<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 6
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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 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 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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011 A000501 RESRV PARTNERS, INC.
011 B000501 8-26731
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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070 H020500 N
<PAGE> PAGE 24
070 I010500 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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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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<PAGE> PAGE 39
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<PAGE> PAGE 40
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SIGNATURE JAMES FREISEN
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> FLORIDA TAX-EXEMPT FUND
<S> <C>
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<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1999
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,027,479
<SHARES-COMMON-STOCK> 20,027,479
<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-NII> 0
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 2
<NAME> INTERSTATE TAX-EXEMPT FUND
<S> <C>
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<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1999
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> CONNECTICUT TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 46,362,195
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<PAID-IN-CAPITAL-COMMON> 51,748,398
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<NET-ASSETS> (51,748,398)
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<NUMBER-OF-SHARES-REDEEMED> (48,884,757)
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<NET-CHANGE-IN-ASSETS> (3,690,280)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> MASSACHUSETTS TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 10,007,700
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<RECEIVABLES> 82,681
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<NET-ASSETS> (10,682,082)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> NEW JERSEY TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1999
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> (40,081,031)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> CALIFORNIA II TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1999
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<NET-ASSETS> (56,637,857)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> MICHIGAN TAX-EXEMPT FUND
<S> <C>
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<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1999
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<NET-ASSETS> (2,134,431)
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 08
<NAME> OHIO TAX-EXEMPT FUND
<S> <C>
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<PERIOD-END> NOV-30-1999
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 9
<NAME> PENNSYLVANIA TAX-EXEMPT FUND
<S> <C>
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</TABLE>
