Reserve Primary Fund Class R (PFR) and the Reserve Government Fund Class R (GFR) are being discontinued.

Clients who were enrolled in the Legent FDIC Insured Sweep Deposit Account on April 6, 2005 will automatically have their funds switched back to the Legent FDIC Insured Deposit Account, unless Legent is notified.

Clients enrolled in the Reserve Primary Fund Class R or the Reserve Government Fund Class R after April 6, 2005 or prior to March 23, 2006 will have 30 days to indicate which sweep option is suitable for them. If no response is received by Legent they will automatically be moved to the Reserve US Treasury Fund Class R.

Clients, who open an account between March 23, 2006 and May 1, 2006 and are enrolled in the Reserve Primary Fund Class R or the Government Fund Class R, will be converted through a positive response letter at a later date.