<ARTICLE>                                                        6
 
 <CIK>                                       0000764860

 <NAME>                         FLAGSHIP LIMITED TERM TAX EXEMPT FUND
 
 <SERIES>

 <NUMBER>                                                       161
 
 <NAME>                                      CLASS A

 <MULTIPLIER>                                                     1
 
        

                                          
 <PERIOD-TYPE>                               YEAR

 <FISCAL-YEAR-END>                           MAY-31-1996
 
 <PERIOD-START>                              JUN-01-1995

 <PERIOD-END>                                MAY-31-1996
 
 <INVESTMENTS-AT-COST>                                  498,574,253

 <INVESTMENTS-AT-VALUE>                                 507,257,978
 
 <RECEIVABLES>                                           11,894,095

 <ASSETS-OTHER>                                              34,191
 
 <OTHER-ITEMS-ASSETS>                                             0

 <TOTAL-ASSETS>                                         519,186,264
 
 <PAYABLE-FOR-SECURITIES>                                 9,021,840

 <SENIOR-LONG-TERM-DEBT>                                          0
 
 <OTHER-ITEMS-LIABILITIES>                                5,592,976
 
 <TOTAL-LIABILITIES>                                     14,614,816

 <SENIOR-EQUITY>                                                  0
 
 <PAID-IN-CAPITAL-COMMON>                               501,995,106

 <SHARES-COMMON-STOCK>                                   46,287,465
 
 <SHARES-COMMON-PRIOR>                                   53,457,647

 <ACCUMULATED-NII-CURRENT>                                  744,546
 
 <OVERDISTRIBUTION-NII>                                           0

 <ACCUMULATED-NET-GAINS>                                (6,851,929)
 
 <OVERDISTRIBUTION-GAINS>                                         0

 <ACCUM-APPREC-OR-DEPREC>                                 8,683,725
 
 <NET-ASSETS>                                           504,571,448

 <DIVIDEND-INCOME>                                                0
 
 <INTEREST-INCOME>                                       29,493,571

 <OTHER-INCOME>                                                   0
 
 <EXPENSES-NET>                                         (4,138,295)

 <NET-INVESTMENT-INCOME>                                 25,355,276
 
 <REALIZED-GAINS-CURRENT>                                 1,123,864

 <APPREC-INCREASE-CURRENT>                              (5,083,239)
 
 <NET-CHANGE-FROM-OPS>                                   21,395,901

 <EQUALIZATION>                                                   0
 
 <DISTRIBUTIONS-OF-INCOME>                             (24,835,168)

 <DISTRIBUTIONS-OF-GAINS>                                         0 
 
 <DISTRIBUTIONS-OTHER>                                            0
 
 <NUMBER-OF-SHARES-SOLD>                                  6,914,835

 <NUMBER-OF-SHARES-REDEEMED>                           (15,607,722)
 
 <SHARES-REINVESTED>                                      1,522,705

 <NET-CHANGE-IN-ASSETS>                                (80,039,063)
 
 <ACCUMULATED-NII-PRIOR>                                    400,257

 <ACCUMULATED-GAINS-PRIOR>                              (7,975,793)
 
 <OVERDISTRIB-NII-PRIOR>                                          0

 <OVERDIST-NET-GAINS-PRIOR>                                       0
 
 <GROSS-ADVISORY-FEES>                                    1,592,389

 <INTEREST-EXPENSE>                                               0
 
 <GROSS-EXPENSE>                                          4,515,924

 <AVERAGE-NET-ASSETS>                                             0
 
 <PER-SHARE-NAV-BEGIN>                                        10.65

 <PER-SHARE-NII>                                               0.51
 
 <PER-SHARE-GAIN-APPREC>                                     (0.09)

 <PER-SHARE-DIVIDEND>                                        (0.50)
 
 <PER-SHARE-DISTRIBUTIONS>                                     0.00

 <RETURNS-OF-CAPITAL>                                          0.00
 
 <PER-SHARE-NAV-END>                                          10.57

 <EXPENSE-RATIO>                                               0.79
 
 <AVG-DEBT-OUTSTANDING>                                   1,485,500
 <AVG-DEBT-PER-SHARE>                                          0.03