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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 6
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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070 H020500 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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SIGNATURE JOEL ENGLE
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<GROSS-EXPENSE> 770874
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<PER-SHARE-NAV-BEGIN> 10.19 <F1>
<PER-SHARE-NII> 0.50<F1>
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1> Class A
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919706
<NAME> THE CENTURA FUNDS INC.
<SERIES>
<NUMBER> 022
<NAME> GOVERNMENT INCOME FUND
<S> <C>
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<GROSS-EXPENSE> 770874
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<EXPENSE-RATIO> 1.35%<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1> Class B
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919706
<NAME> THE CENTURA FUNDS INC.
<SERIES>
<NUMBER> 023
<NAME> GOVERNMENT INCOME FUND
<S> <C>
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<GROSS-EXPENSE> 770874
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<PER-SHARE-NAV-BEGIN> 10.19 <F1>
<PER-SHARE-NII> 0.52<F1>
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<EXPENSE-RATIO> 0.59%<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1> Class C
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919706
<NAME> THE CENTURA FUNDS INC.
<SERIES>
<NUMBER> 031
<NAME> NORTH CAROLINA TAX-FREE BOND FUND
<S> <C>
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<GROSS-EXPENSE> 367697
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1> Class A
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919706
<NAME> THE CENTURA FUNDS INC.
<SERIES>
<NUMBER> 032
<NAME> NORTH CAROLINA TAX-FREE BOND FUND
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1> Class B
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919706
<NAME> THE CENTURA FUNDS INC.
<SERIES>
<NUMBER> 033
<NAME> NORTH CAROLINA TAX-FREE BOND FUND
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1> Class C
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919706
<NAME> THE CENTURA FUNDS INC.
<SERIES>
<NUMBER> 041
<NAME> LARGE CAP EQUITY FUND
<S> <C>
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<GROSS-EXPENSE> 962869
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1> Class A
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919706
<NAME> THE CENTURA FUNDS INC.
<SERIES>
<NUMBER> 042
<NAME> LARGE CAP EQUITY FUND
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1> Class B
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919706
<NAME> THE CENTURA FUNDS INC.
<SERIES>
<NUMBER> 043
<NAME> LARGE CAP EQUITY FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> THE CENTURA FUNDS INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> THE CENTURA FUNDS INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> THE CENTURA FUNDS INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> THE CENTURA FUNDS INC.
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 23393 ; 812-11254]
The Victory Portfolios, et al; Notice of Application
Agency: Securities and Exchange Commission ("Commission")
Action: Notice of an application under sections 6(c) and 17(b)
of the Investment Company Act of 1940 (the "Act") for an
exemption from sections 12(d)(1)(A) and 17(a) of the Act, and
under section 17(d) of the Act and rule 17d-1 under the Act to
permit certain joint transactions.
Summary of Application: Applicants seek to amend a prior order
that permits non-money market series of a registered open-end
management investment company to purchase shares of one or more
of the money market series of such registered investment company
by adding three registered open-end management investment
companies and three investment advisers as applicants.
Applicants: The Victory Funds (formerly known as The Society
Funds), The Highmark Group, The Parkstone Group of Funds, The
Conestoga Family of Funds, The AmSouth Funds (formerly known as
The ASO Outlook Group), The Session Group, American Performance
Funds, The Coventry group, BB&T Mutual Funds Group (collectively,
the "Original Funds"); Society Asset Management, Inc., Union Bank
of California, N.A. (formerly known as The Bank of California),
First of America Investment Corporation, Meridian Investment
Company, AmSouth Bank (formerly known as AmSouth Bank, N.A.),
National Bank of Commerce, BancOklahoma Trust Company, AMR
Investment Services, Inc., Boatmen's Trust Company, AMCORE
Capital Management, Inc., and Branch Banking and Trust Company
(collectively, the "Original Advisers"); BISYS Fund Services
Limited Partnership (formerly known as The Winsbury Company)
("BISYS"), BISYS Fund Services Ohio, Inc. (formerly known as The
Winsbury Service Corporation) (all of the above entities
collectively, the "Original Applicants"); BISYS Fund Services,
Inc. ("BISYS Services"); Martindale Andres & Company, Inc. and
1st Source Bank (the "Additional Advisers"); Eureka Funds
("Eureka"), Performance Funds Trust ("Performance") and Centura
Funds, Inc. ("Centura") (Eureka, Performance and Centura,
collectively, the "New Funds") and Sanwa Bank California
("SBCL"), Trust National Bank ("Trustmark") and Centura Bank
(with SBCL and Trustmark, the "New Advisers").
The Sessions Group, BISYS, BISYS Fund Services Ohio, Inc.
and the Additional Advisers are also referred to as the
"Subsequent Applicants." The Original Applicants and the
Subsequent Applicants are referred to collectively as the "Prior
Applicants." The New Funds, the New Advisers, BISYS, and BISYS
Services are referred to collectively as the "New Applicants."
Filing Dates: The application was filed on August 11, 1998.
Applicants have agreed to file an amendment to the application
during the notice period, the substance of which is reflected in
this notice.
Issuing or Notification of Hearing: An order granting the application
will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the
Commission's Secretary and serving applicants with a copy of the
request, personally or by mail. Hearing request should be
received by the Commission by 5:30 p.m. on September 14, 1998,
and should be accompanied by proof of service on applicants, in
the form of an affidavit or, for lawyers, a certificate of
service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may
request notification by writing to the Commission's Secretary.
Addresses: Secretary, Securities and Exchange Commission, 450
Fifth Street, N.W. Washington, DC 20549. Applicants, c/o
Kristin H. Ives, Esq., Baker & Hostetler LLP, 65 East State
Street -- Suite 2100, Columbus, Ohio 43215.
For Further Information Contact: Lawrence W. Pisto, Senior
Counsel, at (202) 942-0527, or George I. Zornada, Branch Chief,
at (202) 942-0561, Office of Investment Company Regulation,
Division of Investment Management.
Supplementary Information: The following is a summary of the
application. The complete application may be obtained for a fee
at the Commission's Public Reference Branch, 450 Fifth Street,
N.W., Washington, DC 20459 (tel. (202) 942-8090).
Applicant's Representations:
1. On October 5, 1993, the Commission issued an order (the
"Original Order") under sections 6(c) and 17(b) of the Act that
exempted the Original Applicants from the provisions of sections
12(d)(1)(A) and 17(a) of the Act and that permitted, pursuant to
rule 17d-1, abstain join transactions in accordance with section
17(d) and rule 17d-1. The Original Order permitted: (i) the
non-money market series of an Original Fund to utilize cash
reserves that have not been invested in portfolio securities
("Uninvested Cash") to purchase shares of one or more of the
money market series of such Original Fund; and (ii) the sale of
shares by the money market series of an Original Fund to the non-
money market series of such Original Fund, and the purchase (or
redemption) of their shares by the money market series of the
Original Fund from the non-money market series of such Original
Fund.
2. On May 20, 1997, the Commission issued an order that amended
the Original Order (together with the Original Order, the
"Amended Order"), by extending the relief granted in the Original
Order to the Subsequent Applicants.
3. Eureka is an open-ended management investment company
registered under the Act and organized as a Massachusetts
business trust. Eureka offers shares in five series, two of
which are money market series. SBCL is the investment adviser
for each of the Eureka series. SBCL is not registered under the
Investment Advisers Act of 1940 (the "Advisers Act") in reliance
upon the exclusion from the definition of investment adviser set
forth in Section 202(a)(11)(A) of the Advisers Act. BISYS, one
of the Prior Applicants, is the principal underwriter,
administrator and distributor for each of the Eureka series.
Pursuant to separate agreements with the New Fund, BISYS
Services, one of the Prior Applicants, serves as transfer agent
and provides fund accounting services for each of the Eureka
series.
4. Performance is an open-end management investment company
registered under the Act and organized as a Delaware business
trust. Performance offers shares in six series, one of which is
a money market series. Trustmark is the investment adviser for
each of the Performance series. Trustmark is not registered
under the Advisers Act in reliance upon the exclusion from the
definition of investment adviser set forth in Section
202(a)(11)(A) of the Advisers Act. BISYS, one of the Prior
Applicants, is the administrator for each of the Performances
series. A wholly-owned subsidiary of BISYS Services, a Prior
Applicant, is the principal underwriter and distributor for each
of the Performance series. Pursuant to separate agreements with
the Performance Series, BISYS services also serves as transfer
agent and provides fund accounting services for each of the
Performance series.
5. Centura is an open-end management investment company
registered under the Act and organized as a Maryland corporation.
Centura offers shares in six series, one of which is a money
market series. Centura Bank is the investment adviser for each
of the Centura series. Centura Bank is not registered under the
Advisers Act in reliance upon the exclusion from the definition
of investment adviser set forth in Section 202(a)(11)(A) of the
Advisers Act. BISYS, one of the Prior Applicants, is the
administrator for each of the Performance series. A wholly-owned
subsidiary of BISYS Services, one of the Prior Applicants, is the
principal underwriter and distributor for each of the Centura
series. Pursuant to separate agreements with the Centura series,
BISYS Services also services as transfer agent and provides
fund accounting services for each of the Centura series.
6. The New Applicants seek to have the exemptive relief granted
under the Amended Order extended to include them so as to permit
the non-money market series of the New Funds which are advised by
the New Advisers to utilize Uninvested Cash to purchase shares of
one or more of the money market series of the New Funds which are
advised by the New Advisers.<F3> The New Applicants consent to
the conditions set forth in the original application and agree to
be bound by the terms and provisions of the Amended Order to the
same extent as the Prior Applicants. The New Applicants believe
that granting the request order is appropriate in the public
interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provision of the Act.
For the Commission, by the Division of Investment
Management, under delegated authority.
[FN]
<F1> Investment Company Act Release Nos. 19695 (Sept. 9,
1993)(notice) and 19759 (Oct. 5, 1993) (order)
<F2> Investment Company Act Release Nos. 22636 (April 24, 1997)
(notice) and 22677 (May 20, 1997) (order)
<F3> The requested relief also would extend to any other
registered open-end management investment companies advised by
the New Advisers or any person directly or indirectly
controlling, controlled by, or under common control with the New
Advisers, and for which BISYS or any person directly or
indirectly controlling, controlled, by or under common control
with BISYS, now or in the future serves as principal underwriter.
</FN>
