Regions Morgan Keegan Select Funds 1-29-03 N-30D

N-30D 1 form.htm Regions Morgan Keegan Select Funds 1-29-03 N-30D

[Logo of Regions Morgan Keegan Select Fund]

Combined Annual Report

DATED NOVEMBER 30, 2002

President's Message

Dear Shareholders:

I am pleased to present the Annual Report for the Regions Morgan Keegan Select Funds. This report covers activity in the funds over the 12-month reporting period from December 1, 2001 through November 30, 2002. It begins with an investment review by each fund's portfolio manager (except the Treasury Money Market Fund and the Government Money Market Fund), which describes economic and market conditions and their impact on fund strategy. Following the investment review are a complete listing of fund holdings and the financial statements.

Fund-by-fund highlights over the reporting period are as follows:

Regions Morgan Keegan Select Treasury Money Market Fund

This fund's portfolio of U.S. Treasury money market securities continues to give shareholders a convenient, highly conservative way to pursue daily income on their ready cash, with easy access to their money.¹ The fund's net assets totaled $897.9 million at the end of the reporting period.

	Income Dividends	7-Day Net Yield (11/30/02)	Total Return
Class A Shares²	$0.011 per share	0.87%	1.11%
Class B Shares²	$0.008 per share	0.62%	0.85%

Regions Morgan Keegan Select Government Money Market Fund

This new all-government money market fund began operation on December 3, 2001 to give shareholders a convenient, highly conservative way to pursue daily income on their ready cash, with easy access to their money.¹ The fund's net assets totaled $73.4 million at the end of the reporting period.

		Income Dividends		7-Day Net Yield (11/30/02)		Total Return
Class A Shares² (from 12/3/01 through 11/30/02)		$0.014 per share		1.09%		1.36%

Regions Morgan Keegan Select Limited Maturity Government Fund

This diversified portfolio of limited maturity U.S. Treasury Notes, U.S. government agency securities and investment grade corporate bonds gives shareholders the opportunity to pursue income with limited principal volatility. The fund's net assets totaled $159.3 million at the end of the reporting period.

	Income Dividends	Capital Gain	Total Return (unadjusted)	Total Return (adjusted)
Class A Shares³	$0.40 per share	$0.007	3.95%	(0.76)%
Class B Shares³	$0.38 per share	$0.007	3.70%	(1.30)%
Class C Shares³ (from 12/14/01 through 11/30/02)	$0.32 per share	$0.007	3.56%	2.56%

Regions Morgan Keegan Select Fixed Income Fund

The fund's portfolio of U.S. government bonds and investment-grade corporate bonds produced income dividends and positive returns over the 12-month reporting period. The fund's net assets totaled $286.8 million at the end of the reporting period.

	Income Dividends	Total Return (unadjusted)	Total Return (adjusted)
Class A Shares³	$0.46 per share	6.96%	2.15%
Class B Shares³	$0.42 per share	6.65%	1.65%
Class C Shares³ (from 12/3/01 through 11/30/02)	$0.37 per share	6.15%	4.09%

Regions Morgan Keegan Select Balanced Fund

This fund gives investors the opportunity to participate in stock and bond markets by investing in a combination of high-quality stocks and investment-grade corporate bonds and U.S. government bonds. The fund's net assets totaled $130.0 million at the end of the reporting period.

	Income Dividends	Capital Gain	Total Return (unadjusted)	Total Return (adjusted)
Class A Shares⁴	$0.24 per share	$0.26	(4.99)%	(10.22)%
Class B Shares⁴	$0.17 per share	$0.26	(5.32)%	(9.90)%
Class C Shares⁴ (from 1/14/02 through 11/30/02)	$0.08 per share	$0.00	(5.31)%	(7.20)%

Regions Morgan Keegan Select Value Fund

The fund pursues income and growth of capital by investing primarily in large companies that are believed to be priced below their intrinsic value--stocks that generally represent a bargain--compared to the market as a whole. The fund's net assets totaled $223.1 million at the end of the reporting period.

	Income Dividends	Total Return (unadjusted)	Total Return (adjusted)
Class A Shares⁴	$0.13 per share	(11.47)%	(16.34)%
Class B Shares⁴	$0.06 per share	(11.81)%	(16.20)%
Class C Shares⁴ (from 2/21/02 through 11/30/02)	$0.02 per share	(8.80)%	(10.64)%

Regions Morgan Keegan Select Growth Fund

The fund pursues growth of capital and income through a diversified portfolio of high-quality growth stocks issued by large, well-established U.S. companies--typically market leaders--with strong balance sheets and a record of attractive earnings. The fund's net assets totaled $364.8 million at the end of the reporting period.

	Income Dividends	Total Return (unadjusted)	Total Return (adjusted)
Class A Shares⁴	$0.003 per share	(14.65)%	(19.35)%
Class B Shares⁴	N/A	(14.91)%	(19.16)%
Class C Shares⁴ (from 1/7/02 through 11/30/02)	N/A	(16.88)%	(18.55)%

Regions Morgan Keegan Select Aggressive Growth Fund

This fund gives investors the opportunity to pursue long-term capital appreciation through a diversified portfolio of dynamic, small and mid-size American companies selected for their potential to achieve above-average growth.⁵ The fund's net assets totaled $168.4 million at the end of the reporting period.

	Income Dividends	Total Return (unadjusted)	Total Return (adjusted)
Class A Shares⁴	$0.02 per share	(12.07)%	(16.94)%
Class B Shares⁴	N/A	(12.39)%	(16.77)%
Class C Shares⁴ (from 1/7/02 through 11/30/02)	N/A	(14.06)%	(15.77)%

While bonds continued to deliver positive returns and stocks remained weak, regardless of what the markets are doing, adding to your account on a regular basis and reinvesting your dividends in additional shares is a convenient, painless way to enjoy the benefit of compounding.⁶

Thank you for pursuing your financial goals through the Regions Morgan Keegan Select Funds. As we begin 2003, we renew our commitment to bring you the highest level of disciplined decision-making and personal service.

Sincerely,

/s/Peter J. Germain

Peter J. Germain
President

January 15, 2003

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

2 Past performance is no guarantee of future results. Yield will vary. Yields quoted for money market funds most closely reflect the fund's current earnings.

3 Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Adjusted returns reflect a 4.50% sales charge applicable to Class A Shares; a 5.00% maximum contingent deferred sales charge applicable to Class B Shares redeemed within six years of their purchase; and a 1.00% sales charge and a contingent deferred sales charge of 1.00% applicable to Class C Shares redeemed within 18 months of their purchase.

4 Adjusted returns reflect a 5.50% sales charge applicable to Class A Shares; a 5.00% maximum contingent deferred sales charge applicable to Class B Shares redeemed within six years of their purchase; and a 1.00% sales charge and a contingent deferred sales charge of 1.00% applicable to Class C Shares redeemed within 18 months of their purchase.

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

6 Systematic investing does not ensure a profit or protect against a loss in a declining market.

Limited Maturity Government Fund

Management's Discussion of Fund Performance

This diversified portfolio of limited maturity U.S. Treasury, U.S. Government and investment grade corporate bonds allows shareholders the opportunity to pursue current income with limited principal volatility.

The fund's Class A, Class B and Class C Shares had positive total returns, for the fiscal year ended November 30, 2002, of 3.95%, 3.70%, and 3.56%, respectively. The fund's return is measured against the Merrill Lynch 1-3 Year Government/Corporate Index (ML1-3GC), which returned 5.09% for the reporting period.¹

Throughout the reporting period, the fund maintained stringent quality standards, finishing the year with over 80% of the portfolio invested in government securities or collateralized by government securities. All other fixed income securities were investment grade with ratings of single A or higher at time of purchase. The extremely high credit quality of the portfolio impacted the performance somewhat. We are hopeful that the economy will improve in 2003, but will hold off on any major portfolio restructuring until a clear reversal trend is established.

1 MC1-3GC is an unmanaged index trading short-term U.S. government securities and short-term domestic investment-grade corporate bonds with maturities between 1 and 2.99 years. The index is produced by Merrill Lynch, Pierce, Fenner & Smith, Inc. Indexes are unmanaged and investments cannot be made in an index.

Limited Maturity Government Fund--Class A Shares

Growth of a $25,000 Investment

The graph below illustrates the hypothetical investment of $25,000¹ in the Regions Morgan Keegan Select Limited Maturity Government Fund--Class A Shares (the "Fund") from May 20, 1998 (start of performance) to November 30, 2002, compared to the Merrill Lynch 1-3 Year Government/Corporate Index (ML1-3GC).²

AVERAGE ANNUAL TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year		(0.76	)%
Start of Performance (5/20/1998)		4.56	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $25,000 in the Fund. Effective December 1, 2001 a maximum sales charge of 4.50% was imposed on all new purchases. The Fund's performance assumes the reinvestment of all dividends and distributions. The ML1-3GC has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The ML1-3GC is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. This index is unmanaged.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Limited Maturity Government Fund--Class B Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000¹ in the Regions Morgan Keegan Select Limited Maturity Government Fund--Class B Shares (the "Fund") from December 12, 1993 (start of performance) to November 30, 2002, compared to the Merrill Lynch 1-3 Year Government/Corporate Index (ML1-3GC).²

AVERAGE ANNUAL TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year	(1.30	)%
5 Years	5.04	%
Start of Performance (12/12/1993)	5.14	%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum front-end sales charge of 2.00% applicable at the Fund's inception ($10,000 investment minus $200 sales charge = $9,800). The Fund's performance assumes the reinvestment of all dividends and distributions. The ML1-3GC has been adjusted to reflect the reinvestment of dividends on securities in the index. Effective June 1, 1997, the Fund eliminated the front-end sales charge and replaced it with a maximum contingent deferred sales charge of 3.00%. Effective December 1, 2001, the Fund increased the maximum contingent deferred sales charge to 5.00%.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Limited Maturity Government Fund--Class C Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000¹ in the Regions Morgan Keegan Select Limited Maturity Government Fund--Class C Shares (the "Fund") from December 14, 2001 (start of performance) to November 30, 2002, compared to the Merrill Lynch 1-3 year Government/Corporate Index. (ML1-3GC)²

CUMULATIVE TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
Start of Performance (12/14/2001)		2.56%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 1.00% ($10,000 investment minus $100 sales charge = $9,900). The ending value reflects a 1.00% contingent deferred sales charge on any redemptions less than 18 months from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The ML1-3GC has been adjusted to reflect reinvestment of dividends on securities in the index.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Fixed Income Fund

Management's Discussion of Fund Performance

This diversified portfolio of intermediate term U.S. Treasury, U.S. Government and investment grade corporate bonds allows shareholders the opportunity to pursue a higher level of current income with some principal volatility.

The fund's Class A, Class B and Class C Shares produced total returns, for the fiscal year ended November 30, 2002 of 6.96%, 6.65% and 6.15%, respectively. This compared with the return of the Merrill Lynch 1-10 Year Government/Corporate Index (ML1-10GC) of 6.80%.¹

The high credit quality of the fund's holding helped it avoid much of the effect of negative speculation as to the health of the corporate credit markets. The fund ended the reporting period with well over 60% in government securities or collateralized by government securities, reflecting our high credit quality standards. We are optimistic for an improving economy in the year ahead but will hold off on any major portfolio restructuring until a clear trend towards reversal is established.

1 ML1-10GC is an unmanaged market capitalization weighted index including U.S. Government and fixed-coupon domestic investment grade corporate bonds with at least $100 million par amount outstanding. Indexes are unmanaged and investments cannot be made in an index.

Fixed Income Fund--Class A Shares

Growth of a $25,000 Investment

The graph below illustrates the hypothetical investment of $25,000¹ in the Regions Morgan Keegan Select Fixed Income Fund--Class A Shares (the "Fund") from May 20, 1998 (start of performance) to November 30, 2002, compared to the Merrill Lynch 1-10 Year Government/Corporate Index (ML1-10GC).²

AVERAGE ANNUAL TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year		2.15%
Start of Performance (5/20/1998)		5.66%

1 Represents a hypothetical investment of $25,000 in the Fund. Effective December 1, 2001 a maximum sales charge of 4.50% was imposed on all new purchases. The Fund's performance assumes the reinvestment of all dividends and distributions. The ML1-10GC has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The ML1-10GC is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. This index is unmanaged.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Fixed Income Fund--Class B Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000¹ in the Regions Morgan Keegan Select Fixed Income Fund--Class B Shares (the "Fund") from November 30, 1992 to November 30, 2002, compared to the Merrill Lynch 1-10 Year Government/Corporate Index (ML1-10GC).²

AVERAGE ANNUAL TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year		1.65%
5 Years		6.10%
10 Years		6.30%
Start of Performance (4/20/1992)		6.65%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum front-end sales charge of 2.00% applicable at the Fund's inception ($10,000 investment minus $200 sales charge = $9,800). The Fund's performance assumes the reinvestment of all dividends and distributions. The ML1-10GC has been adjusted to reflect the reinvestment of dividends on securities in the index. Effective June 1, 1997, the Fund eliminated the front-end sales charge and replaced it with a maximum contingent deferred sales charge of 3.00%. Effective December 1, 2001, the Fund increased the maximum contingent deferred sales charge to 5.00%.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Fixed Income Fund--Class C Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000¹ in the Regions Morgan Keegan Select Fixed Income Fund--Class C Shares (the "Fund") from December 3, 2001 (start of performance) to November 30, 2002, compared to the Merrill Lynch 1-10 Year Government/Corporate Index (ML1-10GC).²

CUMULATIVE TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
Start of Performance (12/3/2001)		4.09%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 1.00% ($10,000 investment minus $100 sales charge = $9,900). The ending value reflects a 1.00% contingent deferred sales charge on any redemptions less than 18 months from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The ML1-10GC has been adjusted to reflect reinvestment of dividends on securities in the index.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Balanced Fund

Management's Discussion of Fund Performance

The advantage of a balanced fund is that it holds both stocks and bonds. As bad as 2002 was for holding stocks, it was positive if you held some bonds. For the fiscal year ended November 30, 2002, the fund's Class A, Class B and Class C Shares had a return of (4.99)%, (5.32)%, and (5.31)%, respectively. This compares with our peer group index, the Standard & Poor's 500 Index/Merrill Lynch 1-10 Year Government/Corporate Index (S&P 500/ML1-10GC), that had a return of (4.85)%.¹

We have been defensive with the fund for most of the reporting period. The stock holdings were near historic lows for the year, while cash holdings were near historic highs. The fund maintained its average weight in bonds for most of the year. We expect to reduce the bond allocation and increase the stock allocation as we believe stocks could outperform bonds over the next year.

1 S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The ML1-10GC is an unmanaged market capitalization weighted index including U.S. government and fixed-coupon domestic investment grade corporate bonds with at least $100 million per amount outstanding. Investments cannot be made in an index.

Balanced Fund--Class A Shares

Growth of a $25,000 Investment

The graph below illustrates the hypothetical investment of $25,000¹ in the Regions Morgan Keegan Select Balanced Fund--Class A Shares (the "Fund") from May 20, 1998 (start of performance) to November 30, 2002 compared to the Standard & Poor's 500 Index/Merrill Lynch 1-10 Year Government/Corporate Index (S&P 500/ML1-10GC), the Standard & Poor's 500 Index (S&P 500) and the Lehman Brothers Government/Credit Total Index (LBGCT).²

AVERAGE ANNUAL TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year	(10.22	)%
Start of Performance (5/20/1998)	0.39	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $25,000 in the Fund. Effective December 1, 2001, a maximum sales charge of 5.50% was imposed on all new purchases. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500/ML1-10GC, S&P 500 and LBGCT have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 500/ML1-10GC is a weighted index that combines components of the S&P 500 and the ML1-10GC. Figures shown for the index assume a constant weighting of 50% S&P 500 and 50% ML1-10GC throughout the period. Although the Fund's allocation between equity and debt instruments will vary, the Fund's allocation on November 30, 2002, as indicated in the Fund's financial statements, was 54.2% in equities, 42.8% in debt instruments and the remainder in short-term liquid investments. The S&P 500/ML1-10GC, the S&P 500, and the LBGCT are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The indexes are unmanaged. Lehman Brothers Government/Credit (Total) Index: Comprised of approximately 5,000 issues which include: non-convertible bonds publicly issued by the U.S. government or its agencies; corporate bonds guaranteed by the U.S. government and quasi-federal corporations; and publicly issued, fixed rate, non-convertible domestic bonds of companies in industry, public utilities, and finance.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Balanced Fund--Class B Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000¹ in the Regions Morgan Keegan Select Balanced Fund--Class B Shares (the "Fund") from December 19, 1994 (start of performance) to November 30, 2002 compared to the Standard & Poor's 500 Index/Merrill Lynch 1-10 Year Government/Corporate Index (S&P 500/ML1-10GC), the Standard & Poor's 500 Index (S&P 500) and the Lehman Brothers Government/Credit Total Index (LBGCT).²

AVERAGE ANNUAL TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year	(9.90	)%
5 Years	2.87	%
Start of Performance (12/19/1994)	8.13	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum front-end sales charge of 2.00% applicable at the Fund's inception ($10,000 investment minus $200 sales charge = $9,800). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500/ML1-10GC, S&P 500 and LBGCT have been adjusted to reflect reinvestment of dividends on securities in the indexes. Effective June 1, 1997, the Fund eliminated the front-end sales charge and replaced it with a maximum contingent deferred sales charge of 3.00%. Effective December 1, 2001, the Fund increased the maximum contingent deferred sales charge to 5.00%.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Balanced Fund--Class C Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000¹ in the Regions Morgan Keegan Select Balanced Fund--Class C Shares (the "Fund") from January 14, 2002 (start of performance) to November 30, 2002 compared to the Standard & Poor's 500 Index/Merrill Lynch 1-10 Year Government/Corporate Index (S&P 500/ML1-10GC), the Standard & Poor's 500 Index (S&P 500) and the Lehman Brothers Government/Credit Total Index (LBGCT).²

CUMULATIVE TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
Start of Performance (1/14/2002)		(7.20)%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 1.00% at the Fund's inception ($10,000 investment minus $100 sales charge = $9,900). The ending value reflects a 1.00% contingent deferred sales charge on any redemptions less than 18 months from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500/ML1-10GC, S&P 500 and LBGCT have been adjusted to reflect reinvestment of dividends on securities in the indexes.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Value Fund

Management's Discussion of Fund Performance

In 2002, investors in equities were very disappointed. The returns for the fiscal year ended November 30, 2002 for Class A, Class B and Class C Shares were (11.47)%, (11.81)% and (8.80)%, respectively. Despite the disappointing return, the fund outperformed the Standard & Poor's 500/Barra Value Index (S&P 500/BV) (15.24)%.¹

We were very cautious throughout 2002. The fund maintained an above-average cash position for most of the year which helped its return. The fund also benefited by holding some gold mining and defense stocks. After being cautious for a very long time, we are hopeful that the market is positioned for a stock market rally. We have increased the beta² of the portfolio as a whole to take advantage of an improving investment climate.

1 S&P 500/BV is a market capitalization-weighted index of the stocks in the Standard & Poor's 500 Index having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. Indexes are unmanaged and investments cannot be made in an index.

2 Beta analyzes the market risk of a fund by showing how responsive the fund is to the market. The beta of the market is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the market in up markets and 10% worse in down markets. Usually the higher betas represent riskier investments.

Value Fund--Class A Shares

Growth of a $25,000 Investment

The graph below illustrates the hypothetical investment of $25,000¹ in the Regions Morgan Keegan Select Value Fund--Class A Shares (the "Fund") from May 20, 1998 (start of performance) to November 30, 2002, compared to the Standard and Poor's 500/Barra Value Index (S&P 500/BV).²

AVERAGE ANNUAL TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year		(16.34)%
Start of Performance (5/20/1998)		(4.10)%

1 Represents a hypothetical investment of $25,000 in the Fund. Effective December 1, 2001 a maximum sales charge of 5.50% was imposed on all new purchases. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500/BV has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500/BV is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. This index is unmanaged.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Value Fund--Class B Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000¹ in the Regions Morgan Keegan Select Value Fund--Class B Shares (the "Fund") from December 19, 1994 (start of performance) to November 30, 2002, compared to the Standard and Poor's 500/Barra Value Index (S&P 500/BV).²

AVERAGE ANNUAL TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year	(16.20	)%
5 Years	(1.20	)%
Start of Performance (12/19/1994)	7.62	%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum front-end sales charge of 2.00% applicable at the Fund's inception ($10,000 investment minus $200 sales charge = $9,800). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500/BV has been adjusted to reflect the reinvestment of dividends on securities in the index. Effective June 1, 1997, the Fund eliminated the front-end sales charge and replaced it with a maximum contingent deferred sales charge of 3.00%. Effective December 1, 2001, the Fund increased the maximum contingent deferred sales charge to 5.00%.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Value Fund--Class C Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000^¹ in the Regions Morgan Keegan Select Value Fund--Class C Shares (the "Fund") from February 21, 2002 (start of performance) to November 30, 2002, compared to the Standard and Poor's 500/Barra Value Index (S&P 500/BV).^²

CUMULATIVE TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
Start of Performance (2/21/2002)		(10.64)%

1 Represents hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 1.00% ($10,000 investment minus $100 sales charge = $9,900). The ending value reflects a 1.00% contingent deferred sales charge on any redemptions less than 18 months from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500/BV has been adjusted to reflect reinvestment of dividends on securities in the index.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Growth Fund

Management's Discussion of Fund Performance

This was another difficult year for the equity markets and for large cap growth stocks in particular. For the fiscal year ended November 30, 2002, the fund's Class A, Class B and Class C Shares produced a total return of (14.65)%, (14.91)% and (16.88)%, respectively. Despite the negative return, the fund performed well relative to the Standard & Poor's 500 Index (S&P 500) (16.51)%.¹

The fund's above-average cash position and a small position in gold mining stocks helped maintain its value during the year. This bear market is the third longest on record in duration and price decline so we are hopeful that 2003 will bring an end to the string of negative returns. Our goal remains to focus on buying individual stocks with solid long-term prospects at attractive prices.

Growth Fund--Class A Shares

Growth of a $25,000 Investment

The graph below illustrates the hypothetical investment of $25,000¹ in the Regions Morgan Keegan Select Growth Fund--Class A Shares (the "Fund") from May 20, 1998 (start of performance) to November 30, 2002 compared to the Standard & Poor's 500 Index (S&P 500).²

AVERAGE ANNUAL TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year		(19.35)%
Start of Performance (5/20/1998)		(4.79)%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $25,000 in the Fund. Effective December 1, 2001, a maximum sales charge of 5.50% was imposed on all new purchases. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Growth Fund--Class B Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000¹ in the Regions Morgan Keegan Select Growth Fund--Class B Shares (the "Fund") from November 30, 1992 to November 30, 2002 compared to the Standard & Poor's 500 Index (S&P 500).²

AVERAGE ANNUAL TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year	(19.16	)%
5 Years	(0.42	)%
10 Years	6.97	%
Start of Performance (4/20/1992)	7.44	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum front-end sales charge of 2.00% applicable at the Fund's inception ($10,000 investment minus $200 sales charge = $9,800). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index. Effective June 1, 1997, the Fund eliminated the front-end sales charge and replaced it with a maximum contingent deferred sales charge of 3.00%. Effective December 1, 2001, the Fund increased the maximum contingent deferred sales charge to 5.00%.

2 The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Growth Fund--Class C Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000¹ in the Regions Morgan Keegan Select Growth Fund--Class C Shares (the "Fund") from January 7, 2002 (start of performance) to November 30, 2002 compared to the Standard & Poor's 500 Index (S&P 500).²

CUMULATIVE TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
Start of Performance (1/7/2002)		(18.55)%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 1.00% ($10,000 investment minus $100 sales charge = $9,900). The ending value reflects a 1.00% contingent deferred sales charge on any redemptions less than 18 months from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Aggressive Growth Fund

Management's Discussion of Fund Performance

The fund's performance reflected the dismal state of the equity markets in 2002 by having a negative total return of (12.07)%, (12.39)% and (14.06)% for Class A, Class B and Class C Shares, respectively for the fiscal year ended November 30, 2002. Despite the negative returns, the fund performed well relative to the Standard & Poor's 500 Index (S&P 500) (16.51)% and its peers.¹

Throughout the year, the fund maintained an above-average cash position and had some gold mining stocks in an effort to keep the fund's value during these difficult times. The investment climate remained weak all year despite the Federal Reserve's activity to lower interest rates. The corporate scandals and the fear of terrorism and possible war all worked to negatively impact consumer and investment confidence.

1 The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Indexes are unmanaged and investments cannot be made in an index.

Aggressive Growth Fund--Class A Shares

Growth of a $25,000 Investment

The graph below illustrates the hypothetical investment of $25,000¹ in the Regions Morgan Keegan Select Aggressive Growth Fund--Class A Shares (the "Fund") from July 10, 2000 (start of performance) to November 30, 2002 compared to the Standard & Poor's 500 Index (S&P 500), the Standard & Poor's Midcap 400/Barra Growth Index (S&P MC 400/BG) and the Lipper Mid-Cap Growth Funds Index (LMGFI).²

AVERAGE ANNUAL TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year		(16.94)%
Start of Performance (7/10/2000)		(7.33)%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $25,000 in the Fund. Effective December 1, 2001, a maximum sales charge of 5.50% was imposed on all new purchases. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, S&P MC 400/BG and LMGFI have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 500, the S&P MC 400/BG, and the LMGFI are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. Lipper indexes measure the performance of the 30 largest mutual funds in each prospective fund category. The indexes are unmanaged. S&P Mid-Cap 400/Barra Growth Index is an unmanaged index that is constructed by dividing the stocks in S&P 400 Index according to a single attribute: price-to-book ratio. The index has firms with higher price-to-book ratios. Each company in the S&P 400 is assigned to either the Growth or Mid-Cap Index so that the indexes are capitalization-weighted, meaning that the stock is weighted in the appropriate index in proportion to its market value.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Aggressive Growth Fund--Class B Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000¹ in the Regions Morgan Keegan Select Aggressive Growth Fund--Class B Shares (the "Fund") from June 30, 1993² (start of performance) to November 30, 2002 compared to the Standard & Poor's 500 Index (S&P 500), the Standard & Poor's Midcap 400/Barra Growth Index (S&P MC 400/BG) and the Lipper Mid-Cap Growth Funds Index (LMGFI).³

AVERAGE ANNUAL TOTAL RETURN⁴ FOR THE PERIOD ENDED NOVEMBER 30, 2002
1 Year	(16.77	)%
5 Years	13.79	%
Start of Performance (6/30/1993)	14.52	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $10,000 in the Fund. The maximum contingent deferred sales charge is 3.00% on any redemption less than one year from the purchase date. Effective December 1, 2001, the Fund increased the maximum contingent deferred sales charge to 5.00%. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, S&P MC 400/BG and LMGFI have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The Fund is the successor to a collective Trust Fund. The quoted performance data includes performance of the Collective Trust Fund for the period from 6/30/93 to 3/15/99 when the Fund first commenced operation, as adjusted to reflect the Fund's anticipated expenses. The Collective Trust Fund was not registered under the Investment Company Act of 1940 ("1940 Act") and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the Collective Trust Fund had been registered under the 1940 Act, the performance may have been adversely affected.

3 The S&P 500, the S&P MC 400/BG, and the LMGFI are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. Lipper indexes measure the performance of the 30 largest mutual funds in each prospective fund category. The indexes are unmanaged.

4 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Aggressive Growth Fund--Class C Shares

Growth of a $10,000 Investment

The graph below illustrates the hypothetical investment of $10,000¹ in the Regions Morgan Keegan Select Aggressive Growth Fund--Class C Shares (the "Fund") from January 7, 2002 (start of performance) to November 30, 2002 compared to the Standard & Poor's 500 Index (S&P 500), the Standard & Poor's Midcap 400/Barra Growth Index (S&P MC 400/BG) and the Lipper Mid-Cap Growth Funds Index (LMGFI).²

CUMULATIVE TOTAL RETURN³ FOR THE PERIOD ENDED NOVEMBER 30, 2002
Start of Performance (1/7/2002)		(15.77)%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 1.00% at the Fund's inception ($10,000 investment minus $100 sales charge = $9,900). The ending value reflects a 1.00% contingent deferred sales charge on any redemptions less than 18 months from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, S&P MC 400/BG and LMGFI have been adjusted to reflect reinvestment of dividends on securities in the indexes.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Treasury Money Market Fund
Portfolio of Investments

November 30, 2002

Principal Amount or Shares				Value
U.S. Treasury Obligations--90.3%
			U.S. Treasury Bills--90.3%
$	812,000,000	(1,2)	1.000%, 12/5/2002- 4/3/2003 (at amortized cost)	$	810,568,814

Mutual Fund Shares--9.0%
	37,372,860		Federated U.S. Treasury Cash Reserves Fund		37,372,860
	8,535,998		Goldman Sachs Fund Square Trust		8,535,998
	35,158,319		Provident Institutional Federal Security Portfolio		35,158,319

			Total Mutual Fund Shares (at net asset value)		81,067,177

			Total Investments (at amortized cost)(3)	$	891,635,991

(1) Yield at date of purchase.

(2) Certain principal amounts are temporarily on loan to unaffiliated broker/dealers.

(3) Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($897,933,055) at November 30, 2002.

(See Notes which are an integral part of the Financial Statements)

Government Money Market Fund
Portfolio of Investments

November 30, 2002

Principal Amount					Value
U.S. Government Agencies--27.2%
			Federal Home Loan Bank--8.9%
$	6,500,000	(1)	1.000%-1.800%, 1/8/2003- 9/15/2003	$	6,483,517

			Federal Home Loan Mortgage Corporation--2.7%
	2,000,000	(1)	1.000%, 2/6/2003		1,994,826

			Federal National Mortgage Association--15.6%
	11,500,000	(1)	1.000%, 12/18/2002- 5/2/2003		11,470,837

			Total U.S. Government Agencies (at amortized cost)		19,949,180

U.S. Treasury Obligations--41.5%
			U.S. Treasury Bills--41.5%
	30,500,000	(1,2)	1.000%, 12/5/2002 - 5/1/2003 (at amortized cost)		30,438,450

Repurchase Agreements--30.2%
$	11,000,000		Repurchase agreement with Fuji Government Securities, Inc., dated 11/29/2002, due 12/2/2002 at 1.20%, collateralized by U.S. Treasury Bills, due 2/13/2003 (repurchase proceeds $11,001,100) (cost of $11,000,000)	$	11,000,000
	11,134,859		Repurchase agreement with GX Clarke & Co., dated 11/29/2002, due 12/2/2002 at 1.25%, collateralized by U.S. Treasury Bills, due 4/3/2003 (repurchase proceeds $11,136,019) (cost of $11,134,859)		11,134,859

			Total Repurchase Agreements		22,134,859

			Total Investments (at amortized cost)(3)	$	72,522,489

(1) Yield at date of purchase.

(2) Certain principal amounts are temporarily on loan to unaffiliated broker/dealers.

(3) Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($73,357,126) at November 30, 2002.

(See Notes which are an integral part of the Financial Statements)

Limited Maturity Government Fund
Portfolio of Investments

November 30, 2002

Principal Amount				Value
Corporate Bonds--14.8%
			Banks--1.3%
$	2,000,000		Bank of America Corp., 5.250%, 2/1/2007	$	2,113,220

			Finance-Commercial--4.2%
	2,000,000		General Electric Capital Corp., 5.375%, 1/15/2003		2,009,020
	2,000,000	(1)	General Electric Capital Corp., 5.375%, 3/15/2007		2,099,600
	2,500,000		International Business Machines Corp., 4.875%, 10/1/2006		2,597,075

			Total		6,705,695

			Finance Diversified--1.3%
	2,000,000		Citigroup, Inc., 5.700%, 2/6/2004		2,085,340

			Health Care-Diversified--1.3%
	2,000,000		Abbott Laboratories, 5.600%, 10/1/2003		2,063,320

			Household Products--1.4%
	2,000,000		Procter & Gamble Co., 6.600%, 12/15/2004		2,169,000

			Investment Bankers/Brokers/Services--3.9%
	2,000,000		J.P. Morgan & Co., Inc., 5.750%, 2/25/2004		2,075,680
	2,000,000		Merrill Lynch & Co., Inc., 4.540%, 3/8/2005		2,089,960
	2,000,000		Morgan Stanley, 5.625%, 1/20/2004		2,066,660

			Total		6,232,300

			Oil & Gas--1.4%
	2,000,000		ChevronTexaco Corp., 6.625%, 10/1/2004		2,156,200

			Total Corporate Bonds (identified cost $22,595,551)		23,525,075

Corporate Notes--1.2%
			Finance-Automotive--1.2%
	2,000,000		Ford Motor Credit Co., 6.000%, 1/14/2003 (identified cost $2,002,820)		2,006,020

U.S. Government Agencies--57.0%
			Federal Farm Credit Bank--1.9%
$	3,000,000		6.750%, 1/13/2003	$	3,019,320

			Federal Home Loan Bank--19.5%
	3,000,000		3.850%, 7/22/2005		3,037,440
	3,000,000	(1)	4.000%, 2/15/2005		3,100,770
	3,500,000		4.125%, 5/13/2005		3,629,535
	3,500,000		4.375%, 2/15/2005		3,645,530
	3,000,000		4.625%, 8/13/2004		3,124,560
	4,000,000		4.875%, 5/14/2004		4,226,920
	4,000,000		5.125%, 9/15/2003		4,114,360
	2,000,000		5.375%, 1/5/2004		2,078,020
	4,000,000		7.000%, 2/14/2003		4,046,320

			Total		31,003,455

			Federal Home Loan Mortgage Corporation--11.1%
	5,000,000	(1)	3.750%, 4/15/2004		5,124,700
	5,000,000	(1)	3.875%, 2/15/2005		5,154,600
	4,000,000		4.375%, 5/9/2005		4,045,160
	3,300,000		7.000%, 2/15/2003		3,338,709

			Total		17,663,169

			Federal National Mortgage Association--24.5%
	3,000,000		3.125%, 8/15/2005		3,014,310
	3,000,000		3.780%, 8/9/2004		3,026,250
	3,000,000		4.100%, 2/28/2005		3,017,250
	4,000,000		4.375%, 10/15/2006		4,159,920
	3,000,000		4.450%, 5/3/2005		3,087,630
	4,000,000		4.625%, 5/15/2003		4,059,880
	4,000,000	(1)	4.750%, 11/14/2003		4,119,800
	3,000,000		4.750%, 3/15/2004		3,111,000
	4,000,000	(1)	5.125%, 2/13/2004		4,157,600
	3,000,000		5.150%, 5/16/2007		3,043,050
	4,000,000		6.500%, 8/15/2004		4,291,320

			Total		39,088,010

			Total U.S. Government Agencies (identified cost $88,471,239)		90,773,954

U.S. Treasury Obligations--19.7%
			U.S. Treasury Notes--19.7%
$	5,000,000	(1)	3.000%, 1/31/2004	$	5,079,500
	2,500,000	(1)	3.250%, 5/31/2004		2,553,825
	2,000,000	(1)	3.250%, 8/15/2007		2,003,340
	2,000,000	(1)	3.500%, 11/15/2006		2,040,600
	5,000,000	(1)	3.625%, 3/31/2004		5,127,350
	4,000,000	(1)	5.250%, 5/15/2004		4,201,440
	3,000,000	(1)	5.375%, 6/30/2003		3,070,830
	3,000,000	(1)	5.500%, 5/31/2003		3,062,580
	4,000,000	(1)	6.000%, 8/15/2004		4,274,720

			Total U.S. Treasury Obligations (identified cost $30,557,512)		31,414,185

Repurchase Agreement--6.5%
	10,289,950		Repurchase agreements with GX Clarke & Co., dated 11/29/2002 due 12/2/2002 at 1.25%, collateralized by U.S. Treasury Note due 2/15/2004 (repurchase proceeds $10,291,022) (cost of $10,289,950)		10,289,950

			Total Investments (identified cost $153,917,072)(2)	$	158,009,184

(1) Certain principal amounts are temporarily on loan to unaffiliated broker/dealers.

(2) The cost of investments for federal tax purposes amounts to $153,916,382. The net unrealized appreciation of investments on a federal tax basis amounts to $4,092,802 which is comprised of $4,236,173 appreciation and $143,371 depreciation at November 30, 2002.

Note: The categories of investments are shown as a percentage of net assets ($159,261,356) at November 30, 2002.

(See Notes which are an integral part of the Financial Statements)

Fixed Income Fund
Portfolio of Investments

November 30, 2002

Principal Amount				Value
Corporate Bonds--31.0%
			Consumer Durables--1.3%
			Computer Hardware
$	3,500,000	(1)	International Business Machines Corp., 4.875%, 10/1/2006	$	3,635,905

			Consumer Non-Durables--5.3%
			Packaged Foods
	3,000,000		Campbell Soup Co., Note, 6.90%, 10/15/2006		3,304,530
	5,000,000		Sara Lee Corp., Note, 5.95%, 1/20/2005		5,319,750

			Total		8,624,280

			Personal Care
	3,000,000		Avon Products, Inc., Sr. Note, 6.55%, 8/1/2007		3,333,150

			Publishing-Newspapers
	3,000,000		Washington Post Co., Note, 5.50%, 2/15/2009		3,147,870

			Total Consumer Non-Durables		15,105,300

			Consumer Services--1.5%
			Restaurants
	4,000,000		McDonald's Corp., Note, 5.95%, 1/15/2008		4,328,880

			Energy--3.5%
			Oil-Domestic
	2,000,000		Atlantic Richfield Co., Note, 5.90%, 4/15/2009		2,154,820

			Oil-International
	4,500,000		BP Capital Markets PLC, Note, 4.625%, 5/27/2005		4,713,120
	3,000,000		ChevronTexaco Corp., Note, 6.625%, 10/1/2004		3,234,300

			Total		7,947,420

			Total Energy		10,102,240

			Finance--16.8%
			Finance-Automotive
	5,000,000		Ford Motor Credit Co., Sr. Note, 6.00%, 1/14/2003		5,015,050
	5,000,000		General Motors Acceptance Corp., Sr. Unsub., 5.875%, 1/22/2003		5,020,150

			Total		10,035,200

Corporate Bonds--Continued
			Finance--Continued
			Finance Companies
$	2,000,000		American General Finance Corp., Note, 6.05%, 4/9/2003	$	2,031,680
	5,000,000	(1)	General Electric Capital Corp., Note, Series MTN Series A, 5.375%, 3/15/2007		5,249,000
	3,000,000		Household Finance Corp., Unsecd. Note, 5.75%, 1/30/2007		2,981,850

			Total		10,262,530

			Investment Bankers/Brokers/Services
	8,000,000		J.P. Morgan Chase & Co., Note, 5.35%, 3/1/2007		8,205,040
	5,000,000		J.P. Morgan Chase & Co., Sub. Note, 6.50%, 1/15/2009		5,227,450
	5,000,000		Merrill Lynch & Co., Inc., Note, 6.00%, 2/12/2003		5,044,600
	3,000,000		Merrill Lynch & Co., Inc., Note, Series B MTN, 4.54%, 3/8/2005		3,134,940
	2,000,000		Morgan Stanley, Sr. Unsub., 5.625%, 1/20/2004		2,066,660

			Total		23,678,690

			Major Banks
	4,000,000		Wells Fargo & Co., Note, 5.90%, 5/21/2006		4,268,520

			Total Finance		48,244,940

			Utilities--2.6%
			Electrical Equipment
	5,000,000		Emerson Electric Co., Unsecd. Note, 5.85%, 3/15/2009		5,431,650

			Major U.S. Telecommunications
	2,000,000		New York Telephone Co., Unsecd. Note, 5.875%, 9/1/2003		2,058,860

			Total Utilities		7,490,510

			Total Corporate Bonds (identified cost $84,086,634)		88,907,775

U.S. Government Agencies--45.2%
			Federal Farm Credit Bank--3.8%
$	3,000,000		5.25%, 12/28/2005	$	3,209,610
	5,000,000		5.79%, 3/15/2006		5,431,850
	2,000,000		6.50%, 9/29/2006		2,232,960

			Total		10,874,420

			Federal Home Loan Bank--16.2%
	5,000,000		3.85%, 7/22/2005		5,062,400
	5,000,000		5.25%, 2/13/2004		5,204,350
	5,000,000		5.375%, 2/15/2006		5,358,550
	2,000,000		5.615%, 3/1/2006		2,160,040
	4,000,000		5.80%, 3/30/2009		4,367,560
	2,000,000		5.85%, 2/27/2008		2,195,060
	3,000,000		5.875%, 11/15/2007		3,301,620
	2,005,000		6.375%, 8/15/2006		2,225,069
	8,000,000		6.50%, 11/15/2006		8,942,400
	7,000,000		7.125%, 2/15/2005		7,701,330

			Total		46,518,379

			Federal Home Loan Mortgage Corporation--10.0%
	7,000,000		5.75%, 3/15/2009		7,620,270
	5,000,000		5.75%, 4/15/2008		5,469,750
	4,000,000		5.75%, 4/29/2009		4,153,400
	10,000,000		6.625%, 9/15/2009		11,383,800

			Total		28,627,220

			Federal National Mortgage Association--13.0%
	4,000,000	(1)	2.875%, 10/15/2005		4,011,880
	4,000,000		4.10%, 2/28/2005		4,023,000
	7,000,000	(1)	4.375%, 9/15/2012		6,784,260
	4,000,000		4.75%, 3/15/2004		4,148,000
	4,000,000		5.00%, 1/15/2007		4,246,080
	4,000,000	(1)	5.75%, 4/15/2003		4,065,800
U.S. Government Agencies--Continued
			Federal National Mortgage Association--Continued
$	4,000,000		6.00%, 5/15/2008	$	4,413,400
	5,000,000		6.625%, 9/15/2009		5,691,900

			Total		37,384,320

			Government National Mortgage Association--2.2%
	5,948,439		6.50%, 6/15/2031		6,199,403

			Total U.S. Government Agencies (identified cost $120,755,698)		129,603,742

U.S. Treasury Obligations--14.7%
			U.S. Treasury Notes--14.7%
	4,000,000	(1)	3.25%, 5/31/2004		4,086,120
	4,000,000	(1)	3.25%, 8/15/2007		4,006,680
	6,000,000	(1)	4.375%, 8/15/2012		6,079,200
	5,000,000	(1)	4.75%, 11/15/2008		5,313,850
	3,000,000	(1)	4.75%, 2/15/2004		3,113,160
	3,000,000	(1)	5.625%, 2/15/2006		3,275,310
	3,000,000	(1)	5.875%, 11/15/2005		3,284,340
	5,000,000	(1)	6.00%, 8/15/2004		5,343,400
	3,000,000	(1)	6.50%, 10/15/2006		3,389,220
	4,000,000	(1)	6.50%, 5/15/2005		4,403,880

			Total U.S. Treasury Obligations (identified cost $40,538,237)		42,295,160

Repurchase Agreement--8.4%
	24,040,804		Repurchase agreements with GX Clarke & Co., dated 11/29/2002 due 12/2/2002 at 1.25%, collateralized by U.S. Treasury Bill due 12/26/2002 (repurchase proceeds $24,043,308) (cost of $24,040,804)		24,040,804

			Total Investments (identified cost $269,421,373)(2)	$	284,847,481

(1) Certain principal amounts are temporarily on loan to unaffiliated broker/dealers.

(2) The cost of investments for federal tax purposes amounts to $269,421,373. The net unrealized appreciation of investments on a federal tax basis amounts to $15,426,108 which is comprised of $15,780,644 appreciation and $354,536 depreciation at November 30, 2002.

Note: The categories of investments are shown as a percentage of net assets ($286,788,191) at November 30, 2002.

The following acronym is used throughout this portfolio:

MTN--Medium Term Note

(See Notes which are an integral part of the Financial Statements)

Balanced Fund
Portfolio of Investments

November 30, 2002

Shares					Value
Common Stocks--52.1%
			Basic Materials--0.5%
			Metals & Mining
	12,000		Nucor Corp.	$	602,880

			Commercial Services--0.6%
			Food Distributors
	32,000		ConAgra, Inc.		779,840

			Consumer Cyclicals--3.2%
			Retail-Apparel
	40,000	(1)	Abercrombie & Fitch Co., Class A		994,800
	40,000	(1)	American Eagle Outfitters, Inc.		764,800
	36,000	(1)	Bed Bath & Beyond, Inc.		1,248,840
	70,000		Gap (The), Inc.		1,112,300

			Total Consumer Cyclicals		4,120,740

			Consumer Discretionary--1.4%
			Auto Components
	50,000		Goodyear Tire & Rubber Co.		412,000

			Media
	32,000	(1)	Clear Channel Communications, Inc.		1,390,720

			Total Consumer Discretionary		1,802,720

			Consumer Durables--2.1%
			Beverages-Alcoholic
	20,000		Anheuser-Busch Cos., Inc.		982,400

			Soft Drink
	40,000		PepsiCo, Inc.		1,699,200

			Total Consumer Durables		2,681,600

			Consumer Non-Durables--1.0%
			Packaged Goods/Cosmetics
	10,000		Kimberly-Clark Corp.		503,200
	10,000		Procter & Gamble Co.		840,000

			Total Consumer Non-Durables		1,343,200

			Consumer Services--1.5%
			Restaurants & Leisure
	16,000	(1)	International Game Technology		1,233,600
	40,000		McDonald's Corp.		740,000

			Total Consumer Services		1,973,600

Common Stocks--Continued
			Consumer Staples--4.4%
			Personal Products
	36,000		Gillette Co.	$	1,091,520

			Retail-Drug Stores
	36,000		CVS Corp.		967,680

			Tobacco
	36,000		Philip Morris Cos., Inc.		1,357,920
	70,000		UST, Inc.		2,254,000

			Total		3,611,920

			Total Consumer Staples		5,671,120

			Energy Minerals--2.7%
			International Oil Companies
	30,000		Exxon Mobil Corp.		1,044,000

			Oil Domestic
	20,000		Conoco Phillips		956,200

			Oil-Exploration & Production
	50,000		Marathon Oil Corp.		1,000,000
	16,000		Unocal Corp.		474,400

			Total		1,474,400

			Total Energy Minerals		3,474,600

			Electronic Technology--6.7%
			Computer-Communications
	80,000	(1)	Cisco Systems, Inc.		1,193,600

			Electronic Data Processing
	30,000	(1)	Dell Computer Corp.		857,100
	50,000		Hewlett-Packard Co.		974,000
	16,000		International Business Machines Corp.		1,393,600
	80,000	(1)	Sun Microsystems, Inc.		343,280

			Total		3,567,980

			Semiconductors
	60,000		Intel Corp.		1,252,800

			Telecommunication-Equipment
	50,000	(1)	Applied Materials, Inc.		852,500
	30,000	(1,2)	NVIDIA Corp.		513,900
	16,000	(1)	Novellus Systems, Inc.		580,640
	40,000		Texas Instruments, Inc.		804,400

			Total		2,751,440

			Total Electronic Technology		8,765,820

Common Stocks--Continued
			Finance--9.2%
			Diversified Financials Services
	20,000		American Express Co.	$	778,600
	20,000		Federal National Mortgage Association		1,261,000
	20,000		Franklin Resources, Inc.		739,000
	100,000		Schwab (Charles) Corp.		1,154,000

			Total		3,932,600

			Insurance-Brokers
	29,000		Marsh & McLennan Cos., Inc.		1,368,800

			Life Insurance
	28,000		Gallagher (Arthur J.) & Co.		788,760
	22,000		Jefferson-Pilot Corp.		839,300

			Total		1,628,060

			Major Banks
	20,000	(2)	Bank of America Corp.		1,401,600
	12,000		Bank of New York Co., Inc.		364,200
	40,000		KeyCorp		1,043,600
	6,000		Washington Mutual, Inc.		215,880
	14,000		Wells Fargo & Co.		646,940

			Total		3,672,220

			Multi-Line Insurance
	20,000		American International Group, Inc.		1,303,000

			Total Finance		11,904,680

			Health Technology--6.9%
			Biotechnology
	16,000	(1)	Amgen, Inc.		755,200

			Health Care Equipment & Supplies
	6,000		Medtronic, Inc.		280,500

			Health Care Providers & Services
	14,000	(1)	Express Scripts, Inc., Class A		708,400

			Major Pharmaceuticals
	20,000		Abbott Laboratories		875,600
	9,000	(1)	Forest Laboratories, Inc.		965,970
Common Stocks--Continued
			Health Technology --Continued
			Major Pharmaceuticals--Continued
	30,000		Johnson & Johnson	$	1,710,600
	20,000		Lilly (Eli) & Co.		1,366,000
	54,000		Pfizer, Inc.		1,703,160
	16,000		Wyeth		614,880

			Total		7,236,210

			Total Health Technology		8,980,310

			Industrials--1.8%
			Air Freight & Logistics
	10,000		FedEx Corp.		525,700

			Airlines
	30,000		Southwest Airlines Co.		498,000

			Industrial Conglomerates
	50,000		General Electric Co.		1,355,000

			Total Industrials		2,378,700

			Industrial Services--0.7%
			Oilfield Services Equipment
	60,000	(1)	Lone Star Technologies, Inc.		927,000

			Information Technology--3.2%
			Electronic Equipment & Instruments
	80,000	(1)	Flextronics International Ltd.		880,800

			Semiconductor Equipment & Products
	16,000	(1,2)	Cabot Microelectronics Corp.		965,600
	20,000	(1)	KLA-Tencor Corp.		883,400
	20,000	(1)	Xilinx, Inc.		492,800

			Total		2,341,800

			Software
	16,000	(1)	Microsoft Corp.		925,120

			Total Information Technology		4,147,720

Shares or Principal Amount					Value
Common Stocks--Continued
			Retail Trade--4.9%
			Building Materials Chains
	20,000		Home Depot, Inc.	$	528,400
	32,000		Lowe's Cos., Inc.		1,328,000

			Total		1,856,400

			Discount Store
	30,000		Family Dollar Stores, Inc.		884,700
	20,000		Costco Wholesale Corp.		646,000
	18,000		Wal-Mart Stores, Inc.		974,880

			Total		2,505,580

			Multiline Retail
	32,000		Target Corp.		1,112,960

			Specialty Retail
	10,000	(1)	Best Buy Co., Inc.		276,800
	6,000	(1)	CDW Computer Centers, Inc.		305,820
	40,000		Circuit City Stores, Inc.		387,200

			Total		969,820

			Total Retail Trade		6,444,760

			Utilities--1.3%
			Electric Utilities: South
	50,000		Duke Energy Corp.		987,000
	20,000		Southern Co.		523,200
	14,000		TXU Corp.		215,880

			Total Utilities		1,726,080

			Total Common Stocks (identified cost $62,912,576)		67,725,370

Corporate Bonds--15.3%
			Consumer Durables--0.8%
			Railroads
$	1,000,000		Burlington Northern Santa Fe, Equip. Trust, Series 99-A, 5.85%, 5/1/2005		1,065,490

			Finance--10.2%
			Finance Companies
	2,000,000	(2)	American Express Credit Corp., Note, MTN Series B, 4.25%, 2/7/2005		2,064,300

Principal Amount					Value
Corporate Bonds--Continued
			Finance--Continued
			Finance Companies--Continued
$	1,000,000		American General Finance Corp., Note, 6.05%, 4/9/2003	$	1,015,840
	2,000,000		Boeing Capital Corp., 5.75%, 2/15/2007		2,070,160

			Total		5,150,300

			Financial Diversified
	1,000,000	(2)	General Electric Capital Corp., Note, 4.25%, 1/28/2005		1,036,800
	2,500,000		Household Finance Corp., Unsecd. Note, 5.75%, 1/30/2007		2,484,875

			Total		3,521,675

			Investment Bankers/Brokers/Services
	1,000,000		J.P. Morgan Chase & Co., Note, 5.35%, 3/1/2007		1,025,630
	1,000,000		Morgan Stanley, Sr. Unsub., 5.625%, 1/20/2004		1,033,330
	1,000,000		Merrill Lynch & Co., Inc., Note, 6.00%, 2/12/2003		1,008,920
	1,500,000		Merrill Lynch & Co., Inc., Note, MTN Series B, 4.54%, 3/8/2005		1,567,470

			Total		4,635,350

			Total Finance		13,307,325

			Technology--1.2%
			Technology Products
	1,500,000	(2)	International Business Machines Corp., Note 4.875%, 10/1/2006		1,558,245

			Utilities--3.1%
			Oil International
	1,750,000		BP Capital Markets PLC, Note, 4.625%, 5/27/2005		1,832,880

			Telecommunication-Cellular
	2,000,000	(2)	SBC Communications, Inc., Note, 5.75%, 5/2/2006		2,120,840

			Total Utilities		3,953,720

			Total Corporate Bonds (identified cost $19,123,566)		19,884,780

U.S. Government Agencies--17.6%
			Federal Home Loan Bank--8.2%
$	2,000,000		4.50%, 8/14/2009	$	2,031,840
	2,000,000		4.625%, 8/13/2004		2,083,040
	2,000,000		4.875%, 11/15/2006		2,116,100
	2,000,000		5.375%, 2/15/2006		2,143,420
	2,000,000		6.50%, 11/15/2006		2,235,600

			Total		10,610,000

			Federal National Mortgage Association--9.4%
	2,000,000	(2)	4.375%, 9/15/2012		1,938,360
	2,000,000		4.625%, 5/15/2003		2,029,940
	3,000,000		4.75%, 3/15/2004		3,111,000
	2,000,000	(2)	5.25%, 4/15/2007		2,140,840
	3,000,000		5.75%, 4/15/2003		3,049,350

			Total		12,269,490

			Total U.S. Government Agencies (identified cost $22,055,675)		22,879,490

U.S. Treasury Obligations--9.9%
			U.S. Treasury Notes--9.9%
$	2,000,000	(2)	4.375%, 8/15/2012	$	2,026,400
	2,000,000	(2)	4.75%, 2/15/2004		2,075,440
	3,000,000	(2)	5.25%, 5/15/2004		3,151,080
	3,000,000	(2)	6.50%, 10/15/2006		3,389,220
	2,000,000	(2)	6.50%, 5/15/2005		2,201,940

			Total U.S. Treasury Obligations (identified cost $12,127,907)		12,844,080

Exchange Traded Funds--2.1%
	100,000	(1,2)	Nasdaq Index Tracking Stock (identified cost $2,504,026)		2,762,000

Repurchase Agreement--3.7%
	4,791,964		Repurchase agreement with GX Clarke & Co., dated 11/29/2002, due 12/2/2002 at 1.25%, collateralized by U.S. Treasury Notes, due 3/31/2003 (repurchase proceeds $4,792,463) (cost of $4,791,964)		4,791,964

			Total Investments (identified cost $123,515,714)(3)	$	130,887,684

(1) Non-income producing security.

(2) Certain shares/principal amounts are temporarily on loan to unaffiliated broker/dealers.

(3) The cost of investments for federal tax purposes amounts to $123,565,520. The net unrealized appreciation of investments on a federal tax basis amounts to $7,322,164 which is comprised of $12,744,891 appreciation and $5,422,727 depreciation at November 30, 2002.

Note: The categories of investments are shown as a percentage of net assets ($129,965,698) at November 30, 2002.

The following acronym is used throughout this portfolio:

ADR--American Depositary Receipt

(See Notes which are an integral part of the Financial Statements)

Value Fund
Portfolio of Investments

November 30, 2002

Shares				Value
Common Stocks--90.1%
			Capital Goods--4.7%
			Aerospace & Defense
	55,000		General Dynamics Corp.	$	4,479,750
	62,000	(1)	Northrop Grumman Corp.		6,008,420

			Total Capital Goods		10,488,170

			Commercial Services--3.7%
			Food Distributors
	180,000		ConAgra, Inc.		4,386,600
	100,000		Kraft Foods, Inc., Class A		3,756,000

			Total Commercial Services		8,142,600

			Consumer Cyclicals--4.2%
			Retail-General Merchandise
	94,000		Costco Wholesale Corp.		3,036,200
	70,000		Target Corp.		2,434,600

			Total		5,470,800

			Specialty Retail
	145,000		Home Depot, Inc.		3,830,900

			Total Consumer Cyclicals		9,301,700

			Consumer Discretionary--4.4%
			Media
	125,000	(2)	Clear Channel Communications, Inc.		5,432,500
	190,000	(1,2)	Comcast Corp., Class A		4,332,000

			Total Consumer Discretionary		9,764,500

			Consumer Staples--2.2%
			Beverages
	76,000		Coors Adolph Co., Class B		4,929,360

			Electronic Technology--11.6%
			Electronics-Defense
	198,000		Raytheon Co.		5,775,660

			Electronics-Semiconductor
	320,000	(2)	Applied Materials, Inc.		5,456,000
	240,000		Intel Corp.		5,011,200
	85,000	(2)	Novellus Systems, Inc.		3,084,650
	400,000	(2)	Teradyne, Inc.		6,556,000

			Total		20,107,850

			Total Electronic Technology		25,883,510

Common Stocks--Continued
			Energy Minerals--8.1%
			International Oil Companies
$	57,325		ChevronTexaco Corp.	$	3,842,495
	175,000		Exxon Mobil Corp.		6,090,000

			Total		9,932,495

			Oil-Domestic
	86,000		ConocoPhillips		4,111,660

			Oil-Exploration & Production
	132,000		Unocal Corp.		3,913,800

			Total Energy Minerals		17,957,955

			Finance--19.6%
			Finance Diversified
	30	(2)	Berkshire Hathaway, Inc., Class A		2,169,000

			Major Banks
	61,000	(1)	Bank of America Corp.		4,274,880
	100,000		KeyCorp		2,609,000
	122,000		Wachovia Corp.		4,288,300
	122,000		Washington Mutual, Inc.		4,389,560
	82,000		Wells Fargo & Co.		3,789,220

			Total		19,350,960

			Investment Bankers/Brokers/Services
	235,000		Citigroup, Inc.		9,136,800
	120,000		Merrill Lynch & Co., Inc.		5,220,000
	173,000		Morgan Stanley		7,826,520

			Total		22,183,320

			Total Finance		43,703,280

			Health Care/Drug--5.5%
			Health Care-Diversified
	62,000		Abbott Laboratories		2,714,360
	196,000		Bristol-Myers Squibb Co.		5,194,000
	75,000		Merck & Co., Inc.		4,455,750

			Total Health Care/Drug		12,364,110

			Industrials--3.3%
			Air Freight & Logistics
	68,000		FedEx Corp.		3,574,760

			Machinery
	82,000		Ingersoll-Rand Co., Class A		3,788,400

			Total Industrials		7,363,160

Shares				Value
Common Stocks--Continued
			Information Technology--6.6%
			Communications Equipment
	200,000	(2)	Cisco Systems, Inc.	$	2,984,000

			Electronic Equipment & Instruments
	200,000	(2)	Flextronics International Ltd.		2,202,000

			IT Consulting & Services
	300,000		Electronic Data Systems Corp.		5,562,000

			Software
	220,000	(2)	BMC Software, Inc.		3,938,000

			Total Information Technology		14,686,000

			Life Insurance--3.0%
	104,000		American International Group, Inc.		6,775,600

			Materials--2.8%
			Metals & Mining
	88,000		Alcoa, Inc.		2,248,400
	80,000		Nucor Corp.		4,019,200

			Total Materials		6,267,600

Shares or Principal Amount				Value
Common Stocks--Continued
			Process Industries--6.4%
			Chemicals
	170,800		Du Pont (E.I.) de Nemours & Co.	$	7,621,096
	56,650		Eastman Chemical Co.		2,216,714

			Total		9,837,810

			Paper
	84,000		Weyerhaeuser Co.		4,418,400

			Total Process Industries		14,256,210

			Transportation--2.0%
			Airlines
	273,000		Southwest Airlines Co.		4,531,800

			Utilities--2.0%
			Major U.S. Telecommunications
	106,000		Verizon Communications		4,439,280

			Total Common Stocks (identified cost $191,486,532)		200,854,835

Exchange Traded Fund--5.1%
	121,875	(1)	Standard & Poor's Depositary Receipts (identified cost $10,302,274)		11,450,156

Repurchase Agreement--5.4%
$	12,064,489		Repurchase agreements with GX Clarke & Co., dated 11/29/2002 due 12/2/2002 at 1.25%, collateralized by U.S. Treasury Bill due 12/26/2002 (repurchase proceeds $12,065,746) (cost of $12,064,489)		12,064,489

			Total Investments (identified cost $213,853,295)(3)	$	224,369,480

(1) Certain shares are temporarily on loan to unaffiliated broker/dealers.

(2) Non-income producing security.

(3) The cost of investments for federal tax purposes amounts to $214,328,113. The net unrealized appreciation of investments on a federal tax basis amounts to $10,041,367 which is comprised of $18,515,361 appreciation and $8,473,994 depreciation at November 30, 2002.

Note: The categories of investments are shown as a percentage of net assets ($223,065,427) at November 30, 2002.

(See Notes which are an integral part of the Financial Statements)

Growth Fund
Portfolio of Investments

November 30, 2002

Shares				Value
Common Stocks--85.3%
			Biotechnology--1.9%
			Biotechnology
	100,000	(1)	Amgen, Inc.	$	4,720,000
	80,000	(1)	Medimmune, Inc.		2,110,400

			Total		6,830,400

			Capital Goods--3.0%
			Equipment-Machinery
	400,000		General Electric Co.		10,840,000

			Commercial Cyclical--18.0%
			Business Services
	140,000		Automatic Data Processing, Inc.		6,085,800

			Gaming & Lottery
	110,000	(1)	International Game Technology		8,481,000

			Merchandise/Mass Merchandising
	160,000		Target Corp.		5,564,800
	240,000		Wal-Mart Stores, Inc.		12,998,400

			Total		18,563,200

			Merchandise/Specialty
	100,000		Home Depot, Inc.		2,642,000
	100,000		Lowe's Cos., Inc.		4,150,000

			Total		6,792,000

			Restaurants
	100,000		McDonald's Corp.		1,850,000

			Retail-Apparel
	300,000	(1)	Abercrombie & Fitch Co., Class A		7,461,000
	400,000		Gap (The), Inc.		6,356,000

			Total		13,817,000

			Retail-Discounters
	180,000		Family Dollar Stores, Inc.		5,308,200

			Retail Specialty
	60,000	(1)	Bed Bath & Beyond, Inc.		2,081,400

			Retail Technology
	100,000	(1)	Best Buy Co., Inc.		2,768,000

			Total Commercial Cyclical		65,746,600

Common Stocks--Continued
			Commercial Non-Cyclical--4.8%
			Beverages-Alcoholic
	80,000		Anheuser-Busch Cos., Inc.	$	3,929,600

			Cosmetics/Household
	50,000		Colgate-Palmolive Co.		2,569,500
	140,000		Gillette Co.		4,244,800
	50,000		Kimberly-Clark Corp.		2,516,000
	50,000		Procter & Gamble Co.		4,200,000

			Total		13,530,300

			Total Commercial Non-Cyclical		17,459,900

			Consumer Staples--7.3%
			Retail-Drug Stores
	220,000		CVS Corp.		5,913,600

			Tobacco
	260,000		Philip Morris Cos., Inc.		9,807,200
	340,000		UST, Inc.		10,948,000

			Total		20,755,200

			Total Consumer Staples		26,668,800

			Energy--1.1%
			Oil & Gas Drill Equipment
	80,000	(1,2)	Cooper Cameron Corp.		4,100,800

			Finance--7.0%
			Finance Companies
	200,000		American Express Co.		7,786,000
	80,000		Franklin Resources, Inc.		2,956,000

			Total		10,742,000

			Insurance
	160,000	(2)	Gallagher (Arthur J.) & Co.		4,507,200

			Investment Bankers/Brokers/Services
	50,000		Federal National Mortgage Association		3,152,500
	80,000		Mellon Financial Corp.		2,404,000
	400,000		Schwab (Charles) Corp.		4,616,000

			Total		10,172,500

			Total Finance		25,421,700

Shares				Value
Common Stocks--Continued
			Food & Beverages--3.8%
	100,000		Coca-Cola Co.	$	4,564,000
	220,000		PepsiCo, Inc.		9,345,600

			Total Food & Beverages		13,909,600

			Healthcare/Drug--8.3%
	40,000	(1)	Forest Laboratories, Inc., Class A		4,293,200
	40,000		Lilly (Eli) & Co.		2,732,000
	80,000		Merck & Co., Inc.		4,752,800
	360,000		Pfizer, Inc.		11,354,400
	40,000		UnitedHealth Group, Inc.		3,258,000
	100,000		Wyeth		3,843,000

			Total Healthcare/Drug		30,233,400

			Hospital Supplies--6.0%
	140,000		Abbott Laboratories		6,129,200
	140,000		Baxter International, Inc.		4,478,600
	140,000		Johnson & Johnson		7,982,800
	70,000		Medtronic, Inc.		3,272,500

			Total Hospital Supplies		21,863,100

			Technology--22.9%
	400,000	(1)	Applied Materials, Inc.		6,820,000
	300,000	(1)	Cisco Systems, Inc.		4,476,000
	400,000	(1)	EMC Corp. Mass		2,900,000
	500,000	(1)	Flextronics International Ltd.		5,505,000
	500,000		Intel Corp.		10,440,000
	70,000		International Business Machines Corp.		6,097,000
	120,000	(1)	KLA-Tencor Corp.		5,300,400
	240,000	(1)	Lam Research Corp.		3,897,600
	200,000	(1)	Microsoft Corp.		11,564,000
	200,000	(1,2)	NVIDIA Corp.		3,426,000

Shares or Principal Amount				Value
Common Stocks--Continued
			Technology--Continued
	80,000	(1)	Novellus Systems, Inc.	$	2,903,200
	400,000	(1)	Oracle Corp.		4,860,000
	600,000	(1)	Sun Microsystems, Inc.		2,574,600
	40,000	(1)	SunGuard Data Systems, Inc.		934,800
	300,000		Texas Instruments, Inc.		6,033,000
	240,000	(1)	Xilinx, Inc.		5,913,600

			Total Technology		83,645,200

			Telecommunication--1.2%
			Media
	100,000	(1)	Clear Channel Communications, Inc.		4,346,000

			Total Common Stocks (identified cost $278,814,628)		311,065,500

Exchange Traded Funds--5.8%
	500,000	(1,2)	Nasdaq Index Tracking Stock		13,810,000
	80,000	(2)	Standard & Poor's Depositary Receipts		7,516,000

			Total Exchange Traded Funds (identified Cost $19,253,240)		21,326,000

Repurchase Agreement--8.9%
$	32,465,161		Repurchase agreement with GX Clarke & Co., dated 11/29/2002, due 12/2/2002 at 1.25% collateralized by U.S. Treasury Notes, due 2/15/2004 (repurchase proceeds $32,468,543) (cost of $32,465,161)		32,465,161

			Total Investments (identified cost $330,533,029)(3)	$	364,856,661

(1) Non-income producing security.

(2) Certain shares are temporarily on loan to unaffiliated broker/dealers.

(3) The cost of investments for federal tax purposes amounts to $330,555,946. The net unrealized appreciation of investments on a federal tax basis amounts to $34,300,715 which is comprised of $53,054,735 appreciation and $18,754,020 depreciation at November 30, 2002.

Note: The categories of investments are shown as a percentage of net assets ($364,845,228) at November 30, 2002.

(See Notes which are an integral part of the Financial Statements)

Aggressive Growth Fund
Portfolio of Investments

November 30, 2002

Shares				Value
Common Stocks--86.7%
			Basic Materials--2.5%
			Chemicals
	70,000	(1,2)	Cabot Microelectronics Corp.	$	4,224,500

			Commercial Services--3.0%
			Computers Systems
	50,000	(1)	Investment Technology Group, Inc.		1,473,500

			Data Processing
	100,000	(1)	BISYS Group, Inc.		2,028,000
	40,000	(1)	DST Systems, Inc.		1,518,000

			Total		3,546,000

			Total Commercial Services		5,019,500

			Consumer Cyclical--19.1%
			Game & Lottery
	50,000	(1)	International Game Technology		3,855,000

			Merchandise General
	140,000	(1)	BJ's Wholesale Club, Inc.		2,689,400

			Merchandise/Specialty
	240,000	(1)	American Eagle Outfitters, Inc.		4,588,800
	140,000	(1)	Chicos Fas, Inc.		3,147,200
	120,000	(1)	Dollar Tree Stores, Inc.		3,522,000
	40,000	(1)	Timberland Co., Class A		1,460,800

			Total		12,718,800

			Retail-Apparel
	260,000	(1)	Abercrombie & Fitch Co., Class A		6,466,200

			Retail-Computers & Electronics
	50,000	(1)	CDW Computer Centers, Inc.		2,548,500
	80,000		Circuit City Stores, Inc.		774,400

			Total		3,322,900

			Retail Specialty
	160,000		Pier 1 Imports, Inc.		3,121,600

			Total Consumer Cyclical		32,173,900

			Consumer Non-Cyclical--3.8%
	200,000		Tobacco UST, Inc.		6,440,000

Shares				Value
Common Stocks--Continued
			Consumer Services--3.2%
			Restaurants
	60,000	(1)	Brinker International, Inc.	$	1,788,000
	100,000	(1)	Outback Steakhouse, Inc.		3,550,000

			Total Consumer Services		5,338,000

			Electronic Technology--8.9%
			Computers-Software/Services
	40,000	(1)	Affiliated Computer Services, Inc., Class A		2,000,000
	240,000	(1)	Siebel Systems, Inc.		2,042,400
	10,000	(1)	Symantec Corp.		437,300
	30,000	(1)	Synopsys, Inc.		1,559,400

			Total		6,039,100

			Semiconductors
	80,000	(1)	Fairchild Semiconductor International, Inc., Class A		1,224,800
	340,000	(1)	Flextronics International Ltd.		3,743,400
	140,000	(1)	Microchip Technology, Inc.		4,026,400

			Total		8,994,600

			Total Electronic Technology		15,033,700

			Energy--3.8%
			Oil & Gas-Drill & Equipment
	70,000	(1)	Lone Star Technologies, Inc.		1,081,500
	50,000	(1)	Smith International, Inc.		1,700,000
	60,000	(1)	Weatherford International Ltd.		2,420,400

			Total		5,201,900

			Oil-Exploration & Production
	40,000	(1)	The Houston Exploration Co.		1,252,000

			Total Energy		6,453,900

			Finance--15.7%
			Investment Bankers/Brokers/Services
	600,000	(1)	E*Trade Group, Inc.		3,408,000
	200,000		Gallagher (Arthur J.) & Co.		5,634,000
	120,000		Legg Mason, Inc.		6,201,600
Shares				Value
Common Stocks--Continued
			Finance--Continued
			Investment Bankers/Brokers/Services--Continued
	400,000		Stilwell Financial, Inc.	$	5,888,000

			Total		21,131,600

			Major Banks
	40,000		Banknorth Group, Inc.		881,200
	60,000		National Commerce Financial Corp.		1,495,800
	40,000		TCF Financial Corp.		1,706,000
	40,000		Wilmington Trust Corp.		1,264,000

			Total		5,347,000

			Total Finance		26,478,600

			Healthcare/Drug--19.6%
			Biotechnology
	140,000	(1)	Gilead Sciences, Inc.		5,527,200
	220,000	(1)	Millennium Pharmaceuticals, Inc.		2,202,200

			Total		7,729,400

			Healthcare-Managed Care
	60,000	(1)	Express Scripts, Inc., Class A		3,036,000
	80,000	(1)	First Health Group Corp.		1,908,800

			Total		4,944,800

			Healthcare-Specialized Services
	100,000	(1)	Lincare Holdings, Inc.		3,272,000
	70,000	(1)	Patterson Dental Co.		2,940,000

			Total		6,212,000

			Major Pharmaceuticals
	30,000	(1)	Forest Laboratories, Inc., Class A		3,219,900
	50,000	(1,2)	IDEC Pharmaceuticals Corp.		1,645,000
	120,000		Mylan Laboratories, Inc.		4,047,600
	180,000	(1)	SICOR, Inc.		2,838,600
Shares or Principal Amount				Value
Common Stocks--Continued
			Healthcare/Drug --Continued
			Major Pharmaceuticals--Continued
	240,000	(1)	Sepracor, Inc.	$	2,294,400

			Total		14,045,500

			Total Healthcare/Drug		32,931,700

			Technology--2.7%
			Communication Equipment
	120,000	(1)	Cypress Semiconductor Corp.		1,036,800
	20,000	(1)	L-3 Communications Holdings, Inc.		898,800
	160,000	(1)	Lam Research Corp.		2,598,400

			Total Technology		4,534,000

			Transportation--3.8%
			Airlines
	160,000	(1)	Atlantic Coast Airlines		1,715,200
	500,000	(1)	Frontier Airlines, Inc.		2,835,000
	140,000		SkyWest, Inc.		1,905,400

			Total Transportation		6,455,600

			Utilities--0.6%
			Natural Gas
	30,000		Equitable Resources, Inc.		1,058,100

			Total Common Stocks (identified cost $139,571,917)		146,141,500

Exchange Traded Fund--5.3%
	320,000	(1,2)	Nasdaq Index Tracking Stock (identified cost $7,753,470)		8,838,400

Repurchase Agreement--7.9%
$	13,231,671		Repurchase agreement with GX Clarke & Co., dated 11/29/2002, due 12/2/2002 at 1.25%, collateralized by U.S. Treasury Bills, due 12/26/2002 (repurchase proceeds $13,233,049) (cost of $13,231,671)		13,231,671

			Total Investments (identified cost $160,557,058)(3)	$	168,211,571

(1) Non-income producing security.

(2) Certain shares are temporarily on loan to unaffiliated broker/dealers.

(3) The cost of investments for federal tax purposes amounts to $160,890,568. The net unrealized appreciation of investments on a federal tax basis amounts to $7,321,003 which is comprised of $16,613,752 appreciation and $9,292,749 depreciation at November 30, 2002.

Note: The categories of investments are shown as a percentage of net assets ($168,354,291) at November 30, 2002.

(See Notes which are an integral part of the Financial Statements)

Regions Morgan Keegan Select Funds
Statements of Assets and Liabilities

November 30, 2002

	Government Money Market Fund		Treasury Money Market Fund		Limited Maturity Government Fund				Fixed Income Fund
Assets:
Investments in securities, at value	$	50,387,630	$	891,635,991	$	147,719,234		$	260,806,677
Investments in repurchase agreements		22,134,859		--		10,289,950			24,040,804

Total investments in securities		72,522,489		891,635,991		158,009,184			284,847,481

Cash		107		--		109			102
Income receivable		6,545		45,239		1,643,041			3,000,352
Collateral for securities lending		16,024,963		249,447,583		39,806,594			63,159,290
Receivable for shares sold		954,579		10,973,793		994,836			1,096,452

Total assets		89,508,683		1,152,102,606		200,453,764			352,103,677

Liabilities:
Payable for shares redeemed		--		3,465,058		975,689			1,339,976
Income distribution payable		69,335		507,455		299,466			610,004
Payable upon return of securities loaned		16,024,963		249,447,583		39,806,594			63,159,290
Payable to bank		--		261,117		--			--
Accrued expenses		57,259		488,338		110,659			206,216

Total liabilities		16,151,557		254,169,551		41,192,408			65,315,486

Net Assets Consist of:
Paid-in capital	$	73,357,126	$	897,933,055	$	154,896,376		$	270,820,192
Net unrealized appreciation of investments		--		--		4,092,112			15,426,108
Accumulated net realized gain on investments		--		--		272,386			541,902
Undistributed (distributions in excess of) net investment income		--		--		482			(11	)

Total Net Assets	$	73,357,126	$	897,933,055	$	159,261,356		$	286,788,191

Net Asset Value, Offering Price Per Share:(1)
(net assets shares outstanding)
Class A Shares		$1.00		$1.00		$10.31			$11.10
Class B Shares		--		$1.00		$10.31			$11.10
Class C Shares		--		--		$10.31			$11.10

Offering Price Per Share:(1)
Class A Shares		$1.00		$1.00		$10.80	(2)		$11.62	(2)
Class B Shares		--		$1.00		$10.31			$11.10
Class C Shares		--		--		$10.41	(3)		$11.21	(3)

Redemption Proceeds Per Share:(1)
Class A Shares		$1.00		$1.00		$10.31			$11.10
Class B Shares		--		$1.00		$9.79	(4)		$10.55	(4)
Class C Shares		--		--		$10.21	(5)		$10.99	(5)

Net Assets:
Class A Shares	$	73,357,126	$	779,770,108	$	144,273,566		$	255,280,352
Class B Shares		--	$	118,162,947	$	14,977,335		$	31,180,479
Class C Shares		--		--	$	10,455		$	327,360

Shares Outstanding:
Class A Shares		73,357,024		779,775,733		13,989,056			23,002,409
Class B Shares		--		118,157,101		1,452,236			2,809,607
Class C Shares		--		--		1,014			29,497

Investments, at identified cost	$	72,522,489	$	891,635,991	$	153,917,072		$	269,421,373

(1) See "What Do Shares Cost?" in the Prospectus.

(2) Computation of Offering Price Per Share: 100/95.5 of net asset value.

(3) Computation of Offering Price Per Share: 100/99 of net asset value.

(4) Computation of Redemption Proceeds: 95/100 of net asset value.

(5) Computation of Redemption Proceeds: 99/100 of net asset value.

(See Notes which are an integral part of the Financial Statements)

Regions Morgan Keegan Select Funds
Statements of Assets and Liabilities

November 30, 2002

	Balanced Fund				Value Fund			Growth Fund		Aggressive Growth Fund
Assets:
Investments in securities, at value	$	126,095,720		$	212,304,991		$	332,391,500		$	154,979,900
Investments in repurchase agreements		4,791,964			12,064,489			32,465,161			13,231,671

Total investments in securities		130,887,684			224,369,480			364,856,661			168,211,571

Cash		105			--			108			112
Income receivable		638,119			484,645			225,105			28,819
Collateral for securities lending		26,639,304			19,876,548			13,919,771			12,018,676
Receivable for investments sold		--			5,013,922			--			--
Receivable for shares sold		387,139			778,872			1,345,996			1,143,020

Total assets		158,552,351			250,523,467			380,347,641			181,402,198

Liabilities:
Payable for investments purchased		1,537,573			6,254,875			--			869,940
Payable for shares redeemed		287,563			689,073			1,193,982			--
Payable upon return of securities loaned		26,639,304			19,876,548			13,919,771			12,018,676
Payable to bank		--			441,618			--			--
Accrued expenses		122,213			195,926			388,660			159,291

Total liabilities		28,586,653			27,458,040			15,502,413			13,047,907

Net Assets Consist of:
Paid-in capital	$	128,440,133		$	265,483,138		$	430,030,948		$	175,859,255
Net unrealized appreciation of investments		7,371,970			10,516,185			34,323,632			7,654,513
Accumulated net realized loss on investments		(6,244,271	)		(52,933,896	)		(99,509,352	)		(15,159,477	)
Undistributed net investment income		397,866			--			--			--

Total Net Assets	$	129,965,698		$	223,065,427		$	364,845,228		$	168,354,291

Net Asset Value, Offering Price Per Share:(1)
(net assets shares outstanding)
Class A Shares		$12.88			$12.22			$13.03			$11.99
Class B Shares		$12.90			$12.24			$12.90			$11.95
Class C Shares		$12.90			$12.21			$12.95			$11.92

Offering Price Per Share:(1)
Class A Shares		$13.63	(2)		$12.93	(2)		$13.79	(2)		$12.69	(2)
Class B Shares		$12.90			$12.24			$12.90			$11.95
Class C Shares		$13.03	(3)		$12.33	(3)		$13.08	(3)		$12.04	(3)

Redemption Proceeds Per Share:(1)
Class A Shares		$12.88			$12.22			$13.03			$11.99
Class B Shares		$12.26	(4)		$11.63	(4)		$12.26	(4)		$11.35	(4)
Class C Shares		$12.77	(5)		$12.09	(5)		$12.82	(5)		$11.80	(5)

Net Assets:
Class A Shares	$	92,530,167		$	196,422,520		$	271,852,300		$	114,660,011
Class B Shares	$	36,823,941		$	26,587,640		$	92,853,731		$	53,435,003
Class C Shares	$	611,590		$	55,267		$	139,197		$	259,277

Shares Outstanding:
Class A Shares		7,182,776			16,080,240			20,857,977			9,564,657
Class B Shares		2,854,231			2,172,310			7,196,680			4,473,090
Class C Shares		47,403			4,525			10,746			21,760

Investments, at identified cost	$	123,515,714		$	213,853,295		$	330,533,029		$	160,557,058

(1) See "What Do Shares Cost?" in the Prospectus.

(2) Computation of Offering Price Per Share: 100/94.5 of net asset value.

(3) Computation of Offering Price Per Share: 100/99 of net asset value.

(4) Computation of Redemption Proceeds: 95/100 of net asset value.

(5) Computation of Redemption Proceeds: 99/100 of net asset value.

(See Notes which are an integral part of the Financial Statements)

Regions Morgan Keegan Select Funds
Statements of Operations

For the year ended November 30, 2002

	Government Money Market Fund(1)			Treasury Money Market Fund			Limited Maturity Government Fund			Fixed Income Fund
Investment Income:
Interest	$	1,305,340	(2)	$	14,261,914	(3)	$	6,923,981	(4)	$	14,232,678	(5)

Expenses:
Investment adviser fee		372,454			4,051,557			1,044,373			2,071,353
Administrative personnel and services fee		67,042			729,280			134,277			248,562
Custodian fees		17,328			88,015			32,339			53,927
Transfer and dividend disbursing agent fees and expenses		20,195			120,766			76,193			125,985
Directors'/Trustees' fees		394			7,072			2,117			2,824
Auditing fees		19,238			17,716			15,338			19,320
Legal fees		2,997			4,446			4,212			4,337
Portfolio accounting fees		23,915			245,758			48,449			89,547
Distribution services fee--Class B Shares		--			490,545			42,418			87,203
Distribution services fee--Class C Shares		--			--			19			966
Shareholder services fees--Class A Shares		186,027			1,719,187			337,636			617,460
Shareholder services fees--Class B Shares		--			306,591			35,348			72,669
Shareholder services fees--Class C Shares		--			--			5			322
Share registration costs		39,583			28,040			35,336			39,706
Printing and postage		12,326			40,753			6,871			10,220
Insurance premiums		985			3,872			1,387			1,939
Miscellaneous		2,990			1,417			2,226			606

Total expenses		765,474			7,855,015			1,818,544			3,446,946

Waivers:
Waiver of investment adviser fee		(260,718	)		(2,025,778	)		(298,392	)		(690,451)
Waiver of administrative personnel and services fee		(33,187	)		--			--			--
Waiver of distribution services fee-- Class B Shares		--			(183,954	)		(7,070	)		--
Waiver of shareholder services fee--Class A Shares		(186,027	)		--			--			--

Total waivers		(479,932	)		(2,209,732	)		(305,462	)		(690,451	)

Net expenses		285,542			5,645,283			1,513,082			2,756,495

Net investment income		1,019,798			8,616,631			5,410,899			11,476,183

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments		--			--			424,114			2,741,401
Net change in unrealized appreciation (depreciation) of investments		--			--			(105	)		4,239,040

Net realized and unrealized gain on investments		--			--			424,009			6,980,441

Change in net assets resulting from operations	$	1,019,798		$	8,616,631		$	5,834,908		$	18,456,624

(1) Reflects operations for the period from December 3, 2001 (date of initial public investment) to November 30, 2002.

(2) Including income on securities loaned of $1,953.

(3) Including income on securities loaned of $50,280.

(4) Including income on securities loaned of $7,358.

(5) Including income on securities loaned of $17,178.

(See Notes which are an integral part of the Financial Statements)

Regions Morgan Keegan Select Funds
Statements of Operations

For the year ended November 30, 2002

	Balanced Fund			Value Fund			Growth Fund			Aggressive Growth Fund
Investment Income:
Interest	$	3,273,102	(1)	$	340,035	(2)	$	1,009,760	(3)	$	438,656	(4)
Dividends		1,096,832	(5)		4,672,953	(6)		3,745,741	(7)		1,142,111	(8)

Total income		4,369,934			5,012,988			4,755,501			1,580,767

Expenses:
Investment adviser fee		1,127,639			1,892,292			3,105,275			1,345,966
Administrative personnel and services fee		126,860			212,883			349,344			161,516
Custodian fees		30,691			47,973			65,579			38,390
Transfer and dividend disbursing agent fees and expenses		139,490			143,255			399,976			200,522
Directors'/Trustees' fees		1,761			3,381			4,527			2,358
Auditing fees		15,456			15,520			15,277			15,415
Legal fees		4,083			4,195			4,428			4,713
Portfolio accounting fees		44,462			68,637			114,676			51,053
Distribution services fee--Class B Shares		135,660			89,870			326,306			170,450
Distribution services fee--Class C Shares		1,222			339			231			710
Shareholder services fees--Class A Shares		238,930			516,337			698,400			306,377
Shareholder services fees--Class B Shares		113,050			74,891			271,922			142,042
Shareholder services fees--Class C Shares		407			113			77			237
Share registration costs		31,354			30,577			54,250			35,213
Printing and postage		25,739			19,420			90,225			33,712
Insurance premiums		1,536			1,766			2,499			1,554
Miscellaneous		2,908			1,616			4,150			2,331

Total expenses		2,041,248			3,123,065			5,507,142			2,512,559

Waivers:
Waiver of investment adviser fee		(70,477	)		(118,268	)		(194,080	)		--

Net expenses		1,970,771			3,004,797			5,313,062			2,512,559

Net investment income (net operating loss)		2,399,163			2,008,191			(557,561	)		(931,792	)

Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments		(6,077,067	)		(33,812,432	)		(29,275,903	)		(12,071,070	)
Net change in unrealized appreciation (depreciation) of investments		(4,399,311	)		2,526,439			(34,653,022	)		(11,510,011	)

Net realized and unrealized loss on investments		(10,476,378	)		(31,285,993	)		(63,928,925	)		(23,581,081	)

Change in net assets resulting from operations	$	(8,077,215	)	$	(29,277,802	)	$	(64,486,486	)	$	(24,512,873	)

(1) Including income on securities loaned of $4,035.

(2) Including income on securities loaned of $1,098.

(3) Including income on securities loaned of $1,168.

(4) Including income on securities loaned of $3,276.

(5) Net of foreign taxes withheld of $1,155.

(6) Net of foreign taxes withheld of $4,268.

(7) Net of foreign taxes withheld of $3,300.

(8) Net of foreign taxes withheld of $2,100.

(See Notes which are an integral part of the Financial Statements)

Regions Morgan Keegan Select Funds
Statements of Changes in Net Assets

		Government Money Market Fund			Treasury Money Market Fund
	Period Ended November 30, 2002 (1)				Year Ended November 30,
	Period Ended November 30, 2002 (1)					2002			2001
Increase (Decrease) in Net Assets:
Operations--
Net investment income		$	1,019,798		$	8,616,631		$	27,993,157

Change in net assets resulting from operations			1,019,798			8,616,631			27,993,157

Distributions to Shareholders--
Distributions from net investment income:
Class A Shares			(1,019,798	)		(7,581,658	)		(22,419,813	)
Class B Shares			--			(1,034,973	)		(5,573,344	)

Change in net assets resulting from distributions to shareholders			(1,019,798	)		(8,616,631	)		(27,993,157	)

Share Transactions--
Proceeds from sales of shares			159,803,022			1,086,663,775			1,082,035,630
Net asset value of shares issued to shareholders in payment of dividends declared			--			1,824,312			6,890,235
Cost of shares redeemed			(86,445,896	)		(994,659,101	)		(946,916,276	)

Change in net assets resulting from share transactions			73,357,126			93,828,986			142,009,589

Change in net assets			73,357,126			93,828,986			142,009,589
Net Assets:
Beginning of period			--			804,104,069			662,094,480

End of period		$	73,357,126		$	897,933,055		$	804,104,069

Undistributed net investment income included in net assets at end of period		$	--		$	--		$	--

(1) Reflects operations for the period from December 3, 2001 (date of initial public investment) to November 30, 2002.

(See Notes which are an integral part of the Financial Statements)

Regions Morgan Keegan Select Funds
Statements of Changes in Net Assets

	Limited Maturity Government Fund						Fixed Income Fund
	Year Ended November 30,						Year Ended November 30,
		2002			2001			2002			2001
Increase (Decrease) in Net Assets:
Operations--
Net investment income	$	5,410,899		$	6,057,519		$	11,476,183		$	13,733,644
Net realized gain on investments		424,114			1,139,527			2,741,401			3,413,819
Net change in unrealized appreciation (depreciation) of investments		(105	)		3,101,704			4,239,040			10,356,434

Change in net assets resulting from operations		5,834,908			10,298,750			18,456,624			27,503,897

Distributions to Shareholders--
Distributions from net investment income:
Class A Shares		(5,168,917	)		(3,698,467	)		(10,343,933	)		(10,668,873	)
Class B Shares		(553,711	)		(2,395,518	)		(1,128,027	)		(3,074,078	)
Class C Shares		(84	)		--			(4,234	)		--
Distributions from net realized gain on investment transactions:
Class A Shares		(84,876	)		--			--			--
Class B Shares		(7,124	)		--			--			--
Class C Shares		(4	)		--			--			--

Change in net assets resulting from distributions to shareholders		(5,814,716	)		(6,093,985	)		(11,476,194	)		(13,742,951	)

Share Transactions--
Proceeds from sales of shares		70,391,255			93,972,462			81,541,032			100,634,630
Net asset value of shares issued to shareholders in payment of dividends declared		2,369,688			2,035,452			3,911,142			2,777,263
Cost of shares redeemed		(53,957,312	)		(73,926,159	)		(81,244,108	)		(101,107,421	)

Change in net assets resulting from share transactions		18,803,631			22,081,755			4,208,066			2,304,472

Change in net assets		18,823,823			26,286,520			11,188,496			16,065,418
Net Assets:
Beginning of period		140,437,533			114,151,013			275,599,695			259,534,277

End of period	$	159,261,356		$	140,437,533		$	286,788,191		$	275,599,695

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	482		$	50,000		$	(11	)	$	--

(See Notes which are an integral part of the Financial Statements)

Regions Morgan Keegan Select Funds
Statements of Changes in Net Assets

	Balanced Fund						Value Fund
	Year Ended November 30,						Year Ended November 30,
		2002			2001			2002			2001
Increase (Decrease) in Net Assets:
Operations--
Net investment income	$	2,399,163		$	3,811,447		$	2,008,191		$	3,512,473
Net realized gain (loss) on investments		(6,077,067	)		2,594,185			(33,812,432	)		(4,238,124	)
Net change in unrealized appreciation (depreciation) of investments		(4,399,311	)		(11,445,784	)		2,526,439			(18,969,057	)

Change in net assets resulting from operations		(8,077,215	)		(5,040,152	)		(29,277,802	)		(19,694,708	)

Distributions to Shareholders--
Distributions from net investment income:
Class A Shares		(1,784,248	)		(296,147	)		(1,980,072	)		(2,814,484	)
Class B Shares		(591,286	)		(3,624,558	)		(130,055	)		(942,910	)
Class C Shares		(1,160	)		--			(101	)		--
Distributions from paid in capital:
Class A Shares		--			--			(54,839	)		--
Class B Shares		--			--			(3,163	)		--
Class C Shares		--			--			(4	)		--
Distributions from net realized gain on investment transactions:
Class A Shares		(1,706,938	)		(93,077	)		--			--
Class B Shares		(1,054,448	)		(1,201,541	)		--			--
Class C Shares		(3	)		--			--			--

Change in net assets resulting from distributions to shareholders		(5,138,083	)		(5,215,323	)		(2,168,234	)		(3,757,394	)

Share Transactions--
Proceeds from sales of shares		29,312,717			108,330,603			46,638,285			87,738,323
Net asset value of shares issued to shareholders in payment of dividends declared		4,980,118			4,717,496			1,220,817			1,546,225
Cost of shares redeemed		(42,178,019	)		(121,280,719	)		(39,177,362	)		(85,643,016	)

Change in net assets resulting from share transactions		(7,885,184	)		(8,232,620	)		8,681,740			3,641,532

Change in net assets		(21,100,482	)		(18,488,095	)		(22,764,296	)		(19,810,570	)
Net Assets:
Beginning of period		151,066,180			169,554,275			245,829,723			265,640,293

End of period	$	129,965,698		$	151,066,180		$	223,065,427		$	245,829,723

Undistributed net investment income included in net assets at end of period	$	397,866		$	375,400		$	--		$	102,037

(See Notes which are an integral part of the Financial Statements)

Regions Morgan Keegan Select Funds
Statements of Changes in Net Assets

	Growth Fund						Aggressive Growth Fund
	Year Ended November 30,						Year Ended November 30,
		2002			2001			2002			2001
Increase (Decrease) in Net Assets:
Operations--
Net investment income (loss)	$	(557,561	)	$	(1,093,311	)	$	(931,792	)	$	264,010
Net realized loss on investments		(29,275,903	)		(70,204,918	)		(12,071,070	)		(3,049,409	)
Net change in unrealized appreciation (depreciation) of investments		(34,653,022	)		(62,996,074	)		(11,510,011	)		9,479,560

Change in net assets resulting from operations		(64,486,486	)		(134,294,303	)		(24,512,873	)		6,694,161

Distributions to Shareholders--
Distributions from net investment income:
Class A Shares		(56,190	)		--			(254,929	)		(576,131	)
Class B Shares		--			--			--			(496,617	)
Distributions from net realized gain on investment transactions:
Class A Shares		--			(12,620,475	)		--			(22,444,794	)
Class B Shares		--			(13,845,175	)		--			(18,919,044	)

Change in net assets resulting from distributions to shareholders		(56,190	)		(26,465,650	)		(254,929	)		(42,436,586	)

Share Transactions--
Proceeds from sales of shares		76,210,457			174,149,450			60,980,116			141,948,417
Net asset value of shares issued to shareholders in payment of dividends declared		32,298			11,828,496			160,984			16,791,339
Cost of shares redeemed		(92,432,681	)		(195,769,920	)		(60,646,161	)		(114,631,072	)

Change in net assets resulting from share transactions		(16,189,926	)		(9,791,974	)		494,939			44,108,684

Change in net assets		(80,732,602	)		(170,551,927	)		(24,272,863	)		8,366,259
Net Assets:
Beginning of period		445,577,830			616,129,757			192,627,154			184,260,895

End of period	$	364,845,228		$	445,577,830		$	168,354,291		$	192,627,154

Undistributed net investment income included in net assets at end of period	$	--		$	14,976		$	--		$	256,125

(See Notes which are an integral part of the Financial Statements)

Regions Morgan Keegan Select Funds--
Financial Highlights

For a share outstanding throughout each period.

Year Ended November 30,	Net Asset Value, beginning of period					Total from investment operations	Distributions from net investment income	Distributions from net realized gain on investment transactions		Distributions in excess of net investment income
Government Money Market Fund--Class A Shares
2002(1)	$ 1.00	0.01		--		0.01	(0.01)	--		--
Treasury Money Market Fund--Class A Shares
1998	$ 1.00	0.05		--		0.05	(0.05)	--		--
1999	$ 1.00	0.04		--		0.04	(0.04)	--		--
2000	$ 1.00	0.05		--		0.05	(0.05)	--		--
2001	$ 1.00	0.04		--		0.04	(0.04)	--		--
2002	$ 1.00	0.01		--		0.01	(0.01)	--		--
Treasury Money Market Fund--Class B Shares
1998	$ 1.00	0.04		--		0.04	(0.04)	--		--
1999	$ 1.00	0.04		--		0.04	(0.04)	--		--
2000	$ 1.00	0.05		--		0.05	(0.05)	--		--
2001	$ 1.00	0.04		--		0.04	(0.04)	--		--
2002	$ 1.00	0.01		--		0.01	(0.01)	--		--
Limited Maturity Government Fund--Class A Shares
1998(2)	$ 9.96	0.25		0.11		0.36	(0.25)	--		--
1999	$10.07	0.46		(0.20	)	0.26	(0.46)	(0.01	)	--
2000	$ 9.86	0.53		0.10		0.63	(0.52)	--		--
2001	$ 9.97	0.50		0.35		0.85	(0.50)	--		--
2002	$10.32	0.39	(3)	0.01	(3)	0.40	(0.40)	(0.01	)	--
Limited Maturity Government Fund--Class B Shares
1998	$ 9.94	0.46		0.13		0.59	(0.46)	--		--
1999	$10.07	0.45		(0.21	)	0.24	(0.44)	(0.01	)	--
2000	$ 9.86	0.48		0.13		0.61	(0.50)	--		--
2001	$ 9.97	0.50		0.33		0.83	(0.48)	--		--
2002	$10.32	0.33	(3)	0.05	(3)	0.38	(0.38)	(0.01	)	--
Limited Maturity Government Fund--Class C Shares
2002(4)	$10.26	0.30	(3)	0.08	(3)	0.38	(0.32)	(0.01	)	--
Fixed Income Fund--Class A Shares
1994	$10.67	0.54		(1.01	)	(0.47)	(0.53)	(0.20	)	(0.01	)(5)
1995(6)	$ 9.46	0.09		0.11		0.20	(0.09)	--		--
1998(2)	$10.39	0.28		0.22		0.50	(0.28)	--		--
1999	$10.61	0.53		(0.51	)	0.02	(0.53)	--		--
2000	$10.10	0.59		0.17		0.76	(0.59)	--		--
2001	$10.27	0.55		0.55		1.10	(0.55)	--		--
2002	$10.82	0.46		0.28		0.74	(0.46)	--		--
Fixed Income Fund--Class B Shares
1998	$10.37	0.53		0.24		0.77	(0.53)	--		--
1999	$10.61	0.51		(0.51	)	--	(0.51)	--		--
2000	$10.10	0.56		0.17		0.73	(0.56)	--		--
2001	$10.27	0.52		0.55		1.07	(0.52)	--		--
2002	$10.82	0.42		0.28		0.70	(0.42)	--		--
Fixed Income Fund--Class C Shares
2002(1)	$10.82	0.37		0.28		0.65	(0.37)	--		--

Effective June 30, 2000, Trust Shares became Class A Shares and Investment Shares became Class B Shares.

(1) Reflects operations for the period from December 3, 2001 (date of initial public investment) to November 30, 2002.

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

(3) Effective December 1, 2001, the Limited Maturity Government Fund adopted the provisions of the American Institute of Certified Public Accountants ("AICPA") Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. The effect of this change for the year ended November 30, 2002, was as follows:

Increase (Decrease)	Net Investment Income per Share	Net Realized Unrealized Gain per Share	Ratio of Net Investment Income to Average Net Assets
Class A	($0.02)	$0.02	(0.18)%
Class B	($0.02)	$0.02	(0.18)%
Class C	($0.02)	$0.02	(0.18)%

Per share, ratios and supplemental data for periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

						Ratios to average net assets
Total distributions		Net Asset Value, end of period		Total return(7)		Expenses		Net investment income		Expense waiver/ reimbursement(8)		Net Assets, end of period (000 omitted)		Portfolio turnover

(0.01	)	$	1.00	1.36	%	0.38	%(9)	1.37	%(9)	0.65	%(9)	$	73,357	--

(0.05	)	$	1.00	4.71	%	0.47	%	4.57	%	0.25	%	$	524,592	--
(0.04	)	$	1.00	4.21	%	0.44	%	4.12	%	0.25	%	$	493,350	--
(0.05	)	$	1.00	5.50	%	0.42	%	5.37	%	0.25	%	$	536,668	--
(0.04	)	$	1.00	3.99	%	0.42	%	3.86	%	0.25	%	$	689,884	--
(0.01	)	$	1.00	1.11	%	0.66	%	1.10	%	0.25	%	$	779,770	--

(0.04	)	$	1.00	4.30	%	0.87	%	4.17	%	0.25	%	$	89,673	--
(0.04	)	$	1.00	3.94	%	0.70	%	3.89	%	0.39	%	$	119,898	--
(0.05	)	$	1.00	5.24	%	0.67	%	5.13	%	0.65	%	$	125,427	--
(0.04	)	$	1.00	3.73	%	0.67	%	3.64	%	0.25	%	$	114,220	--
(0.01	)	$	1.00	0.85	%	0.91	%	0.85	%	0.40	%	$	118,163	--

(0.25	)	$	10.07	3.59	%	1.04	%(9)	4.73	%(9)	--		$	55,627	69	%
(0.47	)	$	9.86	2.64	%	0.82	%	4.66	%	0.19	%	$	66,678	22	%
(0.52	)	$	9.97	6.62	%	0.79	%	5.35	%	0.20	%	$	68,949	70	%
(0.50	)	$	10.32	8.74	%	0.79	%	4.97	%	0.20	%	$	126,065	54	%
(0.41	)	$	10.31	3.95	%	0.99	%	3.65	%(3)	0.20	%	$	144,274	53	%

(0.46	)	$	10.07	6.05	%	1.12	%	4.65	%	--		$	33,456	69	%
(0.45	)	$	9.86	2.39	%	1.07	%	4.41	%	0.19	%	$	46,679	22	%
(0.50	)	$	9.97	6.36	%	1.04	%	5.09	%	0.20	%	$	45,202	70	%
(0.48	)	$	10.32	8.47	%	1.04	%	4.72	%	0.20	%	$	14,372	54	%
(0.39	)	$	10.31	3.70	%	1.24	%	3.39	%(3)	0.25	%	$	14,977	53	%

(0.33	)	$	10.31	3.56	%	1.74	%(9)	3.22	%(3,9)	0.20	%(9)	$	10	53	%

(0.74	)	$	9.46	(4.55	)%	0.79	%	5.44	%	0.25	%	$	153,289	24	%
(0.09	)	$	9.57	2.11	%	0.82	%(9)	5.79	%(9)	0.25	%(9)		--	--
(0.28	)	$	10.61	4.87	%	0.97	%(9)	5.19	%(9)	--		$	193,351	64	%
(0.53	)	$	10.10	0.24	%	0.73	%	5.18	%	0.23	%	$	215,281	18	%
(0.59	)	$	10.27	7.78	%	0.71	%	5.84	%	0.25	%	$	205,169	45	%
(0.55	)	$	10.82	10.91	%	0.71	%	5.16	%	0.25	%	$	241,393	51	%
(0.46	)	$	11.10	6.96	%	0.97	%	4.19	%	0.25	%	$	255,280	50	%

(0.53	)	$	10.61	7.60	%	0.99	%	5.17	%	--		$	23,992	64	%
(0.51	)	$	10.10	(0.01	)%	0.98	%	4.95	%	0.23	%	$	48,641	18	%
(0.56	)	$	10.27	7.51	%	0.96	%	5.60	%	0.25	%	$	54,365	45	%
(0.52	)	$	10.82	10.64	%	0.96	%	4.89	%	0.25	%	$	34,206	51	%
(0.42	)	$	11.10	6.65	%	1.27	%	3.88	%	0.25	%	$	31,180	50	%

(0.37	)	$	11.10	6.15	%	1.72	%(9)	3.33	%(9)	0.25	%(9)	$	327	50	%

(4) Reflects operations for the period from December 14, 2001 (date of initial public investment) to November 30, 2002.

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

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

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

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

(9) Computed on an annualized basis.

(See Notes which are an integral part of the Financial Statements)

Regions Morgan Keegan Select Funds--
Financial Highlights

For a share outstanding throughout each period.


Year Ended November 30,	Net Asset Value, beginning of period	Net investment income	Net realized and unrealized gain (loss) on investments		Total from investment operations		Distributions from net investment income		Distributions from net realized gain on investment transactions		Distributions from paid in capital
Balanced Fund--Class A Shares
1998(1)	$14.52	0.19	0.80		0.99		(0.19	)	--		--
1999	$15.32	0.38	1.12		1.50		(0.36	)	(0.49	)	--
2000	$15.97	0.41	(0.59	)	(0.18	)	(0.41	)	(0.45	)	--
2001	$14.93	0.36	(0.73	)	(0.37	)	(0.38	)	(0.11	)	--
2002	$14.07	0.24(2)	(0.93	)	(0.69	)	(0.24	)	(0.26	)	--
Balanced Fund--Class B Shares
1998	$13.79	0.35	1.96		2.31		(0.37	)	(0.41	)	--
1999	$15.32	0.33	1.12		1.45		(0.32	)	(0.49	)	--
2000	$15.96	0.37	(0.59	)	(0.22	)	(0.37	)	(0.45	)	--
2001	$14.92	0.39	(0.80	)	(0.41	)	(0.34	)	(0.11	)	--
2002	$14.06	0.19(2)	(0.92	)	(0.73	)	(0.17	)	(0.26	)	--
Balanced Fund--Class C Shares
2002(3)	$13.67	0.13(2)	(0.82	)	(0.69	)	(0.08	)	--		--
Value Fund--Class A Shares
1998(1)	$17.31	0.10	(0.02	)	0.08		(0.11	)	--		--
1999	$17.28	0.18	0.73		0.91		(0.17	)	(2.09	)	--
2000	$15.93	0.16	(0.17	)	(0.01	)	(0.16	)	(0.54	)	--
2001	$15.22	0.21	(1.27	)	(1.06	)	(0.22	)	--		--
2002	$13.94	0.12	(1.71	)	(1.59	)	(0.13	)	--		(0.00	)(4)(5)
Value Fund--Class B Shares
1998	$16.18	0.22	1.50		1.72		(0.21	)	(0.42	)	--
1999	$17.27	0.09	0.78		0.87		(0.13	)	(2.09	)	--
2000	$15.92	0.13	(0.17	)	(0.04	)	(0.13	)	(0.54	)	--
2001	$15.21	0.24	(1.33	)	(1.09	)	(0.18	)	--		--
2002	$13.94	0.08	(1.72	)	(1.64	)	(0.06	)	--		(0.00	)(4)(5)
Value Fund--Class C Shares
2002(6)	$13.35	0.02	(1.14	)	(1.12	)	(0.02	)	--		(0.00	)(4)(5)

Effective June 30, 2000, Trust Shares became Class A Shares and Investment Shares became Class B Shares.

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

(2) Based on average shares outstanding.

(3) Reflects operations for the period from January 14, 2002 (date of initial public investment) to November 30, 2002.

(4) Represents a return of capital for federal income tax purposes.

(5) Represents less than $(0.01).

(6) Reflects operations for the period from February 21, 2002 (date of initial public investment) to November 30, 2002.

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

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

(9) Computed on an annualized basis.

(See Notes which are an integral part of the Financial Statements)


					Ratios to average net assets
Total distributions		Net Asset Value, end of period	Total return(7)		Expenses			Net investment income		Expense waiver/ reimbursement(8)		Net Assets, end of period (000 omitted)		Portfolio turnover

(0.19	)	$15.32	6.89	%		1.11	%(9)	2.56	%(9)	--		$	10,409	31	%
(0.85	)	$15.97	10.14	%		1.04	%	2.42	%	0.05	%	$	15,868	23	%
(0.86	)	$14.93	(1.30	)%		1.01	%	2.64	%	0.05	%	$	12,135	41	%
(0.49	)	$14.07	(2.42	)%		1.07	%	2.57	%	0.05	%	$	92,980	70	%
(0.50	)	$12.88	(4.99	)%		1.30	%	1.83	%	0.05	%	$	92,530	82	%

(0.78	)	$15.32	17.49	%		1.25	%	2.42	%	--		$	112,260	31	%
(0.81	)	$15.96	9.82	%		1.29	%	2.17	%	0.05	%	$	167,037	23	%
(0.82	)	$14.92	(1.54	)%		1.26	%	2.39	%	0.05	%	$	157,419	41	%
(0.45	)	$14.06	(2.68	)%		1.31	%	2.32	%	0.05	%	$	58,086	70	%
(0.43	)	$12.90	(5.32	)%		1.60	%	1.44	%	0.05	%	$	36,824	82	%

(0.08	)	$12.90	(5.31	)%		2.05	%(9)	1.24	%(9)	0.05	%(9)	$	612	82	%

(0.11	)	$17.28	0.50	%		1.06	%(9)	1.29	%(9)	--		$	157,990	63	%
(2.26	)	$15.93	5.76	%		0.97	%	1.02	%	0.05	%	$	205,198	69	%
(0.70	)	$15.22	0.00	%		0.96	%	1.08	%	0.05	%	$	192,426	41	%
(0.22	)	$13.94	(6.96	)%		0.98	%	1.41	%	0.05	%	$	214,667	128	%
(0.13	)	$12.22	(11.47	)%		1.23	%	0.89	%	0.05	%	$	196,423	163	%

(0.63	)	$17.27	11.00	%		1.11	%	1.24	%	--		$	47,815	63	%
(2.22	)	$15.92	5.51	%		1.22	%	0.77	%	0.05	%	$	77,325	69	%
(0.67	)	$15.21	(0.25	)%		1.21	%	0.83	%	0.05	%	$	73,215	41	%
(0.18	)	$13.94	(7.15	)%		1.23	%	1.16	%	0.05	%	$	31,163	128	%
(0.06	)	$12.24	(11.81	)%		1.53	%	0.57	%	0.05	%	$	26,588	163	%

(0.02	)	$12.21	(8.80	)%		1.98	%(9)	0.21	%(9)	0.05	%(9)	$	55	163	%

Regions Morgan Keegan Select Funds--
Financial Highlights

For a share outstanding throughout each period.


Year Ended November 30,	Net Asset Value, beginning of period	Net investment income (net operating loss)		Net realized and unrealized gain (loss) on investments		Total from investment operations		Distributions from net investment income		Distributions from net realized gain on investment transactions
Growth Fund--Class A Shares
1994	$10.51	0.25		(0.10	)	0.15		(0.23	)	(0.07	)
1995(1)	$10.36	0.08		0.02		0.10		(0.08	)	(0.33	)
1998(2)	$17.81	0.02		2.27		2.29		(0.02	)	--
1999	$20.08	0.03		5.18		5.21		(0.01	)	(1.73	)
2000	$23.55	(0.07	)	(2.68	)	(2.75	)	--		(0.42	)
2001	$20.38	(0.03	)	(4.20	)	(4.23	)	--		(0.88	)
2002	$15.27	(0.01	)(3)	(2.23	)	(2.24	)	(0.00	)(4)	--
Growth Fund--Class B Shares
1998	$16.89	0.02		5.00		5.02		(0.03	)	(1.80	)
1999	$20.08	(0.03	)	5.17		5.14		--		(1.73	)
2000	$23.49	(0.12	)	(2.66	)	(2.78	)	--		(0.42	)
2001	$20.29	(0.13	)	(4.12	)	(4.25	)	--		(0.88	)
2002	$15.16	(0.05	)(3)	(2.21	)	(2.26	)	--		--
Growth Fund--Class C Shares
2002(5)	$15.46	(0.09	)(3)	(2.42	)	(2.51	)	--		--
Aggressive Growth Fund--Class A Shares
2000(6)	$17.62	0.08		(0.69	)	(0.61	)	--		--
2001	$17.01	0.03		0.64		0.67		(0.10	)	(3.92	)
2002	$13.66	(0.05	)(3)	(1.60	)	(1.65	)	(0.02	)	--
Aggressive Growth Fund--Class B Shares
1999(7)	$10.00	--		3.20		3.20		--		(0.62	)
2000	$12.58	0.13		4.64		4.77		--		(0.34	)
2001	$17.01	0.02		0.63		0.65		(0.10	)	(3.92	)
2002	$13.64	(0.09	)(3)	(1.60	)	(1.69	)	--		--
Aggressive Growth Fund--Class C Shares
2002(5)	$13.71	(0.12	)(3)	(1.67	)	(1.79	)	--		--

Effective June 30, 2000, Trust Shares became Class A Shares and Investment Shares became Class B Shares.

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

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

(3) Based on average shares outstanding.

(4) Represents less than $0.01.

(5) Reflects operations for the period from January 7, 2002 (date of initial public investment) to November 30, 2002.

(6) Reflects operations for the period from July 10, 2000 (date of initial public investment) to November 30, 2000.

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

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

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

(10) Computed on an annualized basis.

(See Notes which are an integral part of the Financial Statements)

					Ratios to average net assets
Total distributions		Net Asset Value, end of period	Total return(8)		Expenses		Net investment income (net operating loss)		Expenses waiver/ reimbursement(9)		Net assets, end of period (000 omitted)		Portfolio turnover

(0.30	)	$10.36	1.42	%	0.79	%	2.32	%	0.30	%	$	143,876	66	%
(0.41	)	$10.05	1.00	%	0.83	%(10)	2.76	%(10)	0.30	%(10)		--	--
(0.02	)	$20.08	12.85	%	1.00	%(10)	0.22	%(10)	--		$	246,613	41	%
(1.74	)	$23.55	27.42	%	0.94	%	0.05	%	0.05	%	$	376,940	20	%
(0.42	)	$20.38	(11.97	)%	0.92	%	(0.28	)%	0.05	%	$	294,824	37	%
(0.88	)	$15.27	(21.59	)%	1.02	%	(0.09	)%	0.05	%	$	306,923	47	%
(0.00	)(4)	$13.03	(14.65	)%	1.28	%	(0.06	)%	0.05	%	$	271,852	112	%

(1.83	)	$20.08	33.81	%	1.08	%	0.12	%	--		$	140,922	41	%
(1.73	)	$23.49	27.07	%	1.19	%	(0.20	)%	0.05	%	$	320,921	20	%
(0.42	)	$20.29	(12.13	)%	1.17	%	(0.53	)%	0.05	%	$	321,305	37	%
(0.88	)	$15.16	(21.79	)%	1.27	%	(0.34	)%	0.05	%	$	138,655	47	%
--		$12.90	(14.91	)%	1.58	%	(0.36	)%	0.05	%	$	92,854	112	%

--		$12.95	(16.88	)%	2.03	%(10)	(0.81	)%(10)	0.05	%(10)	$	139	112	%

--		$17.01	(3.46	)%	0.98	%(10)	1.07	%(10)	--		$	101,056	118	%
(4.02	)	$13.66	3.91	%	1.07	%	0.24	%	--		$	144,726	81	%
(0.02	)	$11.99	(12.07	)%	1.30	%	(0.42	)%	--		$	114,660	126	%

(0.62	)	$12.58	33.17	%	1.19	%(10)	(0.11	)%(10)	--		$	95,992	64	%
(0.34	)	$17.01	38.66	%	0.98	%	0.55	%	--		$	83,204	118	%
(4.02	)	$13.64	3.76	%	1.24	%	0.05	%	--		$	47,901	81	%
--		$11.95	(12.39	)%	1.60	%	(0.72	)%	--		$	53,435	126	%

--		$11.92	(14.06	)%	2.05	%(10)	(1.18	)%(10)	--		$	259	126	%

Regions Morgan Keegan Select Funds
Combined Notes to Financial Statements

November 30, 2002

(1) Organization

Regions Morgan Keegan Select Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of eight portfolios (individually referred to as the "Fund", or collectively as the "Funds") at November 30, 2002, which are presented herein:

Portfolio Name		Investment Objective

Regions Morgan Keegan Select Government Money Market Fund ("Government Money Market Fund")		Current income consistent with stability of principal and liquidity. The Fund pursues its objective by investing primarily in a diversified portfolio of short-term U.S. Treasury and government agency securities.

Regions Morgan Keegan Select Treasury Money Market Fund ("Treasury Money Market Fund")		Current income consistent with stability of principal and liquidity. The Fund pursues its objective by investing primarily in a diversified portfolio of short-term U.S. treasury obligations.

Regions Morgan Keegan Select Limited Maturity Government Fund ("Limited Maturity Government Fund")		Current income. The Fund pursues its objective by investing in a diversified portfolio consisting primarily of securities which are guaranteed as to payment of principal and interest by the U.S. government, its agencies or instrumentalities.

Regions Morgan Keegan Select Fixed Income Fund ("Fixed Income Fund")		Current income with a secondary objective of capital appreciation. The Fund pursues its objective by investing only in high grade debt securities.

Regions Morgan Keegan Select Balanced Fund ("Balanced Fund")		Total return through capital appreciation, dividends, and interest. The Fund pursues its objective by investing primarily in a diversified portfolio of common and preferred stocks, fixed-income securities, and convertible securities.

Regions Morgan Keegan Select Value Fund ("Value Fund")		Income and growth of capital. The Fund pursues its objective by investing primarily in common and preferred stocks of companies that are deemed to be undervalued, out of favor and are currently underestimated by the investment community.

Regions Morgan Keegan Select Growth Fund ("Growth Fund")		Growth of capital and income. The Fund pursues its objective by investing principally in a diversified portfolio of common stocks of companies with market capitalizations of $2 billion or more that are expected to achieve above-average growth in earnings.

Regions Morgan Keegan Select Aggressive Growth Fund ("Aggressive Growth Fund")		Long-term capital appreciation. The Fund pursues its objective by investing primarily in equity securities of companies with small to medium-sized market capitalizations of $10 billion or less.

The Funds with fluctuating net asset values offer three classes of shares: Class A Shares, Class B Shares and Class C Shares. Class B Shares and Class C Shares are identical in all respects to Class A Shares, except the Class B Shares and Class C Shares impose a contingent deferred sales charge (and impose different, or in the case of Class B Shares, no front-end sales charge) and are sold pursuant to a distribution plan adopted in accordance with Rule 12b-1 under the Act. The Treasury Money Market Fund offers Class A Shares and Class B Shares. The Government Money Market Fund offers only Class A Shares. The assets of each Fund of the Trust are segregated and a shareholder's interest is limited to the portfolio in which shares are held.

(2) Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with GAAP in the United States of America.

Investment Valuations--U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities, and unlisted securities and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Listed equity securities and exchange traded funds are valued at the last sale price reported on a national securities exchange. The Government Money Market Fund and the Treasury Money Market Fund use the amortized cost method to value each respective Fund's portfolio of securities in accordance with Rule 2a-7 under the Act. For fluctuating net asset value Funds within the Trust, short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities purchased with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available are valued at their fair value as determined in good faith using methods approved by the Board of Trustees ("Trustees").

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

The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities.

Investment Income, Expenses and Distributions--Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized for financial reporting purposes as required. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Funds offer multiple classes of shares, which may differ in their respective distribution and service fees. Income and gains are allocated to separate classes of shares based upon the relative net assets of each class. All shareholders bear the common expenses of the Funds based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

The Funds adopted the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies as revised, effective for fiscal years beginning after December 15, 2000. As required, the Limited Maturity Government Fund began amortizing premiums and discounts on debt securities on December 1, 2001. Prior to this date, the Fund did not amortize market premium and discounts on debt securities. The cumulative effect of this accounting change had no impact on the total net assets of the Limited Maturity Government Fund, but resulted in adjustments to its financial statements as follows:

		As of 12/1/2001				For the Year Ended 11/30/2002
		Cost of Investment		Undistributed Net Investment Income		Net Investment Income		Net Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)
Increase (Decrease)		$110,851		$110,851		$(262,294)		$110,161		$152,133

Federal Taxes--It is the Funds' policy to comply with the provisions of the Internal Revenue Code, as amended (the "Code"), applicable to regulated investment companies and to distribute to shareholders each year substantially all of their income. Accordingly, no provision for federal tax is necessary.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for net operating loss. The following reclassifications were made to the financial statements:

Fund	Paid-In Capital			Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss)
Limited Maturity Government Fund	$	(2	)	$	151,444		$	(151,442	)
Balanced Fund		3			(3	)		--
Growth Fund		(598,775	)		598,775			--
Aggressive Growth Fund		(930,596	)		930,596			--

Net investment income, net realized gains (losses), and net assets were not affected by these reclassifications. Paid in capital for the Value Fund was reduced by $58,006 due to a tax return of capital.

As of November 30, 2002 the tax composition of distributions was as follows:

	Ordinary Income		Long-term capital gains		Tax Return of Capital
Government Money Market Fund	$	1,019,798	$	--	$	--
Treasury Money Market Fund		8,616,631		--		--
Limited Maturity Government Fund		5,722,712		92,004		--
Fixed Income Fund		11,476,194		--		--
Balanced Fund		2,376,694		2,761,389		--
Value Fund		2,110,229		--		58,006
Growth Fund		56,190		--		--
Aggressive Growth Fund		254,929		--		--

As of November 30, 2002 the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-term capital gains		Unrealized appreciation (depreciation)
Government Money Market Fund	$	69,467	$	--	$	--
Treasury Money Market Fund		507,675		--		--
Limited Maturity Government Fund		359,168		212,475		4,092,802
Fixed Income Fund		609,993		541,902		15,426,108
Balanced Fund		397,868		--		7,322,164
Value Fund		--		--		10,041,367
Growth Fund		--		--		34,300,715
Aggressive Growth Fund		--		--		7,321,003

Withholding taxes on foreign interest and dividends have been provided for in accordance with the applicable country's tax rules and rates.

At November 30, 2002, Balanced Fund, Value Fund, Growth Fund and Aggressive Growth Fund, for federal tax purposes, had capital loss carryforwards of $6,194,465, $52,459,078, $99,486,435, and $14,825,965, respectively, which will reduce the Funds' taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax.

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

Fund		Expiring in 2008	Expiring in 2009		Expiring in 2010
Balanced Fund	$	--	$	--	$	6,194,465
Value Fund		14,840,154		4,281,210		33,337,714
Growth Fund		--		67,921,401		31,565,034
Aggressive Growth Fund		--		3,036,764		11,789,201

Securities Lending--The Fund participates in a securities lending program providing for the lending of corporate bonds, equity and government securities to qualified brokers. Collateral for securities loaned must be in cash or government securities. Collateral is maintained at a minimum level of 100% of the market value on investments loaned, plus interest, if applicable. Earnings on collateral are allocated between the custodian securities lending agent, as a fee for its services under the program, and the Fund, according to agreed-upon rates.

As of November 30, 2002, securities subject to this type of arrangement and related collateral were as follows:

Fund Name	Market Value of Securities Loaned	Payable on Collateral Due Broker	Reinvested Collateral Securities
Government Money Market Fund	$ 15,988,905	$ 16,024,963	$ 16,024,963
Treasury Money Market Fund	248,925,219	249,447,583	249,447,583
Limited Maturity Government Fund	38,677,129	39,806,594	39,806,594
Fixed Income Fund	61,228,032	63,159,290	63,159,290
Balanced Fund	25,840,631	26,639,304	26,639,304
Value Fund	19,107,946	19,876,548	19,876,548
Growth Fund	13,522,072	13,919,771	13,919,771
Aggressive Growth Fund	11,586,420	12,018,676	12,018,676

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

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

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

(3) Shares of Beneficial Interest

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares. Transactions in Fund Shares were as follows:

		Government Money Market Fund (1)
Class A Shares		Period Ended November 30, 2002
Shares sold		159,802,920
Shares issued to shareholders in payment of distributions declared		--
Shares redeemed		(86,445,896)

Net change resulting from Class A Share transactions		73,357,024

	Treasury Money Market Fund
Class A Shares	Year Ended November 30, 2002		Year Ended November 30, 2001
Shares sold	912,463,164		778,266,884
Shares issued to shareholders in payment of distributions declared	989,077		2,666,858
Shares redeemed	(823,560,651	)	(627,717,566	)

Net change resulting from Class A Share transactions	89,891,590		153,216,176


	Treasury Money Market Fund
Class B Shares	Year Ended November 30, 2002		Year Ended November 30, 2001
Shares sold	174,200,390		303,768,746
Shares issued to shareholders in payment of distributions declared	835,235		4,223,377
Shares redeemed	(171,098,450	)	(319,198,710	)

Net change resulting from Class B Share transactions	3,937,175		(11,206,587	)

Net change resulting from Fund Share transactions	93,828,765		142,009,589

	Limited Maturity Government Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class A Shares	Shares		Dollars			Shares		Dollars
Shares sold	5,858,484		$	60,256,041		7,098,573		$	72,885,743
Shares issued to shareholders in payment of distributions declared	203,604			2,092,504		36,170			372,025
Shares redeemed	(4,292,552	)		(44,120,408	)	(1,833,116	)		(18,628,545	)

Net change resulting from Class A Share transactions	1,769,536		$	18,228,137		5,301,627		$	54,629,223

	Limited Maturity Government Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class B Shares	Shares		Dollars			Shares		Dollars
Shares sold	985,262		$	10,118,591		2,068,017		$	21,086,719
Shares issued to shareholders in payment of distributions declared	26,958			277,147		162,995			1,663,427
Shares redeemed	(953,337	)		(9,830,741	)	(5,372,893	)		(55,297,614	)

Net change resulting from Class B Share transactions	58,883		$	564,997		(3,141,881	)	$	(32,547,468	)

Net change resulting from Fund Share transactions	--			--		2,159,746		$	22,081,755


	Limited Maturity Government Fund
	Period Ended November 30, 2002 (2)
Class C Shares	Shares		Dollars
Shares sold	1,608		$	16,623
Shares issued to shareholders in payment of distributions declared	4			37
Shares redeemed	(598	)		(6,163	)

Net change resulting from Class C Share transactions	1,014		$	10,497

Net change resulting from Fund Share transactions	1,829,433		$	18,803,631


	Fixed Income Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class A Shares	Shares			Dollars		Shares			Dollars
Shares sold	6,059,283		$	66,293,116		6,343,987		$	67,892,854
Shares issued to shareholders in payment of distributions declared	291,278			3,176,345		115,633			1,244,440
Shares redeemed	(5,668,139	)		(61,719,297	)	(4,108,212	)		(43,541,267	)

Net change resulting from Class A Share transactions	682,422		$	7,750,164		2,351,408		$	25,596,027


	Fixed Income Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class B Shares	Shares			Dollars		Shares			Dollars
Shares sold	1,372,974		$	14,917,114		3,084,201		$	32,741,776
Shares issued to shareholders in payment of distributions declared	67,001			731,215		143,908			1,532,823
Shares redeemed	(1,793,222	)		(19,513,557	)	(5,356,539	)		(57,566,154	)

Net change resulting from Class B Share transactions	(353,247	)	$	(3,865,228	)	(2,128,430	)	$	(23,291,555	)

Net change resulting from Fund Share transactions	--			--		222,978		$	2,304,472


	Fixed Income Fund
	Period Ended November 30, 2002 (1)
Class C Shares	Shares			Dollars
Shares sold	30,191		$	330,802
Shares issued to shareholders in payment of distributions declared	321			3,582
Shares redeemed	(1,015	)		(11,254	)

Net change resulting from Class C Share transactions	29,497		$	323,130

Net change resulting from Fund Share transactions	358,672		$	4,208,066


	Balanced Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class A Shares	Shares			Dollars		Shares			Dollars
Shares sold	1,690,317		$	22,820,781		5,978,575		$	84,135,952
Shares issued to shareholders in payment of distributions declared	254,799			3,399,298		8,767			120,080
Shares redeemed	(1,371,028	)		(17,822,217	)	(191,357	)		(2,735,856	)

Net change resulting from Class A Share transactions	574,088		$	8,397,862		5,795,985		$	81,520,176


	Balanced Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class B Shares	Shares			Dollars		Shares			Dollars
Shares sold	432,206		$	5,781,576		1,675,614		$	24,194,651
Shares issued to shareholders in payment of distributions declared	117,367			1,579,659		325,466			4,597,416
Shares redeemed	(1,828,085	)		(24,265,685	)	(8,417,518	)		(118,544,863	)

Net change resulting from Class B Share transactions	(1,278,512	)	$	(16,904,450	)	(6,416,438	)		(89,752,796	)

Net change resulting from Fund Share transactions	--			--		(620,453	)	$	(8,232,620	)


	Balanced Fund
	Period Ended November 30, 2002 (3)
Class C Shares	Shares			Dollars
Shares sold	54,321		$	710,360
Shares issued to shareholders in payment of distributions declared	95			1,161
Shares redeemed	(7,013	)		(90,117	)

Net change resulting from Class C Share transactions	47,403		$	621,404

Net change resulting from Fund Share transactions	(657,021	)	$	(7,885,184	)


	Value Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class A Shares	Shares			Dollars		Shares			Dollars
Shares sold	2,930,025		$	38,679,784		4,606,333		$	66,101,535
Shares issued to shareholders in payment of distributions declared	84,952			1,116,687		60,067			822,018
Shares redeemed	(2,331,386	)		(30,614,685	)	(1,913,712	)		(28,126,580	)

Net change resulting from Class A Share transactions	683,591		$	9,181,786		2,752,688		$	38,796,973


	Value Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class B Shares	Shares			Dollars		Shares			Dollars
Shares sold	581,104		$	7,898,351		1,453,230		$	21,636,788
Shares issued to shareholders in payment of distributions declared	7,818			104,130		51,457			724,207
Shares redeemed	(652,934	)		(8,562,546	)	(4,082,317	)		(57,516,436	)

Net change resulting from Class B Share transactions	(64,012	)	$	(560,065	)	(2,577,630	)	$	(35,155,441	)

Net change resulting from Fund Share transactions	--			--		175,058		$	3,641,532


	Value Fund
	Period Ended November 30, 2002 (4)
Class C Shares	Shares			Dollars
Shares sold	4,536		$	60,150
Shares issued to shareholders in payment of distributions declared	--			--
Shares redeemed	(11	)		(131	)

Net change resulting from Class C Share transactions	4,525		$	60,019

Net change resulting from Fund Share transactions	624,104		$	8,681,740


	Growth Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class A Shares	Shares			Dollars		Shares			Dollars
Shares sold	4,416,892		$	60,249,306		8,163,238		$	128,939,534
Shares issued to shareholders in payment of distributions declared	2,846			32,298		1,801			34,055
Shares redeemed	(3,659,828	)		(50,008,764	)	(2,531,108	)		(41,359,942	)

Net change resulting from Class A Share transactions	759,910		$	10,272,840		5,633,931		$	87,613,647


	Growth Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class B Shares	Shares			Dollars		Shares			Dollars
Shares sold	1,109,819		$	15,817,082		2,683,131		$	45,209,916
Shares issued to shareholders in payment of distributions declared	--			--		626,701			11,794,441
Shares redeemed	(3,057,234	)		(42,423,793	)	(9,998,434	)		(154,409,978	)

Net change resulting from Class B Share transactions	(1,947,415	)	$	(26,606,711	)	(6,688,602	)	$	(97,405,621	)

Net change resulting from Fund Share transactions	--			--		(1,054,671	)	$	(9,791,974	)


	Growth Fund
	Period Ended November 30, 2002 (5)
Class C Shares	Shares			Dollars
Shares sold	10,756		$	144,069
Shares issued to shareholders in payment of distributions declared	--			--
Shares redeemed	(10	)		(124	)

Net change resulting from Class C Share transactions	10,746		$	143,945

Net change resulting from Fund Share transactions	(1,176,759	)	$	(16,189,926	)


	Aggressive Growth Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class A Shares	Shares			Dollars		Shares			Dollars
Shares sold	2,675,263		$	32,944,559		6,355,889		$	86,200,251
Shares issued to shareholders in payment of distributions declared	11,716			160,984		7,749			105,849
Shares redeemed	(3,716,800	)		(46,616,892	)	(1,709,868	)		(23,885,817	)

Net change resulting from Class A Share transactions	(1,029,821	)	$	(13,511,349	)	4,653,770		$	62,420,283


	Aggressive Growth Fund
	Year Ended November 30, 2002					Year Ended November 30, 2001
Class B Shares	Shares			Dollars		Shares			Dollars
Shares sold	2,104,341		$	27,728,364		4,080,873		$	55,748,166
Shares issued to shareholders in payment of distributions declared	--			--		1,221,485			16,685,490
Shares redeemed	(1,143,934	)		(13,983,178	)	(6,680,793	)		(90,745,255	)

Net change resulting from Class B Share transactions	960,407		$	13,745,186		(1,378,435	)	$	(18,311,599	)

Net change resulting from Fund Share transactions	--			--		3,275,335		$	44,108,684


	Aggressive Growth Fund
	Period Ended November 30, 2002 (5)
Class C Shares	Shares		Dollars
Shares sold	25,758		$	307,193
Shares issued to shareholders in payment of distributions declared	--			--
Shares redeemed	(3,998	)		(46,091	)

Net change resulting from Class C Share transactions	21,760		$	261,102

Net change resulting from Fund Share transactions	(47,654	)	$	494,939

(1) Reflects operations for the period from December 3, 2001 (date of initial public investment) to November 30, 2002.

(2) Reflects operations for the period from December 14, 2001 (date of initial public investment) to November 30, 2002.

(3) Reflects operations for the period from January 14, 2002 (date of initial public investment) to November 30, 2002.

(4) Reflects operations for the period from February 21, 2002 (date of initial public investment) to November 30, 2002.

(5) Reflects operations for the period from January 7, 2002 (date of initial public investment) to November 30, 2002.

(4) Investment Adviser Fee and Other Transactions with Affiliates

Investment Adviser Fee--Morgan Asset Management Inc., an indirect, wholly-owned subsidiary of Regions Financial Corp., is the Trust's Adviser, and receives for its services an annual investment adviser fee based upon a percentage of each Fund's average daily net assets (see below). The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

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

Administrative Personnel and Services Fee--Federated Administrative Services ("FAS") provides the Trust with certain administrative personnel and services. The fee paid to FAS is based on a scale that ranges from 0.025% to 0.065% of the average aggregate net assets of the Trust for the period. Regions Bank serves as sub-administrator to the Trust. The fee paid to Regions Bank is based on a scale that ranges from 0.025% to 0.05% of the average aggregate assets of the Trust for the period. The total administrative personnel and service fee paid to Regions Bank for the year ended November 30, 2002 was $563,824.

Distribution Services Fee--The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Funds will compensate Federated Securities Corp. ("FSC"), the principal distributor, from the net assets of the Funds' Class B and C Shares to finance activities intended to result in the sale of the Funds' Class B and C Shares. The Plan provides that the Funds may incur distribution expenses according to the following schedule annually, to compensate FSC.

Fund Name	% of avg. daily net assets of each Fund's Class B Shares	% of avg. daily net assets of each Fund's Class C Shares
Treasury Money Market Fund	0.40%	--
Limited Maturity Government Fund	0.30%	0.75%
Fixed Income Fund	0.30%	0.75%
Balanced Fund	0.30%	0.75%
Value Fund	0.30%	0.75%
Growth Fund	0.30%	0.75%
Aggressive Growth Fund	0.30%	0.75%

Shareholder Services Fee--Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Funds will pay FSSC up to 0.25% of each Fund's Class A Shares, Class B Shares and Class C Shares average daily net assets for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer Agent and Dividend Disbursing Agent Fees--Morgan Keegan & Co. serves as transfer and dividend disbursing agent for the Funds. The fee paid to Morgan Keegan is based on the size, type, and number of accounts and transactions made by shareholders. The total transfer agent and dividend disbursing agent fee paid to Morgan Keegan & Co. for the year ended November 30, 2002 was $38,974. Prior to November 11, 2002, Federated Services Company served as the Funds' transfer and dividend disbursing agent.

Portfolio Accounting Fees--State Street Bank & Trust Company maintains the Funds' accounting records for which it receives a fee. The fee is based on the level of each Fund's average daily net assets for the period, plus out-of-pocket expenses.

Custodian Fees--Regions Bank is the Funds' custodian. The fee is based on the level of each Fund's average daily net assets for the period, plus out-of-pocket expenses.

General--Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

(5) Investment Transactions

Purchases and sales of investments, excluding long-term U.S. government securities and short-term securities (and in-kind contributions), for the year ended November 30, 2002, were as follows:

Fund	Purchases		Sales
Limited Maturity Government Fund	$	8,486,720	$	10,223,200
Fixed Income Fund		26,821,270		6,113,400
Balanced Fund		82,679,892		61,026,367
Value Fund		387,261,706		356,527,676
Growth Fund		391,802,949		370,398,778
Aggressive Growth Fund		198,497,213		194,677,701

Purchases and sales of long-term U.S. Government Securities for the year ended November 30, 2002, were as follows:

Fund	Purchases		Sales
Limited Maturity Government Fund	$	81,293,286	$	63,029,676
Fixed Income Fund		103,268,624		128,556,390
Balanced Fund		27,014,356		42,618,328

(6) Concentration of Credit Risk

The Funds may invest a portion of their assets in securities of companies that are deemed by the Fund's management to be classified in similar investment classifications. The economic developments within a particular classification may have an adverse effect on the ability of issuers to meet their obligations. Additionally, economic developments may have an adverse effect on the liquidity and volatility of portfolio securities.

(7) Change in Independent Accountants (Unaudited)

In August 2002, Deloitte & Touche LLP was dismissed as independent accountant for the Funds. PricewaterhouseCoopers LLP was selected as the Funds' independent accountant. The Funds' selection of PricewaterhouseCoopers as its independent accountant was recommended by the Funds' audit committee and was approved by the Funds' Board of Trustees.

The reports on the financial statements audited by Deloitte & Touche for the years ended November 30, 2001 and 2000 for the Funds did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. There were no disagreements between the Funds and Deloitte & Touche on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Deloitte & Touche would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the financial statements of such years.

Independent Accountant's Report

To the Board of Trustees and Shareholders of
Regions Morgan Keegan Select Funds:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Regions Morgan Keegan Select Funds (compromised of the following portfolios: Regions Morgan Keegan Select Government Money Market Fund, Regions Morgan Keegan Select Treasury Money Market Fund, Regions Morgan Keegan Select Limited Maturity Government Fund, Regions Morgan Keegan Select Fixed Income Fund, Regions Morgan Keegan Select Balanced Fund, Regions Morgan Keegan Select Value Fund, Regions Morgan Keegan Select Growth Fund and Regions Morgan Keegan Select Aggressive Growth Fund, hereafter referred to as the "Funds") as of November 30, 2002, and the results of each of their operations, the changes in each of their net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2002 by correspondence with the custodian and brokers, prov ide a reasonable basis for our opinion. The statements of changes for the year ended November 30, 2001 and the financial highlights for the periods presented on and prior to November 30, 2001 were audited by other independent accountants whose report dated January 9, 2002 expressed an unqualified opinion on those statements.

PricewaterhouseCoopers LLP
Baltimore, Maryland
January 15, 2003

Board of Trustees and Trust Officers

The following table gives information about each Board member and the senior officers of the Funds. The tables separately list Board members who are "interested persons" of the Fund (i.e., "Interested" Board members) and those who are not (i.e., "Independent" Board members). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA. The Regions Morgan Keegan Select Funds Complex consists of 8 investment company portfolios. Unless otherwise noted, each Board member: oversees all portfolios in the Federated Fund Complex; serves for an indefinite term; and also serves as a Board member of the following investment company complexes: Federated Investors Funds--139 portfolios; Banknorth Funds--five portfolios; CCMI Funds--two portfolios; Riggs Funds--nine portfolios; and WesMark Funds--five portfolios. The Funds' Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

Interested Trustees Background


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s), Previous Positions and Other Directorships Held

John F. Donahue* Birth Date: July 28, 1924 CHAIRMAN AND TRUSTEE Began serving: October 1991		Principal Occupations: Chief Executive Officer and Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.

J. Christopher Donahue* Birth Date: April 11, 1949 EXECUTIVE VICE PRESIDENT AND TRUSTEE Began serving: July 1999		Principal Occupations: President or Executive Vice President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.

Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: October 1991		Principal Occupations: Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held: Member, National Board of Trustees, Leukemia Society of America. Previous Positions: Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

* Family relationships and reasons for "interested" status: John F. Donahue is the father of J. Christopher Donahue; both are "interested" due to the positions they hold with Federated Investors, Inc. and its subsidiaries. Lawrence D. Ellis, M.D. is "interested" because his son-in-law is employed by the Fund's principal underwriter, Federated Securities Corp.

Independent Trustees Background


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s), Previous Positions and Other Directorships Held

Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: November 1994		Principal Occupation: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, Member of Executive Committee, University of Pittsburgh. Previous Position: Senior Partner, Ernst & Young LLP.

John T. Conroy, Jr. Birth Date: June 23, 1937 Grubb & Ellis/Investment Properties Corporation 3201 Tamiami Trail North Naples, FL TRUSTEE Began serving: October 1991		Principal Occupations: Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions: President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.

Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: February 1998		Principal Occupations : Director or Trustee of the Federated Fund Complex; Previous Position: Partner, Andersen Worldwide SC. Other Directorships Held: Director, Michael Baker Corporation (engineering and energy services worldwide).

John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1991		Principal Occupation: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions: Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.

Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: October 1991		Principal Occupation: Director or Trustee of the Federated Fund Complex; Management Consultant. Other Directorships Held: Board of Overseers, Babson College. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.

Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations: Director or Trustee of the Federated Fund Complex; Management Consultant; Executive Vice President, DVC Group, Inc. (marketing communications and technology) (prior to 9/1/00). Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University.

John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations: Director or Trustee of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Consulting Partner, Mollica & Murray. Other Directorships Held: Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions: President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.

Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: October 1991		Principal Occupations: Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions: National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.

John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations: Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc.

Officers


Name Birth Date Address Positions Held with Trust		Principal Occupation(s) and Previous Positions

Peter J. Germain Birth Date: September 3, 1959 Federated Investors Tower 1001 Liberty Avenue Pittsburgh, PA PRESIDENT		Principal Occupations: Senior Vice President and Director of Proprietary Funds Services, Federated Services Company. Previous Positions: Senior Corporate Counsel, Federated Services Company.

John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY		Principal Occupations: Executive Vice President and Secretary of the Federated Fund Complex; Executive Vice President, Secretary and Director, Federated Investors, Inc.

Richard J. Thomas Birth Date: June 17, 1954 TREASURER		Principal Occupations: Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services.

Heather W. Froehlich Birth Date: May 30, 1970 Federated Investors Tower 1001 Liberty Avenue Pittsburgh, PA VICE PRESIDENT		Principal Occupations: Vice President, Business Manager and Relationship Manager for Mutual Fund Services, Federated Services Company.

Regions Morgan Keegan Select
Aggressive Growth Fund Class A Shares	RAGAX	75913Q837
Regions Morgan Keegan Select
Aggressive Growth Fund Class B Shares	RAGRX	75913Q845
Regions Morgan Keegan Select
Aggressive Growth Fund Class C Shares	RMKAX	75913Q753
Regions Morgan Keegan Select
Balanced Fund Class A Shares	FPALX	75913Q209
Regions Morgan Keegan Select
Balanced Fund Class B Shares	FPBLX	75913Q100
Regions Morgan Keegan Select
Balanced Fund Class C Shares	RMKBX	75913Q811
Regions Morgan Keegan Select
Fixed Income Fund Class A Shares	RFIFX	75913Q803
Regions Morgan Keegan Select
Fixed Income Fund Class B Shares	FPFTX	75913Q704
Regions Morgan Keegan Select
Fixed Income Fund Class C Shares	RMKFX	75913Q779
Regions Morgan Keegan Select
Growth Fund Class A Shares	RGRAX	75913Q407
Regions Morgan Keegan Select
Growth Fund Class B Shares	FPETX	75913Q308
Regions Morgan Keegan Select
Growth Fund Class C Shares	RMKGX	75913Q761
Regions Morgan Keegan Select
Limited Maturity Government Fund Class A Shares	RLMGX	75913Q852
Regions Morgan Keegan Select
Limited Maturity Government Fund Class B Shares	FPLGX	75913Q860
Regions Morgan Keegan Select
Limited Maturity Government Fund Class C Shares	RMKLX	75913Q795
Regions Morgan Keegan Select
Treasury Money Market Fund Class A Shares	FITXX	75913Q878
Regions Morgan Keegan Select
Treasury Money Market Fund Class B Shares	FPIXX	75913Q886
Regions Morgan Keegan Select
Value Fund Class A Shares	RVLAX	75913Q605
Regions Morgan Keegan Select
Value Fund Class B Shares	FPEIX	75913Q506
Regions Morgan Keegan Select
Value Fund Class C Shares	RMKVX	75913Q787
Regions Morgan Keegan Select
Government Money Market Fund Class A Shares	RMKXX	75913Q829

Federated Securities Corp., Distributor

[Logo of Regions Morgan Keegan Select Funds]

007575 (1/03)

TRU 166

Combined Annual Report

DATED NOVEMBER 30, 2002

President's Message

Regions Morgan Keegan Select Treasury Money Market Fund

Regions Morgan Keegan Select Government Money Market Fund

Regions Morgan Keegan Select Limited Maturity Government Fund

Regions Morgan Keegan Select Fixed Income Fund

Regions Morgan Keegan Select Balanced Fund

Regions Morgan Keegan Select Value Fund

Regions Morgan Keegan Select Growth Fund

Regions Morgan Keegan Select Aggressive Growth Fund

Limited Maturity Government Fund

Management's Discussion of Fund Performance

Limited Maturity Government Fund--Class A Shares

Growth of a $25,000 Investment

Limited Maturity Government Fund--Class B Shares

Growth of a $10,000 Investment

Limited Maturity Government Fund--Class C Shares

Growth of a $10,000 Investment

Fixed Income Fund

Management's Discussion of Fund Performance

Fixed Income Fund--Class A Shares

Growth of a $25,000 Investment

Fixed Income Fund--Class B Shares

Growth of a $10,000 Investment

Fixed Income Fund--Class C Shares

Growth of a $10,000 Investment

Balanced Fund

Management's Discussion of Fund Performance

Balanced Fund--Class A Shares

Growth of a $25,000 Investment

Balanced Fund--Class B Shares

Growth of a $10,000 Investment

Balanced Fund--Class C Shares

Growth of a $10,000 Investment

Value Fund

Management's Discussion of Fund Performance

Value Fund--Class A Shares

Growth of a $25,000 Investment

Value Fund--Class B Shares

Growth of a $10,000 Investment

Value Fund--Class C Shares

Growth of a $10,000 Investment

Growth Fund

Management's Discussion of Fund Performance

Growth Fund--Class A Shares

Growth of a $25,000 Investment

Growth Fund--Class B Shares

Growth of a $10,000 Investment

Growth Fund--Class C Shares

Growth of a $10,000 Investment

Aggressive Growth Fund

Management's Discussion of Fund Performance

Aggressive Growth Fund--Class A Shares

Growth of a $25,000 Investment

Aggressive Growth Fund--Class B Shares

Growth of a $10,000 Investment

Aggressive Growth Fund--Class C Shares

Growth of a $10,000 Investment

Treasury Money Market Fund Portfolio of Investments

November 30, 2002

Government Money Market Fund Portfolio of Investments

November 30, 2002

Limited Maturity Government Fund Portfolio of Investments

November 30, 2002

Fixed Income Fund Portfolio of Investments

November 30, 2002

Balanced Fund Portfolio of Investments

November 30, 2002

Value Fund Portfolio of Investments

November 30, 2002

Growth Fund Portfolio of Investments

November 30, 2002

Aggressive Growth Fund Portfolio of Investments

November 30, 2002

Regions Morgan Keegan Select Funds Statements of Assets and Liabilities

November 30, 2002

Regions Morgan Keegan Select Funds Statements of Assets and Liabilities

November 30, 2002

Regions Morgan Keegan Select Funds Statements of Operations

Treasury Money Market Fund
Portfolio of Investments

Government Money Market Fund
Portfolio of Investments

Limited Maturity Government Fund
Portfolio of Investments

Fixed Income Fund
Portfolio of Investments

Balanced Fund
Portfolio of Investments

Value Fund
Portfolio of Investments

Growth Fund
Portfolio of Investments

Aggressive Growth Fund
Portfolio of Investments

Regions Morgan Keegan Select Funds
Statements of Assets and Liabilities

Regions Morgan Keegan Select Funds
Statements of Assets and Liabilities

Regions Morgan Keegan Select Funds
Statements of Operations

Regions Morgan Keegan Select Funds
Statements of Operations

Regions Morgan Keegan Select Funds
Statements of Changes in Net Assets

Regions Morgan Keegan Select Funds
Statements of Changes in Net Assets

Regions Morgan Keegan Select Funds
Statements of Changes in Net Assets

Regions Morgan Keegan Select Funds
Statements of Changes in Net Assets

Regions Morgan Keegan Select Funds--
Financial Highlights

Regions Morgan Keegan Select Funds--
Financial Highlights

Regions Morgan Keegan Select Funds--
Financial Highlights

Regions Morgan Keegan Select Funds
Combined Notes to Financial Statements