<PAGE> PAGE 1
000 A000000 11/30/98
000 C000000 0001034386
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 RESERVE INVESTMENT FUNDS, INC.
001 B000000 811-08279
001 C000000 4103452000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
012 A00AA01 T. ROWE PRICE SERVICES, INC.
012 B00AA01 84-1079
012 C01AA01 OWINGS MILLS
012 C02AA01 MD
012 C03AA01 21117
013 A00AA01 PRICEWATERHOUSECOOPERS
013 B01AA01 BALTIMORE
013 B02AA01 MD
013 B03AA01 21202
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 87
019 C00AA00 TROWEPRICE
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 7153535
022 D000001 40031
022 A000002 GMAC
<PAGE> PAGE 2
022 B000002 38-0572512
022 C000002 6973115
022 D000002 0
022 A000003 MORGAN STANLEY & CO., INC.
022 B000003 13-2655998
022 C000003 4850300
022 D000003 0
022 A000004 CHASE SECURITIES INC.
022 B000004 13-3112953
022 C000004 4741120
022 D000004 135559
022 A000005 FIRST BOSTON CORPORATION (THE)
022 B000005 13-5659485
022 C000005 3408988
022 D000005 34979
022 A000006 WESTDEUTSCHE LANDESBANK
022 B000006 13-2677075
022 C000006 2839486
022 D000006 0
022 A000007 LEHMAN BROS. INC.
022 B000007 13-2518466
022 C000007 2370468
022 D000007 0
022 A000008 PRUDENTIAL SECURITIES INC.
022 B000008 22-2347336
022 C000008 2399428
022 D000008 0
022 A000009 MORGAN J P SECURITIES INC
022 B000009 13-3224016
022 C000009 1795760
022 D000009 0
022 A000010 FORD MOTOR CREDIT
022 B000010 38-1612444
022 C000010 1273311
022 D000010 0
023 C000000 39941205
023 D000000 255787
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 Y
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
<PAGE> PAGE 3
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
077 A000000 N
078 000000 N
028 A010100 1285123
028 A020100 15638
028 A030100 0
028 A040100 1525908
028 B010100 1540471
028 B020100 17353
028 B030100 0
028 B040100 1492641
028 C010100 1101330
028 C020100 13058
028 C030100 0
028 C040100 1590577
028 D010100 1647705
028 D020100 13467
028 D030100 0
028 D040100 1442407
028 E010100 1338149
028 E020100 14387
028 E030100 0
028 E040100 1371133
028 F010100 1396845
028 F020100 13631
028 F030100 0
028 F040100 1090714
028 G010100 8309623
028 G020100 87534
028 G030100 0
028 G040100 8513380
028 H000100 0
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
<PAGE> PAGE 4
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 58.9
062 J000100 21.2
062 K000100 0.0
062 L000100 19.9
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 65
063 B000100 0.0
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
<PAGE> PAGE 5
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 87613
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 0
072 G000100 0
072 H000100 0
072 I000100 6
072 J000100 17
072 K000100 0
072 L000100 1
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 32
072 R000100 10
072 S000100 6
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 6
072 X000100 78
072 Y000100 0
072 Z000100 87535
072AA000100 15
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.2800
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1
074 B000100 0
074 C000100 3258204
<PAGE> PAGE 6
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 26106
074 M000100 14
074 N000100 3284325
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 370
074 S000100 0
074 T000100 3283955
074 U010100 0
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 64
074 Y000100 0
075 A000100 3130811
075 B000100 0
076 000100 0.00
028 A010200 438837
028 A020200 1836
028 A030200 0
028 A040200 219620
028 B010200 420274
028 B020200 3023
028 B030200 0
028 B040200 411913
028 C010200 219670
028 C020200 1719
028 C030200 0
028 C040200 374372
028 D010200 259630
028 D020200 1741
028 D030200 0
028 D040200 250847
028 E010200 411123
028 E020200 1940
028 E030200 0
028 E040200 371275
028 F010200 450190
<PAGE> PAGE 7
028 F020200 1996
028 F030200 0
028 F040200 278949
028 G010200 2199724
028 G020200 12255
028 G030200 0
028 G040200 1906976
028 H000200 0
062 A000200 Y
062 B000200 33.4
062 C000200 0.0
062 D000200 66.6
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 49
063 B000200 0.0
064 A000200 N
064 B000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
<PAGE> PAGE 8
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 6
072 B000200 12322
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 0
072 G000200 0
072 H000200 0
072 I000200 6
072 J000200 20
072 K000200 0
072 L000200 1
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 32
072 R000200 6
072 S000200 1
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 1
072 X000200 67
072 Y000200 0
072 Z000200 12255
072AA000200 123
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 0
072DD020200 0
<PAGE> PAGE 9
072EE000200 0
073 A010200 0.0260
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 618419
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 4086
074 M000200 3
074 N000200 622508
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 15
074 S000200 0
074 T000200 622493
074 U010200 622326
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 22
074 Y000200 0
075 A000200 494960
075 B000200 0
076 000200 0.00
SIGNATURE JAMES S. RIEPE
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001034386
<NAME> RESERVE INVESTMENT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 3258204
<INVESTMENTS-AT-VALUE> 3258204
<RECEIVABLES> 26106
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3284325
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 370
<TOTAL-LIABILITIES> 370
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3283873
<SHARES-COMMON-STOCK> 3283875
<SHARES-COMMON-PRIOR> 3400099
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 81
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3283955
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 87613
<OTHER-INCOME> 0
<EXPENSES-NET> 78
<NET-INVESTMENT-INCOME> 87535
<REALIZED-GAINS-CURRENT> 15
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 87550
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (87535)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8309622
<NUMBER-OF-SHARES-REDEEMED> (8513381)
<SHARES-REINVESTED> 87534
<NET-CHANGE-IN-ASSETS> (116210)
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 66
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 78
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.028
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.028)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001034386
<NAME> GOVERNMENT RESERVE INVESTMENT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 618419
<INVESTMENTS-AT-VALUE> 618419
<RECEIVABLES> 4086
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 622509
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16
<TOTAL-LIABILITIES> 16
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 622325
<SHARES-COMMON-STOCK> 622326
<SHARES-COMMON-PRIOR> 317323
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 167
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 622493
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12322
<OTHER-INCOME> 0
<EXPENSES-NET> 67
<NET-INVESTMENT-INCOME> 12255
<REALIZED-GAINS-CURRENT> 123
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12378
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12255)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2199724
<NUMBER-OF-SHARES-REDEEMED> (1906976)
<SHARES-REINVESTED> 12255
<NET-CHANGE-IN-ASSETS> 305126
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 44
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 67
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.026
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.026)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>