<ARTICLE>                                                        6
 
 <CIK>                                       0000721704

 <NAME>                                      FLAGSHIP UTILITY INCOME FUND
 
 <SERIES>

 <NUMBER>                                                       011
 
 <NAME>                                      CLASS A

 <MULTIPLIER>                                                     1
 
        

                                          
 <PERIOD-TYPE>                               YEAR

 <FISCAL-YEAR-END>                           JUN-30-1996
 
 <PERIOD-START>                              JUL-01-1995

 <PERIOD-END>                                JUN-30-1996
 
 <INVESTMENTS-AT-COST>                                   28,637,209

 <INVESTMENTS-AT-VALUE>                                  31,301,292
 
 <RECEIVABLES>                                            2,011,401

 <ASSETS-OTHER>                                              15,649
 
 <OTHER-ITEMS-ASSETS>                                             0

 <TOTAL-ASSETS>                                          33,328,342
 
 <PAYABLE-FOR-SECURITIES>                                   962,100

 <SENIOR-LONG-TERM-DEBT>                                          0
 
 <OTHER-ITEMS-LIABILITIES>                                1,054,852
 
 <TOTAL-LIABILITIES>                                      2,016,952

 <SENIOR-EQUITY>                                                  0
 
 <PAID-IN-CAPITAL-COMMON>                                48,661,604

 <SHARES-COMMON-STOCK>                                    2,254,287
 
 <SHARES-COMMON-PRIOR>                                    2,440,747

 <ACCUMULATED-NII-CURRENT>                                        0
 
 <OVERDISTRIBUTION-NII>                                           0

 <ACCUMULATED-NET-GAINS>                               (20,014,297)
 
 <OVERDISTRIBUTION-GAINS>                                         0

 <ACCUM-APPREC-OR-DEPREC>                                 2,664,083
 
 <NET-ASSETS>                                            31,311,390

 <DIVIDEND-INCOME>                                        2,004,164
 
 <INTEREST-INCOME>                                          126,983

 <OTHER-INCOME>                                                   0
 
 <EXPENSES-NET>                                           (316,609)

 <NET-INVESTMENT-INCOME>                                  1,814,538
 
 <REALIZED-GAINS-CURRENT>                                   777,426

 <APPREC-INCREASE-CURRENT>                                1,636,281
 
 <NET-CHANGE-FROM-OPS>                                    4,228,245

 <EQUALIZATION>                                                   0
 
 <DISTRIBUTIONS-OF-INCOME>                              (1,498,943)

 <DISTRIBUTIONS-OF-GAINS>                                         0 
 
 <DISTRIBUTIONS-OTHER>                                            0
 
 <NUMBER-OF-SHARES-SOLD>                                    376,821

 <NUMBER-OF-SHARES-REDEEMED>                              (637,030)
 
 <SHARES-REINVESTED>                                         73,749

 <NET-CHANGE-IN-ASSETS>                                       9,638
 
 <ACCUMULATED-NII-PRIOR>                                          0

 <ACCUMULATED-GAINS-PRIOR>                             (44,163,229)
 
 <OVERDISTRIB-NII-PRIOR>                                          0

 <OVERDIST-NET-GAINS-PRIOR>                                       0
 
 <GROSS-ADVISORY-FEES>                                      157,329

 <INTEREST-EXPENSE>                                               0
 
 <GROSS-EXPENSE>                                            509,863

 <AVERAGE-NET-ASSETS>                                    31,379,875
 
 <PER-SHARE-NAV-BEGIN>                                        10.24

 <PER-SHARE-NII>                                               0.64
 
 <PER-SHARE-GAIN-APPREC>                                       0.85

 <PER-SHARE-DIVIDEND>                                        (0.64)
 
 <PER-SHARE-DISTRIBUTIONS>                                     0.00

 <RETURNS-OF-CAPITAL>                                          0.00
 
 <PER-SHARE-NAV-END>                                          11.09

 <EXPENSE-RATIO>                                               0.98
 
 <AVG-DEBT-OUTSTANDING>                                      55,342
 
 <AVG-DEBT-PER-SHARE>                                          0.02