<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
072 V000400 0
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011 A000501 RESRV PARTNERS, INC.
011 B000501 8-26731
<PAGE> PAGE 22
011 C010501 NEW YORK
011 C020501 NY
011 C030501 10019
011 C040501 5868
028 A010500 95869
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048 B020500 0.475
<PAGE> PAGE 23
048 C010500 500
048 C020500 0.450
048 D010500 500
048 D020500 0.425
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048 I010500 0
048 I020500 0.000
048 J010500 0
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048 K010500 2000
048 K020500 0.420
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
062 A000500 Y
062 B000500 0.0
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062 D000500 0.0
062 E000500 98.6
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
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062 K000500 0.0
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063 A000500 16
063 B000500 0.0
064 A000500 Y
064 B000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
<PAGE> PAGE 24
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
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<PAGE> PAGE 25
072 R000500 35
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<PAGE> PAGE 26
075 B000500 0
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<PAGE> PAGE 27
048 D010600 500
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062 A000600 Y
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<PAGE> PAGE 28
070 G020600 N
070 H010600 N
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070 R020600 N
071 A000600 0
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<PAGE> PAGE 29
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<PAGE> PAGE 30
028 B020700 31
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<PAGE> PAGE 31
048 G020700 0.000
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<PAGE> PAGE 32
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<PAGE> PAGE 33
076 000700 0.00
028 A010800 1850
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<PAGE> PAGE 34
048 D020800 0.425
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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SIGNATURE JAMES FREISEN
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> CALIFORNIA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 56,572,136
<INVESTMENTS-AT-VALUE> 56,572,136
<RECEIVABLES> 655,852
<ASSETS-OTHER> 161,224
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,389,212
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,287
<TOTAL-LIABILITIES> 6,287
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,382,925
<SHARES-COMMON-STOCK> 57,382,925
<SHARES-COMMON-PRIOR> 66,932,712
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 57,382,925
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,000,518
<OTHER-INCOME> 0
<EXPENSES-NET> 973,989
<NET-INVESTMENT-INCOME> 2,026,529
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,026,529
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,026,529
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 838,612,182
<NUMBER-OF-SHARES-REDEEMED> 850,188,498
<SHARES-REINVESTED> 2,026,529
<NET-CHANGE-IN-ASSETS> (9,549,787)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 487,880
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 973,989
<AVERAGE-NET-ASSETS> 97,585,037
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .021
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.021)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> PENNSYLVANIA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 15,624,860
<INVESTMENTS-AT-VALUE> 15,624,860
<RECEIVABLES> 102,741
<ASSETS-OTHER> 1,223,545
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,951,146
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,857
<TOTAL-LIABILITIES> 1,857
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,949,289
<SHARES-COMMON-STOCK> 16,949,289
<SHARES-COMMON-PRIOR> 3,762,151
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 16,949,289
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 617,300
<OTHER-INCOME> 0
<EXPENSES-NET> 188,325
<NET-INVESTMENT-INCOME> 428,975
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 428,975
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 428,975
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 79,111,957
<NUMBER-OF-SHARES-REDEEMED> 75,778,781
<SHARES-REINVESTED> 428,975
<NET-CHANGE-IN-ASSETS> 3,762,151
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 94,163
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 188,325
<AVERAGE-NET-ASSETS> 18,827,642
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .023
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.023)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> OHIO TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 1,190,000
<INVESTMENTS-AT-VALUE> 1,190,000
<RECEIVABLES> 3,380
<ASSETS-OTHER> 29,240
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,222,620
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134
<TOTAL-LIABILITIES> 134
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,222,486
<SHARES-COMMON-STOCK> 1,222,486
<SHARES-COMMON-PRIOR> 2,506,605
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,222,486
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 56,009
<OTHER-INCOME> 0
<EXPENSES-NET> 14,804
<NET-INVESTMENT-INCOME> 41,205
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 41,205
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 41,205
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,750,308
<NUMBER-OF-SHARES-REDEEMED> 4,075,632
<SHARES-REINVESTED> 41,205
<NET-CHANGE-IN-ASSETS> (1,284,119)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,867
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,735
<AVERAGE-NET-ASSETS> 1,773,722
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .024
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.024)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> NEW JERSEY TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 41,091,819
<INVESTMENTS-AT-VALUE> 41,091,819
<RECEIVABLES> 395,028
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,486,847
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,351
<TOTAL-LIABILITIES> 170,351
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,316,496
<SHARES-COMMON-STOCK> 41,316,496
<SHARES-COMMON-PRIOR> 37,600,440
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 41,316,496
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,428,892
<OTHER-INCOME> 0
<EXPENSES-NET> 450,559
<NET-INVESTMENT-INCOME> 978,333
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 978,333
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 978,333
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 223,758,247
<NUMBER-OF-SHARES-REDEEMED> 221,020,524
<SHARES-REINVESTED> 978,333
<NET-CHANGE-IN-ASSETS> 3,716,056
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225,279
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 450,559
<AVERAGE-NET-ASSETS> 45,061,989
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .022
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.022)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> MICHIGAN TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> DEC-14-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 1,200,000
<INVESTMENTS-AT-VALUE> 1,200,000
<RECEIVABLES> 5,472
<ASSETS-OTHER> 8,966
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,214,438
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 133
<TOTAL-LIABILITIES> 133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,214,305
<SHARES-COMMON-STOCK> 1,214,305
<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> 1,214,305
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,087
<OTHER-INCOME> 0
<EXPENSES-NET> 2,782
<NET-INVESTMENT-INCOME> 14,305
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14,305
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,100,000
<NUMBER-OF-SHARES-REDEEMED> 900,000
<SHARES-REINVESTED> 14,305
<NET-CHANGE-IN-ASSETS> 1,214,305
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,663
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,663
<AVERAGE-NET-ASSETS> 1,223,250
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .012
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.012)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> MASSACHUSETTS TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 17,498,457
<INVESTMENTS-AT-VALUE> 17,498,457
<RECEIVABLES> 119,119
<ASSETS-OTHER> 2,312,098
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,930,474
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,183
<TOTAL-LIABILITIES> 2,183
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,928,291
<SHARES-COMMON-STOCK> 19,928,291
<SHARES-COMMON-PRIOR> 25,382,988
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 19,928,291
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 832,273
<OTHER-INCOME> 0
<EXPENSES-NET> 262,896
<NET-INVESTMENT-INCOME> 569,377
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 569,377
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 569,377
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76,638,806
<NUMBER-OF-SHARES-REDEEMED> 82,662,880
<SHARES-REINVESTED> 569,377
<NET-CHANGE-IN-ASSETS> (5,454,697)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 131,448
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 262,896
<AVERAGE-NET-ASSETS> 26,293,640
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .022
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.022)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> FLORIDA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 22,119,041
<INVESTMENTS-AT-VALUE> 22,119,041
<RECEIVABLES> 124,045
<ASSETS-OTHER> 389,483
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,632,569
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,479
<TOTAL-LIABILITIES> 2,479
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,630,089
<SHARES-COMMON-STOCK> 22,630,089
<SHARES-COMMON-PRIOR> 10,817,239
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 22,630,089
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 731,595
<OTHER-INCOME> 0
<EXPENSES-NET> 221,754
<NET-INVESTMENT-INCOME> 509,841
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 509,841
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 509,841
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 141,741,605
<NUMBER-OF-SHARES-REDEEMED> 130,438,595
<SHARES-REINVESTED> 509,841
<NET-CHANGE-IN-ASSETS> 11,812,851
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 110,877
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 221,754
<AVERAGE-NET-ASSETS> 22,177,325
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .024
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.024)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> CONNECTICUT TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 51,497,753
<INVESTMENTS-AT-VALUE> 51,497,753
<RECEIVABLES> 340,629
<ASSETS-OTHER> 3,606,370
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 55,444,752
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,074
<TOTAL-LIABILITIES> 6,074
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,438,678
<SHARES-COMMON-STOCK> 55,438,678
<SHARES-COMMON-PRIOR> 36,786,677
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 55,438,678
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,470,406
<OTHER-INCOME> 0
<EXPENSES-NET> 463,439
<NET-INVESTMENT-INCOME> 1,006,967
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,006,967
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,006,967
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 169,702,015
<NUMBER-OF-SHARES-REDEEMED> 152,056,981
<SHARES-REINVESTED> 1,006,967
<NET-CHANGE-IN-ASSETS> 18,652,001
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 231,720
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 463,439
<AVERAGE-NET-ASSETS> 46,352,574
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .022
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.022)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .89
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> INTERSTATE TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 291,668,690
<INVESTMENTS-AT-VALUE> 291,668,690
<RECEIVABLES> 2,518,850
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 294,187,540
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,558,622
<TOTAL-LIABILITIES> 1,558,622
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 292,628,918
<SHARES-COMMON-STOCK> 292,628,918
<SHARES-COMMON-PRIOR> 352,868,857
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 292,628,918
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,194,696
<OTHER-INCOME> 0
<EXPENSES-NET> 3,603,990
<NET-INVESTMENT-INCOME> 8,590,706
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,590,706
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,590,706
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,500,543,145
<NUMBER-OF-SHARES-REDEEMED> 1,569,373,790
<SHARES-REINVESTED> 8,590,706
<NET-CHANGE-IN-ASSETS> (60,239,939)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,801,995
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,603,990
<AVERAGE-NET-ASSETS> 360,456,045
<PER-SHARE-NAV-BEGIN> 1.000
<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> 1.000
<EXPENSE-RATIO> 1.00
</TABLE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
of Reserve Tax-Exempt Trust:
In planning and performing our audit of the financial statements and financial
highlights of Reserve Tax-Exempt Trust (the "Trust") for the year ended May 31,
1999, we considered its internal control, including control over safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and financial highlights and
to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
enitity's objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of the inherent limitations in internal controls, errors or fraud may
occur and may not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or fraud in amounts that would be material in relation to
the financial statements and financial highlights being audited may not occur
and not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control, including internal controls over safeguarding of securities,
that we consider to be material weaknesses defined above as of May 31, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
July , 1999
