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[THE RESERVE FUNDS LETTERHEAD]
August 4, 1997
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Attn: Public Filing Room
RE: Reserve Private Equity Series
File Nos.33-63300 (Securities Act of 1933)
811-7734 (Investment Company Act of 1940)
Dear Sir or Madam:
Pursuant to Rule 497(e) of the Investment Company Act of 1940, attached
is a supplement to the Prospectus of the Reserve Private Equity Series. This
supplement waives the sales load charged to new shareholders who mention the
Reserve Funds' website and is dated August 4, 1997.
Respectfully,
/s/ Michelle L. Neufeld
Michelle L. Neufeld
Counsel and Secretary
