<PAGE> PAGE 1
000 B000000 05/31/1999
000 C000000 0000083335
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE RESERVE FUND
001 B000000 811-2033
001 C000000 2129779982
002 A000000 1250 BROADWAY, 32ND FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10001
002 D020000 3701
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
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
<PAGE> PAGE 2
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 26
019 C00AA00 RESERVEFUN
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
<PAGE> PAGE 3
021 000000 0
022 A000001 BEAR STEARNS & CO., INC.
022 B000001 13-3299429
022 C000001 120788000
022 D000001 0
022 A000002 SMITH BARNEY SALOMON
022 B000002 13-1912900
022 C000002 62098004
022 D000002 0
022 A000003 DONALDSON LUFKIN & JENRETT
022 B000003 13-2741729
022 C000003 57342909
022 D000003 0
022 A000004 LEHMAN BROTHERS
022 B000004 13-2518466
022 C000004 32192236
022 D000004 1532928
022 A000005 PRUDENTIAL SECURITIES INC.
022 B000005 22-2347336
022 C000005 23463330
022 D000005 211913
022 A000006 CS FIRST BOSTON CORP.
022 B000006 13-5659485
022 C000006 3874500
022 D000006 0
022 A000007 CHASE SECURITIES
022 B000007 13-3112953
022 C000007 2142041
022 D000007 251600
022 A000008 FNB CHICAGO
022 C000008 2147000
022 D000008 0
022 A000009 GAVIN GUYBUTLER
022 B000009 13-3858846
022 C000009 2129959
022 D000009 0
022 A000010 DEUTSCHE BANK
022 B000010 13-2730828
022 C000010 1809000
022 D000010 0
023 C000000 319042219
023 D000000 2343127
024 00AA00 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE> PAGE 4
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
058 E00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 TRAVELERS PROPERTY CASUALTY
080 C00AA00 10575
081 A00AA00 Y
081 B00AA00 29
082 A00AA00 Y
082 B00AA00 50
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
<PAGE> PAGE 5
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
025 A000101 DELETE
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
025 D000109 0
025 D000110 0
025 D000111 0
025 D000112 0
025 D000113 0
025 D000114 0
025 D000115 0
025 D000116 0
025 D000117 0
025 D000118 0
025 D000119 0
025 D000120 0
025 D000121 0
025 D000122 0
025 D000123 0
025 D000124 0
025 D000125 0
025 D000126 0
025 D000127 0
025 D000128 0
025 D000129 0
025 D000130 0
025 D000131 0
025 D000132 0
025 D000133 0
025 D000134 0
025 D000135 0
025 D000136 0
025 D000137 0
025 D000138 0
<PAGE> PAGE 6
025 D000139 0
025 D000140 0
028 A010100 1358712
028 A020100 13057
028 A030100 0
028 A040100 1425908
028 B010100 1579220
028 B020100 10734
028 B030100 0
028 B040100 1394524
028 C010100 1240602
028 C020100 10536
028 C030100 0
028 C040100 1351832
028 D010100 1666649
028 D020100 11428
028 D030100 0
028 D040100 1733304
028 E010100 1958813
028 E020100 11529
028 E030100 0
028 E040100 1910049
028 F010100 1520013
028 F020100 10319
028 F030100 0
028 F040100 1530492
028 G010100 9324009
028 G020100 67603
028 G030100 0
028 G040100 9346109
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 100
042 H000100 0
043 000100 5751
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 500
048 A020100 0.500
048 B010100 500
048 B020100 0.475
048 C010100 500
048 C020100 0.450
<PAGE> PAGE 7
048 D010100 500
048 D020100 0.425
048 E010100 0
048 E020100 0.400
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 2000
048 K020100 0.400
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 N
054 B000100 N
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 N
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 Y
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 34.0
062 E000100 1.9
062 F000100 15.6
062 G000100 47.1
062 H000100 0.0
062 I000100 5.6
062 J000100 0.0
062 K000100 0.0
062 L000100 13.3
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
<PAGE> PAGE 8
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 28
063 B000100 0.0
064 A000100 Y
064 B000100 N
070 A010100 Y
070 A020100 Y
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 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
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 12
072 B000100 165784
072 C000100 0
072 D000100 0
<PAGE> PAGE 9
072 E000100 0
072 F000100 13863
072 G000100 0
072 H000100 2747
072 I000100 4202
072 J000100 157
072 K000100 0
072 L000100 754
072 M000100 65
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 397
072 S000100 380
072 T000100 5751
072 U000100 0
072 V000100 0
072 W000100 3102
072 X000100 31418
072 Y000100 0
072 Z000100 134366
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0438
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 156
074 B000100 1133000
074 C000100 2337099
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 10173
074 M000100 0
074 N000100 3480428
074 O000100 150000
074 P000100 0
074 Q000100 0
074 R010100 0
<PAGE> PAGE 10
074 R020100 0
074 R030100 0
074 R040100 365
074 S000100 0
074 T000100 3330063
074 U010100 3330063
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9900
074 X000100 192631
074 Y000100 0
075 A000100 3154006
075 B000100 0
076 000100 0.00
025 A000201 DELETE
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
025 D000209 0
025 D000210 0
025 D000211 0
025 D000212 0
025 D000213 0
025 D000214 0
025 D000215 0
025 D000216 0
025 D000217 0
025 D000218 0
025 D000219 0
025 D000220 0
025 D000221 0
025 D000222 0
025 D000223 0
025 D000224 0
028 A010200 282361
028 A020200 2745
028 A030200 0
028 A040200 323597
028 B010200 324758
028 B020200 2154
028 B030200 0
028 B040200 273556
028 C010200 261949
028 C020200 2179
028 C030200 0
<PAGE> PAGE 11
028 C040200 263767
028 D010200 290614
028 D020200 2469
028 D030200 0
028 D040200 303849
028 E010200 344117
028 E020200 2438
028 E030200 0
028 E040200 351909
028 F010200 262745
028 F020200 2155
028 F030200 0
028 F040200 279429
028 G010200 1766544
028 G020200 14140
028 G030200 0
028 G040200 1796107
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 100
042 H000200 0
043 000200 1300
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 500
048 A020200 0.500
048 B010200 500
048 B020200 0.475
048 C010200 500
048 C020200 0.450
048 D010200 500
048 D020200 0.425
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
<PAGE> PAGE 12
048 J020200 0.000
048 K010200 2000
048 K020200 0.400
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
054 A000200 N
054 B000200 N
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 Y
054 I000200 N
054 J000200 N
054 K000200 N
054 L000200 N
054 M000200 Y
054 N000200 N
054 O000200 Y
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 100.0
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 4
063 B000200 0.0
064 A000200 Y
064 B000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
<PAGE> PAGE 13
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 Y
070 J020200 N
070 K010200 Y
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 Y
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 12
072 B000200 36980
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 3530
072 G000200 0
072 H000200 622
072 I000200 988
072 J000200 35
072 K000200 0
072 L000200 169
072 M000200 15
072 N000200 36
072 O000200 0
072 P000200 0
072 Q000200 0
<PAGE> PAGE 14
072 R000200 110
072 S000200 58
072 T000200 1300
072 U000200 0
072 V000200 0
072 W000200 319
072 X000200 7182
072 Y000200 0
072 Z000200 29798
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0426
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 1885
074 B000200 714000
074 C000200 0
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 387
074 M000200 0
074 N000200 716272
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 78
074 S000200 0
074 T000200 716194
074 U010200 716194
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 1.0000
074 X000200 43508
074 Y000200 0
075 A000200 717027
<PAGE> PAGE 15
075 B000200 0
076 000200 0.00
025 A000301 DELETE
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
025 D000309 0
025 D000310 0
025 D000311 0
025 D000312 0
025 D000313 0
025 D000314 0
025 D000315 0
025 D000316 0
028 A010300 13376
028 A020300 241
028 A030300 0
028 A040300 16581
028 B010300 11917
028 B020300 195
028 B030300 0
028 B040300 8456
028 C010300 7557
028 C020300 194
028 C030300 0
028 C040300 6651
028 D010300 11664
028 D020300 215
028 D030300 0
028 D040300 7929
028 E010300 9277
028 E020300 229
028 E030300 0
028 E040300 16273
028 F010300 8211
028 F020300 185
028 F030300 0
028 F040300 9221
028 G010300 62002
028 G020300 1259
028 G030300 0
028 G040300 65110
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 0
<PAGE> PAGE 16
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 100
042 H000300 0
043 000300 109
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.800
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
054 A000300 N
054 B000300 N
054 C000300 N
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 N
054 H000300 Y
054 I000300 N
054 J000300 N
054 K000300 N
<PAGE> PAGE 17
054 L000300 N
054 M000300 Y
054 N000300 N
054 O000300 Y
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 38.0
062 E000300 0.0
062 F000300 11.4
062 G000300 45.6
062 H000300 0.0
062 I000300 7.6
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 30
063 B000300 0.0
064 A000300 Y
064 B000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 N
<PAGE> PAGE 18
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 2904
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 443
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 109
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 552
072 Y000300 330
072 Z000300 2682
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0255
073 A020300 0.0000
073 B000300 0.0000
<PAGE> PAGE 19
073 C000300 0.0000
074 A000300 491
074 B000300 20000
074 C000300 33985
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 152
074 M000300 0
074 N000300 54628
074 O000300 2003
074 P000300 0
074 Q000300 0
074 R010300 2
074 R020300 0
074 R030300 0
074 R040300 1
074 S000300 0
074 T000300 52625
074 U010300 52625
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 1.0000
074 X000300 686
074 Y000300 0
075 A000300 55415
075 B000300 0
076 000300 0.00
025 A000401 DELETE
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
025 D000409 0
025 D000410 0
025 D000411 0
025 D000412 0
025 D000413 0
025 D000414 0
025 D000415 0
025 D000416 0
<PAGE> PAGE 20
025 D000417 0
025 D000418 0
025 D000419 0
025 D000420 0
025 D000421 0
025 D000422 0
025 D000423 0
025 D000424 0
025 D000425 0
025 D000426 0
025 D000427 0
025 D000428 0
025 D000429 0
025 D000430 0
025 D000431 0
025 D000432 0
025 D000433 0
025 D000434 0
025 D000435 0
025 D000436 0
025 D000437 0
025 D000438 0
025 D000439 0
025 D000440 0
025 D000441 0
025 D000442 0
025 D000443 0
025 D000444 0
025 D000445 0
025 D000446 0
025 D000447 0
025 D000448 0
025 D000449 0
025 D000450 0
025 D000451 0
025 D000452 0
025 D000453 0
025 D000454 0
025 D000455 0
025 D000456 0
025 D000457 0
025 D000458 0
025 D000459 0
025 D000460 0
025 D000461 0
025 D000462 0
025 D000463 0
025 D000464 0
025 D000465 0
025 D000466 0
025 D000467 0
<PAGE> PAGE 21
025 D000468 0
025 D000469 0
025 D000470 0
025 D000471 0
025 D000472 0
028 A010400 125419
028 A020400 962
028 A030400 0
028 A040400 121360
028 B010400 162771
028 B020400 870
028 B030400 0
028 B040400 131341
028 C010400 146480
028 C020400 853
028 C030400 0
028 C040400 166658
028 D010400 103670
028 D020400 944
028 D030400 0
028 D040400 107109
028 E010400 158714
028 E020400 1005
028 E030400 0
028 E040400 134632
028 F010400 83856
028 F020400 888
028 F030400 0
028 F040400 111719
028 G010400 780910
028 G020400 5522
028 G030400 0
028 G040400 772819
028 H000400 0
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 100
042 H000400 0
043 000400 552
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.800
048 A010400 0
048 A020400 0.000
048 B010400 0
<PAGE> PAGE 22
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
054 A000400 Y
054 B000400 Y
054 C000400 Y
054 D000400 Y
054 E000400 Y
054 F000400 Y
054 G000400 Y
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 Y
054 L000400 Y
054 M000400 Y
054 N000400 Y
054 O000400 Y
062 A000400 Y
062 B000400 100.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
<PAGE> PAGE 23
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 64
063 B000400 0.0
064 A000400 Y
064 B000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
<PAGE> PAGE 24
071 D000400 0
072 A000400 12
072 B000400 13143
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 2209
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 0
072 M000400 0
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 0
072 S000400 0
072 T000400 552
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 2761
072 Y000400 635
072 Z000400 11017
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 11017
072DD020400 0
072EE000400 0
073 A010400 0.0410
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 2756
074 B000400 0
074 C000400 283970
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 0
074 M000400 0
<PAGE> PAGE 25
074 N000400 286726
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 5
074 R020400 0
074 R030400 24
074 R040400 0
074 S000400 0
074 T000400 286702
074 U010400 286702
074 U020400 0
074 V010400 1.00
074 V020400 1.00
074 W000400 1.0000
074 X000400 6572
074 Y000400 0
075 A000400 276150
075 B000400 0
076 000400 0.00
SIGNATURE MARYKATHLEEN FOYNES
TITLE COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> STRATEGIST MONEY-MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 53,985,007
<INVESTMENTS-AT-VALUE> 53,985,007
<RECEIVABLES> 152,312
<ASSETS-OTHER> 490,460
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54,627,779
<PAYABLE-FOR-SECURITIES> 2,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,306
<TOTAL-LIABILITIES> 2,000,306
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,625,473
<SHARES-COMMON-STOCK> 52,625,473
<SHARES-COMMON-PRIOR> 56,268,788
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 52,625,473
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,903,795
<OTHER-INCOME> 0
<EXPENSES-NET> 221,600
<NET-INVESTMENT-INCOME> 2,682,195
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,682,195
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,682,195
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 107,753,785
<NUMBER-OF-SHARES-REDEEMED> 114,079,295
<SHARES-REINVESTED> 2,682,195
<NET-CHANGE-IN-ASSETS> (3,643,315)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 443,201
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 551,615
<AVERAGE-NET-ASSETS> 55,414,682
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .045
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.045)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> PRIMARY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 3,470,099,181
<INVESTMENTS-AT-VALUE> 3,470,099,181
<RECEIVABLES> 10,172,625
<ASSETS-OTHER> 156,066
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,480,427,872
<PAYABLE-FOR-SECURITIES> 150,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 364,781
<TOTAL-LIABILITIES> 150,364,781
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,330,063,091
<SHARES-COMMON-STOCK> 3,330,063,091
<SHARES-COMMON-PRIOR> 2,707,620,063
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,330,063,091
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 165,783,965
<OTHER-INCOME> 0
<EXPENSES-NET> 31,417,996
<NET-INVESTMENT-INCOME> 134,365,969
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 134,365,969
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 134,365,969
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,224,681,639
<NUMBER-OF-SHARES-REDEEMED> 15,736,604,580
<SHARES-REINVESTED> 134,365,969
<NET-CHANGE-IN-ASSETS> 622,443,028
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,863,140
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 31,417,996
<AVERAGE-NET-ASSETS> 3,154,006,413
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .044
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.044)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> U.S. GOVERNMENT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 714,000,000
<INVESTMENTS-AT-VALUE> 714,000,000
<RECEIVABLES> 387,077
<ASSETS-OTHER> 1,885,304
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 716,272,381
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,453
<TOTAL-LIABILITIES> 78,453
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 716,193,928
<SHARES-COMMON-STOCK> 716,193,928
<SHARES-COMMON-PRIOR> 652,467,622
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 716,193,928
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 36,980,516
<OTHER-INCOME> 0
<EXPENSES-NET> 7,182,230
<NET-INVESTMENT-INCOME> 29,798,286
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 29,798,286
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 29,798,286
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,450,382,930
<NUMBER-OF-SHARES-REDEEMED> 3,416,454,910
<SHARES-REINVESTED> 29,798,296
<NET-CHANGE-IN-ASSETS> 63,726,306
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,530,115
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,182,230
<AVERAGE-NET-ASSETS> 717,026,673
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .043
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.043)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .94
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> U.S. TREASURY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 283,970,490
<INVESTMENTS-AT-VALUE> 283,970,490
<RECEIVABLES> 0
<ASSETS-OTHER> 2,755,758
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 286,726,248
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,183
<TOTAL-LIABILITIES> 24,183
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 286,702,065
<SHARES-COMMON-STOCK> 286,702,065
<SHARES-COMMON-PRIOR> 239,760,293
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 286,702,065
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,142,886
<OTHER-INCOME> 0
<EXPENSES-NET> 2,125,886
<NET-INVESTMENT-INCOME> 11,017,000
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,017,000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,017,000
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,315,560,422
<NUMBER-OF-SHARES-REDEEMED> 1,279,635,650
<SHARES-REINVESTED> 11,017,000
<NET-CHANGE-IN-ASSETS> 46,941,722
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,208,713
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,761,013
<AVERAGE-NET-ASSETS> 276,150,191
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .041
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.041)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .77
</TABLE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
of The Reserve Fund:
In planning and performing our audit of the financial statements and financial
highlights of The Reserve Fund (the "Fund") for the year ended May 31, 1999, we
considered its internal control, including control over safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and financial highlights and to comply with
the requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
enitity's objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of the inherent limitations in internal controls, errors or fraud may
occur and may not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or fraud in amounts that would be material in relation to
the financial statements and financial highlights being audited may not occur
and not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control, including internal controls over safeguarding of securities,
that we consider to be material weaknesses defined above as of May 31, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
July , 1999
