The Reserve posted a release entitled "Court Orders Liquidation of Reserve Primary Fund", which says, "We are pleased to announce that, on November 25, 2009, the United States District Court for the Southern District of New York issued an Order on an application made by the U.S. Securities and Exchange Commission concerning the distribution of the Primary Fund's remaining assets. The Order provides for a pro rata distribution of the remaining assets and enjoins certain claims against the Primary Fund and other parties named as defendants in litigation involving the Primary Fund. The terms of the plan, and a discussion thereof, are set forth in the Order and accompanying Opinion dated November 25, 2009. To date, shareholders have received approximately 92 percent of their assets in the Fund as of the close of business on September 15, 2008. The Primary Fund will mail copies of the Order and Opinion to owners of record for unredeemed shares in the Fund as of September 15, 16, 17 or 18, 2008, as required by the Court. In addition, the Order and Memorandum Opinion are available." See also, "Additional Information Regarding the Reserve Primary Fund" and Friday's "Link of the Day."

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