<PAGE> PAGE 1
000 A000000 01/31/97
000 C000000 0000906468
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002 D020000 3779
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007 C020100 TENNESSEE TAX-FREE BOND FUND
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008 D02AA01 TN
008 D03AA01 38147
010 A00AA01 FEDERATED SERVICES COMPANY
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<PAGE> PAGE 2
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012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
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012 C01AA01 PITTSBURGH
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013 A00AA01 PRICE WATERHOUSE LLP
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015 C02AA01 MA
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015 E01AA01 X
015 A00AA02 PNC BANK, NA
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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 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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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> The Planters Fund
Tennessee Tax-Free Bond Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Jul-31-1997
<PERIOD-END> Jan-31-1997
<INVESTMENTS-AT-COST> 27,395,133
<INVESTMENTS-AT-VALUE> 27,645,209
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<TOTAL-LIABILITIES> 389,744
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,541,798
<SHARES-COMMON-STOCK> 2,600,883
<SHARES-COMMON-PRIOR> 2,814,322
<ACCUMULATED-NII-CURRENT> 83,522
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (191,339)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 250,076
<NET-ASSETS> 27,684,057
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 786,195
<OTHER-INCOME> 0
<EXPENSES-NET> 156,002
<NET-INVESTMENT-INCOME> 630,193
<REALIZED-GAINS-CURRENT> 13,443
<APPREC-INCREASE-CURRENT> 304,005
<NET-CHANGE-FROM-OPS> 947,641
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 654,546
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66,811
<NUMBER-OF-SHARES-REDEEMED> 286,109
<SHARES-REINVESTED> 5,859
<NET-CHANGE-IN-ASSETS> (1,983,743)
<ACCUMULATED-NII-PRIOR> 107,875
<ACCUMULATED-GAINS-PRIOR> (204,782)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 110,125
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 266,127
<AVERAGE-NET-ASSETS> 29,043,937
<PER-SHARE-NAV-BEGIN> 10.540
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> 0.110
<PER-SHARE-DIVIDEND> 0.240
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.640
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
