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THE RESERVE FUNDS
Reserve Private Equity Series:
Reserve Blue Chip Growth Fund; Reserve Informed Investors Growth Fund;
Reserve International Equity Fund; Reserve Large-Cap
Growth Fund, Reserve Small-Cap Growth Fund and
Reserve Strategic Growth Fund
Supplement dated November 17, 1999
to the Statement of Additional Information dated September 30, 1999
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INVESTMENT MANAGEMENT, DISTRIBUTION AND CUSTODIAN AGREEMENTS
The sub section entitled, "Custodian, Independent Accountant and Counsel"
should be revised to delete the reference to Dechert Price & Rhoads, and as
such should read as follows:
Custodian and Independent Accountant. The Chase Manhattan Bank, 270 Park
Avenue, New York, NY 10017 is Custodian of the Funds' securities and cash
pursuant to a Custodian Agreement. The Custodian has no part in determining the
investment policies of the Fund or which securities are to be purchased or sold
by the Fund. PricewaterhouseCoopers LLP, 1177 Avenue of the Americas, New York,
NY 10036 is the Funds' independent accountant.
