<TABLE> <S> <C>


<ARTICLE>           6
                    
<CIK>               0000764860
                    
<NAME>  FLAGSHIP NEW YORK TAX EXEMPT FUND
                          
<SERIES>
                          
<NUMBER>                  131
                          
<NAME>                    CLASS A
                          
<MULTIPLIER>              1
                          
                          
                          
<S>                       <C>
<PERIOD-TYPE>              6-MOS
                           
<FISCAL-YEAR-END>          MAY-31-1997
                           
<PERIOD-START>             JUN-01-1996
                           
<PERIOD-END>               NOV-30-1996
                           
<INVESTMENTS-AT-COST>      50,036,611
                           
<INVESTMENTS-AT-VALUE>     53,534,211
                           
<RECEIVABLES>              1,071,452
                           
<ASSETS-OTHER>             7,106
                           
<OTHER-ITEMS-ASSETS>       0
                           
<TOTAL-ASSETS>             54,612,769
                           
<PAYABLE-FOR-SECURITIES>   0
                           
<SENIOR-LONG-TERM-DEBT>    0
                           
<OTHER-ITEMS-LIABILITIES>  504,205
                           
<TOTAL-LIABILITIES>        504,205
                           
<SENIOR-EQUITY>            0
                           
<PAID-IN-CAPITAL-COMMON>   51,735,954
                           
<SHARES-COMMON-STOCK>      4,757,469
                           
<SHARES-COMMON-PRIOR>      4,748,782
                           
<ACCUMULATED-NII-CURRENT>  0
                           
<OVERDISTRIBUTION-NII>     (11,969)
                           
<ACCUMULATED-NET-GAINS>    (1,113,021)
                           
<OVERDISTRIBUTION-GAINS>   0
                           
<ACCUM-APPREC-OR-DEPREC>   3,497,600
                           
<NET-ASSETS>               54,108,564
                           
<DIVIDEND-INCOME>          0
                           
<INTEREST-INCOME>          1,627,368
                           
<OTHER-INCOME>             0
                           
<EXPENSES-NET>             (193,351)
                           
<NET-INVESTMENT-INCOME>    1,434,017
                           
<REALIZED-GAINS-CURRENT>   (15,630)
                           
<APPREC-INCREASE-CURRENT>  2,090,103
                           
<NET-CHANGE-FROM-OPS>      3,508,490
                           
<EQUALIZATION>             0
                           
<DISTRIBUTIONS-OF-INCOME>  (1,405,329)
                           
<DISTRIBUTIONS-OF-GAINS>   0
                           
<DISTRIBUTIONS-OTHER>      0
                           
<NUMBER-OF-SHARES-SOLD>    326,681
                           
<NUMBER-OF-SHARES-REDEEMED>  (382,802)
                             
<SHARES-REINVESTED>          64,808
                             
<NET-CHANGE-IN-ASSETS>       2,070,200
                             
<ACCUMULATED-NII-PRIOR>      0
                             
<ACCUMULATED-GAINS-PRIOR>    (1,097,391)
                             
<OVERDISTRIB-NII-PRIOR>      0
                             
<OVERDIST-NET-GAINS-PRIOR>   0
                             
<GROSS-ADVISORY-FEES>        131,017
                             
<INTEREST-EXPENSE>           0
                             
<GROSS-EXPENSE>              326,585
                             
<AVERAGE-NET-ASSETS>         52,263,677
                             
<PER-SHARE-NAV-BEGIN>        10.45
                             
<PER-SHARE-NII>              0.29
                             
<PER-SHARE-GAIN-APPREC>      0.42
                             
<PER-SHARE-DIVIDEND>         (0.29)
                             
<PER-SHARE-DISTRIBUTIONS>    0.00
                             
<RETURNS-OF-CAPITAL>         0.00
                             
<PER-SHARE-NAV-END>          10.87
                             
<EXPENSE-RATIO>              0.72
                             
<AVG-DEBT-OUTSTANDING>       99,900
                             
<AVG-DEBT-PER-SHARE>         0.00
                             
        







</TABLE>