RESERVE FUNDS /NY/
NSAR-B, 1998-07-29
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<PAGE>      PAGE  1
000 B000000 05/31/98
000 C000000 0000083335
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 THE RESERVE FUND
001 B000000 811-2033
001 C000000 2129779982
002 A000000 810 SEVENTH AVENUE  17TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
002 D020000 5868
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  4
007 C010100  1
007 C020100 PRIMARY FUND
007 C030100 N
007 C010200  2
007 C020200 U.S. GOVERNMENT FUND
007 C030200 N
007 C010300  3
007 C020300 STRATEGIST MONEY MARKET FUND
007 C030300 N
007 C010400  4
007 C020400 U.S. TREASURY FUND
007 C030400 N
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
<PAGE>      PAGE  2
008 A00AA01 RESERVE MANAGEMENT COMPANY, INC.
008 B00AA01 A
008 C00AA01 801-21972
008 D01AA01 MANHASSET
008 D02AA01 NY
008 D03AA01 11030
011 A00AA01 RESRV PARTNERS, INC.
011 B00AA01 8-26731
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
011 C04AA01 5868
011 A00AA02 MESIROW INVESTMENT SERVICES, INC.
011 B00AA02 8-31630
011 C01AA02 CHICAGO
011 C02AA02 IL
011 C03AA02 60610
011 C04AA02 4796
011 A00AA03 PACIFIC GLOBAL FUND DISTRIBUTORS, INC.
011 B00AA03 8-30642
011 C01AA03 GLENDALE
011 C02AA03 CA
011 C03AA03 91206
011 A00AA04 NWNL/NORTHSTAR DISTRIBUTORS,INC.
011 B00AA04 8-38545
011 C01AA04 GREENWICH
011 C02AA04 CT
011 C03AA04 06830
012 A00AA01 THE RESERVE FUND
012 B00AA01 84-449
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10019
012 C04AA01 5868
013 A00AA01 PRICEWATERHOUSECOOPERS, LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
013 B04AA01 6013
014 A00AA01 RESRV PARTNERS, INC.
014 B00AA01 8-26731
015 A00AA01 CHASE MANHATTAN BANK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10019
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   21
019 C00AA00 RESERVEFUN
<PAGE>      PAGE  3
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020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 BEAR STEARNS & CO., INC.
022 B000001 13-4946705
022 C000001  59214000
022 D000001         0
022 A000002 CS FIRST BOSTON CORP.
022 B000002 13-5659485
022 C000002  57808214
022 D000002     62375
022 A000003 DONALDSON LUFKIN & JENRETTE SEC. CORP.
022 B000003 13-2741729
022 C000003  50438815
022 D000003     41965
022 A000004 LEHMAN BROS. INC.
022 B000004 13-2726611
022 C000004  22148103
022 D000004   1515550
022 A000005 PRUDENTIAL SECURITIES INC.
022 B000005 22-2347336
022 C000005  17404709
022 D000005     96360
022 A000006 SALOMON BROS.
022 B000006 13-3082694
022 C000006  13380000
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022 A000007 SMITH BARNEY
022 B000007 13-1912900
022 C000007   7283000
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022 B000008 13-3858846
022 C000008   2536369
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022 A000009 CANADIAN IMPERIAL BK. OF COMMERCE
022 B000009 13-2829720
022 C000009    983516
022 D000009         0
022 A000010 SOCIETE GENERALE
022 B000010 52-1128875
022 C000010    797029
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  13
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SIGNATURE   MARYKATHLEEN FOYNES                          
TITLE       COUNSEL             
 

<TABLE> <S> <C>


<ARTICLE>                       6
<SERIES>
    <NUMBER>                    1
    <NAME>                      PRIMARY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                                 MAY-31-1998
<PERIOD-START>                                    JUN-01-1997
<PERIOD-END>                                      MAY-31-1998
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<INVESTMENTS-AT-VALUE>                          2,698,016,627
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<ASSETS-OTHER>                                      3,392,208
<OTHER-ITEMS-ASSETS>                                        0
<TOTAL-ASSETS>                                  2,707,832,774
<PAYABLE-FOR-SECURITIES>                                    0
<SENIOR-LONG-TERM-DEBT>                                     0
<OTHER-ITEMS-LIABILITIES>                                   0
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<SENIOR-EQUITY>                                             0
<PAID-IN-CAPITAL-COMMON>                                    0
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<OVERDISTRIBUTION-NII>                                      0
<ACCUMULATED-NET-GAINS>                                     0
<OVERDISTRIBUTION-GAINS>                                    0
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<DIVIDEND-INCOME>                                           0
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<OTHER-INCOME>                                              0
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<EQUALIZATION>                                              0
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<PER-SHARE-DIVIDEND>                                    (.048)
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<RETURNS-OF-CAPITAL>                                        0
<PER-SHARE-NAV-END>                                      1.00
<EXPENSE-RATIO>                                           .94
<AVG-DEBT-OUTSTANDING>                                      0
<AVG-DEBT-PER-SHARE>                                        0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                       6
<SERIES>
    <NUMBER>                    2
    <NAME>                      U.S. GOVERNMENT FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                                       MAY-31-1998
<PERIOD-START>                                          JUN-01-1997
<PERIOD-END>                                            MAY-31-1998
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<OTHER-ITEMS-ASSETS>                                              0
<TOTAL-ASSETS>                                          652,520,916
<PAYABLE-FOR-SECURITIES>                                          0
<SENIOR-LONG-TERM-DEBT>                                           0
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<SENIOR-EQUITY>                                                   0
<PAID-IN-CAPITAL-COMMON>                                          0
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<SHARES-COMMON-PRIOR>                                   611,844,316
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</TABLE>

<TABLE> <S> <C>

<ARTICLE>                       6
<SERIES>
    <NUMBER>                    3
    <NAME>                      STRATEGIST MONEY MARKET
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                                          MAY-31-1998
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<PERIOD-END>                                               MAY-31-1998
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<EXPENSE-RATIO>                                                    .33
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</TABLE>

<TABLE> <S> <C>


<ARTICLE>                       6
<SERIES>
    <NUMBER>                    4
    <NAME>                      U.S. TREASURY FUND
       
<S>                             <C>
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</TABLE>


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