An investment in the funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. Money market yields may vary.

You should carefully consider the investment objectives, risks and charges and expenses of a fund before investing. A fund's prospectus, which contains this and other information, may be obtained by clicking here, calling 800-637-1700 and pressing "0," or writing The Reserve, 1250 Broadway, New York, New York 10001-3701. You should read the prospectus carefully before you invest.

Performance data quoted represents past performance and is not a guarantee of how the funds will perform in the future. The investment return and principal value of an investment in the funds may fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The funds' current performance may be lower or higher than the performance shown. For the funds' performance current to the most recent month-end or call 800-637-1700 and press "0."

For Fund/funds to call itself "tax-exempt", not more than 20% of its net assets may be invested in municipal securities subject to the AMT or at least 80% of its income will be tax-exempt. Income received on such securities is classified as a "tax preference item", which could subject certain shareholders of the Fund to AMT.

The Interstate Tax-Exempt fund is a tax-exempt fund, which may be subject to state and local taxes. The Municipal Money-Market Funds are exempt from federal income and state and local personal income and/or property taxes, if any, for resident investors. Income from these funds may be subject to federal alternative minimum tax, and state or local taxes, if applicable.

The Reserve Yield Plus Fund is not a money market fund. Achievement of the Fund's objectives cannot be assured. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Yields may vary.

FDIC insurance on each On-Balance-Sheet Sweep account will be limited to a combined total of $100,000 (or other higher maximum provided by applicable law) for all deposits held in the same legal ownership category per bank, which includes an On-Balance-Sheet account and any other balances held directly or through other intermediaries. Please read the Terms and Conditions carefully before investing.

Moody's Money Market and Bond Fund Credit Ratings are opinions of the investment quality of shares in mutual funds and similar investment vehicles, which principally invest in short-term and long-term fixed income obligations respectively. As such, these ratings incorporate Moody's assessment of a fund's published objectives and policies, the creditworthiness of its assets, and its management characteristics. The ratings are not intended, however, to consider the prospective performance of a fund with respect to appreciation, volatility of net asset value, or yield and do not remove market risk. This rating is subject to change.

Standard & Poor's money market fund ratings are based on the analysis of the Funds' credit quality, market price exposure, and management. The ratings signify excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value at all times. This is accomplished through conservative investment practices and strict internal controls. Standard & Poor's will monitor the funds' portfolios weekly.

Institutional classes are available only to institutional investors. Some classes are subject to initial and subsequent investment minimums and may be available by wire or through third-party investments.

Shares of the mutual funds are distributed by Resrv Partners, Inc.

All graphs and financial tools are for illustrative purposes only.

This site is for the use of U.S. residents only. The investment products and services referred to on this site should not be considered a solicitation to buy products or an offering of any investment products to investors residing outside the United States or to any person in any jurisdiction in which such offers, solicitations, purchases or sales would be unlawful under the securities or other applicable laws of such jurisdiction.

"The Reserve", its related logos, "A Tradition of Innovation", "The World's Most Experienced Money Fund Manager," "The World's First Money Market Fund," "Founders of 'The World's First Money-Market Fund" and other service market and registered service marks in this web site are service marks or registered service marks of Reserve Management Corporation in the United States and other countries.