You should carefully consider the investment objectives, risks and charges and expenses of a fund before investing. A fund's prospectus contains this and other information. A prospectus for any of The Reserve funds or Hallmark Funds 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" or by calling 1-888-823-2867 and pressing "0" for Hallmark Funds. You should read the prospectus carefully before you invest.
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. Money market yields may vary.
The Interstate Tax-Exempt Fund is a tax-exempt fund, which may be subject to state and local taxes. The State Specific Tax-Exempt Funds and 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.
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 Condistions carefully before investing. Reserve Insured Deposits is offered by Reserve Management Corporation.
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.
†Effective January 15, 2004, Reserve changed the name of the Reserve Private Equity Series to the Hallmark Equity Series Trust. The mutual funds are marketed under the name Hallmark Funds.
‡Prior to January 15, 2004, the Hallmark Capital Appreciation Fund was known as the Reserve Blue Chip Growth Fund, and effective September 29, 2003, as the Reserve Capital Appreciation Fund.
*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.
"The Reserve", its related logos, "The World's First Money Market Fund", "Founders of 'The World's First Money Market Fund'", "Hallmark Funds", "Reserve Cash Sweep" "ReserveCPA" and "Reserve CPA 'Plus'" are service marks or registered service marks of Reserve Management Corporation in the United States and other countries.
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. Money market yields may vary.
The Interstate Tax-Exempt Fund is a tax-exempt fund, which may be subject to state and local taxes. The State Specific Tax-Exempt Funds and 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.
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 Condistions carefully before investing. Reserve Insured Deposits is offered by Reserve Management Corporation.
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.
†Effective January 15, 2004, Reserve changed the name of the Reserve Private Equity Series to the Hallmark Equity Series Trust. The mutual funds are marketed under the name Hallmark Funds.
‡Prior to January 15, 2004, the Hallmark Capital Appreciation Fund was known as the Reserve Blue Chip Growth Fund, and effective September 29, 2003, as the Reserve Capital Appreciation Fund.
*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.
"The Reserve", its related logos, "The World's First Money Market Fund", "Founders of 'The World's First Money Market Fund'", "Hallmark Funds", "Reserve Cash Sweep" "ReserveCPA" and "Reserve CPA 'Plus'" are service marks or registered service marks of Reserve Management Corporation in the United States and other countries.
