Reserve Management Corporation

1970	Reserve creates "The World's First Money Market Fund"^®, The Reserve Fund.
1971	The Reserve Fund becomes effective with the S.E.C. on October 8. The Fund name later changes to the Primary Fund when Reserve adds additional money funds.
1976	Reserve publishes a report on shareholder service and investment return for investors setting an industry precedent.
1981	The U.S. Government Fund is launched.
1982	Reserve creates the Reserve CPA Fund, which enabled shareholders to write checks against their money fund accounts.
1983	Reserve's first two tax-exempt funds are launched, the state-specific New York Tax-Exempt Fund, and the Interstate Tax-Exempt Fund.
1984	Reserve creates and becomes the first to offer brokerage clients combined statements. In addition, the distribution arm of The Reserve Funds is established, Resrv Partners, Inc.
1985	Reserve adds the Connecticut Tax-Exempt Fund to the Reserve tax-exempt fund lineup.
1990	The Massachusetts Tax-Exempt Fund is added to Reserve's tax-exempt offerings.
1992	Reserve Chairman and CEO Bruce Bent is named to the Money magazine Hall of Fame. In addition, Reserve launches the U.S. Treasury Fund.
1994	Reserve develops and launches the Reserve Private Equity Series^†, no-load equity funds sub-advised by diverse, independent money managers with specific fortes: Reserve Blue-Chip Growth^‡, Reserve Informed Investors Growth, and Reserve Small-Cap Growth.
	Reserve adds the California and the New Jersey Tax-Exempt Funds.
1995	The Reserve International Equity Fund is added to the Reserve Private Equity Series. In addition, Reserve serves as an industry advocate for T+5 to T+3 conversion.
1996	Reserve adds the Florida Tax-Exempt Fund to the state-specific tax-exempt fund lineup and the Reserve Large-Cap Growth Fund to the Reserve Private Equity Series.
1997	Reserve Management Corp., an affiliate of The Reserve Funds^®, creates and launches Reserve Insured Deposits^® the financial services industry's first FDIC-insured money market account with unlimited checking. In addition, Reserve adds the Pennsylvania Tax-Exempt Fund.
1998	Reserve exceeds $5 billion in assets under management, and adds both the Ohio and Michigan Tax-Exempt Funds.
	Moody's Investors Service assigns a Aaa rating* to the U.S. Government Fund.
1999	Moody's assigns a Aaa rating to the Primary Fund. In addition, the Reserve Strategic Growth Fund is added to the Reserve Private Equity Series.
	Reserve moves to its current location, 1250 Broadway, New York, N.Y.
2000	Reserve Management Corp., an affiliate of The Reserve Funds®, launches the Reserve Cash Sweep^SM an FDIC-insured sweep account designed to help banks retain customer deposits while affording competitive interest.
	Reserve exceeds $8 billion in assets under management.
	Bruce Bent II is named President, and Arthur Bent is named Chief Operating Officer of The Reserve Funds.
	Reserve adds the Virginia Tax-Exempt Fund to the state-specific tax-exempt lineup, and the Reserve International Small-Cap Fund to the Reserve Private Equity Series.
	The Reserve Funds launches Reserve CPA "Plus"^® with Platinum VISA^® Check Card.
2001	Reserve exceeds $10 billion in assets under management.
	Reserve consolidates and enhances its institutional and retail money fund offerings by creating seven classes of shares for the Primary, Government, Treasury and Interstate Tax-Exempt Funds, in addition to the retail class, now designated as Class R.
	Reserve offers Reserve eChecking^® (on-line bill payment service). Reserve launches Reserve Airline Rewards Program. Reserve VISA^® Check Card holders now have the option of 1% cash rebate on all qualifying purchases or airline reward points.
	The American Museum of Financial History, an affiliate of the Smithsonian Institution, honors Bruce Bent and The Reserve Funds for the creation of "The World's First Money-Market Fund"^®.
	Reserve exceeds $15 billion in assets under management.
2002	Reserve adds two State-Specific Municipal Money-Market funds; Louisiana and Minnesota. This brings the state specific fund total to 12.
	Reserve exceeds $20 billion in assets under management.
	Standard & Poor's Investor Services assigns its highest rating of AAAm to the Reserve Primary Fund, the Reserve U.S. Government Fund, and the Reserve International Liquidity Fund (USD) Ltd.**
2003	Reserve exceeds $24 billion in assets under management.
	Moody's assigns a Aaa rating to the Reserve International Liquidity Fund (USD) Ltd.
2004	Reserve changes the name of the Reserve Private Equity Series to the Hallmark Equity Series Trust. The mutual funds are marketed under the name Hallmark Funds.
	S&P assigns its AAAm rating to the Interstate Tax-Exempt Fund.
	Reserve exceeds $30 billion in assets under management.
2005	Effective January 4, 2005, Hallmark Funds added the Hallmark Mid-Cap Growth Fund.
	Reserve introduces the Reserve Yield Plus Fund^SM. The Fund seeks to maintain a $1.00 NAV and is the first fund of its kind to be offered to institutional and retail investors.
	The Reserve Yield Plus Fund receives a Triple A rating from Moody's and S&P.
	Bruce Bent is named to Financial Planning magazine's Hall of Fame recognizing the "26 Entrepreneurs and Investors Whose Achievements Have Shaped the Business of Financial Advice."
	The Reserve surpasses $40 billion in total assets under management.
	The Reserve Funds changes its corporate identity to The Reserve. Its new tagline becomes, "A Tradition of Financial Innovation".
2006	The Reserve launches the Liquid Performance Money Market Fund for institutional investors.
	The Reserve launches the Arizona Municipal Money Market fund.

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" "Reserve CPA" and "Reserve CPA 'Plus'" are service marks or registered service marks of Reserve Management Corporation in the United States and other countries.