Attachment 77m to form N-SAR
for the fiscal period ended November 30, 1995:
1. An Agreement and Plan of Reorganization dated July 31, 1995 (the Plan)
between Xxx Xxxxxx American Capital Reserve Fund ( Reserve) and Xxx
Xxxxxx American Capital Money Market Trust, on behalf of its series, the
Van Xxxxxx Xxxxxxx Money Market Fund (Money Market), was approved by
the Board of Trustees of Reserve on May 11, 1995. Following approval of
the reorganization by the shareholders of Money Market, the assets of
Money Market were transferred to Reserve in exchange for a number of
shares of Reserve equal to the value of the aggregate net assets of
Money Market immediately prior to the transfer of assets of Money
Market to Reserve.
2. The above described reorganization was consummated on September 22, 1995
and Money Market distributed to its shareholders shares of Reserve
received in the reorganization. Money Market had no assets or
liabilities after Septermber 22, 1995 and is being terminated pursuant
to Delaware law.
