1875 K Street, NW | |
| Washington, DC 20006 |
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| Tel: 202 303 1000 |
| Fax: 202 303 2000 |
VIA EDGAR
February 2, 2007
Securities and Exchange Commission
100 F St., N.E.
Washington, D.C. 20549
Re: The Reserve Fund
(Investment Company Act File No. 811-02033)
Reserve Tax-Exempt Trust
(Investment Company Act File No. 811-03696)
Reserve New York Tax-Exempt Trust
(Investment Company Act File No. 811-03814)
Reserve Municipal Money-Market Trust
(Investment Company Act File No. 811-10533)
Hallmark Equity Series Trust
(Investment Company Act File No. 811-07734)
Hallmark Investment Series Trust
(Investment Company Act File No. 811-00879)
Ladies and Gentlemen:
On behalf of the funds listed on Schedule A hereto (the “Funds”), and pursuant to Rule 14a-6(a) under the Securities Exchange Act of 1934 (the “1934 Act”), I hereby transmit for filing with the Securities and Exchange Commission (the “Commission”) a preliminary joint proxy statement and form of proxy card relating to a special meeting of the shareholders of the Funds, scheduled for March 14, 2007 and April 17, 2007, respectively.
Please be advised, in accordance with the requirements of Rule 14a-6(d) under the 1934 Act, that we propose to prepare definitive materials and mail those materials to shareholders of the Funds on the earliest date practicable. We would therefore appreciate receiving any comments of the Commission’s staff on the enclosed preliminary proxy materials as soon as possible so as to facilitate these arrangements.
Should members of the staff have any questions or comments regarding the enclosed materials, they should call the undersigned at (202) 303-1262 or, thereafter, Rose DiMartino of this office at (212) 728-8000.
Very truly yours, | ||
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| /s/ David Joire |
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| David Joire |
Enclosures
cc: | Edmund P. Bergan, Esq. |
| Rose F. DiMartino, Esq. |
| Richard Pfordte |
NEW YORK |
| WASHINGTON, DC |
| PARIS |
| LONDON |
| MILAN |
| ROME |
| FRANKFURT |
Schedule A
Primary Fund
Primary II Fund
U.S. Government Fund
U.S. Treasury Fund
Liquid Performance Money Market Fund
(each of which is a series of The Reserve Fund)
Interstate Tax-Exempt Fund
California Tax-Exempt Fund
Connecticut Tax-Exempt Fund
Florida Tax-Exempt Fund
Massachusetts Tax-Exempt Fund
Michigan Tax-Exempt Fund
New Jersey Tax-Exempt Fund
Ohio Tax-Exempt Fund
Pennsylvania Tax-Exempt Fund
Virginia Tax-Exempt Fund
(each of which is a series of Reserve Tax-Exempt Trust)
New York Tax-Exempt Fund, a series of Reserve New York Tax-Exempt Trust
Arizona Municipal Money-Market Fund
Louisiana Municipal Money-Market Fund
Minnesota Municipal Money-Market Fund
(each of which is a series of Reserve Municipal Money-Market Trust)
Reserve Yield Plus Fund, a series of Reserve Short-Term Investment Trust
Hallmark Capital Appreciation Fund
Hallmark Informed Investors Growth Fund
Hallmark International Equity Fund
Hallmark International Small-Cap Fund
Hallmark Large-Cap Growth Fund
Hallmark Mid-Cap Growth Fund
Hallmark Small-Cap Growth Fund
Hallmark Strategic Growth Fund
(each of which is a series of Hallmark Equity Series Trust)
Hallmark First Mutual Fund
Hallmark Total Return Bond Fund
Hallmark Convertible Securities Fund
(each of which is a series of Hallmark Investment Series Trust)