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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 11
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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 17
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<PAGE> PAGE 18
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<PAGE> PAGE 21
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
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062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
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066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 Y
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
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 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
<PAGE> PAGE 22
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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071 B000400 9224
071 C000400 13457
071 D000400 68
072 A000400 12
072 B000400 35
072 C000400 147
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072 U000400 0
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072AA000400 3009
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<PAGE> PAGE 23
074 D000400 0
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074 F000400 19094
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074 M000400 0
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074 S000400 0
074 T000400 20160
074 U010400 380
074 U020400 999
074 V010400 21.38
074 V020400 12.06
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075 A000400 0
075 B000400 15557
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 SIPHRON CAPITAL MANAGEMENT
008 B000502 S
008 C000502 801-37788
008 D010502 BEVERLY HILLS
008 D020502 CA
008 D030502 90212
028 A010500 3
028 A020500 238
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028 A040500 21
028 B010500 10
028 B020500 0
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028 C010500 8
<PAGE> PAGE 24
028 C020500 0
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043 000500 6
044 000500 0
045 000500 Y
046 000500 N
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<PAGE> PAGE 25
048 I020500 0.000
048 J010500 0
048 J020500 0.000
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062 A000500 N
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062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
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066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
<PAGE> PAGE 26
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
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 857
071 B000500 2048
071 C000500 1994
071 D000500 43
072 A000500 12
072 B000500 11
072 C000500 9
072 D000500 0
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072 F000500 30
072 G000500 0
072 H000500 0
072 I000500 0
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<PAGE> PAGE 27
072AA000500 238
072BB000500 0
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072CC020500 517
072DD010500 0
072DD020500 0
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073 A010500 0.0000
073 A020500 0.0000
073 B000500 1.1600
073 C000500 0.0000
074 A000500 11
074 B000500 210
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 1768
074 G000500 0
074 H000500 0
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074 L000500 1
074 M000500 0
074 N000500 1990
074 O000500 0
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074 R020500 0
074 R030500 0
074 R040500 0
074 S000500 0
074 T000500 1986
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074 U020500 1
074 V010500 10.60
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074 W000500 0.0000
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074 Y000500 0
075 A000500 0
075 B000500 2218
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 PEKIN, SINGER & SHAPIRO ASSET MANAGEMENT
<PAGE> PAGE 28
008 B000602 S
008 C000602 801-356841
008 D010602 CHICAGO
008 D020602 IL
008 D030602 60606
028 A010600 493
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044 000600 0
045 000600 Y
046 000600 Y
047 000600 Y
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<PAGE> PAGE 29
048 B020600 0.000
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048 I020600 0.000
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062 A000600 N
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066 A000600 Y
066 B000600 N
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066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
<PAGE> PAGE 30
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 Y
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
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
070 R010600 N
070 R020600 N
071 A000600 20042
071 B000600 19681
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071 D000600 174
072 A000600 12
072 B000600 32
072 C000600 135
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<PAGE> PAGE 31
072 M000600 0
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072AA000600 679
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072DD020600 1061
072EE000600 0
073 A010600 0.0000
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074 A000600 426
074 B000600 0
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074 R040600 333
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074 U010600 968
074 U020600 1
074 V010600 12.73
<PAGE> PAGE 32
074 V020600 11.21
074 W000600 0.0000
074 X000600 944
074 Y000600 0
075 A000600 0
075 B000600 12194
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 46
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<PAGE> PAGE 33
042 D000700 0
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043 000700 13
044 000700 0
045 000700 Y
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<PAGE> PAGE 34
063 A000700 0
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066 A000700 Y
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066 C000700 Y
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
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
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070 M020700 N
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070 P010700 N
070 P020700 N
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070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 11823
071 B000700 11461
<PAGE> PAGE 35
071 C000700 10789
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072 A000700 6
072 B000700 24
072 C000700 78
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074 F000700 11225
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<PAGE> PAGE 36
074 M000700 0
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074 T000700 11921
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074 U020700 0
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074 V020700 11.13
074 W000700 0.0000
074 X000700 1028
074 Y000700 0
075 A000700 0
075 B000700 11921
076 000700 0.00
SIGNATURE JAMES FREISEN
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Reserve Informed Investors Growth Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 3,974,437
<INVESTMENTS-AT-VALUE> 4,076,653
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<OTHER-ITEMS-ASSETS> 0
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 773
<TOTAL-LIABILITIES> 59,217
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,672,183
<SHARES-COMMON-STOCK> 333,168
<SHARES-COMMON-PRIOR> 414,343
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,349,713
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 102,216
<NET-ASSETS> 4,124,118
<DIVIDEND-INCOME> 8,469
<INTEREST-INCOME> 12,173
<OTHER-INCOME> 0
<EXPENSES-NET> 57,725
<NET-INVESTMENT-INCOME> (37,083)
<REALIZED-GAINS-CURRENT> 1,068,145
<APPREC-INCREASE-CURRENT> 97,395
<NET-CHANGE-FROM-OPS> 1,128,457
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 510,792
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 239,436
<NUMBER-OF-SHARES-REDEEMED> 373,881
<SHARES-REINVESTED> 53,132
<NET-CHANGE-IN-ASSETS> (210,173)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 515,825
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48,779
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 57,725
<AVERAGE-NET-ASSETS> 3,552,192
<PER-SHARE-NAV-BEGIN> 10.46
<PER-SHARE-NII> (0.27)
<PER-SHARE-GAIN-APPREC> 4.12
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.93)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.38
<EXPENSE-RATIO> 1.61
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Reserve Blue Chip Growth Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 8,462,865
<INVESTMENTS-AT-VALUE> 10,786,417
<RECEIVABLES> 920,465
<ASSETS-OTHER> 22,168
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,729,050
<PAYABLE-FOR-SECURITIES> 1,157,192
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 192
<TOTAL-LIABILITIES> 1,157,384
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,897,152
<SHARES-COMMON-STOCK> 507,248
<SHARES-COMMON-PRIOR> 565,337
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,350,962
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,323,552
<NET-ASSETS> 10,571,666
<DIVIDEND-INCOME> 54,132
<INTEREST-INCOME> 3,364
<OTHER-INCOME> 0
<EXPENSES-NET> 153,444
<NET-INVESTMENT-INCOME> (95,948)
<REALIZED-GAINS-CURRENT> 2,917,573
<APPREC-INCREASE-CURRENT> 1,150,092
<NET-CHANGE-FROM-OPS> 3,917,717
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 631,531
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 120,237
<NUMBER-OF-SHARES-REDEEMED> 214,503
<SHARES-REINVESTED> 36,055
<NET-CHANGE-IN-ASSETS> 2,039,613
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 160,871
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 128,465
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 153,444
<AVERAGE-NET-ASSETS> 9,980,825
<PER-SHARE-NAV-BEGIN> 15.09
<PER-SHARE-NII> (0.23)
<PER-SHARE-GAIN-APPREC> 7.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.84
<EXPENSE-RATIO> 1.53
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> RESERVE INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 9,919,820
<INVESTMENTS-AT-VALUE> 11,856,461
<RECEIVABLES> 634,792
<ASSETS-OTHER> 426,240
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,917,493
<PAYABLE-FOR-SECURITIES> 268,135
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 333,340
<TOTAL-LIABILITIES> 601,475
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,030,926
<SHARES-COMMON-STOCK> 967,703
<SHARES-COMMON-PRIOR> 971,753
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (650,722)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,935,814
<NET-ASSETS> 12,316,018
<DIVIDEND-INCOME> 134,937
<INTEREST-INCOME> 31,980
<OTHER-INCOME> 0
<EXPENSES-NET> 227,534
<NET-INVESTMENT-INCOME> (60,617)
<REALIZED-GAINS-CURRENT> 671,438
<APPREC-INCREASE-CURRENT> (1,054,630)
<NET-CHANGE-FROM-OPS> (443,809)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 443,809
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 699,877
<NUMBER-OF-SHARES-REDEEMED> 703,928
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (535,206)
<ACCUMULATED-NII-PRIOR> (12,206)
<ACCUMULATED-GAINS-PRIOR> (1,320,867)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 197,020
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 227,534
<AVERAGE-NET-ASSETS> 12,188,599
<PER-SHARE-NAV-BEGIN> 13.22
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> (0.44)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.72
<EXPENSE-RATIO> 1.87
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> RESERVE LARGE CAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 18,484,885
<INVESTMENTS-AT-VALUE> 20,153,944
<RECEIVABLES> 74,869
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,228,813
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,181
<TOTAL-LIABILITIES> 69,181
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,780,248
<SHARES-COMMON-STOCK> 1,378,127
<SHARES-COMMON-PRIOR> 373,675
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,710,325
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,669,059
<NET-ASSETS> 20,159,632
<DIVIDEND-INCOME> 147,376
<INTEREST-INCOME> 34,461
<OTHER-INCOME> 0
<EXPENSES-NET> 196,086
<NET-INVESTMENT-INCOME> (14,249)
<REALIZED-GAINS-CURRENT> 3,008,607
<APPREC-INCREASE-CURRENT> 106,911
<NET-CHANGE-FROM-OPS> 3,101,269
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 541,732
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,934,674
<NUMBER-OF-SHARES-REDEEMED> 958,128
<SHARES-REINVESTED> 27,906
<NET-CHANGE-IN-ASSETS> 13,373,617
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 228,878
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 167,536
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 196,086
<AVERAGE-NET-ASSETS> 14,157,419
<PER-SHARE-NAV-BEGIN> 18.16
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 3.76
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.54
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 21.38
<EXPENSE-RATIO> 1.44
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> RESERVE MID-CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 1,840,466
<INVESTMENTS-AT-VALUE> 1,977,934
<RECEIVABLES> 1,045
<ASSETS-OTHER> 11,003
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,989,982
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,465
<TOTAL-LIABILITIES> 4,465
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,723,053
<SHARES-COMMON-STOCK> 187,276
<SHARES-COMMON-PRIOR> 260,473
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 124,995
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 137,469
<NET-ASSETS> 1,985,517
<DIVIDEND-INCOME> 9,322
<INTEREST-INCOME> 10,985
<OTHER-INCOME> 0
<EXPENSES-NET> 36,068
<NET-INVESTMENT-INCOME> (15,761)
<REALIZED-GAINS-CURRENT> 237,620
<APPREC-INCREASE-CURRENT> (517,432)
<NET-CHANGE-FROM-OPS> (295,573)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 238,857
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,343
<NUMBER-OF-SHARES-REDEEMED> 110,095
<SHARES-REINVESTED> 25,564
<NET-CHANGE-IN-ASSETS> (1,395,042)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 103,209
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30,515
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 36,068
<AVERAGE-NET-ASSETS> 2,218,027
<PER-SHARE-NAV-BEGIN> 12.98
<PER-SHARE-NII> (.30)
<PER-SHARE-GAIN-APPREC> (.92)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.16
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.60
<EXPENSE-RATIO> 1.63
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> RESERVE SMALL-CAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 3,979,756
<INVESTMENTS-AT-VALUE> 6,296,033
<RECEIVABLES> 634
<ASSETS-OTHER> 32,289
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,238,956
<PAYABLE-FOR-SECURITIES> 68,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 381
<TOTAL-LIABILITIES> 68,881
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,260,075
<SHARES-COMMON-STOCK> 265,188
<SHARES-COMMON-PRIOR> 332,582
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 643,638
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,316,277
<NET-ASSETS> 6,260,075
<DIVIDEND-INCOME> 2,275
<INTEREST-INCOME> 6,474
<OTHER-INCOME> 0
<EXPENSES-NET> 85,645
<NET-INVESTMENT-INCOME> (76,896)
<REALIZED-GAINS-CURRENT> 736,974
<APPREC-INCREASE-CURRENT> 1,196,324
<NET-CHANGE-FROM-OPS> 1,856,402
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 108,101
<NUMBER-OF-SHARES-REDEEMED> 175,495
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 718,973
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (156,004)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 72,323
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 85,645
<AVERAGE-NET-ASSETS> 5,328,316
<PER-SHARE-NAV-BEGIN> 16.66
<PER-SHARE-NII> (.51)
<PER-SHARE-GAIN-APPREC> 7.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.61
<EXPENSE-RATIO> 1.61
</TABLE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
of the Reserve Private Equity Series:
In planning and performing our audit of the financial statements and financial
highlights of the Reserve Private Equity Series (the "Fund") for the year ended
May 31, 1999, we considered its internal control, including control over
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of the inherent limitations in internal controls, errors or fraud may
occur and may not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or fraud in amounts that would be material in relation to
the financial statements and financial highlights being audited may not occur
and not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control, including internal controls over safeguarding of securities,
that we consider to be material weaknesses as defined above as of May 31, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
July 28, 1999
