<ARTICLE>                                                        6
 <CIK>                                       0000764860

 <NAME>                                FLAGSHIP ALL-AMERICAN TAX EXEMPT FUND
 
 <SERIES>

 <NUMBER>                                                       011
 
 <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>                                  245,848,473

 <INVESTMENTS-AT-VALUE>                                 253,413,762
 
 <RECEIVABLES>                                            7,474,887

 <ASSETS-OTHER>                                           2,136,478
 
 <OTHER-ITEMS-ASSETS>                                             0

 <TOTAL-ASSETS>                                         263,025,127
 
 <PAYABLE-FOR-SECURITIES>                                 5,971,503

 <SENIOR-LONG-TERM-DEBT>                                          0
 
 <OTHER-ITEMS-LIABILITIES>                                1,748,081
 
 <TOTAL-LIABILITIES>                                      7,719,584

 <SENIOR-EQUITY>                                                  0
 
 <PAID-IN-CAPITAL-COMMON>                               247,585,234

 <SHARES-COMMON-STOCK>                                   19,497,708
 
 <SHARES-COMMON-PRIOR>                                   17,189,868

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

 <ACCUMULATED-NET-GAINS>                                    155,020
 
 <OVERDISTRIBUTION-GAINS>                                         0

 <ACCUM-APPREC-OR-DEPREC>                                 7,565,289
 
 <NET-ASSETS>                                           255,305,543

 <DIVIDEND-INCOME>                                                0
 
 <INTEREST-INCOME>                                       15,813,555

 <OTHER-INCOME>                                                   0
 
 <EXPENSES-NET>                                         (2,183,487)

 <NET-INVESTMENT-INCOME>                                 13,630,068
 
 <REALIZED-GAINS-CURRENT>                                 4,802,765

 <APPREC-INCREASE-CURRENT>                              (8,074,381)
 
 <NET-CHANGE-FROM-OPS>                                   10,358,452

 <EQUALIZATION>                                                   0
 
 <DISTRIBUTIONS-OF-INCOME>                             (11,330,827)

 <DISTRIBUTIONS-OF-GAINS>                                         0 
 
 <DISTRIBUTIONS-OTHER>                                            0
 
 <NUMBER-OF-SHARES-SOLD>                                  4,757,928

 <NUMBER-OF-SHARES-REDEEMED>                            (2,979,351)
 
 <SHARES-REINVESTED>                                        529,263

 <NET-CHANGE-IN-ASSETS>                                  22,496,560
 
 <ACCUMULATED-NII-PRIOR>                                          0

 <ACCUMULATED-GAINS-PRIOR>                              (4,647,745)
 
 <OVERDISTRIB-NII-PRIOR>                                          0

 <OVERDIST-NET-GAINS-PRIOR>                                       0
 
 <GROSS-ADVISORY-FEES>                                    1,233,195

 <INTEREST-EXPENSE>                                               0
 
 <GROSS-EXPENSE>                                          2,858,319

 <AVERAGE-NET-ASSETS>                                   245,965,221
 
 <PER-SHARE-NAV-BEGIN>                                        10.79

 <PER-SHARE-NII>                                               0.61
 
 <PER-SHARE-GAIN-APPREC>                                     (0.12)

 <PER-SHARE-DIVIDEND>                                        (0.61)
 
 <PER-SHARE-DISTRIBUTIONS>                                     0.00

 <RETURNS-OF-CAPITAL>                                          0.00
 
 <PER-SHARE-NAV-END>                                          10.67

 <EXPENSE-RATIO>                                               0.83
 
 <AVG-DEBT-OUTSTANDING>                                     331,600
 
 <AVG-DEBT-PER-SHARE>                                          0.01