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<PAGE> PAGE 12
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<PAGE> PAGE 16
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<PAGE> PAGE 26
SIGNATURE MARC C. COZZOLINO
TITLE COUNSEL
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<SERIES>
<NUMBER> 01
<NAME> INTERSTATE FUND
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<SERIES>
<NUMBER> 02
<NAME> CONNECTICUT TAX-EXEMPT FUND
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<GROSS-EXPENSE> 310,055
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .027
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> MASSACHUSETTS TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
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<INVESTMENTS-AT-COST> 8,387,784
<INVESTMENTS-AT-VALUE> 8,371,930
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> NEW JERSEY TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
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<NUMBER-OF-SHARES-SOLD> 189,336,696
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> CALIFORNIA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 12,506,805
<INVESTMENTS-AT-VALUE> 12,488,640
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<TOTAL-ASSETS> 12,613,034
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 12,611,969
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<INTEREST-INCOME> 374,650
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<EXPENSES-NET> 104,745
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