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THE RESERVE FUNDS
The Reserve Fund:
Primary, U.S. Government and U.S Treasury Funds
Supplement dated August 18, 1999
to the Prospectus dated July 31, 1999
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Performance History
The Performance History on page 4 and 5 of the Prospectus contains
typographical errors. The correct figures are as follows:
Primary Fund
Best Quarter 2nd Q 1989 2.30%
Worst Quarter 2nd Q 1993 0.53%
Most Recent Calendar Quarter 2nd Q 1999 0.97%
U.S. Government
Best Quarter 2nd Q 1989 2.27%
Worst Quarter 2nd Q 1993 0.56%
Most Recent Calendar Quarter 2nd Q 1999 0.95%
U.S. Treasury
Best Quarter 2nd Q 1995 1.25%
Worst Quarter 1st Q 1993 0.52%
Most Recent Calendar Quarter 2nd Q 1999 0.94%
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THE RESERVE FUNDS
The Reserve Fund
Reserve Tax-Exempt Trust
Reserve New York Tax-Exempt Trust
Supplement dated August 18, 1999
to the Prospectus dated July 31, 1999
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Performance History
The Performance History on page 7 through page 11 of the American Express
Money Market Accounts Prospectus dated July 31, 1999 for the Primary, U.S.
Government and U.S. Treasury Funds of The Reserve Fund and the New York
Tax-Exempt Fund of Reserve New York Tax-Exempt Trust and the California II
Tax-Exempt, Connecticut Tax-Exempt, Florida Tax-Exempt, Massachusetts
Tax-Exempt, Michigan Tax-Exempt, New Jersey Tax-Exempt, Ohio Tax-Exempt,
Pennsylvania Tax-Exempt and Interstate Tax-Exempt Funds of Reserve Tax-Exempt
Trust, contains typographical errors. The correct figures are as follows:
Primary Fund
Best Quarter 2nd Q 1989 2.30%
Worst Quarter 2nd Q 1993 0.53%
Most Recent Calendar Quarter 2nd Q 1999 0.97%
U.S. Government
Best Quarter 2nd Q 1989 2.27%
Worst Quarter 2nd Q 1993 0.56%
Most Recent Calendar Quarter 2nd Q 1999 0.95%
U.S. Treasury
Best Quarter 2nd Q 1995 1.25%
Worst Quarter 1st Q 1993 0.52%
Most Recent Calendar Quarter 2nd Q 1999 0.94%
New York Tax-Exempt Fund
Most Recent Calendar Quarter 2nd Q 1999 0.56%
Connecticut Tax-Exempt Fund
Best Quarter 2nd Q 1989 1.45%
Worst Quarter 2nd Q 1993 0.38%
Most Recent Calendar Quarter 2nd Q 1999 0.54%
Florida Tax-Exempt Fund
Best Quarter 2nd Q 1997 0.73%
Most Recent Calendar Quarter 2nd Q 1999 0.59%
Massachusetts Tax-Exempt Fund
Worse Quarter 1st Q 1994 0.42%
Most Recent Calendar Quarter 2nd Q 1999 0.54%
New Jersey Tax-Exempt Fund
Best Quarter 2nd Q 1995 0.75%
Worst Quarter 3rd Q 1994 0.49%
Most Recent Calendar Quarter 2nd Q 1999 0.55%
Pennsylvania Tax-Exempt Fund
Most Recent Calendar Quarter 2nd Q 1999 0.59%
Interstate Tax-Exempt Fund
Best Quarter 2nd Q 1989 1.60%
Worst Quarter 1st Q 1994 0.38%
Most Recent Calendar Quarter 2nd Q 1999 0.60%
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THE RESERVE FUNDS
The Reserve Fund:
Strategist Money-Market Fund
Supplement dated August 18, 1999
to the Prospectus dated July 31, 1999
================================================================================
Performance History
The Performance History on page 4 of the Prospectus contains typographical
errors. The correct figures are as follows:
Strategist Money-Market Fund
Best Quarter 2nd Q 1997 1.44%
Most Recent Calendar Quarter 2nd Q 1999 1.11%
