<PAGE> PAGE 1
000 A000000 11/30/95
000 C000000 0000905958
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 RESERVE PRIVATE EQUITY SERIES
001 B000000 811-7734
001 C000000 2129779982
002 A000000 810 SEVENTH AVENUE, 17TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
002 D020000 5868
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 RESERVE BALESTRA CAPITAL APPRECIATION FUND
007 C030100 Y
007 C010200 2
007 C020200 RESERVE EMERGING GROWTH FUND
007 C030200 N
007 C010300 3
007 C020300 RESERVE BLUE CHIP GROWTH FUND
007 C030300 N
007 C010400 4
007 C020400 RESERVE INFORMED INVESTORS GROWTH FUND
007 C030400 N
007 C010500 5
007 C020500 RESERVE MID-CAP GROWTH FUND
007 C030500 N
007 C010600 6
007 C020600 RESERVE NORTH AMERICAN GROWTH FUND
007 C030600 N
007 C010700 7
007 C020700 RESERVE INTERNATIONAL EQUITY FUND
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
<PAGE> PAGE 2
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
<PAGE> PAGE 3
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
011 A00AA01 RESRV PARTNERS, INC.
011 B00AA01 8-26731
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
011 C04AA01 5868
012 A00AA01 RESERVE PRIVATE EQUITY SERIES
012 B00AA01 84-5497
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10019
012 C04AA01 5868
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
013 B04AA01 6013
014 A00AA01 RESRV PARTNERS, INC.
014 B00AA01 8-26731
015 A00AA01 CHEMICAL BANK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10015
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 11
019 C00AA00 RESERVEFUN
020 A000001 JEFFERIES & COMPANY
020 B000001 95-2622900
020 C000001 6
020 A000002 PAINEWEBBER INC.
020 B000002 13-2638166
020 C000002 3
020 A000003 NATIONAL FINANCIAL SERVICES
<PAGE> PAGE 4
020 B000003 04-2785576
020 C000003 7
020 A000004 STANDARD & POORS
020 B000004 13-2671951
020 C000004 2
020 A000005 RAM SECURITIES
020 B000005 13-3689213
020 C000005 1
020 A000006 FIDELITY CAPITAL MARKETS
020 B000006 042-785576
020 C000006 6
020 A000007 J.C. BRADFORD
020 B000007 62-0136910
020 C000007 2
020 A000008 HERZOG, HEINE, GEDULD
020 B000008 13-1955436
020 C000008 2
020 A000009 STANDARD CHARTERED SECURITIES
020 B000009 13-3736097
020 C000009 3
020 A000010 W.I. CARR (AMERICA) LTD.
020 B000010 13-2927466
020 C000010 2
021 000000 34
022 A000001 HAMBRECHT & QUIST
022 B000001 94-3220242
022 C000001 93
022 D000001 32
022 A000002 CS FIRST BOSTON CORPORATION
022 B000002 13-5659485
022 C000002 93
022 D000002 0
022 A000003 ALEX BROWN & SONS
022 B000003 52-1319768
022 C000003 240
022 D000003 63
022 A000004 ROBERTSON, STEPHENS & COMPANY
022 B000004 94-2524501
022 C000004 160
022 D000004 27
022 A000005 CANTOR FITZGERALD
022 B000005 13-3680184
022 C000005 1498
022 D000005 2140
022 A000006 NEEDHAM & CO., INC.
022 B000006 13-3255839
022 C000006 76
022 D000006 0
022 A000007 JEFFERIES & COMPANY
022 B000007 95-2622900
022 C000007 348
<PAGE> PAGE 5
022 D000007 416
022 A000008 HERZOG, HEINE, GEDULD
022 B000008 13-1955436
022 C000008 408
022 D000008 616
022 A000009 ROBINSON-HUMPHREY
022 B000009 58-1472560
022 C000009 184
022 D000009 0
022 A000010 BEAR STEARNS & CO.
022 B000010 13-3299429
022 C000010 0
022 D000010 116
023 C000000 3100
023 D000000 3410
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
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
042 A00AA00 0
<PAGE> PAGE 6
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 9
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 1.500
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 Y
054 E00AA00 Y
054 F00AA00 Y
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 Y
<PAGE> PAGE 7
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 1000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
077 A000000 N
080 A00AA00 NATIONAL UNION FIRE INS. CO.-AMER. HOME GRP.
080 C00AA00 6000
081 A00AA00 Y
081 B00AA00 17
082 A00AA00 Y
082 B00AA00 50
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
<PAGE> PAGE 8
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 RESERVE MANAGEMENT COMPANY, INC.
008 B000101 A
008 C000101 801-21972
008 D010101 MANHASSET
008 D020101 NY
008 D030101 11030
028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 0
028 B010100 0
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 0
028 G020100 0
028 G030100 0
028 G040100 0
028 H000100 0
066 A000100 Y
066 C000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
<PAGE> PAGE 9
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 0
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 0
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
<PAGE> PAGE 10
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 0
072 Y000100 0
072 Z000100 0
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
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 0
074 M000100 0
074 N000100 0
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 0
074 S000100 0
074 T000100 0
074 U010100 10
074 U020100 0
074 V010100 0.00
074 V020100 0.00
074 W000100 0.0000
<PAGE> PAGE 11
074 X000100 0
074 Y000100 0
075 A000100 0
075 B000100 0
076 000100 0.00
008 A000201 RESERVE MANAGEMENT COMPANY, INC.
008 B000201 A
008 C000201 801-21972
008 D010201 MANHASSET
008 D020201 NY
008 D030201 11030
008 A000202 TRAINER, WORTHAM & COMPANY, INC.
008 B000202 S
008 C000202 801-37621
008 D010202 NEW YORK
008 D020202 NY
008 D030202 10022
028 A010200 725
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 23
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 838
028 C020200 0
028 C030200 0
028 C040200 233
028 D010200 12
028 D020200 0
028 D030200 0
028 D040200 174
028 E010200 12
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 15
028 F020200 165
028 F030200 0
028 F040200 4
028 G010200 1625
028 G020200 165
028 G030200 0
028 G040200 411
028 H000200 0
066 A000200 Y
066 D000200 Y
067 000200 N
068 A000200 N
068 B000200 N
<PAGE> PAGE 12
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
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 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 2378
071 B000200 1170
071 C000200 3073
071 D000200 76
072 A000200 6
072 B000200 0
072 C000200 12
072 D000200 0
072 E000200 0
072 F000200 24
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 0
<PAGE> PAGE 13
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 4
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 28
072 Y000200 0
072 Z000200 -16
072AA000200 97
072BB000200 0
072CC010200 278
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 165
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.6400
073 C000200 0.0000
074 A000200 105
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 3465
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 3
074 M000200 0
074 N000200 3573
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 5
074 S000200 0
074 T000200 3568
074 U010200 271
<PAGE> PAGE 14
074 U020200 0
074 V010200 13.18
074 V020200 0.00
074 W000200 0.0000
074 X000200 53
074 Y000200 0
075 A000200 0
075 B000200 3228
076 000200 0.00
008 A000301 RESERVE MANAGEMENT COMPANY, INC.
008 B000301 A
008 C000301 801-21972
008 D010301 MANHASSET
008 D020301 NY
008 D030301 11030
008 A000302 ROANOKE ASSET MANAGEMENT CORP.
008 B000302 S
008 C000302 801-13857
008 D010302 NEW YORK
008 D020302 NY
008 D030302 10017
028 A010300 349
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 228
028 B020300 0
028 B030300 0
028 B040300 39
028 C010300 273
028 C020300 0
028 C030300 0
028 C040300 60
028 D010300 170
028 D020300 0
028 D030300 0
028 D040300 2
028 E010300 51
028 E020300 0
028 E030300 0
028 E040300 14
028 F010300 175
028 F020300 94
028 F030300 0
028 F040300 1
028 G010300 1246
028 G020300 94
028 G030300 0
028 G040300 116
028 H000300 0
066 A000300 Y
<PAGE> PAGE 15
066 D000300 Y
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 Y
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 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 1149
071 B000300 494
071 C000300 1972
071 D000300 50
072 A000300 6
072 B000300 0
072 C000300 1
072 D000300 0
072 E000300 0
072 F000300 0
<PAGE> PAGE 16
072 G000300 17
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 3
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 20
072 Y000300 0
072 Z000300 -19
072AA000300 48
072BB000300 0
072CC010300 613
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 94
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.5300
073 C000300 0.0000
074 A000300 571
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 2520
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 13
074 K000300 0
074 L000300 0
074 M000300 0
074 N000300 3104
074 O000300 76
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
<PAGE> PAGE 17
074 R040300 15
074 S000300 0
074 T000300 3013
074 U010300 186
074 U020300 0
074 V010300 16.30
074 V020300 0.00
074 W000300 0.0000
074 X000300 115
074 Y000300 0
075 A000300 0
075 B000300 2264
076 000300 0.00
008 A000401 RESERVE MANAGEMENT COMPANY, INC.
008 B000401 A
008 C000401 801-21972
008 D010401 MANHASSET
008 D020401 NY
008 D030401 11030
008 A000402 T.H. FITZGERALD & CO.
008 B000402 S
008 C000402 801-12196
008 D010402 NAUGATUCK
008 D020402 CT
008 D030402 06770
028 A010400 649
028 A020400 0
028 A030400 0
028 A040400 419
028 B010400 586
028 B020400 0
028 B030400 0
028 B040400 76
028 C010400 603
028 C020400 0
028 C030400 0
028 C040400 270
028 D010400 191
028 D020400 0
028 D030400 0
028 D040400 275
028 E010400 682
028 E020400 0
028 E030400 0
028 E040400 101
028 F010400 397
028 F020400 790
028 F030400 0
028 F040400 46
028 G010400 3108
028 G020400 790
<PAGE> PAGE 18
028 G030400 0
028 G040400 1187
028 H000400 0
066 A000400 Y
066 D000400 Y
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
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 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 5934
071 B000400 5107
071 C000400 8925
071 D000400 114
072 A000400 6
072 B000400 0
<PAGE> PAGE 19
072 C000400 3
072 D000400 0
072 E000400 0
072 F000400 0
072 G000400 71
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 12
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 83
072 Y000400 0
072 Z000400 -80
072AA000400 1404
072BB000400 0
072CC010400 5
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 795
073 A010400 0.0000
073 A020400 0.0000
073 B000400 1.1700
073 C000400 0.0000
074 A000400 983
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 9062
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 470
074 K000400 0
074 L000400 1
074 M000400 0
074 N000400 10515
074 O000400 407
074 P000400 0
<PAGE> PAGE 20
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 25
074 S000400 0
074 T000400 10083
074 U010400 756
074 U020400 0
074 V010400 13.33
074 V020400 0.00
074 W000400 0.0000
074 X000400 184
074 Y000400 0
075 A000400 0
075 B000400 9466
076 000400 0.00
008 A000501 RESERVE MANAGEMENT COMPANY, INC.
008 B000501 A
008 C000501 801-21972
008 D010501 MANHASSET
008 D020501 NY
008 D030501 11030
008 A000502 CAMBRIDGE EQUITY ADVISORS
008 B000502 S
008 C000502 801-35332
008 D010502 BRENTWOOD
008 D020502 TN
008 D030502 37027
028 A010500 1039
028 A020500 0
028 A030500 0
028 A040500 0
028 B010500 75
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 247
028 C020500 0
028 C030500 0
028 C040500 0
028 D010500 202
028 D020500 0
028 D030500 0
028 D040500 0
028 E010500 140
028 E020500 0
028 E030500 0
028 E040500 1
028 F010500 40
028 F020500 0
<PAGE> PAGE 21
028 F030500 0
028 F040500 4
028 G010500 1743
028 G020500 0
028 G030500 0
028 G040500 5
028 H000500 0
066 A000500 Y
066 D000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 Y
070 D020500 N
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
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 2438
071 B000500 943
<PAGE> PAGE 22
071 C000500 1295
071 D000500 146
072 A000500 6
072 B000500 0
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 0
072 G000500 10
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 0
072 S000500 0
072 T000500 2
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 12
072 Y000500 0
072 Z000500 -12
072AA000500 0
072BB000500 60
072CC010500 195
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 240
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 1630
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 0
<PAGE> PAGE 23
074 M000500 0
074 N000500 1870
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 9
074 S000500 0
074 T000500 1861
074 U010500 159
074 U020500 0
074 V010500 11.67
074 V020500 0.00
074 W000500 0.0000
074 X000500 98
074 Y000500 0
075 A000500 0
075 B000500 1416
076 000500 0.00
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
008 B000602 S
008 C000602 801-27629
008 D010602 MEMPHIS
008 D020602 TN
008 D030602 38103
028 A010600 1060
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 34
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 155
028 C020600 0
028 C030600 0
028 C040600 0
028 D010600 2
028 D020600 0
028 D030600 0
028 D040600 12
028 E010600 13
028 E020600 0
<PAGE> PAGE 24
028 E030600 0
028 E040600 0
028 F010600 257
028 F020600 0
028 F030600 0
028 F040600 0
028 G010600 1521
028 G020600 0
028 G030600 0
028 G040600 12
028 H000600 0
066 A000600 Y
066 D000600 Y
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
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
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
<PAGE> PAGE 25
070 R010600 N
070 R020600 N
071 A000600 1445
071 B000600 265
071 C000600 1126
071 D000600 47
072 A000600 6
072 B000600 3
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 0
072 G000600 9
072 H000600 0
072 I000600 0
072 J000600 0
072 K000600 0
072 L000600 0
072 M000600 0
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 0
072 S000600 0
072 T000600 6
072 U000600 0
072 V000600 0
072 W000600 0
072 X000600 15
072 Y000600 0
072 Z000600 -12
072AA000600 0
072BB000600 19
072CC010600 104
072CC020600 0
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 337
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 1265
074 G000600 0
074 H000600 0
<PAGE> PAGE 26
074 I000600 0
074 J000600 0
074 K000600 30
074 L000600 0
074 M000600 0
074 N000600 1632
074 O000600 48
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 3
074 S000600 0
074 T000600 1581
074 U010600 145
074 U020600 0
074 V010600 10.89
074 V020600 0.00
074 W000600 0.0000
074 X000600 45
074 Y000600 0
075 A000600 0
075 B000600 1226
076 000600 0.00
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.
008 B000702 S
008 C000702 801-20841
008 D010702 NEW YORK
008 D020702 NY
008 D030702 10103
028 A010700 0
028 A020700 0
028 A030700 0
028 A040700 0
028 B010700 1486
028 B020700 0
028 B030700 0
028 B040700 0
028 C010700 188
028 C020700 0
028 C030700 0
028 C040700 0
028 D010700 57
028 D020700 0
<PAGE> PAGE 27
028 D030700 0
028 D040700 0
028 E010700 9
028 E020700 0
028 E030700 0
028 E040700 0
028 F010700 140
028 F020700 0
028 F030700 0
028 F040700 105
028 G010700 1880
028 G020700 0
028 G030700 0
028 G040700 105
028 H000700 0
066 A000700 Y
066 D000700 Y
067 000700 N
068 A000700 N
068 B000700 Y
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
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
070 M020700 Y
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
<PAGE> PAGE 28
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 1920
071 B000700 404
071 C000700 1423
071 D000700 74
072 A000700 6
072 B000700 0
072 C000700 5
072 D000700 0
072 E000700 0
072 F000700 0
072 G000700 11
072 H000700 0
072 I000700 0
072 J000700 0
072 K000700 0
072 L000700 0
072 M000700 0
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 0
072 S000700 0
072 T000700 1
072 U000700 0
072 V000700 0
072 W000700 0
072 X000700 12
072 Y000700 0
072 Z000700 -7
072AA000700 0
072BB000700 35
072CC010700 79
072CC020700 0
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 225
074 B000700 0
074 C000700 0
074 D000700 0
<PAGE> PAGE 29
074 E000700 0
074 F000700 1561
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 37
074 K000700 0
074 L000700 1
074 M000700 0
074 N000700 1824
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 12
074 S000700 0
074 T000700 1812
074 U010700 178
074 U020700 0
074 V010700 10.20
074 V020700 0.00
074 W000700 0.0000
074 X000700 51
074 Y000700 0
075 A000700 0
075 B000700 1664
076 000700 0.00
SIGNATURE MARC C. COZZOLINO
TITLE COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> RESERVE BLUE CHIP GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 3,017,459
<INVESTMENTS-AT-VALUE> 3,646,750
<RECEIVABLES> 3,113
<ASSETS-OTHER> 105,431
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,573,294
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,215
<TOTAL-LIABILITIES> 5,215
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,095,682
<SHARES-COMMON-STOCK> 270,650
<SHARES-COMMON-PRIOR> 165,759
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,106
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 447,291
<NET-ASSETS> 3,568,079
<DIVIDEND-INCOME> 12,383
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 28,164
<NET-INVESTMENT-INCOME> (15,782)
<REALIZED-GAINS-CURRENT> 97,444
<APPREC-INCREASE-CURRENT> 278,429
<NET-CHANGE-FROM-OPS> 360,091
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 164,889
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 121,840
<NUMBER-OF-SHARES-REDEEMED> 29,701
<SHARES-REINVESTED> 12,752
<NET-CHANGE-IN-ASSETS> 104,891
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92,552
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,957
<AVERAGE-NET-ASSETS> 3,227,861
<PER-SHARE-NAV-BEGIN> 12.03
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> 1.85
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.64)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.18
<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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 1,739,602
<INVESTMENTS-AT-VALUE> 2,520,419
<RECEIVABLES> 12,281
<ASSETS-OTHER> 571,231
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,103,931
<PAYABLE-FOR-SECURITIES> 75,720
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,395
<TOTAL-LIABILITIES> 91,115
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,212,322
<SHARES-COMMON-STOCK> 184,855
<SHARES-COMMON-PRIOR> 101,613
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,677
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 780,817
<NET-ASSETS> 3,012,816
<DIVIDEND-INCOME> 835
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 19,794
<NET-INVESTMENT-INCOME> (18,959)
<REALIZED-GAINS-CURRENT> 48,034
<APPREC-INCREASE-CURRENT> 612,920
<NET-CHANGE-FROM-OPS> 660,954
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 93,899
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 85,043
<NUMBER-OF-SHARES-REDEEMED> 7,717
<SHARES-REINVESTED> 5,916
<NET-CHANGE-IN-ASSETS> 83,242
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 65,542
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,794
<AVERAGE-NET-ASSETS> 2,264,000
<PER-SHARE-NAV-BEGIN> 12.21
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> 4.72
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .53
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.30
<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 INVESTORS GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 7,726,290
<INVESTMENTS-AT-VALUE> 9,062,213
<RECEIVABLES> 470,012
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,515,460
<PAYABLE-FOR-SECURITIES> 407,216
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,556
<TOTAL-LIABILITIES> 432,772
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,358,629
<SHARES-COMMON-STOCK> 756,427
<SHARES-COMMON-PRIOR> 570,072
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 388,136
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,335,923
<NET-ASSETS> 10,082,688
<DIVIDEND-INCOME> 2,838
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 82,684
<NET-INVESTMENT-INCOME> (79,846)
<REALIZED-GAINS-CURRENT> 1,403,963
<APPREC-INCREASE-CURRENT> 5,069
<NET-CHANGE-FROM-OPS> 1,409,032
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 795,337
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 208,015
<NUMBER-OF-SHARES-REDEEMED> 77,972
<SHARES-REINVESTED> 56,312
<NET-CHANGE-IN-ASSETS> 186,355
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (220,490)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42,102
<AVERAGE-NET-ASSETS> 9,466,268
<PER-SHARE-NAV-BEGIN> 11.99
<PER-SHARE-NII> (.11)
<PER-SHARE-GAIN-APPREC> 2.62
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.17
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.33
<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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 1,435,165
<INVESTMENTS-AT-VALUE> 1,629,733
<RECEIVABLES> 0
<ASSETS-OTHER> 240,074
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,869,807
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,955
<TOTAL-LIABILITIES> 8,955
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,725,803
<SHARES-COMMON-STOCK> 159,454
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (59,519)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 194,568
<NET-ASSETS> 1,860,852
<DIVIDEND-INCOME> 365
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 12,323
<NET-INVESTMENT-INCOME> (11,958)
<REALIZED-GAINS-CURRENT> (59,519)
<APPREC-INCREASE-CURRENT> 194,568
<NET-CHANGE-FROM-OPS> 123,091
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 159,909
<NUMBER-OF-SHARES-REDEEMED> 455
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 159,454
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,323
<AVERAGE-NET-ASSETS> 1,416,128
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> 1.74
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.67
<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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> NOV-11-1995
<INVESTMENTS-AT-COST> 1,161,316
<INVESTMENTS-AT-VALUE> 1,265,364
<RECEIVABLES> 29,685
<ASSETS-OTHER> 337,001
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,632,050
<PAYABLE-FOR-SECURITIES> 47,340
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,188
<TOTAL-LIABILITIES> 50,528
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,496,226
<SHARES-COMMON-STOCK> 145,243
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18,752)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 104,048
<NET-ASSETS> 1,581,522
<DIVIDEND-INCOME> 2,866
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 15,244
<NET-INVESTMENT-INCOME> (12,378)
<REALIZED-GAINS-CURRENT> (18,752)
<APPREC-INCREASE-CURRENT> 104,048
<NET-CHANGE-FROM-OPS> 72,913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 146,314
<NUMBER-OF-SHARES-REDEEMED> 1,071
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 145,243
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,244
<AVERAGE-NET-ASSETS> 1,226,242
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> .98
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.89
<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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 1,481,365
<INVESTMENTS-AT-VALUE> 1,560,794
<RECEIVABLES> 37,833
<ASSETS-OTHER> 225,232
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,823,859
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,460
<TOTAL-LIABILITIES> 11,460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,767,491
<SHARES-COMMON-STOCK> 177,684
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (34,521)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 79,429
<NET-ASSETS> 1,812,399
<DIVIDEND-INCOME> 5,139
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 12,375
<NET-INVESTMENT-INCOME> (7,236)
<REALIZED-GAINS-CURRENT> (34,521)
<APPREC-INCREASE-CURRENT> 79,429
<NET-CHANGE-FROM-OPS> 37,672
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 188,132
<NUMBER-OF-SHARES-REDEEMED> 10,448
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 177,684
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,375
<AVERAGE-NET-ASSETS> 1,664,391
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.20
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
