			2.28			(0.21	)		(0.33	)		—
1996		$12.10		0.12			3.12			3.24			(0.15	)		(0.55	)		—
1997		$14.64		0.07			3.01			3.08			(0.07	)		(0.76	)		—
1998		$16.89		0.02			5.00			5.02			(0.03	)		(1.80	)		—
1999		$20.08		(0.03	)		5.17			5.14			—			(1.73	)		—
2000(1)		$23.49		(0.06	)		0.35			0.29			—			(0.42	)		—
Aggressive Growth Fund
1999(5)		$10.00		—			3.20			3.20			—			(0.62	)		—
2000(1)		$12.58		0.02			3.29			3.31			—			(0.34	)		—

(1)	For the six months ended May 31, 2000 (unaudited).

(2)	Reflects operations for the period from May 20, 1998 (date of initial public investment) to November 30, 1998.

(3)	Reflects operations for the period from December 19, 1994 (date of initial public investment) to November 30, 1995.

(4)

Reflects operations for the two month period ended January 31, 1995. Prior to February 1, 1995, the Fund offered two classes of shares: Class B Shares and Class A Shares. On February 1, 1995, the Fund exchanged all outstanding Class A Shares for Class B Shares and no longer offered Class A Shares. The Fund resumed offering Class A Shares as of May 28, 1998.

(5)	Reflects operations for the period from March 15, 1999 (date of initial public investment) to November 30, 1999.

								Ratios to average net assets
Total distributions			Net Asset Value, end of period		Total return(6)			Expenses			Net investment income (net operating loss)			Expense waiver/ reimbursement(7)			Net Assets, end of period (000 omitted)		Portfolio turnover
(0.19	)		$15.32		6.89	%		1.11	%(8)		2.56	%(8)		—			$  10,409		31	%
(0.85	)		$15.97		10.14	%		1.04	%		2.42	%		0.05	%		$  15,868		23	%
(0.66	)		$15.27		(0.33	%)		1.00	%(8)		2.71	%(8)		0.05	%(8)		$  14,199		26	%
(0.36	)		$11.46		18.50	%		0.61	%(8)		4.34	%(8)		0.56	%(8)		$  51,197		49	%
(0.63	)		$12.51		15.35	%		1.13	%		3.60	%		0.09	%		$  59,321		41	%
(0.68	)		$13.79		16.34	%		1.11	%		2.73	%		—			$  83,073		34	%
(0.78	)		$15.32		17.49	%		1.25	%		2.42	%		—			$112,260		31	%
(0.81	)		$15.96		9.82	%		1.29	%		2.17	%		0.05	%		$167,037		23	%
(0.64	)		$15.26		(0.46	%)		1.25	%(8)		2.46	%(8)		0.05	%(8)		$166,984		26	%
(0.11	)		$17.28		0.50	%		1.06	%(8)		1.29	%(8)		—			$157,990		63	%
(2.26	)		$15.93		5.76	%		0.97	%		1.02	%		0.05	%		$205,198		69	%
(0.63	)		$15.33		0.21	%		0.96	%(8)		1.18	%(8)		0.05	%(8)		$211,314		16	%
(0.34	)		$12.04		24.14	%		0.69	%(8)		3.93	%(8)		0.55	%(8)		$  45,424		76	%
(0.64	)		$13.89		21.72	%		1.11	%		2.29	%		0.06	%		$  83,572		58	%
(0.87	)		$16.18		24.08	%		1.04	%		1.50	%		—			$152,531		31	%
(0.63	)		$17.27		11.00	%		1.11	%		1.24	%		—			$  47,815		63	%
(2.22	)		$15.92		5.51	%		1.22	%		0.77	%		0.05	%		$  77,325		69	%
(0.61	)		$15.32		0.09	%		1.21	%(8)		0.93	%(8)		0.05	%(8)		$  81,080		16	%
(0.30	)		$10.51		1.43	%		0.84	%		1.85	%		0.30	%		$154,185		74	%
(0.30	)		$10.36		1.42	%		0.79	%		2.32	%		0.30	%		$143,876		66	%
(0.41	)		$10.05		1.00	%		0.83	%(8)		2.76	%(8)		0.30	%(8)		—		—
(0.02	)		$20.08		12.85	%		1.00	%(8)		0.22	%(8)		—			$246,613		41	%
(1.74	)		$23.55		27.42	%		0.94	%		0.05	%		0.05	%		$376,940		20	%
(0.42	)		$23.44		1.24	%		0.92	%(8)		(0.25	%)(8)		0.05	%(8)		$361,664		14	%
(0.54	)		$12.10		23.01	%		1.03	%		1.61	%		0.05	%		$154,297		110	%
(0.70	)		$14.64		28.22	%		1.05	%		0.98	%		0.01	%		$175,521		56	%
(0.83	)		$16.89		22.37	%		1.01	%		0.45	%		—			$275,006		40	%
(1.83	)		$20.08		33.81	%		1.08	%		0.12	%		—			$140,922		41	%
(1.73	)		$23.49		27.07	%		1.19	%		(0.20	%)		0.05	%		$320,921		20	%
(0.42	)		$23.36		1.16	%		1.17	%(8)		(0.50	%)(8)		0.05	%(8)		$371,609		14	%
(0.62	)		$12.58		33.17	%		1.19	%(8)		(0.11	%)(8)		—			$  95,992		64	%
(0.34	)		$15.55		26.76	%		0.98	%(8)		0.25	%(8)		—			$146,206		70	%

(6)	Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(7)	This voluntary expense decrease is reflected in both the expense and net investment income (loss) ratios shown above.

(8)	Computed on an annualized basis.

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Portfolio Name		Investment Objective
Regions Treasury Money Market Fund (“Treasury Money Market Fund”)		Current income consistent with stability of principal and liquidity. The Fund pursues its objective by investing primarily in a diversified portfolio limited to short-term U.S. treasury obligations.
Regions Limited Maturity Government Fund (“Limited Maturity Government Fund”)		Current income. The Fund pursues its objective by investing in a diversified portfolio consisting primarily of securities which are guaranteed as to payment of principal and interest by the U.S. government, its agencies or instrumentalities.
Regions Fixed Income Fund (“Fixed Income Fund”)		Current income with a secondary objective of capital appreciation. The Fund pursues its objective by investing only in high grade debt securities.
Regions Balanced Fund (“Balanced Fund”)		Total return through capital appreciation, dividends, and interest. The Fund pursues its objective by investing primarily in a diversified portfolio of common and preferred stocks, fixed- income securities, and convertible securities.
Regions Value Fund (“Value Fund”)		Income and growth of capital. The Fund pursues its objective by investing primarily in a diversified portfolio of income-producing equity securities such as common and preferred stock, warrants, and securities (including debt securities) convertible into common stocks.
Regions Growth Fund (“Growth Fund”)		Growth of capital and income. The Fund pursues its objective by investing principally in a diversified portfolio of common stocks of companies with market capitalizations of $5 billion or more.
Regions Aggressive Growth Fund (“Aggressive Growth Fund”)		Long-term capital appreciation. The Fund pursues its objective by investing primarily in equity securities of companies with small to medium-sized market capitalizations of $5 billion or less.

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Collective Trust Fund Units Converted		Aggressive Growth Fund Shares Issued		Collective Trust Fund Net Assets Received		Unrealized Appreciation(1)
245,956		4,850,689		$48,506,886		$5,305,623

Investment Valuations —U.S. government securities, listed corporate bonds, (other fixed income and asset-backed securities), and unlisted securities and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Listed equity securities are valued at the last sale price reported on a national securities exchange. The Treasury Money Market Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act. For fluctuating net asset value Funds within the Trust, short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities purchased with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value.

Repurchase Agreements —It is the policy of the Funds to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank’s vault, all securities held as collateral in support of repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement’s collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.

The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds’ adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the “Trustees”). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities. The Funds along with other affliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

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Investment Income, Expenses and Distributions —Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the “Code”). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any are recorded at fair value. The Funds offer multiple classes of shares, which may differ in their respective distribution and service fees. All shareholders bear the common expenses of the Funds based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Federal Taxes —It is the Funds’ policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of their income. Accordingly, no provision for federal tax is necessary.

At November 30, 1999, Limited Maturity Government Fund and Fixed Income Fund, for federal tax purposes, had capital loss carryforwards of $148,621 and $2,993,925, respectively, which will reduce the Funds’ taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax.

Pursuant to the Code, such capital loss carryforwards will expire as follow:

Fund		Expiring in 2003		Expiring in 2004		Expiring in 2005		Expiring in 2007
Limited Maturity Government Fund		—		—		—		$148,621
Fixed Income Fund		$2,216,582		$15,304		$81,761		$680,278

When-Issued and Delayed Delivery Transactions —The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Use of Estimates —The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other —Investment transactions are accounted for on a trade date basis.

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		Treasury Money Market Fund
Class A Shares		Six Months Ended May 31, 2000			Year Ended November 30, 1999
Shares sold		341,843,510			813,472,860
Shares issued to shareholders in payment of distributions declared		1,107,679			1,969,546
Shares redeemed		(318,412,068	)		(846,684,535	)
Net change resulting from Class A Shares transactions		24,539,121			(31,242,129	)

		Treasury Money Market Fund
Class B Shares		Six Months Ended May 31, 2000			Year Ended November 30, 1999
Shares sold		218,099,716			383,914,749
Shares issued to shareholders in payment of distributions declared		1,609,085			3,445,036
Shares redeemed		(217,375,707	)		(357,134,611	)
Net change resulting from Class B Shares transactions		2,333,094			30,225,174
Net change resulting from Fund Shares transactions		26,872,215			(1,016,955	)

		Limited Maturity Government Fund
		Six Months Ended May 31, 2000						Year Ended November 30, 1999
Class A Shares		Shares			Dollars			Shares			Dollars
Shares sold		994,232			$9,740,515			2,895,955			$28,831,443
Shares redeemed		(961,039	)		$(9,404,290	)		(1,654,876	)		$(16,426,519	)
Net change resulting from Class A Shares      transactions		33,193			$    336,225			1,241,079			$12,404,924

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		Limited Maturity Government Fund
		Six Months Ended May 31, 2000						Year Ended November 30, 1999
Class B Shares		Shares			Dollars			Shares			Dollars
Shares sold		593,041			$  5,801,680			2,367,359			$23,571,925
Shares issued to shareholders in payment of distributions declared		71,537			700,322			147,222			1,462,992
Shares redeemed		(1,027,527	)		(10,071,099	)		(1,101,106	)		(10,941,366	)
Net change resulting from Class B      Shares transactions		(362,949	)		$  (3,569,097	)		1,413,475			$14,093,551
Net change resulting from Fund      Shares transactions		(329,756	)		$  (3,232,872	)		2,654,554			$26,498,475

		Fixed Income Fund
		Six Months Ended May 31, 2000						Year Ended November 30, 1999
Class A Shares		Shares			Dollars			Shares			Dollars
Shares sold		2,106,008			$21,005,617			8,040,148			$83,535,984
Shares redeemed		(2,599,179	)		(25,864,430	)		(4,942,841	)		(50,867,842	)
Net change resulting from Class A      Shares transactions		(493,171	)		$  (4,858,813	)		3,097,307			$32,668,142

		Fixed Income Fund
		Six Months Ended May 31, 2000						Year Ended November 30, 1999
Class B Shares		Shares			Dollars			Shares			Dollars
Shares sold		830,307			$  8,271,360			4,417,836			$46,037,129
Shares issued to shareholders in payment of distributions declared		40,830			406,931			88,846			913,517
Shares redeemed		(1,013,182	)		(10,111,242	)		(1,950,716	)		(20,105,083	)
Net change resulting from Class B      Shares transactions		(142,045	)		$  (1,432,951	)		2,555,966			$26,845,563
Net change resulting from Fund      Shares transactions		(635,216	)		$  (6,291,764	)		5,653,273			$59,513,705

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		Balanced Fund
		Six Months Ended May 31, 2000						Year Ended November 30, 1999
Class A Shares		Shares			Dollars			Shares			Dollars
Shares sold		107,148			$  1,672,852			616,087			$  9,603,236
Shares redeemed		(171,245	)		(2,664,113	)		(301,722	)		(4,681,028	)
Net change resulting from Class A      Shares transactions		(64,097	)		$    (991,261	)		314,365			$  4,922,208
		Balanced Fund
		Six Months Ended May 31, 2000						Year Ended November 30, 1999
Class B Shares		Shares			Dollars			Shares			Dollars
Shares sold		1,404,621			$21,807,350			3,867,047			$59,827,246
Shares issued to shareholders in payment of distributions declared		412,016			6,445,762			410,240			6,244,173
Shares redeemed		(1,343,860	)		(20,736,111	)		(1,139,365	)		(17,672,471	)
Net change resulting from Class B      Shares transactions		472,777			$  7,517,001			3,137,922			$48,398,948
Net change resulting from Fund      Shares transactions		408,680			$  6,525,740			3,452,287			$53,321,156
		Value Fund
		Six Months Ended May 31, 2000						Year Ended November 30, 1999
Class A Shares		Shares			Dollars			Shares			Dollars
Shares sold		2,410,759			$36,690,018			5,389,980			$90,265,864
Shares redeemed		(1,513,549	)		(22,993,673	)		(1,651,732	)		(27,456,710	)
Net change resulting from Class A      Shares transactions		897,210			$13,696,345			3,738,248			$62,809,154

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		Value Fund
		Six Months Ended May 31, 2000						Year Ended November 30, 1999
Class B Shares		Shares			Dollars			Shares			Dollars
Shares sold		1,269,293			$19,098,474			2,885,275			$48,953,826
Shares issued to shareholders in payment of distributions declared		132,086			2,022,002			369,020			5,835,363
Shares redeemed		(968,025	)		(14,721,441	)		(1,164,029	)		(19,761,600	)
Net change resulting from Class B      Shares transactions		433,354			$  6,399,035			2,090,266			$35,027,589
Net change resulting from Fund      Shares transactions		1,330,564			$20,095,380			5,828,514			$97,836,743

		Growth Fund
		Six Months Ended May 31, 2000						Year Ended November 30, 1999
Class A Shares		Shares			Dollars			Shares			Dollars
Shares sold		1,568,826			$37,913,460			6,123,410			$131,122,355
Shares redeemed		(2,147,490	)		(52,095,241	)		(2,396,001	)		(51,186,442	)
Net change resulting from Class A      Shares transactions		(578,664	)		$(14,181,781	)		3,727,409			$  79,935,913
		Growth Fund
		Six Months Ended May 31, 2000						Year Ended November 30, 1999
Class B Shares		Shares			Dollars			Shares			Dollars
Shares sold		3,339,362			$80,351,421			8,204,849			$176,382,597
Shares issued to shareholders in payment of distributions declared		192,786			4,728,557			621,950			12,706,860
Shares redeemed		(1,282,441	)		(30,916,102	)		(2,186,242	)		(47,384,557	)
Net change resulting from Class B      Shares transactions		2,249,707			$54,163,876			6,640,557			$141,704,900
Net change resulting from Fund      Shares transactions		1,671,043			$39,982,095			10,367,966			$221,640,813

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		Aggressive Growth Fund
		Six Months Ended May 31, 2000						Period Ended November 30, 1999(1)
		Shares			Dollars			Shares			Dollars
Shares sold		3,680,373			$ 55,685,621			4,086,443			$ 45,265,053
Shares issued in connection with the tax-free transfer of assets from the Collective Trust Fund		—			—			4,850,689			48,506,886
Shares issued to shareholders in payment of distributions declared		15,060			199,459			20,229			215,841
Shares redeemed		(1,920,365	)		(29,362,138	)		(1,328,475	)		(14,779,281	)
Net change resulting from Fund Share      transactions		1,775,068			$ 26,522,942			7,628,886			$ 79,208,499

(1)	Reflects operations for the period from March 15, 1999 (date of initial public investment) to November 30, 1999.

Fund Name		Investment Adviser Fee Percentage
Treasury Money Market Fund		0.50	%
Limited Maturity Government Fund		0.70	%
Fixed Income Fund		0.75	%
Balanced Fund		0.80	%
Value Fund		0.80	%
Growth Fund		0.80	%
Aggressive Growth Fund		0.75	%

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Fund Name		% of avg. daily net assets of each Fund’s Class B Shares
Treasury Money Market Fund		0.40	%
Limited Maturity Government Fund		0.25	%
Fixed Income Fund		0.30	%
Balanced Fund		0.30	%
Value Fund		0.30	%
Growth Fund		0.30	%
Aggressive Growth Fund		0.30	%

Fund Name		% of avg. daily net assets of each Fund’s Class B Shares
Treasury Money Market Fund (effective July 1, 2000)		0.25	%
Limited Maturity Government Fund		0.25	%
Fixed Income Fund		0.25	%
Balanced Fund		0.25	%
Value Fund		0.25	%
Growth Fund		0.25	%
Aggressive Growth Fund		0.25	%

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		Purchases		Sales
Treasury Money Market Fund		$81,167,318		$80,471,764
Limited Maturity Government Fund		$  8,645,899		$  8,645,899

Fund		Purchases		Sales
Limited Maturity Government Fund		$  51,464,109		$  56,809,661
Fixed Income Fund		$  71,859,154		$  79,016,782
Balanced Fund		$  48,571,419		$  47,271,518
Value Fund		$  50,266,054		$  42,715,386
Growth Fund		$131,816,490		$100,454,191
Aggressive Growth Fund		$  78,346,321		$  75,750,065

Trustees John F. Donahue   Thomas G. Bigley   John T. Conroy, Jr.   Nicholas P. Constantakis   John F. Cunningham   J. Christopher Donahue   Lawrence D. Ellis, M.D.   Peter E. Madden   Charles F. Mansfield, Jr.   John E. Murray, Jr., J.D., S.J.D.   Marjorie P. Smuts   John S. Walsh

Officers   John F. Donahue     Chairman   Edward C. Gonzales     President and Treasurer   J. Christopher Donahue     Executive Vice President   John W. McGonigle     Executive Vice President and Secretary   Richard B. Fisher     Vice President   Susan C. Manukas     Vice President   Gregory P. Kolling     Assistant Treasurer   Gail Cagney     Assistant Secretary