An investor should carefully read the Prospectus/Terms and Conditions, which includes information regarding expenses, carefully before investing or sending money.

Performance data quoted represents past performance and is not a guarantee of how the Fund will perform in the future. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance shown. Performance current to the most recent month-end, is available at www.TheR.com or by calling 800-637-1700 and pressing "0." The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. As to the equity funds, the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Reserve Insured Deposits is not a money market fund; it is an FDIC-insured money market deposit account. You should carefully consider the investment objectives, risks and charges and expenses of the Fund before investing. The Fund's Prospectus contains this and other information about the Fund. The Fund's Prospectus may be obtained by writing to The Reserve, 1250 Broadway, New York, New York 10001-3701 or by calling 1-800-637-1700 and pressing "0." You should read the Prospectus carefully before you invest.

For a 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 Reserve Yield Plus Fund is not a money market fund. Achievement of the Yield Plus Fund's objectives cannot be assured. An investment in the Yield Plus Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Yield Plus 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.

A Fund/funds with high industry concentration could entail greater risk than a mutual fund with more diversified holdings. Market conditions, interest rates, economic or regulatory developments could significantly affect a single industry, a group of, or related industries or a specific issuer more adversely than other securities in the market as a whole.

International Liquidity Fund. The shares of the Fund have not been and will not be registered under the United States Securities Act of 1933 and may not be offered, sold or otherwise transferred directly or indirectly to any United States citizen or resident or to any corporation, partnership, trust or other entity chartered or organized under the laws of any jurisdiction in the United States of America, its territories or possessions. This does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer is not authorized or to any person to whom it is unlawful to make such offer or solicitation.

Reserve Insured Deposits is a Federal Deposit Insurance Corporation (FDIC) insured money market deposit account and not a money market fund. Funds maintained in Insured Deposits Accounts at each participating bank are insured up to $100,000 by the FDIC for each category of legal ownership, including any other balances you may hold directly or through other intermediaries for a total of up to $1,000,000 of FDIC insurance. Please read the Terms and Conditions carefully before investing. Reserve Insured Deposits is offered by Reserve Management Corporation.

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.

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

All graphs and financial tools are for illustrative purposes only.

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