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<PAGE> PAGE 9
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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SIGNATURE MICHELLE L. NEUFELD
TITLE COUNSEL
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<NAME> Reserve Convertible Securities Fund
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<NAME> Reserve Blue Chip Growth Fund
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<TABLE> <S> <C>
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<NUMBER> 3
<NAME> Reserve Small Cap Growth Fund
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<PER-SHARE-NAV-BEGIN> 15.52
<PER-SHARE-NII> (.16)
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 4
<NAME> Reserve Informed Investors Growth Fund
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Reserve Large-Cap Value Fund
<S> <C>
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<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> NOV-30-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> Reserve Mid-Cap Growth Fund
<S> <C>
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<PERIOD-START> JUN-01-1997
<PERIOD-END> NOV-30-1997
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<ACCUMULATED-NET-GAINS> 466,455
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 504,881
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<DIVIDEND-INCOME> 6,918
<INTEREST-INCOME> 9,038
<OTHER-INCOME> 0
<EXPENSES-NET> 46,384
<NET-INVESTMENT-INCOME> (30,428)
<REALIZED-GAINS-CURRENT> 405,234
<APPREC-INCREASE-CURRENT> (134,232)
<NET-CHANGE-FROM-OPS> 240,574
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<NUMBER-OF-SHARES-SOLD> 74,571
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<ACCUMULATED-GAINS-PRIOR> 61,221
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35,144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 46,384
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 13.20
<PER-SHARE-NII> (.09)
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<EXPENSE-RATIO> 1.75
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> Reserve International Equity Fund
<S> <C>
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<PERIOD-START> JUN-01-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 10,375,022
<INVESTMENTS-AT-VALUE> 11,082,381
<RECEIVABLES> 135,556
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<TOTAL-ASSETS> 11,367,717
<PAYABLE-FOR-SECURITIES> 730,946
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<TOTAL-LIABILITIES> 747,264
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<SHARES-COMMON-PRIOR> 963,101
<ACCUMULATED-NII-CURRENT> (40,554)
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<ACCUMULATED-NET-GAINS> (308,740)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 707,359
<NET-ASSETS> 10,620,453
<DIVIDEND-INCOME> 58,067
<INTEREST-INCOME> 19,385
<OTHER-INCOME> 0
<EXPENSES-NET> 118,006
<NET-INVESTMENT-INCOME> (40,554)
<REALIZED-GAINS-CURRENT> (653,838)
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<NET-CHANGE-FROM-OPS> (1,705,985)
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<NET-CHANGE-IN-ASSETS> 14,454
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (345,098)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 103,206
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<GROSS-EXPENSE> 118,006
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 12.59
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> (1.69)
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<PER-SHARE-NAV-END> 10.86
<EXPENSE-RATIO> 2.00
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</TABLE>
