RESERVE TAX EXEMPT TRUST
NSAR-B, 1998-07-29
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<PAGE>      PAGE  1
000 B000000 05/31/98
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<PAGE>      PAGE  2
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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SIGNATURE   MARYKATHLEEN FOYNES                          
TITLE       COUNSEL             
 

<TABLE> <S> <C>

<ARTICLE>                                            6
<SERIES>
   <NUMBER>                   1
   <NAME>                     Interstate Tax-Exempt Fund
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                            6
<SERIES>
   <NUMBER>                   2
   <NAME>                     Connecticut Tax-Exempt Fund
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
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<PERIOD-START>                                 JUN-01-1997
<PERIOD-END>                                   MAY-31-1998
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</TABLE>

<TABLE> <S> <C>

<ARTICLE>                       6
<SERIES>
    <NUMBER>                    3
    <NAME>                      Massachusetts Tax-Exempt Fund
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                                                MAY-31-1998
<PERIOD-START>                                                   JUN-01-1997
<PERIOD-END>                                                     MAY-31-1998
<INVESTMENTS-AT-COST>                                             24,595,043
<INVESTMENTS-AT-VALUE>                                            24,656,892
<RECEIVABLES>                                                        180,826
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<SENIOR-LONG-TERM-DEBT>                                                    0
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<TOTAL-LIABILITIES>                                                    2,086
<SENIOR-EQUITY>                                                            0
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<ACCUMULATED-NII-CURRENT>                                                  0
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<OVERDISTRIBUTION-GAINS>                                                   0
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<OVERDISTRIB-NII-PRIOR>                                                    0
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<INTEREST-EXPENSE>                                                         0
<GROSS-EXPENSE>                                                      137,482
<AVERAGE-NET-ASSETS>                                              18,276,600
<PER-SHARE-NAV-BEGIN>                                                   1.00
<PER-SHARE-NII>                                                         .028
<PER-SHARE-GAIN-APPREC>                                                    0
<PER-SHARE-DIVIDEND>                                                   (.028)
<PER-SHARE-DISTRIBUTIONS>                                                  0
<RETURNS-OF-CAPITAL>                                                       0
<PER-SHARE-NAV-END>                                                     1.00
<EXPENSE-RATIO>                                                          .75
<AVG-DEBT-OUTSTANDING>                                                     0
<AVG-DEBT-PER-SHARE>                                                       0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                       6
<SERIES>
    <NUMBER>                    4
    <NAME>                      New Jersey Tax-Exempt Fund
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                                             MAY-31-1998
<PERIOD-START>                                                JUN-01-1997
<PERIOD-END>                                                  MAY-31-1998
<INVESTMENTS-AT-COST>                                          36,072,891
<INVESTMENTS-AT-VALUE>                                         36,095,124
<RECEIVABLES>                                                     363,609
<ASSETS-OTHER>                                                  1,167,030
<OTHER-ITEMS-ASSETS>                                                    0
<TOTAL-ASSETS>                                                 37,603,530
<PAYABLE-FOR-SECURITIES>                                                0
<SENIOR-LONG-TERM-DEBT>                                                 0
<OTHER-ITEMS-LIABILITIES>                                               0
<TOTAL-LIABILITIES>                                                 3,090
<SENIOR-EQUITY>                                                         0
<PAID-IN-CAPITAL-COMMON>                                                0
<SHARES-COMMON-STOCK>                                          37,600,440
<SHARES-COMMON-PRIOR>                                          39,452,100
<ACCUMULATED-NII-CURRENT>                                               0
<OVERDISTRIBUTION-NII>                                                  0
<ACCUMULATED-NET-GAINS>                                                 0
<OVERDISTRIBUTION-GAINS>                                                0
<ACCUM-APPREC-OR-DEPREC>                                                0
<NET-ASSETS>                                                   37,600,440
<DIVIDEND-INCOME>                                                       0
<INTEREST-INCOME>                                               1,384,900
<OTHER-INCOME>                                                          0
<EXPENSES-NET>                                                    393,281
<NET-INVESTMENT-INCOME>                                           991,619
<REALIZED-GAINS-CURRENT>                                                0
<APPREC-INCREASE-CURRENT>                                               0
<NET-CHANGE-FROM-OPS>                                          (1,851,660)
<EQUALIZATION>                                                          0
<DISTRIBUTIONS-OF-INCOME>                                               0
<DISTRIBUTIONS-OF-GAINS>                                                0
<DISTRIBUTIONS-OTHER>                                                   0
<NUMBER-OF-SHARES-SOLD>                                       235,252,858
<NUMBER-OF-SHARES-REDEEMED>                                   237,104,518
<SHARES-REINVESTED>                                               991,619
<NET-CHANGE-IN-ASSETS>                                         (1,851,660)
<ACCUMULATED-NII-PRIOR>                                                 0
<ACCUMULATED-GAINS-PRIOR>                                               0
<OVERDISTRIB-NII-PRIOR>                                                 0
<OVERDIST-NET-GAINS-PRIOR>                                              0
<GROSS-ADVISORY-FEES>                                             197,592
<INTEREST-EXPENSE>                                                      0
<GROSS-EXPENSE>                                                   393,281
<AVERAGE-NET-ASSETS>                                           39,607,454
<PER-SHARE-NAV-BEGIN>                                                1.00
<PER-SHARE-NII>                                                      .025
<PER-SHARE-GAIN-APPREC>                                                 0
<PER-SHARE-DIVIDEND>                                                (.025)
<PER-SHARE-DISTRIBUTIONS>                                               0
<RETURNS-OF-CAPITAL>                                                    0
<PER-SHARE-NAV-END>                                                  1.00
<EXPENSE-RATIO>                                                       .99
<AVG-DEBT-OUTSTANDING>                                                  0
<AVG-DEBT-PER-SHARE>                                                    0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                       6
<SERIES>
    <NUMBER>                    5
    <NAME>                      California Tax-Exempt Fund
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                                             MAY-31-1998
<PERIOD-START>                                                JUN-01-1997
<PERIOD-END>                                                  MAY-31-1998
<INVESTMENTS-AT-COST>                                          66,305,682
<INVESTMENTS-AT-VALUE>                                         66,353,252
<RECEIVABLES>                                                     598,528
<ASSETS-OTHER>                                                     34,002
<OTHER-ITEMS-ASSETS>                                                    0
<TOTAL-ASSETS>                                                 66,938,212
<PAYABLE-FOR-SECURITIES>                                                0
<SENIOR-LONG-TERM-DEBT>                                                 0
<OTHER-ITEMS-LIABILITIES>                                               0
<TOTAL-LIABILITIES>                                                 2,750
<SENIOR-EQUITY>                                                         0
<PAID-IN-CAPITAL-COMMON>                                                0
<SHARES-COMMON-STOCK>                                          66,932,712
<SHARES-COMMON-PRIOR>                                          30,952,396
<ACCUMULATED-NII-CURRENT>                                               0
<OVERDISTRIBUTION-NII>                                                  0
<ACCUMULATED-NET-GAINS>                                                 0
<OVERDISTRIBUTION-GAINS>                                                0
<ACCUM-APPREC-OR-DEPREC>                                                0
<NET-ASSETS>                                                   66,932,712
<DIVIDEND-INCOME>                                                       0
<INTEREST-INCOME>                                               1,735,780
<OTHER-INCOME>                                                          0
<EXPENSES-NET>                                                    475,154
<NET-INVESTMENT-INCOME>                                         1,260,626
<REALIZED-GAINS-CURRENT>                                                0
<APPREC-INCREASE-CURRENT>                                               0
<NET-CHANGE-FROM-OPS>                                          35,980,316
<EQUALIZATION>                                                          0
<DISTRIBUTIONS-OF-INCOME>                                               0
<DISTRIBUTIONS-OF-GAINS>                                                0
<DISTRIBUTIONS-OTHER>                                                   0
<NUMBER-OF-SHARES-SOLD>                                       333,633,769
<NUMBER-OF-SHARES-REDEEMED>                                   297,653,769
<SHARES-REINVESTED>                                             1,260,626
<NET-CHANGE-IN-ASSETS>                                         35,980,316
<ACCUMULATED-NII-PRIOR>                                                 0
<ACCUMULATED-GAINS-PRIOR>                                               0
<OVERDISTRIB-NII-PRIOR>                                                 0
<OVERDIST-NET-GAINS-PRIOR>                                              0
<GROSS-ADVISORY-FEES>                                             246,741
<INTEREST-EXPENSE>                                                      0
<GROSS-EXPENSE>                                                   475,154
<AVERAGE-NET-ASSETS>                                           49,490,582
<PER-SHARE-NAV-BEGIN>                                                1.00
<PER-SHARE-NII>                                                      .026
<PER-SHARE-GAIN-APPREC>                                                 0
<PER-SHARE-DIVIDEND>                                                (.026)
<PER-SHARE-DISTRIBUTIONS>                                               0
<RETURNS-OF-CAPITAL>                                                    0
<PER-SHARE-NAV-END>                                                  1.00
<EXPENSE-RATIO>                                                       .96
<AVG-DEBT-OUTSTANDING>                                                  0
<AVG-DEBT-PER-SHARE>                                                    0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                       6
<SERIES>
    <NUMBER>                    6
    <NAME>                      Florida Tax-Exempt Fund
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                                          MAY-31-1998
<PERIOD-START>                                             JUN-01-1997
<PERIOD-END>                                               MAY-31-1998
<INVESTMENTS-AT-COST>                                       10,674,540
<INVESTMENTS-AT-VALUE>                                      10,686,508
<RECEIVABLES>                                                   66,308
<ASSETS-OTHER>                                                  77,280
<OTHER-ITEMS-ASSETS>                                                 0
<TOTAL-ASSETS>                                              10,818,128
<PAYABLE-FOR-SECURITIES>                                             0
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                            0
<TOTAL-LIABILITIES>                                                889
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                             0
<SHARES-COMMON-STOCK>                                       10,817,239
<SHARES-COMMON-PRIOR>                                        4,109,384
<ACCUMULATED-NII-CURRENT>                                            0
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                              0
<OVERDISTRIBUTION-GAINS>                                             0
<ACCUM-APPREC-OR-DEPREC>                                             0
<NET-ASSETS>                                                10,817,239
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                              362,174
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                  95,479
<NET-INVESTMENT-INCOME>                                        266,695
<REALIZED-GAINS-CURRENT>                                             0
<APPREC-INCREASE-CURRENT>                                            0
<NET-CHANGE-FROM-OPS>                                        6,707,855
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                      266,695
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                     99,617,152
<NUMBER-OF-SHARES-REDEEMED>                                 92,909,297
<SHARES-REINVESTED>                                            266,695
<NET-CHANGE-IN-ASSETS>                                       6,707,855
<ACCUMULATED-NII-PRIOR>                                              0
<ACCUMULATED-GAINS-PRIOR>                                            0
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                           50,766
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                                 95,479
<AVERAGE-NET-ASSETS>                                        10,182,589
<PER-SHARE-NAV-BEGIN>                                             1.00
<PER-SHARE-NII>                                                   .027
<PER-SHARE-GAIN-APPREC>                                              0
<PER-SHARE-DIVIDEND>                                                 0
<PER-SHARE-DISTRIBUTIONS>                                        (.027)
<RETURNS-OF-CAPITAL>                                                 0
<PER-SHARE-NAV-END>                                               1.00
<EXPENSE-RATIO>                                                    .94
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                            6
<SERIES>
   <NUMBER>                   07
   <NAME>                     Pennsylvania Tax-Exempt Fund
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                              MAY-31-1998
<PERIOD-START>                                 SEP-12-1997
<PERIOD-END>                                   MAY-31-1998
<INVESTMENTS-AT-COST>                           12,737,417
<INVESTMENTS-AT-VALUE>                          12,741,817
<RECEIVABLES>                                       85,042
<ASSETS-OTHER>                                     365,763
<OTHER-ITEMS-ASSETS>                                     0
<TOTAL-ASSETS>                                  13,188,222
<PAYABLE-FOR-SECURITIES>                                 0
<SENIOR-LONG-TERM-DEBT>                                  0
<OTHER-ITEMS-LIABILITIES>                                0
<TOTAL-LIABILITIES>                                  1,084
<SENIOR-EQUITY>                                          0
<PAID-IN-CAPITAL-COMMON>                                 0
<SHARES-COMMON-STOCK>                           13,187,138
<SHARES-COMMON-PRIOR>                                    0
<ACCUMULATED-NII-CURRENT>                                0
<OVERDISTRIBUTION-NII>                                   0
<ACCUMULATED-NET-GAINS>                                  0
<OVERDISTRIBUTION-GAINS>                                 0
<ACCUM-APPREC-OR-DEPREC>                                 0
<NET-ASSETS>                                    13,187,138
<DIVIDEND-INCOME>                                        0
<INTEREST-INCOME>                                  331,243
<OTHER-INCOME>                                           0
<EXPENSES-NET>                                      91,510
<NET-INVESTMENT-INCOME>                            239,733
<REALIZED-GAINS-CURRENT>                                 0
<APPREC-INCREASE-CURRENT>                                0
<NET-CHANGE-FROM-OPS>                           13,187,138
<EQUALIZATION>                                           0
<DISTRIBUTIONS-OF-INCOME>                          239,733
<DISTRIBUTIONS-OF-GAINS>                                 0
<DISTRIBUTIONS-OTHER>                                    0
<NUMBER-OF-SHARES-SOLD>                         56,820,020
<NUMBER-OF-SHARES-REDEEMED>                     43,632,882
<SHARES-REINVESTED>                                239,733
<NET-CHANGE-IN-ASSETS>                          13,187,138
<ACCUMULATED-NII-PRIOR>                                  0
<ACCUMULATED-GAINS-PRIOR>                                0
<OVERDISTRIB-NII-PRIOR>                                  0
<OVERDIST-NET-GAINS-PRIOR>                               0
<GROSS-ADVISORY-FEES>                               45,755
<INTEREST-EXPENSE>                                       0
<GROSS-EXPENSE>                                     91,510
<AVERAGE-NET-ASSETS>                            12,754,145
<PER-SHARE-NAV-BEGIN>                                 1.00
<PER-SHARE-NII>                                       .019
<PER-SHARE-GAIN-APPREC>                                  0
<PER-SHARE-DIVIDEND>                                 (.019)
<PER-SHARE-DISTRIBUTIONS>                                0
<RETURNS-OF-CAPITAL>                                     0
<PER-SHARE-NAV-END>                                   1.00
<EXPENSE-RATIO>                                       1.00
<AVG-DEBT-OUTSTANDING>                                   0
<AVG-DEBT-PER-SHARE>                                     0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                            6
<SERIES>
   <NUMBER>                   08
   <NAME>                     Ohio Tax-Exempt Fund
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                             MAY-31-1998
<PERIOD-START>                                APR-01-1998
<PERIOD-END>                                  MAY-31-1998
<INVESTMENTS-AT-COST>                           2,449,743
<INVESTMENTS-AT-VALUE>                                  0
<RECEIVABLES>                                       6,526
<ASSETS-OTHER>                                        542
<OTHER-ITEMS-ASSETS>                            2,506,811
<TOTAL-ASSETS>                                          0
<PAYABLE-FOR-SECURITIES>                                0
<SENIOR-LONG-TERM-DEBT>                                 0
<OTHER-ITEMS-LIABILITIES>                               0
<TOTAL-LIABILITIES>                                   206
<SENIOR-EQUITY>                                         0
<PAID-IN-CAPITAL-COMMON>                                0
<SHARES-COMMON-STOCK>                           2,506,605
<SHARES-COMMON-PRIOR>                                   0
<ACCUMULATED-NII-CURRENT>                               0
<OVERDISTRIBUTION-NII>                                  0
<ACCUMULATED-NET-GAINS>                                 0
<OVERDISTRIBUTION-GAINS>                                0
<ACCUM-APPREC-OR-DEPREC>                                0
<NET-ASSETS>                                    2,506,605
<DIVIDEND-INCOME>                                       0
<INTEREST-INCOME>                                  14,779
<OTHER-INCOME>                                          0
<EXPENSES-NET>                                      3,830
<NET-INVESTMENT-INCOME>                            10,949
<REALIZED-GAINS-CURRENT>                                0
<APPREC-INCREASE-CURRENT>                               0
<NET-CHANGE-FROM-OPS>                           2,506,605
<EQUALIZATION>                                          0
<DISTRIBUTIONS-OF-INCOME>                          10,949
<DISTRIBUTIONS-OF-GAINS>                                0
<DISTRIBUTIONS-OTHER>                                   0
<NUMBER-OF-SHARES-SOLD>                         4,368,250
<NUMBER-OF-SHARES-REDEEMED>                     1,861,645
<SHARES-REINVESTED>                                10,949
<NET-CHANGE-IN-ASSETS>                          2,506,605
<ACCUMULATED-NII-PRIOR>                                 0
<ACCUMULATED-GAINS-PRIOR>                               0
<OVERDISTRIB-NII-PRIOR>                                 0
<OVERDIST-NET-GAINS-PRIOR>                              0
<GROSS-ADVISORY-FEES>                               1,915
<INTEREST-EXPENSE>                                      0
<GROSS-EXPENSE>                                     3,830
<AVERAGE-NET-ASSETS>                            2,291,876
<PER-SHARE-NAV-BEGIN>                                1.00
<PER-SHARE-NII>                                      .005
<PER-SHARE-GAIN-APPREC>                                 0
<PER-SHARE-DIVIDEND>                                (.005)
<PER-SHARE-DISTRIBUTIONS>                               0
<RETURNS-OF-CAPITAL>                                    0
<PER-SHARE-NAV-END>                                  1.00
<EXPENSE-RATIO>                                      1.00
<AVG-DEBT-OUTSTANDING>                                  0
<AVG-DEBT-PER-SHARE>                                    0
        

</TABLE>


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