<PAGE>
Centura Funds, Inc.
Centura Equity Growth Fund
Centura Equity Income Fund
Centura Southeast Equity Fund
Centura Federal Securities Income Fund
Centura North Carolina Tax-Free Bond Fund
December 3, 1997
Dear Shareholder,
This mid-year report covers the period from May 1, 1997 through October 31,
1997. Following is a discussion of the domestic equity and fixed income markets
and comments on each of the Centura Funds.
ECONOMICS/CAPITAL MARKETS COMMENTARY
August 1997 marked the fifteenth anniversary of this bull market. A $1
investment made in U.S. stocks made fifteen years ago as represented by Ibbitson
would have grown to approximately $14 by July 1997. That's equivalent to roughly
a 20% average annual return, twice the historical return of stocks for the past
seventy years. In August of 1982, most investors wanted nothing to do with U.S.
stocks. Interest rates and inflation were high and the perceived outlook for
stocks was bleak. I can still remember when "Business Week" magazine ran a cover
story that declared "The Death of Equities". Fifteen years ago, a basket of
stocks could be bought at 7-8 times earnings versus 23 times earnings today. The
dividend yield on stocks has declined from 6.3% in 1982 to 1.6% today. The
average stock fifteen years ago, as represented by the S&P 500, could be bought
at 1.1 times book value compared with 5.6 times today. (See chart below)
<TABLE>
<CAPTION>
AUGUST 1982 AUGUST 1997
- ---------------------------------------------------
<S> <C> <C>
Unemployment Rate 9.8% 4.8%
...................................................
Dividend yield 6.3% 1.6%
...................................................
Price to Book Value 1.1 5.6
...................................................
Price/Earnings Ratio 7 23
...................................................
Prime Rate 15% 8.5%
...................................................
30 Year T-Bond yield 13.3% 6.4%
...................................................
Number of Mutual 320 2800
Funds
- ---------------------------------------------------
Assets in Stock Funds $44 Billion $2.9
Trillion
- ---------------------------------------------------
Net Cash flow into -$2 Billion +$193
Mutual Fund Billion
Source: Barrons
</TABLE>
As one can see from the above chart, 1982 was clearly the opposite market
environment than 1997. Today, the economy is strong, inflation is steady to
falling and the federal budget deficit is shrinking to a level that just five
years ago was thought to be practically impossible. Its a very different world
today than in 1982. Individual investors have become enamored with equity mutual
funds as greed has taken the place of fear. Practically everyone has accepted
what the bulls have coined as a Goldilocks economy, new paradigms, an economic
sweet-spot, or the golden years. Even Alan Greenspan has recently become
comfortable with the market at the Dow 8200 level, after warning about
"irrational exuberance" at Dow 6000.
While we are not predicting the end to this great bull market, we are
clearly concerned by the complacency of the investing public. We know that the
long term returns on equities will depend not only on earnings and dividends,
but also on valuation levels. Rising valuation levels (higher price/earnings
multiples) have contributed approximately 7% of the 20% return in stocks over
the last fifteen years. Going
<PAGE>
forward, we believe it highly unlikely that multiples can expand from the
current level of 23 times earnings. It is probably more likely that we will be
seeing a multiple contraction over the next few years. We believe that going
forward, market returns will be largely dependent upon corporate earnings. Over
the past fifteen years, corporate profits have grown at approximately 9%, which
is somewhat ahead of the long term growth rate of 7-8%. While we see no evidence
of an economic slowdown, we are concerned that profit growth may disappoint many
on Wall Street. Over the last seven years, the primary drivers of earnings
growth have been gross margin improvement, lower interest expense, and lower tax
rates. We are fearful that corporate America will find it more difficult to
continue to take costs out of the system to the same magnitude as before.
Betting on lower interest expense and lower tax rates to drive corporate
earnings also seems unrealistic. Any disappointment on the earnings front,
coupled with a contraction in the lofty price/earnings multiples could give us
our first real correction in years.
Over the last two quarters we discussed at length the surge in indexing and
the apparent overvaluation of the large multinationals versus the small and mid
capitalization companies. Over the last few months, many of these large
capitalization stocks corrected as much as 15-20%, as companies such as
Gillette, Coca-Cola, and Avon Products warned of disappointing results. While
the large multinationals corrected, the small and mid cap indexes exploded in
the third quarter. For the first time since the second quarter of 1996, the
average U.S. stock fund, with its exposure to small and mid-cap stocks, returned
11.8%* for the third quarter, well ahead of the 7.5% return for the S&P 500
index. While the valuation discrepancy of large versus small, has largely
corrected itself, we continue to believe that active managers will continue to
outperform the passive S&P 500 benchmark. We think it will be a "stockpickers"
market over the next several quarters. As you know, our equity strategy is one
that focuses on value, with what we perceive to be moderate risk. Our portfolios
are concentrated in quality companies with low market expectations. As Benjamin
Graham stated "Buying the best issue is like betting on a top-heavy favorite in
a horse race. The chances may be on your side, but the odds are heavily against
you." Our focus on the less exploited areas (low expectations) of the market
should insulate us somewhat from the potential profit shortfall we discussed in
the previous paragraph.
On the fixed income front, we believe that rates will continue to decline
over the next couple of years. This decline will not happen overnight, and it
will not be a dramatic drop, but it will occur for the following reasons:
VIGILANT FEDERAL RESERVE -- Following former Chairman Volcker's lead, the
Fed has become an increasingly responsive inflation fighter, especially in the
10 years that Alan Greenspan has been chairman. Through a combination of luck
and skill, the Fed has orchestrated an extended non-inflationary period
throughout the 1990's. This success is reflected in generally disinflationary
conditions worldwide.
INNOVATION, PRODUCTIVITY AND COMPETITION -- Technological advances, improved
efficiency and corporate downsizing have led to significant productivity gains,
especially over the past five years. In addition, the robust entrepreneurial
spirit inherent in the U.S. economic system has created greater competitive
pressures. These developments have helped sustain the economy and keep inflation
in check.
DEMOGRAPHIC SHIFTS -- The population of U.S. citizens in their mid-20s, who
tend to be the biggest borrowers in our society, is shrinking. As a result,
reduced demand for credit will likely cause some lenders to lower their interest
rates. Meanwhile, those aged 45 to 65, who tend to be the biggest savers, make
up the fastest-growing population segment. This trend is reflected in the
national savings rate, which has increased from about 3% to more than 5% over
the past three years. More demand for savings investments such as Treasury bills
and bonds should help drive bond prices higher and yields lower.
STRONG U.S. CURRENCY -- Over the past two years, the U.S. dollar has gained
in value against most major foreign currencies. The strong dollar has helped
attract an increasing amount of foreign investment into the U.S. bond market. In
addition, it has kept a lid on inflation by making imported goods less expensive
for U.S. consumers.
* WALL STREET JOURNAL, October 3, 1997
2
<PAGE>
BALANCED FEDERAL BUDGET -- The agreement between Congress and President
Clinton to balance the budget by 2002 has positive long-run implications for the
bond market. Movement toward a balanced budget will reduce the government's
borrowing needs, which means that fewer new Treasury bonds will need to be
issued. The resulting smaller supply should translate into lower bond yields.
DECLINING COMMODITY PRICES -- As commodity prices continue to decline
interest rates will not be far behind. This is illustrated by the charts below:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
JOURNAL OF COMMERCE INDUSTRIAL PRICE
INDEX
<S> <C>
Jun-92 98.2
Jun-92 97.8
Jun-92 98.1
Jun-92 97.8
Jun-92 97.9
Jun-92 97.9
Jun-92 98.1
Jun-92 98.9
Jun-92 98.6
Jun-92 98.6
Jun-92 98.8
Jun-92 98.7
Jun-92 99.2
Jun-92 99
Jun-92 98.9
Jun-92 98.6
Jun-92 98.8
Jun-92 98.8
Jun-92 99
Jun-92 99
Jun-92 99
Jun-92 99
Jul-92 98.9
Jul-92 98.7
Jul-92 98.8
Jul-92 98.6
Jul-92 98.5
Jul-92 98.5
Jul-92 98.4
Jul-92 98.3
Jul-92 98.2
Jul-92 98
Jul-92 97.9
Jul-92 98.1
Jul-92 98.1
Jul-92 98.5
Jul-92 98.7
Jul-92 98.8
Jul-92 98.6
Jul-92 98.5
Jul-92 98.8
Jul-92 99
Jul-92 98.9
Jul-92 99.1
Aug-92 99.2
Aug-92 98.7
Aug-92 98.9
Aug-92 99.1
Aug-92 98.9
Aug-92 98.8
Aug-92 98.5
Aug-92 98.9
Aug-92 99
Aug-92 98.8
Aug-92 99
Aug-92 98.8
Aug-92 98.8
Aug-92 98.6
Aug-92 98.6
Aug-92 98.7
Aug-92 98.8
Aug-92 98.8
Aug-92 98.6
Aug-92 99.5
Aug-92 99.9
Sep-92 100
Sep-92 100.1
Sep-92 100
Sep-92 100
Sep-92 100
Sep-92 100.1
Sep-92 99.9
Sep-92 100.2
Sep-92 100.3
Sep-92 100.1
Sep-92 99.9
Sep-92 100.1
Sep-92 100.1
Sep-92 100.1
Sep-92 100
Sep-92 99.7
Sep-92 99.6
Sep-92 99.4
Sep-92 99.1
Sep-92 98.5
Sep-92 98.1
Oct-92 98.2
Oct-92 97.7
Oct-92 97.4
Oct-92 97.5
Oct-92 97.3
Oct-92 96.6
Oct-92 96.6
Oct-92 96.7
Oct-92 97
Oct-92 96.8
Oct-92 96.9
Oct-92 96.7
Oct-92 96.9
Oct-92 96.7
Oct-92 96.6
Oct-92 96.5
Oct-92 96.3
Oct-92 96.4
Oct-92 96.4
Oct-92 96.2
Oct-92 96.2
Nov-92 96.1
Nov-92 96.3
Nov-92 96.4
Nov-92 96.4
Nov-92 96.2
Nov-92 95.9
Nov-92 95.9
Nov-92 96
Nov-92 96.1
Nov-92 96.4
Nov-92 96.3
Nov-92 96.4
Nov-92 96.5
Nov-92 96.8
Nov-92 96.8
Nov-92 96.9
Nov-92 96.9
Nov-92 96.9
Dec-92 97.3
Dec-92 97
Dec-92 96.9
Dec-92 96.9
Dec-92 97
Dec-92 97
Dec-92 96.9
Dec-92 97.1
Dec-92 97.1
Dec-92 96.9
Dec-92 95.7
Dec-92 97.1
Dec-92 97.2
Dec-92 97.3
Dec-92 97.5
Dec-92 97.8
Dec-92 97.8
Dec-92 97.8
Dec-92 97.8
Dec-92 97.9
Dec-92 97.9
Dec-92 97.8
Jan-93 97.9
Jan-93 98
Jan-93 97.8
Jan-93 98
Jan-93 98.1
Jan-93 98.1
Jan-93 98.3
Jan-93 98.3
Jan-93 98.3
Jan-93 98.6
Jan-93 98.4
Jan-93 98.3
Jan-93 98.5
Jan-93 98.7
Jan-93 98.6
Jan-93 98.8
Jan-93 98.9
Jan-93 98.9
Jan-93 99
Feb-93 99.3
Feb-93 99.2
Feb-93 99.4
Feb-93 99.6
Feb-93 100
Feb-93 100
Feb-93 100.8
Feb-93 100.9
Feb-93 101.1
Feb-93 101
Feb-93 100.4
Feb-93 100.2
Feb-93 100.3
Feb-93 100.3
Feb-93 100.6
Feb-93 100.4
Feb-93 100.6
Feb-93 100.5
Feb-93 100.4
Mar-93 100.1
Mar-93 100
Mar-93 99.8
Mar-93 100.2
Mar-93 100.2
Mar-93 100.6
Mar-93 101.6
Mar-93 101.4
Mar-93 101.4
Mar-93 101.4
Mar-93 101.3
Mar-93 101.1
Mar-93 101.3
Mar-93 101.2
Mar-93 101.1
Mar-93 100.8
Mar-93 100.5
Mar-93 100.1
Mar-93 99.4
Mar-93 99.2
Mar-93 98.5
Mar-93 98.4
Mar-93 98.4
Apr-93 98.4
Apr-93 98.2
Apr-93 97.9
Apr-93 97.8
Apr-93 97.7
Apr-93 97.3
Apr-93 97.6
Apr-93 97.5
Apr-93 97.4
Apr-93 97.4
Apr-93 97.3
Apr-93 97.3
Apr-93 97.4
Apr-93 97.4
Apr-93 97.2
Apr-93 97.2
Apr-93 97.4
Apr-93 97.5
Apr-93 97.4
Apr-93 96.7
Apr-93 96.9
May-93 96.7
May-93 96.5
May-93 96.6
May-93 96.5
May-93 96.5
May-93 96.5
May-93 96.6
May-93 96.6
May-93 96.4
May-93 95.6
May-93 95.4
May-93 95.3
May-93 95.5
May-93 95.3
May-93 95.5
May-93 95.7
May-93 95.7
May-93 95.6
May-93 95.6
May-93 95.6
Jun-93 95.3
Jun-93 95.5
Jun-93 95.6
Jun-93 95.7
Jun-93 95.5
Jun-93 96
Jun-93 96.1
Jun-93 95
Jun-93 95.8
Jun-93 95.5
Jun-93 95.3
Jun-93 95.4
Jun-93 95.4
Jun-93 95.6
Jun-93 95.7
Jun-93 95.5
Jun-93 95.7
Jun-93 96
Jun-93 95.9
Jun-93 95.9
Jun-93 95.8
Jun-93 95.9
Jul-93 95.7
Jul-93 95.6
Jul-93 95.5
Jul-93 95.4
Jul-93 95.3
Jul-93 95.2
Jul-93 95.3
Jul-93 95
Jul-93 94.9
Jul-93 94.8
Jul-93 94.7
Jul-93 94.4
Jul-93 94.2
Jul-93 94.6
Jul-93 94.6
Jul-93 94.8
Jul-93 94.7
Jul-93 94.8
Jul-93 95.2
Jul-93 95.3
Jul-93 95.3
Aug-93 95
Aug-93 95.2
Aug-93 95.4
Aug-93 95.4
Aug-93 95.5
Aug-93 95.9
Aug-93 95.6
Aug-93 95.5
Aug-93 95.7
Aug-93 95.6
Aug-93 95.4
Aug-93 95.5
Aug-93 95.2
Aug-93 95.2
Aug-93 95.2
Aug-93 95.3
Aug-93 95.2
Aug-93 95.4
Aug-93 95.4
Aug-93 95.6
Aug-93 95.6
Aug-93 95.6
Sep-93 95.4
Sep-93 95.4
Sep-93 95.3
Sep-93 95
Sep-93 94.9
Sep-93 94.9
Sep-93 94.7
Sep-93 94.9
Sep-93 94.7
Sep-93 94.6
Sep-93 94.7
Sep-93 94.7
Sep-93 94.6
Sep-93 94.4
Sep-93 94.3
Sep-93 94.3
Sep-93 94.4
Sep-93 94.1
Sep-93 94
Sep-93 94
Sep-93 94
Oct-93 93.8
Oct-93 93.5
Oct-93 93.7
Oct-93 93.8
Oct-93 94
Oct-93 94
Oct-93 94.2
Oct-93 94.3
Oct-93 94.3
Oct-93 94.4
Oct-93 94.3
Oct-93 94.1
Oct-93 94.4
Oct-93 94.7
Oct-93 94.7
Oct-93 94.8
Oct-93 94.6
Oct-93 94.4
Oct-93 94.4
Oct-93 93.7
Nov-93 93.9
Nov-93 93.8
Nov-93 94
Nov-93 94
Nov-93 94.1
Nov-93 94.2
Nov-93 93.9
Nov-93 94
Nov-93 94.1
Nov-93 94.1
Nov-93 94.1
Nov-93 94.2
Nov-93 94
Nov-93 94.1
Nov-93 94.2
Nov-93 94.2
Nov-93 94.1
Nov-93 93.5
Nov-93 93.5
Dec-93 93.3
Dec-93 93.3
Dec-93 93.2
Dec-93 93.2
Dec-93 93.5
Dec-93 93.4
Dec-93 93.4
Dec-93 93.9
Dec-93 94.1
Dec-93 94
Dec-93 93.6
Dec-93 93.8
Dec-93 93.8
Dec-93 93.8
Dec-93 94.1
Dec-93 94.4
Dec-93 94.4
Dec-93 94.2
Dec-93 94
Dec-93 94.4
Dec-93 94.4
Jan-94 94.7
Jan-94 94.4
Jan-94 94.7
Jan-94 95.2
Jan-94 95.2
Jan-94 94.8
Jan-94 94.7
Jan-94 94.8
Jan-94 94.8
Jan-94 95.6
Jan-94 95.2
Jan-94 95.4
Jan-94 95.1
Jan-94 95.1
Jan-94 95.5
Jan-94 95.7
Jan-94 96
Jan-94 96.2
Jan-94 96
Jan-94 96
Feb-94 96.6
Feb-94 96.7
Feb-94 96.7
Feb-94 96.7
Feb-94 96.5
Feb-94 96.6
Feb-94 96.3
Feb-94 96.3
Feb-94 95.8
Feb-94 95.4
Feb-94 95.6
Feb-94 95.8
Feb-94 95.9
Feb-94 96.2
Feb-94 96.2
Feb-94 96.3
Feb-94 97.1
Feb-94 97
Feb-94 97.1
Mar-94 96.9
Mar-94 96.7
Mar-94 96.6
Mar-94 96.7
Mar-94 96.2
Mar-94 96.6
Mar-94 96.7
Mar-94 97.1
Mar-94 97.2
Mar-94 97.3
Mar-94 97.4
Mar-94 97.5
Mar-94 97.5
Mar-94 97.5
Mar-94 97.5
Mar-94 97.5
Mar-94 97.4
Mar-94 97.6
Mar-94 97.3
Mar-94 97.4
Mar-94 97.2
Mar-94 97.4
Apr-94 97.9
Apr-94 98.1
Apr-94 98
Apr-94 97.6
Apr-94 97.7
Apr-94 97.7
Apr-94 97.9
Apr-94 98.1
Apr-94 98.2
Apr-94 98.4
Apr-94 98.7
Apr-94 98.7
Apr-94 98.6
Apr-94 98.6
Apr-94 98.7
Apr-94 98.7
Apr-94 98.7
Apr-94 98.6
Apr-94 98.6
Apr-94 98.8
May-94 99.3
May-94 99.1
May-94 99.6
May-94 99.4
May-94 99.7
May-94 100.1
May-94 100.3
May-94 100.5
May-94 100.5
May-94 101.5
May-94 101.5
May-94 100.8
May-94 100.8
May-94 101.1
May-94 101.8
May-94 101.9
May-94 101.7
May-94 101.4
May-94 101.3
May-94 101.3
May-94 101.5
Jun-94 101.3
Jun-94 101.3
Jun-94 101.2
Jun-94 101.2
Jun-94 101.3
Jun-94 101.5
Jun-94 102
Jun-94 102.2
Jun-94 102.2
Jun-94 102.5
Jun-94 102.6
Jun-94 102.9
Jun-94 103.3
Jun-94 103.2
Jun-94 103.1
Jun-94 102.7
Jun-94 102.3
Jun-94 102.2
Jun-94 102.2
Jun-94 102
Jun-94 102.2
Jun-94 102.3
Jul-94 102.5
Jul-94 102.6
Jul-94 102.6
Jul-94 102.4
Jul-94 103.3
Jul-94 103.7
Jul-94 103.5
Jul-94 103.7
Jul-94 103.7
Jul-94 104.6
Jul-94 104.8
Jul-94 105.1
Jul-94 105.1
Jul-94 105.2
Jul-94 104.9
Jul-94 104.9
Jul-94 104.5
Jul-94 104.6
Jul-94 104.7
Aug-94 104.6
Aug-94 104.6
Aug-94 104.4
Aug-94 104.7
Aug-94 104.6
Aug-94 104.9
Aug-94 105.6
Aug-94 105.6
Aug-94 105.7
Aug-94 105.5
Aug-94 105.4
Aug-94 105.8
Aug-94 106
Aug-94 106.1
Aug-94 106.3
Aug-94 106.1
Aug-94 105.9
Aug-94 106.4
Aug-94 106.4
Aug-94 106.6
Aug-94 107
Aug-94 106.7
Aug-94 106.9
Sep-94 107
Sep-94 106.8
Sep-94 107
Sep-94 107.1
Sep-94 107.1
Sep-94 107.3
Sep-94 107.2
Sep-94 106.8
Sep-94 107.9
Sep-94 107.9
Sep-94 108.1
Sep-94 108
Sep-94 107.8
Sep-94 108
Sep-94 107.9
Sep-94 108.4
Sep-94 108.2
Sep-94 107.7
Sep-94 108
Sep-94 108.1
Sep-94 108.3
Oct-94 108.4
Oct-94 108
Oct-94 107.9
Oct-94 108
Oct-94 108.5
Oct-94 107.5
Oct-94 107.3
Oct-94 107.2
Oct-94 107.2
Oct-94 107.3
Oct-94 107.4
Oct-94 107.5
Oct-94 107.7
Oct-94 107.7
Oct-94 107.7
Oct-94 107.2
Oct-94 107.9
Oct-94 108.1
Oct-94 108.4
Oct-94 108.3
Nov-94 108.7
Nov-94 108.9
Nov-94 109.3
Nov-94 109.3
Nov-94 109.2
Nov-94 109.3
Nov-94 109.4
Nov-94 109.3
Nov-94 109.5
Nov-94 109.6
Nov-94 110.1
Nov-94 110.3
Nov-94 110.3
Nov-94 110.5
Nov-94 110.5
Nov-94 110.5
Nov-94 110.4
Nov-94 110.5
Nov-94 110.8
Dec-94 113.2
Dec-94 113.4
Dec-94 113
Dec-94 112.5
Dec-94 112.8
Dec-94 113.2
Dec-94 113.1
Dec-94 112.8
Dec-94 112.6
Dec-94 112.7
Dec-94 111.9
Dec-94 112.2
Dec-94 111.7
Dec-94 111.8
Dec-94 111.5
Dec-94 112.3
Dec-94 112.3
Dec-94 113.1
Dec-94 113.3
Dec-94 113.5
Dec-94 113.4
Jan-95 113.1
Jan-95 112.7
Jan-95 113.3
Jan-95 113.6
Jan-95 114.2
Jan-95 114.4
Jan-95 114.2
Jan-95 114.3
Jan-95 114.3
Jan-95 114.7
Jan-95 115
Jan-95 115.3
Jan-95 115.4
Jan-95 115.6
Jan-95 115.9
Jan-95 115.5
Jan-95 115.5
Jan-95 115.3
Jan-95 114.7
Jan-95 114.7
Feb-95 114.3
Feb-95 113.9
Feb-95 113.8
Feb-95 113.2
Feb-95 113.1
Feb-95 112.3
Feb-95 112.5
Feb-95 112.9
Feb-95 112.5
Feb-95 112.2
Feb-95 112.6
Feb-95 112.7
Feb-95 113
Feb-95 113.1
Feb-95 113
Feb-95 113.1
Feb-95 112.9
Feb-95 113.2
Feb-95 112.8
Mar-95 112.7
Mar-95 113
Mar-95 113.2
Mar-95 113.2
Mar-95 113.1
Mar-95 113.7
Mar-95 113.7
Mar-95 113.8
Mar-95 113.9
Mar-95 114
Mar-95 113.8
Mar-95 114.1
Mar-95 114.1
Mar-95 113.8
Mar-95 113.9
Mar-95 114.4
Mar-95 114.6
Mar-95 114.5
Mar-95 114.2
Mar-95 114.4
Mar-95 113.8
Mar-95 113.5
Mar-95 113.1
Apr-95 113.5
Apr-95 113.9
Apr-95 113.8
Apr-95 113.8
Apr-95 114.8
Apr-95 114.4
Apr-95 115.1
Apr-95 114.9
Apr-95 114.4
Apr-95 114.3
Apr-95 114.8
Apr-95 114.9
Apr-95 114.5
Apr-95 115
Apr-95 115.3
Apr-95 115.2
Apr-95 115.2
Apr-95 114.9
Apr-95 114.8
Apr-95 115.1
May-95 115.2
May-95 115.1
May-95 115.1
May-95 114.9
May-95 114.8
May-95 114.9
May-95 114.8
May-95 114.3
May-95 114.2
May-95 114.2
May-95 113.7
May-95 113.9
May-95 113.4
May-95 113.5
May-95 113.7
May-95 113.9
May-95 113.9
May-95 113.8
May-95 113.9
May-95 113.9
May-95 114.1
May-95 114
Jun-95 114.1
Jun-95 114
Jun-95 113.9
Jun-95 113.4
Jun-95 113.2
Jun-95 113.3
Jun-95 113.4
Jun-95 113.2
Jun-95 113.1
Jun-95 113.1
Jun-95 114.6
Jun-95 114.6
Jun-95 114.2
Jun-95 114.5
Jun-95 114.2
Jun-95 114.7
Jun-95 114.6
Jun-95 115.3
Jun-95 115.3
Jun-95 115.3
Jun-95 115.3
Jun-95 115.1
Jul-95 114.9
Jul-95 115
Jul-95 114.9
Jul-95 115
Jul-95 115
Jul-95 115.4
Jul-95 115.6
Jul-95 115.6
Jul-95 115.5
Jul-95 115.8
Jul-95 115.4
Jul-95 115
Jul-95 114.6
Jul-95 114
Jul-95 113.9
Jul-95 113.2
Jul-95 113.4
Jul-95 113.5
Jul-95 113.1
Jul-95 113.5
Aug-95 113.3
Aug-95 113.7
Aug-95 113.7
Aug-95 114
Aug-95 114.3
Aug-95 114.1
Aug-95 114
Aug-95 113.6
Aug-95 113.7
Aug-95 113.7
Aug-95 113.9
Aug-95 113.5
Aug-95 113.7
Aug-95 114.1
Aug-95 114.6
Aug-95 114.8
Aug-95 115.2
Aug-95 114.9
Aug-95 114.6
Aug-95 114.7
Aug-95 114.5
Aug-95 114.5
Aug-95 114.2
Sep-95 113.4
Sep-95 113.4
Sep-95 113.6
Sep-95 113.3
Sep-95 113.6
Sep-95 113.2
Sep-95 113.2
Sep-95 112.9
Sep-95 112.6
Sep-95 112.9
Sep-95 113.1
Sep-95 112.9
Sep-95 112.6
Sep-95 112.7
Sep-95 112.7
Sep-95 112.7
Sep-95 112.3
Sep-95 112
Sep-95 111.8
Sep-95 111.8
Oct-95 111.7
Oct-95 111.5
Oct-95 111.5
Oct-95 111.7
Oct-95 111.4
Oct-95 111.1
Oct-95 111.1
Oct-95 110.9
Oct-95 111.1
Oct-95 110.9
Oct-95 110.6
Oct-95 110.2
Oct-95 110.2
Oct-95 110.2
Oct-95 110.3
Oct-95 111
Oct-95 110.6
Oct-95 110.7
Oct-95 110.9
Oct-95 110.4
Oct-95 110.6
Nov-95 110.5
Nov-95 111.1
Nov-95 111.2
Nov-95 111.2
Nov-95 111.7
Nov-95 111.6
Nov-95 111.7
Nov-95 111.5
Nov-95 112
Nov-95 111.7
Nov-95 112
Nov-95 112
Nov-95 112.1
Nov-95 111.6
Nov-95 111.6
Nov-95 111.6
Nov-95 111.2
Nov-95 111.3
Nov-95 110.8
Dec-95 111
Dec-95 111.4
Dec-95 111.8
Dec-95 111.6
Dec-95 111.8
Dec-95 111.3
Dec-95 111.8
Dec-95 112.4
Dec-95 112.2
Dec-95 112.4
Dec-95 112.4
Dec-95 112
Dec-95 111.5
Dec-95 111.3
Dec-95 111
Dec-95 111.2
Dec-95 111.2
Dec-95 111.5
Dec-95 111.5
Dec-95 111.4
Jan-96 111.4
Jan-96 111.7
Jan-96 111.4
Jan-96 111.6
Jan-96 111.1
Jan-96 111.3
Jan-96 110.9
Jan-96 110.6
Jan-96 110.1
Jan-96 109.9
Jan-96 110.2
Jan-96 110.2
Jan-96 110.2
Jan-96 110.3
Jan-96 110.2
Jan-96 110.1
Jan-96 109.7
Jan-96 109.6
Jan-96 109.6
Jan-96 109.8
Feb-96 109.8
Feb-96 109.9
Feb-96 109.7
Feb-96 109.6
Feb-96 109.7
Feb-96 109.7
Feb-96 110
Feb-96 109.9
Feb-96 109.7
Feb-96 109.8
Feb-96 109.8
Feb-96 110
Feb-96 110.4
Feb-96 111
Feb-96 111.2
Feb-96 110.3
Feb-96 110.3
Feb-96 110.5
Feb-96 110.5
Feb-96 110.7
Mar-96 110.7
Mar-96 109.5
Mar-96 108.4
Mar-96 108.6
Mar-96 108.6
Mar-96 108.5
Mar-96 108.5
Mar-96 108.4
Mar-96 108.7
Mar-96 108.8
Mar-96 108.6
Mar-96 109.3
Mar-96 110
Mar-96 109.7
Mar-96 109.8
Mar-96 109.9
Mar-96 109.8
Mar-96 110.1
Mar-96 109.5
Mar-96 109.5
Mar-96 109.8
Apr-96 109.9
Apr-96 109.9
Apr-96 109.8
Apr-96 109.9
Apr-96 110.2
Apr-96 110.1
Apr-96 110
Apr-96 110
Apr-96 110.3
Apr-96 110.2
Apr-96 110.1
Apr-96 110
Apr-96 110.1
Apr-96 110.4
Apr-96 110.5
Apr-96 111
Apr-96 111.1
Apr-96 110.5
Apr-96 109.3
Apr-96 109.6
Apr-96 109.5
May-96 109.3
May-96 109.8
May-96 110
May-96 110.2
May-96 110.4
May-96 110.5
May-96 110.5
May-96 110.4
May-96 110.4
May-96 110.7
May-96 110.4
May-96 110.2
May-96 109.9
May-96 109.9
May-96 110.4
May-96 110
May-96 110.3
May-96 109.9
May-96 109.6
May-96 109.3
May-96 109.1
May-96 108.7
Jun-96 108.4
Jun-96 108.2
Jun-96 108.1
Jun-96 107.5
Jun-96 107.7
Jun-96 107.9
Jun-96 107.2
Jun-96 107
Jun-96 107.1
Jun-96 106.9
Jun-96 106.6
Jun-96 106.7
Jun-96 106.6
Jun-96 106.4
Jun-96 106
Jun-96 105.5
Jun-96 105.6
Jun-96 105.5
Jun-96 105.8
Jun-96 105.8
Jul-96 106.2
Jul-96 105.7
Jul-96 105.7
Jul-96 105.6
Jul-96 105.8
Jul-96 105.8
Jul-96 105.9
Jul-96 105.9
Jul-96 106.2
Jul-96 106.3
Jul-96 106.4
Jul-96 106
Jul-96 106.4
Jul-96 106.3
Jul-96 106.8
Jul-96 107.3
Jul-96 106.5
Jul-96 106.9
Jul-96 106.8
Jul-96 106.8
Jul-96 107.1
Jul-96 107.3
Aug-96 107
Aug-96 107.3
Aug-96 107.3
Aug-96 107.6
Aug-96 107.5
Aug-96 107.1
Aug-96 107.5
Aug-96 107.7
Aug-96 108.2
Aug-96 108.2
Aug-96 108.5
Aug-96 108.7
Aug-96 109.1
Aug-96 109.6
Aug-96 109.4
Aug-96 110
Aug-96 110
Aug-96 109.9
Aug-96 109.8
Aug-96 110.4
Aug-96 110.4
Aug-96 110.6
Sep-96 110.8
Sep-96 110.9
Sep-96 110.8
Sep-96 110.7
Sep-96 110.6
Sep-96 110.4
Sep-96 110.3
Sep-96 110.1
Sep-96 110.3
Sep-96 109.8
Sep-96 109.8
Sep-96 109.7
Sep-96 109.3
Sep-96 109.2
Sep-96 108.8
Sep-96 109
Sep-96 108.9
Sep-96 109.1
Sep-96 108.8
Sep-96 108.4
Oct-96 108
Oct-96 107.7
Oct-96 107.8
Oct-96 108.4
Oct-96 108
Oct-96 108.4
Oct-96 108
Oct-96 107.8
Oct-96 107.8
Oct-96 107.6
Oct-96 107.2
Oct-96 106.8
Oct-96 106.9
Oct-96 106.5
Oct-96 106.5
Oct-96 106.4
Oct-96 106.6
Oct-96 106.4
Oct-96 106.7
Oct-96 105.8
Oct-96 105.5
Oct-96 105.5
Nov-96 105.4
Nov-96 105.1
Nov-96 104.8
Nov-96 104.8
Nov-96 105
Nov-96 105.3
Nov-96 105.7
Nov-96 105.6
Nov-96 105.6
Nov-96 105.8
Nov-96 105.9
Nov-96 106.5
Nov-96 106.6
Nov-96 106.4
Nov-96 106.9
Nov-96 107.1
Nov-96 107.2
Dec-96 107.1
Dec-96 107.2
Dec-96 107.1
Dec-96 107
Dec-96 107.1
Dec-96 106.8
Dec-96 106.7
Dec-96 106.7
Dec-96 106.7
Dec-96 106.7
Dec-96 107.1
Dec-96 107
Dec-96 106.8
Dec-96 107.2
Dec-96 107.1
Dec-96 106.6
Dec-96 106.7
Dec-96 106.8
Dec-96 107.1
Dec-96 107.3
Dec-96 107.4
Jan-97 107.6
Jan-97 107.6
Jan-97 108.1
Jan-97 108.3
Jan-97 108.5
Jan-97 108.7
Jan-97 108.6
Jan-97 108.63
Jan-97 108.5
Jan-97 108.64
Jan-97 108.8
Jan-97 108.9
Jan-97 108.8
Jan-97 108.4
Jan-97 108.6
Jan-97 108.4
Jan-97 108.3
Jan-97 108.2
Jan-97 108
Jan-97 107.9
Jan-97 107.8
Feb-97 108.3
Feb-97 108.3
Feb-97 108.6
Feb-97 109.2
Feb-97 109.2
Feb-97 108.88
Feb-97 108.23
Feb-97 107.84
Feb-97 107.9
Feb-97 108.08
Feb-97 108.3
Feb-97 108.53
Feb-97 108.39
Feb-97 108.29
Feb-97 109.06
Feb-97 108.88
Feb-97 108.93
Feb-97 108.54
Feb-97 108.06
Mar-97 108.43
Mar-97 108.27
Mar-97 107.84
Mar-97 108.22
Mar-97 108.29
Mar-97 108.12
Mar-97 108.23
Mar-97 108.32
Mar-97 108.39
Mar-97 108.32
Mar-97 108.26
Mar-97 108.53
Mar-97 107.95
Mar-97 107.74
Mar-97 107.65
Mar-97 107.29
Mar-97 107.56
Mar-97 107.11
Mar-97 106.87
Mar-97 106.27
Mar-97 106.02
Apr-97 106.52
Apr-97 106.65
Apr-97 105.75
Apr-97 105.96
Apr-97 105.68
Apr-97 105.23
Apr-97 105.17
Apr-97 105.07
Apr-97 105.07
Apr-97 105
Apr-97 105.07
Apr-97 104.66
Apr-97 104.62
Apr-97 104.74
Apr-97 104.83
Apr-97 105.46
Apr-97 104.99
Apr-97 105.34
Apr-97 105.23
Apr-97 105.09
Apr-97 104.93
Apr-97 104.89
May-97 105.08
May-97 104.72
May-97 104.42
May-97 104.69
May-97 104.67
May-97 105.03
May-97 105.16
May-97 105.76
May-97 106.41
May-97 106.02
May-97 106.34
May-97 106.81
May-97 106.76
May-97 106.41
May-97 106.24
May-97 106.28
May-97 106.51
May-97 106.28
May-97 106.45
May-97 106.73
May-97 106.68
Jun-97 106.36
Jun-97 106.37
Jun-97 105.97
Jun-97 105.92
Jun-97 106.55
Jun-97 106.38
Jun-97 106.3
Jun-97 106.29
Jun-97 106.4
Jun-97 106.25
Jun-97 106.4
Jun-97 106.48
Jun-97 106.44
Jun-97 106.27
Jun-97 106.1
Jun-97 105.96
Jun-97 105.87
Jun-97 105.35
Jun-97 105.16
Jun-97 105.84
Jun-97 106.13
Jul-97 106.23
Jul-97 106.37
Jul-97 106.16
Jul-97 106
Jul-97 105.88
Jul-97 105.48
Jul-97 105.5
Jul-97 105.25
Jul-97 105.54
Jul-97 105.47
Jul-97 105.36
Jul-97 105.82
Jul-97 105.74
Jul-97 105.61
Jul-97 105.85
Jul-97 106.05
Jul-97 106.65
Jul-97 107.08
Jul-97 107.3
Jul-97 107.76
Jul-97 107.66
Jul-97 107.33
Aug-97 107.57
Aug-97 107.82
Aug-97 108
Aug-97 108.07
Aug-97 108
Aug-97 107.84
Aug-97 107.66
Aug-97 108.3
Aug-97 108.22
Aug-97 108.556
Aug-97 108.06
Aug-97 107.9
Aug-97 107.77
Aug-97 107.32
Aug-97 107.23
Aug-97 106.82
Aug-97 106.59
Aug-97 107.1
Aug-97 106.87
Aug-97 107.15
Aug-97 107.03
Sep-97 106.86
Sep-97 106.78
Sep-97 106.66
Sep-97 106.54
Sep-97 106.87
Sep-97 106.69
Sep-97 106.74
Sep-97 106.74
Sep-97 106.85
Sep-97 106.64
Sep-97 105.99
Sep-97 105.96
Sep-97 105.91
Sep-97 106.12
Sep-97 106.08
Sep-97 106
Sep-97 105.98
Sep-97 106.06
Sep-97 106.46
Sep-97 105.91
Sep-97 105.98
Oct-97 105.46
Oct-97 105.05
Oct-97 105.17
Oct-97 105.14
Oct-97 105.84
Oct-97 105.47
Oct-97 105.56
Oct-97 105.62
Oct-97 105.06
Oct-97 104.55
Oct-97 104.54
Oct-97 104.82
Oct-97 104.71
Oct-97 104.67
Oct-97 104.56
Oct-97 104.66
Oct-97 104.89
Oct-97 104.68
Oct-97 104.5
Oct-97 104.71
Oct-97 105.09
Oct-97 105.26
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
30-YEAR TREASURY
YIELDS
<S> <C>
Nov-87 9.065
Nov-87 9.159
Nov-87 9.103
Dec-87 9.134
Dec-87 9.131
Dec-87 9.047
Dec-87 9.122
Dec-87 9.216
Dec-87 9.223
Dec-87 9.204
Dec-87 9.385
Dec-87 9.457
Dec-87 9.378
Dec-87 9.204
Dec-87 9.134
Dec-87 9.144
Dec-87 8.919
Dec-87 9.01
Dec-87 9.047
Dec-87 8.907
Dec-87 8.913
Dec-87 8.992
Dec-87 8.919
Dec-87 8.889
Dec-87 8.98
Jan-88 8.925
Jan-88 8.853
Jan-88 8.998
Jan-88 8.949
Jan-88 9.091
Jan-88 9.091
Jan-88 9.104
Jan-88 9.035
Jan-88 9.023
Jan-88 8.764
Jan-88 8.8
Jan-88 8.776
Jan-88 8.7
Jan-88 8.654
Jan-88 8.619
Jan-88 8.706
Jan-88 8.534
Jan-88 8.495
Jan-88 8.417
Feb-88 8.428
Feb-88 8.324
Feb-88 8.389
Feb-88 8.439
Feb-88 8.288
Feb-88 8.365
Feb-88 8.335
Feb-88 8.291
Feb-88 8.346
Feb-88 8.423
Feb-88 8.464
Feb-88 8.481
Feb-88 8.45
Feb-88 8.448
Feb-88 8.42
Feb-88 8.351
Feb-88 8.375
Feb-88 8.422
Feb-88 8.356
Feb-88 8.34
Mar-88 8.345
Mar-88 8.312
Mar-88 8.312
Mar-88 8.472
Mar-88 8.514
Mar-88 8.522
Mar-88 8.517
Mar-88 8.562
Mar-88 8.505
Mar-88 8.511
Mar-88 8.516
Mar-88 8.613
Mar-88 8.539
Mar-88 8.673
Mar-88 8.699
Mar-88 8.705
Mar-88 8.74
Mar-88 8.729
Mar-88 8.67
Mar-88 8.835
Mar-88 8.752
Mar-88 8.764
Mar-88 8.758
Apr-88 8.859
Apr-88 8.847
Apr-88 8.763
Apr-88 8.781
Apr-88 8.681
Apr-88 8.775
Apr-88 8.752
Apr-88 8.734
Apr-88 8.876
Apr-88 8.943
Apr-88 9.016
Apr-88 9.035
Apr-88 9.01
Apr-88 9.029
Apr-88 8.995
Apr-88 8.998
Apr-88 9.004
Apr-88 9.016
Apr-88 9.097
Apr-88 9.097
May-88 9.122
May-88 9.091
May-88 9.11
May-88 9.091
May-88 9.154
May-88 9.16
May-88 9.185
May-88 9.204
May-88 9.217
May-88 9.098
May-88 9.122
May-88 9.215
May-88 9.302
May-88 9.277
May-88 9.34
May-88 9.353
May-88 9.334
May-88 9.296
May-88 9.327
May-88 9.324
May-88 9.239
Jun-88 9.079
Jun-88 9.152
Jun-88 9.048
Jun-88 9.054
Jun-88 9.115
Jun-88 9.018
Jun-88 9.048
Jun-88 9.036
Jun-88 9.018
Jun-88 8.811
Jun-88 8.829
Jun-88 8.982
Jun-88 9.096
Jun-88 9.09
Jun-88 9.09
Jun-88 8.916
Jun-88 8.91
Jun-88 8.852
Jun-88 8.958
Jun-88 8.858
Jun-88 8.916
Jul-88 8.834
Jul-88 8.869
Jul-88 8.984
Jul-88 8.999
Jul-88 9.093
Jul-88 9.053
Jul-88 9.126
Jul-88 9.176
Jul-88 9.169
Jul-88 9.142
Jul-88 9.231
Jul-88 9.2
Jul-88 9.228
Jul-88 9.256
Jul-88 9.197
Jul-88 9.157
Jul-88 9.182
Jul-88 9.244
Jul-88 9.256
Jul-88 9.209
Aug-88 9.163
Aug-88 9.065
Aug-88 9.077
Aug-88 9.041
Aug-88 9.126
Aug-88 9.102
Aug-88 9.194
Aug-88 9.364
Aug-88 9.383
Aug-88 9.422
Aug-88 9.435
Aug-88 9.402
Aug-88 9.415
Aug-88 9.402
Aug-88 9.396
Aug-88 9.448
Aug-88 9.377
Aug-88 9.402
Aug-88 9.448
Aug-88 9.428
Aug-88 9.338
Aug-88 9.326
Aug-88 9.3
Sep-88 9.3
Sep-88 9.047
Sep-88 9.053
Sep-88 9.059
Sep-88 9.029
Sep-88 8.981
Sep-88 9.035
Sep-88 8.999
Sep-88 8.969
Sep-88 8.993
Sep-88 9.005
Sep-88 9.065
Sep-88 9.035
Sep-88 9.011
Sep-88 9.041
Sep-88 9.047
Sep-88 9.078
Sep-88 9.127
Sep-88 9.102
Sep-88 9.053
Sep-88 9.053
Oct-88 8.954
Oct-88 8.957
Oct-88 8.952
Oct-88 8.946
Oct-88 8.799
Oct-88 8.851
Oct-88 8.904
Oct-88 8.922
Oct-88 8.899
Oct-88 8.869
Oct-88 8.857
Oct-88 8.893
Oct-88 8.84
Oct-88 8.881
Oct-88 8.922
Oct-88 8.928
Oct-88 8.911
Oct-88 8.829
Oct-88 8.8
Oct-88 8.742
Nov-88 8.777
Nov-88 8.788
Nov-88 8.736
Nov-88 8.911
Nov-88 8.959
Nov-88 8.935
Nov-88 8.995
Nov-88 8.983
Nov-88 9.001
Nov-88 9.013
Nov-88 9.11
Nov-88 9.178
Nov-88 9.11
Nov-88 9.107
Nov-88 9.107
Nov-88 9.104
Nov-88 9.175
Nov-88 9.147
Nov-88 9.125
Nov-88 9.07
Dec-88 9.027
Dec-88 9.165
Dec-88 9.125
Dec-88 8.936
Dec-88 8.972
Dec-88 8.972
Dec-88 8.948
Dec-88 8.948
Dec-88 8.972
Dec-88 9.045
Dec-88 9.051
Dec-88 9.051
Dec-88 9.038
Dec-88 8.948
Dec-88 8.942
Dec-88 8.936
Dec-88 8.9
Dec-88 8.966
Dec-88 9.002
Dec-88 9.008
Dec-88 8.993
Jan-89 9.081
Jan-89 9.087
Jan-89 9.093
Jan-89 9.032
Jan-89 9.05
Jan-89 9.044
Jan-89 9.05
Jan-89 8.977
Jan-89 8.881
Jan-89 8.887
Jan-89 8.822
Jan-89 8.852
Jan-89 8.884
Jan-89 8.858
Jan-89 8.787
Jan-89 8.816
Jan-89 8.805
Jan-89 8.764
Jan-89 8.813
Jan-89 8.822
Feb-89 8.808
Feb-89 8.81
Feb-89 8.828
Feb-89 8.852
Feb-89 8.793
Feb-89 8.834
Feb-89 8.989
Feb-89 9.036
Feb-89 9.067
Feb-89 9.111
Feb-89 9.08
Feb-89 9.055
Feb-89 9.045
Feb-89 9.055
Feb-89 9.117
Feb-89 9.142
Feb-89 9.186
Feb-89 9.157
Feb-89 9.116
Mar-89 9.186
Mar-89 9.116
Mar-89 9.123
Mar-89 9.073
Mar-89 9.085
Mar-89 9.048
Mar-89 9.06
Mar-89 9.154
Mar-89 9.16
Mar-89 9.116
Mar-89 9.119
Mar-89 9.116
Mar-89 9.29
Mar-89 9.329
Mar-89 9.29
Mar-89 9.236
Mar-89 9.223
Mar-89 9.226
Mar-89 9.185
Mar-89 9.119
Mar-89 9.15
Mar-89 9.094
Apr-89 9.072
Apr-89 9.013
Apr-89 9.025
Apr-89 9.044
Apr-89 9.106
Apr-89 9.109
Apr-89 9.097
Apr-89 9.106
Apr-89 9.153
Apr-89 9.031
Apr-89 9.056
Apr-89 8.94
Apr-89 8.949
Apr-89 9.019
Apr-89 8.985
Apr-89 8.985
Apr-89 8.952
Apr-89 8.961
Apr-89 8.909
Apr-89 8.93
May-89 8.992
May-89 8.946
May-89 8.99
May-89 8.995
May-89 8.958
May-89 8.99
May-89 9.097
May-89 9.105
May-89 9.064
May-89 8.838
May-89 8.85
May-89 8.82
May-89 8.808
May-89 8.771
May-89 8.707
May-89 8.602
May-89 8.617
May-89 8.627
May-89 8.679
May-89 8.619
May-89 8.602
May-89 8.63
May-89 8.597
Jun-89 8.6
Jun-89 8.453
Jun-89 8.437
Jun-89 8.401
Jun-89 8.321
Jun-89 8.3
Jun-89 8.137
Jun-89 8.137
Jun-89 8.219
Jun-89 8.166
Jun-89 8.294
Jun-89 8.303
Jun-89 8.347
Jun-89 8.284
Jun-89 8.343
Jun-89 8.328
Jun-89 8.197
Jun-89 8.154
Jun-89 8.074
Jun-89 8.142
Jun-89 8.099
Jun-89 8.039
Jul-89 8.074
Jul-89 8.132
Jul-89 8.092
Jul-89 8.041
Jul-89 8.011
Jul-89 8.019
Jul-89 8.034
Jul-89 8.056
Jul-89 8.085
Jul-89 8.126
Jul-89 8.19
Jul-89 8.14
Jul-89 8.136
Jul-89 8.154
Jul-89 8.13
Jul-89 8.115
Jul-89 8.106
Jul-89 8.029
Jul-89 7.992
Jul-89 7.922
Aug-89 7.848
Aug-89 7.837
Aug-89 7.902
Aug-89 8.081
Aug-89 8.084
Aug-89 8.086
Aug-89 8.143
Aug-89 8.059
Aug-89 8.112
Aug-89 8.243
Aug-89 8.16
Aug-89 8.115
Aug-89 8.161
Aug-89 8.16
Aug-89 8.179
Aug-89 8.253
Aug-89 8.172
Aug-89 8.157
Aug-89 8.192
Aug-89 8.233
Aug-89 8.207
Aug-89 8.179
Aug-89 8.206
Sep-89 8.131
Sep-89 8.141
Sep-89 8.132
Sep-89 8.103
Sep-89 8.118
Sep-89 8.084
Sep-89 8.068
Sep-89 8.102
Sep-89 8.149
Sep-89 8.1
Sep-89 8.078
Sep-89 8.092
Sep-89 8.09
Sep-89 8.167
Sep-89 8.187
Sep-89 8.194
Sep-89 8.288
Sep-89 8.288
Sep-89 8.248
Sep-89 8.248
Sep-89 8.238
Oct-89 8.218
Oct-89 8.164
Oct-89 8.165
Oct-89 8.073
Oct-89 8.011
Oct-89 8.002
Oct-89 8.013
Oct-89 8.057
Oct-89 8.048
Oct-89 7.873
Oct-89 7.976
Oct-89 8.032
Oct-89 8.041
Oct-89 7.963
Oct-89 7.982
Oct-89 7.938
Oct-89 7.891
Oct-89 7.889
Oct-89 7.885
Oct-89 7.944
Oct-89 7.925
Oct-89 7.908
Nov-89 7.881
Nov-89 7.876
Nov-89 7.936
Nov-89 7.954
Nov-89 7.874
Nov-89 7.88
Nov-89 7.897
Nov-89 7.897
Nov-89 7.886
Nov-89 7.886
Nov-89 7.86
Nov-89 7.866
Nov-89 7.931
Nov-89 7.919
Nov-89 7.901
Nov-89 7.873
Nov-89 7.872
Nov-89 7.874
Nov-89 7.914
Nov-89 7.91
Nov-89 7.925
Nov-89 7.892
Dec-89 7.881
Dec-89 7.877
Dec-89 7.884
Dec-89 7.91
Dec-89 7.921
Dec-89 7.881
Dec-89 7.893
Dec-89 7.894
Dec-89 7.884
Dec-89 7.854
Dec-89 7.853
Dec-89 7.841
Dec-89 7.844
Dec-89 7.841
Dec-89 7.854
Dec-89 7.876
Dec-89 7.988
Dec-89 7.982
Dec-89 7.963
Dec-89 7.98
Jan-90 7.992
Jan-90 8.036
Jan-90 8.037
Jan-90 8.058
Jan-90 8.096
Jan-90 8.096
Jan-90 8.087
Jan-90 8.117
Jan-90 8.173
Jan-90 8.187
Jan-90 8.256
Jan-90 8.25
Jan-90 8.34
Jan-90 8.272
Jan-90 8.311
Jan-90 8.393
Jan-90 8.413
Jan-90 8.459
Jan-90 8.524
Jan-90 8.58
Jan-90 8.547
Jan-90 8.454
Feb-90 8.431
Feb-90 8.512
Feb-90 8.537
Feb-90 8.59
Feb-90 8.546
Feb-90 8.485
Feb-90 8.333
Feb-90 8.432
Feb-90 8.385
Feb-90 8.415
Feb-90 8.459
Feb-90 8.462
Feb-90 8.523
Feb-90 8.661
Feb-90 8.643
Feb-90 8.568
Feb-90 8.559
Feb-90 8.486
Feb-90 8.449
Feb-90 8.544
Mar-90 8.607
Mar-90 8.55
Mar-90 8.653
Mar-90 8.573
Mar-90 8.6
Mar-90 8.554
Mar-90 8.626
Mar-90 8.617
Mar-90 8.715
Mar-90 8.607
Mar-90 8.617
Mar-90 8.542
Mar-90 8.536
Mar-90 8.459
Mar-90 8.495
Mar-90 8.488
Mar-90 8.48
Mar-90 8.465
Mar-90 8.472
Mar-90 8.465
Mar-90 8.587
Mar-90 8.628
Apr-90 8.633
Apr-90 8.617
Apr-90 8.511
Apr-90 8.521
Apr-90 8.523
Apr-90 8.55
Apr-90 8.591
Apr-90 8.577
Apr-90 8.596
Apr-90 8.578
Apr-90 8.639
Apr-90 8.719
Apr-90 8.846
Apr-90 8.849
Apr-90 8.945
Apr-90 8.963
Apr-90 8.963
Apr-90 8.985
Apr-90 9.043
Apr-90 9.023
Apr-90 8.996
May-90 9.036
May-90 9.036
May-90 8.975
May-90 8.818
May-90 8.843
May-90 8.827
May-90 8.87
May-90 8.849
May-90 8.643
May-90 8.581
May-90 8.618
May-90 8.641
May-90 8.657
May-90 8.704
May-90 8.69
May-90 8.615
May-90 8.577
May-90 8.613
May-90 8.67
May-90 8.681
May-90 8.62
May-90 8.596
May-90 8.58
Jun-90 8.421
Jun-90 8.427
Jun-90 8.451
Jun-90 8.444
Jun-90 8.428
Jun-90 8.445
Jun-90 8.449
Jun-90 8.459
Jun-90 8.385
Jun-90 8.347
Jun-90 8.426
Jun-90 8.463
Jun-90 8.482
Jun-90 8.515
Jun-90 8.494
Jun-90 8.482
Jun-90 8.567
Jun-90 8.512
Jun-90 8.482
Jun-90 8.441
Jun-90 8.402
Jul-90 8.401
Jul-90 8.39
Jul-90 8.385
Jul-90 8.406
Jul-90 8.507
Jul-90 8.547
Jul-90 8.557
Jul-90 8.563
Jul-90 8.499
Jul-90 8.451
Jul-90 8.458
Jul-90 8.461
Jul-90 8.547
Jul-90 8.555
Jul-90 8.54
Jul-90 8.555
Jul-90 8.587
Jul-90 8.547
Jul-90 8.54
Jul-90 8.48
Jul-90 8.407
Jul-90 8.413
Aug-90 8.355
Aug-90 8.46
Aug-90 8.557
Aug-90 8.804
Aug-90 8.844
Aug-90 8.843
Aug-90 8.758
Aug-90 8.779
Aug-90 8.809
Aug-90 8.785
Aug-90 8.761
Aug-90 8.91
Aug-90 8.945
Aug-90 8.921
Aug-90 8.939
Aug-90 9.056
Aug-90 9.13
Aug-90 9.157
Aug-90 9.008
Aug-90 9.041
Aug-90 8.928
Aug-90 8.977
Aug-90 8.986
Sep-90 9.02
Sep-90 9.02
Sep-90 8.967
Sep-90 8.95
Sep-90 8.915
Sep-90 8.966
Sep-90 8.929
Sep-90 8.949
Sep-90 8.953
Sep-90 9.024
Sep-90 9.062
Sep-90 9.06
Sep-90 9.016
Sep-90 9.038
Sep-90 9.125
Sep-90 9.174
Sep-90 9.148
Sep-90 9.128
Sep-90 9.021
Sep-90 8.951
Oct-90 8.855
Oct-90 8.827
Oct-90 8.867
Oct-90 8.792
Oct-90 8.791
Oct-90 8.821
Oct-90 8.965
Oct-90 9.057
Oct-90 9.082
Oct-90 8.96
Oct-90 8.939
Oct-90 8.895
Oct-90 8.887
Oct-90 8.821
Oct-90 8.755
Oct-90 8.755
Oct-90 8.801
Oct-90 8.777
Oct-90 8.755
Oct-90 8.777
Oct-90 8.84
Oct-90 8.822
Oct-90 8.761
Nov-90 8.687
Nov-90 8.691
Nov-90 8.624
Nov-90 8.637
Nov-90 8.696
Nov-90 8.712
Nov-90 8.624
Nov-90 8.551
Nov-90 8.534
Nov-90 8.517
Nov-90 8.517
Nov-90 8.452
Nov-90 8.514
Nov-90 8.463
Nov-90 8.422
Nov-90 8.427
Nov-90 8.449
Nov-90 8.431
Nov-90 8.439
Nov-90 8.445
Nov-90 8.488
Nov-90 8.488
Dec-90 8.364
Dec-90 8.323
Dec-90 8.331
Dec-90 8.335
Dec-90 8.186
Dec-90 8.133
Dec-90 8.076
Dec-90 8.064
Dec-90 8.126
Dec-90 8.19
Dec-90 8.186
Dec-90 8.088
Dec-90 8.183
Dec-90 8.234
Dec-90 8.283
Dec-90 8.363
Dec-90 8.359
Dec-90 8.293
Dec-90 8.246
Dec-90 8.3
Dec-90 8.251
Jan-91 8.112
Jan-91 8.209
Jan-91 8.32
Jan-91 8.375
Jan-91 8.458
Jan-91 8.328
Jan-91 8.36
Jan-91 8.367
Jan-91 8.396
Jan-91 8.405
Jan-91 8.198
Jan-91 8.169
Jan-91 8.208
Jan-91 8.25
Jan-91 8.201
Jan-91 8.162
Jan-91 8.229
Jan-91 8.216
Jan-91 8.205
Jan-91 8.224
Jan-91 8.197
Feb-91 8.093
Feb-91 8.048
Feb-91 8.033
Feb-91 8.009
Feb-91 8.059
Feb-91 7.96
Feb-91 7.963
Feb-91 7.96
Feb-91 7.957
Feb-91 7.991
Feb-91 7.979
Feb-91 7.956
Feb-91 7.992
Feb-91 8.042
Feb-91 8.042
Feb-91 8.063
Feb-91 8.051
Feb-91 8.135
Feb-91 8.145
Feb-91 8.205
Mar-91 8.29
Mar-91 8.296
Mar-91 8.244
Mar-91 8.281
Mar-91 8.224
Mar-91 8.312
Mar-91 8.224
Mar-91 8.269
Mar-91 8.187
Mar-91 8.203
Mar-91 8.29
Mar-91 8.334
Mar-91 8.405
Mar-91 8.345
Mar-91 8.331
Mar-91 8.31
Mar-91 8.322
Mar-91 8.307
Mar-91 8.257
Mar-91 8.238
Mar-91 8.248
Apr-91 8.259
Apr-91 8.218
Apr-91 8.244
Apr-91 8.184
Apr-91 8.168
Apr-91 8.16
Apr-91 8.206
Apr-91 8.264
Apr-91 8.257
Apr-91 8.155
Apr-91 8.132
Apr-91 8.119
Apr-91 8.108
Apr-91 8.183
Apr-91 8.247
Apr-91 8.297
Apr-91 8.273
Apr-91 8.217
Apr-91 8.241
Apr-91 8.213
Apr-91 8.231
Apr-91 8.184
May-91 8.172
May-91 8.124
May-91 8.229
May-91 8.217
May-91 8.247
May-91 8.231
May-91 8.216
May-91 8.308
May-91 8.265
May-91 8.341
May-91 8.336
May-91 8.338
May-91 8.281
May-91 8.283
May-91 8.253
May-91 8.278
May-91 8.308
May-91 8.308
May-91 8.299
May-91 8.283
May-91 8.283
May-91 8.222
May-91 8.267
Jun-91 8.342
Jun-91 8.341
Jun-91 8.395
Jun-91 8.395
Jun-91 8.478
Jun-91 8.479
Jun-91 8.478
Jun-91 8.55
Jun-91 8.516
Jun-91 8.472
Jun-91 8.5
Jun-91 8.519
Jun-91 8.509
Jun-91 8.467
Jun-91 8.512
Jun-91 8.51
Jun-91 8.513
Jun-91 8.516
Jun-91 8.486
Jun-91 8.408
Jul-91 8.436
Jul-91 8.439
Jul-91 8.416
Jul-91 8.427
Jul-91 8.497
Jul-91 8.501
Jul-91 8.533
Jul-91 8.515
Jul-91 8.468
Jul-91 8.444
Jul-91 8.459
Jul-91 8.455
Jul-91 8.502
Jul-91 8.476
Jul-91 8.476
Jul-91 8.471
Jul-91 8.493
Jul-91 8.418
Jul-91 8.381
Jul-91 8.39
Jul-91 8.397
Jul-91 8.381
Jul-91 8.343
Aug-91 8.36
Aug-91 8.246
Aug-91 8.228
Aug-91 8.178
Aug-91 8.182
Aug-91 8.229
Aug-91 8.222
Aug-91 8.214
Aug-91 8.171
Aug-91 8.064
Aug-91 8.09
Aug-91 8.09
Aug-91 8.113
Aug-91 8.09
Aug-91 8.063
Aug-91 8.051
Aug-91 8.127
Aug-91 8.154
Aug-91 8.154
Aug-91 8.063
Aug-91 8.007
Aug-91 8.062
Sep-91 8.053
Sep-91 8.044
Sep-91 8.062
Sep-91 8.096
Sep-91 8.017
Sep-91 7.996
Sep-91 8.008
Sep-91 8.019
Sep-91 7.925
Sep-91 7.942
Sep-91 7.932
Sep-91 7.913
Sep-91 7.921
Sep-91 7.915
Sep-91 7.894
Sep-91 7.875
Sep-91 7.884
Sep-91 7.905
Sep-91 7.882
Sep-91 7.823
Sep-91 7.811
Oct-91 7.801
Oct-91 7.83
Oct-91 7.843
Oct-91 7.785
Oct-91 7.793
Oct-91 7.826
Oct-91 7.914
Oct-91 7.966
Oct-91 7.869
Oct-91 7.875
Oct-91 7.859
Oct-91 7.883
Oct-91 8.025
Oct-91 7.957
Oct-91 8.073
Oct-91 8.102
Oct-91 8.077
Oct-91 8.034
Oct-91 8.048
Oct-91 8.03
Oct-91 7.896
Oct-91 7.903
Oct-91 7.916
Nov-91 7.932
Nov-91 7.954
Nov-91 8.027
Nov-91 8
Nov-91 7.924
Nov-91 7.874
Nov-91 7.868
Nov-91 7.79
Nov-91 7.864
Nov-91 7.819
Nov-91 7.823
Nov-91 7.85
Nov-91 7.924
Nov-91 7.904
Nov-91 7.978
Nov-91 7.983
Nov-91 7.988
Nov-91 7.95
Nov-91 7.968
Nov-91 7.97
Nov-91 7.944
Dec-91 7.908
Dec-91 7.903
Dec-91 7.851
Dec-91 7.843
Dec-91 7.808
Dec-91 7.791
Dec-91 7.789
Dec-91 7.809
Dec-91 7.755
Dec-91 7.776
Dec-91 7.755
Dec-91 7.755
Dec-91 7.76
Dec-91 7.657
Dec-91 7.591
Dec-91 7.529
Dec-91 7.525
Dec-91 7.526
Dec-91 7.51
Dec-91 7.515
Dec-91 7.442
Dec-91 7.403
Jan-92 7.467
Jan-92 7.482
Jan-92 7.436
Jan-92 7.399
Jan-92 7.39
Jan-92 7.414
Jan-92 7.464
Jan-92 7.524
Jan-92 7.542
Jan-92 7.578
Jan-92 7.672
Jan-92 7.616
Jan-92 7.594
Jan-92 7.575
Jan-92 7.629
Jan-92 7.726
Jan-92 7.71
Jan-92 7.72
Jan-92 7.669
Jan-92 7.754
Jan-92 7.79
Jan-92 7.76
Feb-92 7.82
Feb-92 7.746
Feb-92 7.733
Feb-92 7.77
Feb-92 7.762
Feb-92 7.789
Feb-92 7.788
Feb-92 7.815
Feb-92 7.914
Feb-92 7.908
Feb-92 7.984
Feb-92 7.982
Feb-92 7.914
Feb-92 7.912
Feb-92 7.947
Feb-92 7.969
Feb-92 7.95
Feb-92 7.848
Feb-92 7.851
Feb-92 7.791
Mar-92 7.9
Mar-92 7.921
Mar-92 7.91
Mar-92 7.965
Mar-92 7.934
Mar-92 7.874
Mar-92 7.904
Mar-92 7.961
Mar-92 8.037
Mar-92 8.068
Mar-92 8.071
Mar-92 8.009
Mar-92 8.012
Mar-92 7.971
Mar-92 8.048
Mar-92 8.033
Mar-92 7.947
Mar-92 7.946
Mar-92 8.001
Mar-92 7.942
Mar-92 7.942
Mar-92 7.96
Apr-92 7.898
Apr-92 7.905
Apr-92 7.878
Apr-92 7.897
Apr-92 7.888
Apr-92 7.916
Apr-92 7.866
Apr-92 7.888
Apr-92 7.861
Apr-92 7.87
Apr-92 7.874
Apr-92 7.934
Apr-92 7.94
Apr-92 8.031
Apr-92 8.024
Apr-92 8.039
Apr-92 8.055
Apr-92 8.044
Apr-92 8.107
Apr-92 8.051
Apr-92 8.065
Apr-92 8.038
May-92 8.015
May-92 8.029
May-92 8.001
May-92 7.965
May-92 7.975
May-92 7.897
May-92 7.89
May-92 7.864
May-92 7.87
May-92 7.821
May-92 7.821
May-92 7.77
May-92 7.813
May-92 7.867
May-92 7.824
May-92 7.813
May-92 7.916
May-92 7.905
May-92 7.861
May-92 7.839
Jun-92 7.891
Jun-92 7.862
Jun-92 7.874
Jun-92 7.88
Jun-92 7.849
Jun-92 7.842
Jun-92 7.88
Jun-92 7.901
Jun-92 7.878
Jun-92 7.86
Jun-92 7.853
Jun-92 7.834
Jun-92 7.822
Jun-92 7.803
Jun-92 7.832
Jun-92 7.84
Jun-92 7.846
Jun-92 7.827
Jun-92 7.775
Jun-92 7.784
Jun-92 7.768
Jun-92 7.782
Jul-92 7.744
Jul-92 7.63
Jul-92 7.631
Jul-92 7.625
Jul-92 7.603
Jul-92 7.609
Jul-92 7.598
Jul-92 7.635
Jul-92 7.679
Jul-92 7.686
Jul-92 7.626
Jul-92 7.612
Jul-92 7.68
Jul-92 7.663
Jul-92 7.662
Jul-92 7.618
Jul-92 7.539
Jul-92 7.574
Jul-92 7.521
Jul-92 7.435
Jul-92 7.441
Jul-92 7.441
Jul-92 7.46
Aug-92 7.454
Aug-92 7.428
Aug-92 7.428
Aug-92 7.461
Aug-92 7.398
Aug-92 7.366
Aug-92 7.32
Aug-92 7.329
Aug-92 7.419
Aug-92 7.326
Aug-92 7.358
Aug-92 7.335
Aug-92 7.317
Aug-92 7.316
Aug-92 7.352
Aug-92 7.448
Aug-92 7.478
Aug-92 7.421
Aug-92 7.41
Aug-92 7.425
Aug-92 7.411
Sep-92 7.378
Sep-92 7.374
Sep-92 7.359
Sep-92 7.282
Sep-92 7.226
Sep-92 7.257
Sep-92 7.247
Sep-92 7.295
Sep-92 7.261
Sep-92 7.317
Sep-92 7.334
Sep-92 7.331
Sep-92 7.324
Sep-92 7.356
Sep-92 7.468
Sep-92 7.489
Sep-92 7.422
Sep-92 7.361
Sep-92 7.343
Sep-92 7.365
Sep-92 7.383
Oct-92 7.324
Oct-92 7.336
Oct-92 7.352
Oct-92 7.416
Oct-92 7.486
Oct-92 7.447
Oct-92 7.526
Oct-92 7.513
Oct-92 7.536
Oct-92 7.501
Oct-92 7.51
Oct-92 7.533
Oct-92 7.568
Oct-92 7.651
Oct-92 7.606
Oct-92 7.622
Oct-92 7.647
Oct-92 7.662
Oct-92 7.621
Oct-92 7.614
Oct-92 7.582
Oct-92 7.628
Nov-92 7.662
Nov-92 7.654
Nov-92 7.682
Nov-92 7.69
Nov-92 7.758
Nov-92 7.741
Nov-92 7.669
Nov-92 7.663
Nov-92 7.599
Nov-92 7.567
Nov-92 7.568
Nov-92 7.54
Nov-92 7.506
Nov-92 7.547
Nov-92 7.536
Nov-92 7.545
Nov-92 7.535
Nov-92 7.544
Nov-92 7.531
Nov-92 7.593
Nov-92 7.599
Dec-92 7.569
Dec-92 7.566
Dec-92 7.561
Dec-92 7.489
Dec-92 7.457
Dec-92 7.435
Dec-92 7.439
Dec-92 7.427
Dec-92 7.44
Dec-92 7.464
Dec-92 7.45
Dec-92 7.434
Dec-92 7.424
Dec-92 7.427
Dec-92 7.391
Dec-92 7.341
Dec-92 7.357
Dec-92 7.362
Dec-92 7.363
Dec-92 7.401
Dec-92 7.363
Dec-92 7.383
Dec-92 7.398
Jan-93 7.322
Jan-93 7.322
Jan-93 7.352
Jan-93 7.447
Jan-93 7.467
Jan-93 7.451
Jan-93 7.478
Jan-93 7.434
Jan-93 7.395
Jan-93 7.348
Jan-93 7.348
Jan-93 7.301
Jan-93 7.331
Jan-93 7.304
Jan-93 7.292
Jan-93 7.205
Jan-93 7.257
Jan-93 7.246
Jan-93 7.206
Jan-93 7.199
Feb-93 7.209
Feb-93 7.247
Feb-93 7.215
Feb-93 7.186
Feb-93 7.163
Feb-93 7.199
Feb-93 7.201
Feb-93 7.253
Feb-93 7.201
Feb-93 7.126
Feb-93 7.111
Feb-93 7.151
Feb-93 7.102
Feb-93 7.021
Feb-93 7.008
Feb-93 6.937
Feb-93 6.824
Feb-93 6.887
Feb-93 6.892
Feb-93 6.899
Mar-93 6.843
Mar-93 6.839
Mar-93 6.783
Mar-93 6.726
Mar-93 6.739
Mar-93 6.723
Mar-93 6.738
Mar-93 6.749
Mar-93 6.765
Mar-93 6.86
Mar-93 6.894
Mar-93 6.876
Mar-93 6.866
Mar-93 6.783
Mar-93 6.804
Mar-93 6.799
Mar-93 6.771
Mar-93 6.817
Mar-93 6.853
Mar-93 6.94
Mar-93 6.891
Mar-93 6.911
Mar-93 6.928
Apr-93 6.968
Apr-93 7.056
Apr-93 7.027
Apr-93 6.966
Apr-93 6.953
Apr-93 6.851
Apr-93 6.849
Apr-93 6.794
Apr-93 6.782
Apr-93 6.757
Apr-93 6.723
Apr-93 6.757
Apr-93 6.724
Apr-93 6.751
Apr-93 6.746
Apr-93 6.75
Apr-93 6.792
Apr-93 6.828
Apr-93 6.901
Apr-93 6.921
Apr-93 6.881
Apr-93 6.935
May-93 6.863
May-93 6.79
May-93 6.786
May-93 6.805
May-93 6.846
May-93 6.811
May-93 6.814
May-93 6.858
May-93 6.955
May-93 6.947
May-93 6.966
May-93 7.02
May-93 6.971
May-93 6.995
May-93 7.033
May-93 7.006
May-93 7.007
May-93 6.922
May-93 6.934
May-93 6.98
May-93 6.982
Jun-93 6.883
Jun-93 6.877
Jun-93 6.859
Jun-93 6.91
Jun-93 6.88
Jun-93 6.92
Jun-93 6.883
Jun-93 6.874
Jun-93 6.805
Jun-93 6.816
Jun-93 6.822
Jun-93 6.815
Jun-93 6.808
Jun-93 6.808
Jun-93 6.774
Jun-93 6.773
Jun-93 6.762
Jun-93 6.735
Jun-93 6.702
Jun-93 6.671
Jun-93 6.672
Jun-93 6.674
Jul-93 6.684
Jul-93 6.665
Jul-93 6.667
Jul-93 6.68
Jul-93 6.679
Jul-93 6.658
Jul-93 6.639
Jul-93 6.626
Jul-93 6.614
Jul-93 6.563
Jul-93 6.562
Jul-93 6.541
Jul-93 6.541
Jul-93 6.554
Jul-93 6.626
Jul-93 6.661
Jul-93 6.701
Jul-93 6.679
Jul-93 6.677
Jul-93 6.656
Jul-93 6.569
Jul-93 6.566
Aug-93 6.554
Aug-93 6.528
Aug-93 6.553
Aug-93 6.526
Aug-93 6.528
Aug-93 6.471
Aug-93 6.449
Aug-93 6.432
Aug-93 6.44
Aug-93 6.35
Aug-93 6.305
Aug-93 6.312
Aug-93 6.26
Aug-93 6.197
Aug-93 6.219
Aug-93 6.223
Aug-93 6.201
Aug-93 6.172
Aug-93 6.097
Aug-93 6.136
Aug-93 6.12
Aug-93 6.094
Sep-93 6.088
Sep-93 6.044
Sep-93 5.946
Sep-93 5.946
Sep-93 5.904
Sep-93 5.867
Sep-93 5.96
Sep-93 5.883
Sep-93 5.877
Sep-93 5.977
Sep-93 5.984
Sep-93 6.034
Sep-93 6.04
Sep-93 6.097
Sep-93 6.126
Sep-93 6.089
Sep-93 6.066
Sep-93 6.05
Sep-93 5.951
Sep-93 5.943
Sep-93 6
Sep-93 6.027
Oct-93 5.992
Oct-93 6.004
Oct-93 6.01
Oct-93 6.01
Oct-93 6.014
Oct-93 5.925
Oct-93 5.922
Oct-93 5.919
Oct-93 5.854
Oct-93 5.788
Oct-93 5.854
Oct-93 5.843
Oct-93 5.825
Oct-93 5.919
Oct-93 5.978
Oct-93 6.005
Oct-93 5.987
Oct-93 6.007
Oct-93 5.953
Oct-93 5.972
Nov-93 6.032
Nov-93 6.063
Nov-93 6.117
Nov-93 6.187
Nov-93 6.213
Nov-93 6.199
Nov-93 6.143
Nov-93 6.208
Nov-93 6.147
Nov-93 6.161
Nov-93 6.171
Nov-93 6.185
Nov-93 6.243
Nov-93 6.34
Nov-93 6.385
Nov-93 6.308
Nov-93 6.306
Nov-93 6.309
Nov-93 6.262
Nov-93 6.231
Nov-93 6.303
Dec-93 6.258
Dec-93 6.275
Dec-93 6.247
Dec-93 6.174
Dec-93 6.169
Dec-93 6.164
Dec-93 6.156
Dec-93 6.194
Dec-93 6.233
Dec-93 6.303
Dec-93 6.293
Dec-93 6.3
Dec-93 6.281
Dec-93 6.302
Dec-93 6.313
Dec-93 6.224
Dec-93 6.216
Dec-93 6.215
Dec-93 6.231
Dec-93 6.241
Dec-93 6.253
Dec-93 6.337
Dec-93 6.35
Jan-94 6.418
Jan-94 6.353
Jan-94 6.402
Jan-94 6.346
Jan-94 6.229
Jan-94 6.244
Jan-94 6.236
Jan-94 6.176
Jan-94 6.264
Jan-94 6.298
Jan-94 6.307
Jan-94 6.266
Jan-94 6.299
Jan-94 6.268
Jan-94 6.283
Jan-94 6.299
Jan-94 6.343
Jan-94 6.313
Jan-94 6.262
Jan-94 6.219
Jan-94 6.24
Feb-94 6.315
Feb-94 6.283
Feb-94 6.305
Feb-94 6.364
Feb-94 6.39
Feb-94 6.448
Feb-94 6.416
Feb-94 6.443
Feb-94 6.409
Feb-94 6.443
Feb-94 6.453
Feb-94 6.459
Feb-94 6.542
Feb-94 6.627
Feb-94 6.663
Feb-94 6.601
Feb-94 6.647
Feb-94 6.742
Feb-94 6.715
Feb-94 6.663
Mar-94 6.781
Mar-94 6.774
Mar-94 6.838
Mar-94 6.841
Mar-94 6.802
Mar-94 6.866
Mar-94 6.836
Mar-94 6.958
Mar-94 6.906
Mar-94 6.946
Mar-94 6.891
Mar-94 6.802
Mar-94 6.828
Mar-94 6.921
Mar-94 6.963
Mar-94 6.85
Mar-94 6.891
Mar-94 6.954
Mar-94 7.018
Mar-94 6.977
Mar-94 7.062
Mar-94 7.105
Mar-94 7.094
Apr-94 7.256
Apr-94 7.418
Apr-94 7.253
Apr-94 7.255
Apr-94 7.214
Apr-94 7.266
Apr-94 7.236
Apr-94 7.216
Apr-94 7.259
Apr-94 7.285
Apr-94 7.291
Apr-94 7.411
Apr-94 7.37
Apr-94 7.322
Apr-94 7.214
Apr-94 7.235
Apr-94 7.149
Apr-94 7.103
Apr-94 7.108
Apr-94 7.26
Apr-94 7.309
May-94 7.333
May-94 7.351
May-94 7.338
May-94 7.338
May-94 7.543
May-94 7.634
May-94 7.5
May-94 7.611
May-94 7.563
May-94 7.494
May-94 7.453
May-94 7.276
May-94 7.276
May-94 7.237
May-94 7.305
May-94 7.434
May-94 7.397
May-94 7.347
May-94 7.361
May-94 7.392
May-94 7.393
May-94 7.43
Jun-94 7.386
Jun-94 7.345
Jun-94 7.275
Jun-94 7.219
Jun-94 7.26
Jun-94 7.28
Jun-94 7.28
Jun-94 7.316
Jun-94 7.358
Jun-94 7.309
Jun-94 7.398
Jun-94 7.36
Jun-94 7.449
Jun-94 7.464
Jun-94 7.495
Jun-94 7.397
Jun-94 7.403
Jun-94 7.518
Jun-94 7.46
Jun-94 7.524
Jun-94 7.508
Jun-94 7.61
Jul-94 7.616
Jul-94 7.61
Jul-94 7.589
Jul-94 7.597
Jul-94 7.609
Jul-94 7.695
Jul-94 7.728
Jul-94 7.688
Jul-94 7.678
Jul-94 7.536
Jul-94 7.547
Jul-94 7.504
Jul-94 7.47
Jul-94 7.544
Jul-94 7.544
Jul-94 7.566
Jul-94 7.526
Jul-94 7.546
Jul-94 7.612
Jul-94 7.552
Jul-94 7.398
Aug-94 7.398
Aug-94 7.402
Aug-94 7.386
Aug-94 7.41
Aug-94 7.548
Aug-94 7.541
Aug-94 7.571
Aug-94 7.574
Aug-94 7.647
Aug-94 7.484
Aug-94 7.508
Aug-94 7.37
Aug-94 7.397
Aug-94 7.496
Aug-94 7.487
Aug-94 7.558
Aug-94 7.539
Aug-94 7.465
Aug-94 7.537
Aug-94 7.484
Aug-94 7.495
Aug-94 7.465
Aug-94 7.453
Sep-94 7.454
Sep-94 7.492
Sep-94 7.493
Sep-94 7.547
Sep-94 7.566
Sep-94 7.566
Sep-94 7.705
Sep-94 7.713
Sep-94 7.683
Sep-94 7.676
Sep-94 7.637
Sep-94 7.774
Sep-94 7.761
Sep-94 7.777
Sep-94 7.809
Sep-94 7.78
Sep-94 7.795
Sep-94 7.8
Sep-94 7.848
Sep-94 7.816
Sep-94 7.845
Sep-94 7.819
Oct-94 7.852
Oct-94 7.885
Oct-94 7.949
Oct-94 7.955
Oct-94 7.911
Oct-94 7.904
Oct-94 7.867
Oct-94 7.898
Oct-94 7.856
Oct-94 7.83
Oct-94 7.826
Oct-94 7.871
Oct-94 7.891
Oct-94 7.993
Oct-94 7.98
Oct-94 8.048
Oct-94 8.048
Oct-94 8.069
Oct-94 8.048
Oct-94 7.96
Oct-94 7.972
Nov-94 8.063
Nov-94 8.099
Nov-94 8.1
Nov-94 8.161
Nov-94 8.166
Nov-94 8.127
Nov-94 8.112
Nov-94 8.151
Nov-94 8.151
Nov-94 8.077
Nov-94 8.049
Nov-94 8.096
Nov-94 8.127
Nov-94 8.133
Nov-94 8.129
Nov-94 8.046
Nov-94 7.955
Nov-94 7.952
Nov-94 7.933
Nov-94 7.983
Nov-94 8.036
Nov-94 8.001
Dec-94 8.021
Dec-94 7.907
Dec-94 7.929
Dec-94 7.849
Dec-94 7.894
Dec-94 7.866
Dec-94 7.86
Dec-94 7.926
Dec-94 7.856
Dec-94 7.867
Dec-94 7.87
Dec-94 7.856
Dec-94 7.843
Dec-94 7.849
Dec-94 7.843
Dec-94 7.855
Dec-94 7.829
Dec-94 7.829
Dec-94 7.762
Dec-94 7.831
Dec-94 7.84
Dec-94 7.883
Jan-95 7.881
Jan-95 7.921
Jan-95 7.853
Jan-95 7.884
Jan-95 7.862
Jan-95 7.884
Jan-95 7.871
Jan-95 7.84
Jan-95 7.883
Jan-95 7.794
Jan-95 7.794
Jan-95 7.775
Jan-95 7.775
Jan-95 7.823
Jan-95 7.893
Jan-95 7.908
Jan-95 7.927
Jan-95 7.874
Jan-95 7.845
Jan-95 7.732
Jan-95 7.755
Jan-95 7.7
Feb-95 7.748
Feb-95 7.743
Feb-95 7.628
Feb-95 7.644
Feb-95 7.643
Feb-95 7.644
Feb-95 7.684
Feb-95 7.67
Feb-95 7.669
Feb-95 7.612
Feb-95 7.558
Feb-95 7.573
Feb-95 7.588
Feb-95 7.592
Feb-95 7.613
Feb-95 7.539
Feb-95 7.551
Feb-95 7.53
Feb-95 7.47
Feb-95 7.445
Mar-95 7.45
Mar-95 7.489
Mar-95 7.543
Mar-95 7.589
Mar-95 7.628
Mar-95 7.546
Mar-95 7.512
Mar-95 7.464
Mar-95 7.453
Mar-95 7.362
Mar-95 7.361
Mar-95 7.376
Mar-95 7.369
Mar-95 7.397
Mar-95 7.447
Mar-95 7.447
Mar-95 7.446
Mar-95 7.365
Mar-95 7.322
Mar-95 7.392
Mar-95 7.377
Mar-95 7.416
Mar-95 7.433
Apr-95 7.388
Apr-95 7.38
Apr-95 7.372
Apr-95 7.349
Apr-95 7.392
Apr-95 7.394
Apr-95 7.373
Apr-95 7.355
Apr-95 7.331
Apr-95 7.337
Apr-95 7.376
Apr-95 7.388
Apr-95 7.365
Apr-95 7.347
Apr-95 7.335
Apr-95 7.314
Apr-95 7.324
Apr-95 7.321
Apr-95 7.338
Apr-95 7.338
May-95 7.346
May-95 7.313
May-95 7.244
May-95 7.165
May-95 7.02
May-95 7.031
May-95 6.945
May-95 6.998
May-95 6.995
May-95 6.991
May-95 6.946
May-95 6.863
May-95 6.866
May-95 6.896
May-95 6.919
May-95 6.918
May-95 6.864
May-95 6.746
May-95 6.72
May-95 6.75
May-95 6.754
May-95 6.662
May-95 6.651
Jun-95 6.622
Jun-95 6.531
Jun-95 6.518
Jun-95 6.508
Jun-95 6.55
Jun-95 6.61
Jun-95 6.728
Jun-95 6.705
Jun-95 6.551
Jun-95 6.574
Jun-95 6.606
Jun-95 6.617
Jun-95 6.573
Jun-95 6.586
Jun-95 6.55
Jun-95 6.47
Jun-95 6.502
Jun-95 6.551
Jun-95 6.552
Jun-95 6.511
Jun-95 6.644
Jun-95 6.619
Jul-95 6.634
Jul-95 6.605
Jul-95 6.509
Jul-95 6.526
Jul-95 6.521
Jul-95 6.583
Jul-95 6.545
Jul-95 6.557
Jul-95 6.606
Jul-95 6.678
Jul-95 6.76
Jul-95 6.863
Jul-95 6.865
Jul-95 6.964
Jul-95 6.881
Jul-95 6.824
Jul-95 6.883
Jul-95 6.846
Jul-95 6.902
Jul-95 6.848
Aug-95 6.9
Aug-95 6.861
Aug-95 6.933
Aug-95 6.91
Aug-95 6.892
Aug-95 6.888
Aug-95 6.921
Aug-95 6.955
Aug-95 6.992
Aug-95 6.956
Aug-95 6.896
Aug-95 6.888
Aug-95 6.901
Aug-95 6.899
Aug-95 6.873
Aug-95 6.887
Aug-95 6.91
Aug-95 6.816
Aug-95 6.706
Aug-95 6.704
Aug-95 6.716
Aug-95 6.7
Aug-95 6.649
Sep-95 6.618
Sep-95 6.612
Sep-95 6.568
Sep-95 6.595
Sep-95 6.601
Sep-95 6.589
Sep-95 6.59
Sep-95 6.503
Sep-95 6.523
Sep-95 6.469
Sep-95 6.481
Sep-95 6.532
Sep-95 6.487
Sep-95 6.471
Sep-95 6.558
Sep-95 6.586
Sep-95 6.582
Sep-95 6.577
Sep-95 6.579
Sep-95 6.588
Sep-95 6.503
Oct-95 6.478
Oct-95 6.457
Oct-95 6.433
Oct-95 6.419
Oct-95 6.422
Oct-95 6.421
Oct-95 6.443
Oct-95 6.435
Oct-95 6.388
Oct-95 6.306
Oct-95 6.306
Oct-95 6.286
Oct-95 6.332
Oct-95 6.308
Oct-95 6.363
Oct-95 6.395
Oct-95 6.328
Oct-95 6.326
Oct-95 6.394
Oct-95 6.357
Oct-95 6.355
Oct-95 6.33
Nov-95 6.299
Nov-95 6.246
Nov-95 6.285
Nov-95 6.295
Nov-95 6.31
Nov-95 6.256
Nov-95 6.285
Nov-95 6.339
Nov-95 6.279
Nov-95 6.287
Nov-95 6.293
Nov-95 6.225
Nov-95 6.234
Nov-95 6.248
Nov-95 6.268
Nov-95 6.283
Nov-95 6.28
Nov-95 6.251
Nov-95 6.224
Nov-95 6.23
Nov-95 6.199
Nov-95 6.133
Dec-95 6.088
Dec-95 6.028
Dec-95 6.052
Dec-95 6.034
Dec-95 6.079
Dec-95 6.055
Dec-95 6.048
Dec-95 6.053
Dec-95 6.084
Dec-95 6.088
Dec-95 6.099
Dec-95 6.202
Dec-95 6.116
Dec-95 6.125
Dec-95 6.09
Dec-95 6.065
Dec-95 6.068
Dec-95 6.041
Dec-95 6.011
Dec-95 5.986
Dec-95 5.95
Jan-96 5.952
Jan-96 5.964
Jan-96 5.959
Jan-96 6.034
Jan-96 6.046
Jan-96 6.045
Jan-96 6.114
Jan-96 6.184
Jan-96 6.151
Jan-96 6.149
Jan-96 6.15
Jan-96 6.059
Jan-96 6.012
Jan-96 5.987
Jan-96 5.975
Jan-96 6.045
Jan-96 6.095
Jan-96 6.038
Jan-96 6.115
Jan-96 6.046
Jan-96 6.095
Jan-96 6.038
Jan-96 6.03
Feb-96 6.072
Feb-96 6.165
Feb-96 6.16
Feb-96 6.132
Feb-96 6.157
Feb-96 6.149
Feb-96 6.1
Feb-96 6.036
Feb-96 6.032
Feb-96 6.091
Feb-96 6.169
Feb-96 6.245
Feb-96 6.241
Feb-96 6.397
Feb-96 6.373
Feb-96 6.345
Feb-96 6.407
Feb-96 6.456
Feb-96 6.478
Feb-96 6.475
Feb-96 6.471
Mar-96 6.369
Mar-96 6.335
Mar-96 6.384
Mar-96 6.455
Mar-96 6.461
Mar-96 6.713
Mar-96 6.638
Mar-96 6.667
Mar-96 6.682
Mar-96 6.691
Mar-96 6.741
Mar-96 6.707
Mar-96 6.717
Mar-96 6.636
Mar-96 6.622
Mar-96 6.657
Mar-96 6.582
Mar-96 6.581
Mar-96 6.681
Mar-96 6.725
Mar-96 6.669
Apr-96 6.633
Apr-96 6.599
Apr-96 6.627
Apr-96 6.672
Apr-96 6.826
Apr-96 6.872
Apr-96 6.834
Apr-96 6.949
Apr-96 6.937
Apr-96 6.804
Apr-96 6.792
Apr-96 6.794
Apr-96 6.808
Apr-96 6.831
Apr-96 6.788
Apr-96 6.752
Apr-96 6.781
Apr-96 6.824
Apr-96 6.797
Apr-96 6.791
Apr-96 6.838
Apr-96 6.908
May-96 6.912
May-96 7.061
May-96 7.119
May-96 7.061
May-96 7.08
May-96 6.962
May-96 7.019
May-96 6.93
May-96 6.899
May-96 6.847
May-96 6.847
May-96 6.915
May-96 6.835
May-96 6.839
May-96 6.852
May-96 6.817
May-96 6.861
May-96 6.836
May-96 6.838
May-96 6.857
May-96 6.943
May-96 6.934
May-96 6.991
Jun-96 7.01
Jun-96 7.003
Jun-96 6.95
Jun-96 6.898
Jun-96 7.033
Jun-96 7.129
Jun-96 7.125
Jun-96 7.194
Jun-96 7.131
Jun-96 7.091
Jun-96 7.073
Jun-96 7.105
Jun-96 7.11
Jun-96 7.111
Jun-96 7.098
Jun-96 7.09
Jun-96 7.048
Jun-96 7.043
Jun-96 6.994
Jun-96 6.873
Jul-96 6.913
Jul-96 6.941
Jul-96 6.938
Jul-96 6.935
Jul-96 7.194
Jul-96 7.183
Jul-96 7.132
Jul-96 7.079
Jul-96 7.06
Jul-96 7.032
Jul-96 7.075
Jul-96 7.032
Jul-96 7.032
Jul-96 6.933
Jul-96 6.976
Jul-96 7.01
Jul-96 6.977
Jul-96 7.045
Jul-96 7.012
Jul-96 7.01
Jul-96 7.097
Jul-96 7.038
Jul-96 6.972
Aug-96 6.839
Aug-96 6.745
Aug-96 6.771
Aug-96 6.762
Aug-96 6.775
Aug-96 6.787
Aug-96 6.692
Aug-96 6.695
Aug-96 6.794
Aug-96 6.79
Aug-96 6.806
Aug-96 6.77
Aug-96 6.797
Aug-96 6.798
Aug-96 6.838
Aug-96 6.843
Aug-96 6.957
Aug-96 6.999
Aug-96 6.972
Aug-96 6.979
Aug-96 7.04
Aug-96 7.12
Sep-96 7.117
Sep-96 7.055
Sep-96 7.1
Sep-96 7.154
Sep-96 7.112
Sep-96 7.071
Sep-96 7.113
Sep-96 7.109
Sep-96 7.077
Sep-96 6.95
Sep-96 6.952
Sep-96 7.026
Sep-96 7.011
Sep-96 7.045
Sep-96 7.045
Sep-96 7.027
Sep-96 6.986
Sep-96 6.927
Sep-96 6.89
Sep-96 6.91
Sep-96 6.925
Oct-96 6.876
Oct-96 6.841
Oct-96 6.835
Oct-96 6.743
Oct-96 6.79
Oct-96 6.806
Oct-96 6.831
Oct-96 6.884
Oct-96 6.847
Oct-96 6.846
Oct-96 6.842
Oct-96 6.859
Oct-96 6.795
Oct-96 6.803
Oct-96 6.81
Oct-96 6.851
Oct-96 6.828
Oct-96 6.854
Oct-96 6.817
Oct-96 6.836
Oct-96 6.68
Oct-96 6.705
Oct-96 6.644
Nov-96 6.681
Nov-96 6.662
Nov-96 6.587
Nov-96 6.617
Nov-96 6.533
Nov-96 6.508
Nov-96 6.514
Nov-96 6.445
Nov-96 6.457
Nov-96 6.421
Nov-96 6.459
Nov-96 6.468
Nov-96 6.435
Nov-96 6.411
Nov-96 6.417
Nov-96 6.438
Nov-96 6.428
Nov-96 6.447
Nov-96 6.434
Nov-96 6.437
Nov-96 6.352
Dec-96 6.362
Dec-96 6.364
Dec-96 6.396
Dec-96 6.51
Dec-96 6.513
Dec-96 6.464
Dec-96 6.498
Dec-96 6.632
Dec-96 6.627
Dec-96 6.574
Dec-96 6.627
Dec-96 6.657
Dec-96 6.705
Dec-96 6.584
Dec-96 6.608
Dec-96 6.583
Dec-96 6.587
Dec-96 6.585
Dec-96 6.586
Dec-96 6.564
Dec-96 6.542
Dec-96 6.644
Jan-97 6.643
Jan-97 6.741
Jan-97 6.734
Jan-97 6.775
Jan-97 6.791
Jan-97 6.848
Jan-97 6.761
Jan-97 6.848
Jan-97 6.855
Jan-97 6.774
Jan-97 6.795
Jan-97 6.827
Jan-97 6.825
Jan-97 6.83
Jan-97 6.786
Jan-97 6.836
Jan-97 6.862
Jan-97 6.893
Jan-97 6.945
Jan-97 6.924
Jan-97 6.911
Jan-97 6.875
Jan-97 6.792
Feb-97 6.741
Feb-97 6.707
Feb-97 6.757
Feb-97 6.759
Feb-97 6.706
Feb-97 6.705
Feb-97 6.707
Feb-97 6.71
Feb-97 6.627
Feb-97 6.527
Feb-97 6.532
Feb-97 6.548
Feb-97 6.584
Feb-97 6.658
Feb-97 6.645
Feb-97 6.657
Feb-97 6.66
Feb-97 6.78
Feb-97 6.807
Feb-97 6.805
Mar-97 6.834
Mar-97 6.871
Mar-97 6.83
Mar-97 6.887
Mar-97 6.816
Mar-97 6.816
Mar-97 6.854
Mar-97 6.887
Mar-97 6.962
Mar-97 6.944
Mar-97 6.959
Mar-97 6.962
Mar-97 6.99
Mar-97 6.958
Mar-97 6.971
Mar-97 6.927
Mar-97 6.971
Mar-97 6.981
Mar-97 7.093
Mar-97 7.09
Mar-97 7.098
Apr-97 7.07
Apr-97 7.078
Apr-97 7.071
Apr-97 7.125
Apr-97 7.07
Apr-97 7.102
Apr-97 7.105
Apr-97 7.111
Apr-97 7.169
Apr-97 7.172
Apr-97 7.095
Apr-97 7.102
Apr-97 7.071
Apr-97 7.056
Apr-97 7.094
Apr-97 7.041
Apr-97 7.094
Apr-97 7.135
Apr-97 7.145
Apr-97 7.117
Apr-97 6.987
Apr-97 6.959
May-97 6.918
May-97 6.877
May-97 6.878
May-97 6.886
May-97 6.964
May-97 6.932
May-97 6.893
May-97 6.888
May-97 6.926
May-97 6.881
May-97 6.871
May-97 6.9
May-97 6.922
May-97 6.906
May-97 6.963
May-97 6.99
May-97 6.989
May-97 6.988
May-97 7.028
May-97 7.032
May-97 6.979
May-97 6.908
Jun-97 6.903
Jun-97 6.872
Jun-97 6.884
Jun-97 6.881
Jun-97 6.776
Jun-97 6.828
Jun-97 6.842
Jun-97 6.833
Jun-97 6.779
Jun-97 6.726
Jun-97 6.701
Jun-97 6.726
Jun-97 6.687
Jun-97 6.681
Jun-97 6.663
Jun-97 6.71
Jun-97 6.694
Jun-97 6.739
Jun-97 6.785
Jun-97 6.744
Jun-97 6.787
Jul-97 6.743
Jul-97 6.708
Jul-97 6.629
Jul-97 6.629
Jul-97 6.581
Jul-97 6.583
Jul-97 6.567
Jul-97 6.564
Jul-97 6.531
Jul-97 6.558
Jul-97 6.545
Jul-97 6.48
Jul-97 6.494
Jul-97 6.532
Jul-97 6.542
Jul-97 6.421
Jul-97 6.438
Jul-97 6.439
Jul-97 6.456
Jul-97 6.407
Jul-97 6.387
Jul-97 6.326
Jul-97 6.3
Aug-97 6.456
Aug-97 6.48
Aug-97 6.493
Aug-97 6.481
Aug-97 6.531
Aug-97 6.636
Aug-97 6.638
Aug-97 6.673
Aug-97 6.628
Aug-97 6.552
Aug-97 6.548
Aug-97 6.525
Aug-97 6.512
Aug-97 6.542
Aug-97 6.623
Aug-97 6.651
Aug-97 6.67
Aug-97 6.646
Aug-97 6.652
Aug-97 6.574
Aug-97 6.612
Sep-97 6.608
Sep-97 6.56
Sep-97 6.602
Sep-97 6.613
Sep-97 6.643
Sep-97 6.613
Sep-97 6.627
Sep-97 6.659
Sep-97 6.693
Sep-97 6.588
Sep-97 6.575
Sep-97 6.407
Sep-97 6.4
Sep-97 6.402
Sep-97 6.379
Sep-97 6.353
Sep-97 6.386
Sep-97 6.317
Sep-97 6.404
Sep-97 6.368
Sep-97 6.386
Sep-97 6.4
Oct-97 6.323
Oct-97 6.296
Oct-97 6.295
Oct-97 6.26
Oct-97 6.234
Oct-97 6.374
Oct-97 6.355
Oct-97 6.431
Oct-97 6.433
Oct-97 6.357
Oct-97 6.398
Oct-97 6.393
Oct-97 6.44
Oct-97 6.424
Oct-97 6.411
Oct-97 6.42
Oct-97 6.31
Oct-97 6.274
Oct-97 6.134
Oct-97 6.29
Oct-97 6.204
Oct-97 6.141
Oct-97 6.154
Nov-97 6.21
Nov-97 6.253
Nov-97 6.219
Nov-97 6.184
Nov-97 6.156
Nov-97 6.144
Nov-97 6.144
Nov-97 6.103
Nov-97 6.099
Nov-97 6.114
Nov-97 6.068
Nov-97 6.074
Nov-97 6.04
Nov-97 6.063
Nov-97 6.034
Nov-97 6.068
Nov-97 6.049
</TABLE>
In conclusion, we expect that the 30 year Treasury bond will trade in a
range between 6.50% and 6.00% for the next 6 months. After that, we anticipate
that the 30 year Treasury could go as low as 5.50% by the end of this decade.
CENTURA EQUITY GROWTH FUND
The Centura Equity Growth Fund maintained its focus on large-capitalization
and mid-capitalization issues that represented what we believe is "growth at a
reasonable price." As we told you in our April 30, 1997 Annual Report, six
months ago, we were able to find great values in many mid-cap names while the
large cap names looked to be fully valued. Investors woke up to this fact as the
small and mid-cap indexes
3
<PAGE>
significantly outperformed the S&P 500 for the six months ended October 31,
1997. We are pleased to report that over the last six months the Centura Equity
Growth Fund outpaced the S&P 500 index by a sizable margin, validating our
earlier thesis that the mid-cap names were uncharacteristically cheaper than the
large multinationals. As we discussed earlier, in our capital markets
commentary, we believe that this valuation gap between small and mid-cap names
versus their larger counterparts, has largely been closed over the last couple
of quarters. Value in the market today is not a function of market
capitalization, but rather a function of buying what other money managers have
decided to discard because of some temporary setback. In practically any
industry or sector group, one can find companies which are extremely cheap on a
valuation basis or extremely expensive. As value managers, we always tend to
choose the company that is neglected or temporarily out of favor in anticipation
of some catalyst or change in the company's fundamentals. As Warren Buffett said
"Most people get interested in stocks when everyone else is. The time to get
interested is when no one else is. You can't buy what is popular and do well."
As of October 31, 1997 the Centura Equity Growth Fund was invested in common
stocks (92.5%) and cash equivalents (7.5%). The weighted average market
capitalization of the fund was approximately $22 billion versus approximately
$51 billion for the S&P 500 index. As always, it remains our goal to hold
companies with superior financial strength as evidenced by the fact that the
average holding has long term debt representing 32% of capital versus 42%
debt/capital for the S&P 500. The average price/earnings ratio based on 1998
estimates is below that of the market, although the portfolio has stronger
growth characteristics than that of the market as represented by the S&P 500.
The fund continues to be overweighted in basic materials, capital goods and
consumer cyclicals. Financials and technology have been underweighted as we find
it difficult to uncover names in those sectors that represent "growth at a
reasonable price".
CENTURA EQUITY INCOME FUND
The Centura Equity Income Fund, which was introduced on October 1, 1996, has
just finished its first full year in the Centura Family of Funds. The Centura
Equity Income Fund's primary objective is to provide long-term capital
appreciation and income. Dividends have historically been an extremely important
component of return, contributing roughly 40% of the long term total return on
stocks. Over the last fifteen years; however, dividends have contributed only
20% of the total return that investors have realized from common stocks. The
lofty valuation levels in the domestic equity market (dividend yield of
approximately 1.6%) coupled with corporate America's appetite to buy in their
own shares; in lieu of more rapid dividend increases, has made high yielding
equities a rare commodity. As of 10/31/97 the Centura Equity Income Fund (class
C shares) had a 30-day yield of 2.3% versus approximately 1.6% on the S&P 500
index.
As of October 31, 1997 the Centura Equity Income Fund was comprised of
common stocks (87.4%), convertible securities (4.9%) and cash equivalents
(7.7%). The average weighted market capitalization of the fund is approximately
$30 billion versus approximately $51 billion for the S&P 500. The fund is
currently overweighted in basic materials, utilities, communication services and
consumer cycylicals. The fund continues to be significantly underweighted in
technology due to the lack of yield available in that sector. The average
holding in the Centura Equity Income Fund currently has a lower price/earnings
ratio (trailing and forward), a lower price/book value ratio, and a lower
debt/capital ratio than the S&P 500, which is consistent with our disciplined,
value approach to investing.
We continue to believe that dividends are important not only in providing
investors with a solid total return, but also because high yielding stocks
typically have experienced less volatility than the market as a whole. Most of
the fund's holdings tend to be large, mature companies with long operating
histories. These types of companies typically have the potential to perform well
in difficult market environments, such as what we just experienced in October
1997.
4
<PAGE>
CENTURA SOUTHEAST EQUITY FUND
The initial introduction of the Centura Southeast Equity Fund on May 2, 1997
was opportunistically timed in correlation with a troughing of the Russell 2000
small-capitalization index. This resurgence in small-cap stocks combined with
overweightings in the technology, financial services, and producer durable
sectors of the Russell 2000 greatly aided the performance of the fund.
The focus of the fund will continue to be investing in small companies,
typically with market capitalizations of $1 billion or less and headquartered in
the southeastern United States, including Texas. We believe that by focusing our
efforts on finding those companies "in our own backyard" which are underfollowed
by the large brokerage houses of Wall Street will, at the margin, allow us to
add value for the fund's shareholders. This strategy along with looking for
companies whose market value is at a discount to its intrinsic value, as we
interpret it, are dominant strategies of the Southeast Equity Fund. Of course,
this alone is not enough to ensure successful investing, as a good company and a
good investment are two separate issues that must be addressed. In that light we
will continue to focus our value philosophy, paying strict attention to absolute
as well as relative valuations of the current holdings of the fund and potential
purchases. Small capital funds typically carry additional risks since smaller
companies generally have a higher risk of failure. Historically, smaller
companies' stocks have experienced a greater degree of market volatility than
average.
This is demonstrated by current valuation characteristics of the fund. The
median market capitalization of the fund was $456 million as of October 31, 1997
relative to the Russell 2000's $480 million, thus our market capitalization
characteristic is essentially in line with the small company index. But the
risk-reward profile greatly differs from the index. As of October 31, 1997 the
Centura Southeast Equity Fund was characterized by 1997 and 1998 price/earnings
ratios (projected) of 19.4 times and 14.0 times respectively, versus the Russell
2000 Index with projected price/earnings ratios of 25.0 times and 18.9 times
respectively. The estimated five-year earnings growth rates between the
Southeast Equity Fund and the Russell 2000 are very similar, however, coming in
at 15% and 17%, respectively. Also in contrast, the current price/book value
ratios of the Southeast Equity Fund and the Russell 2000 are 2.2 times and 2.8
times, respectively. These figures lend credence to our objective of offering
you the opportunity to invest in a small-company fund with superior risk-reward
characteristics. Investing in a regional equity fund may involve more risk,
since the companies are located within the same geographical area.
CENTURA FEDERAL SECURITIES INCOME FUND
The bond market has been strong during the last 6 months as the 5 year
Treasury dropped in yield from 6.57% at April 30, 1997 to 5.71% at October 31,
1997. This caused the net asset value of the fund (class C shares) to increase
from $9.94 at April 30, 1997 to $10.17 at October 31, 1997. The total return of
the Centura Federal Securities Income Fund (on the class C shares) during this
six month period was 5.18%. This compares to the total return for the Lehman
Brothers Intermediate Government Index of 5.45% in the same period.
As of October 31, 1997, the fund was 72.6% in Treasuries, 24.4% in U.S.
Government Agencies and 2.9% in cash. This allocation is substantially the same
as it was at April 30, 1997. The modified duration of the fund was 3.56 years on
October 31, 1997. This represents an increase of .30 years from modified
duration of 3.26 years on April 30, 1997. The average maturity of the fund
increased by .49 years from 4.13 years on April 30, 1997 to 4.62 years on
October 31, 1997.
With the increase in average duration and average maturity, we feel that the
fund is well positioned to take advantage of any possible decline in rates
during the end of 1997 and the beginning of 1998.
5
<PAGE>
CENTURA NORTH CAROLINA TAX FREE BOND FUND
The North Carolina municipal market has moved in the same direction as the
U.S. Treasury market over the past 6 months. The yield on a AAA 5 year municipal
dropped from 4.67% on April 30, 1997 to 4.16% on October 31, 1997. This decline
in interest rates generated a total return in the Centura North Carolina Tax
Free Bond Fund (class c shares) of 5.65% for the six months ended October 31,
1997. The net asset value (of the class C shares) increased from $9.93 to $10.30
during this period. This compares to a total return of 4.73% for the Lehman
Brothers 5 Year Municipal Bond Index.
As of October 31, 1997 the fund was comprised of 56.1% in general obligation
bonds, 11.2% in certificates of participation, 31.9% in revenue bonds and .8% in
cash. This represents a shift toward revenue bonds since April 30, 1997. Credit
quality remain excellent with 69.3% in AAA rated bonds, 23.1% in AA rated bonds
and 7.4% in A rated bonds. The credit quality of the fund remains essentially
unchanged from April 30, 1997. The modified duration of the fund is 6.2 years
with an average maturity of 7.9 years as of October 31, 1997. This is up from an
average duration of 5.2 years and an average maturity of 6.7 years at April 30,
1997.
We believe that the fund is well positioned to participate in any further
rally in the bond market.
RECENT EVENTS
The recent "Asian Crisis" has caused many to focus on what impact, if any,
it will have on the U.S. economy. While we believe that the problems experienced
in Southeast Asia have resulted largely from their own economic activities, it
undoubtedly has ramifications for the domestic economy. It should be of no
surprise, that the Asian crisis is leading many strategists and economists to
lower their projected GDP and earnings growth rates for the U.S. This increases
the likelihood of potential earnings shortfalls for many of the companies
dependent on the global economy. We believe that our disciplined value investing
strategy coupled with the fact that expectations are low for many of our current
holdings, should enable us to weather any further market cross-currents better
than most domestic equity managers. In addition, we believe it increases the
likelihood that the Federal Reserve will take no action to raise rates over the
next couple of quarters as they wait to see further evidence of how our domestic
economy will be influenced by the "Asian Flu". It would come as no surprise to
us to see the bond market produce higher total returns than common stocks over
the next six months to a year.
One should keep in mind that we are not market timers and remain committed
to quality common stocks over the long term. It remains our goal to provide
excellent risk adjusted returns over an entire market cycle. Your continued
support and confidence is greatly appreciated.
Sincerely,
/s/ Frank G. Jolley
Frank G. Jolley, CFA
Chief Investment Officer
Centura Bank/Trust Investments
*Small capital funds typically carry additional risks since smaller companies
generally have a higher risk of failure. Historically, smaller companies'
stocks have experienced a greater degree of market volatility than average.
6
<PAGE>
EQUITY GROWTH FUND
A $10,000 investment in the Equity Growth Fund, Class A, with a maximum sales
load of 4.50%, made on the inception date would have increased to $31,681. The
graph on the right shows how this compares to our benchmark over the same
period. Total return for the life of the Fund was 18.36%, reflecting the sales
load. Without the sales load, the return would have been 19.14%.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS A LIPPER GROWTH INDEX
<S> <C> <C> <C>
12/31/90 $9,555.00 $10,000.00
12/31/91 $12,508.30 $13,632.97
12/31/92 $14,505.00 $ 14,673.61
12/31/93 $17,128.80 $ 16,431.14
12/31/94 $15,690.40 $ 16,173.08
12/31/95 $21,168.10 $ 21,453.89
12/31/96 $26,245.10 $ 25,203.63
10/31/97 $31,681.00 $ 31,030.90
Average Annual Total Return* 1 Year 5 Year Since Inception
Class A(a) 26.51% 17.40% 18.36%
Lipper Growth Index 28.42% 17.72% 18.02%
</TABLE>
A $10,000 investment in the Equity Growth Fund, Class B, made on the inception
date would have increased to $31,623. The graph on the right shows how this
compares to our benchmark over the same period. Total return for the life of the
Fund was 18.33%.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS B LIPPER GROWTH INDEX
<S> <C> <C> <C>
12/31/90 $10,000.00 $10,000.00
12/31/91 $12,984.20 $13,632.97
12/31/92 $14,952.70 $ 14,673.61
12/31/93 $17,528.10 $ 16,431.14
12/31/94 $15,975.90 $ 16,173.08
12/31/95 $21,383.80 $ 21,453.89
12/31/96 $26,350.50 $ 25,203.63
10/31/97 $31,623.00 $ 31,030.90
Average Annual Total Return* 1 Year 5 Year Since Inception
Class B(b) 26.52% 17.61% 18.33%
Lipper Growth Index 28.42% 17.72% 18.02%
</TABLE>
A $10,000 investment in the Equity Growth Fund, Class C, made on the inception
date would have increased to $33,655. The graph on the right shows how this
compares to our benchmark over the same period. Total return for the life of the
Fund was 19.41%.
The Lipper Growth Index is representative of the average of the total returns
reported by all of the mutual funds designated by Lipper Analytical Services,
Inc. as falling into this category.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS C LIPPER GROWTH INDEX
<S> <C> <C> <C>
12/31/90 $10,000.00 $10,000.00
12/31/91 $13,111.90 $13,632.97
12/31/92 $15,250.50 $14,673.61
12/31/93 $18,055.80 $16,431.14
12/31/94 $16,559.00 $16,173.08
12/31/95 $22,355.30 $21,453.89
12/31/96 $27,798.30 $25,203.63
10/31/97 $33,655.00 $31,030.90
Average Annual Total Return* 1 Year 5 Year Since Inception
Class C 32.90% 18.76% 19.41%
Lipper Growth Index 28.42% 17.72% 18.02%
</TABLE>
(a) Returns reflect maximum sales load of 4.50%. Without the sales load, the
returns would have been 32.44%, 18.49% and 19.14% for the one year, five
year and since inception returns, respectively.
(b) Returns reflect the appropriate contingent deferred sales charges (maximum
deferred sales load is 5.00%). Without such charges, the returns would
have been 31.52%, 17.71% and 18.33% for the one year, five year and since
inception returns, respectively.
* The inception date for performance purposes is December 31, 1990. The
quoted performance of the Centura Equity Growth Fund includes performance
of certain collective trust funds ("Commingled Accounts") advised by
Centura Bank prior to the establishment of the Fund on June 1, 1994. On
that date, the assets of the Commingled Accounts were transferred to the
Fund in connection with its commencement of operations. The Commingled
Accounts were operated using substantially the same investment objective,
policies and techniques of the Fund. During that time, the Commingled
Accounts were not registered under the Investment Company Act of 1940 (the
"1940 Act") and therefore were not subject to certain investment
restrictions that are imposed under the 1940 Act. If the Commingled
Accounts had been registered under the 1940 Act, the Commingled Accounts'
performance may have been adversely affected. Because the Commingled
Accounts did not charge any expenses, its performance has been adjusted to
reflect the Fund's estimated expenses at the time of its inception, which
were 1.25%, 2.00% and 1.00% of average daily net assets for Class A, Class
B and Class C, respectively. The performance information for the period
subsequent to the Fund's inception also assumes reinvestment of all net
investment income and realized capital gains and takes into account actual
expenses of the appropriate share class.
Past performance is no guarantee. The investment return and NAV will fluctuate
so that an investor's shares, when redeemed, may be worth more or less than the
original cost.
The total return set forth may reflect the waiver of a portion of the fund's
fees for certain periods. Without the waiver of fees, returns would have been
lower.
7
<PAGE>
EQUITY INCOME FUND
A $10,000 investment in the Equity Growth Fund, Class A, with a maximum sales
load of 4.50%, made on the inception date would have increased to $26,622. The
graph on the right shows how this compares to our benchmark over the same
period. Total return for the life of the Fund was 15.39%, reflecting the sales
load. Without the sales load, the return would have been 16.16%.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS A LIPPER EQUITY INCOME INDEX
<S> <C> <C> <C>
12/31/90 $9,547.00 $10,000.00
12/31/91 $11,378.60 $12,668.10
12/31/92 $12,592.60 $13,901.99
12/31/93 $14,279.80 $15,965.65
12/31/94 $13,868.30 $15,819.47
12/31/95 $18,333.30 $20,538.52
12/31/96 $22,127.10 $24,212.29
10/31/97 $26,622.00 $29,199.27
Average Annual Total Return* 1 Year 5 Year Since Inception
Class A(a) 20.82% 15.85% 15.39%
Lipper Equity Income Index 26.65% 17.00% 16.98%
</TABLE>
A $10,000 investment in the Equity Growth Fund, Class B, made on the inception
date would have increased to $26,462. The graph on the right shows how this
compares to our benchmark over the same period. Total return for the life of the
Fund was 15.29%.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS B LIPPER EQUITY INCOME INDEX
<S> <C> <C> <C>
12/31/90 $10,000.00 $10,000.00
12/31/91 $11,826.10 $12,668.10
12/31/92 $12,993.80 $13,901.99
12/31/93 $14,606.20 $15,965.65
12/31/94 $14,082.90 $15,819.47
12/31/95 $18,485.80 $20,538.52
12/31/96 $22,138.30 $24,212.29
10/31/97 $26,462.00 $29,199.27
Average Annual Total Return* 1 Year 5 Year Since Inception
Class B(b) 20.56% 15.95% 15.29%
Lipper Equity Income Index 26.65% 17.00% 16.98%
</TABLE>
A $10,000 investment in the Equity Growth Fund, Class C, made on the inception
date would have increased to $28,313. The graph on the right shows how this
compares to our benchmark over the same period. Total return for the life of the
Fund was 16.43%.
The Lipper Equity Income Index is representative of the average of the total
returns reported by all of the mutual funds designated by Lipper Analytical
Services, Inc. as falling into this category.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS C LIPPER EQUITY INCOME INDEX
<S> <C> <C> <C>
12/31/90 $10,000.00 $10,000.00
12/31/91 $11,943.80 $12,668.10
12/31/92 $13,254.40 $13,901.99
12/31/93 $15,048.10 $15,965.65
12/31/94 $14,654.90 $15,819.47
12/31/95 $19,427.80 $20,538.52
12/31/96 $23,483.40 $24,212.29
10/31/97 $28,313.00 $29,199.27
Average Annual Total Return* 1 Year 5 Year Since Inception
Class C 26.85% 17.21% 16.43%
Lipper Equity Income Index 26.65% 17.00% 16.98%
</TABLE>
(a) Returns reflect maximum sales load of 4.50%. Without the sales load, the
returns would have been 26.50%, 16.94% and 16.16% for the one year, five
year and since inception returns, respectively.
(b) Returns reflect the appropriate contingent deferred sales charges (maximum
deferred sales load is 5.00%). Without such charges, the returns would
have been 25.56%, 16.06% and 15.29% for the one year, five year and since
inception returns, respectively.
* The inception date for performance purposes is December 31, 1990. The
quoted performance of the Centura Equity Income Fund includes performance
of certain collective trust funds ("Commingled Accounts") advised by
Centura Bank prior to the establishment of the Fund on June 1, 1994. On
that date, the assets of the Commingled Accounts were transferred to the
Fund in connection with its commencement of operations. The Commingled
Accounts were operated using substantially the same investment objective,
policies and techniques of the Fund. During that time, the Commingled
Accounts were not registered under the Investment Company Act of 1940 (the
"1940 Act") and therefore were not subject to certain investment
restrictions that are imposed under the 1940 Act. If the Commingled
Accounts had been registered under the 1940 Act, the Commingled Accounts'
performance may have been adversely affected. Because the Commingled
Accounts did not charge any expenses, its performance has been adjusted to
reflect the Fund's estimated expenses at the time of its inception, which
were 1.00%, 1.75% and 0.75% of average daily net assets for Class A, Class
B and Class C, respectively. The performance information for the period
subsequent to the Fund's inception also assumes reinvestment of all net
investment income and realized capital gains and takes into account actual
expenses of the appropriate share class.
Past performance is no guarantee. The investment return and NAV will fluctuate
so that an investor's shares, when redeemed, may be worth more or less than the
original cost.
The total return set forth may reflect the waiver of a portion of the fund's
fees for certain periods. Without the waiver of fees, returns would have been
lower.
8
<PAGE>
SOUTHEAST EQUITY FUND
A $10,000 investment in the Southeast Equity Fund, Class A, with a maximum sales
load of 4.50%, made on the inception date would have increased to $38,913. The
graph on the right shows how this compares to our benchmark over the same
period. Total return for the life of the Fund was 21.97%, reflecting the sales
load. Without the sales load, the return would have been 22.80%.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS A RUSSELL 2000 INDEX
<S> <C> <C> <C>
12/31/90 $9,549.00 $10,000.00
12/31/91 $13,928.00 $14,604.39
12/31/92 $17,018.00 $17,293.03
12/31/93 $20,460.00 $20,557.80
12/31/94 $20,089.00 $20,182.87
12/31/95 $24,337.00 $25,925.04
12/31/96 $29,987.00 $30,201.55
10/31/97 $38,913.00 $36,556.53
Average Annual Total Return* 1 Year 5 Year Since Inception
Class A(a) 33.68% 19.50% 21.97%
Russell 2000 Index 29.33% 18.69% 20.89%
</TABLE>
A $10,000 investment in the Southeast Equity Fund, Class B, made on the
inception date would have increased to $38,689. The graph on the right shows how
this compares to our benchmark over the same period. Total return for the life
of the Fund was 21.87%.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS B RUSSELL 2000 INDEX
<S> <C> <C> <C>
12/31/90 $10,000.00 $10,000.00
12/31/91 $14,480.00 $14,604.39
12/31/92 $17,561.00 $17,293.03
12/31/93 $20,957.00 $20,557.80
12/31/94 $20,423.00 $20,182.87
12/31/95 $24,558.00 $25,925.04
12/31/96 $30,035.00 $30,201.55
10/31/97 $38,689.00 $36,556.53
Average Annual Total Return* 1 Year 5 Year Since Inception
Class B(b) 33.77% 13.25% 21.87%
Russell 2000 Index 29.33% 18.69% 20.89%
</TABLE>
A $10,000 investment in the Southeast Equity Fund, Class C, made on the
inception date would have increased to $41,411. The graph on the right shows how
this compares to our benchmark over the same period. Total return for the life
of the Fund was 23.09%.
The Russell 2000 Index is a broad-based unmanaged index that represents the
general performance of domestically traded common stocks of small- to mid-sized
companies.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS C RUSSELL 2000 INDEX
<S> <C> <C> <C>
12/31/90 $10,000.00 $10,000.00
12/31/91 $14,622.00 $14,604.39
12/31/92 $17,909.00 $17,293.03
12/31/93 $21,586.00 $20,557.80
12/31/94 $21,248.00 $20,182.87
12/31/95 $25,805.00 $25,925.04
12/31/96 $31,875.00 $30,201.55
10/31/97 $41,411.00 $36,556.53
Average Annual Total Return* 1 Year 5 Year Since Inception
Class C 40.20% 21.19% 23.09%
Russell 2000 Index 29.33% 18.69% 20.89%
</TABLE>
(a) Returns reflect maximum sales load of 4.50%. Without the sales load, the
returns would have been 39.97%, 20.91% and 22.80% for the one year, five
year and since inception returns, respectively.
(b) Returns reflect the appropriate contingent deferred sales charges (maximum
deferred sales load is 5.00%). Without such charges, the returns would
have been 38.77%, 19.98% and 21.87% for the one year, five year and since
inception returns, respectively.
* The inception date for performance purposes is December 31, 1990. The
quoted performance of the Centura Southeast Equity Fund includes
performance of certain collective trust funds ("Commingled Accounts")
advised by Centura Bank prior to the establishment of the Fund on May 1,
1997. On that date, the assets of the Commingled Accounts were transferred
to the Fund in connection with its commencement of operations. The
Commingled Accounts were operated using substantially the same investment
objective, policies and techniques of the Fund. During that time, the
Commingled Accounts were not registered under the Investment Company Act
of 1940 (the "1940 Act") and therefore were not subject to certain
investment restrictions that are imposed under the 1940 Act. If the
Commingled Accounts had been registered under the 1940 Act, the Commingled
Accounts' performance may have been adversely affected. Because the
Commingled Accounts did not charge any expenses, its performance has been
adjusted to reflect the Fund's estimated expenses at the time of its
inception, which were 1.50%, 2.25% and 1.25% of average daily net assets
for Class A, Class B and Class C, respectively. The performance
information for the period subsequent to the Fund's inception also assumes
reinvestment of all net investment income and realized capital gains and
takes into account actual expenses of the appropriate share class.
Past performance is no guarantee. The investment return and NAV will fluctuate
so that an investor's shares, when redeemed, may be worth more or less than the
original cost.
The total return set forth may reflect the waiver of a portion of the fund's
fees for certain periods. Without the waiver of fees, returns would have been
lower.
9
<PAGE>
FEDERAL SECURITIES INCOME FUND
A $10,000 investment in the Federal Securities Income Fund, Class A, with a
maximum sales load of 2.75%, made on the inception date would have increased to
$14,757. The graph on the right shows how this compares to our benchmark over
the same period. Total return for the life of the Fund was 5.85%, reflecting the
sales load. Without the sales load, the return would have been 6.28%.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS A LIPPER SHORT US GOVERNMENT FUND INDEX
<S> <C> <C> <C>
12/31/90 $9,725.0 $10,000.0
12/31/91 $10,838.30 $11,075.46
12/31/92 $11,461.00 $11,693.86
12/31/93 $12,227.50 $12,340.99
12/31/94 $12,005.40 $12,366.03
12/31/95 $13,593.80 $13,701.09
12/31/96 $13,933.40 $14,303.81
10/31/97 $14,757.00 $15,041.05
Average Annual Total Return* 1 Year 5 Year Since Inception
Class A(a) 3.47% 4.73% 5.85%
Lipper Short US Government Fund Index 5.79% 5.32% 6.16%
</TABLE>
A $10,000 investment in the Federal Securities Income Fund, Class B, made on the
inception date would have increased to $14,441. The graph on the right shows how
this compares to our benchmark over the same period. Total return for the life
of the Fund was 5.52%.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS B LIPPER SHORT US TREASURY FUND INDEX
<S> <C> <C> <C>
12/31/90 $10,000.00 $10,000.00
12/31/91 $11,054.00 $11,075.46
12/31/92 $11,603.50 $11,693.86
12/31/93 $12,283.00 $12,340.99
12/31/94 $11,977.30 $12,366.03
12/31/95 $13,459.50 $13,701.09
12/31/96 $13,704.00 $14,303.81
10/31/97 $14,441.00 $15,041.05
Average Annual Total Return* 1 Year 5 Year Since Inception
Class B(b) 2.82% 4.40% 5.52%
Lipper Short US Treasury Fund Index 5.79% 5.32% 6.16%
</TABLE>
A $10,000 investment in the Federal Securities Income Fund, Class C, made on the
inception date would have increased to $15,431. The graph on the right shows how
this compares to our benchmark over the same period. Total return for the life
of the Fund was 6.55%.
The Lipper Short U.S. Government Fund Index is representative of the average of
the total returns reported by all of the mutual funds designated by Lipper
Analytical Services, Inc. as falling into this category.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CLASS C LIPPER SHORT US TREASURY FUND INDEX
<S> <C> <C> <C>
12/31/90 $10,000.00 $10,000.00
12/31/91 $11,164.40 $11,075.46
12/31/92 $11,836.90 $11,693.86
12/31/93 $12,655.70 $12,340.99
12/31/94 $12,463.90 $12,366.03
12/31/95 $14,148.40 $13,701.09
12/31/96 $14,552.80 $14,303.81
10/31/97 $15,431.00 $15,041.05
Average Annual Total Return* 1 Year 5 Year Since Inception
Class C 6.71% 5.57% 6.55%
Lipper Short US Treasury Fund Index 5.79% 5.32% 6.16%
</TABLE>
(a) Returns reflect maximum sales load of 2.75%. Without the sales load, the
returns would have been 6.44%, 5.31% and 6.28% for the one year, five year
and since inception returns, respectively.
(b) Returns reflect the appropriate contingent deferred sales charges (maximum
deferred sales load is 3.00%). Without such charges, the returns would
have been 5.82%, 4.57% and 5.52% for the one year, five year and since
inception returns, respectively.
* The inception date for performance purposes is December 31, 1990. The
quoted performance of the Centura Federal Securities Fund includes
performance of certain collective trust funds ("Commingled Accounts")
advised by Centura Bank prior to the establishment of the Fund on June 1,
1994. On that date, the assets of the Commingled Accounts were transferred
to the Fund in connection with its commencement of operations. The
Commingled Accounts were operated using substantially the same investment
objective, policies and techniques of the Fund. During that time, the
Commingled Accounts were not registered under the Investment Company Act
of 1940 (the "1940 Act") and therefore were not subject to certain
investment restrictions that are imposed under the 1940 Act. If the
Commingled Accounts had been registered under the 1940 Act, the Commingled
Accounts' performance may have been adversely affected. Because the
Commingled Accounts did not charge any expenses, its performance has been
adjusted to reflect the Fund's estimated expenses at the time of its
inception, which were 0.94%, 1.69% and 0.69% of average daily net assets
for Class A, Class B and Class C, respectively. The performance
information for the period subsequent to the Fund's inception also assumes
reinvestment of all net investment income and realized capital gains and
takes into account actual expenses of the appropriate share class.
Past performance is no guarantee. The investment return and NAV will fluctuate
so that an investor's shares, when redeemed, may be worth more or less than the
original cost.
The total return set forth may reflect the waiver of a portion of the fund's
fees for certain periods. Without the waiver of fees, returns would have been
lower.
10
<PAGE>
NORTH CAROLINA TAX-FREE BOND FUND
A $10,000 investment in the North Carolina Tax-Free Bond Fund, Class A, with a
maximum sales load of 2.75%, made on the inception date would have increased to
$13,721. The graph on the right shows how this compares to our benchmark over
the same period. Total return for the life of the Fund was 4.79%, reflecting the
sales load. Without the sales load, the return would have been 5.23%.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
LEHMAN BROTHERS
CLASS A MUNICIPAL BOND INDEX
<S> <C> <C> <C>
12/31/90 $9,728.00 $10,000.00
12/31/91 $10,329.10 $11,065.47
12/31/92 $10,874.00 $12,040.90
12/31/93 $11,736.60 $13,520.08
12/31/94 $11,252.40 $12,821.18
12/31/95 $12,632.60 $15,059.14
12/31/96 $12,951.40 $15,726.00
10/31/97 $13,721.00 $16,825.76
Average Annual Total Return* 1 Year 5 Year Since Inception
Class A(a) 4.34% 4.44% 4.79%
Lehman Brothers Municipal Bond Index 8.49% 7.52% 8.01%
</TABLE>
A $10,000 investment in the North Carolina Tax-Free Bond Fund, Class B, made on
the inception date would have increased to $13,492. The graph on the right shows
how this compares to our benchmark over the same period. Total return for the
life of the Fund was 4.53%, reflecting the sales load.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
LEHMAN BROTHERS
CLASS B MUNICIPAL BOND INDEX
<S> <C> <C> <C>
12/31/90 $10,000.00 $10,000.00
12/31/91 $10,544.40 $11,065.47
12/31/92 $11,030.40 $12,040.90
12/31/93 $11,837.80 $13,520.08
12/31/94 $11,269.00 $12,821.18
12/31/95 $12,557.80 $15,059.14
12/31/96 $12,776.80 $15,726.00
10/31/97 $13,492.00 $16,825.76
Average Annual Total Return* 1 Year 5 Year Since Inception
Class B(b) 3.79% 4.18% 4.53%
Lehman Brothers Municipal Bond Index 8.49% 7.52% 8.01%
</TABLE>
A $10,000 investment in the North Carolina Tax-Free Bond Fund, Class C, made on
the inception date would have increased to $14,355. The graph on the right shows
how this compares to our benchmark over the same period. Total return for the
life of the Fund was 5.50%.
The Lehman Brothers Municipal Bond Index is an unmanaged index generally
representative of the municipal bond market.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
LEHMAN BROTHERS
CLASS C MUNICIPAL BOND INDEX
<S> <C> <C> <C>
12/31/90 $10,000.00 $10,000.00
12/31/91 $10,640.90 $11,065.47
12/31/92 $11,232.60 $12,040.90
12/31/93 $12,158.80 $13,520.08
12/31/94 $11,689.20 $12,821.18
12/31/95 $13,156.60 $15,059.14
12/31/96 $13,522.40 $15,726.00
10/31/97 $14,355.00 $16,825.76
Average Annual Total Return* 1 Year 5 Year Since Inception
Class C 7.59% 5.30% 5.50%
Lehman Brothers Municipal Bond Index 8.49% 7.52% 8.01%
</TABLE>
(a) Returns reflect maximum sales load of 2.75%. Without the sales load, the
returns would have been 7.33%, 5.03%, and 5.23% for the one year, five
year and since inception returns, respectively.
(b) Returns reflect the appropriate contingent deferred sales charges (maximum
deferred sales load is 3.00%). Without such charges, the returns would
have been 6.79%, 4.35% and 4.53% for the one year, five year and since
inception returns, respectively.
* The inception date for performance purposes is January 31, 1991. The
quoted performance of the Centura North Carolina Tax-Free Fund includes
performance of certain collective trust funds ("Commingled Accounts")
advised by Centura Bank prior to the establishment of the Fund on June 1,
1994. On that date, the assets of the Commingled Accounts were transferred
to the Fund in connection with its commencement of operations. The
Commingled Accounts were operated using substantially the same investment
objective, policies and techniques of the Fund. During that time, the
Commingled Accounts were not registered under the Investment Company Act
of 1940 (the "1940 Act") and therefore were not subject to certain
investment restrictions that are imposed under the 1940 Act. If the
Commingled Accounts had been registered under the 1940 Act, the Commingled
Accounts' performance may have been adversely affected. Because the
Commingled Accounts did not charge any expenses, its performance had been
adjusted to reflect the Fund's estimated expenses at the time of its
inception, which were 1.04%, 1.79% and 0.79% of average daily net assets
for Class A, Class B and Class C, respectively. The performance
information for the period subsequent to the Fund's inception also assumes
reinvestment of all net investment income and realized capital gains and
takes into account actual expenses of the appropriate share class.
Past performance is no guarantee. The investment return and NAV will fluctuate
so that an investor's shares, when redeemed, may be worth more or less than the
original cost.
The total return set forth may reflect the waiver of a portion of the fund's
fees for certain periods. Without the waiver of fees, returns would have been
lower.
11
<PAGE>
CENTURA FUNDS, INC.
EQUITY GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
- ----------- -------------------------------------------------------------------------------- -------------
<C> <S> <C>
COMMON STOCKS -- (92.5%)
AEROSPACE/DEFENSE -- (1.8%)
70,000 Boeing Co. ..................................................................... $ 3,351,250
-------------
BANKING & FINANCIAL SERVICES -- (3.1%)
44,000 Barnett Banks, Inc. ............................................................ 3,036,000
56,000 Mellon Bank Corp. .............................................................. 2,887,500
-------------
5,923,500
-------------
BEVERAGES -- (4.9%)
100,000 PepsiCo, Inc. .................................................................. 3,681,250
50,000 Seagram Co., Ltd ............................................................... 1,684,375
150,000 Whitman Corp. .................................................................. 3,937,500
-------------
9,303,125
-------------
CHEMICALS -- (5.5%)
180,000 Cabot Corp. .................................................................... 4,421,249
40,000 Potash Corp. of Saskatchewan, Inc. ............................................. 3,277,500
125,000 Schulman, Inc. ................................................................. 2,812,500
-------------
10,511,249
-------------
COMMERCIAL SERVICES -- (2.7%)
240,000 Rollins, Inc. .................................................................. 5,130,000
-------------
COMPUTER EQUIPMENT -- (1.1%)
25,000 Cisco Systems, Inc. (b) ........................................................ 2,050,781
-------------
CONSUMER DURABLES -- (2.4%)
90,000 Briggs & Stratton Corp. ........................................................ 4,477,500
-------------
CONSUMER NON-DURABLE -- (4.0%)
189,000 Archer-Daniels-Midland Co. ..................................................... 4,205,250
150,000 IBP, Inc. ...................................................................... 3,478,125
-------------
7,683,375
-------------
CONSUMER SERVICES -- (2.9%)
120,000 Dow Jones & Co., Inc. .......................................................... 5,580,000
-------------
CONSUMER STAPLES -- (2.3%)
110,000 Millipore Corp. ................................................................ 4,303,750
-------------
ELECTRICAL & ELECTRONICS -- (1.7%)
74,000 AMP, Inc. ...................................................................... 3,330,000
-------------
ELECTRICAL EQUIPMENT -- (2.1%)
63,000 General Electric Co. ........................................................... 4,067,438
-------------
ELECTRONICS -- (1.2%)
30,000 Philips Electronics N.V. ....................................................... 2,351,250
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
12
<PAGE>
CENTURA FUNDS, INC.
EQUITY GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
- ----------- -------------------------------------------------------------------------------- -------------
<C> <S> <C>
COMMON STOCKS -- (CONTINUED)
ENERGY -- (4.5%)
40,000 Amoco Corp. .................................................................... $ 3,667,500
150,000 Tosco Corp. .................................................................... 4,950,000
-------------
8,617,500
-------------
ENTERTAINMENT -- (1.8%)
150,000 Circus Circus Enterprises Inc. (b) ............................................. 3,337,500
-------------
FINANCIAL SERVICES -- (2.0%)
50,000 American Express Co. ........................................................... 3,900,000
-------------
FOOD -- (2.0%)
102,000 Albertson's, Inc. .............................................................. 3,761,250
-------------
HEALTH CARE -- (3.6%)
140,000 Allegiance Corp. ............................................................... 3,885,000
125,000 Trigon Healthcare, Inc. (b) .................................................... 3,054,688
-------------
6,939,688
-------------
HOUSEHOLD PRODUCTS -- (2.7%)
200,000 Dial Corp. ..................................................................... 3,375,000
71,500 Rubbermaid, Inc. ............................................................... 1,720,469
-------------
5,095,469
-------------
INSURANCE -- (7.8%)
20,000 General Re Corp. ............................................................... 3,943,750
75,000 Jefferson-Pilot Corp. .......................................................... 5,798,437
150,000 Provident Companies, Inc. ...................................................... 5,006,250
-------------
14,748,437
-------------
LEISURE -- (1.8%)
100,000 Brunswick Corp. ................................................................ 3,375,000
-------------
MACHINERY & EQUIPMENT -- (1.4%)
65,000 A.O. Smith Corp. ............................................................... 2,693,438
-------------
MEDICAL -- BIOTECHNOLOGY -- (1.4%)
47,100 Genentech, Inc. (b) ............................................................ 2,734,744
-------------
OIL/GAS EXPLORATION -- (3.9%)
60,000 Baker Hughes, Inc. ............................................................. 2,756,250
110,000 Dresser Industries, Inc. ....................................................... 4,633,750
-------------
7,390,000
-------------
PHARMACEUTICALS -- (4.2%)
40,000 Bristol Myers Squibb Co. ....................................................... 3,510,000
77,500 R.P. Scherer Corp. (b) ......................................................... 4,562,813
-------------
8,072,813
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
13
<PAGE>
CENTURA FUNDS, INC.
EQUITY GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
- ----------- -------------------------------------------------------------------------------- -------------
<C> <S> <C>
COMMON STOCKS -- (CONTINUED)
RESTAURANTS -- (0.2%)
10,000 Tricon Global Restaurants, Inc. (b) ............................................ $ 303,125
-------------
RETAIL -- (1.8%)
100,000 Wal-Mart Stores, Inc. .......................................................... 3,512,500
-------------
RETAIL -- DEPARTMENT STORE -- (1.3%)
40,000 Dayton Hudson Corp. ............................................................ 2,512,500
-------------
STEEL/IRON -- (1.9%)
70,000 Nucor Corp. .................................................................... 3,657,500
-------------
TECHNOLOGY -- (5.7%)
45,000 Computer Science Corp. (b) ..................................................... 3,192,188
40,000 International Business Machines Corp. .......................................... 3,922,499
64,000 Varian Associates, Inc. ........................................................ 3,744,000
-------------
10,858,687
-------------
TELECOMMUNICATIONS -- (6.2%)
105,000 AT&T Corp. ..................................................................... 5,138,437
130,000 BCE, Inc. ...................................................................... 3,631,875
45,000 Motorola, Inc. ................................................................. 2,778,750
-------------
11,549,062
-------------
TEXTILES -- (2.6%)
130,000 Unifi, Inc. .................................................................... 4,996,875
-------------
TOTAL COMMON STOCKS (COST $135,818,518) ........................................ 176,119,306
-------------
INVESTMENT COMPANIES -- (7.5%)
7,142,041 Financial Square Prime Money Market Fund ....................................... 7,142,041
7,210,367 Temporary Investment Fund ...................................................... 7,210,367
-------------
TOTAL INVESTMENT COMPANIES (COST $14,352,408) .................................. 14,352,408
-------------
TOTAL INVESTMENTS (COST $150,170,926) (a) -- 100.0% ............................ 190,471,714
LIABILITIES IN EXCESS OF OTHER ASSETS -- 0.0% .................................. (55,875)
-------------
TOTAL NET ASSETS -- 100.0% ..................................................... $ 190,415,839
-------------
-------------
</TABLE>
- -------------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............................................. $41,651,428
Unrealized depreciation............................................. (1,350,640)
-------------
Net unrealized appreciation......................................... $40,300,788
-------------
-------------
</TABLE>
(b) Non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
14
<PAGE>
CENTURA FUNDS, INC.
EQUITY INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
- ----------- --------------------------------------------------------------------------------- ------------
<C> <S> <C>
COMMON STOCKS -- (87.4%)
AEROSPACE/DEFENSE -- (1.5%)
20,000 Boeing Co........................................................................ $ 957,500
------------
BANKING & FINANCIAL SERVICES -- (7.5%)
14,000 Barnett Banks, Inc............................................................... 966,000
13,500 CCB Financial Corp............................................................... 1,228,500
24,000 Mellon Bank Corp................................................................. 1,237,499
16,000 Wachovia Corp.................................................................... 1,205,000
------------
4,636,999
------------
CHEMICALS -- (6.5%)
18,000 E.I. du Pont de Nemours & Co..................................................... 1,023,750
20,000 Goodrich (B.F.) Co............................................................... 891,250
30,000 Lubrizol Corp.................................................................... 1,155,000
12,000 Potash Corp. of Saskatchewan, Inc................................................ 983,250
------------
4,053,250
------------
COMMERCIAL SERVICES -- (3.5%)
100,000 Rollins, Inc..................................................................... 2,137,500
------------
CONSUMER DURABLES -- (1.6%)
20,000 Briggs & Stratton Corp........................................................... 995,000
------------
CONSUMER SERVICES -- (3.0%)
40,000 Dow Jones & Co., Inc............................................................. 1,860,000
------------
ELECTRIC UTILITY -- (1.6%)
20,000 Duke Power Co., Inc.............................................................. 965,000
------------
ELECTRICAL & ELECTRONICS -- (1.9%)
26,000 AMP, Inc......................................................................... 1,170,000
------------
ELECTRICAL EQUIPMENT -- (2.1%)
20,000 General Electric Co.............................................................. 1,291,250
------------
ENERGY -- (5.0%)
16,000 Amoco Corp....................................................................... 1,467,000
31,000 Royal Dutch Petroleum Co......................................................... 1,631,375
------------
3,098,375
------------
FOOD -- (8.1%)
60,000 Flowers Industries, Inc.......................................................... 1,140,000
70,000 J.M. Smucker Co.................................................................. 1,767,500
95,000 Lance, Inc....................................................................... 2,030,624
------------
4,938,124
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
15
<PAGE>
CENTURA FUNDS, INC.
EQUITY INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
- ----------- --------------------------------------------------------------------------------- ------------
<C> <S> <C>
COMMON STOCKS -- (CONTINUED)
GAS UTILITY -- (1.7%)
40,000 UGI Corp......................................................................... $ 1,075,000
------------
HOME FURNISHINGS -- (2.3%)
50,000 Bassett Furniture Industries, Inc................................................ 1,400,000
------------
HOUSEHOLD PRODUCTS -- (1.2%)
30,000 Tupperware Corp.................................................................. 751,875
------------
INSURANCE -- (2.6%)
21,000 Jefferson-Pilot Corp............................................................. 1,623,563
------------
MEDIA -- (2.8%)
30,500 Time Warner, Inc................................................................. 1,759,469
------------
METALS -- (2.1%)
18,000 Aluminum Co. of America.......................................................... 1,314,000
------------
NATURAL GAS UTILITY -- (0.7%)
16,000 Piedmont Natural Gas Co., Inc.................................................... 448,000
------------
OIL/GAS EXPLORATION -- (3.0%)
21,000 Schlumberger Ltd................................................................. 1,837,500
------------
PHARMACEUTICALS -- (6.1%)
20,000 Abbott Labratories............................................................... 1,226,250
15,000 American Home Products Corp...................................................... 1,111,875
34,000 Glaxo Holdings, ADR.............................................................. 1,455,625
------------
3,793,750
------------
REAL ESTATE INVESTMENT TRUST -- (2.5%)
44,700 Highwoods Properties, Inc........................................................ 1,542,150
------------
RETAIL -- (2.8%)
30,000 J.C. Penney, Inc................................................................. 1,760,625
------------
RETAIL -- GROCERY -- (2.1%)
100,000 Ingles Markets Inc., Class A..................................................... 1,312,500
------------
TECHNOLOGY -- (2.4%)
15,000 International Business Machines Corp............................................. 1,470,938
------------
TELECOMMUNICATIONS -- (7.2%)
35,000 AT&T Corp........................................................................ 1,712,812
45,000 BCE, Inc......................................................................... 1,257,188
31,000 BellSouth Corp................................................................... 1,466,687
------------
4,436,687
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
16
<PAGE>
CENTURA FUNDS, INC.
EQUITY INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
- ----------- --------------------------------------------------------------------------------- ------------
<C> <S> <C>
COMMON STOCKS -- (CONTINUED)
TOBACCO -- (2.2%)
36,000 Universal Corp................................................................... $ 1,383,750
------------
UTILITIES -- (1.4%)
20,000 GTE Corp......................................................................... 848,750
------------
UTILITIES -- ELECTRIC -- (2.0%)
55,000 Southern Co...................................................................... 1,261,563
------------
TOTAL COMMON STOCKS (COST $39,110,355)........................................... 54,123,118
------------
PREFERRED STOCKS -- (4.9%)
COMPUTER SOFTWARE -- (2.6%)
18,000 Microsoft Corp., Convertible..................................................... 1,588,500
------------
FOOD -- (2.3%)
27,000 Chiquita Brands, Convertible..................................................... 1,424,250
------------
TOTAL PREFERRED STOCKS (COST $2,747,723)......................................... 3,012,750
------------
INVESTMENT COMPANIES -- (7.8%)
2,408,206 Financial Square Prime Money Market Fund......................................... 2,408,206
2,426,663 Temporary Investment Fund........................................................ 2,426,663
------------
TOTAL INVESTMENT COMPANIES (COST $4,834,869)..................................... 4,834,869
------------
TOTAL INVESTMENTS (COST $46,692,947) (a) -- 100.1%............................... 61,970,737
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1)%.................................. (48,970)
------------
TOTAL NET ASSETS -- 100.0%....................................................... $ 61,921,767
------------
------------
</TABLE>
- -------------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............................................. $ 15,952,699
Unrealized depreciation............................................. (674,909)
-------------
Net unrealized appreciation......................................... $ 15,277,790
-------------
-------------
</TABLE>
ADR -- American Depositary Receipts
SEE NOTES TO FINANCIAL STATEMENTS.
17
<PAGE>
CENTURA FUNDS, INC.
SOUTHEAST EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- --------------------------------------------------------------------------------- ------------
<C> <S> <C>
COMMON STOCKS -- (91.6%)
AIRLINES -- (1.4%)
14,000 Atlantic Southeast Airlines, Inc. ............................................... $ 390,250
------------
ALUMINUM -- (1.2%)
18,500 Commonwealth Industries, Inc. ................................................... 326,063
------------
APPAREL -- (0.9%)
20,000 Tropical Sportswear International (b) ........................................... 240,000
------------
BANKING & FINANCIAL SERVICES -- (9.4%)
8,500 CCB Financial Corp. ............................................................. 773,499
8,000 Cenit Bancorp, Inc. ............................................................. 520,000
20,000 First Financial Holdings, Inc. .................................................. 772,500
12,500 First Liberty Financial Corp. ................................................... 329,688
10,000 LSB Bancshares, Inc. ............................................................ 252,500
------------
2,648,187
------------
CHEMICALS -- (1.2%)
30,000 JLM Industries, Inc. (b) ........................................................ 341,250
------------
COMMERCIAL SERVICES -- (3.7%)
35,500 Aviall Inc. (b) ................................................................. 474,813
26,000 Rollins, Inc. ................................................................... 555,749
------------
1,030,562
------------
COMPUTER SOFTWARE -- (2.6%)
38,000 Broadway & Seymour, Inc. (b) .................................................... 370,500
12,000 Datastream Systems, Inc. (b) .................................................... 366,000
------------
736,500
------------
DISTRIBUTION/WHOLESALE -- (0.6%)
10,000 Southern Electronic Corp. (b) ................................................... 165,000
------------
ELECTRIC UTILITY -- (1.4%)
15,000 Scana Corp. ..................................................................... 378,750
------------
ELECTRICAL & ELECTRONICS -- (1.7%)
17,000 AVX Corp. ....................................................................... 480,250
------------
ELECTRICAL EQUIPMENT -- (1.7%)
15,000 General Cable ................................................................... 485,625
------------
ELECTRONIC COMPONENTS & CONTRACT MANUFACTURING -- (2.1%)
24,000 Benchmark Electronics, Inc. (b) ................................................. 598,500
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
18
<PAGE>
CENTURA FUNDS, INC.
SOUTHEAST EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- --------------------------------------------------------------------------------- ------------
<C> <S> <C>
COMMON STOCKS -- (CONTINUED)
FINANCIAL SERVICES -- (0.9%)
750 Choicepoint, Inc. (b) ........................................................... $ 27,938
7,500 Equifax, Inc. ................................................................... 232,968
------------
260,906
------------
FOOD -- (3.7%)
25,000 Goodmark Foods, Inc. ............................................................ 412,500
29,000 Lance, Inc. ..................................................................... 619,874
------------
1,032,374
------------
FOREST PRODUCTS -- (1.8%)
18,000 Deltic Timber Corp. ............................................................. 507,375
------------
HEALTH CARE -- (3.2%)
20,000 Coventry Corp. (b) .............................................................. 278,750
25,000 Trigon Healthcare, Inc. (b) ..................................................... 610,938
------------
889,688
------------
HOME FURNISHINGS -- (0.6%)
5,600 Bassett Furniture Industries, Inc. .............................................. 156,800
------------
HOSPITAL MANAGEMENT -- (1.4%)
25,000 Medcath, Inc. (b) ............................................................... 393,750
------------
INSURANCE -- (7.4%)
9,700 American Heritage Life Insurance ................................................ 343,138
25,000 FPIC Insurance Group, Inc. (b) .................................................. 743,749
18,000 Highlands Insurance Group (b) ................................................... 414,000
17,400 Provident Cos., Inc. ............................................................ 580,725
------------
2,081,612
------------
MACHINERY & EQUIPMENT -- (1.0%)
10,000 Roper Industries, Inc. .......................................................... 266,875
------------
MACHINERY (DIVERSE) -- (1.7%)
16,000 Kaydon Corp. .................................................................... 486,000
------------
MEDIA -- (2.0%)
18,000 Cox Communications (b) .......................................................... 553,500
------------
MEDICAL - BIOTECHNOLOGY -- (1.6%)
25,000 Pharmaceutical Product Development, Inc. (b) .................................... 443,750
------------
MEDICAL EQUIPMENT & SUPPLIES -- (1.0%)
13,000 Maxxim Medical, Inc. (b) ........................................................ 290,875
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
19
<PAGE>
CENTURA FUNDS, INC.
SOUTHEAST EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- --------------------------------------------------------------------------------- ------------
<C> <S> <C>
COMMON STOCKS -- (CONTINUED)
MEDICAL SUPPLIES & DISTRIBUTION -- (1.8%)
36,200 Owens & Minor Inc. Holding Co. .................................................. $ 506,800
------------
NATURAL GAS UTILITY -- (1.0%)
10,000 Piedmont Natural Gas Co., Inc. .................................................. 280,000
------------
OIL DRILLING -- (2.5%)
10,000 Marine Drilling Companies, Inc. (b) ............................................. 296,250
12,000 Pride International, Inc. (b) ................................................... 396,000
------------
692,250
------------
OIL/GAS EXPLORATION -- (0.9%)
8,000 Forcenergy, Inc. (b) ............................................................ 261,000
------------
OIL/GAS SERVICES -- (5.6%)
30,400 American Oilfield Divers, Inc. (b) .............................................. 516,800
41,500 Dailey Petroleum Services (b) ................................................... 529,124
26,000 Global Industries Ltd. (b) ...................................................... 523,250
------------
1,569,174
------------
PACKAGING -- (1.1%)
10,000 Sonoco Products Co. ............................................................. 321,875
------------
PAPER/PULP -- (1.3%)
9,000 Buckeye Cellulose Corp. (b) ..................................................... 373,500
------------
POLLUTION CONTROL -- (1.4%)
76,100 Trion Inc. ...................................................................... 380,500
------------
PUBLISHING & PRINTING -- (3.2%)
30,000 Cadmus Communications Corp. ..................................................... 630,000
23,100 Nelson (Thomas), Inc. ........................................................... 268,538
------------
898,538
------------
REAL ESTATE INVESTMENT TRUST -- (2.8%)
20,000 Capstone Capital Corp. .......................................................... 472,500
5,000 Prison Realty Trust ............................................................. 172,500
10,000 Winston Hotels, Inc. ............................................................ 136,250
------------
781,250
------------
RESTAURANTS -- (0.8%)
25,000 Rare Hospitality International, Inc. (b) ........................................ 234,375
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
20
<PAGE>
CENTURA FUNDS, INC.
SOUTHEAST EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- --------------------------------------------------------------------------------- ------------
<C> <S> <C>
COMMON STOCKS -- (CONTINUED)
RETAIL -- (3.4%)
40,000 Cato Corp. ...................................................................... $ 342,500
15,000 Heilig Meyers Co. ............................................................... 200,625
10,000 Lowes Co. ....................................................................... 416,250
------------
959,375
------------
RETAIL -- GROCERY -- (1.4%)
30,000 Ingles Markets Inc., Class A .................................................... 393,750
------------
STEEL/IRON -- (1.1%)
6,000 Nucor Corp. ..................................................................... 313,500
------------
TELECOMMUNICATIONS -- (1.2%)
25,000 Vanguard Cellular System - Class A (b) .......................................... 345,313
------------
TEXTILES -- (2.2%)
9,300 Guilford Mills, Inc. ............................................................ 222,038
10,000 Unifi, Inc. ..................................................................... 384,375
------------
606,413
------------
TOBACCO -- (3.5%)
35,000 Standard Commercial Corp. (b) ................................................... 584,063
10,000 Universal Corp. ................................................................. 384,375
------------
968,438
------------
WIRE & CABLE PRODUCTS -- (2.2%)
81,500 Insteel Industries, Inc. ........................................................ 621,438
------------
TOTAL COMMON STOCKS (COST $20,905,728) .......................................... 25,691,931
------------
U.S. TREASURY BILLS -- (3.6%)
$1,000,000 11/6/97 ......................................................................... 999,354
------------
TOTAL U.S. TREASURY BILLS (COST $999,354) ....................................... 999,354
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
21
<PAGE>
CENTURA FUNDS, INC.
SOUTHEAST EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- --------------------------------------------------------------------------------- ------------
<C> <S> <C>
INVESTMENT COMPANIES -- (6.8%)
961,442 Financial Square Prime Money Market Fund ........................................ $ 961,442
939,018 Temporary Investment Fund ....................................................... 939,018
------------
1,900,460
------------
TOTAL INVESTMENT COMPANIES (COST $1,900,460) .................................... 1,900,460
------------
TOTAL INVESTMENTS (COST $23,805,542) (a) -- 102.0% .............................. 28,591,745
LIABILITIES IN EXCESS OF OTHER ASSETS -- (2.0)% ................................. (562,667)
------------
TOTAL NET ASSETS -- 100.0% $28,029,078
------------
------------
</TABLE>
- -------------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.............................................. $5,382,193
Unrealized depreciation.............................................. (595,990)
-------------
Net unrealized appreciation.......................................... $4,786,203
-------------
-------------
</TABLE>
(b) Non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
22
<PAGE>
CENTURA FUNDS, INC.
FEDERAL SECURITIES INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------------------------------------------------------- -------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 25.3%
FEDERAL FARM CREDIT BANK -- 1.5%
$ 2,000,000 5.84%, 11/21/03 ................................................................ $ 1,984,860
-------------
FEDERAL HOME LOAN BANK -- 1.6%
2,000,000 7.89%, 12/23/97 ................................................................ 2,006,290
-------------
FEDERAL HOME LOAN MORTGAGE CORP. -- 7.7%
4,950,000 6.50%, 9/1/04, Pool #N97771 .................................................... 4,965,444
5,000,000 6.50%, TBA ..................................................................... 5,015,600
-------------
9,981,044
-------------
FEDERAL NATIONAL MORTGAGE ASSOC. -- 14.5%
3,338,269 6.00%, 11/1/97, Pool #50948 .................................................... 3,324,849
2,068,175 6.00%, 1/1/04, Pool #50968 ..................................................... 2,058,351
4,994,599 6.50%, 7/1/04, Pool # 250995 ................................................... 5,005,487
3,000,000 7.40%, 7/1/04 .................................................................. 3,222,360
5,000,000 6.50%, 10/1/04, Pool #251243 ................................................... 5,010,901
-------------
18,621,948
-------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $32,394,567) .................... 32,594,142
-------------
U.S. GOVERNMENT OBLIGATIONS -- 74.9%
U.S. TREASURY NOTES -- 74.9%
7,000,000 7.13%, 10/15/98 ................................................................ 7,102,270
5,000,000 5.13%, 12/31/98 ................................................................ 4,974,850
5,000,000 6.38%, 1/15/99 ................................................................. 5,045,550
5,000,000 7.00%, 4/15/99 ................................................................. 5,095,250
5,000,000 8.00%, 8/15/99 ................................................................. 5,196,850
5,000,000 7.75%, 11/30/99 ................................................................ 5,200,500
5,000,000 8.50%, 2/15/00 ................................................................. 5,295,000
5,000,000 7.13%, 2/29/00 ................................................................. 5,153,400
2,000,000 6.38%, 3/31/01 ................................................................. 2,038,060
5,000,000 6.25%, 8/31/02 ................................................................. 5,095,150
5,000,000 5.88%, 9/30/02 ................................................................. 5,021,850
5,000,000 5.75%, 8/15/03 ................................................................. 4,980,050
5,000,000 7.88%, 11/15/04 ................................................................ 5,570,650
5,000,000 6.50%, 5/15/05 ................................................................. 5,183,200
5,000,000 6.50%, 8/15/05 ................................................................. 5,184,450
5,000,000 6.50%, 10/15/06 ................................................................ 5,195,450
5,000,000 6.25%, 2/15/07 ................................................................. 5,119,500
10,000,000 6.13%, 8/15/07 ................................................................. 10,223,900
-------------
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $94,720,364) ........................... 96,675,930
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
23
<PAGE>
CENTURA FUNDS, INC.
FEDERAL SECURITIES INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------------------------------------------------------- -------------
<C> <S> <C>
INVESTMENT COMPANIES -- 3.0%
1,593,574 Financial Square Treasury Short Term Money Market Fund ......................... $ 1,593,574
2,289,557 PNC Treasury Trust Fund ........................................................ 2,289,557
-------------
TOTAL INVESTMENT COMPANIES (COST $3,883,131) ................................... 3,883,131
-------------
TOTAL INVESTMENTS (COST $130,998,062) (a) -- 103.2% ............................ 133,153,203
LIABILITIES IN EXCESS OF OTHER ASSETS -- 3.2% .................................. (4,083,927)
-------------
TOTAL NET ASSETS -- 100.0% ..................................................... $ 129,069,276
-------------
-------------
</TABLE>
- -------------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.............................................. $ 2,155,141
Unrealized depreciation.............................................. --
-------------
Net unrealized appreciation.......................................... $ 2,155,141
-------------
-------------
</TABLE>
TBA -- Securities purchased on a forward commitment basis with an approximate
principal amount and no definitive maturity date. The actual principal
amount and maturity date will be determined upon settlement date.
SEE NOTES TO FINANCIAL STATEMENTS.
24
<PAGE>
CENTURA FUNDS, INC.
NORTH CAROLINA TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- --------------------------------------------------------------------------------- ------------
<C> <S> <C>
NORTH CAROLINA MUNICIPAL OBLIGATIONS -- 97.9%
$ 1,000,000 Buncombe County UTGO, Refunding, 5.00%, 3/1/01 .................................. $ 1,029,290
935,000 Cabarrus County GO, 5.30%, 2/1/08, Callable 2/1/07 @ 100.5 ...................... 983,255
900,000 Cabarrus County GO, 5.30%, 2/1/10, Callable 2/1/07 @ 101.5 ...................... 934,479
1,000,000 Carteret County GO, 5.40%, 5/1/09, Callable 5/1/06 @ 101.5 ...................... 1,053,940
500,000 Carteret County, (MBIA), 5.40%, 5/1/07, Callable 5/1/06 @ 100.5 ................. 531,025
1,000,000 Centennial North Carolina Tax Revenue Authority RB, 4.65%, 9/1/06 ............... 1,004,110
1,000,000 Charlotte Mecklenberg Hospital Authority Health Care System, Revenue, Refunding,
6.00%, 1/1/04, Callable 1/1/02 @ 102 .......................................... 1,077,120
1,500,000 Charlotte UTGO, Refunding, 5.10%, 6/1/09, Callable 6/1/05 @ 102 ................. 1,557,135
500,000 Chatham County, 5.40%, 4/1/12, Callable 4/1/06 @ 102 ............................ 519,100
1,400,000 Cleveland County UTGO, (FGIC), Refunding, 5.10%, 6/1/07, Callable 6/1/03 @ 102 .. 1,458,114
1,630,000 Concord North Carolina Utilities Systems RB, 6.00%, 12/1/10, Callable 12/1/02 @
102 ........................................................................... 1,747,424
1,000,000 Craven County GO, 5.40%, 6/1/02 ................................................. 1,049,950
1,535,000 Cumberland County Civic Center Project, Series A, CP, (AMBAC), 6.20%, 12/1/07 ... 1,699,291
880,000 Durham County GO, 5.75%, 2/1/07, Callable 2/1/02 @ 102 .......................... 941,574
300,000 Educational Facilities Finance Agency, Duke University Project, Series B, 4.70%,
10/1/08, Callable 10/1/06 @ 102 ............................................... 300,600
1,280,000 Fayetteville Public Works, Series A, Revenue, (AMBAC), 5.25%, 3/1/08, Callable
3/1/05 @ 102 .................................................................. 1,336,550
1,000,000 Gaston County CP, 4.75%, 12/1/05 ................................................ 1,014,720
850,000 Gaston County UTGO, (MBIA), 5.70%, 3/1/04 ....................................... 910,928
1,000,000 Gaston County UTGO, (MBIA), 5.70%, 3/1/05, Callable 3/1/04 @ 100.5 .............. 1,071,480
1,000,000 Greensboro Public Improvement, Series B, UTGO, 5.40%, 4/1/04 .................... 1,059,920
1,000,000 Iredell County RB, 5.10%, 10/1/11, Callable 10/1/07 @ 101 ....................... 1,007,520
1,000,000 Lee County GO, 5.00% 4/1/06 ..................................................... 1,033,960
1,000,000 Mecklenburg County UTGO, 4.80%, 3/1/06 .......................................... 1,024,790
1,500,000 North Carolina Municipal Power Agency #1, Catawba Electric Revenue, (MBIA),
Refunding, 5.25%, 1/1/09 ...................................................... 1,564,320
1,000,000 North Carolina State, 5.10%, 3/1/08, Series A ................................... 1,043,900
1,000,000 Onslow County UTGO, 5.60%, 3/1/05 ............................................... 1,071,860
1,050,000 Orange County UTGO, Refunding, 5.10%, 6/1/03 .................................... 1,092,851
625,000 Pitt County CP, 5.35%, 4/1/07 ................................................... 656,569
1,000,000 Pitt County GO, 5.38%, 12/1/10, Callable 12/1/05 @ 102 .......................... 1,030,570
1,250,000 Raleigh UTGO, Refunding, 6.40% 3/1/02, Callable 3/1/01 @ 100.5 .................. 1,344,300
1,000,000 Union City GO, 4.80%, 5/1/05 .................................................... 1,021,470
870,000 University of North Carolina, Revenue, 5.30%, 5/15/12, Callable 5/15/07 @ 102 ... 887,296
1,460,000 University of North Carolina, Utility System RB, Refunding, 5.00%, 8/1/09,
Callable 8/1/02 @ 102 ......................................................... 1,480,761
1,275,000 Wilkes County UTGO, Refunding, 5.20%, 6/1/05, Callable 6/1/03 @ 101 ............. 1,328,525
1,000,000 Winston-Salem CP, 5.30%, 6/1/09 ................................................. 1,040,230
1,000,000 Winston-Salem Water & Sewer System RB, 6.30%, 6/1/06, Callable 6/1/02 @ 102 ..... 1,101,230
------------
TOTAL NORTH CAROLINA MUNICIPAL OBLIGATIONS (COST $37,642,863) ................... 39,010,157
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
25
<PAGE>
CENTURA FUNDS, INC.
NORTH CAROLINA TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- --------------------------------------------------------------------------------- ------------
<C> <S> <C>
INVESTMENT COMPANIES -- 0.5%
93,496 Institutional Liquid Assets Tax-Free Money Market Fund .......................... $ 93,496
93,496 PNC Investment Money Market Fund ................................................ 93,496
------------
TOTAL INVESTMENT COMPANIES (COST $186,992) ...................................... 186,992
------------
TOTAL INVESTMENTS (COST $37,829,855) (a) -- 98.4% ............................... 39,197,149
OTHER ASSETS IN EXCESS OF LIABILITIES -- 1.6% ................................... 622,218
------------
TOTAL NET ASSETS -- 100.0% ...................................................... $ 39,819,367
------------
------------
</TABLE>
- -------------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.............................................. $ 1,372,734
Unrealized depreciation.............................................. (5,440)
-------------
Net unrealized appreciation.......................................... $ 1,367,294
-------------
-------------
</TABLE>
AMBAC -- AMBAC Indemnity Corporation
CP -- Certificate of Participation
FGIC -- Financial Guaranty Insurance Corporation
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
RB -- Revenue Bond
UTGO -- Unlimited Tax General Obligation
SEE NOTES TO FINANCIAL STATEMENTS.
26
<PAGE>
CENTURA FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
FEDERAL NORTH
EQUITY EQUITY SOUTHEAST SECURITIES CAROLINA
GROWTH INCOME EQUITY INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
----------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (Cost $150,170,926;
$46,692,947; $23,805,542; $130,998,062;
$37,829,855).................................... $190,471,714 $61,970,737 $28,591,745 $133,153,203 $39,197,149
Interest and dividends receivable................. 251,474 149,240 37,376 1,705,790 625,538
Receivable for capital shares issued.............. 36,860 1,736 30,258 -- --
Receivable for investments sold................... -- -- -- -- 1,227,959
Unamortized organization costs.................... 11,664 -- 14,961 16,562 5,117
Prepaid expenses.................................. 3,987 1,155 5,936 3,425 1,092
----------- ---------- ---------- ----------- ----------
Total Assets.................................. 190,775,699 62,122,868 28,680,276 134,878,980 41,056,855
----------- ---------- ---------- ----------- ----------
LIABILITIES:
Dividends payable................................. 12,456 111,953 17,394 602,685 149,566
Payable for investments purchased................. -- -- 598,750 5,012,500 1,025,370
Payable for capital shares issued................. 3,783 1,924 877 1,250 100
Accrued expenses and other payables:
Investment advisory fees........................ 116,525 19,277 16,700 32,322 3,377
Administration fees............................. 2,338 379 342 1,562 141
Distribution fees -- Class A.................... 2,398 177 304 106 986
Distribution fees -- Class B.................... 11,492 1,042 1,924 93 249
Trustee fees.................................... 15,566 2,308 190 6,727 906
Custodian fees.................................. 16,483 6,771 4,374 10,725 3,144
Fund accounting fees............................ 11,260 2,445 813 3,597 1,031
Transfer agent fees............................. 31,770 7,500 540 3,239 1,160
Legal and audit fees............................ 17,166 10,750 7,736 13,856 8,192
Printing fees................................... 64,925 17,853 1,254 30,097 4,352
Other........................................... 73,174 18,722 -- 90,945 38,914
----------- ---------- ---------- ----------- ----------
Total Liabilities............................. 379,336 201,101 651,198 5,809,704 1,237,488
----------- ---------- ---------- ----------- ----------
NET ASSETS:
Shares of beneficial interest outstanding (par
value $.001 per share) 150,000,000 shares
authorized...................................... 10,480 4,915 2,066 12,692 3,865
Additional paid-in-capital........................ 107,038,057 40,705,007 21,420,326 127,090,570 38,522,116
Accumulated undistributed (distributions in excess
of) net investment income....................... (3,792) (480) (657) -- 3,300
Accumulated undistributed net realized gains
(losses) from investment transactions........... 43,070,306 5,934,535 1,821,140 (229,752) (77,208)
Net unrealized appreciation (depreciation) from
investments..................................... 40,300,788 15,277,790 4,786,203 2,195,766 1,367,294
----------- ---------- ---------- ----------- ----------
Net Assets.................................... $190,415,839 $61,921,767 $28,029,078 $129,069,276 $39,819,367
----------- ---------- ---------- ----------- ----------
----------- ---------- ---------- ----------- ----------
Class A:
Net Assets...................................... $11,013,480 $ 861,704 $1,504,075 $ 516,002 $4,664,486
Shares Outstanding.............................. 606,087 68,315 110,770 50,757 452,813
Net Asset Value Per Share....................... $18.17 $12.61 $13.58 $10.17 $10.30
----------- ---------- ---------- ----------- ----------
----------- ---------- ---------- ----------- ----------
Maximum Sales Charge............................ 4.50% 4.50% 4.50% 2.75% 2.75%
----------- ---------- ---------- ----------- ----------
----------- ---------- ---------- ----------- ----------
Maximum Offering Price Per Share (100%/(100% --
Maximum Sales Charge) of net asset value
adjusted to the nearest cent) per share....... $19.03 $13.20 $14.22 $10.46 $10.59
----------- ---------- ---------- ----------- ----------
----------- ---------- ---------- ----------- ----------
Class B:
Net Assets...................................... $13,348,460 $1,261,749 $2,364,830 $ 133,333 $ 387,179
Shares Outstanding.............................. 742,354 100,371 174,636 13,121 37,590
Net Asset Value Per Share*...................... $17.98 $12.57 $13.54 $10.16 $10.30
----------- ---------- ---------- ----------- ----------
----------- ---------- ---------- ----------- ----------
Class C:
Net Assets...................................... $166,053,899 $59,798,314 $24,160,173 $128,419,941 $34,767,702
Shares Outstanding.............................. 9,131,123 4,746,763 1,780,681 12,627,674 3,375,089
Net Asset Value Per Share....................... $18.19 $12.60 $13.57 $10.17 $10.30
----------- ---------- ---------- ----------- ----------
----------- ---------- ---------- ----------- ----------
</TABLE>
* Redemption price varies by length of time held
SEE NOTES TO FINANCIAL STATEMENTS.
27
<PAGE>
CENTURA FUNDS, INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
FEDERAL NORTH
EQUITY EQUITY SOUTHEAST SECURITIES CAROLINA
GROWTH INCOME EQUITY INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income .................. $ 14,991 $ -- $ 7,195 $3,867,688 $ 977,907
Dividend income .................. 1,537,620 970,167 202,781 156,238 11,490
------------- ------------ ------------ ------------ ------------
Total income ................... 1,552,611 970,167 209,976 4,023,926 989,397
------------- ------------ ------------ ------------ ------------
EXPENSES:
Investment advisory fees ......... 669,162 211,536 79,594 188,191 72,313
Administration fees .............. 143,392 45,329 17,056 94,096 29,535
Distribution fees -- Class A ..... 25,733 1,506 1,846 1,199 10,192
Distribution fees -- Class B ..... 60,444 4,141 5,700 888 1,979
Custodian fees ................... 30,074 10,478 8,067 16,192 7,158
Accounting fees .................. 29,067 20,153 16,928 23,403 18,551
Legal fees ....................... 18,162 5,094 816 10,304 2,312
Audit fees ....................... 17,298 12,010 8,172 15,456 9,902
Trustees' fees and expenses ...... 21,912 7,304 1,161 17,112 3,818
Transfer agent fees .............. 61,445 13,146 6,288 14,904 14,651
Registration and filing fees ..... 26,004 13,798 7,536 16,928 10,352
Printing costs ................... 31,898 11,030 1,668 23,000 6,313
Amortization of organization
costs .......................... 3,698 -- 720 3,755 1,656
Other expenses ................... 6,277 5,634 532 18,769 2,276
------------- ------------ ------------ ------------ ------------
Total expenses before voluntary
fee reductions ............... 1,144,566 361,159 156,084 444,197 191,008
Less: Expenses voluntarily
reduced ...................... (12,867) (126,768) (31,472) (822) (75,884)
------------- ------------ ------------ ------------ ------------
Total Net Expenses ............... 1,131,699 234,391 124,612 443,375 115,124
------------- ------------ ------------ ------------ ------------
Net Investment Income .............. 420,912 735,776 85,364 3,580,551 874,273
------------- ------------ ------------ ------------ ------------
REALIZED/UNREALIZED GAINS (LOSSES)
FROM INVESTMENTS:
Net realized gains (losses) from
investment transactions ........ 16,538,306 2,069,986 1,821,140 191,531 47,329
Net change in unrealized
appreciation/depreciation from
investments .................... 14,256,950 6,311,449 4,007,490 2,604,744 1,158,819
------------- ------------ ------------ ------------ ------------
Net realized/unrealized gains
(losses) from investments ...... 30,795,256 8,381,435 5,828,630 2,796,275 1,206,148
------------- ------------ ------------ ------------ ------------
Increase in Net Assets Resulting
from Operations .................. $ 31,216,168 $ 9,117,211 $ 5,913,994 $6,376,826 $ 2,080,421
------------- ------------ ------------ ------------ ------------
------------- ------------ ------------ ------------ ------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
28
<PAGE>
CENTURA FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQUITY EQUITY SOUTHEAST
GROWTH FUND INCOME FUND EQUITY FUND
--------------------------------- ------------------------------------ -------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE PERIOD For the Period
MONTHS ENDED ENDED MONTHS ENDED ENDED Ended
OCTOBER 31, 1997 APRIL 30, 1997 OCTOBER 31, 1997 APRIL 30, 1997(a) October 31, 1997(b)
---------------- -------------- ---------------- ----------------- -------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment
income............... $ 420,912 $ 983,129 $ 735,776 $ 757,965 $ 85,364
Net realized gains from
investment
transactions......... 16,538,306 30,002,586 2,069,986 3,967,356 1,821,140
Net change in
unrealized
appreciation/depreciation
from investments..... 14,256,950 (11,207,750) 6,311,449 638,500 4,007,490
---------------- -------------- ---------------- ----------------- -------------------
Change in net assets
resulting from
operations............. 31,216,168 19,777,965 9,117,211 5,363,821 5,913,994
---------------- -------------- ---------------- ----------------- -------------------
DISTRIBUTIONS FROM NET
INVESTMENT INCOME:
Class A.............. (13,931) (28,839) (6,788) (2,507) (2,116)
Class B.............. (941) (3,989) (6,435) (1,604) (1,083)
Class C.............. (409,832) (950,301) (723,033) (753,854) (82,822)
---------------- -------------- ---------------- ----------------- -------------------
Total distributions
from net investment
income............... (424,704) (983,129) (736,256) (757,965) (86,021)
---------------- -------------- ---------------- ----------------- -------------------
DISTRIBUTIONS FROM
CAPITAL GAINS:
Class A.............. -- (283,432) -- (221) --
Class B.............. -- (322,055) -- (127) --
Class C.............. -- (5,790,963) -- (102,459) --
---------------- -------------- ---------------- ----------------- -------------------
Total distributions
from capital gains... -- (6,396,450) -- (102,807) --
---------------- -------------- ---------------- ----------------- -------------------
Total Distributions...... (424,704) (7,379,579) (736,256) (860,772) (86,021)
---------------- -------------- ---------------- ----------------- -------------------
CAPITAL SHARE
TRANSACTIONS:
Total proceeds from
sales of shares:..... 17,214,655 44,819,658 6,610,282 57,125,785 23,874,497
Total proceeds of
shares issued in
reinvestment of
dividends:........... 316,056 5,223,588 371,407 342,774 32,310
Total cost of shares
redeemed:............ (23,381,630) (42,614,739) (6,691,574) (8,720,911) (1,705,702)
---------------- -------------- ---------------- ----------------- -------------------
Change in net assets from
share transactions..... (5,850,919) 7,428,507 290,115 48,747,648 22,201,105
---------------- -------------- ---------------- ----------------- -------------------
Change in net assets..... 24,940,545 19,826,893 8,671,070 53,250,697 28,029,078
NET ASSETS:
Beginning of period.... 165,475,294 145,648,401 53,250,697 -- --
---------------- -------------- ---------------- ----------------- -------------------
End of period.......... $190,415,839 $ 165,475,294 $61,921,767 $53,250,697 $28,029,078
---------------- -------------- ---------------- ----------------- -------------------
---------------- -------------- ---------------- ----------------- -------------------
SHARE TRANSACTIONS:
Issued................. 965,431 3,129,448 536,824 5,662,614 2,197,615
Reinvested............. 18,168 346,962 31,361 31,912 2,600
Redeemed............... (1,301,283) (2,859,406) (540,501) (806,761) (134,128)
---------------- -------------- ---------------- ----------------- -------------------
Change in shares......... (317,684) 617,004 27,684 4,887,765 2,066,087
---------------- -------------- ---------------- ----------------- -------------------
---------------- -------------- ---------------- ----------------- -------------------
</TABLE>
- -------------
(a) For the period from October 1, 1996 (commencement of operations) to April
30, 1997.
(b) For the period from May 1, 1997 (commencement of operations) to October 31,
1997.
SEE NOTES TO FINANCIAL STATEMENTS.
29
<PAGE>
CENTURA FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
<TABLE>
<CAPTION>
FEDERAL SECURITIES NORTH CAROLINA
INCOME FUND TAX-FREE BOND FUND
--------------------------- -----------------------------
FOR THE FOR THE
FOR THE SIX YEAR YEAR
MONTHS ENDED ENDED FOR THE SIX ENDED
OCTOBER 31, APRIL 30, MONTHS ENDED APRIL 30,
1997 1997 OCTOBER 31, 1997 1997
-------------- ----------- ---------------- -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income............. $ 3,580,551 $ 7,011,483 $ 874,273 $1,820,433
Net realized gains from investment
transactions.................... 191,531 (421,283) 47,329 (121,237)
Net Change in unrealized
appreciation/depreciation from
investments..................... 2,604,744 (348,816) 1,158,819 294,839
-------------- ----------- ---------------- -----------
Change in net assets resulting from
operations........................ 6,376,826 6,241,384 2,080,421 1,994,035
-------------- ----------- ---------------- -----------
DISTRIBUTIONS FROM NET INVESTMENT
INCOME:
Class A......................... (13,093) (30,280) (86,149) (165,050)
Class B......................... (4,396) (9,729) (7,361) (15,612)
Class C......................... (3,563,062) (6,971,474) (780,763) (1,636,471)
-------------- ----------- ---------------- -----------
Total distributions from net
investment income............... (3,580,551) (7,011,483) (874,273) (1,817,133)
-------------- ----------- ---------------- -----------
DISTRIBUTIONS FROM CAPITAL GAINS:
Class A......................... -- (171) -- (35,190)
Class B......................... -- (65) -- (3,918)
Class C......................... -- (38,775) -- (325,775)
-------------- ----------- ---------------- -----------
Total distributions from capital
gains........................... -- (39,011) -- (364,883)
-------------- ----------- ---------------- -----------
Total Distributions................. (3,580,551) (7,050,494) (874,273) (2,182,016)
-------------- ----------- ---------------- -----------
CAPITAL SHARE TRANSACTIONS:
Total proceeds from sales of
shares:......................... 15,127,812 31,072,500 4,223,284 5,467,800
Total proceeds of shares issued in
reinvestment of dividends: ..... 2,163,599 4,090,678 104,007 261,076
Total cost of shares redeemed:.... (11,127,210) (24,722,945) (2,125,123) (10,459,064)
-------------- ----------- ---------------- -----------
Change in net assets from share
transactions...................... 6,164,201 10,440,233 2,202,168 (4,730,188)
-------------- ----------- ---------------- -----------
Change in net assets................ 8,960,476 9,631,123 3,408,316 (4,918,169)
NET ASSETS:
Beginning of period............... 120,108,800 110,477,677 36,411,051 41,329,220
-------------- ----------- ---------------- -----------
End of period..................... $129,069,276 $120,108,800 $ 39,819,367 3$6,411,051
-------------- ----------- ---------------- -----------
-------------- ----------- ---------------- -----------
SHARE TRANSACTIONS:
Issued............................ 1,503,950 3,105,195 416,832 545,043
Reinvested........................ 215,792 408,648 10,216 25,967
Redeemed.......................... (1,106,461) (2,475,427) (208,379) (1,042,355)
-------------- ----------- ---------------- -----------
Change in shares.................... 613,281 1,038,416 218,669 (471,345)
-------------- ----------- ---------------- -----------
-------------- ----------- ---------------- -----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
30
<PAGE>
CENTURA FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 1997 (UNAUDITED)
1. DESCRIPTION -- Centura Funds, Inc. (the "Company") is registered under
the Investment Company Act of 1940, as amended, as an open-end management
investment company, organized under the laws of the State of Maryland on March
1, 1994. The company currently consists of five separate investment portfolios:
Centura Equity Growth Fund, Centura Equity Income Fund, Centura Southeast Equity
Fund, Centura Federal Securities Fund and Centura North Carolina Tax-Free Bond
Fund (collectively, the "Funds").
The Equity Growth Fund seeks to achieve its investment objective of
long-term capital appreciation by investing in a diversified portfolio comprised
mainly of publicly traded common and preferred stocks and securities convertible
into or exchangeable for common stock. The Equity Income Fund seeks to achieve
its investment objective of providing long-term capital appreciation and income
by investing primarily in dividend-paying common stocks, convertible preferred
stocks, and convertible bonds, notes and debentures. The Southeast Equity Fund's
investment objective is to provide long-term capital appreciation and income.
The Federal Securities Fund seeks to achieve its investment objective of
providing relatively high current income consistent with relative stability of
principal and safety by investing primarily in securities issued by the U.S.
Government, its agencies and instrumentalities. The North Carolina Tax-Free Bond
Fund seeks to achieve its investment objective of providing relatively high
current income that is free of both federal and North Carolina personal income
tax together with relative safety of principal by investing primarily in a
portfolio of high quality North Carolina municipal securities.
The Funds each have three classes of shares known as Class A, Class B and
Class C Shares. Class A Shares are offered with a maximum front-end sales charge
of 4.50% for the Equity Growth Fund, Equity Income Fund and Southeast Equity
Fund and 2.75% for the Federal Securities Income Fund and North Carolina
Tax-Free Bond Fund. Class B Shares are offered with a contingent deferred sales
charge ("CDSC") declining from a maximum in the first year after purchase of
5.00% for the Equity Income Fund, the Equity Growth Fund and the Southeast
Equity Fund and 3.00% for each of the other Funds to a minimum in the fifth year
after purchase of 1.00% for all of the Funds. This charge is imposed if
shareholders redeem their shares within five years from the date of purchase. On
the seventh anniversary of their purchase date, Class B Shares convert
automatically to Class A Shares. Class C Shares are offered to accounts managed
by the Adviser's Trust Department and to non-profit institutions who invest at
least $100,000, and there is no sales charge or CDSC imposed on this class.
2. SIGNIFICANT ACCOUNTING POLICIES -- The following is a summary of
significant accounting policies followed by the Funds in the preparation of
their financial statements. The policies are in conformity with generally
accepted accounting principles. The preparation of financial statements requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported
amounts of income and expenses for the period. Actual results could differ from
those estimates.
a. SECURITY VALUATION Securities listed on an exchange are valued on the
basis of the last sale prior to the time the valuation is made. If there has
been no sale since the immediately previous valuation, then the current bid
price is used. Quotations are taken from the exchange where the security is
primarily traded. Over-the-counter securities are valued on the basis of the bid
price at the close of business on each
31
<PAGE>
CENTURA FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
business day. Securities for which market quotations are not readily available
are valued at fair value as determined in good faith by or at the direction of
the Board of Directors. Notwithstanding the above, bonds and other fixed-income
securities are valued by using market quotations and may be valued on the basis
of prices provided by a pricing service approved by the Board of Directors.
Short-term securities with remaining maturities of 60 days or less are valued at
amortized cost.
b. INVESTMENT TRANSACTIONS Transactions are recorded on the trade date.
Identified cost of investments sold is used for both financial statement and
federal income tax purposes. Interest income, including the amortization of
discount or premium, is recorded as accrued. Dividends are recorded on the
ex-dividend date.
c. FEDERAL INCOME TAXES Each Fund's policy is to qualify as a "regulated
investment company" under Subchapter M of the Internal Revenue Code of 1986, as
amended. By so qualifying, the Funds will not be subject to federal income taxes
to the extent that they distribute taxable and tax-exempt income for their
fiscal year. The Funds also intend to meet the distribution requirements to
avoid the payment of an excise tax.
d. DIVIDENDS TO SHAREHOLDERS The Equity Growth Fund, Equity Income Fund and
Southeast Equity Fund each declare and pay dividends of substantially all of
their net investment income monthly. The Federal Securities Income Fund and
North Carolina Tax-Free Bond Fund declare dividends of substantially all of
their net investment income daily and pay those dividends monthly. Each Fund
will distribute, at least annually, substantially all net capital gains, if any,
earned by such Fund. Distributions to shareholders are recorded on the
ex-dividend date. The amount of dividends and distributions are determined in
accordance with federal income tax regulations which may differ from generally
accepted accounting principles. These "book/tax" differences are either
considered temporary or permanent in nature. To the extent these differences are
permanent in nature, such amounts are reclassified within the capital accounts
based on their federal tax basis treatment; temporary differences do not require
reclassification. Dividends and distributions which exceed net investment income
and net realized capital gains for financial reporting purposes but not for tax
purposes are reported as dividends in excess of net investment income or
distributions in excess of net realized capital gains.
e. ORGANIZATION EXPENSES Costs incurred in connection with the organization
and initial registration of the Company, which have been allocated among the
Funds, have been deferred and are being amortized over a three or five year
period, beginning with each Fund's commencement of operations.
f. DETERMINATION OF NET ASSET VALUE AND ALLOCATION OF EXPENSES Expenses
directly attributable to a Fund are charged to that Fund; other expenses are
allocated proportionately among each Fund within the Company in relation to the
net assets of each Fund or on another reasonable basis. In calculating net asset
value per share of each class, investment income, realized and unrealized gains
and losses and expenses other than class specific expenses, are allocated daily
to each class of shares based upon the proportion of net assets of each class at
the beginning of each day. Class specific expenses, as determined under
applicable law and regulatory policy, are borne by the class incurring the
expense.
g. WRITTEN OPTIONS The Funds may write covered call or put options for
which premiums received are recorded as liabilities and are subsequently
adjusted to the current value of the options written.
32
<PAGE>
CENTURA FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
Premiums received from writing options which expire are treated as realized
gains. Premiums received from writing options, which are either exercised or
closed, are offset against the proceeds received or amount paid on the
transaction to determine realized gains or losses.
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES -- Centura Bank
("Adviser") serves as the Company's investment adviser. Pursuant to the Advisory
Contracts, the Adviser manages the investments of the Funds and continuously
reviews, supervises and administers the Funds' investments. The Adviser is
responsible for placing orders for the purchase and sale of investment
securities directly with brokers and dealers selected at its discretion. The
terms of the Advisory Contracts provide for annual fees at the following
percentages of average daily net assets:
<TABLE>
<S> <C>
Equity Growth Fund............................................................. 0.70%
Equity Income Fund............................................................. 0.70%
Southeast Equity Fund.......................................................... 0.70%
Federal Securities Income Fund................................................. 0.30%
North Carolina Tax-Free Bond Fund.............................................. 0.35%
</TABLE>
For the six months ended October 31, 1997, gross advisory fees and the
corresponding waived fees are listed below:
<TABLE>
<CAPTION>
GROSS FEES WAIVED FEES
----------- -----------
<S> <C> <C>
Equity Growth Fund................................................................ $ 669,162 --
Equity Income Fund................................................................ 211,536 $ 102,746
Southeast Equity Fund............................................................. 79,594 25,157
Federal Securities Income Fund.................................................... 188,191 --
North Carolina Tax-Free Bond Fund................................................. 72,313 49,225
</TABLE>
BISYS Fund Services, Inc. ("BISYS") serves as the Funds' administrator,
transfer agent and fund accounting agent. Services provided under the
Administrative Services Contracts include providing day-to-day administration of
matters related to the corporate existence of the Company, maintenance of its
records and the preparation of reports. The terms of the Administrative Services
Contracts provide for annual fees of 0.15% of average daily net assets of each
Fund.
For the six months ended October 31, 1997, gross administration fees and the
corresponding waived fees are listed below:
<TABLE>
<CAPTION>
GROSS FEES WAIVED FEES
----------- -----------
<S> <C> <C>
Equity Growth Fund................................................................ $ 143,392 --
Equity Income Fund................................................................ 45,329 $ 23,269
Southeast Equity Fund............................................................. 17,056 5,392
Federal Securities Income Fund.................................................... 94,096 --
North Carolina Tax-Free Bond Fund................................................. 29,535 21,068
</TABLE>
Services provided under the Transfer Agency Agreements include providing
personnel and facilities to perform shareholder servicing and transfer agency
related services. The Transfer Agency Agreements
33
<PAGE>
CENTURA FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
provide for a per account fee and reimbursement for out-of-pocket expenses in
connection with shareholder servicing. For the six months ended October 31,
1997, transfer agent expenses incurred were $61,445, $13,146, $14,904 and
$14,651 for the Equity Growth Fund, Equity Income Fund, Federal Securities
Income Fund and North Carolina Tax-Free Bond Fund, respectively. For the period
from May 1, 1997 (commencement of operations) to October 31, 1997, transfer
agent expenses incurred by the Southeast Equity Fund were $6,288.
The terms of the Fund Accounting Agreements provide for each of the Funds to
pay $2,500 per month to BISYS. For the six months ended October 31, 1997, fund
accounting fees incurred, including out-of-pocket expenses, were $29,067,
$20,153, $23,403 and $18,551 for the Equity Growth Fund, Equity Income Fund,
Federal Securities Income Fund and North Carolina Tax-Free Bond Fund,
respectively. For the period from May 1, 1997 (commencement of operations) to
October 31, 1997, fund accounting fees incurred by the Southeast Equity Fund
were $16,928.
Centura Funds Distributor, Inc. acts as the Funds' Distributor. The
Distributor is an affiliate of BISYS and was formed specifically to distribute
the Funds.
Each of the Funds has adopted a Service and Distribution Plan (the "Plan")
with respect to its Class A and Class B Shares. The Plans provide that each
class of shares will pay the Distributor a fee calculated as a percentage of the
value of average daily net assets of that class as reimbursement for its costs
incurred in financing certain distribution and shareholder service activities
related to that class.
The Class A Plan provides for payments by each Fund to the Distributor at an
annual rate not to exceed 0.50% of the Fund's average net assets attributable to
its Class A Shares. Such fees may include a service fee totaling up to 0.25% of
the average annual net assets attributable to a Fund's Class A Shares. Service
fees are paid to securities dealers and other financial institutions for
maintaining shareholder accounts and providing related services to shareholders.
During the six months ended October 31, 1997, the Adviser has undertaken to
limit 12b-1 fees for Class A Shares to 0.25%. For the six months ended October
31, 1997, gross 12b-1 fees for Class A Shares and the corresponding waived fees
are listed below:
<TABLE>
<CAPTION>
GROSS FEES WAIVED FEES
----------- -----------
<S> <C> <C>
Equity Growth Fund................................................................ $ 25,733 $ 12,867
Equity Income Fund................................................................ 1,506 753
Southeast Equity Fund............................................................. 1,846 923
Federal Securities Income Fund.................................................... 1,199 600
North Carolina Tax-Free Bond Fund................................................. 10,192 5,096
</TABLE>
In addition, the Distributor also retains a portion of the front-end sales
charge. The following is a summary of dealer commissions paid to the Distributor
and Centura Bank for Class A Shares:
<TABLE>
<CAPTION>
DISTRIBUTOR CENTURA BANK
------------- -------------
<S> <C> <C>
Equity Growth Fund............................................................... $ 40 $ 11,482
Equity Income Fund............................................................... 45 1,427
Southeast Equity Fund............................................................ 132 4,861
Federal Securities Income Fund................................................... -- 1,488
North Carolina Tax-Free Bond Fund................................................ -- --
</TABLE>
34
<PAGE>
CENTURA FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
The Class B Plan provides for payments by the Fund to the Distributor at an
annual rate not to exceed 1.00% of the Fund's average net assets attributable to
its Class B Shares. Such fees may include a service fee totaling up to 0.25% of
the average annual net assets attributable to a Fund's Class B Shares. For the
six months ended October 31, 1997, gross 12b-1 fees for Class B Shares and the
corresponding waived fees are listed below:
<TABLE>
<CAPTION>
GROSS FEES WAIVED FEES
----------- -------------
<S> <C> <C>
Equity Growth Fund................................................................ $ 60,444 --
Equity Income Fund................................................................ 4,141 --
Southeast Equity Fund............................................................. 5,700 --
Federal Securities Income......................................................... 888 $ 222
North Carolina Tax-Free Bond Fund................................................. 1,979 495
</TABLE>
The Distributor also receives proceeds of any CDSC imposed on redemptions of
Class B Shares.The following is a summary of the dealer commissions paid to the
distributor and Centura Bank for Class B Shares:
<TABLE>
<CAPTION>
DISTRIBUTOR CENTURA BANK
------------- -------------
<S> <C> <C>
Equity Growth Fund............................................................... $ 578 $ 15,656
Equity Income Fund............................................................... 380 1,970
Southeast Equity Fund............................................................ 184 5,703
Federal Securities Income........................................................ -- 11
North Carolina Tax-Free Bond Fund................................................ -- --
</TABLE>
Centura Bank acts as custodian for the Funds. For furnishing custodial
services, Centura Bank is paid a monthly fee with respect to the Funds at an
annual rate based on a percentage of average daily net assets plus certain
transaction and out-of-pocket expenses. For the six months ended April 30, 1997,
Centura Bank earned custodian fees and out-of-pocket expenses of $30,074,
$10,478, $16,192 and $7,158 for the Equity Growth Fund, Equity Income Fund,
Federal Securities Income Fund and North Carolina Tax-Free Bond Fund,
respectively. For the period from May 1, 1997 (commencement of operations) to
October 31, 1997, custodian fees and out-of-pocket expenses incurred by the
Southeast Equity Fund were $8,067.
4. CONCENTRATION OF CREDIT RISK -- The North Carolina Tax-Free Bond Fund
invests substantially all of its assets in a varied portfolio of debt
obligations issued by the State of North Carolina and its authorities and
agencies. The issuers' abilities to meet their obligations may be affected by
economic or political developments in the state of North Carolina.
5. ACQUISITION OF CENTURA SOUTHEAST FUND AND CENTURA SOUTHEAST EMPLOYEES
BENEFIT FUND -- On May 2, 1997, the Southeast Equity Fund issued Class C Shares
to acquire all of the assets and liabilities of the Centura Southeast Fund and
Centura Southeast Employees Benefit Fund. The following is a summary of shares
issued, net assets acquired, net asset value per share and unrealized
appreciation as of the date acquired:
<TABLE>
<S> <C>
Shares..................................................... 1,592,422
Net Assets................................................. $15,924,220
Net Asset Value............................................ $ 10.00
Unrealized Appreciation.................................... $ 778,713
</TABLE>
35
<PAGE>
CENTURA FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
6. SECURITIES TRANSACTIONS -- The cost of securities purchased and proceeds
from securities sold (excluding short-term securities) for the six months ended
October 31, 1997, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------- -------------
<S> <C> <C>
Equity Growth Fund............................................................ $ 47,376,561 $ 59,868,384
Equity Income Fund............................................................ 9,034,489 11,282,130
Southeast Equity Fund......................................................... 12,047,284 7,583,920
Federal Securities Income..................................................... 59,352,604 44,187,619
North Carolina Tax-Free Bond.................................................. 9,377,784 7,031,859
</TABLE>
7. FINANCIAL INSTRUMENTS -- Investing in financial instruments such as
written options, futures and sales of forward foreign currency contracts
involves risk in excess of the amounts reflected in the Statement of Assets and
Liabilities. The face or contract amounts reflect the extent of the involvement
the Funds have in the particular class of instrument. Risks associated with
these instruments include an imperfect correlation between the movements in the
price of the instruments and the price of the underlying securities and interest
rates, an illiquid secondary market for the instruments or inability of
counterparties to perform under the terms of the contract, and changes in the
value of currency relative to the U.S. dollar. The Funds enter into these
contracts primarily as a means to hedge against changes in interest rates, stock
prices, currency fluctuations and other market developments.
The following is a summary of written put option activity for the six months
ended October 31, 1997 by the Federal Securities Income Fund:
<TABLE>
<CAPTION>
SHARES
SUBJECT TO
CONTRACT PREMIUMS
------------- ---------
<S> <C> <C>
Balance at beginning of year..................................................... -- --
Options written.................................................................. 20,000,000 $ 85,548
------------- ---------
Options expired.................................................................. (5,000,000) (24,219)
------------- ---------
Options exercised................................................................ (5,000,000) (20,703)
------------- ---------
Options outstanding at end of period............................................. 10,000,000 $ 40,626
------------- ---------
------------- ---------
</TABLE>
Put options outstanding at October 31, 1997 for the Federal Securities
Income Fund consist of:
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------
<S> <C> <C>
U.S. Treasury Note, 5.88%, strike price 99.6562, expiring 11/13/97................... 5,000,000 $ 2,734
U.S. Treasury Note, 15.88%, strike price 99.7109, expiring 11/20/97.................. 5,000,000 5,469
---------
$ 8,203
---------
---------
</TABLE>
36
<PAGE>
CENTURA FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
8. CAPITAL SHARE TRANSACTIONS: -- Transactions in capital shares for the
Trust were as follows:
<TABLE>
<CAPTION>
EQUITY GROWTH FUND EQUITY INCOME FUND
---------------------- ---------------------
AMOUNT SHARES AMOUNT SHARES
----------- --------- ---------- ---------
FOR THE SIX MONTHS FOR THE SIX MONTHS
ENDED ENDED
OCTOBER 31, 1997 OCTOBER 31, 1997
---------------------- ---------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
CLASS A SHARES:
Shares issued................................. $ 1,424,934 78,973 $ 501,869 40,963
Dividends reinvested.......................... 14,362 825 6,107 511
Shares redeemed............................... (501,075) (28,393) (48,390) (4,131)
----------- --------- ---------- ---------
Net Increase (Decrease) -- Class A Shares..... $ 938,221 51,405 $ 459,586 37,343
----------- --------- ---------- ---------
----------- --------- ---------- ---------
CLASS B SHARES:
Shares issued................................. $ 2,220,891 124,168 $ 769,368 62,657
Dividends reinvested.......................... 941 57 5,950 501
Shares redeemed............................... (425,604) (23,915) (25,097) (2,012)
----------- --------- ---------- ---------
Net Increase (Decrease) -- Class B Shares..... $ 1,796,228 100,310 $ 750,221 61,146
----------- --------- ---------- ---------
----------- --------- ---------- ---------
CLASS C SHARES:
Shares issued................................. $13,568,830 762,290 $5,339,045 433,204
Dividends reinvested.......................... 300,753 17,286 359,350 30,349
Shares redeemed............................... (22,454,951) (1,248,975) (6,618,087) (534,358)
----------- --------- ---------- ---------
Net Increase (Decrease) -- Class C Shares..... $(8,585,368) (469,399) $ (919,692) (70,805)
----------- --------- ---------- ---------
----------- --------- ---------- ---------
Total Net Increase (Decrease)................. $(5,850,919) (317,684) $ 290,115 27,684
----------- --------- ---------- ---------
----------- --------- ---------- ---------
<CAPTION>
FOR THE YEAR ENDED FOR THE PERIOD ENDED
APRIL 30, 1997 APRIL 30, 1997 (a)
---------------------- ---------------------
<S> <C> <C> <C> <C>
CLASS A SHARES:
Shares issued................................. $ 2,662,321 184,402 $ 335,666 31,415
Dividends reinvested.......................... 312,197 20,703 1,994 185
Shares redeemed............................... (761,290) (51,492) (5,711) (628)
----------- --------- ---------- ---------
Net Increase (Decrease) -- Class A Shares..... $ 2,213,228 153,613 $ 331,949 30,972
----------- --------- ---------- ---------
----------- --------- ---------- ---------
CLASS B SHARES:
Shares issued................................. $ 3,195,251 223,156 $ 421,394 39,170
Dividends reinvested.......................... 325,799 21,728 1,009 93
Shares redeemed............................... (559,565) (37,680) (1,450) (38)
----------- --------- ---------- ---------
Net Increase (Decrease) -- Class B Shares..... $ 2,961,485 207,204 $ 420,953 39,225
----------- --------- ---------- ---------
----------- --------- ---------- ---------
CLASS C SHARES:
Shares issued................................. $38,962,086 2,721,890 $56,368,725 5,592,029
Dividends reinvested.......................... 4,585,592 304,531 339,771 31,634
Shares redeemed............................... (41,293,884) (2,770,234) (8,713,750) (806,095)
----------- --------- ---------- ---------
Net Increase (Decrease) -- Class C Shares..... $ 2,253,794 256,187 $47,994,746 4,817,568
----------- --------- ---------- ---------
----------- --------- ---------- ---------
Total Net Increase (Decrease)................. $ 7,428,507 617,004 $48,747,648 4,887,765
----------- --------- ---------- ---------
----------- --------- ---------- ---------
</TABLE>
- -------------
(a) For the period from October 1, 1996 (commencement of operations) to April
30, 1997.
37
<PAGE>
CENTURA FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SOUTHEAST EQUITY FUND
---------------------
AMOUNT SHARES
---------- ---------
FOR THE PERIOD ENDED
OCTOBER 31, 1997 (A)
---------------------
(UNAUDITED)
<S> <C> <C>
CLASS A SHARES:
Shares issued.......................................................... $1,387,946 111,486
Dividends reinvested................................................... 1,537 122
Shares redeemed........................................................ (11,726) (838)
---------- ---------
Net Increase (Decrease) -- Class A Shares.............................. $1,377,757 110,770
---------- ---------
---------- ---------
CLASS B SHARES:
Shares issued.......................................................... $2,183,576 174,868
Dividends reinvested................................................... 1,082 87
Shares redeemed........................................................ (4,330) (319)
---------- ---------
Net Increase (Decrease) -- Class B Shares.............................. $2,180,328 174,636
---------- ---------
---------- ---------
CLASS C SHARES:
Shares issued.......................................................... $20,302,975 1,911,261
Dividends reinvested................................................... 29,691 2,391
Shares redeemed........................................................ (1,689,646) (132,971)
---------- ---------
Net Increase (Decrease) -- Class C Shares.............................. $18,643,020 1,780,681
---------- ---------
---------- ---------
Total Net Increase (Decrease).......................................... $22,201,105 2,066,087
---------- ---------
---------- ---------
</TABLE>
- -------------
(a) For the period from May 1, 1997 (commencement of operations) to October 31,
1997.
38
<PAGE>
CENTURA FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
OCTOBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
FEDERAL SECURITIES NORTH CAROLINA
INCOME FUND TAX-FREE BOND FUND
---------------------- ----------------------
AMOUNT SHARES AMOUNT SHARES
----------- --------- ----------- ---------
FOR THE SIX MONTHS FOR THE SIX MONTHS
ENDED ENDED
OCTOBER 31, 1997 OCTOBER 31, 1997
---------------------- ----------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
CLASS A SHARES:
Shares issued................................ $ 166,035 16,532 $ 882,253 85,843
Dividends reinvested......................... 13,064 1,303 82,676 8,119
Shares redeemed.............................. (154,998) (15,456) (244,413) (24,035)
----------- --------- ----------- ---------
Net Increase (Decrease) -- Class A Shares.... $ 24,101 2,379 $ 720,516 69,927
----------- --------- ----------- ---------
----------- --------- ----------- ---------
CLASS B SHARES:
Shares issued................................ $ 34,619 3,450 $ -- --
Dividends reinvested......................... 3,969 396 6,712 659
Shares redeemed.............................. (102,804) (10,234) (61,485) (6,091)
----------- --------- ----------- ---------
Net Increase (Decrease) -- Class B Shares.... $ (64,216) (6,388) $ (54,773) (5,432)
----------- --------- ----------- ---------
----------- --------- ----------- ---------
CLASS C SHARES:
Shares issued................................ $14,927,158 1,483,968 $ 3,341,031 330,989
Dividends reinvested......................... 2,146,566 214,093 14,619 1,438
Shares redeemed.............................. (10,869,408) (1,080,771) (1,819,225) (178,253)
----------- --------- ----------- ---------
Net Increase (Decrease) -- Class C Shares.... $ 6,204,316 617,290 $ 1,536,425 154,174
----------- --------- ----------- ---------
----------- --------- ----------- ---------
Total Net Increase (Decrease)................ $ 6,164,201 613,281 $ 2,202,168 218,669
----------- --------- ----------- ---------
----------- --------- ----------- ---------
<CAPTION>
FOR THE YEAR ENDED FOR THE YEAR ENDED
APRIL 30, 1997 APRIL 30, 1997
---------------------- ----------------------
<S> <C> <C> <C> <C>
CLASS A SHARES:
Shares issued................................ $ 100,235 10,024 $ 53,925 5,368
Dividends reinvested......................... 32,140 3,216 198,536 19,744
Shares redeemed.............................. (174,691) (17,468) (335,666) (33,512)
----------- --------- ----------- ---------
Net Increase (Decrease) -- Class A Shares.... $ (42,316) (4,228) $ (83,205) (8,400)
----------- --------- ----------- ---------
----------- --------- ----------- ---------
CLASS B SHARES:
Shares issued................................ $ 42,895 4,302 $ 27,431 2,738
Dividends reinvested......................... 7,598 759 14,712 1,464
Shares redeemed.............................. (31,751) (3,177) (3,153) (311)
----------- --------- ----------- ---------
Net Increase (Decrease) -- Class B Shares.... $ 18,742 1,884 $ 38,990 3,891
----------- --------- ----------- ---------
----------- --------- ----------- ---------
CLASS C SHARES:
Shares issued................................ $30,929,370 3,090,869 $ 5,386,444 536,937
Dividends reinvested......................... 4,050,940 404,673 47,828 4,759
Shares redeemed.............................. (24,516,503) (2,454,782) (10,120,245) (1,008,532)
----------- --------- ----------- ---------
Net Increase (Decrease) -- Class C Shares.... $10,463,807 1,040,760 $(4,685,973) (466,836)
----------- --------- ----------- ---------
----------- --------- ----------- ---------
Total Net Increase (Decrease)................ $10,440,233 1,038,416 $(4,730,188) (471,345)
----------- --------- ----------- ---------
----------- --------- ----------- ---------
</TABLE>
39
<PAGE>
CENTURA FUNDS, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY GROWTH FUND
----------------------------------------------------------------------
SIX MONTHS ENDED
OCTOBER 31, 1997 YEAR ENDED
(UNAUDITED) APRIL 30, 1997
---------------------------------- -------------------------------
CLASS CLASS CLASS CLASS CLASS CLASS
A B C A B C
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 15.33 $ 15.20 $ 15.33 $ 14.31 $ 14.24 $ 14.31
-------- -------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income................. 0.02 (0.04) 0.04 0.06 (0.04) 0.09
Net realized and unrealized gains
(losses) from investments........... 2.84 2.82 2.86 1.58 1.57 1.58
-------- -------- -------- -------- -------- --------
Total from Investment Activities...... 2.86 2.78 2.90 1.64 1.53 1.67
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income................. (0.02) -- (0.04) (0.06) (0.01) (0.09)
Net realized gains.................... -- -- -- (0.56) (0.56) (0.56)
-------- -------- -------- -------- -------- --------
Total Distributions................... (0.02) -- (0.04) (0.62) (0.57) (0.65)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD.......... $ 18.17 $ 17.98 $ 18.19 $ 15.33 $ 15.20 $ 15.33
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
Total Return (excludes sales and
redemption charges)................... 18.69%(e) 18.30%(e) 18.95%(e) 11.55% 10.78% 11.82%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..... $ 11,013 $ 13,348 $166,054 $ 8,501 $ 9,761 $147,213
Ratio of expenses to average net
assets.............................. 1.36%(b) 2.11%(b) 1.11%(b) 1.30% 2.05% 1.05%
Ratio of net investment income (loss)
to average net assets............... 0.26%(b) (0.49)%(b) 0.52%(b) 0.42% (0.33)% 0.67%
Ratio of expenses to average net
assets*............................. 1.61%(b) 2.11%(b) 1.11%(b) 1.55% 2.05% 1.05%
Ratio of net investment income (loss)
to average net assets*.............. 0.01%(b) (0.49)%(b) 0.52%(b) 0.17% (0.33)% 0.67%
Portfolio Turnover (c).................. 27% 27% 27% 67% 67% 67%
Average Commission Rate Paid (f)........ $ 0.0828 $ 0.0828 $ 0.0828 $ 0.0805 $ 0.0805 $ 0.0805
<CAPTION>
YEAR ENDED PERIOD ENDED
APRIL 30, 1996 APRIL 30, 1995(a)
---------------------------------- ------------------
CLASS CLASS CLASS CLASS CLASS CLASS
A B C A B C
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 10.70 $ 10.69 $ 10.70 $ 10.00 $ 10.00 $ 10.00
-------- -------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income................. 0.03 (0.06) 0.07 0.06 0.03 0.07
Net realized and unrealized gains
(losses) from investments........... 3.67 3.65 3.65 0.70 0.69 0.70
-------- -------- -------- -------- -------- --------
Total from Investment Activities...... 3.70 3.59 3.72 0.76 0.72 0.77
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income................. (0.05) -- (0.07) (0.06) (0.03) (0.07)
Net realized gains.................... (0.04) (0.04) (0.04) -- -- --
-------- -------- -------- -------- -------- --------
Total Distributions................... (0.09) (0.04) (0.11) (0.06) (0.03) (0.07)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD.......... $ 14.31 $ 14.24 $ 14.31 $ 10.70 $ 10.69 $ 10.70
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
Total Return (excludes sales and
redemption charges)................... 34.72% 33.73% 34.97% 7.64%(e) 7.23%(e) 7.71%(e)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..... $ 5,740 $ 6,194 $133,714 $ 968 $ 1,362 $ 84,004
Ratio of expenses to average net
assets.............................. 1.26% 2.02% 1.04% 1.29%(b) 2.03%(b) 1.04%(b)
Ratio of net investment income (loss)
to average net assets............... 0.27% (0.48)% 0.55% 0.63%(b) --(b) 0.79%(b)
Ratio of expenses to average net
assets*............................. (d) (d) (d) 1.32%(b) 2.06%(b) 1.07%(b)
Ratio of net investment income (loss)
to average net assets*.............. (d) (d) (d) 0.60%(b) (0.03)%(b) 0.76%(b)
Portfolio Turnover (c).................. 46% 46% 46% 44% 44% 44%
Average Commission Rate Paid (f)........ -- -- -- -- -- --
</TABLE>
- --------------------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) For the period from June 1, 1994 (commencement of operations) to April 30,
1995.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(d) There were no waivers or reimbursements during the period.
(e) Not annualized.
(f) Represents the total dollar amount of commissions paid on portfolio
transactions divided by the total number of portfolio shares purchased and
sold by the Fund for which commissions were charged. Disclosure is not
required for periods ending on or before September 30, 1996.
SEE NOTES TO FINANCIAL STATEMENTS.
40
<PAGE>
CENTURA FUNDS, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
<TABLE>
<CAPTION>
EQUITY INCOME FUND
-------------------------------------------------------------------------------
SIX MONTHS ENDED
OCTOBER 31, 1997 PERIOD ENDED
(UNAUDITED) APRIL 30, 1997(a)
------------------------------------- -------------------------------------
CLASS CLASS CLASS CLASS CLASS CLASS
A B C A B C
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.......................... $ 10.91 $ 10.88 $ 10.89 $ 10.00 $ 10.00 $ 10.00
--------- --------- --------- --------- --------- ---------
INVESTMENT ACTIVITIES
Net investment income........... 0.13 0.09 0.15 0.14 0.11 0.15
Net realized and unrealized
gains (losses) from
investments................... 1.71 1.70 1.71 0.93 0.90 0.91
--------- --------- --------- --------- --------- ---------
Total from Investment
Activities.................... 1.84 1.79 1.86 1.07 1.01 1.06
--------- --------- --------- --------- --------- ---------
DISTRIBUTIONS
Net investment income........... (0.14) (0.10) (0.15) (0.14) (0.11) (0.15)
Net realized gains.............. -- -- -- (0.02) (0.02) (0.02)
--------- --------- --------- --------- --------- ---------
Total Distributions............. (0.14) (0.10) (0.15) (0.16) (0.13) (0.17)
--------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD.... $ 12.61 $ 12.57 $ 12.60 $ 10.91 $ 10.88 $ 10.89
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
Total Return (excludes sales and
redemption charges) (d)......... 16.89% 16.45% 17.15% 10.69% 10.15% 10.65%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)......................... $ 862 $ 1,262 $ 59,798 $ 338 $ 427 $ 52,486
Ratio of expenses to average net
assets (b).................... 0.98%(b) 1.73%(b) 0.73%(b) 0.99% 1.71% 0.75%
Ratio of net investment income
to average net assets (b)..... 2.10%(b) 1.33%(b) 2.45%(b) 2.15% 1.52% 2.45%
Ratio of expenses to average net
assets* (b)................... 1.65%(b) 2.14%(b) 1.15%(b) 1.65% 2.12% 1.17%
Ratio of net investment income
to average net assets* (b).... 1.43%(b) 0.92%(b) 2.03%(b) 1.48% 1.10% 2.03%
Portfolio Turnover (c)............ 16% 16% 16% 24% 24% 24%
Average Commission Rate Paid
(e)............................. $ 0.0835 $ 0.0835 $ 0.0835 $ 0.0898 $ 0.0898 $ 0.0898
</TABLE>
- ---------------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) For the period from October 2, 1996 (commencement of operations) to April
30, 1997.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(d) Not annualized.
(e) Represents the total dollar amount of commissions paid on portfolio
transactions divided by the total number of portfolio shares purchased and
sold by the Fund for which commissions were charged. Disclosure is not
required for periods ending on or before September 30, 1996.
SEE NOTES TO FINANCIAL STATEMENTS.
41
<PAGE>
THE CENTURA FUNDS, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
<TABLE>
<CAPTION>
SOUTHEAST EQUITY FUND
-------------------------------------
PERIOD ENDED
OCTOBER 31, 1997(a)
-------------------------------------
CLASS CLASS CLASS
A B C
--------- --------- ---------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD................................. $ 10.00 $ 10.00 $ 10.00
--------- --------- ---------
INVESTMENT ACTIVITIES
Net investment income.............................................. 0.04 (0.01) 0.05
Net realized and unrealized gains (losses) from investments........ 3.58 3.57 3.57
--------- --------- ---------
Total from Investment Activities................................... 3.62 3.56 3.62
--------- --------- ---------
DISTRIBUTIONS
Net investment income.............................................. (0.04) (0.02) (0.05)
--------- --------- ---------
Total Distributions................................................ (0.04) (0.02) (0.05)
--------- --------- ---------
NET ASSET VALUE, END OF PERIOD....................................... $ 13.58 $ 13.54 $ 13.57
--------- --------- ---------
--------- --------- ---------
Total Return (excludes sales and redemption charges) (d)............. 36.20% 35.58% 36.23%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).................................. $ 1,504 $ 2,365 $ 24,160
Ratio of expenses to average net assets (b)........................ 1.30% 2.04% 1.03%
Ratio of net investment income to average net assets (b)........... 0.53% (0.20)% 0.81%
Ratio of expenses to average net assets* (b)....................... 1.78% 2.28% 1.31%
Ratio of net investment income to average net assets* (b).......... 0.05% (0.44)% 0.53%
Portfolio Turnover (c)............................................... 36% 36% 36%
Average Commission Rate Paid (e)..................................... $ 0.0772 $ 0.0772 $ 0.0772
</TABLE>
- -------------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) For the period from May 1, 1997 (commencement of operations) to October 31,
1997.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(d) Not annualized.
(e) Represents the total dollar amount of commissions paid on portfolio
transactions divided by the total number of portfolio shares purchased and
sold by the Fund for which commissions were charged.
SEE NOTES TO FINANCIAL STATEMENTS.
42
<PAGE>
CENTURA FUNDS, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
<TABLE>
<CAPTION>
FEDERAL SECURITIES INCOME FUND
----------------------------------------------------------------------
SIX MONTHS ENDED
OCTOBER 31, 1997 YEAR ENDED
(UNAUDITED) APRIL 30, 1997
---------------------------------- -------------------------------
CLASS CLASS CLASS CLASS CLASS CLASS
A B C A B C
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD...................... $ 9.94 $ 9.94 $ 9.94 $ 10.01 $ 10.01 $ 10.01
-------- -------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income....... 0.28 0.25 0.29 0.56 0.50 0.59
Net realized and unrealized
gains (losses) from
investments............... 0.23 0.22 0.23 (0.07) (0.07) (0.07)
-------- -------- -------- -------- -------- --------
Total from Investment
Activities................ 0.51 0.47 0.52 0.49 0.43 0.52
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income....... (0.28) (0.25) (0.29) (0.56) (0.50) (0.59)
-------- -------- -------- -------- -------- --------
Total Distributions......... (0.28) (0.25) (0.29) (0.56) (0.50) (0.59)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD...................... $ 10.17 $ 10.16 $ 10.17 $ 9.94 $ 9.94 $ 9.94
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
Total Return (excludes sales
and redemption charges)..... 5.15%(e) 4.79%(e) 5.29%(e) 5.07% 4.46% 5.33%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)..................... $ 516 $ 133 $128,420 $ 481 $ 194 $119,434
Ratio of expenses to average
net assets................ 0.95%(b) 1.46%(b) 0.70%(b) 0.82% 1.40% 0.58%
Ratio of net investment
income to average net
assets.................... 5.46%(b) 4.96%(b) 5.71%(b) 5.63% 5.04% 5.88%
Ratio of expenses to average
net assets*............... 1.20%(b) 1.71%(b) 0.70%(b) 1.07% 1.65% 0.58%
Ratio of net investment
income to average net
assets*................... 5.21%(b) 4.71%(b) 5.71%(b) 5.38% 4.79% 5.88%
Portfolio Turnover (c)........ 37% 37% 37% 26% 26% 26%
<CAPTION>
YEAR ENDED PERIOD ENDED
APRIL 30, 1996 APRIL 30, 1995(a)
---------------------------------- ------------------
CLASS CLASS CLASS CLASS CLASS CLASS
A B C A B C
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD...................... $ 9.97 $ 9.97 $ 9.97 $ 10.00 $ 10.00 $ 10.00
-------- -------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income....... 0.57 0.50 0.60 0.52 0.45 0.54
Net realized and unrealized
gains (losses) from
investments............... 0.04 0.04 0.04 (0.03) (0.03) (0.03)
-------- -------- -------- -------- -------- --------
Total from Investment
Activities................ 0.61 0.54 0.64 0.49 0.42 0.51
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income....... (0.57) (0.50) (0.60) (0.52) (0.45) (0.54)
-------- -------- -------- -------- -------- --------
Total Distributions......... (0.57) (0.50) (0.60) (0.52) (0.45) (0.54)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD...................... $ 10.01 $ 10.01 $ 10.01 $ 9.97 $ 9.97 $ 9.97
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
Total Return (excludes sales
and redemption charges)..... 6.20% 5.40% 6.47% 5.02%(e) 4.32%(e) 5.28%(e)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)..................... $ 526 $ 176 $109,775 $ 247 $ 118 $ 93,807
Ratio of expenses to average
net assets................ 0.85% 1.61% 0.61% 0.86%(b) 1.61%(b) 0.63%(b)
Ratio of net investment
income to average net
assets.................... 5.61% 4.84% 5.88% 5.58%(b) 4.86%(b) 5.97%(b)
Ratio of expenses to average
net assets*............... (d) (d) (d) 0.89%(b) 1.64%(b) 0.66%(b)
Ratio of net investment
income to average net
assets*................... (d) (d) (d) 5.55%(b) 4.83%(b) 5.94%(b)
Portfolio Turnover (c)........ 34% 34% 34% 42% 42% 42%
</TABLE>
- --------------------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) For the period from June 1, 1994 (commencement of operations) to April 30,
1995.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(d) There were no waivers or reimbursements during the period.
(e) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
43
<PAGE>
CENTURA FUNDS, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
<TABLE>
<CAPTION>
NORTH CAROLINA TAX-FREE BOND FUND
----------------------------------------------------------------------------
SIX MONTHS ENDED
OCTOBER 31, 1997 YEAR ENDED
(UNAUDITED) APRIL 30, 1997
---------------------------------- ------------------------------------
CLASS CLASS CLASS CLASS CLASS CLASS
A B C A B C
------- ------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $ 9.98 $ 9.98 $ 9.98 $ 10.04 $ 10.04 $ 10.04
------- ------- -------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment
income............... 0.22 0.19 0.23 0.43 0.37 0.46
Net realized and
unrealized gains
(losses) from
investments.......... 0.32 0.32 0.32 0.03 0.03 0.03
------- ------- -------- ------- ------- -------
Total from Investment
Activities........... 0.54 0.51 0.55 0.46 0.40 0.49
------- ------- -------- ------- ------- -------
DISTRIBUTIONS
Net investment
income............... (0.22) (0.19) (0.23) (0.43) (0.37) (0.46)
Net realized gains..... -- -- -- (0.09) (0.09) (0.09)
------- ------- -------- ------- ------- -------
Total Distributions.... (0.22) (0.19) (0.23) (0.52) (0.46) (0.55)
------- ------- -------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD................. $ 10.30 $ 10.30 $ 10.30 $ 9.98 $ 9.98 $ 9.98
------- ------- -------- ------- ------- -------
------- ------- -------- ------- ------- -------
Total Return (excludes
sales and redemption
charges)............... 5.42%(d) 5.15%(d) 5.55%(d) 4.71% 4.11% 4.97%
RATIOS/SUPPLEMENTARY
DATA:
Net Assets at end of
period (000)......... $ 4,664 $ 387 $ 34,768 $ 3,823 $ 430 $ 32,159
Ratio of expenses to
average net assets... 0.69%(b) 1.19%(b) 0.44%(b) 0.69% 1.27% 0.44%
Ratio of net investment
income to average net
assets............... 4.22%(b) 3.72%(b) 4.47%(b) 4.31% 3.73% 4.56%
Ratio of expenses to
average net assets*.. 1.30%(b) 1.80%(b) 0.80%(b) 1.30% 1.88% 0.80%
Ratio of net investment
income to average net
assets*.............. 3.61%(b) 3.11%(b) 4.11%(b) 3.70% 3.12% 4.20%
Portfolio Turnover (c)... 19% 19% 19% 34% 34% 34%
<CAPTION>
YEAR ENDED PERIOD ENDED
APRIL 30, 1996 APRIL 30, 1995(a)
---------------------------------------- ------------------
CLASS CLASS CLASS CLASS CLASS CLASS
A B C A B C
------ ------- -------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $ 9.98 $ 9.98 $ 9.98 $ 10.00 $ 10.00 $ 10.00
------ ------- -------- ------- ------- --------
INVESTMENT ACTIVITIES
Net investment
income............... 0.42 0.34 0.44 0.39 0.32 0.41
Net realized and
unrealized gains
(losses) from
investments.......... 0.13 0.13 0.13 (0.02) (0.02) (0.02)
------ ------- -------- ------- ------- --------
Total from Investment
Activities........... 0.55 0.47 0.57 0.37 0.30 0.39
------ ------- -------- ------- ------- --------
DISTRIBUTIONS
Net investment
income............... (0.42) (0.34) (0.44) (0.39) (0.32) (0.41)
Net realized gains..... (0.07) (0.07) (0.07) -- -- --
------ ------- -------- ------- ------- --------
Total Distributions.... (0.49) (0.41) (0.51) (0.39) (0.32) (0.41)
------ ------- -------- ------- ------- --------
NET ASSET VALUE, END OF
PERIOD................. $ 10.04 $ 10.04 $ 10.04 $ 9.98 $ 9.98 $ 9.98
------ ------- -------- ------- ------- --------
------ ------- -------- ------- ------- --------
Total Return (excludes
sales and redemption
charges)............... 5.50% 4.72% 5.78% 3.77%(d) 3.09%(d) 4.08%(d)
RATIOS/SUPPLEMENTARY
DATA:
Net Assets at end of
period (000)......... $ 3,927 $ 393 $ 37,009 $ 429 $ 275 $ 34,885
Ratio of expenses to
average net assets... 0.68% 1.44% 0.44% 0.42%(b) 0.99%(b) 0.41%(b)
Ratio of net investment
income to average net
assets............... 3.98% 3.30% 4.32% 4.46%(b) 3.89%(b) 4.64%(b)
Ratio of expenses to
average net assets*.. 1.04% 1.80% 0.80% 0.92%(b) 1.49%(b) 0.91%(b)
Ratio of net investment
income to average net
assets*.............. 3.62% 2.94% 3.96% 3.96%(b) 3.39%(b) 4.14%(b)
Portfolio Turnover (c)... 80% 80% 80% 121% 121% 121%
</TABLE>
- --------------------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) For the period from June 1, 1994 (commencement of operations) to April 30,
1995.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(d) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
44
