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Previous: RHODE ISLAND TAX FREE PORTFOLIO, POS AMI, 1996-01-25 |
Next: HANCOCK JOHN VARIABLE LIFE ACCOUNT S, S-6EL24, 1996-01-25 |
<PAGE> 1
RESERVE EMERGING GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 (UNAUDITED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reserve Emerging Growth Fund is a separate series of shares issued by The
Reserve Private Equity Series (the "Trust"). The Trust was formed under
Delaware law as a Delaware business trust. The Trust is registered under
the Investment Company Act of 1940, as amended, as a non-diversified
open-end management investment company. There are an unlimited number of
shares of beneficial interest of $.001 par value authorized in each series.
The accounting policies summarized below are consistently followed in the
preparation of the financial statements in conformity with generally
accepted accounting principles.
SECURITY VALUATION
Portfolio securities are stated at value. A security listed or traded on
an exchange is valued at its last sale price on the exchange where the
security is principally traded or, lacking any sales on a particular day,
the security is valued at the mean between the closing bid and asked prices
on that day. Each security traded in the over-the-counter market is valued
at the mean between its quoted bid and asked prices.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded on the trade date. Dividend income
and distributions to shareholders are recorded on the ex-dividend dates.
Interest income is accrued daily. Realized gains and losses from
securities transactions and unrealized appreciation or depreciation of
securities are reported on the identified cost basis for both financial
statement and Federal income tax purposes.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments for net operating losses. The effect of these
differences for the six-months ended November 30, 1995 decreased
undistributed net investment loss by $18,959, and decreased aggregate paid
in capital by $18,959.
EXPENSES
Each series is charged only for its direct or allocated (in proportion to
net assets) share of expenses.
FEDERAL INCOME TAXES
It is the Trust's policy to comply with Subchapter M of the Internal
Revenue Code and to distribute substantially all of its taxable income to
its shareholders. Accordingly, no Federal income tax provision is
required.
2. INVESTMENT ACTIVITY
Purchases and sales of securities for the six-monhts ended November 30,
1995, other than short-term securities, aggregated $1,149,478 and $494,264
respectively.
<PAGE> 2
RESERVE EMERGING GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
3. INVESTMENT MANAGEMENT AGREEMENT
Reserve Management Company, Inc. (RMCI), serves as the Fund's investment
adviser and pays substantially all ordinary operating expenses of the Fund
for which it receives a comprehensive fee at an annual rate of 1.50% of the
average daily net assets of the Fund. RMCI is a majority shareholder of the
Fund.
4. DISTRIBUTION ASSISTANCE
Pursuant to a Distribution Plan, the Fund will make payments of .25% per
annum of the average daily net assets of shareholder accounts as to which
the payee has rendered distribution assistance. During the period the Fund
paid $2,828 in distribution expenses to RMCI.
5. CAPITAL SHARE TRANSACTIONS
Transactions in capital shares for the six-months ended November 30, 1995
were as follows:
<TABLE>
<CAPTION>
Shares Amount
------ ----------
<S> <C> <C>
Shares:
Sold 85,043 $1,245,630
Reinvested 5,916 93,770
Redeemed (7,717) (115,550)
------ ----------
Net Increase in shares 83,242 $1,223,850
====== ==========
</TABLE>
<PAGE> 3
RESERVE EMERGING GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995 - (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment in securities, at value
(cost $1,739,602) $2,520,419
Cash 571,231
Receivable for investment securities sold 12,250
Dividends receivable 31
----------
Total Assets 3,103,931
----------
LIABILITIES
Payable for investment securities purchased 75,720
Accrued comprehensive fee 3,465
Other payables and accured expenses 11,930
----------
Total Liabilities 91,115
----------
NET ASSETS $3,012,816
==========
NET ASSETS CONSIST OF (Note 1):
Capital Stock (Par Value $.001 per share) $ 185
Additional paid in capital 2,212,137
Accumulated undistributed net realized gain on investments 19,677
Net unrealized appreciation on investments 780,817
----------
NET ASSETS, at value, applicable to 184,855 outstanding shares
of Beneficial Interest (Note 5) $3,012,816
==========
NET ASSET VALUE, and redemption price per share ($3,012,816 / 184,855) $ 16.30
=======
Maximum offering price per share (100/95.5 of $16.30) $ 17.07
=======
</TABLE>
<PAGE> 4
RESERVE EMERGING GROWTH FUND
STATEMENT OF OPERATIONS - (UNAUDITED)
<TABLE>
<CAPTION>
SIX-MONTHS ENDED
NOVEMBER 30, 1995
-----------------
<S> <C> <C>
INVESTMENT INCOME
Dividends $ 835
EXPENSES
Comprehensive fee (Note 3) $ 16,966
12b-1 Fee (Note 4) 2,828
---------
Total Expenses 19,794
----------
NET INVESTMENT LOSS (18,959)
----------
Realized and Unrealized Gain on Investments
Net realized gain on investment securities: (Note 1)
Proceeds from sales of securities 494,264
Cost of securities sold 446,230 48,034
---------
Change in net unrealized appreciation on investments 612,920
----------
Net realized and unrealized gain on investments 660,954
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 641,995
==========
</TABLE>
<PAGE> 5
RESERVE EMERGING GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS - (UNAUDITED)
<TABLE>
<CAPTION>
NOVEMBER 14, 1994
(COMMENCEMENT OF
SIX-MONTHS ENDED OPERATIONS) THROUGH
NOVEMBER 30, 1995 MAY 31, 1995
----------------- -----------------------
<S> <C> <C>
INCREASE IN NET ASSETS
FROM INVESTMENT OPERATIONS:
Net investment loss $ (18,959) $ (9,569)
Net realized gain from investments 48,034 65,542
Change in net unrealized appreciation from investments 612,920 167,897
----------- -----------
Net increase in net assets resulting from operations 641,995 223,870
----------- -----------
Distributions to shareholders from net
investment gain (93,899) 0
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Net proceeds from sales of shares 1,245,630 2,268,282
Reinvestment of distributions 93,770 0
Cost of shares redeemed (115,550) (1,251,282)
----------- -----------
Net increase in net assets resulting from
share transactions 1,223,850 1,017,000
----------- -----------
NET INCREASE IN NET ASSETS 1,771,946 1,240,870
NET ASSETS:
Beginning of period 1,240,870 0
----------- -----------
END OF PERIOD $ 3,012,816 $ 1,240,870
=========== ===========
</TABLE>
<PAGE> 6
RESERVE EMERGING GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
6. FINANCIAL HIGHLIGHTS (FOR ONE SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
NOVEMBER 14, 1994
(COMMENCEMENT OF
SIX-MONTHS ENDED OPERATIONS) THROUGH
NOVEMBER 30, 1995 MAY 31, 1995
----------------- ---------------------
<S> <C> <C>
NET ASSET VALUE, beginning of period $12.21 $10.00
------ ------
Income from investment operations
Net investment loss (.10) (.09)
Net realized and unrealized gain 4.72 2.30
------ ------
Total from investment operations 4.62 2.21
------ ------
Less distribution from net realized gain (0.53) 0
------ ------
NET ASSET VALUE, end of period $16.30 $12.21
====== ======
Total Return 37.96%(2) 22.10%(2)
RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets in thousands, end of period $3,013 $1,241
Ratio of expenses to average net assets 1.75%(1) 1.75%(1)
Ratio of net investment loss to average
net assets (1.68)%(1) (1.62)%(1)
Portfolio turnover rate 50%(1) 43%(1)
</TABLE>
---------------------------------
(1) Annualized
(2) Total return is not annualized, and does not reflect impact of sales
load.
<PAGE> 7
RESERVE EMERGING GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCKS VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
BIO-TECHNOLOGY (3.0%)
* Genzyme Corp. 1,400 $ 91,350
--------
CAPITAL GOODS - DIVERSIFIED (1.3%)
Danaher Corp. 1,300 39,975
--------
CAPITAL GOODS/INDUSTRIAL (6.6%)
* Jabil Circuit Inc. 2,500 51,875
Magna International Inc. Cl. A 700 30,450
* Richey Electronics Inc. 3,500 40,688
* SCI Systems 500 16,750
* Vishay Intertechnology Inc. 1,680 58,800
--------
198,563
--------
COMMUNICATION - EQUIPMENT (7.5%)
* Anadigics Inc. 2,000 39,500
E.C.I. Telecom Ltd 1,800 38,250
* Premisys Communications 1,000 96,250
Scientific-Atlanta Inc. 2,100 33,337
* Spectrian Corp. 800 18,600
--------
225,937
--------
COMMUNICATION - NETWORK (3.9%)
* Heartland Wireless Communications Inc. 1,500 42,563
* IntelCom Group Inc. 2,000 19,500
Lin Television Corp. 1,200 34,500
* People's Choice TV Corp. 1,000 21,750
--------
118,313
--------
COMPUTER NETWORKING (11.2%)
* Ascend Communications Inc. 1,800 128,700
* Bay Networks Inc. 1,950 87,750
* Shiva Corp. 900 66,600
* 3 Com Corp. 1,200 54,900
--------
337,950
--------
COMPUTER SOFTWARE (4.0%)
* Data Translation Inc. 3,500 68,250
* Symantec Corp. 2,000 53,000
--------
121,250
--------
CONSUMER GROWTH (2.9%)
* Conso Products Co. 3,750 59,062
* Electronic Arts Co. 800 27,300
--------
86,362
--------
ELECTRONIC COMPONENTS - SEMICONDUCTOR (7.1%)
* Cirrus Logic Inc. 1,000 29,000
* Credence Systems Corp. 1,500 44,625
* Electroglas Inc. 1,000 59,500
* GaSonics International Corp. 1,050 18,638
* KLA Instruments Corp. 1,000 34,500
* Kulicke & Soffa Industries Inc. 1,000 28,375
--------
214,638
--------
ENERGY (1.4%)
Cross Timbers Oil Co. 2,500 43,125
--------
</TABLE>
<PAGE> 8
RESERVE EMERGING GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCKS (CONTINUED) VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
HEALTH SERVICES (11.1%)
* HCIA Inc. 3,000 $ 137,750
* HPR Inc. 1,500 43,500
* National Dentex Corp. 3,000 62,250
* PhyCor Inc. 2,025 90,619
----------
334,119
----------
MANAGED CARE (7.5%)
* Healthsource Inc. 1,000 62,500
* PacifiCare Health Systems Inc. CI.B 900 78,075
* Physicians Health Services CI.A 2,000 84,500
----------
225,075
----------
MISC. CONSUMER (3.1%)
* Data Documents Inc. 4,000 34,500
* On Assignment Inc. 2,000 58,500
----------
93,000
----------
RESTAURANTS (3.5%)
* Cheesecake Factory Inc. 2,100 47,250
* Outback Steakhouse Inc. 1,600 58,400
----------
105,650
----------
RETAIL - SPECIALTY (3.1%)
* Staples Inc. 2,250 57,375
* The Sports Authority Inc. 1,700 35,912
----------
93,287
----------
SYSTEM SOFTWARE/CLIENT SERVER (2.6%)
* Informix Corp. 2,000 55,375
* Tivoli Systems Inc. 700 20,825
----------
76,200
----------
TELECOMMUNICATIONS EQUIPMENT (3.8%)
* Comverse Technology 2,400 54,000
* DSC Communications 1,000 39,625
* P-COM Inc. 1,200 21,000
----------
114,625
----------
TOTAL COMMON STOCKS (Cost $1,739,602) (83.6%) 2,519,419
Other assets, less liabilities (16.4%) 493,397
----------
NET ASSETS ( 100%) $3,012,816
==========
</TABLE>
Value of investments are shown as a percentage of Net Assets
* Non-income producing security.
For Federal income tax purposes the tax basis of investments owned at
November 30, 1995 was $1,739,602, the aggregate gross unrealized appreciation
for all investments was $854,558 and aggregate gross unrealized depreciation
for all investments was $73,741.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 9
RESERVE INTERNATIONAL EQUITY FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 (UNAUDITED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reserve International Equity Fund is a separate series of shares issued by
The Reserve Private Equity Series (the "Trust"). The Trust was formed
under Delaware law as a Delaware business trust. The Trust is registered
under the Investment Company Act of 1940, as amended, as a non-diversified
open-end management investment company. There are an unlimited number of
shares of beneficial interest of $.001 par value authorized in each
series. The accounting policies summarized below are consistently
followed in the preparation of the financial statements in conformity with
generally accepted accounting principles.
SECURITY VALUATION
Portfolio securities are stated at value. A security listed or traded on
an exchange is valued at its last sale price on the exchange where the
security is principally traded or, lacking any sales on a particular day,
the security is valued at the mean between the closing bid and asked
prices on that day.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded on the trade date. Dividend income
and distributions to shareholders are recorded on the ex-dividend dates.
Interest income is accrued daily. Realized gains and losses from
securities transactions and unrealized appreciation or depreciation of
securities are reported on the identified cost basis for both financial
statement and Federal income tax purposes.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments for net operating losses. The effect of these
differences for the six-months ended November 30, 1995 decreased
undistributed net investment loss by $7,236, and decreased aggregate paid
in capital by $7,236.
EXPENSES
Each series is charged only for its direct or allocated (in proportion to
net assets) share of expenses.
FEDERAL INCOME TAXES
It is the Trust's policy to comply with Subchapter M of the Internal
Revenue Code and to distribute substantially all of its taxable income to
its shareholders. Accordingly, no Federal income tax provision is
required.
2. INVESTMENT ACTIVITY
Purchases and sales of securities, for the period July 13, 1995
(commencement of operations) through November 30, 1995, other than short-
term securities, aggregated $1,920,228 and $404,341 respectively.
<PAGE> 10
RESERVE INTERNATIONAL EQUITY FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
3. INVESTMENT MANAGEMENT AGREEMENT
Reserve Management Company, Inc. (RMCI), serves as the Fund's investment
adviser and pays substantially all ordinary operating expenses of the Fund
for which it receives a comprehensive fee at an annual rate of 1.75% of
the average daily net assets of the Fund. RMCI is a shareholder of the
Fund.
4. DISTRIBUTION ASSISTANCE
Pursuant to a Distribution Plan, the Fund will make payments of .25% per
annum of the average daily net assets of shareholder accounts as to which
the payee has rendered distribution assistance. During the period, the
Fund paid $1,548 in distribution expenses to RMCI.
5. CAPITAL SHARE TRANSACTIONS
Transactions in capital stock for the period July 13, 1995 (commencement
of operations) through November 30, 1995 were as follows:
<TABLE>
<CAPTION>
Shares Amount
--------- ----------
Shares:
<S> <C> <C>
Sold 188,132 $1,879,727
Redeemed (10,448) (105,000)
--------- ----------
Net Increase in Shares 177,684 $1,774,727
========= ==========
</TABLE>
<PAGE> 11
RESERVE INTERNATIONAL EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment in securities, at value
(cost $1,481,365) $ 1,560,794
Cash 225,232
Receivable for foreign investment securities sold 36,995
Dividends receivable 838
-----------
Total Assets 1,823,859
-----------
LIABILITIES
Accrued comprehensive fee 9,988
Other payables and accrued expenses 1,472
-----------
Total Liabilities 11,460
-----------
NET ASSETS $ 1,812,399
===========
NET ASSETS CONSIST OF (Note 1):
Capital Stock (Par Value $.001 per share) $ 178
Additional paid in capital 1,767,313
Accumulated net realized loss on investments (34,521)
Net unrealized appreciation on investments 79,429
-----------
NET ASSETS, at value, applicable to 177,684 outstanding shares
of Beneficial Interest (Note 5) $ 1,812,399
===========
NET ASSET VALUE, and redemption price per share ($1,812,399 / 177,684) $ 10.20
========
Maximum offering price per share (100/95.5 of $10.20) $ 10.68
========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 12
RESERVE INTERNATIONAL EQUITY FUND
STATEMENT OF OPERATIONS - (UNAUDITED)
<TABLE>
<CAPTION>
JULY 13, 1995
(COMMENCEMENT OF
OPERATIONS) THROUGH
NOVEMBER 30, 1995
-----------------
<S> <C> <C>
INVESTMENT INCOME
Dividends $ 5,139
EXPENSES
Comprehensive fee (Note 3) $ 10,827
12b-1 Fee (Note 4) 1,548
---------
Total expenses 12,375
--------
NET INVESTMENT LOSS (7,236)
--------
Realized and Unrealized Gain (Loss) on Investments
Net realized loss on investment securities: (Note 1)
Proceeds from sales of securities 404,341
Cost of securities sold 438,862 (34,521)
---------
Net unrealized appreciation on investments 79,429
--------
Net realized and unrealized gain on investments 44,908
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 37,672
========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 13
RESERVE INTERNATIONAL EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS - (UNAUDITED)
<TABLE>
<CAPTION>
JULY 13, 1995
(COMMENCEMENT OF
OPERATIONS) THROUGH
NOVEMBER 30, 1995
-----------------
<S> <C>
INCREASE IN NET ASSETS
FROM INVESTMENT OPERATIONS:
Net investment loss $ (7,236)
Net realized loss from investments (34,521)
Net unrealized appreciation from investments 79,429
----------
Net increase in net assets resulting from
operations 37,672
----------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Net proceeds from sales of shares 1,879,727
Cost of shares redeemed (105,000)
-----------
Net increase in net assets resulting from
share transactions 1,774,727
----------
NET INCREASE IN NET ASSETS 1,812,399
----------
NET ASSETS:
Beginning of period 0
----------
END OF PERIOD $1,812,399
==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 14
RESERVE INTERNATIONAL EQUITY FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
6. FINANCIAL HIGHLIGHTS (FOR ONE SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
JULY 13, 1995
(COMMENCEMENT OF
OPERATIONS) THROUGH
NOVEMBER 30, 1995
-------------------
<S> <C>
NET ASSET VALUE, beginning of period $10.00
------
Income from investment operations
Net investment loss (0.04)
Net realized and unrealized gain 0.24
------
Total from investment operations 0.20
------
NET ASSET VALUE, end of period $10.20
======
Total Return 2.00%(2)
RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets in thousands, end of period $1,812
Ratio of expenses to average net assets 2.00%(1)
Ratio of net investment loss to average
net assets (1.14)%(1)
Portfolio turnover rate 74%(1)
</TABLE>
---------------------------------
(1) Annualized
(2) Total return is not annualized, and does not reflect impact of sales
load.
<PAGE> 15
RESERVE INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
COMMON STOCKS SHARES (NOTE 1)
------ --------
<S> <C> <C>
AUSTRALIA (1.8%)
Coca Cola Amatil Ltd. 4,042 $ 32,763
---------
DENMARK (1.1%)
Brodrewe Hartman 85 20,638
---------
FINLAND (1.2%)
Nokia 400 22,694
---------
FRANCE (3.5%)
Carrefour 35 19,311
Castorama Dubois 100 15,826
Sidel 90 28,307
---------
63,444
---------
GERMANY (6.2%)
Fielmann AG 550 28,626
Fresenius AG 35 28,014
Gehe AG 65 29,427
Veba AG 650 26,506
---------
112,573
---------
HONG KONG (11.1%)
Giordano International Ltd. 24,000 21,565
Hang Seng Bank Ltd. 2,000 17,454
Hong Kong & China Gas 19,000 31,074
International Bank of Asia 55,000 30,398
Manhattan Card Co. Ltd. 34,000 15,165
National Mutual Asia Ltd. 44,000 33,847
Sun Hung Kai Properties Ltd. 4,000 32,192
Wing Hang Bank Ltd. 6,000 19,936
---------
201,631
---------
INDONESIA (1.6%)
Darya Varia 5,000 8,206
P.T. Hanjaya Mandala Sampoerna 2,000 20,043
---------
28,249
---------
MALAYSIA (5.4%)
Arab-Malaysia Merchant Bank Berhad 2,000 20,688
DCB Holdings 8,000 21,122
Malayan Banking Berhad 2,000 15,842
Malaysian Assurance Alliance 5,625 22,165
United Engineers Berhad 3,000 18,678
---------
98,495
---------
NETHERLANDS (4.6%)
Elsevier 2,000 27,297
Heineken 200 35,054
Wolters Kluwer 250 21,091
---------
83,442
---------
</TABLE>
<PAGE> 16
RESERVE INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
COMMON STOCKS (CONTINUED) SHARES (NOTE 1)
------ --------
<S> <C> <C>
NORWAY (5.8%)
Merkantildata 3,500 $ 37,376
Nera AS 1,000 31,409
Tomra Systems 5,000 37,298
---------
106,083
---------
SINGAPORE (8.1%)
City Developments Ltd. 3,000 20,633
DBS Land 12,000 37,266
Development Bank of Singapore 3,000 35,097
Overseas Chinese Bank 3,000 35,947
United Overseas Bank Ltd. 2,000 18,009
---------
146,952
---------
SOUTH AFRICA (4.2%)
Amalgamated Bank South Africa 8,000 41,325
South African Breweries Ltd. 1,000 33,801
---------
75,126
---------
SPAIN (2.3%)
Centros Commerciales 1,000 19,469
Gas Natural 160 22,714
---------
42,183
---------
SWEDEN (6.1%)
Astra AB Ser "A" 1,000 37,293
Electra Inst. 500 21,887
Ericsson Telefon 1,200 28,277
Wm Data 600 22,329
---------
109,786
---------
SWITZERLAND (6.3%)
ESEC Holdings 11 43,783
Roche Holdings 3 22,657
Sandoz AG 30 25,617
Zuerich Versicherungs 70 21,491
---------
113,548
---------
THAILAND (5.2%)
Bank of Ayudhya 5,000 27,027
Central Pattana 7,000 22,814
Krung Thai Bank 6,000 22,059
Tipco Asphalt Co. 4,000 21,939
---------
93,839
---------
UNITED KINGDOM (7.1%)
HSBC Holdings 2,500 37,213
Rentokil Group 8,000 39,592
Standard Chartered 5,500 51,068
---------
127,873
---------
UNITED STATES (4.5%)
Banco Ososrno ADR 1,500 18,563
Emsotelladora ADR 1,000 31,875
* Santa Isabel ADR 1,300 31,037
---------
81,475
---------
</TABLE>
<PAGE> 17
RESERVE INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
<TABLE>
<S> <C>
TOTAL COMMON STOCKS (Cost $1,481,365)(86.1%) $1,560,794
Other assets, less liabilities (13.9%) 251,605
----------
NET ASSETS (100%) $1,812,399
==========
Value of investments are shown as a percentage of Net Assets.
</TABLE>
*Non-income producing security.
For federal income tax purposes the tax basis for investments owned at November
30, 1995 was $1,481,365, the aggregate gross unrealized appreciation for all
investments was $129,031 and aggregate gross unrealized depreciation for all
investments was $49,602.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 18
RESERVE INFORMED INVESTORS GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 (UNAUDITED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reserve Informed Investors Growth Fund is a separate series of shares issued
by The Reserve Private Equity Series (the "Trust"). The Trust was formed
under Delaware law as a Delaware business trust. The Trust is registered
under the Investment Company Act of 1940, as amended, as a non-diversified
open-end management investment company. There are an unlimited number of
shares of beneficial interest of $.001 par value authorized in each series.
The accounting policies summarized below are consistently followed in the
preparation of the financial statements in conformity with generally
accepted accounting principles.
SECURITY VALUATION
Portfolio securities are stated at value. A security listed or traded on an
exchange is valued at its last sale price on the exchange where the security
is principally traded or, lacking any sales on a particular day, the
security is valued at the mean between the closing bid and asked prices on
that day. Each security traded in the over-the-counter market is valued at
the mean between its quoted bid and asked prices.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded on the trade date. Dividend income and
distributions to shareholders are recorded on the ex-dividend dates.
Interest income is accrued daily. Realized gains and losses from securities
transactions and unrealized appreciation or depreciation of securities are
reported on the identified cost basis for both financial statement and
Federal income tax purposes.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments for net operating losses. The effect of these
differences for the six-months ended November 30, 1995 decreased
undistributed net investment loss by $79,846 and decreased aggregate paid in
capital by $79,846.
EXPENSES
Each series charged only for its direct or allocated (in proportion to net
assets) share of expenses.
FEDERAL INCOME TAXES
It is the Trust's policy to comply with Subchapter M of the Internal Revenue
Code and to distribute substantially all of its taxable income to its
shareholders. Accordingly, no Federal income tax provision is required.
2. INVESTMENT ACTIVITY
Purchases and sales of securities for the six-months ended November 30,
1995, other than short-term securities, aggregated $5,933,939 and $5,107,240
respectively.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 19
RESERVE INFORMED INVESTORS GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
3. INVESTMENT MANAGEMENT AGREEMENT
Reserve Management Company, Inc. (RMCI), serves as the Fund's investment
adviser and pays substantially all ordinary operating expenses of the Fund
for which it receives a comprehensive fee at an annual rate of 1.50% of the
average daily net assets of the Fund.
4. DISTRIBUTION ASSISTANCE
Pursuant to a Distribution Plan, the Fund will make payments of .25% per
annum of the average daily net assets of shareholder accounts as to which
the payee has rendered distribution assistance. During the period, the Fund
paid $11,812 in distribution expenses to RMCI.
5. CAPITAL SHARE TRANSACTIONS
Transactions in capital stock for the six-months ended November 30, 1995
were as follows:
<TABLE>
<CAPTION>
Shares Amount
--------- -----------
<S> <C> <C>
Shares:
Sold 208,015 $3,108,321
Reinvested 56,312 790,060
Redeemed (77,972) (1,186,737)
--------- -----------
Net Increase in Shares 186,355 $2,711,644
======== ==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 20
RESERVE INFORMED INVESTORS GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995 - (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment in securities, at value
(cost $7,726,290) $ 9,062,213
Cash 983,235
Receivable for investment securities sold 469,827
Dividends receivable 185
-----------
Total Assets 10,515,460
-----------
LIABILITIES
Payable for investment securities purchased 407,216
Payable for fund shares redeemed 7,146
Accrued comprehensive fee 12,304
Other payables and accrued expenses 6,106
-----------
Total Liabilities 432,772
-----------
NET ASSETS $10,082,688
===========
NET ASSETS CONSIST OF (Note 1):
Capital Stock (Par Value $.001 per share) $ 756
Additional paid in capital 8,357,873
Accumulated undistributed net realized gain on investments 388,136
Net unrealized appreciation on investments 1,335,923
-----------
NET ASSETS, at value, applicable to 756,427 outstanding shares
of Beneficial Interest (Note 5) $10,082,688
===========
NET ASSET VALUE, and redemption price per share
($10,082,688 divide 756,427) $13.33
======
Maximum offering price per share (100/95.5 of $13.33) $13.96
======
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 21
RESERVE INFORMED INVESTORS GROWTH FUND
STATEMENT OF OPERATIONS - (UNAUDITED)
<TABLE>
<CAPTION>
SIX-MONTHS ENDED
NOVEMBER 30, 1995
-----------------
<S> <C> <C>
INVESTMENT INCOME
Dividends $ 2,838
EXPENSES
Comprehensive fee (Note 3) $ 70,872
12b-1 Fee (Note 4) 11,812
----------
Total Expenses 82,684
----------
NET INVESTMENT LOSS (79,846)
----------
Realized and Unrealized Gain on Investments
Net realized loss on investment securities: (Note 1)
Proceeds from sales of securities 5,107,240
Cost of securities sold 3,703,277 1,403,963
----------
Change in net unrealized appreciation on investments 5,064
----------
Net realized and unrealized gain on investments 1,409,027
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,329,181
==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 22
RESERVE INFORMED INVESTORS GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS - (UNAUDITED)
<TABLE>
<CAPTION>
DECEMBER 28, 1994
(COMMENCEMENT OF
SIX-MONTHS ENDED OPERATIONS) THROUGH
NOVEMBER 30, 1995 MAY 31, 1995
----------------- -----------------------
<S> <C> <C>
INCREASE IN NET ASSETS
FROM INVESTMENT OPERATIONS:
Net investment loss $ (79,846) $ (38,948)
Net realized gain (loss) from investments 1,403,963 (220,490)
Change in net unrealized appreciation from investments 5,064 1,330,859
----------- -----------
Net increase in net assets resulting from operations 1,329,181 1,071,421
----------- -----------
Distributions to shareholders from net
investment gain (795,337) 0
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Net proceeds from sales of shares 3,108,321 6,422,521
Reinvestment of distribution 790,060 0
Cost of shares redeemed (1,186,737) (656,742)
----------- -----------
Net increase in net assets resulting from
share transactions 2,711,644 5,765,779
----------- -----------
NET INCREASE IN NET ASSETS 3,245,488 6,837,200
NET ASSETS:
Beginning of period 6,837,200 0
----------- -----------
END OF PERIOD $10,082,688 $ 6,837,200
=========== ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 23
RESERVE INFORMED INVESTORS GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
6. FINANCIAL HIGHLIGHTS (FOR ONE SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
DECEMBER 28, 1994
(COMMENCEMENT OF
SIX-MONTHS ENDED OPERATIONS) THROUGH
NOVEMBER 30, 1995 MAY 31, 1995
----------------- ---------------------
<S> <C> <C>
NET ASSET VALUE, beginning of period $11.99 $10.00
------ ------
Income from investment operations
Net investment loss (.11) (.07)
Net realized and unrealized gain 2.62 2.06
------ ------
Total from investment operations 2.51 1.99
Less distribution from net realized gain (1.17) 0
------- ------
NET ASSET VALUE, end of period $13.33 $11.99
====== ======
Total Return 20.45%(2) 19.90%(2)
RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets in thousands, end of period $10,083 $6,837
Ratio of expenses to average net assets 1.75%(1) 1.75%(1)
Ratio of net investmentloss to average
net assets (1.69)%(1) (1.62)%(1)
Portfolio turnover rate 114%(1) 59%(1)
</TABLE>
--------------------------------
(1) Annualized.
(2) Total return is not annualized, and does not reflect impact of sales
load.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 24
RESERVE INFORMED INVESTORS GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCKS VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMPUTERS (5.1%)
* Sun Microsystems Inc. 6,100 $ 513,163
-----------
COMPUTER COMMUNICATIONS EQUIPMENT (5.2%)
* 3 Com Corp. 11,500 526,125
-----------
ELECTRIC MEASUREMENT & TESTING INSTRUMENTS (6.1%)
* Tencor Instruments 10,600 400,150
* Teradyne Inc. 8,300 216,838
-----------
616,988
-----------
ELECTROMEDICAL APPARATUS (5.2%)
* Medtronic, Inc. 9,500 521,313
-----------
ELECTRONIC COMPONENTS (3.3%)
* Read-Rite Corp. 12,400 336,350
-----------
ELECTRONIC COMPUTER ACCESSORIES (3.2%)
* Kemet Corp. 10,400 317,200
-----------
MEAT PACKING PLANTS (5.5%)
IBP, Inc. 8,900 556,250
-----------
PREPACKAGED SOFTWARE (5.0%)
* Cadence Design Systems 14,100 507,600
-----------
RUBBER & PLASTIC FOOTWEAR (4.8%)
NIKE Inc. 8,400 487,200
-----------
SEMICONDUCTOR, RELATED DEVICE (25.5%)
* Altera Corp. 8,000 464,000
* Atmel Corp. 14,400 432,000
* Alliance Semiconductor 6,850 154,125
LSI Logic Corp. 5,600 234,500
Linear Technology Corp. 11,400 515,850
* Trident Microsystems Inc. 12,000 421,500
* Xilinx Inc. 10,700 343,737
-----------
2,565,712
-----------
SPECIAL INDUSTRIAL MACHINERY (10.5%)
* Applied Materials Inc. 8,300 403,587
* Kulicke & Soffa Industries Inc. 4,600 130,525
* Lam Research Corp. 5,400 295,650
* Novellus Systems Inc. 3,700 229,400
-----------
1,059,162
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 25
RESERVE INFORMED INVESTORS GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCKS VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
SURGICAL MEDICAL INSTRUMENT APPARATUS (2.4%)
* Boston Scientifc Corp. 6,000 $ 243,000
-----------
TELEPHONE & TELGRAPH APPARATUS (8.1%)
* U.S. Robotics Corp. 7,400 812,150
-----------
TOTAL COMMON STOCKS (Cost $7,726,290) (89.9%) 9,062,213
Other assets, less liabilities (10.1%) 1,020,475
-----------
NET ASSETS (100%) $10,082,688
===========
</TABLE>
Value of investments are shown as a percentage of Net Assets.
* Non-income producing security.
For Federal income tax purposes the tax basis of investments owned at November
30, 1995 was $7,726,290, the aggregated gross unrealized appreciation for all
investments was $1,984,703 and aggregate gross unrealized depreciation for all
investments was $648,780.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 26
RESERVE MID-CAP GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 (UNAUDITED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reserve Mid-Cap Growth Fund is a separate series of shares issued by The
Reserve Private Equity Series (the "Trust"). The Trust was formed under
Delaware law as a Delaware business trust. The Trust is registered under
the Investment Company Act of 1940, as amended, as a non-diversified
open-end management investment company. There are an unlimited number of
shares of beneficial interest of $.001 par value authorized in each series.
The accounting policies summarized below are consistently followed in the
preparation of the financial statements in conformity with generally
accepted accounting principles.
SECURITY VALUATION
Portfolio securities are stated at value. A security listed or traded on an
exchange is valued at its last sale price on the exchange where the security
is principally traded or, lacking any sales on a particular day, the
security is valued at the mean between the closing bid and asked prices on
that day. Each security traded in the over-the-counter market is valued at
the mean between its quoted bid and asked prices.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded on the trade date. Dividend income and
distributions to shareholders are recorded on the ex-dividend dates.
Interest income is accrued daily. Realized gains and losses from securities
transactions and unrealized appreciation or depreciation of securities are
reported on the identified cost basis for both financial statement and
Federal income tax purposes.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments for net operating losses. The effect of these
differences for the six-months ended November 30, 1995 decreased
undistributed net investment loss by $11,958, and decreased aggregate paid
in capital by $11,958.
EXPENSES
Each series is charged only for its direct or allocated (in proportion to
net assets) share of expenses.
FEDERAL INCOME TAXES
It is the Trust's policy to comply with Subchapter M of the Internal Revenue
Code and to distribute substantially all of its taxable income to its
shareholders. Accordingly, no Federal income tax provision is required.
2. INVESTMENT ACTIVITY
Purchases and sales of securities, for the period June 1, 1995 (commencement
of operations) through November 30, 1995, other than short-term securities,
aggregated $2,438,097 and $943,413 respectively.
<PAGE> 27
RESERVE MID-CAP GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
3. INVESTMENT MANAGEMENT AGREEMENT
Reserve Management Company, Inc. (RMCI), serves as the Fund's investment
adviser and pays substantially all ordinary operating expenses of the Fund
for which it receives a comprehensive fee at an annual rate of 1.50% of the
average daily net assets of the Fund. RMCI is a shareholder of the Fund.
4. DISTRIBUTION ASSISTANCE
Pursuant to a Distribution Plan, the Fund will make payments of .25% per
annum of the average daily net assets of shareholder accounts as to which
the payee has rendered distribution assistance. During the period, the Fund
paid $1,760 in distribution expenses to RMCI.
5. CAPITAL SHARE TRANSACTIONS
Transactions in capital stock for the period June 1, 1995 (commencement of
operations) through November 30, 1995 were as follows:
<TABLE>
<CAPTION>
Shares Amount
---------- ------------
<S> <C> <C>
Shares:
Sold 159,909 $1,742,848
Redeemed (455) (5,087)
-------- ----------
Net Increase in Shares 159,454 $1,737,761
======== ==========
</TABLE>
<PAGE> 28
RESERVE MID-CAP GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment in securities, at value
(cost $1,435,165) $ 1,629,733
Cash 240,074
------------
Total Assets 1,869,807
------------
LIABILITIES
Accrued comprehensive fees 2,309
Other payables and accrued expenses 6,646
------------
Total Liabilities 8,955
------------
NET ASSETS $ 1,860,852
============
NET ASSETS CONSIST OF (Note 1):
Capital Stock (Par Value $.001 per share) $ 159
Additional paid in capital 1,725,644
Accumulated net realized loss on investments (59,519)
Net unrealized appreciation on investments 194,568
------------
NET ASSETS, at value, applicable to 159,454 outstanding shares
of Beneficial Interest (Note 5) $ 1,860,852
============
NET ASSET VALUE, and redemption price per share
($1,860,852 / 159,454) $ 11.67
=======
Maximum offering price per share (100/95.5 of $11.67) $ 12.22
=======
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 29
RESERVE MID-CAP GROWTH FUND
STATEMENT OF OPERATIONS - (UNAUDITED)
<TABLE>
<CAPTION>
JUNE 1, 1995
(COMMENCEMENT OF
OPERATIONS) THROUGH
NOVEMBER 30, 1995
-----------------
<S> <C> <C>
INVESTMENT INCOME
Dividends $ 365
EXPENSES
Comprehensive fee (Note 3) $ 10,563
12b-1 Fee (Note 4) 1,760
----------
Total expenses 12,323
----------
NET INVESTMENT LOSS (11,958)
----------
Realized and Unrealized Gain (Loss) on Investments
Net realized loss on investment securities: (Note 1)
Proceeds from sales of securities 943,413
Cost of securities sold 1,002,932 (59,519)
----------
Net unrealized appreciation on investments 194,568
----------
Net realized and unrealized gain on investments 135,049
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 123,091
==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 30
RESERVE MID-CAP GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS - (UNAUDITED)
<TABLE>
<CAPTION>
JUNE 1, 1995
(COMMENCEMENT OF
OPERATIONS) THROUGH
NOVEMBER 30, 1995
-----------------
<S> <C>
INCREASE IN NET ASSETS
FROM INVESTMENT OPERATIONS:
Net investment loss $ (11,958)
Net realized loss from investments (59,519)
Net unrealized appreciation from investments 194,568
-----------
Net increase in net assets resulting from
operations 123,091
-----------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Net proceeds from sales of shares 1,742,848
Cost of shares redeemed (5,087)
-----------
Net increase in net assets resulting from
share transactions 1,737,761
-----------
NET INCREASE IN NET ASSETS 1,860,852
NET ASSETS:
Beginning of period 0
-----------
END OF PERIOD $ 1,860,852
===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 31
RESERVE MID-CAP GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
6. FINANCIAL HIGHLIGHTS (FOR ONE SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
JUNE 1, 1995
(COMMENCEMENT OF
OPERATIONS) THROUGH
NOVEMBER 30, 1995
-----------------------------
<S> <C>
NET ASSET VALUE, beginning of period $10.00
------
Income from investment operations
Net investment loss (.07)
Net realized and unrealized gain 1.74
------
Total from investment operations 1.67
------
NET ASSET VALUE, end of period $11.67
======
Total Return 16.70%(2)
RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets in thousands, end of period $1,861
Ratio of expenses to average net assets 1.75%(1)
Ratio of net investment loss to average
net assets (1.70)%(1)
Portfolio turnover rate 147%(1)
</TABLE>
------------------------
(1) Annualized
(2) Total return is not annualized, and does not reflect impact of sales
load.
<PAGE> 32
RESERVE MID-CAP GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
COMMON STOCKS SHARES (NOTE 1)
------ --------
<S> <C> <C>
BIO-TECHNOLOGY (3.8%)
* BioChem Pharmaceutical Inc. 750 $ 28,875
* Cephalon Inc. 1,500 41,625
---------
70,500
---------
COMMERCIAL SERVICES (2.3%)
* Corrections Corp. of America 1,400 43,400
---------
COMPUTER NETWORKING (3.4%)
* Bay Networks Inc. 600 27,000
* 3 COM Corp. 800 36,600
---------
63,600
---------
COMPUTER SERVICES (1.9%)
* CACI International 3,000 36,000
---------
COMPUTER SOFTWARE (14.0%)
* CyCare Systems Inc. 1,600 44,800
* HBO & Company 400 29,900
* NetManage Inc. 2,000 45,250
* Premenos Technology Corp. 875 37,187
* Quarterdeck Corp. 1,000 32,000
* Spyglass Inc. 500 53,625
* Symantec Corp. 700 18,550
---------
261,312
---------
COMPUTER - PERIPHERAL EQUIPMENT (3.4%)
* Iomega Corp. 1,500 64,125
---------
ELECTRICAL (1.4%)
* Integrated Device Tech Inc. 1,500 25,500
---------
ELECTRICAL EQUIPMENT (1.9%)
California Amplifier 1,200 34,500
---------
ENTERTAINMENT (3.2%)
* Scientific Games Holdings Corp. 1,750 58,844
---------
FINANCIAL/BUSINESS SERVICES (2.6%)
Schwab (Charles) Corp. 2,000 48,500
---------
HOSPITAL SUPPLIES (2.8%)
* PLC Systems Inc. 3,000 51,750
---------
LEISURE TIME (2.3%)
* Ride Inc. 2,000 43,000
---------
MEDICAL SUPPLIES (3.6%)
* Coherent, Inc. 1,600 67,200
---------
OFFICE - BUSINESS EQUIPMENT (5.1%)
* Office Depot 1,200 29,400
* Staples Inc. 2,500 63,750
---------
93,150
---------
</TABLE>
<PAGE> 33
RESERVE MID-CAP GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
COMMON STOCKS (CONTINUED) SHARES (NOTE 1)
------ --------
<S> <C> <C>
RESTAURANTS (8.8%)
* Boston Chicken 1,000 $ 34,625
* Landry's Seafood Restaurants 800 12,400
* Lone Star Steakhouse/Saloon 1,250 49,062
* Outback Steakhouse Inc. 1,250 45,625
* Starbucks Corp. 500 21,125
----------
162,837
----------
RETAIL (3.3%)
* Best Buy Co. 700 14,350
Just For Feet Inc. 1,400 47,775
----------
62,125
----------
RETAIL - SPECIALTY (4.2%)
* Corporate Express Inc. 1,500 40,125
Micro Warehouse 800 37,600
----------
77,725
----------
SEMICONDUCTOR - RELATED DEVICE (5.1%)
* Cyrix Corp. 1,700 57,588
LTX Corp. 3,000 37,125
----------
94,713
----------
TELECOMMUNICATIONS (11.2%)
* Boston Technology Inc. 3,000 43,125
* Cascade Communications 400 34,900
* Interdigital Communications Corp. 5,000 42,500
* Madge Networks Inc. 1,101 49,614
Wireless Telecom Group Inc. 2,250 38,813
----------
208,952
----------
TRANSPORTATION (3.3%)
* Value Jet Airlines 2,000 62,000
----------
TOTAL COMMON STOCK (Cost 1,435,165) (87.6%) 1,629,733
Other assets, less liabilities (12.4%) 231,119
----------
NET ASSETS (100%) $1,860,852
==========
</TABLE>
Value of investments are shown as a percentage of Net Assets.
* Non-income producing security.
For federal income tax purposes the tax basis for investments owned at
November 30, 1995 was $1,435,165, the aggregate gross unrealized appreciation
for all investments was $245,379 and aggregate gross unrealized depreciation
for all investments was $50,811.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 34
RESERVE NORTH AMERICAN GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 (UNAUDITED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reserve North American Growth Fund is a separate series of shares
issued by The Reserve Private Equity Series (the "Trust"). The Trust
was formed under Delaware law as a Delaware business trust. The Trust
is registered under the Investment Company Act of 1940, as amended, as
a non-diversified open-end management investment company. There are
an unlimited number of shares of beneficial interest of $.001 par
value authorized in each series. The accounting policies summarized
below are consistently followed in the preparation of the financial
statements in conformity with generally accepted accounting
principles.
SECURITY VALUATION
Portfolio securities are stated at value. A security listed or traded
on an exchange is valued at its last sale price on the exchange where
the security is principally traded or, lacking any sales on a
particular day, the security is valued at the mean between the closing
bid and asked prices on that day. Each security traded in the
over-the-counter market is valued at the mean between its quoted bid
and asked prices.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded on the trade date. Dividend
income and distributions to shareholders are recorded on the
ex-dividend dates. Interest income is accrued daily. Realized gains
and losses from securities transactions and unrealized appreciation or
depreciation of securities are reported on the identified cost basis
for both financial statement and Federal income tax purposes.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due
to differing treatments for net operating losses. The effect of these
differences for the six-months ended November 30, 1995 decreased
undistributed net investment loss by $12,378, and decreased aggregate
paid in capital by $12,378.
EXPENSES
Each series is charged only for its direct or allocated (in proportion
to net assets) share of expenses.
FEDERAL INCOME TAXES
It is the Trust's policy to comply with Subchapter M of the Internal
Revenue Code and to distribute substantially all of its taxable income
to its shareholders. Accordingly, no Federal income tax provision is
required.
2. INVESTMENT ACTIVITY
Purchases and sales of securities, for the period June 1, 1995
(commencement of operations) through November 30, 1995, other than
short-term securities, aggregated $1,444,769 and $264,701
respectively.
<PAGE> 35
RESERVE NORTH AMERICAN GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
3. INVESTMENT MANAGEMENT AGREEMENT
Reserve Management Company, Inc. (RMCI), serves as the Fund's
investment adviser and pays substantially all ordinary operating
expenses of the Fund for which it receives a comprehensive fee at an
annual rate of 1.50% of the average daily net assets of the Fund. RMCI
is a shareholder of the Fund.
4. DISTRIBUTION ASSISTANCE
Pursuant to a Distribution Plan, the Fund will make payments of 1.00%
per annum of the average daily net assets of shareholder accounts as
to which the payee has rendered distribution assistance. During the
period, the Fund paid $6,098 in distribution expenses to RMCI.
5. CAPITAL SHARE TRANSACTIONS
Transactions in capital stock for the period June 1, 1995
(commencement of operations) through November 30, 1995 were as
follows:
<TABLE>
<CAPTION>
Shares Amount
-------- ----------
<S> <C> <C>
Shares:
Sold 146,314 $1,520,664
Redeemed (1,071) (12,060)
-------- ----------
Net Increase in Shares 145,243 $1,508,604
======== ==========
</TABLE>
<PAGE> 36
RESERVE NORTH AMERICAN GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995 - (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment in securities, at value
(cost $1,161,316) $ 1,265,364
Cash 337,001
Receivable for fund shares sold 29,000
Dividends receivable 685
------------
Total Assets 1,632,050
------------
LIABILITIES
Payable for investment securities purchased 47,340
Accrued comprehensive fee 1,913
Other accrued expenses 1,275
------------
Total Liabilities 50,528
------------
NET ASSETS $ 1,581,522
============
NET ASSETS CONSIST OF (Note 1):
Capital Stock (Par Value $.001 per share) $ 145
Additional paid in capital 1,496,081
Accumulated net realized loss on investments (18,752)
Net unrealized appreciation on investments 104,048
------------
NET ASSETS, at value, applicable to 145,243 outstanding shares
of Beneficial Interest (Note 5) $ 1,581,522
============
NET ASSET VALUE, and redemption price per share ($1,581,522 / 145,243) $ 10.89
=======
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 37
RESERVE NORTH AMERICAN GROWTH FUND
STATEMENT OF OPERATIONS - (UNAUDITED)
<TABLE>
<CAPTION>
JUNE 1, 1995
(COMMENCEMENT OF
OPERATIONS) THROUGH
NOVEMBER 30, 1995
-----------------
<S> <C> <C>
INVESTMENT INCOME
Dividends $ 2,866
EXPENSES
Comprehensive fee (Note 3) $ 9,146
12b-1 Fee (Note 4) 6,098
----------
Total expenses 15,244
----------
NET INVESTMENT LOSS (12,378)
----------
Realized and Unrealized Gain (Loss) on Investments
Net realized gain on investment securities: (Note 1)
Proceeds from sales of securities 264,701
Cost of securities sold 283,453 (18,752)
--------
Net unrealized appreciation on investments 104,048
-----------
Net realized and unrealized gain on investments 85,296
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 72,918
===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 38
RESERVE NORTH AMERICAN GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS - (UNAUDITED)
<TABLE>
<CAPTION>
JUNE 1, 1995
(COMMENCEMENT OF
OPERATIONS) THROUGH
NOVEMBER 30, 1995
-----------------
<S> <C>
INCREASE IN NET ASSETS
FROM INVESTMENT OPERATIONS:
Net investment loss $ (12,378)
Net realized loss from investments (18,752)
Net unrealized appreciation from investments 104,048
-----------
Net increase in net assets resulting from
operations 72,918
-----------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Net proceeds from sales of shares 1,520,664
Cost of shares redeemed (12,060)
-----------
Net increase in net assets resulting from
share transactions 1,508,604
-----------
NET INCREASE IN NET ASSETS 1,581,522
NET ASSETS:
Beginning of period 0
-----------
END OF PERIOD $ 1,581,522
===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 39
RESERVE NORTH AMERICAN GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
6. FINANCIAL HIGHLIGHTS (FOR ONE SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
JUNE 1, 1995
(COMMENCEMENT OF
OPERATIONS) THROUGH
NOVEMBER 30, 1995
----------------------------
<S> <C>
NET ASSET VALUE, beginning of period $10.00
------
Income from investment operations
Net investment loss (.09)
Net realized and unrealized gain .98
------
Total from investment operations .89
------
NET ASSET VALUE, end of period $10.89
======
Total Return 8.90%(2)
RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets in thousands, end of period $1,582
Ratio of expenses to average net assets 2.50%(1)
Ratio of net investment loss to average
net assets (2.03)%(1)
Portfolio turnover rate 47%(1)
</TABLE>
--------------------------------
(1) Annualized
(2) Total return is not annualized
<PAGE> 40
RESERVE NORTH AMERICAN GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCKS VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
AIR TRANSPORT (2.5%)
Atlantic Southeast Airlines Inc. 1,500 $ 39,375
---------
BANKS (1.7%)
Cole Taylor Financial Group 1,000 26,750
---------
BUSINESS EQUIPMENT/SERVICE (3.4%)
Equifax Inc. 1,300 54,438
---------
CHEMICAL SPECIALTY (3.0%)
Raychem Corp. 900 46,800
---------
COMMUNICATION - NETWORK (3.8%)
HBO & Co. 800 59,800
---------
COMPUTERS (6.7%)
* Gateway 2000 1,600 44,200
Hewlett - Packard 750 62,156
---------
106,356
---------
COMPUTERS - PERIPHERAL EQUIPMENT (1.6%)
* Dialogic Corp. 800 25,400
---------
COMPUTER SERVICES (2.5%)
* Acxiom Corp. 1,350 38,812
---------
ELECTRIC MEASUREMENT & TESTING INSTRUMENT (4.5%)
* Input/Output Inc. 900 41,513
* Landmark Graphics 1,500 30,000
---------
71,513
---------
FINANCE - PERSONAL LOANS (3.2%)
MBNA Corp. 1,250 50,469
---------
HEALTH (1.8%)
* American Medical Response 1,000 28,625
---------
HOME BUILDIINGS (3.4%)
Oakwood Homes 1,300 53,300
---------
LIFE INSURANCE (1.9%)
American Bankers Insurance Group 850 30,706
---------
MACHINERY - CONSTRUCTION (1.8%)
* Insituform Technology 2,500 29,062
---------
MANAGED CARE (6.1%)
* PhyCor Inc. 2,175 97,331
---------
MEDICAL - HMO (2.5%)
* Foundation Health 850 38,888
---------
</TABLE>
<PAGE> 41
RESERVE NORTH AMERICAN GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCKS (CONTINUED)
VALUE
SHARES (NOTE 1)
------ -----------
<S> <C> <C>
MISCELLANEOUS METALS (2.7%)
* Wolverine Tube 1,250 $ 42,344
-----------
OIL/GAS EQUIPMENT SERVICES (1.8%)
Tidewater Inc. 1,000 28,625
-----------
PAPER (2.3%)
Mead Corp. 650 37,131
-----------
POLLUTION CONTROL (1.7%)
Newpark Resources 1,470 26,276
-----------
RETAIL (7.8%)
Casey's General Stores Inc. 2,000 46,500
* Proffitts Inc. 1,450 39,150
Tandy Corp. 800 38,100
-----------
123,750
-----------
SPECIAL INDUSTRIAL MACHINERY (3.1%)
Black & Decker Corp. 1,300 48,588
-----------
TELECOMMUNICATIONS (1.5%)
* Symmetricom Inc. 1,600 24,200
-----------
TEXTILE PRODUCTS (2.4%)
* Westpoint Stevens 2,100 37,800
-----------
TOOLS (3.7%)
Danaher Corp. 1,900 58,425
-----------
TOYS (2.6%)
Mattel, Inc. 1,450 40,600
-----------
TOTAL COMMON STOCKS (Cost 1,161,316) (80.0%) 1,265,364
Other assets, less liabilities (20.0%) 316,158
-----------
NET ASSETS $ 1,581,522
===========
</TABLE>
Value of investments are shown as a percentage of Net Assets.
* Non-income producing security.
For federal income tax purposes the tax basis for investments owned at
November 30, 1995 was $1,161,316, the aggregate gross unrealized
appreciation for all investments was $154,051 and aggregate gross
unrealized depreciation for all investments was $50,003.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 42
RESERVE BLUE CHIP GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 (UNAUDITED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reserve Blue Chip Growth Fund is a separate series of shares issued by The
Reserve Private Equity Series (the "Trust"). The Trust was formed under
Delaware law as a Delaware business trust. The Trust is registered under
the Investment Company Act of 1940, as amended, as a non-diversified
open-end management investment company. There are an unlimited number of
shares of beneficial interest of $.001 par value authorized in each
series. The accounting policies summarized below are consistently
followed in the preparation of the financial statements in conformity with
generally accepted accounting principles.
SECURITY VALUATION
Portfolio securities are stated at value. A security listed or traded on
an exchange is valued at its last sale price on the exchange where the
security is principally traded or, lacking any sales on a particular day,
the security is valued at the mean between the closing bid and asked
prices on that day. Each security traded in the over-the-counter market
is valued at the mean between its quoted bid and asked prices.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded on the trade date. Dividend income
and distributions to shareholders are recorded on the ex-dividend dates.
Interest income is accrued daily. Realized gains and losses from
securities transactions and unrealized appreciation or depreciation of
securities are reported on the identified cost basis for both financial
statement and Federal income tax purposes.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments for net operating losses. The effect of these
differences for the six-months ended November 30, 1995 decreased
undistributed net investment loss by $15,782, and decreased aggregate paid
in capital by $15,782.
EXPENSES
Each series is charged only for its direct or allocated (in proportion to
net assets) share of expenses.
FEDERAL INCOME TAXES
It is the Trust's policy to comply with Subchapter M of the Internal
Revenue Code and to distribute substantially all of its taxable income to
its shareholders. Accordingly, no Federal income tax provision is
required.
2. INVESTMENT ACTIVITY
Purchases and sales of securities, for the six-months ended November 30,
1995, other than short-term securities, aggregated $2,378,375 and
$1,169,825 respectively.
<PAGE> 43
RESERVE BLUE CHIP GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
3. INVESTMENT MANAGEMENT AGREEMENT
Reserve Management Company, Inc. (RMCI), serves as the Fund's investment
adviser and pays substantially all ordinary operating expenses of the Fund
for which it receives a comprehensive fee at an annual rate of 1.50% of
the average daily net assets of the Fund. Both RMCI and the Sub-Adviser,
Trainer, Wortham & Company are shareholders of the Fund.
4. DISTRIBUTION ASSISTANCE
Pursuant to a Distribution Plan, the Fund will make payments of .25% per
annum of the average daily net assets of shareholder accounts as to which
the payee has rendered distribution assistance. During the period, the
Fund paid $4,024 in distribution expenses to RMCI.
5. CAPITAL SHARE TRANSACTIONS
Transactions in capital stock for the six-months ended November 30, 1995
were as follows:
<TABLE>
<CAPTION>
Shares Amount
---------- ----------
Shares:
<S> <C> <C>
Sold 121,840 $1,625,196
Reinvested 12,752 164,889
Redeemed (29,701) (410,663)
---------- ----------
Net Increase in Shares 104,891 $1,379,422
========== ==========
</TABLE>
<PAGE> 44
RESERVE BLUE CHIP GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment in securities, at value
(cost $3,017,459) $ 3,464,750
Cash 105,431
Dividends receivable 3,113
-----------
Total Assets 3,573,294
-----------
LIABILITIES
Accrued comprehensive fee 4,291
Other payables and accured expenses 924
-----------
Total Liabilities 5,215
-----------
NET ASSETS $ 3,568,079
===========
NET ASSETS CONSIST OF (Note 1):
Capital Stock (Par Value $.001 per share) $ 271
Additional paid in capital 3,095,411
Accumulated undistributed net realized gain on investments 25,106
Net unrealized appreciation on investments 447,291
-----------
NET ASSETS, at value, applicable to 270,650 outstanding shares
of Beneficial Interest (Note 5) $ 3,568,079
===========
NET ASSET VALUE, and redemption price per share ($3,568,079 / 270,650) $ 13.18
=======
Maximum offering price per share (100/95.5 of $13.18) $ 13.80
=======
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 45
RESERVE BLUE CHIP GROWTH FUND
STATEMENT OF OPERATIONS - (UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
NOVEMBER 30, 1995
-----------------
<S> <C> <C>
INVESTMENT INCOME
Dividends $ 12,382
EXPENSES
Comprehensive fee (Note 3) $ 24,140
12b-1 Fee (Note 4) 4,024
----------
Total expenses 28,164
--------
NET INVESTMENT LOSS (15,782)
--------
Realized and Unrealized Gain on Investments
Net realized gain on investment securities: (Note 1)
Proceeds from sales of securities 1,169,825
Cost of securities sold 1,072,381 97,444
----------
Net unrealized appreciation on investments 278,429
--------
Net realized and unrealized gain on investments 375,873
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $360,091
========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 46
RESERVE BLUE CHIP GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS - (UNAUDITED)
<TABLE>
<CAPTION>
OCTOBER 28, 1994
(COMMENCEMENT OF
SIX MONTHS ENDED OPERATIONS) THROUGH
NOVEMBER 30, 1995 MAY 31, 1995
----------------- -----------------------
<S> <C> <C>
INCREASE IN NET ASSETS
FROM INVESTMENT OPERATIONS:
Net investment loss $ (15,782) $ (5,361)
Net realized gain from investments 97,444 92,552
Change in net unrealized appreciation from investments 278,429 168,862
---------- ----------
Net increase in net assets resulting from operations 360,091 256,053
---------- ----------
Distributions to shareholders from net
investment gain (164,889) 0
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Net proceeds from sales of shares 1,625,196 2,257,822
Reinvestment of distributions 164,889 0
Cost of shares redeemed (410,663) (520,420)
---------- ----------
Net increase in net assets resulting from
share transactions 1,379,422 1,737,402
---------- ----------
NET INCREASE IN NET ASSETS 1,574,624 1,993,455
NET ASSETS:
Beginning of period 1,993,455 0
---------- ----------
END OF PERIOD $3,568,079 $1,993,455
========== ==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 47
RESERVE BLUE CHIP GROWTH FUND (THE "FUND")
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
6. FINANCIAL HIGHLIGHTS (FOR ONE SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
OCTOBER 28, 1994
(COMMENCEMENT OF
SIX-MONTHS ENDED OPERATIONS) THROUGH
NOVEMBER 30, 1995 MAY 31, 1995
----------------- -----------------------
<S> <C> <C>
NET ASSET VALUE, beginning of period $12.03 $10.00
------ ------
Income from investment operations
Net investment loss (.06) (.03)
Net realized and unrealized gain 1.85 2.06
------ ------
Total from investment operations 1.79 2.03
------ ------
Less distribution from net realized gain (0.64) 0
------ ------
NET ASSET VALUE, end of period $13.18 $12.03
====== ======
Total Return 14.98%(2) 20.30%(2)
RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets in thousands, end of period $3,568 $1,993
Ratio of expenses to average net assets
before waivers 1.75%(1) 1.75%(1)
Ratio of expenses to average net assets,
net of waiver ----- 1.73%(1)
Ratio of net investment loss to average
net assets, before waivers (.98)%(1) (.72)%(1)
Ratio of net investment loss to average
net assets, net of waiver ----- (.70)%(1)
Portfolio turnover rate 76%(1) 68%(1)
</TABLE>
---------------------------------
(1) Annualized
(2) Total return is not annualized, and does not reflect impact of sales
load.
<PAGE> 48
RESERVE BLUE CHIP GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCKS VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
BANKS (3.2%)
Banc One Corp 3,000 $114,375
--------
BEVERAGES (3.8%)
* Pepsi-Cola Puerto Rico Bottling Inc. 10,000 137,500
--------
BUSINESS EQUIPMENT (3.8%)
Xerox Corp. 1,000 137,125
--------
CHEMICALS (3.6%)
First Mississippi Corp. 5,000 127,500
--------
COMMUNICATION - NETWORK (3.5%)
Capital Cities/ABC Inc. 1,000 123,625
--------
COMPUTERS (4.1%)
International Business Machine Corp. 1,500 144,937
--------
COMPUTER-PERIPHERAL EQUIPMENT (2.9%)
Motorola, Inc. 1,700 104,125
--------
COMPUTER SOFTWARE (6.6%)
* CUC International Inc. 3,000 114,000
National Data Corp. 5,000 121,875
--------
235,875
--------
DRUGS (3.4%)
Abbott Laboratories 3,000 121,875
--------
ELECTRICAL EQUIPMENT (1.7%)
* American Superconductor Corp. 5,000 61,250
--------
ENTERTAINMENT (4.0%)
* Viacom Inc. - CI.B 3,000 143,625
--------
FINANCIAL SERVICES (3.4%)
Citicorp 1,700 120,275
--------
HOUSEHOLD FURNISHINGS APPLIANCE (3.5%)
* Department 56 Inc. 3,000 123,750
--------
MISCELLANEOUS MANUFACTURING (2.8%)
Warnaco Group, Inc. 4,000 101,000
--------
MULTI-LINE INSURANCE (3.8%)
American International Group Inc. 1,500 134,625
--------
</TABLE>
<PAGE> 49
RESERVE BLUE CHIP GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
NOVEMBER 30, 1995 - (CONTINUED) - (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCKS (CONTINUED) VALUE
SHARES (NOTE 1)
------ ---------
<S> <C> <C>
OFFICE - BUSINESS EQUIPMENT (2.1%)
* SGS - Thomson 2,000 $ 74,500
----------
OIL/GAS EQUIPMENT SERVICES (4.9%)
* Petroleum Geo-Services - ADR 4,000 79,000
Schlumberger Ltd. 1,500 95,250
----------
174,250
----------
PHARMACEUTICALS (10.1%)
Johnson & Johnson 2,000 173,250
Merck & Co. 3,000 185,625
----------
358,875
----------
PUBLISHING (4.7%)
* Harte-Hanks Communications Inc. 5,000 166,250
----------
RETAIL SPECIALTIES (2.5%)
Home Depot Inc. 2,000 88,750
----------
RETAIL STORES-DEPARTMENT (3.3%)
* Federated Department Stores Inc. 4,000 116,500
----------
SEMICONDUCTOR - RETAIL DEVICE (2.0%)
Intel Corp. 1,200 73,050
----------
SPECIAL INDUSTRIAL MACHINERY (5.5%)
* Thermo Electron Corp. 4,000 198,000
----------
TELECOMMUNICATIONS (3.0%)
* CommNet Cellular Inc. 4,000 108,500
----------
TELECOMMUNICATIONS EQUIPMENT (4.9%)
* Glenayre Technologies Inc. 3,050 174,613
----------
TOTAL COMMON STOCKS (Cost $3,017,459) (97.1%) 3,464,750
Other assets, less liabilities (2.9%) 103,329
----------
NET ASSETS (100%) $3,568,079
==========
</TABLE>
Value of investments are shown as a percentage of Net Assets.
* Non-income producing security. For federal income tax purposes the tax basis
for investments owned at November 30, 1995 was $3,017,459, the aggregate
gross unrealized appreciation for all investments was $536,316 and aggregate
gross unrealized depreciation for all investments was $89,025.
SEE NOTES TO FINANCIAL STATEMENTS.
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