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<PAGE> PAGE 9
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 21
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069 000500 N
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070 C020500 N
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070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
<PAGE> PAGE 22
070 Q020500 N
070 R010500 N
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<PAGE> PAGE 23
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008 A000601 RESERVE MANAGEMENT COMPANY, INC.
008 B000601 A
008 C000601 801-21972
008 D010601 MANHASSET
008 D020601 NY
008 D030601 11030
008 A000602 SOUTHERN CAPITAL ADVISORS
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008 D010602 MEMPHIS
008 D020602 TN
008 D030602 38103
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<PAGE> PAGE 24
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070 E020600 N
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070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
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<PAGE> PAGE 25
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
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<PAGE> PAGE 26
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008 A000701 RESERVE MANAGEMENT COMPANY, INC.
008 B000701 A
008 C000701 801-21972
008 D010701 MANHASSET
008 D020701 NY
008 D030701 11030
008 A000702 PINNACLE ASSOCIATES, LTD.
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008 D020702 NY
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<PAGE> PAGE 27
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070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
<PAGE> PAGE 28
070 M020700 Y
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 4400
071 B000700 1400
071 C000700 1900
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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028 H000800 1165
066 A000800 Y
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067 000800 N
068 A000800 N
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069 000800 N
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070 A020800 N
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070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 N
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
<PAGE> PAGE 31
070 Q020800 N
070 R010800 N
070 R020800 N
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<PAGE> PAGE 32
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<PAGE> PAGE 33
028 G020900 0
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066 A000900 Y
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070 G020900 N
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070 H020900 N
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070 I020900 N
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070 J020900 N
070 K010900 N
070 K020900 N
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070 L020900 N
070 M010900 N
070 M020900 N
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070 P020900 N
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070 R020900 N
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE MARC C. COZZOLINO
TITLE COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> RESERVE BLUE CHIP GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 3,765,486
<INVESTMENTS-AT-VALUE> 4,910,081
<RECEIVABLES> 274,457
<ASSETS-OTHER> 201,401
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,385,939
<PAYABLE-FOR-SECURITIES> 213,700
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81
<TOTAL-LIABILITIES> 213,781
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,124,965
<SHARES-COMMON-STOCK> 346,947
<SHARES-COMMON-PRIOR> 165,759
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (97,402)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,144,595
<NET-ASSETS> 5,172,158
<DIVIDEND-INCOME> 29,978
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 64,894
<NET-INVESTMENT-INCOME> (34,916)
<REALIZED-GAINS-CURRENT> (2,045)
<APPREC-INCREASE-CURRENT> 975,733
<NET-CHANGE-FROM-OPS> 938,772
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 164,889
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 206,010
<NUMBER-OF-SHARES-REDEEMED> 37,574
<SHARES-REINVESTED> 12,752
<NET-CHANGE-IN-ASSETS> 3,178,703
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92,552
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55,581
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 64,894
<AVERAGE-NET-ASSETS> 3,698,751
<PER-SHARE-NAV-BEGIN> 12.03
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> 3.52
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.64
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.91
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> RESERVE EMERGING GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 4,765,851
<INVESTMENTS-AT-VALUE> 6,589,386
<RECEIVABLES> 99,328
<ASSETS-OTHER> 756,193
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,444,907
<PAYABLE-FOR-SECURITIES> 518,939
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,528
<TOTAL-LIABILITIES> 545,467
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,076,816
<SHARES-COMMON-STOCK> 352,091
<SHARES-COMMON-PRIOR> 101,613
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (911)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,823,535
<NET-ASSETS> 6,899,440
<DIVIDEND-INCOME> 1,869
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 59,849
<NET-INVESTMENT-INCOME> (57,980)
<REALIZED-GAINS-CURRENT> 80,546
<APPREC-INCREASE-CURRENT> 1,655,638
<NET-CHANGE-FROM-OPS> 1,678,204
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 93,899
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 263,815
<NUMBER-OF-SHARES-REDEEMED> 18,653
<SHARES-REINVESTED> 5,916
<NET-CHANGE-IN-ASSETS> 5,658,570
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 65,542
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51,177
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 59,849
<AVERAGE-NET-ASSETS> 3,392,610
<PER-SHARE-NAV-BEGIN> 12.21
<PER-SHARE-NII> (.17)
<PER-SHARE-GAIN-APPREC> 8.05
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.56
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> RESERVE INFORMED INVESTMENT GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 3,783,862
<INVESTMENTS-AT-VALUE> 6,224,000
<RECEIVABLES> 553
<ASSETS-OTHER> 188,426
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,412,979
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,916
<TOTAL-LIABILITIES> 4,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,281,549
<SHARES-COMMON-STOCK> 446,224
<SHARES-COMMON-PRIOR> 570,072
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (313,624)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,440,138
<NET-ASSETS> 6,408,063
<DIVIDEND-INCOME> 8,787
<INTEREST-INCOME> 8,626
<OTHER-INCOME> 0
<EXPENSES-NET> 165,396
<NET-INVESTMENT-INCOME> (147,983)
<REALIZED-GAINS-CURRENT> 850,186
<APPREC-INCREASE-CURRENT> 1,109,280
<NET-CHANGE-FROM-OPS> 1,811,483
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 795,337
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 460,380
<NUMBER-OF-SHARES-REDEEMED> 562,567
<SHARES-REINVESTED> 56,312
<NET-CHANGE-IN-ASSETS> (429,137)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (220,490)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 141,751
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 165,396
<AVERAGE-NET-ASSETS> 9,447,311
<PER-SHARE-NAV-BEGIN> 11.99
<PER-SHARE-NII> (0.33)
<PER-SHARE-GAIN-APPREC> 3.87
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.36
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> RESERVE MID-CAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 1,287,178
<INVESTMENTS-AT-VALUE> 1,449,144
<RECEIVABLES> 738
<ASSETS-OTHER> 52,635
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,502,517
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,393
<TOTAL-LIABILITIES> 3,393
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,334,158
<SHARES-COMMON-STOCK> 124,056
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 164,966
<NET-ASSETS> 1,499,124
<DIVIDEND-INCOME> 1,923
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 26,822
<NET-INVESTMENT-INCOME> (24,899)
<REALIZED-GAINS-CURRENT> 17,191
<APPREC-INCREASE-CURRENT> 164,966
<NET-CHANGE-FROM-OPS> 157,258
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 183,976
<NUMBER-OF-SHARES-REDEEMED> 59,920
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,499,124
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22,987
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26,822
<AVERAGE-NET-ASSETS> 1,540,181
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.20)
<PER-SHARE-GAIN-APPREC> 2.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.08
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> RESERVE NORTH AMERICAN GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 1,935,729
<INVESTMENTS-AT-VALUE> 2,389,400
<RECEIVABLES> 11,814
<ASSETS-OTHER> 343,800
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,745,014
<PAYABLE-FOR-SECURITIES> 205,459
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 205,459
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,169,409
<SHARES-COMMON-STOCK> 206,880
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 83,525
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 453,671
<NET-ASSETS> 2,539,555
<DIVIDEND-INCOME> 8,13571
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 40,791
<NET-INVESTMENT-INCOME> (32,656)
<REALIZED-GAINS-CURRENT> (83,525)
<APPREC-INCREASE-CURRENT> 453,671
<NET-CHANGE-FROM-OPS> 337,490
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 219,488
<NUMBER-OF-SHARES-REDEEMED> 12,608
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,506
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 40,791
<AVERAGE-NET-ASSETS> 1,634,274
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.27
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> RESERVE INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 2,944,304
<INVESTMENTS-AT-VALUE> 3,275,290
<RECEIVABLES> 156,403
<ASSETS-OTHER> 224,557
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,656,250
<PAYABLE-FOR-SECURITIES> 69,961
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,765
<TOTAL-LIABILITIES> 71,726
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,325,470
<SHARES-COMMON-STOCK> 318,479
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (71,968)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 331,022
<NET-ASSETS> 3,584,524
<DIVIDEND-INCOME> 18,854
<INTEREST-INCOME> 0
<OTHER-INCOME> 1,688
<EXPENSES-NET> 37,687
<NET-INVESTMENT-INCOME> (17,145)
<REALIZED-GAINS-CURRENT> (71,968)
<APPREC-INCREASE-CURRENT> 331,022
<NET-CHANGE-FROM-OPS> 241,909
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 330,516
<NUMBER-OF-SHARES-REDEEMED> 12,037
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,158
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,904
<AVERAGE-NET-ASSETS> 2,145,701
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 1.31
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.26
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> RESERVE LARGE-CAP VALUE EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 1,115,010
<INVESTMENTS-AT-VALUE> 1,185,133
<RECEIVABLES> 1,583
<ASSETS-OTHER> 50,551
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,237,273
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,213
<TOTAL-LIABILITIES> 6,213
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,160,937
<SHARES-COMMON-STOCK> 112,437
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70,123
<NET-ASSETS> 1,231,060
<DIVIDEND-INCOME> 4,796
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 5,887
<NET-INVESTMENT-INCOME> (1,091)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 70,123
<NET-CHANGE-FROM-OPS> 69,032
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 112,729
<NUMBER-OF-SHARES-REDEEMED> 292
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,231,060
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,046
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,887
<AVERAGE-NET-ASSETS> 820,898
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> .96
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.95
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> RESERVE GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 794,268
<INVESTMENTS-AT-VALUE> 798,545
<RECEIVABLES> 4,417
<ASSETS-OTHER> 255,213
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,058,175
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,019
<TOTAL-LIABILITIES> 6,019
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,038,475
<SHARES-COMMON-STOCK> 103,488
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 9,515
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (111)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,277
<NET-ASSETS> 1,052,156
<DIVIDEND-INCOME> 10,672
<INTEREST-INCOME> 4,124
<OTHER-INCOME> 0
<EXPENSES-NET> 5,281
<NET-INVESTMENT-INCOME> 9,515
<REALIZED-GAINS-CURRENT> (111)
<APPREC-INCREASE-CURRENT> 4,277
<NET-CHANGE-FROM-OPS> 13,681
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 104,062
<NUMBER-OF-SHARES-REDEEMED> 573
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,052,156
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,527
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,281
<AVERAGE-NET-ASSETS> 736,289
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.17
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
