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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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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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008 B000601 A
<PAGE> PAGE 27
008 C000601 801-21972
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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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008 A000701 RESERVE MANAGEMENT COMPANY, INC.
008 B000701 A
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE MARYKATHLEEN FOYNES
TITLE COUNSEL
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<NAME> Reserve Convertible Securities Fund
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<TABLE> <S> <C>
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 57,235
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,320,002
<NET-ASSETS> 4,876,652
<DIVIDEND-INCOME> 1,163
<INTEREST-INCOME> 3,410
<OTHER-INCOME> 0
<EXPENSES-NET> 41,434
<NET-INVESTMENT-INCOME> (36,861)
<REALIZED-GAINS-CURRENT> 150,572
<APPREC-INCREASE-CURRENT> 200,049
<NET-CHANGE-FROM-OPS> 313,760
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 8,621
<NUMBER-OF-SHARES-REDEEMED> 66,113
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (664,450)
<ACCUMULATED-NII-PRIOR> (282,404)
<ACCUMULATED-GAINS-PRIOR> (93,337)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 41,434
<AVERAGE-NET-ASSETS> 4,931,035
<PER-SHARE-NAV-BEGIN> 16.66
<PER-SHARE-NII> (.31)
<PER-SHARE-GAIN-APPREC> 1.39
<PER-SHARE-DIVIDEND> 0
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<PER-SHARE-NAV-END> 17.74
<EXPENSE-RATIO> 1.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Reserve Informed Investors Growth Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 2,704,342
<INVESTMENTS-AT-VALUE> 2,906,447
<RECEIVABLES> 174,492
<ASSETS-OTHER> 44,547
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,125,486
<PAYABLE-FOR-SECURITIES> 197,726
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 755
<TOTAL-LIABILITIES> 198,481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,263,174
<SHARES-COMMON-STOCK> 264,451
<SHARES-COMMON-PRIOR> 413,271
<ACCUMULATED-NII-CURRENT> (286,178)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 747,904
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 202,105
<NET-ASSETS> 2,927,005
<DIVIDEND-INCOME> 4,607
<INTEREST-INCOME> 9,754
<OTHER-INCOME> 0
<EXPENSES-NET> 27,808
<NET-INVESTMENT-INCOME> 13,447
<REALIZED-GAINS-CURRENT> 30,862
<APPREC-INCREASE-CURRENT> 197,284
<NET-CHANGE-FROM-OPS> 214,699
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 132,892
<NUMBER-OF-SHARES-REDEEMED> 281,712
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,409,675)
<ACCUMULATED-NII-PRIOR> (272,731)
<ACCUMULATED-GAINS-PRIOR> 717,042
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,687
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,808
<AVERAGE-NET-ASSETS> 3,280,598
<PER-SHARE-NAV-BEGIN> 10.46
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> (.35)
<PER-SHARE-DIVIDEND> 0
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<PER-SHARE-NAV-END> 11.06
<EXPENSE-RATIO> 1.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Reserve Large-Cap Growth Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 17,504,768
<INVESTMENTS-AT-VALUE> 19,878,994
<RECEIVABLES> 85,801
<ASSETS-OTHER> 1,544,022
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<TOTAL-ASSETS> 21,508,817
<PAYABLE-FOR-SECURITIES> 1,516,894
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,159
<TOTAL-LIABILITIES> 1,539,053
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,053,262
<SHARES-COMMON-STOCK> 1,027,099
<SHARES-COMMON-PRIOR> 373,552
<ACCUMULATED-NII-CURRENT> (30,991)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 573,267
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,374,226
<NET-ASSETS> 19,969,764
<DIVIDEND-INCOME> 52,960
<INTEREST-INCOME> 17,680
<OTHER-INCOME> 0
<EXPENSES-NET> 75,193
<NET-INVESTMENT-INCOME> (4,253)
<REALIZED-GAINS-CURRENT> 329,817
<APPREC-INCREASE-CURRENT> 812,078
<NET-CHANGE-FROM-OPS> 1,137,642
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 812,308
<NUMBER-OF-SHARES-REDEEMED> 158,761
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,046,107
<ACCUMULATED-NII-PRIOR> (26,738)
<ACCUMULATED-GAINS-PRIOR> 243,450
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63,316
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 75,193
<AVERAGE-NET-ASSETS> 9,558,878
<PER-SHARE-NAV-BEGIN> 18.16
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.44
<EXPENSE-RATIO> 1.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> Reserve Mid-Cap Equity Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 2,225,049
<INVESTMENTS-AT-VALUE> 2,223,315
<RECEIVABLES> 198
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,223,513
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47,878
<TOTAL-LIABILITIES> 47,878
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,088,091
<SHARES-COMMON-STOCK> 206,264
<SHARES-COMMON-PRIOR> 261,225
<ACCUMULATED-NII-CURRENT> (156,449)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 245,727
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,734)
<NET-ASSETS> 2,175,635
<DIVIDEND-INCOME> 4,229
<INTEREST-INCOME> 5,291
<OTHER-INCOME> 0
<EXPENSES-NET> 20,362
<NET-INVESTMENT-INCOME> (10,842)
<REALIZED-GAINS-CURRENT> 119,495
<APPREC-INCREASE-CURRENT> (656,634)
<NET-CHANGE-FROM-OPS> (547,981)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,923
<NUMBER-OF-SHARES-REDEEMED> 58,884
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,204,924)
<ACCUMULATED-NII-PRIOR> (145,607)
<ACCUMULATED-GAINS-PRIOR> 126,232
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,341
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,362
<AVERAGE-NET-ASSETS> 2,403,398
<PER-SHARE-NAV-BEGIN> 12.98
<PER-SHARE-NII> (.20)
<PER-SHARE-GAIN-APPREC> (2.24)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.54
<EXPENSE-RATIO> 1.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> International Equity Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 9,651,109
<INVESTMENTS-AT-VALUE> 11,514,605
<RECEIVABLES> 146,165
<ASSETS-OTHER> 303,709
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,964,479
<PAYABLE-FOR-SECURITIES> 43,334
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 607
<TOTAL-LIABILITIES> 43,941
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,898,950
<SHARES-COMMON-STOCK> 940,016
<SHARES-COMMON-PRIOR> 970,636
<ACCUMULATED-NII-CURRENT> (141,072)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (700,836)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,863,496)
<NET-ASSETS> 11,920,538
<DIVIDEND-INCOME> 77,893
<INTEREST-INCOME> 23,799
<OTHER-INCOME> 0
<EXPENSES-NET> 113,906
<NET-INVESTMENT-INCOME> (12,214)
<REALIZED-GAINS-CURRENT> 620,773
<APPREC-INCREASE-CURRENT> (1,125,957)
<NET-CHANGE-FROM-OPS> (517,398)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 121,793
<NUMBER-OF-SHARES-REDEEMED> 152,413
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (930,686)
<ACCUMULATED-NII-PRIOR> (128,858)
<ACCUMULATED-GAINS-PRIOR> (1,321,609)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 100,562
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 113,906
<AVERAGE-NET-ASSETS> 11,921,376
<PER-SHARE-NAV-BEGIN> 13.07
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> (.37)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.68
<EXPENSE-RATIO> 1.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
