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> 12-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 2995569
<INVESTMENTS-AT-VALUE> 2995569
<RECEIVABLES> 35811
<ASSETS-OTHER> 398
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3031778
<PAYABLE-FOR-SECURITIES> 20000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2755
<TOTAL-LIABILITIES> 22755
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3008771
<SHARES-COMMON-STOCK> 3008756
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 251
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3009023
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 186810
<OTHER-INCOME> 0
<EXPENSES-NET> 230
<NET-INVESTMENT-INCOME> 186580
<REALIZED-GAINS-CURRENT> 5
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 186585
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (186580)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22835255
<NUMBER-OF-SHARES-REDEEMED> (23160466)
<SHARES-REINVESTED> 186528
<NET-CHANGE-IN-ASSETS> (138662)
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 243
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230
<AVERAGE-NET-ASSETS> 3266254
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.057
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.057)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.01
</TABLE>
