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<PAGE> PAGE 2
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 20
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<PAGE> PAGE 22
011 A000501 RESRV PARTNERS, INC.
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<PAGE> PAGE 24
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<PAGE> PAGE 32
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SIGNATURE MICHELLE L. NEUFELD
TITLE COUNSEL
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<NAME> Interstate Fund
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<NAME> Connecticut Tax-Exempt Fund
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 3
<NAME> Massachusetts Tax-Exempt Fund
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 4
<NAME> New Jersey Tax-Exempt Fund
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<TABLE> <S> <C>
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<NAME> California Tax-Exempt Fund
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