Annual Reports | Quarterly Filings | News | Prospectuses | Proxies | Mergers & Acquisitions | Initial Public Offerings

WACHOVIA FUNDS
N-30D, 2000-07-31

Previous: AMERICAN SUPERCONDUCTOR CORP /DE/, S-3, EX-23.1, 2000-07-31

Next: CORVAS INTERNATIONAL INC, SC 13D, 2000-07-31

WACHOVIA MONEY MARKET FUND
WACHOVIA TAX-FREE

MONEY MARKET FUND
WACHOVIA U.S. TREASURY

MONEY MARKET FUND

INVESTMENT SHARES

Semi-Annual Report
May 31, 2000

[Logo of Wachovia]

---

---

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

**	Income may be subject to the federal alternative minimum tax and state and local taxes.

---

---

Principal Amount				Value
(1) Bank Notes—11.3%
		Banking & Finance—11.3%
$35,000,000		Bank of America, NA, 6.240%-6.310%, 7/27/2000-8/18/2000		$        35,000,000
20,000,000		Bank of America, NC, 6.880%, 11/8/2000		20,000,000
10,000,000		Bank of New York Co., Inc., 7.205%, 5/15/2001		10,000,451
25,000,000		Bank One, Illinois, NA, 6.290%, 8/25/2000		25,000,000
20,000,000		SouthTrust Bank of Alabama, Birmingham, 6.430%, 9/14/2000		20,000,569
25,000,000		SunTrust Bank, Atlanta, 6.250%, 7/24/2000		24,999,483
		Total Bank Notes		135,000,503
(1) Certificates Of Deposit—28.2%
		Banking & Finance—28.2%
10,000,000		ABN AMRO Bank NV, Amsterdam, 5.665%, 6/15/2000		9,998,111
32,000,000		Barclays Bank, New York, 5.900%-6.530%, 6/16/2000-10/2/2000		31,983,773
20,000,000		Barclays Bank PLC, London, 6.100%, 6/7/2000		20,000,052
25,000,000		Canadian Imperial Bank of Commerce, NY, 7.000%, 11/20/2000		25,000,000
10,000,000		Citibank, NA, Yankee CD, 7.410%, 5/30/2001		10,005,629
25,000,000		Citibank, Toronto, 6.380%, 8/30/2000		25,000,000
45,000,000		Deutsche Bank AG, 6.200%-6.280%, 6/30/2000-8/23/2000		45,001,024
35,000,000		First Union National Bank, Charlotte, NC, 6.050%-7.000%, 9/25/2000-11/29/2000		34,986,640
20,000,000		Northern Trust Corp., 6.360%, 8/31/2000		20,001,589
40,000,000		Rabobank Nederland, Utrecht, 6.020%, 6/6/2000		40,000,054
35,000,000		Societe Generale, Paris, 6.240%, 9/13/2000		35,000,979
15,000,000		SouthTrust Bank of Alabama, Birmingham, 6.060%, 6/28/2000		15,000,110
25,000,000		UBS AG, 5.760%, 7/3/2000		24,990,020
		Total Certificates of Deposit		336,967,981
(1) Commercial Paper—37.8%
		Capital Goods—1.7%
20,000,000		General Electric Co., 6.090%, 7/26/2000		19,813,917
		Finance—29.1%
50,000,000		American General Finance Corp., 6.000%-6.500%, 6/1/2000-6/28/2000		49,882,500
20,000,000		Associates First Capital Corp., 6.070%, 7/6/2000		19,881,972
20,000,000		BellSouth Capital Funding Corp., 6.450%, 8/23/2000		19,702,583

---

---

Principal Amount				Value
(1) Commercial Paper—continued
		Finance—continued
$    45,000,000		CIT Group, Inc., 6.100%-6.500%, 6/7/2000-8/8/2000		$        44,758,147
20,000,000		Diageo Capital, PLC, 5.880%, 6/8/2000		19,977,133
20,000,000		Ford Motor Credit Corp., 6.070%, 6/20/2000		19,935,928
15,000,000		General Electric Capital Corp., 6.000%, 7/19/2000		14,880,000
50,000,000		General Motors Acceptance Corp., 6.160%-6.620%, 7/13/2000-8/14/2000		49,480,139
45,000,000		Household Finance Corp., 6.150%-6.160%, 8/10/2000-8/16/2000		44,440,953
45,000,000		Prudential Funding Corp., 5.810%-6.140%, 6/21/2000-9/5/2000		44,706,278
20,000,000		UBS Finance Delaware, Inc., 6.770%, 6/1/2000		20,000,000
		Total		347,645,633
		Finance—Automotive—3.7%
45,000,000		DaimlerChrysler of North America Holding Corp., 5.990%- 6.560%, 7/31/2000-8/2/2000		44,517,889
		Technology—2.1%
25,000,000		International Business Machines Corp., 6.470%, 6/7/2000		24,973,042
		Utilities—Electric—1.2%
15,000,000		General Electric Capital Services Corp., 6.490%, 6/28/2000		14,926,988
		Total Commercial Paper		451,877,469
Corporate Bonds—0.6%
		Banking & Finance—0.3%
1,000,000		American General Finance Corp., 5.875%, 7/1/2000		999,690
1,750,000		Meridian Bancorp, Inc., 6.625%, 6/15/2000		1,750,310
		Total		2,750,000
		Technology—0.3%
3,995,000		International Business Machines Corp., 6.375%, 6/15/2000		3,995,557
		Total Corporate Bonds		6,745,557
(2) Notes-Variable—13.4%
		Banking—3.3%
40,000,000		PNC Bank, NA, 6.050%-6.530%, 6/26/2000-6/30/2000		39,983,042
		Finance—10.1%
25,000,000		Bank One Corp., 6.416%-6.781%, 7/16/2000-8/18/2000		25,010,792
20,000,000		Bayerische Landesbank-NY, 6.531%, 6/30/2000		19,993,383
15,000,000		Citigroup Inc., 6.623%, 7/31/2000		15,000,000

---

---

Principal Amount or Shares				Value
(2) Notes-Variable—continued
		Finance—continued
$    10,000,000		First Union National Bank, 6.190%, 8/31/2000		$        10,010,716
50,000,000		J.P. Morgan & Co., Inc., 6.530%-6.811%, 6/15/2000-8/18/2000		50,021,561
		Total		120,036,452
		Total Notes-Variable		160,019,494
Open-End Investment Companies—6.6%
26,290,009		Aim Liquid Assets Portfolio		26,290,009
26,289,253		Dreyfus Cash Management		26,289,253
26,289,252		Federated Prime Obligations Fund		26,289,252
		Total Open-End Investment Companies		78,868,514
(3) Repurchase Agreements—2.0%
$      5,861,592		Credit Suisse First Boston, Inc., 6.420%, dated 5/31/2000, due 6/1/2000		5,861,592
6,025,164		Goldman Sachs Group, LP, 6.470%, dated 5/31/2000, due 6/1/2000		6,025,164
5,861,592		Merrill Lynch, Pierce, Fenner and Smith, 6.250%, dated 5/31/2000, due 6/1/2000		5,861,592
5,861,592		Morgan Stanley Group, Inc., 6.500%, dated 5/31/2000, due 6/1/2000		5,861,592
		Total Repurchase Agreements		23,609,940
		Total Investments, at amortized cost and value (4)		$    1,193,089,458

(1)	Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

(2)	Current rate and next reset date shown.

(3)	The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of the portfolio.

(4)	Also represents cost for federal tax purposes.

Note:

The categories of investments are shown as a percentage of net assets ($1,194,790,753) at May 31, 2000.

---

---

Assets:
Total investments in securities, at amortized cost and value				$1,193,089,458
Income receivable				7,998,045
Total assets				1,201,087,503
Liabilities:
Income distribution payable		$5,669,772
Accrued expenses		626,978
Total liabilities				6,296,750
Net Assets for 1,194,790,753 shares outstanding				$1,194,790,753
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares:
$438,650,281÷438,650,281 shares outstanding				$1.00
Investment Shares:
$756,140,472÷756,140,472 shares outstanding				$1.00

---

---

Investment Income:
Interest					$33,457,163
Expenses:
Investment adviser fee		$2,770,451
Administrative personnel and services fee		400,123
Custodian fees		74,159
Transfer and dividend disbursing agent fees and expenses		3,785
Directors’/Trustees’ fees		12,848
Auditing fees		8,269
Legal fees		9,731
Portfolio accounting fees		1,663
Distribution services fee—Investment Shares		1,412,522
Share registration costs		32,646
Printing and postage		24,186
Insurance premiums		2,017
Miscellaneous		2,110
Total expenses		4,754,510
Waiver:
Waiver of investment adviser fee		(1,236,561	)
Net expenses					3,517,949
Net investment income					$29,939,214

---

---

		Six-Months Ended (unaudited) May 31, 2000			Year Ended November 30, 1999
Increase (Decrease) in Net Assets:
Operations:
Net investment income		$    29,939,214			$    38,882,981
Distributions to Shareholders—
Distributions from net investment income
Institutional Shares		(11,356,114	)		(14,769,474	)
Investment Shares		(18,583,100	)		(24,113,507	)
Change in net assets resulting from distributions to           shareholders		(29,939,214	)		(38,882,981	)
Share Transactions—
Proceeds from sale of shares		1,142,561,441			1,434,253,801
Net asset value of shares issued to shareholders in payment of distributions declared		3,955,327			724,067
Cost of shares redeemed		(931,453,281	)		(1,118,660,397	)
Change in net assets resulting from share           transactions		215,063,487			316,317,471
Change in net assets		215,063,487			316,317,471
Net Assets:
Beginning of period		979,727,266			663,409,795
End of period		$1,194,790,753			$      979,727,266

---

---

		Six Months Ended (unaudited) May 31,			Year Ended November 30,
		2000			1999			1998			1997			1996			1995
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income from investment operations
Net investment income		0.03			0.04			0.05			0.05			0.05			0.05
Less distributions
Distributions from net      investment income		(0.03	)		(0.04	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total return (1)		2.65	%		4.44	%		4.92	%		4.95	%		4.83	%		5.40	%
Ratios to average net assets
Expense		0.78	%(3)		0.78	%		0.78	%		0.78	%		0.77	%		0.72	%
Net investment      income		5.26	%(3)		4.38	%		4.80	%		4.85	%		4.74	%		5.27	%
Expense waiver/      reimbursement (2)		0.22	%(3)		0.24	%		0.26	%		0.28	%		0.32	%		0.40	%
Supplemental data
Net assets, end of      period (000 omitted)		$756,140			$613,978			$482,128			$320,480			$230,263			$165,636

(1)	Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Results represent past performance and do not guarantee future results.

(2)	This contractual expense decrease is reflected in both the expense and the net investment income ratios shown above.

(3)	Computed on an annualized basis.

---

---

Principal Amount				Value
Short-Term Municipals—97.2%
		Alabama—14.2%
$    2,135,000		Alabama HFA, Refunding Revenue Bonds, Series B, Weekly VRDNs		$      2,135,000
1,000,000		Birmingham, AL, Series A, Weekly VRDNs (First Alabama Bank, Memphis LOC)		1,000,000
3,320,000		Birmingham, AL, GO, Series 1992A, Weekly VRDNs (Regions Bank, Alabama LOC)		3,320,000
20,400,000		Daphne-Villa Mercy, AL, Special Care Facilities, Health, Hospital, Nursing Home Improvement Revenue Bonds Weekly VRDNs (Mercy Medical Center)/(AmSouth Bancorporation LOC)		20,400,000
7,700,000		Infirmary Health Systems, Inc., Series A, Weekly VRDNs		7,700,000
10,000,000		Port City Medical Clinic Board Mobile, Al, Series B, Weekly VRDNs (Infirmary Health System, Inc.)		10,000,000
9,700,000		The Board of Trustees of the University of Alabama, University & College Improvements, Series B, Weekly VRDNs		9,700,000
355,000		Tuscaloosa County, AL, Port Authority, Series 1989A, Weekly VRDNs (Capstone Hotel Ltd.)/(SouthTrust Bank of Alabama, Birmingham LOC)		355,000
		Total		54,610,000
		California—1.3%
5,000,000		Los Angeles County, CA, Series A, 4.00% TRANs, 6/30/2000		5,002,606
		Colorado—1.3%
5,000,000		Arapahoe County, CO, School District 005, GO UT, 4.25% Bonds, 6/30/2000		5,002,046
		Florida—7.8%
100,000		Alachua County, FL, Health Facilities Authority, Health Facilities Revenue Bonds, Series 1996B, Weekly VRDNs (Shands Teaching Hospital and Clinics, Inc.)/(MBIA INS)/(SunTrust Bank, Central Florida LIQ)		100,037
6,600,000		Collier County, FL, HFA, Multi-family Revenue Bonds, Series 1985, Weekly VRDNs (River Reach Project)		6,600,000
1,550,000		Escambia County, FL, Health Facilities Authority, IDRBs, Series A, Monthly VRDNs (Florida Convalescent Centers, Inc.)/(Toronto Dominion Bank LOC)		1,550,000

---

---

Principal Amount				Value
Short-Term Municipals—continued
		Florida—continued
$    2,760,000		Eustis Health Facilities Authority, FL, Series 1985, Weekly VRDNs (Waterman Medical Center)/(Paribas, Paris LOC)		$      2,760,000
5,240,000		Florida HFA, Revenue Bonds Weekly VRDNs		5,240,000
550,000		Polk County, FL, IDA, Refunding Revenue Bonds Monthly VRDNs (Florida Convalescent Centers, Inc.)/(Toronto Dominion Bank LOC)		550,000
1,000,000		Polk County, FL, IDA, Refunding Revenue Bonds Weekly VRDNs (IMC Fertilizer, Inc.)/(Rabobank Nederland, Utrecht LOC)		1,000,000
4,400,000		Southeast Volusia Hospital District, Revenue Bonds, Series 1995, Weekly VRDNs (Bert Fish Medical Center (FL))/(SouthTrust Bank of Alabama, Birmingham LOC)		4,400,000
5,500,000		St. Lucie County, FL, PCR, 4.00% CP, Mandatory Tender 6/7/2000		5,500,000
2,300,000		St. Lucie County, FL, PCR, Revenue Bond, 4.75% CP (Florida Power & Light Co.), Mandatory Tender 6/7/2000		2,300,000
		Total		30,000,037
		Georgia—4.5%
8,600,000		De Kalb Private Hospital Authority, GA, Revenue Anticipation Certificates, Series 1994B, Weekly VRDNs (Egleston Children’s Hospital at Emory University, Inc.)/(SunTrust Bank, Atlanta LOC)		8,600,000
4,450,000		De Kalb Private Hospital Authority, GA, Revenue Anticipation Certificates, Series 1995B, Weekly VRDNs (Egleston Children’s Hospital at Emory University, Inc.)/(SunTrust Bank, Atlanta LOC)		4,449,999
2,900,000		Lowndes County, GA, Residential Care Facilities for the Elderly Authority Weekly VRDNs (South Georgia Health Alliance Project)		2,900,000
770,000		Macon-Bibb County, GA, Urban Development Authority, Refunding Revenue Bonds, Series 1995, Weekly VRDNs (Macon Hotel Investors)/(Bank One, Michigan LOC)		770,000
500,000		Monroe County, GA, Development Authority IDRB, Refunding Revenue Bonds Weekly VRDNs (Forsyth Inns, Inc.)/(Bank One, Michigan LOC)		500,000
		Total		17,219,999
		Idaho—1.3%
5,000,000		Idaho State, 4.25%, 6/30/2000		5,003,254

---

---

Principal Amount				Value
Short-Term Municipals—continued
		Illinois—7.7%
$  11,800,000		Illinois Development Finance Authority Weekly VRDNs		$    11,800,000
740,000		Illinois Development Finance Authority, Revenue Bonds Weekly VRDNs (Aurora Central Catholic High School)		740,000
1,000,000		Illinois Development Finance Authority, Revenue Bonds Weekly VRDNs (Lake Forest Academy)		1,000,000
1,155,000		Illinois Development Finance Authority, Revenue Bonds Weekly VRDNs (Little City Foundation)		1,155,000
3,800,000		Illinois Development Finance Authority, Revenue Bonds Weekly VRDNs (St. Ignatius College)		3,800,000
1,420,000		Illinois Development Finance Authority, Revenue Bonds Weekly VRDNs (St. Paul’s House)/(LaSalle Bank, N.A. LOC)		1,420,000
8,600,000		Jackson-Union Counties, IL, Regional Port District Facilities Weekly VRDNs (Enron Transportation Services)		8,600,000
1,000,000		Orland Hills, IL, Multi-family Mortgage Revenue Bonds Weekly VRDNs (LaSalle National Corp. LOC)		1,000,000
		Total		29,515,000
		Kentucky—5.3%
500,000		Georgetown, KY, Educational Institution, Revenue Bonds Weekly VRDNs (Georgetown College)		500,000
20,000,000		Kentucky Interlocal School Transportation Association, 4.00% Bonds, 6/30/2000		20,007,643
		Total		20,507,643
		Louisiana—1.2%
1,700,000		Calcasieu Parish, LA, IDB, PCR Bonds Weekly VRDNs (Citgo Petroleum Corp.)		1,700,000
2,800,000		Lake Charles, LA, Harbor & Terminal District, Revenue Bonds Weekly VRDNs (Citgo Petroleum Corp.)		2,800,000
		Total		4,500,000
		Massachusetts—0.4%
1,000,000		Commonwealth of Massachusetts, Series B, Weekly VRDNs (Toronto Dominion Bank LOC)		1,000,000
100,000		Massachusetts HEFA, Series P-1, Weekly VRDNs (Partners Healthcare Systems)/(FSA SA)		100,000

---

---

Principal Amount				Value
Short-Term Municipals—continued
		Massachusetts—continued
$        500,000		Massachusetts Municipal Wholesale Electric Co., Power Supply System Revenue Bonds, Series 1994C, Weekly VRDNs (Canadian Imperial Bank of Commerce LOC)		$          500,000
		Total		1,600,000
		Mississippi—0.6%
2,340,000		Jackson County, MS, Weekly VRDNs (Chevron Corp. GTD)		2,340,000
		Missouri—0.5%
1,800,000		Kansas City, MO, IDA, IDRB, Weekly VRDNs (Mid-American Health Services)		1,800,000
		New Mexico—2.1%
8,000,000		New Mexico State, Revenue Notes, 4.00% Bonds, 6/30/2000		8,004,723
		New York—1.4%
1,000,000		Long Island Power Authority, Revenue Bonds Weekly VRDNs (Credit Suisse First Boston LOC)/(MBIA INS)		1,000,000
100,000		New York City, NY, Series 1994 E-2, Daily VRDNs (Morgan Guaranty Trust Co., New York LOC)		100,000
100,000		New York City, NY, Subseries B4, Daily VRDNs (MBIA INS)/(National Westminster Bank, PLC, London LIQ)		100,000
850,000		New York City, NY, GO UT Bonds Daily VRDNs		850,000
3,300,000		New York City, NY, GO UT Refunding Bonds, Subseries E3, Daily VRDNs		3,300,000
		Total		5,350,000
		North Carolina—1.0%
1,500,000		Alamance County, NC, Industrial Facilities & Pollution Control Financing Authority, Revenue Bonds Weekly VRDNs (SCI Systems, Inc.)		1,500,000
1,900,000		North Carolina Educational Facilities Finance Agency Weekly VRDNs (Gardner Webb University)/(First Union National Bank, Charlotte, NC LOC)		1,900,000
200,000		North Carolina Medical Care Commission, Revenue Bond Weekly VRDNs (Catholic Health East)		200,000
115,000		North Carolina Medical Care Commission, Revenue Bonds, Series A, Weekly VRDNs (Pooled Financing Program)		115,000
		Total		3,715,000

---

---

Principal Amount				Value
Short-Term Municipals—continued
		Ohio—4.9%
$        930,000		Centerville, OH, Health Care Revenue Bonds Weekly VRDNs (Bethany Lutheran Village)		$          930,000
18,000,000		Lorain County, OH, Series A, 4.00% CP, Mandatory Tender 6/7/2000		18,000,000
		Total		18,930,000
		Oregon—4.8%
13,500,000		Oregon State, Veteran’s Welfare Bonds, Series 73E, Weekly VRDNs (Morgan Guaranty Trust Co., New York LOC)		13,500,000
5,000,000		Oregon State, Veteran’s Welfare Bonds, Series 73F, Weekly VRDNs (Morgan Guaranty Trust Co., New York LOC)		5,000,000
		Total		18,500,000
		Pennsylvania—1.2%
4,700,000		Allegheny County, PA, IDA, Revenue Bonds, Series A, Weekly VRDNs (United Jewish Federation of Greater Pittsburgh VRDB)/(PNC Bank, N.A. LOC)		4,700,000
		Tennessee—11.9%
17,850,000		Clarksville, TN, Public Building Authority, Adjustable Rate Pooled Financing Revenue Bonds, Series 1997, Weekly VRDNs (Tennessee Municipal Bond Fund)/(Nationsbank, N.A., Charlotte LOC)		17,850,000
1,200,000		Clarksville, TN, Public Building Authority, Public Improvement Revenue Bonds Weekly VRDNs		1,200,000
4,600,000		Metropolitan Nashville, TN Airport Authority, Series 1993, Weekly VRDNs (FGIC INS)/(Societe Generale, Paris LIQ)/(Societe Generale, Paris LOC)		4,600,000
2,000,000		Montgomery Co, TN, Public Building Authority Weekly VRDNs		2,000,000
10,000,000		Shelby County, TN, Series 1997A, 4.30% CP (Landesbank Hessen- Thueringen, Frankfurt LOC), Mandatory Tender 6/29/2000		10,000,000
10,000,000		Tennessee State, 3.90% CP, Mandatory Tender 6/20/2000		10,000,000
		Total		45,650,000
		Texas—3.7%
10,600,000		Lower Neches Valley, TX, Refunding Revenue Bonds, 3.95% TOBs (Chevron U.S.A., Inc.), Optional Tender 8/16/2000		10,600,000

---

---

Principal Amount				Value
Short-Term Municipals—continued
		Texas—continued
$    3,800,000		Richardson, TX, Independent School District, Series A, Weekly VRDNs (PSFG GTD)/(Union Bank of Switzerland, Zurich SA)		$      3,800,000
		Total		14,400,000
		Virginia—0.1%
300,000		Roanoke, VA, IDA, Series B, Daily VRDNs (Carillion Health System)		300,000
		Washington—3.7%
14,000,000		Port Anacortes, WA Industrial Development Corp., VRDNs (Texaco, Inc.)		14,000,000
100,000		Washington Health Care Facilities Authority, Variable Rate Demand Revenue Bonds, Series 1997B, Daily VRDNs (Virginia Mason Medical Center)/(MBIA INS)/(Credit Suisse First Boston LIQ)		99,999
		Total		14,099,999
		Wisconsin—16.3%
18,300,000		Wisconsin Health and Educational Facilities Authority, Series A, Revenue Bonds Weekly VRDNs (Felician Health Care, Inc.)/(AMBAC INS)		18,300,000
11,500,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Weekly VRDNs (Felician Health Care, Inc.)/(LaSalle Bank, NA LOC)		11,500,000
7,320,000		Wisconsin State Health Facilities Authority, Revenue Bonds, Series A-2, Weekly VRDNs (Franciscan Health Care)		7,320,000
8,495,000		Wisconsin State Health Facilities Authority, Series A-1, Revenue Bonds Weekly VRDNs (Franciscan Health Care)/(Toronto Dominion Bank LOC)		8,495,000
17,000,000		Wisconsin State, Series A, 4.40% CP (Bank of Nova Scotia, Toronto and Commersbank AG, Frankfurt LIQs), Mandatory Tender 6/8/2000		17,000,000
		Total		62,615,000
		Total Short-Term Municipals		373,365,307

---

---

Shares				Value
Open-End Investment Companies—2.4%
7		AIM Global Management Short Term Investments Money Market Fund		$                    7
1,984		Dreyfus Tax Exempt Money Market Fund		1,984
619		Federated Investors Tax-Free Obligations Fund		619
9,444,475		Fidelity Tax Exempt Money Market Fund		9,444,475
		Total		9,447,085
		Total Investments, at amortized cost and value (1)		$  382,812,392

(1)	Also represents cost for federal tax purposes.

AMBAC—American Municipal Bond Assurance Corporation CP—Commercial Paper FGIC—Financial Guaranty Insurance Company FSA—Financial Security Assurance GO—General Obligation GTD—Guaranteed HEFA—Health and Education Facilities Authority HFA—Housing Finance Authority IDA—Industrial Development Authority IDB—Industrial Development Bond

IDRB(s)—Industrial Development Revenue Bond(s) INS—Insured LIQ(s)—Liquidity Agreement(s) LOC(s)—Letter(s) of Credit MBIA—Municipal Bond Investors Assurance PCR—Pollution Control Revenue PSFG—Permanent School Fund Guarantee SA—Support Agreement TOBs—Tender Option Bonds TRANs—Tax and Revenue Anticipation Notes UT—Unlimited Tax VRDB—Variable Rate Demand Bond VRDNs—Variable Rate Demand Notes

---

---

Assets:
Total investments in securities, at amortized cost and value				$382,812,392
Income receivable				3,240,489
Total assets				386,052,881
Liabilities:
Income distribution payable		$1,622,306
Accrued expenses		155,532
Total liabilities				1,777,838
Net Assets for 384,275,043 shares outstanding				$384,275,043
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares:
$217,428,853÷217,428,853 shares outstanding		$1.00
Investment Shares:
$166,846,190÷166,846,190 shares outstanding				$1.00

---

---

Investment Income:
Interest					$7,816,736
Expenses:
Investment adviser fee		$1,008,303
Administrative personnel and services fee		145,316
Custodian fees		36,499
Transfer and dividend disbursing agent fees and expenses		1,705
Directors’/Trustees’ fees		6,529
Auditing fees		7,913
Legal fees		5,482
Portfolio accounting fees		342
Distribution services fee—Investment Shares		325,089
Share registration costs		15,000
Printing and postage		22,472
Insurance premiums		1,523
Miscellaneous		1,753
Total expenses		1,577,926
Waiver of investment adviser fee		(768,851	)
Net expenses					809,075
Net investment income					$7,007,661

---

---

		Six Months Ended (unaudited) May 31, 2000			Year Ended November 30, 1999
Increase (Decrease) in Net Assets:
Operations—
Net investment income		$    7,007,661			$  11,808,020
Distributions to Shareholders—
Distributions from net investment income
Institutional Shares		(4,346,177	)		(7,932,704	)
Investment Shares		(2,661,484	)		(3,875,316	)
Change in net assets resulting from distributions to           shareholders		(7,007,661	)		(11,808,020	)
Share Transactions—
Proceeds from sale of shares		356,298,942			671,733,491
Net asset value of shares issued to shareholders in payment of distributions declared		249,625			—
Cost of shares redeemed		(342,176,448	)		(710,364,176	)
Change in net assets resulting from share           transactions		14,372,119			(38,630,685	)
Change in net assets		14,372,119			(38,630,685	)
Net Assets:
Beginning of period		369,902,924			408,533,609
End of period		$384,275,043			$369,902,924

---

---

		Six Months Ended (unaudited) May 31,			Year Ended November 30,
		2000			1999			1998			1997			1996			1995
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income from investment operations
Net investment income		0.02			0.03			0.03			0.03			0.03			0.03
Less distributions
Distributions from net      investment income		(0.02	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total return (1)		1.60	%		2.58	%		2.88	%		2.99	%		2.83	%		3.25	%
Ratios to average net assets
Expenses		0.64	%(3)		0.64	%		0.64	%		0.64	%		0.69	%		0.66	%
Net investment income		3.27	%(3)		2.56	%		2.83	%		2.93	%		2.84	%		3.19	%
Expense waiver/      reimbursement (2)		0.38	%(3)		0.39	%		0.41	%		0.45	%		0.43	%		0.52	%
Supplemental data
Net assets, end of period      (000 omitted)		$166,846			$144,436			$133,211			$85,852			$74,922			$55,733

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

(2)	This contractual expense decrease is reflected in both the expense and the net investment income ratios shown above.

(3)	Computed on an annualized basis.

---

---

Principal Amount				Value
U.S. Government Obligations—43.0%
		U.S. Treasury Bills—7.7%
$  45,000,000		4.612%-5.745%, 6/15/2000-8/31/2000		$  44,649,942
		U.S. Treasury Notes—35.3%
205,000,000		4.500%-6.250%, 6/30/2000-1/31/2001		204,618,041
		Total U.S. Government Obligations		249,267,983
(1) Repurchase Agreements—57.0%
26,000,000		First Boston, 6.420%, dated 5/31/2000, due 6/1/2000		26,000,000
139,129,499		Goldman Sachs Group, LP, 6.360%, dated 5/31/2000, due 6/1/2000		139,129,499
26,000,000		Merrill Lynch, Pierce, Fenner and Smith, 6.250%, dated 5/31/2000, due 6/1/2000		26,000,000
139,185,011		Morgan Stanley Group, Inc., 6.330%, dated 5/31/2000, due 6/1/2000		139,185,011
		Total Repurchase Agreements		330,314,510
		Total Investments, at amortized cost and value (2)		$579,582,493

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

(2)	Also represents cost for federal tax purposes.

---

---

Assets:
Investments in repurchase agreements		$330,314,510
Investments in securities		249,267,983
Total investments in securities, at amortized cost and value				$579,582,493
Income receivable				2,586,668
Total assets				582,169,161
Liabilities:
Income distribution payable		2,718,276
Accrued expenses		202,286
Total liabilities				2,920,562
Net Assets for 579,248,599 shares outstanding				$579,248,599
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares:
($375,343,231÷375,343,231 shares outstanding)				$1.00
Investment Shares:
($203,905,368÷203,905,368 shares outstanding)				$1.00

---

---

Investment Income:
Interest					$19,274,760
Expenses:
Investment adviser fee		$ 1,718,266
Administrative personnel and services fee		247,893
Custodian fees		53,115
Transfer and dividend disbursing agent fees and expenses		4,732
Directors’/Trustees’ fees		9,114
Auditing fees		7,495
Legal fees		6,337
Portfolio accounting fees		1,081
Distribution services fee—Investment Shares		423,653
Share registration costs		18,854
Printing and postage		13,441
Insurance premiums		1,847
Miscellaneous		2,569
Total expenses		2,508,397
Waiver of investment adviser fee		(1,257,879	)
Net expenses					1,250,518
Net investment income					$18,024,242

---

---

		Six Months Ended (unaudited) May 31, 2000			Year Ended November 30, 1999
Increase (Decrease) in Net Assets:
Operations:
Net investment income		$  18,024,242			$      31,060,025
Distributions to Shareholders—
Distributions from net investment income
Institutional Shares		(12,718,795	)		(22,602,956	)
Investment Shares		(5,305,447	)		(8,457,069	)
Change in net assets resulting from distributions to shareholders		(18,024,242	)		(31,060,025	)
Share Transactions—
Proceeds from sale of shares		844,514,854			1,484,059,570
Net asset value of shares issued to shareholders in payment of distributions declared		852,011			39,796
Cost of shares redeemed		(922,897,693	)		(1,492,629,325	)
Change in net assets resulting from share           transactions		(77,530,828	)		(8,529,959	)
Change in net assets		(77,530,828	)		(8,529,959	)
Net Assets:
Beginning of period		656,779,427			665,309,386
End of period		$579,248,599			$    656,779,427

---

---

		Six Months Ended (unaudited) May 31,			Year Ended November 30,
		2000			1999			1998			1997			1996			1995
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income from investment operations
Net investment      income		0.03			0.04			0.05			0.05			0.04			0.05
Less distributions
Distributions from net      investment income		(0.03	)		(0.04	)		(0.05	)		(0.05	)		(0.04	)		(0.05	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total return (1)		2.52	%		4.35	%		4.83	%		4.89	%		4.77	%		5.30	%
Ratios to average net assets
Expenses		0.64	%(3)		0.64	%		0.63	%		0.64	%		0.70	%		0.66	%
Net investment      income		5.01	%(3)		4.28	%		4.74	%		4.80	%		4.68	%		5.21	%
Expense waiver/      reimbursement (2)		0.37	%(3)		0.38	%		0.40	%		0.41	%		0.39	%		0.46	%
Supplemental data
Net assets, end of      period (000 omitted)		$203,905			$208,021			$198,771			$117,495			$104,336			$81,739

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

(2)	The contractual expense decrease is reflected in both the expense and the net investment income ratios shown above.

(3)	Computed on an annualized basis.

---

---

Portfolio		Investment Objective
Wachovia Money Market Fund (“Money Market Fund”)		To provide current income consistent with stability of principal and liquidity.
Wachovia Tax-Free Money Market Fund (“Tax-Free Fund”)		To provide current income exempt from federal regular income tax consistent with stability of principal and liquidity.
Wachovia U.S. Treasury Money Market Fund (“U.S. Treasury Fund”)		To provide current income consistent with stability of principal and liquidity.

INVESTMENT VALUATIONS —The Funds use of the amortized cost method to value their portfolio securities is in accordance with Rule 2a-7 under the Act. 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 under 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 affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

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”). Dividends and distributions to shareholders 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 differ in their respective distribution and service fees. All shareholders bear the common expenses of the respective Fund 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.

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.

		Money Market Fund						Tax-Free Fund						U.S. Treasury Fund
		Six Months Ended May 31, 2000			Year Ended November 30, 1999			Six Months Ended May 31, 2000			Year Ended November 30, 1999			Six Months Ended May 31, 2000			Year Ended November 30, 1999
Institutional Shares
Shares sold		491,845,702			699,311,820			147,620,732			307,834,572			621,108,218			1,142,479,883
Shares redeemed		(418,945,053	)		(514,844,082	)		(155,658,309	)		(357,690,587	)		(694,523,428	)		(1,160,259,358	)
Net change resulting from         Institutional Shares         transactions		72,900,649			184,467,738			(8,037,577	)		(49,856,015	)		(73,415,210	)		(17,779,475	)
Investment Shares
Shares sold		650,715,739			734,941,981			208,678,210			363,898,919			223,406,636			341,579,687
Shares issued to shareholders in payment of distributions declared		3,955,327			724,067			249,625			—			852,011			39,796
Shares redeemed		(512,508,228	)		(603,816,315	)		(186,518,139	)		(352,673,589	)		(228,374,265	)		(332,369,967	)
Net change resulting from         Investment Shares         transactions		142,162,838			131,849,733			22,409,696			11,225,330			(4,115,618	)		9,249,516
Net change resulting from share transactions		215,063,487			316,317,471			14,372,119			(38,630,685	)		(77,530,828	)		(8,529,959	)

---

---

---

---

OFFICERS

James A. Hanley Samuel E. Hudgins D. Dean Kaylor Alvin J. Schexnider Charles S. Way, Jr.

John W. McGonigle President and Treasurer R. Edward Bowling Vice President James E. Ostrowski Vice President and Assistant Treasurer Gail Cagney Secretary Peter J. Germain Assistant Secretary

[Logo of Wachovia]

Federated Securities Corp., Distributor

Investment Company Act File No. 811-6504
831-21 (7/00)

Cusip 929901106
Cusip 929901203
Cusip 929901304
Cusip 929901403
Cusip 929901833
Cusip 929901825

3062501 (7/00)

WACHOVIA PRIME CASH
MANAGEMENT FUND

WACHOVIA TAX-FREE
MONEY MARKET FUND

WACHOVIA U.S. TREASURY
MONEY MARKET FUND

INSTITUTIONAL SHARES

Semi-Annual Report
May 31, 2000

[Logo of Wachovia]

Federated Securities Corp., Distributor

Investment Company Act File No. 811-6504
831-30 (7/00)

Cusip 929901684
Cusip 929901304
Cusip 929901403
Cusip 929901833
Cusip 929901825

G01144-04 (7/00)

---

---

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

**	Income may be subject to the federal alternative minimum tax and state and local taxes.

---

---

Principal Amount				Value
(1) Bank Notes—8.0%
$50,000,000		Bank of America, 6.520%-6.580%, 6/28/2000-7/6/2000		$        50,000,000
15,000,000		Bank of New York Co., Inc., 7.205%, 5/15/2001		15,000,676
20,000,000		Bank One, NA, 6.210%, 8/8/2000		20,000,368
25,000,000		LaSalle National Bank, Chicago, 6.550%, 10/26/2000		25,000,988
		Total Bank Notes		110,002,032
(1) Certificates Of Deposit—29.5%
		Banking & Finance—29.5%
30,000,000		ABN-AMRO Bank, NA, 5.690%, 7/10/2000		29,985,076
22,000,000		Barclays Bank, New York, 6.530%, 6/16/2000		22,000,091
25,000,000		Barclays Bank PLC, London, 6.520%, 6/22/2000		25,000,145
70,000,000		CIBC Bank, NY Yankee CD, 6.020%-6.250%, 6/1/2000-9/7/2000		70,001,319
10,000,000		Citibank, NA, Yankee CD, 7.410%, 5/30/2001		10,005,629
45,000,000		Deutsche Bank AG, 5.510%-6.695%, 6/5/2000-2/5/2001		44,914,234
30,000,000		Northern Trust Corp., 6.350%, 9/1/2000		30,000,000
25,000,000		Rabobank Nederland, Utrecht, 6.360%, 9/25/2000		24,997,013
25,000,000		Regions Bank, Alabama, 6.100%, 7/5/2000		25,000,000
40,000,000		Societe Generale, Yankee CD, 6.500%, 6/1/2000		40,000,000
35,000,000		SouthTrust Bank, 6.040%, 6/28/2000		35,000,257
25,000,000		Toronto Dominion Holdings (USA), Inc., 6.230%, 7/18/2000		25,000,000
25,000,000		UBS AG, 5.760%, 7/3/2000		24,990,020
		Total Certificates Of Deposit		406,893,784
(1) Commercial Paper—37.2%
		Consumer Cyclicals—2.7%
25,000,000		Ford Motor Co., 6.070%, 7/18/2000		24,801,882
12,000,000		Walmart Stores, Inc., 6.480%, 6/19/2000		11,961,120
		Total		36,763,002
		Consumer Staples—3.6%
50,000,000		Coca-Cola Co., 6.030%-6.050%, 6/6/2000-6/20/2000		49,911,142
		Finance—22.7%
25,000,000		American General Finance Corp., 6.610%, 8/21/2000		24,628,187
40,000,000		Associates First Capital Corp., 5.900%, 6/14/2000		39,914,778
60,000,000		CIT Group, Inc., 6.030%-6.500%, 6/7/2000-8/1/2000		59,660,975

---

---

Principal Amount				Value
(1) Commercial Paper—continued
		Finance—continued
$  45,000,000		General Motors Acceptance Corp., 5.960%-6.170%, 6/8/2000- 7/26/2000		$        44,782,500
50,000,000		Household Finance Corp., 6.150%-6.160%, 8/3/2000-8/16/2000		49,405,826
25,000,000		IBM Credit Corp., (International Business Machines Corp. Support Agreement), 6.470%, 6/7/2000		24,973,042
45,000,000		Prudential Funding Corp., 5.810%-6.040%, 6/13/2000-6/21/2000		44,885,111
25,000,000		UBS Finance (Delaware), Inc., (UBS AG LOC), 6.770%, 6/1/2000		25,000,000
		Total		313,250,419
		Finance—Automotive—3.9%
55,000,000		DaimlerChrysler North America Holding Corp., 6.100%-6.210%, 6/27/2000-10/4/2000		54,328,771
		Finance—Commercial—1.4%
20,000,000		General Electric Capital Corp., 6.170%, 8/29/2000		19,694,928
		Utilities—Electric—2.9%
40,000,000		General Electric Capital Services, 6.490%, 6/28/2000		39,805,300
		Total Commercial Paper		513,753,562
Corporate Bond—0.0%
500,000		Chrysler Financial Co. LLC, 5.250%, 10/19/2000		497,647
Loan Participation—0.7%
10,000,000		Citibank, NA, 7.410%, 5/30/2001		10,005,629
(2) Notes—Variable—15.1%
		Bank—1.8%
$25,000,000		PNC Bank, NA, 6.510%, 6/26/2000		24,989,139
		Finance—1.8%
25,000,000		J.P. Morgan & Co., Inc., Series A, 6.530%, 6/16/2000		25,000,000
		Finance—Automotive—2.8%
18,000,000		Ford Motor Credit Co., 6.420%, 6/21/2000		18,044,637
20,000,000		Ford Motor Credit Co., 6.425%, 7/31/2000		20,016,123
		Total		38,060,760

---

---

Principal Amount or Shares				Value
(2) Notes—Variable—continued
		Finance-Banks—8.7%
$15,000,000		Bank One, NA, 6.781%, 8/18/2000		$        15,002,085
25,000,000		Bank One, NA, 6.661%, 8/18/2000		24,993,543
30,000,000		First Union National Bank, Charlotte, NC, 6.580%, 6/21/2000		30,000,000
25,000,000		First Union National Bank, Charlotte, NC, 6.790%, 8/24/2000		25,000,000
25,000,000		SouthTrust Bank of Alabama, Birmingham, 6.519%, 6/20/2000		24,992,939
		Total		119,988,567
		Total Notes—Variable		208,038,466
Open-End Investment Companies—8.6%
39,500,000		Aim Liquid Assets Portfolio		39,500,000
39,000,000		Dreyfus Cash Management		39,000,000
39,500,000		Federated Prime Obligations Fund		39,500,000
		Total Mutual Funds		118,000,000
(3) Repurchase Agreements—1.5%
$5,450,000		Credit Suisse First Boston, Inc., 6.420%, dated 5/31/2000, due 6/1/2000		5,450,000
4,009,974		Goldman Sachs Group, LP, 6.470%, dated 5/31/2000, due 6/1/2000		4,009,974
5,450,000		Merrill Lynch, Pierce, Fenner and Smith, 6.250%, dated 5/31/2000, due 6/1/2000		5,450,000
5,450,000		Morgan Stanley Group, Inc., 6.500%, dated 5/31/2000, due 6/1/2000		5,450,000
		Total Repurchase Agreements		20,359,974
		Total Investments, at amortized cost and value(4)		$    1,377,545,465

(1)	Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

(2)	Current rate and next reset date shown.

(3)	The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of the portfolio.

(4)	Also represents cost for federal tax purposes.

Note:

The categories of investments are shown as a percentage of net assets ($1,379,547,280) at May 31, 2000.

---

---

Assets:
Total investments in securities, at amortized cost and value				$1,377,545,465
Income receivable				9,494,082
Total assets				1,387,039,547
Liabilities:
Income distribution payable		$7,247,266
Accrued expenses		245,001
Total liabilities				7,492,267
Net Assets for 1,379,547,280 shares outstanding				$1,379,547,280
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$1,379,547,280 ÷ 1,379,547,280 shares outstanding				$1.00

---

---

Investment Income:
Interest					$45,559,584
Expenses:
Investment adviser fee		$ 2,273,452
Administrative personnel and services fee		378,909
Custodian fees		94,532
Transfer and dividend disbursing agent fees and expenses		2,054
Directors’/Trustees’ fees		23,231
Auditing fees		6,820
Legal fees		12,044
Portfolio accounting fees		1,024
Share registration costs		5,625
Printing and postage		9,623
Insurance premiums		3,265
Miscellaneous		12,645
Total expenses		2,823,224
Waiver:
Waiver of investment adviser fee		(1,459,152	)
Net expenses					1,364,072
Net investment income					$44,195,512

---

---

		Six Months Ended (unaudited) May 31, 2000			Year Ended November 30, 1999
Increase (Decrease) in Net Assets:
Operations—
Net investment income		$      44,195,512			$      91,510,424
Distributions to Shareholders—
Distributions from net investment income		(44,195,512	)		(91,510,424	)
Share Transactions—
Proceeds from sale of shares		1,655,645,373			3,368,940,656
Net asset value of shares issued to shareholders in payment of distributions declared		480,130			—
Cost of shares redeemed		(1,986,583,539	)		(3,488,146,575	)
Change in net assets resulting from share           transactions		(330,458,036	)		(119,205,919	)
Change in net assets		(330,458,036	)		(119,205,919	)
Net Assets:
Beginning of period		1,710,005,316			1,829,211,235
End of period		$  1,379,547,280			$  1,710,005,316

---

---

		Six Months Ended (unaudited) May 31,			Year Ended November 30,
		2000			1999			1998			1997			1996			1995
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income from investment operations
Net investment      income		0.03			0.05			0.05			0.05			0.05			0.06
Less distributions
Distributions from      net investment      income		(0.03	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)		(0.06	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return (1)		2.96	%		5.05	%		5.54	%		5.55	%		5.44	%		5.95	%
Ratios to average net assets
Expenses		0.18	%(3)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment      income		5.83	%(3)		4.93	%		5.40	%		5.43	%		5.34	%		5.80	%
Expense waiver/      reimbursement (2)		0.19	%(3)		0.19	%		0.19	%		0.25	%		0.27	%		0.27	%
Supplemental data
Net assets, end of      period (000 omitted)		$1,379,547			$1,710,005			$1,829,211			$1,450,195			$1,176,855			$879,603

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

(2)	This contractual expense decrease is reflected in both the expense and the net investment income ratios shown above.

(3)	Computed on an annualized basis.

---

---

Principal Amount				Value
Short-Term Municipals—97.2%
		Alabama—14.2%
$  2,135,000		Alabama HFA, Refunding Revenue Bonds, Series B, Weekly VRDNs		$    2,135,000
1,000,000		Birmingham, AL, Series A, Weekly VRDNs (First Alabama Bank, Memphis LOC)		1,000,000
3,320,000		Birmingham, AL, GO, Series 1992A, Weekly VRDNs (Regions Bank, Alabama LOC)		3,320,000
20,400,000		Daphne-Villa Mercy, AL, Special Care Facilities, Health, Hospital, Nursing Home Improvement Revenue Bonds Weekly VRDNs (Mercy Medical Center)/(AmSouth Bancorporation LOC)		20,400,000
7,700,000		Infirmary Health Systems, Inc., Series A, Weekly VRDNs		7,700,000
10,000,000		Port City Medical Clinic Board Mobile, Al, Series B, Weekly VRDNs (Infirmary Health System, Inc.)		10,000,000
9,700,000		The Board of Trustees of the University of Alabama, University & College Improvements, Series B, Weekly VRDNs		9,700,000
355,000		Tuscaloosa County, AL, Port Authority, Series 1989A, Weekly VRDNs (Capstone Hotel Ltd.)/(SouthTrust Bank of Alabama, Birmingham LOC)		355,000
		Total		54,610,000
		California—1.3%
5,000,000		Los Angeles County, CA, Series A, 4.00% TRANs, 6/30/2000		5,002,606
		Colorado—1.3%
5,000,000		Arapahoe County, CO, School District 005, GO UT, 4.25% Bonds, 6/30/2000		5,002,046
		Florida—7.8%
100,000		Alachua County, FL, Health Facilities Authority, Health Facilities Revenue Bonds, Series 1996B, Weekly VRDNs (Shands Teaching Hospital and Clinics, Inc.)/(MBIA INS)/(SunTrust Bank, Central Florida LIQ)		100,037
6,600,000		Collier County, FL, HFA, Multi-family Revenue Bonds, Series 1985, Weekly VRDNs (River Reach Project)		6,600,000
1,550,000		Escambia County, FL, Health Facilities Authority, IDRBs, Series A, Monthly VRDNs (Florida Convalescent Centers, Inc.)/(Toronto Dominion Bank LOC)		1,550,000

---

---

Principal Amount				Value
Short-Term Municipals—continued
		Florida—continued
$  2,760,000		Eustis Health Facilities Authority, FL, Series 1985, Weekly VRDNs (Waterman Medical Center)/(Paribas, Paris LOC)		$    2,760,000
5,240,000		Florida HFA, Revenue Bonds Weekly VRDNs		5,240,000
550,000		Polk County, FL, IDA, Refunding Revenue Bonds Monthly VRDNs (Florida Convalescent Centers, Inc.)/(Toronto Dominion Bank LOC)		550,000
1,000,000		Polk County, FL, IDA, Refunding Revenue Bonds Weekly VRDNs (IMC Fertilizer, Inc.)/(Rabobank Nederland, Utrecht LOC)		1,000,000
4,400,000		Southeast Volusia Hospital District, Revenue Bonds, Series 1995, Weekly VRDNs (Bert Fish Medical Center (FL))/(SouthTrust Bank of Alabama, Birmingham LOC)		4,400,000
5,500,000		St. Lucie County, FL, PCR, 4.00% CP, Mandatory Tender 6/7/2000		5,500,000
2,300,000		St. Lucie County, FL, PCR, Revenue Bond, 4.75% CP (Florida Power & Light Co.), Mandatory Tender 6/7/2000		2,300,000
		Total		30,000,037
		Georgia—4.5%
8,600,000		De Kalb Private Hospital Authority, GA, Revenue Anticipation Certificates, Series 1994B, Weekly VRDNs (Egleston Children’s Hospital at Emory University, Inc.)/(SunTrust Bank, Atlanta LOC)		8,600,000
4,450,000		De Kalb Private Hospital Authority, GA, Revenue Anticipation Certificates, Series 1995B, Weekly VRDNs (Egleston Children’s Hospital at Emory University, Inc.)/(SunTrust Bank, Atlanta LOC)		4,449,999
2,900,000		Lowndes County, GA, Residential Care Facilities for the Elderly Authority Weekly VRDNs (South Georgia Health Alliance Project)		2,900,000
770,000		Macon-Bibb County, GA, Urban Development Authority, Refunding Revenue Bonds, Series 1995, Weekly VRDNs (Macon Hotel Investors)/(Bank One, Michigan LOC)		770,000
500,000		Monroe County, GA, Development Authority IDRB, Refunding Revenue Bonds Weekly VRDNs (Forsyth Inns, Inc.)/(Bank One, Michigan LOC)		500,000
		Total		17,219,999
		Idaho—1.3%
5,000,000		Idaho State, 4.25%, 6/30/2000		5,003,254
		Illinois—7.7%
11,800,000		Illinois Development Finance Authority Weekly VRDNs		11,800,000
740,000		Illinois Development Finance Authority, Revenue Bonds Weekly VRDNs (Aurora Central Catholic High School)		740,000

---

---

Principal Amount				Value
Short-Term Municipals—continued
		Illinois—continued
$  1,000,000		Illinois Development Finance Authority, Revenue Bonds Weekly VRDNs (Lake Forest Academy)		$    1,000,000
1,155,000		Illinois Development Finance Authority, Revenue Bonds Weekly VRDNs (Little City Foundation)		1,155,000
3,800,000		Illinois Development Finance Authority, Revenue Bonds Weekly VRDNs (St. Ignatius College)		3,800,000
1,420,000		Illinois Development Finance Authority, Revenue Bonds Weekly VRDNs (St. Paul’s House)/(LaSalle Bank, N.A. LOC)		1,420,000
8,600,000		Jackson-Union Counties, IL, Regional Port District Facilities Weekly VRDNs (Enron Transportation Services)		8,600,000
1,000,000		Orland Hills, IL, Multi-family Mortgage Revenue Bonds Weekly VRDNs (LaSalle National Corp. LOC)		1,000,000
		Total		29,515,000
		Kentucky—5.3%
500,000		Georgetown, KY, Educational Institution, Revenue Bonds Weekly VRDNs (Georgetown College)		500,000
20,000,000		Kentucky Interlocal School Transportation Association, 4.00% Bonds, 6/30/2000		20,007,643
		Total		20,507,643
		Louisiana—1.2%
1,700,000		Calcasieu Parish, LA, IDB, PCR Bonds Weekly VRDNs (Citgo Petroleum Corp.)		1,700,000
2,800,000		Lake Charles, LA, Harbor & Terminal District, Revenue Bonds Weekly VRDNs (Citgo Petroleum Corp.)		2,800,000
		Total		4,500,000
		Massachusetts—0.4%
1,000,000		Commonwealth of Massachusetts, Series B, Weekly VRDNs (Toronto Dominion Bank LOC)		1,000,000
100,000		Massachusetts HEFA, Series P-1, Weekly VRDNs (Partners Healthcare Systems)/(FSA SA)		100,000
500,000		Massachusetts Municipal Wholesale Electric Co., Power Supply System Revenue Bonds, Series 1994C, Weekly VRDNs (Canadian Imperial Bank of Commerce LOC)		500,000
		Total		1,600,000

---

---

Principal Amount				Value
Short-Term Municipals—continued
		Mississippi—0.6%
$  2,340,000		Jackson County, MS, Weekly VRDNs (Chevron Corp. GTD)		$    2,340,000
		Missouri—0.5%
1,800,000		Kansas City, MO, IDA, IDRB, Weekly VRDNs (Mid-American Health Services)		1,800,000
		New Mexico—2.1%
8,000,000		New Mexico State, Revenue Notes, 4.00% Bonds, 6/30/2000		8,004,723
		New York—1.4%
1,000,000		Long Island Power Authority, Revenue Bonds Weekly VRDNs (Credit Suisse First Boston LOC)/(MBIA INS)		1,000,000
100,000		New York City, NY, Series 1994 E-2, Daily VRDNs (Morgan Guaranty Trust Co., New York LOC)		100,000
100,000		New York City, NY, Subseries B4, Daily VRDNs (MBIA INS)/(National Westminster Bank, PLC, London LIQ)		100,000
850,000		New York City, NY, GO UT Bonds Daily VRDNs		850,000
3,300,000		New York City, NY, GO UT Refunding Bonds, Subseries E3, Daily VRDNs		3,300,000
		Total		5,350,000
		North Carolina—1.0%
1,500,000		Alamance County, NC, Industrial Facilities & Pollution Control Financing Authority, Revenue Bonds Weekly VRDNs (SCI Systems, Inc.)		1,500,000
1,900,000		North Carolina Educational Facilities Finance Agency Weekly VRDNs (Gardner Webb University)/(First Union National Bank, Charlotte, NC LOC)		1,900,000
200,000		North Carolina Medical Care Commission, Revenue Bond Weekly VRDNs (Catholic Health East)		200,000
115,000		North Carolina Medical Care Commission, Revenue Bonds, Series A, Weekly VRDNs (Pooled Financing Program)		115,000
		Total		3,715,000
		Ohio—4.9%
930,000		Centerville, OH, Health Care Revenue Bonds Weekly VRDNs (Bethany Lutheran Village)		930,000
18,000,000		Lorain County, OH, Series A, 4.00% CP, Mandatory Tender 6/7/2000		18,000,000
		Total		18,930,000

---

---

Principal Amount				Value
Short-Term Municipals—continued
		Oregon—4.8%
$13,500,000		Oregon State, Veteran’s Welfare Bonds, Series 73E, Weekly VRDNs (Morgan Guaranty Trust Co., New York LOC)		$  13,500,000
5,000,000		Oregon State, Veteran’s Welfare Bonds, Series 73F, Weekly VRDNs (Morgan Guaranty Trust Co., New York LOC)		5,000,000
		Total		18,500,000
		Pennsylvania—1.2%
4,700,000		Allegheny County, PA, IDA, Revenue Bonds, Series A, Weekly VRDNs (United Jewish Federation of Greater Pittsburgh VRDB)/(PNC Bank, N.A. LOC)		4,700,000
		Tennessee—11.9%
17,850,000		Clarksville, TN, Public Building Authority, Adjustable Rate Pooled Financing Revenue Bonds, Series 1997, Weekly VRDNs (Tennessee Municipal Bond Fund)/(Nationsbank, N.A., Charlotte LOC)		17,850,000
1,200,000		Clarksville, TN, Public Building Authority, Public Improvement Revenue Bonds Weekly VRDNs		1,200,000
4,600,000		Metropolitan Nashville TN Airport Authority, Series 1993, Weekly VRDNs (FGIC INS)/(Societe Generale, Paris LIQ)/(Societe Generale, Paris LOC)		4,600,000
2,000,000		Montgomery Co, TN, Public Building Authority Weekly VRDNs		2,000,000
10,000,000		Shelby County, TN, Series 1997A, 4.30% CP (Landesbank Hessen- Thueringen, Frankfurt LOC), Mandatory Tender 6/29/2000		10,000,000
10,000,000		Tennessee State, 3.90% CP, Mandatory Tender 6/20/2000		10,000,000
		Total		45,650,000
		Texas—3.7%
10,600,000		Lower Neches Valley, TX, Refunding Revenue Bonds, 3.95% TOBs (Chevron U.S.A., Inc.), Optional Tender 8/16/2000		10,600,000
3,800,000		Richardson, TX, Independent School District, Series A, Weekly VRDNs (PSFG GTD)/(Union Bank of Switzerland, Zurich SA)		3,800,000
		Total		14,400,000
		Virginia—0.1%
300,000		Roanoke, VA, IDA, Series B, Daily VRDNs (Carillion Health System)		300,000
		Washington—3.7%
14,000,000		Port Anacortes, WA Industrial Development Corp., VRDNs (Texaco, Inc.)		14,000,000

---

---

Principal Amount or Shares				Value
Short-Term Municipals—continued
		Washington—continued
$      100,000		Washington Health Care Facilities Authority, Variable Rate Demand Revenue Bonds, Series 1997B, Daily VRDNs (Virginia Mason Medical Center)/(MBIA INS)/(Credit Suisse First Boston LIQ)		$          99,999
		Total		14,099,999
		Wisconsin—16.3%
18,300,000		Wisconsin Health and Educational Facilities Authority, Series A, Revenue Bonds Weekly VRDNs (Felician Health Care, Inc.)/(AMBAC INS)		18,300,000
11,500,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Weekly VRDNs (Felician Health Care, Inc.)/(LaSalle Bank, NA LOC)		11,500,000
7,320,000		Wisconsin State Health Facilities Authority, Revenue Bonds, Series A-2, Weekly VRDNs (Franciscan Health Care)		7,320,000
8,495,000		Wisconsin State Health Facilities Authority, Series A-1, Revenue Bonds Weekly VRDNs (Franciscan Health Care)/(Toronto Dominion Bank LOC)		8,495,000
17,000,000		Wisconsin State, Series A, 4.40% CP (Bank of Nova Scotia, Toronto and Commersbank AG, Frankfurt LIQs), Mandatory Tender 6/8/2000		17,000,000
		Total		62,615,000
		Total Short-Term Municipals		373,365,307
Open-End Investment Companies—2.4%
7		AIM Global Management Short Term Investments Money Market Fund		7
1,984		Dreyfus Tax Exempt Money Market Fund		1,984
619		Federated Investors Tax-Free Obligations Fund		619
9,444,475		Fidelity Tax Exempt Money Market Fund		9,444,475
		Total		9,447,085
		Total Investments, at amortized cost and value (1)		$382,812,392

(1)	Also represents cost for federal tax purposes.

---

---

AMBAC—American Municipal Bond Assurance Corporation CP—Commercial Paper FGIC—Financial Guaranty Insurance Company FSA—Financial Security Assurance GO—General Obligation GTD—Guaranteed HEFA—Health and Education Facilities Authority HFA—Housing Finance Authority IDA—Industrial Development Authority IDB—Industrial Development Bond IDRB(s)—Industrial Development Revenue Bond(s)

INS—Insured LIQ(s)—Liquidity Agreement(s) LOC(s)—Letter(s) of Credit MBIA—Municipal Bond Investors Assurance PCR—Pollution Control Revenue PSFG—Permanent School Fund Guarantee SA—Support Agreement TOBs—Tender Option Bonds TRANs—Tax and Revenue Anticipation Notes UT—Unlimited Tax VRDB—Variable Rate Demand Bond VRDNs—Variable Rate Demand Notes

---

---

Assets:
Total investments in securities, at amortized cost and value				$382,812,392
Income receivable				3,240,489
Total assets				386,052,881
Liabilities:
Income distribution payable		$1,622,306
Accrued expenses		155,532
Total liabilities				1,777,838
Net Assets for 384,275,043 shares outstanding				$384,275,043
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares:
$217,428,853 ÷ 217,428,853 shares outstanding				$1.00
Investment Shares:
$166,846,190 ÷ 166,846,190 shares outstanding				$1.00

---

---

Investment Income:
Interest					$7,816,736
Expenses:
Investment adviser fee		$1,008,303
Administrative personnel and services fee		145,316
Custodian fees		36,499
Transfer and dividend disbursing agent fees and expenses		1,705
Directors’/Trustees’ fees		6,529
Auditing fees		7,913
Legal fees		5,482
Portfolio accounting fees		342
Distribution services fee—Investment Shares		325,089
Share registration costs		15,000
Printing and postage		22,472
Insurance premiums		1,523
Miscellaneous		1,753
Total expenses		1,577,926
Waiver of investment adviser fee		(768,851	)
Net expenses					809,075
Net investment income					$7,007,661

---

---

		Six Months Ended (unaudited) May 31, 2000			Year Ended November 30, 1999
Increase (Decrease) in Net Assets:
Operations—
Net investment income		$    7,007,661			$  11,808,020
Distributions to Shareholders—
Distributions from net investment income
Institutional Shares		(4,346,177	)		(7,932,704	)
Investment Shares		(2,661,484	)		(3,875,316	)
Change in net assets resulting from distributions to           shareholders		(7,007,661	)		(11,808,020	)
Share Transactions—
Proceeds from sale of shares		356,298,942			671,733,491
Net asset value of shares issued to shareholders in payment of distributions declared		249,625			—
Cost of shares redeemed		(342,176,448	)		(710,364,176	)
Change in net assets resulting from share           transactions		14,372,119			(38,630,685	)
Change in net assets		14,372,119			(38,630,685	)
Net Assets:
Beginning of period		369,902,924			408,533,609
End of period		$384,275,043			$369,902,924

---

---

		Six Months Ended (unaudited) May 31,			Year Ended November 30,
		2000			1999			1998			1997			1996			1995
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income from investment operations
Net investment      income		0.02			0.03			0.03			0.03			0.03			0.04
Less distributions
Distributions from net      investment income		(0.02	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.04	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total return (1)		1.81	%		2.99	%		3.29	%		3.41	%		3.24	%		3.59	%
Ratios to average net assets
Expenses		0.24	%(3)		0.24	%		0.24	%		0.24	%		0.29	%		0.32	%
Net investment      income		3.61	%(3)		2.95	%		3.24	%		3.34	%		3.22	%		3.55	%
Expense waiver/      reimbursement (2)		0.38	%(3)		0.39	%		0.42	%		0.45	%		0.43	%		0.46	%
Supplemental data
Net assets, end of      period (000 omitted)		$217,429			$225,466			$275,323			$182,473			$118,877			$80,274

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

(2)	This contractual expense decrease is reflected in both the expense and the net investment income ratios shown above.

(3)	Computed on an annualized basis.

---

---

Principal Amount				Value
U.S. Government Obligations—43.0%
		U.S. Treasury Bills—7.7%
$  45,000,000		4.612%-5.745%, 6/15/2000-8/31/2000		$    44,649,942
		U.S. Treasury Notes—35.3%
205,000,000		4.500%-6.250%, 6/30/2000-1/31/2001		204,618,041
		Total U.S. Government Obligations		249,267,983
(1) Repurchase Agreements—57.0%
26,000,000		First Boston, 6.420%, dated 5/31/2000, due 6/1/2000		26,000,000
139,129,499		Goldman Sachs Group, LP, 6.360%, dated 5/31/2000, due 6/1/2000		139,129,499
26,000,000		Merrill Lynch, Pierce, Fenner and Smith, 6.250%, dated 5/31/2000, due 6/1/2000		26,000,000
139,185,011		Morgan Stanley Group, Inc., 6.330%, dated 5/31/2000, due 6/1/2000		139,185,011
		Total Repurchase Agreements		330,314,510
		Total Investments, at amortized cost and value (2)		$  579,582,493

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

(2)	Also represents cost for federal tax purposes.

---

---

Assets:
Investments in repurchase agreements		$330,314,510
Investments in securities		249,267,983
Total investments in securities, at amortized cost and value				$579,582,493
Income receivable				2,586,668
Total assets				582,169,161
Liabilities:
Income distribution payable		2,718,276
Accrued expenses		202,286
Total liabilities				2,920,562
Net Assets for 579,248,599 shares outstanding				$579,248,599
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares:
($375,343,231÷375,343,231 shares outstanding)				$1.00
Investment Shares:
($203,905,368÷203,905,368 shares outstanding)				$1.00

---

---

Investment Income:
Interest					$19,274,760
Expenses:
Investment adviser fee		$ 1,718,266
Administrative personnel and services fee		247,893
Custodian fees		53,115
Transfer and dividend disbursing agent fees and expenses		4,732
Directors’/Trustees’ fees		9,114
Auditing fees		7,495
Legal fees		6,337
Portfolio accounting fees		1,081
Distribution services fee—Investment Shares		423,653
Share registration costs		18,854
Printing and postage		13,441
Insurance premiums		1,847
Miscellaneous		2,569
Total expenses		2,508,397
Waiver of investment adviser fee		(1,257,879	)
Net expenses					1,250,518
Net investment income					$18,024,242

---

---

		Six Months Ended (unaudited) May 31, 2000			Year Ended November 30, 1999
Increase (Decrease) in Net Assets:
Operations—
Net investment income		$  18,024,242			$      31,060,025
Distributions to Shareholders—
Distributions from net investment income
Institutional Shares		(12,718,795	)		(22,602,956	)
Investment Shares		(5,305,447	)		(8,457,069	)
Change in net assets resulting from distributions to           shareholders		(18,024,242	)		(31,060,025	)
Share Transactions—
Proceeds from sale of shares		844,514,854			1,484,059,570
Net asset value of shares issued to shareholders in payment of distributions declared		852,011			39,796
Cost of shares redeemed		(922,897,693	)		(1,492,629,325	)
Change in net assets resulting from share           transactions		(77,530,828	)		(8,529,959	)
Change in net assets		(77,530,828	)		(8,529,959	)
Net Assets:
Beginning of period		656,779,427			665,309,386
End of period		$579,248,599			$    656,779,427

---

---

		Six Months Ended (unaudited) May 31,			Year Ended November 30,
		2000			1999			1998			1997			1996			1995
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income from investment operations
Net investment      income		0.03			0.05			0.05			0.05			0.05			0.06
Less distributions
Distributions from      net investment      income		(0.03	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)		(0.06	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total return (1)		2.72	%		4.77	%		5.25	%		5.31	%		5.18	%		5.66	%
Ratios to average net assets
Expenses		0.24	%(3)		0.24	%		0.24	%		0.24	%		0.30	%		0.32	%
Net investment      income		5.35	%(3)		4.65	%		5.15	%		5.20	%		5.07	%		5.54	%
Expense waiver/      reimbursement (2)		0.37	%(3)		0.38	%		0.40	%		0.41	%		0.39	%		0.40	%
Supplemental data
Net assets, end of      period (000 omitted)		$375,343			$448,758			$466,538			$510,323			$302,306			$214,356

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

(2)	The contractual expense decrease is reflected in both the expense and the net investment income ratios shown above.

(3)	Computed on an annualized basis.

---

---

Portfolio		Investment Objective
Wachovia Prime Cash Management Fund (“Prime Cash Fund”)		To provide current income consistent with stability of principal and liquidity.
Wachovia Tax-Free Money Market Fund (“Tax-Free Fund”)		To provide current income exempt from federal regular income tax consistent with stability of principal and liquidity.
Wachovia U.S. Treasury Money Market Fund (“U.S. Treasury Fund”)		To provide current income consistent with stability of principal and liquidity.

INVESTMENT VALUATIONS —The Funds use of the amortized cost method to value their portfolio securities is in accordance with Rule 2a-7 under the Act. 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 under 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 Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

---

---

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 at fair value. Tax-Free Fund and U.S. Treasury Fund offer multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the respective Fund 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.

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.

---

---

		Prime Cash Fund						Tax-Free Fund						U.S. Treasury Fund
		Six Months Ended May 31, 2000			Year  Ended November 30, 1999			Six Months Ended May 31, 2000			Year  Ended November 30, 1999			Six Months Ended May 31, 2000			Year  Ended November 30, 1999
Institutional Shares
Shares sold		1,655,645,373			3,368,940,656			147,620,732			307,834,572			621,108,218			1,142,479,883
Shares issued to shareholders in payment of distributions declared		480,130			—			—			—			—			—
Shares redeemed		(1,986,583,539	)		(3,488,146,575	)		(155,658,309	)		(357,690,587	)		(694,523,428	)		(1,160,259,358	)
Net change resulting           from Institutional           Shares transactions		(330,458,036	)		(119,205,919	)		(8,037,577	)		(49,856,015	)		(73,415,210	)		(17,779,475	)
Investment Shares
Shares sold		—			—			208,678,210			363,898,919			223,406,636			341,579,687
Shares issued to shareholders in payment of distributions declared		—			—			249,625			—			852,011			39,796
Shares redeemed		—			—			(186,518,139	)		(352,673,589	)		(228,374,265	)		(332,369,967	)
Net change resulting           from Investment           Shares transactions		—			—			22,409,696			11,225,330			(4,115,618	)		9,249,516
Net change resulting from share transactions		(330,458,036	)		(119,205,919	)		14,372,119			(38,630,685	)		(77,530,828	)		(8,529,959	)

INVESTMENT ADVISER FEE —Wachovia Asset Management, a subsidiary of Wachovia Bank N.A. and the Funds’ investment adviser (the “Adviser”), receives for its services an annual investment adviser fee based on each Fund’s average daily net assets.

Fund		Annual rate
Prime Cash Fund		0.30%
Tax-Free Fund		0.50%
U.S.Treasury Fund		0.50%

As a result of contractual obligations, the Adviser may be required to waive a portion of its fee. The Adviser can modify or terminate this voluntary waiver at its sole discretion anytime after January 31, 2001.

ADMINISTRATIVE FEE —Federated Services Company (“FServ”) provides the Funds with certain administrative personnel and services. This fee is based on the level of average aggregate net assets of the Trust (excluding Prime Cash Fund) for the period. FServ’s fee with respect to Prime Cash Fund is based upon its average net assets. FServ may voluntarily waive a portion of its fee.

DISTRIBUTION SERVICES FEE —Under the terms of the Plan, each Fund will compensate Federated Securities Corp. (“FSC”), the principal distributor, from its net assets to finance activities intended to result in the sale of each Fund’s Investment Shares. The Plan provides that each Fund may incur distribution expenses up to 0.40% of the average daily net assets of its Investment Shares, annually, to compensate FSC.

TRANSFER AGENT AND DIVIDEND DISBURSING AGENT FEES —FServ, through its subsidiary, Federated Shareholder Services Company (“FSSC”) serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders. FSSC may voluntarily waive any portion of its fee.

PORTFOLIO ACCOUNTING FEES —FServ, through its subsidiary, FSSC, maintains the Fund’s accounting records for which it receives a fee. The fee is based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses.

CUSTODIAN FEES —Wachovia Bank, N.A. is the Funds’ custodian for which it receives a fee. The fee is based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses.

GENERAL —Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

---

---

TRUSTEES   James A. Hanley Samuel E. Hudgins D. Dean Kaylor Alvin J. Schexnider Charles S. Way, Jr.

OFFICERS   John W. McGonigle     President and Treasurer R. Edward Bowling     Vice President James E. Ostrowski     Vice President and Assistant Treasurer Gail Cagney     Secretary Peter J. Germain     Assistant Secretary

WACHOVIA MONEY MARKET FUND

INSTITUTIONAL SHARES

Semi-Annual Report May 31, 2000

[GRAPHIC REPRESENTATION OMITTED_SEE APPENDIX]

---

---

---

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

---

---

Principal Amount				Value
(1) Bank Notes—11.3%
		Banking & Finance—11.3%
$35,000,000		Bank of America, NA, 6.240%-6.310%, 7/27/2000-8/18/2000		$        35,000,000
20,000,000		Bank of America, NC, 6.880%, 11/8/2000		20,000,000
10,000,000		Bank of New York Co., Inc., 7.205%, 5/15/2001		10,000,451
25,000,000		Bank One, Illinois, NA, 6.290%, 8/25/2000		25,000,000
20,000,000		SouthTrust Bank of Alabama, Birmingham, 6.430%, 9/14/2000		20,000,569
25,000,000		SunTrust Bank, Atlanta, 6.250%, 7/24/2000		24,999,483
		Total Bank Notes		135,000,503
(1) Certificates Of Deposit—28.2%
		Banking & Finance—28.2%
10,000,000		ABN AMRO Bank NV, Amsterdam, 5.665%, 6/15/2000		9,998,111
32,000,000		Barclays Bank, New York, 5.900%-6.530%, 6/16/2000-10/2/2000		31,983,773
20,000,000		Barclays Bank PLC, London, 6.100%, 6/7/2000		20,000,052
25,000,000		Canadian Imperial Bank of Commerce, NY, 7.000%, 11/20/2000		25,000,000
10,000,000		Citibank, NA, Yankee CD, 7.410%, 5/30/2001		10,005,629
25,000,000		Citibank, Toronto, 6.380%, 8/30/2000		25,000,000
45,000,000		Deutsche Bank AG, 6.200%-6.280%, 6/30/2000-8/23/2000		45,001,024
35,000,000		First Union National Bank, Charlotte, NC, 6.050%-7.000%, 9/25/2000-11/29/2000		34,986,640
20,000,000		Northern Trust Corp., 6.360%, 8/31/2000		20,001,589
40,000,000		Rabobank Nederland, Utrecht, 6.020%, 6/6/2000		40,000,054
35,000,000		Societe Generale, Paris, 6.240%, 9/13/2000		35,000,979
15,000,000		SouthTrust Bank of Alabama, Birmingham, 6.060%, 6/28/2000		15,000,110
25,000,000		UBS AG, 5.760%, 7/3/2000		24,990,020
		Total Certificates of Deposit		336,967,981
(1) Commercial Paper—37.8%
		Capital Goods—1.7%
20,000,000		General Electric Co., 6.090%, 7/26/2000		19,813,917
		Finance—29.1%
50,000,000		American General Finance Corp., 6.000%-6.500%, 6/1/2000-6/28/2000		49,882,500
20,000,000		Associates First Capital Corp., 6.070%, 7/6/2000		19,881,972
20,000,000		BellSouth Capital Funding Corp., 6.450%, 8/23/2000		19,702,583

---

---

Principal Amount				Value
(1) Commercial Paper—continued
		Finance—continued
$    45,000,000		CIT Group, Inc., 6.100%-6.500%, 6/7/2000-8/8/2000		$        44,758,147
20,000,000		Diageo Capital, PLC, 5.880%, 6/8/2000		19,977,133
20,000,000		Ford Motor Credit Corp., 6.070%, 6/20/2000		19,935,928
15,000,000		General Electric Capital Corp., 6.000%, 7/19/2000		14,880,000
50,000,000		General Motors Acceptance Corp., 6.160%-6.620%, 7/13/2000-8/14/2000		49,480,139
45,000,000		Household Finance Corp., 6.150%-6.160%, 8/10/2000-8/16/2000		44,440,953
45,000,000		Prudential Funding Corp., 5.810%-6.140%, 6/21/2000-9/5/2000		44,706,278
20,000,000		UBS Finance Delaware, Inc., 6.770%, 6/1/2000		20,000,000
		Total		347,645,633
		Finance—Automotive—3.7%
45,000,000		DaimlerChrysler of North America Holding Corp., 5.990%- 6.560%, 7/31/2000-8/2/2000		44,517,889
		Technology—2.1%
25,000,000		International Business Machines Corp., 6.470%, 6/7/2000		24,973,042
		Utilities—Electric—1.2%
15,000,000		General Electric Capital Services Corp., 6.490%, 6/28/2000		14,926,988
		Total Commercial Paper		451,877,469
Corporate Bonds—0.6%
		Banking & Finance—0.3%
1,000,000		American General Finance Corp., 5.875%, 7/1/2000		999,690
1,750,000		Meridian Bancorp, Inc., 6.625%, 6/15/2000		1,750,310
		Total		2,750,000
		Technology—0.3%
3,995,000		International Business Machines Corp., 6.375%, 6/15/2000		3,995,557
		Total Corporate Bonds		6,745,557
(2) Notes-Variable—13.4%
		Banking—3.3%
40,000,000		PNC Bank, NA, 6.050%-6.530%, 6/26/2000-6/30/2000		39,983,042
		Finance—10.1%
25,000,000		Bank One Corp., 6.416%-6.781%, 7/16/2000-8/18/2000		25,010,792
20,000,000		Bayerische Landesbank-NY, 6.531%, 6/30/2000		19,993,383

---

---

Principal Amount or Shares				Value
(2) Notes-Variable—continued
		Finance—continued
$    15,000,000		Citigroup Inc., 6.623%, 7/31/2000		$        15,000,000
10,000,000		First Union National Bank, 6.190%, 8/31/2000		10,010,716
50,000,000		J.P. Morgan & Co., Inc., 6.530%-6.811%, 6/15/2000-8/18/2000		50,021,561
		Total		120,036,452
		Total Notes-Variable		160,019,494
Open-End Investment Companies—6.6%
26,290,009		Aim Liquid Assets Portfolio		26,290,009
26,289,253		Dreyfus Cash Management		26,289,253
26,289,252		Federated Prime Obligations Fund		26,289,252
		Total Open-End Investment Companies		78,868,514
(3) Repurchase Agreements—2.0%
$      5,861,592		Credit Suisse First Boston, Inc., 6.420%, dated 5/31/2000, due 6/1/2000		5,861,592
6,025,164		Goldman Sachs Group, LP, 6.470%, dated 5/31/2000, due 6/1/2000		6,025,164
5,861,592		Merrill Lynch, Pierce, Fenner and Smith, 6.250%, dated 5/31/2000, due 6/1/2000		5,861,592
5,861,592		Morgan Stanley Group, Inc., 6.500%, dated 5/31/2000, due 6/1/2000		5,861,592
		Total Repurchase Agreements		23,609,940
		Total Investments, at amortized cost and value (4)		$    1,193,089,458

(1)	Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

(2)	Current rate and next reset date shown.

(3)	The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of the portfolio.

(4)	Also represents cost for federal tax purposes.

Note:

The categories of investments are shown as a percentage of net assets ($1,194,790,753) at May 31, 2000.

---

---

Assets:
Total investments in securities, at amortized cost and value				$1,193,089,458
Income receivable				7,998,045
Total assets				1,201,087,503
Liabilities:
Income distribution payable		$5,669,772
Accrued expenses		626,978
Total liabilities				6,296,750
Net Assets for 1,194,790,753 shares outstanding				$1,194,790,753
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares:
$438,650,281÷438,650,281 shares outstanding				$1.00
Investment Shares:
$756,140,472÷756,140,472 shares outstanding				$1.00

---

---

Investment Income:
Interest					$33,457,163
Expenses:
Investment adviser fee		$2,770,451
Administrative personnel and services fee		400,123
Custodian fees		74,159
Transfer and dividend disbursing agent fees and expenses		3,785
Directors’/Trustees’ fees		12,848
Auditing fees		8,269
Legal fees		9,731
Portfolio accounting fees		1,663
Distribution services fee—Investment Shares		1,412,522
Share registration costs		32,646
Printing and postage		24,186
Insurance premiums		2,017
Miscellaneous		2,110
Total expenses		4,754,510
Waiver:
Waiver of investment adviser fee		(1,236,561	)
Net expenses					3,517,949
Net investment income					$29,939,214

---

---

		Six-Months Ended (unaudited) May 31, 2000			Year Ended November 30, 1999
Increase (Decrease) in Net Assets:
Operations:
Net investment income		$    29,939,214			$    38,882,981
Distributions to Shareholders—
Distributions from net investment income
Institutional Shares		(11,356,114	)		(14,769,474	)
Investment Shares		(18,583,100	)		(24,113,507	)
Change in net assets resulting from distributions to           shareholders		(29,939,214	)		(38,882,981	)
Share Transactions—
Proceeds from sale of shares		1,142,561,441			1,434,253,801
Net asset value of shares issued to shareholders in payment of distributions declared		3,955,327			724,067
Cost of shares redeemed		(931,453,281	)		(1,118,660,397	)
Change in net assets resulting from share           transactions		215,063,487			316,317,471
Change in net assets		215,063,487			316,317,471
Net Assets:
Beginning of period		979,727,266			663,409,795
End of period		$1,194,790,753			$      979,727,266

---

---

		Six Months Ended (unaudited) May 31,			Year Ended November 30,
		2000			1999			1998			1997			1996			1995
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income from investment operations
Net investment      income		0.03			0.05			0.05			0.05			0.05			0.06
Less distributions
Distributions from net      investment income		(0.03	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)		(0.06	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total return (1)		2.86	%		4.86	%		5.33	%		5.37	%		5.25	%		5.75	%
Ratios to average net assets
Expense		0.38	%(3)		0.38	%		0.38	%		0.38	%		0.37	%		0.38	%
Net investment      income		5.65	%(3)		4.79	%		5.20	%		5.24	%		5.14	%		5.61	%
Expense waiver/      reimbursement (2)		0.22	%(3)		0.24	%		0.26	%		0.28	%		0.32	%		0.34	%
Supplemental Data
Net assets, end of      period (000 omitted)		$438,650			$365,750			$181,282			$157,438			$135,748			$126,042

(1)	Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Results represent past performance and do not guarantee future results.

(2)	This contractual expense decrease is reflected in both the expense and the net investment income ratios shown above.

(3)	Computed on an annualized basis.

---

---

INVESTMENT VALUATIONS —The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act. Investments in other open-end regulated investment companies are valued at net asset value.

REPURCHASE AGREEMENTS —It is the policy of the Fund 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 under repurchase agreement transactions. Additionally, procedures have been established by the Fund 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 Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund’s 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 Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

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 at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund 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 Fund’s policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.

---

---

WHEN -ISSUED AND DELAYED DELIVERY TRANSACTIONS —The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains 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.

		Six Months Ended May 31, 2000			Year Ended November 30, 1999
Institutional Shares
Shares sold		491,845,702			699,311,820
Shares redeemed		(418,945,053	)		(514,844,082	)
Net change resulting from Institutional Shares transactions		72,900,649			184,467,738
		Six Months Ended May 31, 2000			Year Ended November 30, 1999
Investment Shares
Shares sold		650,715,739			734,941,981
Shares issued to shareholders in payment of distributions declared		3,955,327			724,067
Shares redeemed		(512,508,228	)		(603,816,315	)
Net change resulting from Investment Shares transactions		142,162,838			131,849,733
Net change resulting from Shares transactions		215,063,487			316,317,471

---

---

---

---

OFFICERS

James A. Hanley Samuel E. Hudgins D. Dean Kaylor Alvin J. Schexnider Charles S. Way, Jr.

John W. McGonigle President and Treasurer R. Edward Bowling Vice President James E. Ostrowski Vice President and Assistant Treasurer Gail Cagney Secretary Peter J. Germain Assistant Secretary

Federated Securities Corp., Distributor

Investment Company Act File No. 811-6504 831-16 (7/00)

Cusip 929901106 Cusip 929901205

G00376-01-IS (7/00)

---