<PAGE> 1
[LOGO)
Founders of
"America's First
Money Fund"
------------------------
SEMI-ANNUAL REPORT
------------------------
PRIMARY FUND
U.S. GOVERNMENT FUND
U.S. TREASURY FUND
FOR THE SIX MONTHS ENDED
NOVEMBER 30, 1995
(UNAUDITED)
[LOGO]
Founders of
"America's First
Money Fund"
810 Seventh Avenue, New York, NY 10019-5868
GENERAL INFORMATION AND 24 HOUR YIELD AND BALANCE INFORMATION
800-637-1700
This literature is not authorized for distribution to prospective investors
unless preceded or accompanied by an appropriate current prospectus.
Distributor -- Resrv Partners, Inc.
<PAGE> 2
THE RESERVE FUND--PRIMARY FUND
STATEMENT OF NET ASSETS--NOVEMBER 30, 1995--(UNAUDITED)
<TABLE>
<CAPTION>
% DAYS TO VALUE
RATE MATURITY (NOTE 1)
------------ --------- --------------
<S> <C> <C> <C>
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT -- 17.99%
Banque Nationale de Paris(b).................................................. 5.75 15 $ 45,402,500
Bayerische Hypothekenund W.B.(a).............................................. 5.76 91 60,020,542
Chemical Bank(a).............................................................. 5.80 69 35,327,056
Harris Trust and Savings Bank(a).............................................. 5.77 28 45,375,050
Svenska Handelsbanken Inc.(c)................................................. 5.66-5.67 83-105 86,742,524
Union Bank.................................................................... 5.85 62 50,260,000
--------------
Total Negotiable Bank Certificates of Deposit................................. 323,127,672
--------------
REPURCHASE AGREEMENTS -- 75.99%
FGPC 7.50% due from 8/1/25 to 11/1/25, FGRM 5%-8% due from 7/15/06 to
11/15/23, FGSI due 2/1/23, FMAR due 10/1/22, FNAR due from 7/1/22 to
11/1/23, FNMS 6.50%-7% due from 5/1/00 to 7/1/18, FNST due from 7/1/22 to
11/1/23, FNRM due from 7/25/08 to 11/15/32, FNRA 11/25/03 to 10/15/23 and
FRRA due 5/25/23 (Repos with Bear, Stearns & Co. Inc. dated November
20-November 28, 1995 resale amount $321,520,026)............................ 5.81-5.82 1 321,351,200
FNAR due from 5/1/24 to 6/1/25 FNMS 6% to 12% due from 5/1/01 to 7/1/25 (Repo
with Lehman Brothers Inc. dated November 3, 1995, resale amount
$100,496,861)............................................................... 5.77 4 100,448,778
USTS due 5/15/05, USTN 6.875%-7.875% due from 7/15/96 to 3/31/97, TVIN due
from 4/15/04 to 4/15/12, TVBD 4.375%-8.625% due from 3/4/96 to 7/15/45, RFIN
due 4/15/02, FIIN due from 8/3/96 to 8/3/18, FICO 9340% due 2/8/18, FNRM
5.50%-7.25% due from 1/25/06 to 4/25/24, RNRA 6.133%-7.906% due from 4/25/21
to 9/25/23, FNSM 8.50% due 2/1/05, MCDB 7.19% due 8/17/05, FGRM 6%-10% due
from 11/15/04 to 10/15/23, FGRA 5.983%-7.137% due from 9/15/98 to 11/15/23,
FHOR due 10/25/96 and FMNT 7.20% due 2/16/00 (Repos with Prudential
Securities Inc. dated November 30, 1995, resale amount $258,042,355)........ 5.91 1 258,042,355
FNRM and USTN 5.625% due 11/30/00 (Repo with CS First Boston Corporation dated
November 28, 1995, resale amount $107,120,672).............................. 5.80 5 107,051,717
GNMA 6%, FNAR due from 1/1/24 to 7/1/34 (Repo with Merrill Lynch Government
Securities Inc. dated November 30, 1995, resale amount $262,043,012)........ 5.91 1 262,043,012
USTS due 11/15/08, USTN 5.125% due 3/31/98, USTB 8.75%-10.75% due from 8/15/05
to 8/15/20, RFIN due 7/15/01, GNMA 6.50%-8% due from 8/13/22 to 7/15/24,
FNMS 6%-8% due from 3/1/02 to 12/1/25, FNAR 6.397%-6.824% due from 11/1/15
to 1/1/20, MCDB 6.50% due 10/20/00 and FGPC 6%-7.50% due from 8/1/00 to
10/1/25 (Repos with Smith Barney Inc. dated November 6 to November 30, 1995,
resale amount $316,471,133)................................................. 5.77-5.80 1-18 315,975,944
--------------
Total Repurchase Agreements................................................... 1,364,913,006
--------------
TAXABLE MUNICIPAL BONDS -- 6.15%
Florida Housing Finance Agency Housing Revenue Bonds 1993 Series A(d)......... 5.82 7 41,601,354
Illinois Student Assistance(d)................................................ 5.79 7 20,197,256
Maricopa County Industrial Development Authority Revenue Bonds for Phoenix
Multi-Purpose Arena Project Series 1990(d).................................. 6.00 7 43,617,000
New Hampshire Business Finance Authority Revenue Bonds 1992 Series B(d)....... 6.00 7 5,024,167
--------------
Total Taxable Municipal Bonds................................................. 110,439,777
--------------
Total Primary Fund Investments (100.13%) (Cost $1,794,538,757).................. 1,798,480,455
Other liabilities, less assets (-.13%).......................................... (2,368,888)
--------------
NET ASSETS (100%) equivalent to $1.00 net asset value, offering and redemption
price per share based on 1,796,111,567 shares of beneficial interest $.001 par
value outstanding............................................................. $1,796,111,567
=============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
2
<PAGE> 3
THE RESERVE FUND--U.S. GOVERNMENT FUND
STATEMENT OF NET ASSETS--NOVEMBER 30, 1995--(UNAUDITED)
<TABLE>
<CAPTION>
% DAYS TO VALUE
RATE MATURITY (NOTE 1)
------------ ---------- -----------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS -- 99.77%
GNMA 6%-8.50% due from 1/15/22 to 12/15/35 (Repos with Bear, Stearns & Co. Inc.
dated November 20 to November 27, 1995, resale amount $145,434,692).............. 5.78-5.79 4-26 $145,205,817
USTN 5.625%-6.25% due from 10/31/97 to 8/31/00 (Repo with Donaldson, Lufkin &
Jenrette Securities Corp. dated November 30, 1995, resale amount $82,013,439).... 5.90 1 82,013,439
GNMA 6%-11.50% and USTN 5.625% due 11/30/00 (Repo with CS First Boston Corp. dated
November 17, 1995, resale amount $50,263,542).................................... 5.75 20 50,111,806
GNMA 5.5%-12% due from 1/15/98 to 10/20/25 (Repo with Lehman Brothers Inc. dated
November 30, 1995, resale amount $131,690,479)................................... 5.75 4 131,627,708
GNMA 5%-13% due from 3/15/01 to 10/15/30 (Repos with Prudential Securities Inc.
dated November 9 to November 16, 1995, resale amount $145,662,847)............... 5.75 4-18 145,425,660
GNMA 7.50%-8.50% due from 3/15/22 to 11/15/25 (Repo with Smith Barney Inc. dated
October 31, 1995, resale amount $145,764,271).................................... 5.75 4 145,694,792
-----------
Total U.S. Government Fund Investments (99.77%) (Cost $698,000,000)................ 700,079,222
Other assets, less liabilities (.23%).............................................. 1,647,487
-----------
Net assets (100%) equivalent to $1.00 net asset value, offering and redemption
prices per share based on 701,726,709 shares of beneficial interest $.001 par
value outstanding................................................................ $701,726,709
=============
</TABLE>
THE RESERVE FUND--U.S. TREASURY FUND
STATEMENT OF NET ASSETS--NOVEMBER 30, 1995--(UNAUDITED)
<TABLE>
<S> <C> <C> <C>
U.S. TREASURY BILLS -- 99.07%
U.S. Treasury Bills (Cost $119,926,680)............................................ 5.225-5.60 7-98 $120,482,083
Other assets, less liabilities (.93%).............................................. 1,131,347
-----------
NET ASSETS (100%) equivalent to $1.00 net asset value, offering and redemption
prices per share based on 121,613,430 shares of beneficial interest $.001 par
value outstanding................................................................ $121,613,430
=============
</TABLE>
- ---------------
(a) Eurodollar Certificates of Deposit -- London Branch, United Kingdom.
(b) Yankee Certificates of Deposit.
(c) Collateralized by Bank Letter of Credit.
(d) The interest rate is subject to change periodically. The rates shown were in
effect at November 30, 1995. Securities payable on demand are collateralized
by bank letter of credit, other bank credit agreements and financial guaranty
assurance agencies.
<TABLE>
<S> <C> <C>
SECURITY TYPE ABBREVIATIONS:
FGPC -- FHLMC Gold Mortgage-Backed Pass-Through Participation Certificates
FGRA -- FHLMC Gold REMIC Mortgage-Backed Pass-Through Participation Certificates -- Adjustable Rate
FGRM -- FHLMC Gold REMIC Mortgage-Backed Pass-Through Participation Certificates
FICO -- Financing Corporation Bond
FIIN -- Financing Corporation Strip
FMAR -- FHLMC Adjustable Rate Mortgage-Backed Pass-Through Participation Certificates
FMDN -- FHLMC Discount Notes
FMPC -- Federal Home Loan Mortgage Corporation ("FHLMC") Mortgage-Backed Pass-Through Participation Certificates
FNAR -- FNMA Adjustable Rate Mortgage-Backed Pass-Through Securities
FNMS -- FNMA Mortgage-Backed Pass-Through Securities
FNNT -- FNMA Medium Term Note
FNRA -- FNMA REMIC Adjustable Rate Mortgage-Backed Pass-Through Securities
FNRM -- Federal National Mortgage Association ("FNMA") REMIC Mortgage-Backed Pass-Through Securities
FRRA -- FHLMC REMIC Adjustable Rate
FRRM -- FHLMC REMIC
GNMA -- Government National Mortgage Association Mortgage-Backed Pass-Through Securities
MCDB -- FHLMC Debenture Bond
RFIN -- Resolution Funding Corp, STRIPS
TVBD -- Tennessee Valley Authority Bond
TVIN -- Tennessee Valley Authority Strip
USB -- U.S. Treasury Bonds
USTB -- U.S. Treasury Bills
USTN -- U.S. Treasury Notes
USTS -- U.S. Treasury STRIPS
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
3
<PAGE> 4
THE RESERVE FUND--STATEMENTS OF OPERATIONS--(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
NOVEMBER 30, 1995
-----------------------------
U.S.
PRIMARY U.S. GOVERNMENT TREASURY
FUND FUND FUND
----------- --------------- ----------
<S> <C> <C> <C>
INTEREST INCOME (Note 1)......................................... $50,747,769 $22,010,449 $2,923,017
----------- --------------- ----------
EXPENSES (Note 2)
Management fee................................................. 4,012,704 1,837,071 --
Comprehensive fee.............................................. -- -- 383,382
Shareholder servicing, administration and general office
expenses..................................................... 1,813,240 730,044 --
Distribution assistance (Note 3)............................... 1,489,220 695,751 106,491
Equipment expense.............................................. 294,939 126,005 --
Professional fees.............................................. 236,621 104,700 --
Occupancy costs................................................ 201,416 85,799 --
Stationery, printing and supplies.............................. 162,345 74,668 --
Trustee fee.................................................... 23,348 10,082 --
Other expenses................................................. 143,662 68,116 --
----------- --------------- ----------
Total Expenses............................................... 8,377,495 3,732,236 489,873
Less: voluntary waiver......................................... -- -- (63,910)
----------- --------------- ----------
Net Expenses................................................... 8,377,495 3,732,236 425,963
----------- --------------- ----------
NET INVESTMENT INCOME............................................ $42,370,274 $18,278,213 $2,497,054
============ ============== ==========
</TABLE>
THE RESERVE FUND--STATEMENTS OF CHANGES IN NET ASSETS--(UNAUDITED)
<TABLE>
<CAPTION>
PRIMARY FUND U.S. GOVERNMENT FUND U.S. TREASURY FUND
-------------------------------- -------------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
NOVEMBER 30, YEAR ENDED NOVEMBER 30, YEAR ENDED NOVEMBER 30, YEAR ENDED
1995 MAY 31, 1995 1995 MAY 31, 1995 1995 MAY 31, 1995
-------------- -------------- -------------- -------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM INVESTMENT
OPERATIONS:
Net investment income
(Note 1)............ $ 42,370,274 $ 63,849,095 $ 18,278,213 $ 31,622,436 $ 2,497,054 $ 2,101,013
Dividends to
shareholders........ (42,370,274) (63,849,095) (18,278,213) (31,622,436) (2,497,054 ) (2,101,013)
-------------- -------------- -------------- -------------- ------------ ------------
FROM CAPITAL SHARE
TRANSACTIONS (at net
asset value of $1 per
share):
Net proceeds from the
sale of shares...... 3,523,034,813 5,517,915,950 1,687,994,772 3,357,034,315 258,984,140 275,724,588
Net asset value of
shares issued on
reinvestment of
dividends........... 42,370,274 63,849,095 18,278,213 31,622,436 2,497,054 2,101,013
-------------- -------------- -------------- -------------- ------------ ------------
Subtotal............ 3,565,405,087 5,581,765,045 1,706,272,985 3,388,656,751 261,481,194 277,825,601
Cost of shares
redeemed.......... (3,371,757,092) (5,394,679,426) (1,726,331,068) (3,407,569,981) (235,094,444) (189,949,285)
-------------- -------------- -------------- -------------- ------------ ------------
Net increase
(decrease) from
share transactions
and from investment
operations.......... 193,647,995 187,085,619 (20,058,083) (18,913,230) 26,386,750 87,876,316
NET ASSETS:
Beginning of period... 1,602,463,572 1,415,377,953 721,784,792 740,698,022 95,226,680 7,350,364
-------------- -------------- -------------- -------------- ------------ ------------
End of period......... $1,796,111,567 $1,602,463,572 $ 701,726,709 $ 721,784,792 $121,613,430 $ 95,226,680
============= ============= ============= ============= ============ ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
4
<PAGE> 5
THE RESERVE FUND (THE "FUND")
PRIMARY, U.S. GOVERNMENT AND U.S. TREASURY FUNDS (THE "FUNDS")
NOTES TO FINANCIAL STATEMENTS--(UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES:
------------------------------
The Fund is registered under the Investment Company Act of 1940 as a
non-diversified, open end investment company. The policies summarized below
are consistently followed in the preparation of its financial statements in
conformity with generally accepted accounting principles.
A. The Fund's authorized shares of beneficial interest are unlimited. The
Fund's shares are divided into three classes, Primary Fund, U.S. Government
Fund and the U.S. Treasury Fund.
B. Securities are stated at value which represents amortized cost plus
interest accrued to date. Under Securities and Exchange Commission Rule 2a-7,
the Fund uses amortized cost to value the Portfolios, by which investments
are valued at cost and the difference between the cost of each instrument and
its value at maturity is accrued into income on a straight line basis over
the days to maturity irrespective of intervening changes in interest rates or
market value of investments. The maturity of floating or variable rate
instruments in which the Fund may invest will be deemed to be, for floating
rate instruments (1) following, and for variable rate instruments the longer
of (1) or (2) following: (1) the notice period required before the Portfolio
is entitled to receive payment of the principal amount of the instrument; (2)
the period remaining until the instrument's next rate adjustment, for
purposes of Rule 2a-7 and for computing the Portfolio average life.
C. It is the Fund's policy to comply with Subchapter M of the Internal
Revenue Code and to distribute all of its taxable income to its shareholders.
Accordingly, no Federal income tax provision is required.
D. Investments are recorded as of the date of their purchase and sale.
Interest income is determined on the basis of interest accrued, premium
amortized and discount accreted.
E. The Fund's custodians hold the securities owned subject to repurchase
agreements. The Fund's investment adviser determines that the resale amount
of the repurchase agreement is fully collateralized.
F. Net investment income on investments is distributed to shareholders daily
and automatically reinvested in additional Fund shares.
G. Each Fund is charged only for its direct or allocated (in proportion to
net assets or number of shareholder accounts) share of expenses.
2. MANAGEMENT FEE, SHAREHOLDER SERVICING COST AND TRANSACTIONS WITH AFFILIATES:
---------------------------------------------------------------------------
Under the Management Agreement, Reserve Management Company, Inc. ("RMCI"),
manages the Fund's investments, effects purchases and sales thereof, and
absorbs certain promotional expenses. RMCI receives management fees from the
Primary and U.S. Government Funds at an annual rate of .50% of the first $500
million, .475% of the next $500 million, .45% of the next $500 million, .425%
of the next $500 million and .40% of any excess over $2 billion of the
average daily net assets of Primary and U.S. Government Funds, subject to
reimbursement of Fund expenses (excluding brokerage fees and commissions,
interest charges, taxes and extraordinary legal fees and expenses) exceeding
1% of average daily closing net assets. For the U.S. Treasury Fund, RMCI
receives a comprehensive fee at an annual rate of .80% of the average daily
net assets. At November 30, 1995, the advisor waived a portion of its
comprehensive fee. Also, under the current Service Agreement, RMCI was
reimbursed $2,875,571 (Primary Fund) and $1,199,414 (U.S. Government Fund)
during the six months ended November 30, 1995 for expenditures made on behalf
of the Fund's respective Portfolios for personnel, office space and equipment
and shareholder accounting and administrative services, to carry out the
Fund's business. At November 30, 1995, the Primary, U.S. Government and U.S.
Treasury Funds had accrued expenses of $47,927, $17,499, and $37,748
respectively, due to RMCI.
3. DISTRIBUTION ASSISTANCE:
-----------------------
Pursuant to a Plan of Distribution, subject to the Fund's expense
limitations, the Fund will make payments of up to .20% per annum of the
average net asset value of shareholder accounts as to which the payee has
rendered assistance in distributing shares of the portfolios. The Plan
requires RMCI to pay an equivalent amount from its own resources.
------------------------
FEDERAL TAX INFORMATION
The dividends distributed by the Primary, U.S. Government and U.S. Treasury
Funds in each of the periods are treated for Federal tax purposes as ordinary
income.
5
<PAGE> 6
THE RESERVE FUND
PRIMARY, U.S. GOVERNMENT AND U.S. TREASURY FUND
NOTES TO FINANCIAL STATEMENTS--(UNAUDITED)--(CONTINUED)
SUPPLEMENTARY INFORMATION (UNAUDITED) (FOR ONE SHARE OUTSTANDING DURING EACH
PERIOD):
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS FOR FISCAL YEARS ENDED MAY 31,
ENDED -----------------------------------------------------------
PRIMARY FUND NOVEMBER 30, 1995 1995 1994 1993
- --------------------------------------- ----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period... $1.0000 $1.0000 $1.0000 $1.0000
----------- ------- ------- -------
Income from investment operations...... .0301 .0549 .0345 .0361
Expenses............................... .0050 .0099 .0099 .0100
----------- ------- ------- -------
Net investment income(1)............... .0251 .0450 .0246 .0261
Dividends from net investment
income(1)............................ (.0251) (.0450) (.0246) (.0261)
----------- ------- ------- -------
Net asset value, end of period......... $1.0000 $1.0000 $1.0000 $1.0000
----------- ------- ------- -------
----------- ------- ------- -------
Total Return........................... 5.02%(2) 4.50% 2.46% 2.61%
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------
<S> <C> <C> <C> <C>
Net assets in thousands, end of
period............................... 1,710,436 1,602,464 1,415,378 1,389,136
Ratio of expenses to average net
assets............................... .98%(2) %.97 %.97 %.99
Ratio of net investment income to
average
net assets........................... 4.95%(2) 4.42% 2.44% 2.58%
<CAPTION>
U.S. GOVERNMENT FUND
- ---------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period... $1.0000 $1.0000 $1.0000 $1.0000
----------- ------- ------- -------
Income from investment operations...... .0299 .0542 .0337 .0353
Expenses............................... .0051 .0101 .0100 .0100
----------- ------- ------- -------
Net investment income(1)............... .0248 .0441 .0237 .0253
Dividends from net investment
income(1)............................ (.0248) (.0441) (.0237) (.0253)
----------- ------- ------- -------
Net asset value, end of period......... $1.0000 $1.0000 $1.0000 $1.0000
----------- ------- ------- -------
----------- ------- ------- -------
Total Return........................... 4.96%(2) 4.41% 2.37% 2.53%
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------
<S> <C> <C> <C> <C>
Net assets in thousands, end of
period............................... 746,601 721,785 740,698 728,138
Ratio of expenses to average net
assets............................... 1.00%(2) %.99 %.99 %.99
Ratio of net investment income to
average
net assets........................... 4.90%(2) 4.31% 2.35% 2.50%
<CAPTION>
PRIMARY FUND 1992 1991
- --------------------------------------- ----------------- -----------------
<S> <C> <C>
Net asset value, beginning of period... $1.0000 $1.0000
------- -------
Income from investment operations...... .0541 .0794
Expenses............................... .0100 .0100
------- -------
Net investment income(1)............... .0441 .0694
Dividends from net investment
income(1)............................ (.0441) (.0694)
------- -------
Net asset value, end of period......... $1.0000 $1.0000
------- -------
------- -------
Total Return........................... 4.41% 6.94%
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------
<S> <C> <C>
Net assets in thousands, end of
period............................... 1,553,828 1,803,132
Ratio of expenses to average net
assets............................... %.99 %.97
Ratio of net investment income to
average
net assets........................... 4.34% 6.72%
U.S. GOVERNMENT FUND
- ---------------------------------------
<S> <C> <C>
Net asset value, beginning of period... $1.0000 $1.0000
------- -------
Income from investment operations...... .0533 .0772
Expenses............................... .0101 .0102
------- -------
Net investment income(1)............... .0432 .0670
Dividends from net investment
income(1)............................ (.0432) (.0670)
------- -------
Net asset value, end of period......... $1.0000 $1.0000
------- -------
------- -------
Total Return........................... 4.32% 6.70%
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------
<S> <C> <C>
Net assets in thousands, end of
period............................... 853,823 817,604
Ratio of expenses to average net
assets............................... %.99 %.98
Ratio of net investment income to
average
net assets........................... 4.21% 6.38%
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED
U.S. TREASURY FUND NOVEMBER 30, 1995 1995 1994 1993
- --------------------------------------- ----------------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period... $1.0000 $1.0000 $1.0000 $1.0000
------------ -------- -------- --------
Income from investment operations...... .0278 .0523 .0313 .0330
Expenses............................... .0041 .0067 .0073 .0092
------------ -------- -------- --------
Net investment income(1)............... .0237 .0456 .0240 .0238
Dividends from net investment
income(1)............................ (.0237) (.0456) (.0240) (.0238)
------------ -------- -------- --------
Net asset value, end of period......... $1.0000 $1.0000 $1.0000 $1.0000
=============== ========= ========= =========
Total Return........................... 4.75%(2) 4.56% 2.40% 2.38%
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------
<S> <C> <C> <C> <C>
Net assets in thousands, end of
period................................ 106,517 95,227 7,350 32,325
Ratio of expenses to average net
assets(3)............................ .80%(2) .68% .73% .80%
Ratio of net investment income to
average
net assets........................... 4.69%(2) 4.64% 2.38% 2.07%
<CAPTION>
FEBRUARY 3, 1992
(COMMENCEMENT OF OPERATIONS)
U.S. TREASURY FUND THROUGH MAY 31, 1992
- --------------------------------------- ----------------------------
<S> <C>
Net asset value, beginning of period... $1.0000
-----------------
Income from investment operations...... .0121
Expenses............................... .0031
-----------------
Net investment income(1)............... .0090
Dividends from net investment
income(1)............................ (.0090)
-----------------
Net asset value, end of period......... $1.0000
========================
Total Return........................... 2.75%(2)
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------
<S> <C>
Net assets in thousands, end of
period................................ 512
Ratio of expenses to average net
assets(3)............................ .97%(2)
Ratio of net investment income to
average
net assets........................... 2.74%(2)
</TABLE>
- ---------------
(1) Based on compounding of daily dividends. Not indicative of future results.
(2) Annualized.
(3) During this period the manager waived a portion of fees and expenses. If
there were no reduction in expenses, the actual expenses would have been
.80%, .80%, .80%, .80% and 1.00%, respectively.
6
