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<PAGE> PAGE 2
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<PAGE> PAGE 4
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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 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
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<PAGE> PAGE 22
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<PAGE> PAGE 23
070 L010200 N
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<PAGE> PAGE 24
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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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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601-9973
The Board of Trustees and Shareholders of
Van Kampen Merritt Insured Tax Free Income Fund:
In planning and performing our audit of the financial statements of Van Kampen
Merritt Insured Tax Free Income Fund (the "Fund") for the year ended
December 31, 1994,we considered its internal control structure,
including procedures for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safe'guarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
the preparation of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any system of internal control structure,
errors or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
___________________________________________
KPMG Peat Marwick LLP
February 7, 1995
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601-9973
The Board of Trustees and Shareholders of
Van Kampen Merritt Tax Free High Income Fund:
In planning and performing our audit of the financial statements of Van Kampen
Merritt Tax Free High Income Fund (the "Fund") for the year ended
December 31, 1994, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safe'guarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
the preparation of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any system of internal control structure,
errors or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
___________________________________________
KPMG Peat Marwick LLP
February 14, 1995
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601-9973
The Board of Trustees and Shareholders of
Van Kampen Merritt California Insured Tax Free Fund:
In planning and performing our audit of the financial statements of Van Kampen
Merritt California Insured Tax Free Fund (the "Fund") for the year ended
December 31, 1994, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safe'guarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
the preparation of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any system of internal control structure,
errors or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
___________________________________________
KPMG Peat Marwick LLP
February 7, 1995
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601-9973
The Board of Trustees and Shareholders of
Van Kampen Merritt Municpal Income Fund:
In planning and performing our audit of the financial statements of Van Kampen
Merritt Municipal Income Fund (the "Fund") for the year ended December 31, 1994,
we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safe'guarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
the preparation of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any system of internal control structure,
errors or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
___________________________________________
KPMG Peat Marwick LLP
February 14, 1995
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601-9973
The Board of Trustees and Shareholders of
Van Kampen Merritt Limited Term Municipal Income Fund:
In planning and performing our audit of the financial statements of Van Kampen
Merritt Limited Term Municipal Income Fund (the "Fund") for the year ended
December 31, 1994, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safe'guarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
the preparation of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any system of internal control structure,
errors or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
___________________________________________
KPMG Peat Marwick LLP
February 7, 1995
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601-9973
The Board of Trustees and Shareholders of
Van Kampen Merritt Florida Insured Tax Free Fund:
In planning and performing our audit of the financial statements of Van Kampen
Merritt Florida Insured Tax Free Fund (the "Fund") for the year ended
December 31, 1994, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safe'guarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
the preparation of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any system of internal control structure,
errors or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
___________________________________________
KPMG Peat Marwick LLP
February 14, 1995
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601-9973
The Board of Trustees and Shareholders of
Van Kampen Merritt New Jersey Tax Free Income Fund:
In planning and performing our audit of the financial statements of Van Kampen
Merritt New Jersey Tax Free Income Fund (the "Fund") for the year ended
December 31, 1994, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safe'guarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
the preparation of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any system of internal control structure,
errors or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
___________________________________________
KPMG Peat Marwick LLP
February 14, 1995
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601-9973
The Board of Trustees and Shareholders of
Van Kampen Merritt New York Tax Free Income Fund:
In planning and performing our audit of the financial statements of Van Kampen
Merritt New York Tax Free Income Fund (the "Fund") for the year ended
December 31, 1994, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safe'guarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
the preparation of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any system of internal control structure,
errors or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
___________________________________________
KPMG Peat Marwick LLP
February 7, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Insured Tax Free Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 1137588569<F1>
<INVESTMENTS-AT-VALUE> 1147667200<F1>
<RECEIVABLES> 21780226<F1>
<ASSETS-OTHER> 32230<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 1169479656<F1>
<PAYABLE-FOR-SECURITIES> 16998148<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 8731701<F1>
<TOTAL-LIABILITIES> 25729849<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 1116662803
<SHARES-COMMON-STOCK> 63181868
<SHARES-COMMON-PRIOR> 61941348
<ACCUMULATED-NII-CURRENT> 37808<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (6960321)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (3089839)<F1>
<NET-ASSETS> 1110223546
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 79444087<F1>
<OTHER-INCOME> (588068)<F1>
<EXPENSES-NET> 10843161<F1>
<NET-INVESTMENT-INCOME> 68012858<F1>
<REALIZED-GAINS-CURRENT> 6340550<F1>
<APPREC-INCREASE-CURRENT> (154941139)<F1>
<NET-CHANGE-FROM-OPS> (80587731)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (66735561)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6865303
<NUMBER-OF-SHARES-REDEEMED> (8130723)
<SHARES-REINVESTED> 2505940
<NET-CHANGE-IN-ASSETS> (119733295)
<ACCUMULATED-NII-PRIOR> 273882<F1>
<ACCUMULATED-GAINS-PRIOR> (13300871)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 5028401<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 10843161<F1>
<AVERAGE-NET-ASSETS> 1166800743
<PER-SHARE-NAV-BEGIN> 19.857
<PER-SHARE-NII> 1.051
<PER-SHARE-GAIN-APPREC> (2.280)
<PER-SHARE-DIVIDEND> (1.056)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.572
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> Insured Tax Free Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 1137588569<F1>
<INVESTMENTS-AT-VALUE> 1147667200<F1>
<RECEIVABLES> 21780226<F1>
<ASSETS-OTHER> 32230<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 1169479656<F1>
<PAYABLE-FOR-SECURITIES> 16998148<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 8731701<F1>
<TOTAL-LIABILITIES> 25729849<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 33016541
<SHARES-COMMON-STOCK> 1709564
<SHARES-COMMON-PRIOR> 1047858
<ACCUMULATED-NII-CURRENT> 37808<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (6960321)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (3089839)<F1>
<NET-ASSETS> 30025336
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 79444087<F1>
<OTHER-INCOME> (588068)<F1>
<EXPENSES-NET> 10843161<F1>
<NET-INVESTMENT-INCOME> 68012858<F1>
<REALIZED-GAINS-CURRENT> 6340550<F1>
<APPREC-INCREASE-CURRENT> (154941139)<F1>
<NET-CHANGE-FROM-OPS> (80587731)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (1291269)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 806590
<NUMBER-OF-SHARES-REDEEMED> (185936)
<SHARES-REINVESTED> 41052
<NET-CHANGE-IN-ASSETS> 9252002
<ACCUMULATED-NII-PRIOR> 273882<F1>
<ACCUMULATED-GAINS-PRIOR> (13300871)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 5028401<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 10843161<F1>
<AVERAGE-NET-ASSETS> 26873828
<PER-SHARE-NAV-BEGIN> 19.824
<PER-SHARE-NII> .899
<PER-SHARE-GAIN-APPREC> (2.276)
<PER-SHARE-DIVIDEND> (.884)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.563
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> Insured Tax Free Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 1137588569<F1>
<INVESTMENTS-AT-VALUE> 1147667200<F1>
<RECEIVABLES> 21780226<F1>
<ASSETS-OTHER> 32230<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 1169479656<F1>
<PAYABLE-FOR-SECURITIES> 16998148<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 8731701<F1>
<TOTAL-LIABILITIES> 25729849<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 4080719
<SHARES-COMMON-STOCK> 199168
<SHARES-COMMON-PRIOR> 250987
<ACCUMULATED-NII-CURRENT> 37808<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (6960321)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (3089839)<F1>
<NET-ASSETS> 3498975
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 79444087<F1>
<OTHER-INCOME> (588068)<F1>
<EXPENSES-NET> 10843161<F1>
<NET-INVESTMENT-INCOME> 68012858<F1>
<REALIZED-GAINS-CURRENT> 6340550<F1>
<APPREC-INCREASE-CURRENT> (154941139)<F1>
<NET-CHANGE-FROM-OPS> (80587731)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (222010)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 151670
<NUMBER-OF-SHARES-REDEEMED> (213783)
<SHARES-REINVESTED> 10294
<NET-CHANGE-IN-ASSETS> (1476361)
<ACCUMULATED-NII-PRIOR> 273882<F1>
<ACCUMULATED-GAINS-PRIOR> (13300871)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 5028401<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 10843161<F1>
<AVERAGE-NET-ASSETS> 4647772
<PER-SHARE-NAV-BEGIN> 19.823
<PER-SHARE-NII> .908
<PER-SHARE-GAIN-APPREC> (2.279)
<PER-SHARE-DIVIDEND> (.884)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.568
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Insured Tax Free Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 1137588569<F1>
<INVESTMENTS-AT-VALUE> 1147667200<F1>
<RECEIVABLES> 21780226<F1>
<ASSETS-OTHER> 32230<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 1169479656<F1>
<PAYABLE-FOR-SECURITIES> 16998148<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 8731701<F1>
<TOTAL-LIABILITIES> 25729849<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 2096
<SHARES-COMMON-STOCK> 111
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 37808<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (6960321)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (3089839)<F1>
<NET-ASSETS> 1950
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 79444087<F1>
<OTHER-INCOME> (588068)<F1>
<EXPENSES-NET> 10843161<F1>
<NET-INVESTMENT-INCOME> 68012858<F1>
<REALIZED-GAINS-CURRENT> 6340550<F1>
<APPREC-INCREASE-CURRENT> (154941139)<F1>
<NET-CHANGE-FROM-OPS> (80587731)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (92)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 111
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1950
<ACCUMULATED-NII-PRIOR> 273882<F1>
<ACCUMULATED-GAINS-PRIOR> (13300871)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 5028401<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 10843161<F1>
<AVERAGE-NET-ASSETS> 2009
<PER-SHARE-NAV-BEGIN> 18.890
<PER-SHARE-NII> .811
<PER-SHARE-GAIN-APPREC> (1.313)
<PER-SHARE-DIVIDEND> (.820)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.568
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> VKM Tax Free High Income
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994<F1>
<PERIOD-START> JAN-01-1994<F1>
<PERIOD-END> DEC-31-1994<F1>
<INVESTMENTS-AT-COST> 776338267<F1>
<INVESTMENTS-AT-VALUE> 736238870<F1>
<RECEIVABLES> 20783838<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 1871141<F1>
<TOTAL-ASSETS> 758893849<F1>
<PAYABLE-FOR-SECURITIES> 28065012<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 5888836<F1>
<TOTAL-LIABILITIES> 33953848<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 702830574
<SHARES-COMMON-STOCK> 43541483
<SHARES-COMMON-PRIOR> 40709886
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (11937829)<F1>
<ACCUMULATED-NET-GAINS> (61474814)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (36382788)<F1>
<NET-ASSETS> 602960342
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 53532776<F1>
<OTHER-INCOME> (192660)<F1>
<EXPENSES-NET> 7074607<F1>
<NET-INVESTMENT-INCOME> 46265509<F1>
<REALIZED-GAINS-CURRENT> (55616722)<F1>
<APPREC-INCREASE-CURRENT> (28618923)<F1>
<NET-CHANGE-FROM-OPS> (37970136)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (43955918)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 6540259
<NUMBER-OF-SHARES-REDEEMED> (5083863)
<SHARES-REINVESTED> 1375201
<NET-CHANGE-IN-ASSETS> (33275504)
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (5858092)<F1>
<OVERDISTRIB-NII-PRIOR> (8120300)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3519429<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7074607<F1>
<AVERAGE-NET-ASSETS> 626152156
<PER-SHARE-NAV-BEGIN> 15.629
<PER-SHARE-NII> .956
<PER-SHARE-GAIN-APPREC> (1.717)
<PER-SHARE-DIVIDEND> (1.020)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.848
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> VKM Tax Free High Income
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994<F1>
<PERIOD-START> JAN-01-1994<F1>
<PERIOD-END> DEC-31-1994<F1>
<INVESTMENTS-AT-COST> 776338267<F1>
<INVESTMENTS-AT-VALUE> 736238870<F1>
<RECEIVABLES> 20783838<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 1871141<F1>
<TOTAL-ASSETS> 758893849<F1>
<PAYABLE-FOR-SECURITIES> 28065012<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 5888836<F1>
<TOTAL-LIABILITIES> 33953848<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 121326140
<SHARES-COMMON-STOCK> 8114129
<SHARES-COMMON-PRIOR> 3626132
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (11937829)<F1>
<ACCUMULATED-NET-GAINS> (61474814)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (36382788)<F1>
<NET-ASSETS> 112377744
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 53532776<F1>
<OTHER-INCOME> (192660)<F1>
<EXPENSES-NET> 7074607<F1>
<NET-INVESTMENT-INCOME> 46265509<F1>
<REALIZED-GAINS-CURRENT> (55616722)<F1>
<APPREC-INCREASE-CURRENT> (28618923)<F1>
<NET-CHANGE-FROM-OPS> (37970136)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (5542863)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 5443468
<NUMBER-OF-SHARES-REDEEMED> (1108781)
<SHARES-REINVESTED> 153310
<NET-CHANGE-IN-ASSETS> 55734361
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (5858092)<F1>
<OVERDISTRIB-NII-PRIOR> (8120300)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3519429<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7074607<F1>
<AVERAGE-NET-ASSETS> 90232785
<PER-SHARE-NAV-BEGIN> 15.621
<PER-SHARE-NII> .841
<PER-SHARE-GAIN-APPREC> (1.718)
<PER-SHARE-DIVIDEND> (.894)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.850
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> VKM Tax Free High Income
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994<F1>
<PERIOD-START> JAN-01-1994<F1>
<PERIOD-END> DEC-31-1994<F1>
<INVESTMENTS-AT-COST> 776338267<F1>
<INVESTMENTS-AT-VALUE> 736238870<F1>
<RECEIVABLES> 20783838<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 1871141<F1>
<TOTAL-ASSETS> 758893849<F1>
<PAYABLE-FOR-SECURITIES> 28065012<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 5888836<F1>
<TOTAL-LIABILITIES> 33953848<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 8415602
<SHARES-COMMON-STOCK> 546145
<SHARES-COMMON-PRIOR> 334854
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (11937829)<F1>
<ACCUMULATED-NET-GAINS> (61474814)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (36382788)<F1>
<NET-ASSETS> 7562068
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 53532776<F1>
<OTHER-INCOME> (192660)<F1>
<EXPENSES-NET> 7074607<F1>
<NET-INVESTMENT-INCOME> 46265509<F1>
<REALIZED-GAINS-CURRENT> (55616722)<F1>
<APPREC-INCREASE-CURRENT> (28618923)<F1>
<NET-CHANGE-FROM-OPS> (37970136)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (476352)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 489407
<NUMBER-OF-SHARES-REDEEMED> (298471)
<SHARES-REINVESTED> 20355
<NET-CHANGE-IN-ASSETS> 2335094
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (5858092)<F1>
<OVERDISTRIB-NII-PRIOR> (8120300)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3519429<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7074607<F1>
<AVERAGE-NET-ASSETS> 7674420
<PER-SHARE-NAV-BEGIN> 15.610
<PER-SHARE-NII> .824
<PER-SHARE-GAIN-APPREC> (1.694)
<PER-SHARE-DIVIDEND> (.894)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.846
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> VKM Tax Free High Income
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994<F1>
<PERIOD-START> MAR-14-1994<F1>
<PERIOD-END> DEC-31-1994<F1>
<INVESTMENTS-AT-COST> 776338267<F1>
<INVESTMENTS-AT-VALUE> 736238870<F1>
<RECEIVABLES> 20783838<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 1871141<F1>
<TOTAL-ASSETS> 758893849<F1>
<PAYABLE-FOR-SECURITIES> 28065012<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 5888836<F1>
<TOTAL-LIABILITIES> 33953848<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 2163116
<SHARES-COMMON-STOCK> 147327
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (11937829)<F1>
<ACCUMULATED-NET-GAINS> (61474814)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (36382788)<F1>
<NET-ASSETS> 2039847
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 53532776<F1>
<OTHER-INCOME> (192660)<F1>
<EXPENSES-NET> 7074607<F1>
<NET-INVESTMENT-INCOME> 46265509<F1>
<REALIZED-GAINS-CURRENT> (55616722)<F1>
<APPREC-INCREASE-CURRENT> (28618923)<F1>
<NET-CHANGE-FROM-OPS> (37970136)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (107905)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 147327
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2039847
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (5858092)<F1>
<OVERDISTRIB-NII-PRIOR> (8120300)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3519429<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7074607<F1>
<AVERAGE-NET-ASSETS> 1951513
<PER-SHARE-NAV-BEGIN> 14.870
<PER-SHARE-NII> .755
<PER-SHARE-GAIN-APPREC> (.970)
<PER-SHARE-DIVIDEND> (.809)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.846
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> VKM California Insured Tax Free
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994<F1>
<PERIOD-START> JAN-01-1994<F1>
<PERIOD-END> DEC-31-1994<F1>
<INVESTMENTS-AT-COST> 154915479<F1>
<INVESTMENTS-AT-VALUE> 150750580<F1>
<RECEIVABLES> 3037740<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 1664398<F1>
<TOTAL-ASSETS> 155452718<F1>
<PAYABLE-FOR-SECURITIES> 4062463<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1255458<F1>
<TOTAL-LIABILITIES> 5317921<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 138705152
<SHARES-COMMON-STOCK> 8245311
<SHARES-COMMON-PRIOR> 8262630
<ACCUMULATED-NII-CURRENT> 18913<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (7466853)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (4102506)<F1>
<NET-ASSETS> 130294489
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 10362696<F1>
<OTHER-INCOME> (81395)<F1>
<EXPENSES-NET> 1448314<F1>
<NET-INVESTMENT-INCOME> 8832987<F1>
<REALIZED-GAINS-CURRENT> (5830138)<F1>
<APPREC-INCREASE-CURRENT> (18824986)
<NET-CHANGE-FROM-OPS> (15822137)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (7808441)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1342809
<NUMBER-OF-SHARES-REDEEMED> (132758)
<SHARES-REINVESTED> 281094
<NET-CHANGE-IN-ASSETS> (20792359)
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (1636715)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 793610<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1944313<F1>
<AVERAGE-NET-ASSETS> 143016841
<PER-SHARE-NAV-BEGIN> 18.286
<PER-SHARE-NII> .912
<PER-SHARE-GAIN-APPREC> (2.484)
<PER-SHARE-DIVIDEND> (.912)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 15.802
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> VKM California Insured Tax Free
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994<F1>
<PERIOD-START> JAN-01-1994<F1>
<PERIOD-END> DEC-31-1994<F1>
<INVESTMENTS-AT-COST> 154915479<F1>
<INVESTMENTS-AT-VALUE> 150750580<F1>
<RECEIVABLES> 3037740<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 1664398<F1>
<TOTAL-ASSETS> 155452718<F1>
<PAYABLE-FOR-SECURITIES> 4062463<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1255458<F1>
<TOTAL-LIABILITIES> 5317921<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 19509963
<SHARES-COMMON-STOCK> 1079043
<SHARES-COMMON-PRIOR> 839789
<ACCUMULATED-NII-CURRENT> 18913<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (7466853)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (4102506)<F1>
<NET-ASSETS> 17054794
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 10362696<F1>
<OTHER-INCOME> (81395)<F1>
<EXPENSES-NET> 1448314<F1>
<NET-INVESTMENT-INCOME> 8832987<F1>
<REALIZED-GAINS-CURRENT> (5830138)<F1>
<APPREC-INCREASE-CURRENT> (18824986)
<NET-CHANGE-FROM-OPS> (15822137)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (811323)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 414834
<NUMBER-OF-SHARES-REDEEMED> (206014)
<SHARES-REINVESTED> 30434
<NET-CHANGE-IN-ASSETS> 1715048
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (1636715)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 793610<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1944313<F1>
<AVERAGE-NET-ASSETS> 17666425
<PER-SHARE-NAV-BEGIN> 18.266
<PER-SHARE-NII> .785
<PER-SHARE-GAIN-APPREC> (2.482)
<PER-SHARE-DIVIDEND> (.764)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 15.805
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> VKM California Insured Tax Free
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994<F1>
<PERIOD-START> JAN-01-1994<F1>
<PERIOD-END> DEC-31-1994<F1>
<INVESTMENTS-AT-COST> 154915479<F1>
<INVESTMENTS-AT-VALUE> 150750580<F1>
<RECEIVABLES> 3037740<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 1664398<F1>
<TOTAL-ASSETS> 155452718<F1>
<PAYABLE-FOR-SECURITIES> 4062463<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1255458<F1>
<TOTAL-LIABILITIES> 5317921<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 3470128
<SHARES-COMMON-STOCK> 176321
<SHARES-COMMON-PRIOR> 218158
<ACCUMULATED-NII-CURRENT> 18913<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (7466853)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (4102506)<F1>
<NET-ASSETS> 2785514
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 10362696<F1>
<OTHER-INCOME> (81395)<F1>
<EXPENSES-NET> 1448314<F1>
<NET-INVESTMENT-INCOME> 8832987<F1>
<REALIZED-GAINS-CURRENT> (5830138)<F1>
<APPREC-INCREASE-CURRENT> (18824986)
<NET-CHANGE-FROM-OPS> (15822137)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (194310)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 82157
<NUMBER-OF-SHARES-REDEEMED> (132758)
<SHARES-REINVESTED> 8764
<NET-CHANGE-IN-ASSETS> (1197495)
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (1636715)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 793610<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1944313<F1>
<AVERAGE-NET-ASSETS> 4169589
<PER-SHARE-NAV-BEGIN> 18.257
<PER-SHARE-NII> .773
<PER-SHARE-GAIN-APPREC> (2.468)
<PER-SHARE-DIVIDEND> (.764)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 15.798
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> VKM Municipal Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 667323342<F1>
<INVESTMENTS-AT-VALUE> 652138108<F1>
<RECEIVABLES> 13639763<F1>
<ASSETS-OTHER> 17688<F1>
<OTHER-ITEMS-ASSETS> 2841<F1>
<TOTAL-ASSETS> 665798400<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 6444286<F1>
<TOTAL-LIABILITIES> 6444286<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 518901563
<SHARES-COMMON-STOCK> 34768092
<SHARES-COMMON-PRIOR> 36973304
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 228298<F1>
<ACCUMULATED-NET-GAINS> (26022029)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (13135218)<F1>
<NET-ASSETS> 495814695
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 49936822<F1>
<OTHER-INCOME> (354986)<F1>
<EXPENSES-NET> 8293265<F1>
<NET-INVESTMENT-INCOME> 41288571<F1>
<REALIZED-GAINS-CURRENT> (15519375)<F1>
<APPREC-INCREASE-CURRENT> (76400277)<F1>
<NET-CHANGE-FROM-OPS> (50631081)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (32205506)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2891335
<NUMBER-OF-SHARES-REDEEMED> (6182355)
<SHARES-REINVESTED> 1085808
<NET-CHANGE-IN-ASSETS> (1821198)
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (10502654)<F1>
<OVERDISTRIB-NII-PRIOR> 495948<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3475616<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 8293265<F1>
<AVERAGE-NET-ASSETS> 545671916
<PER-SHARE-NAV-BEGIN> 16.164
<PER-SHARE-NII> .886
<PER-SHARE-GAIN-APPREC> (1.907)
<PER-SHARE-DIVIDEND> (.882)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.261
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>
* This Item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> VKM Municipal Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 667323342<F1>
<INVESTMENTS-AT-VALUE> 652138108<F1>
<RECEIVABLES> 13639763<F1>
<ASSETS-OTHER> 17688<F1>
<OTHER-ITEMS-ASSETS> 2841<F1>
<TOTAL-ASSETS> 665798400<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 6444286<F1>
<TOTAL-LIABILITIES> 6444286<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 174384111
<SHARES-COMMON-STOCK> 11128652
<SHARES-COMMON-PRIOR> 10422152
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 228298<F1>
<ACCUMULATED-NET-GAINS> (26022029)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (13135218)<F1>
<NET-ASSETS> 158705886
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 49936822<F1>
<OTHER-INCOME> (354986)<F1>
<EXPENSES-NET> 8293265<F1>
<NET-INVESTMENT-INCOME> 41288571<F1>
<REALIZED-GAINS-CURRENT> (15519375)<F1>
<APPREC-INCREASE-CURRENT> (76400277)<F1>
<NET-CHANGE-FROM-OPS> (50631081)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (8547628)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1909204
<NUMBER-OF-SHARES-REDEEMED> (1527736)
<SHARES-REINVESTED> 325032
<NET-CHANGE-IN-ASSETS> 9492807
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (10502654)<F1>
<OVERDISTRIB-NII-PRIOR> 495948<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3475616<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 8293265<F1>
<AVERAGE-NET-ASSETS> 165994307
<PER-SHARE-NAV-BEGIN> 16.139
<PER-SHARE-NII> .78
<PER-SHARE-GAIN-APPREC> (1.89)
<PER-SHARE-DIVIDEND> (.768)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.261
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>
* This Item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> VKM Municipal Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 667323342<F1>
<INVESTMENTS-AT-VALUE> 652138108<F1>
<RECEIVABLES> 13639763<F1>
<ASSETS-OTHER> 17688<F1>
<OTHER-ITEMS-ASSETS> 2841<F1>
<TOTAL-ASSETS> 665798400<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 6444286<F1>
<TOTAL-LIABILITIES> 6444286<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 4365588
<SHARES-COMMON-STOCK> 270017
<SHARES-COMMON-PRIOR> 253923
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 228298<F1>
<ACCUMULATED-NET-GAINS> (26022029)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (13135218)<F1>
<NET-ASSETS> 3850918
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 49936822<F1>
<OTHER-INCOME> (354986)<F1>
<EXPENSES-NET> 8293265<F1>
<NET-INVESTMENT-INCOME> 41288571<F1>
<REALIZED-GAINS-CURRENT> (15519375)<F1>
<APPREC-INCREASE-CURRENT> (76400277)<F1>
<NET-CHANGE-FROM-OPS> (50631081)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (212571)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 141638
<NUMBER-OF-SHARES-REDEEMED> (134564)
<SHARES-REINVESTED> 9020
<NET-CHANGE-IN-ASSETS> (3115984)
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (10502654)<F1>
<OVERDISTRIB-NII-PRIOR> 495948<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3475616<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 8293265<F1>
<AVERAGE-NET-ASSETS> 4168299
<PER-SHARE-NAV-BEGIN> 16.141
<PER-SHARE-NII> .783
<PER-SHARE-GAIN-APPREC> (1.894)
<PER-SHARE-DIVIDEND> (.768)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.262
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>
* This Item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> VKM Municipal Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAR-14-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 667323342<F1>
<INVESTMENTS-AT-VALUE> 652138108<F1>
<RECEIVABLES> 13639763<F1>
<ASSETS-OTHER> 17688<F1>
<OTHER-ITEMS-ASSETS> 2841<F1>
<TOTAL-ASSETS> 665798400<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 6444286<F1>
<TOTAL-LIABILITIES> 6444286<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 1088397
<SHARES-COMMON-STOCK> 68899
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 228298<F1>
<ACCUMULATED-NET-GAINS> (26022029)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (13135218)<F1>
<NET-ASSETS> 982615
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 49936822<F1>
<OTHER-INCOME> (354986)<F1>
<EXPENSES-NET> 8293265<F1>
<NET-INVESTMENT-INCOME> 41288571<F1>
<REALIZED-GAINS-CURRENT> (15519375)<F1>
<APPREC-INCREASE-CURRENT> (76400277)<F1>
<NET-CHANGE-FROM-OPS> (50631081)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (55216)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 133104
<NUMBER-OF-SHARES-REDEEMED> (65876)
<SHARES-REINVESTED> 1671
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (10502654)<F1>
<OVERDISTRIB-NII-PRIOR> 495948<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3475616<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 8293265<F1>
<AVERAGE-NET-ASSETS> 1174079
<PER-SHARE-NAV-BEGIN> 15.29
<PER-SHARE-NII> .701
<PER-SHARE-GAIN-APPREC> (1.031)
<PER-SHARE-DIVIDEND> (.698)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.262
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>
* This Item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 16
<NAME> Limited Term Municipal Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 36339798<F1>
<INVESTMENTS-AT-VALUE> 37909649<F1>
<RECEIVABLES> 3342950<F1>
<ASSETS-OTHER> 40843<F1>
<OTHER-ITEMS-ASSETS> 104<F1>
<TOTAL-ASSETS> 41293546<F1>
<PAYABLE-FOR-SECURITIES> 1003151<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 2200652<F1>
<TOTAL-LIABILITIES> 3203803<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 16686522
<SHARES-COMMON-STOCK> 1683270
<SHARES-COMMON-PRIOR> 1376299
<ACCUMULATED-NII-CURRENT> 10630<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (1618922)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (730149)<F1>
<NET-ASSETS> 15705505
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 2134882<F1>
<OTHER-INCOME> (76936)<F1>
<EXPENSES-NET> 395246<F1>
<NET-INVESTMENT-INCOME> 1662700<F1>
<REALIZED-GAINS-CURRENT> (1618922)<F1>
<APPREC-INCREASE-CURRENT> (1358144)<F1>
<NET-CHANGE-FROM-OPS> (1314366)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (787021)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 611527
<NUMBER-OF-SHARES-REDEEMED> (359335)
<SHARES-REINVESTED> 54779
<NET-CHANGE-IN-ASSETS> 1742279
<ACCUMULATED-NII-PRIOR> 5687<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 179781<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 777693<F1>
<AVERAGE-NET-ASSETS> 15566951
<PER-SHARE-NAV-BEGIN> 10.145
<PER-SHARE-NII> .489
<PER-SHARE-GAIN-APPREC> (.815)
<PER-SHARE-DIVIDEND> (.489)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.330
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item related to the fund on a composite basis not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 17
<NAME> Limited Term Municipal Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 36339798<F1>
<INVESTMENTS-AT-VALUE> 37909649<F1>
<RECEIVABLES> 3342950<F1>
<ASSETS-OTHER> 40843<F1>
<OTHER-ITEMS-ASSETS> 104<F1>
<TOTAL-ASSETS> 41293546<F1>
<PAYABLE-FOR-SECURITIES> 1003151<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 2200652<F1>
<TOTAL-LIABILITIES> 3203803<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 18859775
<SHARES-COMMON-STOCK> 1895749
<SHARES-COMMON-PRIOR> 1369794
<ACCUMULATED-NII-CURRENT> 10630<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (1618922)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (730149)<F1>
<NET-ASSETS> 17666148
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 2134882<F1>
<OTHER-INCOME> (76936)<F1>
<EXPENSES-NET> 395246<F1>
<NET-INVESTMENT-INCOME> 1662700<F1>
<REALIZED-GAINS-CURRENT> (1618922)<F1>
<APPREC-INCREASE-CURRENT> (1358144)<F1>
<NET-CHANGE-FROM-OPS> (1314366)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (749473)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 794014
<NUMBER-OF-SHARES-REDEEMED> (316420)
<SHARES-REINVESTED> 48361
<NET-CHANGE-IN-ASSETS> 3779961
<ACCUMULATED-NII-PRIOR> 5687<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 179781<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 777693<F1>
<AVERAGE-NET-ASSETS> 17396512
<PER-SHARE-NAV-BEGIN> 10.137
<PER-SHARE-NII> .417
<PER-SHARE-GAIN-APPREC> (.818)
<PER-SHARE-DIVIDEND> (.417)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.319
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item related to the fund on a composite basis not on a class basis.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 18
<NAME> Limited Term Municipal Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 36339798<F1>
<INVESTMENTS-AT-VALUE> 37909649<F1>
<RECEIVABLES> 3342950<F1>
<ASSETS-OTHER> 40843<F1>
<OTHER-ITEMS-ASSETS> 104<F1>
<TOTAL-ASSETS> 41293546<F1>
<PAYABLE-FOR-SECURITIES> 1003151<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 2200652<F1>
<TOTAL-LIABILITIES> 3203803<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 4882157
<SHARES-COMMON-STOCK> 506542
<SHARES-COMMON-PRIOR> 33365
<ACCUMULATED-NII-CURRENT> 10630<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (1618922)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (730149)<F1>
<NET-ASSETS> 4718090
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 2134882<F1>
<OTHER-INCOME> (76936)<F1>
<EXPENSES-NET> 395246<F1>
<NET-INVESTMENT-INCOME> 1662700<F1>
<REALIZED-GAINS-CURRENT> (1618922)<F1>
<APPREC-INCREASE-CURRENT> (1358144)<F1>
<NET-CHANGE-FROM-OPS> (1314366)<F1>
<EQUALIZATION> 0<F>
<DISTRIBUTIONS-OF-INCOME> (121533)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 555340
<NUMBER-OF-SHARES-REDEEMED> (92860)
<SHARES-REINVESTED> 10697
<NET-CHANGE-IN-ASSETS> 4379953
<ACCUMULATED-NII-PRIOR> 5687<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 179781<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 777693<F1>
<AVERAGE-NET-ASSETS> 2873096
<PER-SHARE-NAV-BEGIN> 10.134
<PER-SHARE-NII> .419
<PER-SHARE-GAIN-APPREC> (.822)
<PER-SHARE-DIVIDEND> (.417)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.314
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item related to the fund on a composite basis not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 19
<NAME> Florida Insured Tax Free Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JUL-29-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 18684806<F1>
<INVESTMENTS-AT-VALUE> 19147656<F1>
<RECEIVABLES> 500491<F1>
<ASSETS-OTHER> 109748<F1>
<OTHER-ITEMS-ASSETS> 311293<F1>
<TOTAL-ASSETS> 20069188<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 166185<F1>
<TOTAL-LIABILITIES> 166185<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 9234813
<SHARES-COMMON-STOCK> 655210
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 2730<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (115389)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (443602)<F1>
<NET-ASSETS> 9039532
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 371064<F1>
<OTHER-INCOME> (3003)<F1>
<EXPENSES-NET> 63397<F1>
<NET-INVESTMENT-INCOME> 304664<F1>
<REALIZED-GAINS-CURRENT> (115389)<F1>
<APPREC-INCREASE-CURRENT> (443602)<F1>
<NET-CHANGE-FROM-OPS> (254327)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (128551)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 670003
<NUMBER-OF-SHARES-REDEEMED> (17510)
<SHARES-REINVESTED> 2618
<NET-CHANGE-IN-ASSETS> 9039532
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 32991<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 161843<F1>
<AVERAGE-NET-ASSETS> 5942376
<PER-SHARE-NAV-BEGIN> 14.300
<PER-SHARE-NII> .291
<PER-SHARE-GAIN-APPREC> (.507)
<PER-SHARE-DIVIDEND> (.288)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.796
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This Item relates to the FUnd on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 20
<NAME> Florida Insured Tax Free Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JUL-29-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 18684806<F1>
<INVESTMENTS-AT-VALUE> 19147656<F1>
<RECEIVABLES> 500491<F1>
<ASSETS-OTHER> 109748<F1>
<OTHER-ITEMS-ASSETS> 311293<F1>
<TOTAL-ASSETS> 20069188<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 166185<F1>
<TOTAL-LIABILITIES> 166185<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 11212650
<SHARES-COMMON-STOCK> 786653
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 2730<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (115389)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (443602)<F1>
<NET-ASSETS> 10852084
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 371064<F1>
<OTHER-INCOME> (3003)<F1>
<EXPENSES-NET> 63397<F1>
<NET-INVESTMENT-INCOME> 304664<F1>
<REALIZED-GAINS-CURRENT> (115389)<F1>
<APPREC-INCREASE-CURRENT> (443602)<F1>
<NET-CHANGE-FROM-OPS> (254327)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (173186)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 827493
<NUMBER-OF-SHARES-REDEEMED> (44657)
<SHARES-REINVESTED> 3917
<NET-CHANGE-IN-ASSETS> 10852084
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 32991<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 161843<F1>
<AVERAGE-NET-ASSETS> 9453736
<PER-SHARE-NAV-BEGIN> 14.300
<PER-SHARE-NII> .251
<PER-SHARE-GAIN-APPREC> (.509)
<PER-SHARE-DIVIDEND> (.250)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.792
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This Item relates to the FUnd on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 21
<NAME> Florida Insured Tax Free Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JUL-29-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 18684806<F1>
<INVESTMENTS-AT-VALUE> 19147656<F1>
<RECEIVABLES> 500491<F1>
<ASSETS-OTHER> 109748<F1>
<OTHER-ITEMS-ASSETS> 311293<F1>
<TOTAL-ASSETS> 20069188<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 166185<F1>
<TOTAL-LIABILITIES> 166185<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 11801
<SHARES-COMMON-STOCK> 826
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 2730<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (115389)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (443602)<F1>
<NET-ASSETS> 11387
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 371064<F1>
<OTHER-INCOME> (3003)<F1>
<EXPENSES-NET> 63397<F1>
<NET-INVESTMENT-INCOME> 304664<F1>
<REALIZED-GAINS-CURRENT> (115389)<F1>
<APPREC-INCREASE-CURRENT> (443602)<F1>
<NET-CHANGE-FROM-OPS> (254327)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (197)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 713
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 13
<NET-CHANGE-IN-ASSETS> 11387
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 32991<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 161843<F1>
<AVERAGE-NET-ASSETS> 10759
<PER-SHARE-NAV-BEGIN> 14.300
<PER-SHARE-NII> .249
<PER-SHARE-GAIN-APPREC> (.513)
<PER-SHARE-DIVIDEND> (.250)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.786
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This Item relates to the FUnd on a composite basis and not on a class basis.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 22
<NAME> VKM New Jersey Tax Free Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JUL-29-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 9077225<F1>
<RECEIVABLES> 9155562<F1>
<ASSETS-OTHER> 279891<F1>
<OTHER-ITEMS-ASSETS> 109748<F1>
<TOTAL-ASSETS> 210930<F1>
<PAYABLE-FOR-SECURITIES> 9756131<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 84313<F1>
<TOTAL-LIABILITIES> 84313<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 3063243
<SHARES-COMMON-STOCK> 215684
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 1245<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (87521)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (225534)<F1>
<NET-ASSETS> 2966694
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 170831<F1>
<OTHER-INCOME> (1576)<F1>
<EXPENSES-NET> 22358<F1>
<NET-INVESTMENT-INCOME> 146897<F1>
<REALIZED-GAINS-CURRENT> (87521)<F1>
<APPREC-INCREASE-CURRENT> (225534)<F1>
<NET-CHANGE-FROM-OPS> (166158)<F1>
<EQUALIZATION> 0<F>
<DISTRIBUTIONS-OF-INCOME> (48787)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 221890
<NUMBER-OF-SHARES-REDEEMED> (8442)
<SHARES-REINVESTED> 2136
<NET-CHANGE-IN-ASSETS> 2966694
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 19141<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 116930<F1>
<AVERAGE-NET-ASSETS> 2257109
<PER-SHARE-NAV-BEGIN> 14.300
<PER-SHARE-NII> .295
<PER-SHARE-GAIN-APPREC> (.551)
<PER-SHARE-DIVIDEND> (.290)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.754
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item related to the fund on a composite basis not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 23
<NAME> VKM New Jersey Tax Free Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JUL-29-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 9077225<F1>
<RECEIVABLES> 9155562<F1>
<ASSETS-OTHER> 279891<F1>
<OTHER-ITEMS-ASSETS> 109748<F1>
<TOTAL-ASSETS> 210930<F1>
<PAYABLE-FOR-SECURITIES> 9756131<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 84313<F1>
<TOTAL-LIABILITIES> 84313<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 6667931
<SHARES-COMMON-STOCK> 470255
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 1245<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (87521)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (225534)<F1>
<NET-ASSETS> 6460269
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 170831<F1>
<OTHER-INCOME> (1576)<F1>
<EXPENSES-NET> 22358<F1>
<NET-INVESTMENT-INCOME> 146897<F1>
<REALIZED-GAINS-CURRENT> (87521)<F1>
<APPREC-INCREASE-CURRENT> (225534)<F1>
<NET-CHANGE-FROM-OPS> (166158)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (93517)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 484535
<NUMBER-OF-SHARES-REDEEMED> (17167)
<SHARES-REINVESTED> 2787
<NET-CHANGE-IN-ASSETS> 6460269
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 19141<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 116930<F1>
<AVERAGE-NET-ASSETS> 5024698
<PER-SHARE-NAV-BEGIN> 14.300
<PER-SHARE-NII> .253
<PER-SHARE-GAIN-APPREC> (.563)
<PER-SHARE-DIVIDEND> (.252)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.738
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item related to the fund on a composite basis not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 24
<NAME> VKM New Jersey Tax Free Income Fund
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JUL-29-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 9077225<F1>
<RECEIVABLES> 9155562<F1>
<ASSETS-OTHER> 279891<F1>
<OTHER-ITEMS-ASSETS> 109748<F1>
<TOTAL-ASSETS> 210930<F1>
<PAYABLE-FOR-SECURITIES> 9756131<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 84313<F1>
<TOTAL-LIABILITIES> 84313<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 252454
<SHARES-COMMON-STOCK> 17804
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 1245<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (87521)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (225534)<F1>
<NET-ASSETS> 244855
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 170831<F1>
<OTHER-INCOME> (1576)<F1>
<EXPENSES-NET> 22358<F1>
<NET-INVESTMENT-INCOME> 146897<F1>
<REALIZED-GAINS-CURRENT> (87521)<F1>
<APPREC-INCREASE-CURRENT> (225534)<F1>
<NET-CHANGE-FROM-OPS> (166158)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 3348
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17462
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 242
<NET-CHANGE-IN-ASSETS> 244855
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 19141<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 116930<F1>
<AVERAGE-NET-ASSETS> 166744
<PER-SHARE-NAV-BEGIN> 14.300
<PER-SHARE-NII> .240
<PER-SHARE-GAIN-APPREC> (.535)
<PER-SHARE-DIVIDEND> (.252)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.753
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item related to the fund on a composite basis not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 25
<NAME> New York Tax Free Income
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JUL-29-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 11202462<F1>
<INVESTMENTS-AT-VALUE> 10861976<F1>
<RECEIVABLES> 852112<F1>
<ASSETS-OTHER> 109747<F1>
<OTHER-ITEMS-ASSETS> 87463<F1>
<TOTAL-ASSETS> 11911298<F1>
<PAYABLE-FOR-SECURITIES> 591859<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 115013<F1>
<TOTAL-LIABILITIES> 706872<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 3023505
<SHARES-COMMON-STOCK> 214785
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 215<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (158287)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (340486)<F1>
<NET-ASSETS> 2916666
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 225986<F1>
<OTHER-INCOME> (3857)<F1>
<EXPENSES-NET> 31922<F1>
<NET-INVESTMENT-INCOME> 190207<F1>
<REALIZED-GAINS-CURRENT> (158287)<F1>
<APPREC-INCREASE-CURRENT> (340486)<F1>
<NET-CHANGE-FROM-OPS> (308566)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (50186)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 248445
<NUMBER-OF-SHARES-REDEEMED> (35667)
<SHARES-REINVESTED> 1907
<NET-CHANGE-IN-ASSETS> 2915236
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 24077<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 130649<F1>
<AVERAGE-NET-ASSETS> 2231210
<PER-SHARE-NAV-BEGIN> 14.30
<PER-SHARE-NII> .302
<PER-SHARE-GAIN-APPREC> (.722)
<PER-SHARE-DIVIDEND> .301
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.579
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This Item relates to the Fund on a composite basis and not on a class basis. </FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 26
<NAME> New York Tax Free Income
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JUL-29-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 11202462<F1>
<INVESTMENTS-AT-VALUE> 10861976<F1>
<RECEIVABLES> 852112<F1>
<ASSETS-OTHER> 109747<F1>
<OTHER-ITEMS-ASSETS> 87463<F1>
<TOTAL-ASSETS> 11911298<F1>
<PAYABLE-FOR-SECURITIES> 591859<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 115013<F1>
<TOTAL-LIABILITIES> 706872<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 8506983
<SHARES-COMMON-STOCK> 598375
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 215<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (158287)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (340486)<F1>
<NET-ASSETS> 8124940
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 225986<F1>
<OTHER-INCOME> (3857)<F1>
<EXPENSES-NET> 31922<F1>
<NET-INVESTMENT-INCOME> 190207<F1>
<REALIZED-GAINS-CURRENT> (158287)<F1>
<APPREC-INCREASE-CURRENT> (340486)<F1>
<NET-CHANGE-FROM-OPS> (308566)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (136720)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 604458
<NUMBER-OF-SHARES-REDEEMED> (10957)
<SHARES-REINVESTED> 4774
<NET-CHANGE-IN-ASSETS> 8123510
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 24077<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 130649<F1>
<AVERAGE-NET-ASSETS> 6994589
<PER-SHARE-NAV-BEGIN> 14.30
<PER-SHARE-NII> .263
<PER-SHARE-GAIN-APPREC> (.722)
<PER-SHARE-DIVIDEND> (.263)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.578
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 27
<NAME> New York Tax Free Income
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JUL-29-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 11202462<F1>
<INVESTMENTS-AT-VALUE> 10861976<F1>
<RECEIVABLES> 852112<F1>
<ASSETS-OTHER> 109747<F1>
<OTHER-ITEMS-ASSETS> 87463<F1>
<TOTAL-ASSETS> 11911298<F1>
<PAYABLE-FOR-SECURITIES> 591859<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 115013<F1>
<TOTAL-LIABILITIES> 706872<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 172496
<SHARES-COMMON-STOCK> 11990
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 215<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (158287)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (340486)<F1>
<NET-ASSETS> 162820
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 225986<F1>
<OTHER-INCOME> (3857)<F1>
<EXPENSES-NET> 31922<F1>
<NET-INVESTMENT-INCOME> 190207<F1>
<REALIZED-GAINS-CURRENT> (158287)<F1>
<APPREC-INCREASE-CURRENT> (340486)<F1>
<NET-CHANGE-FROM-OPS> (308566)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (3086)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11843
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 47
<NET-CHANGE-IN-ASSETS> 161390
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 24077<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 130649<F1>
<AVERAGE-NET-ASSETS> 160475
<PER-SHARE-NAV-BEGIN> 14.30
<PER-SHARE-NII> .267
<PER-SHARE-GAIN-APPREC> (.725)
<PER-SHARE-DIVIDEND> (.263)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.579
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
