UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-10533 | |||||||
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Reserve Municipal Money Market Trust | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
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1250 Broadway |
| 10001-3701 | ||||||
(Address of principal executive offices) |
| (Zip code) | ||||||
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Christina M. Massaro | ||||||||
(Name and address of agent for service) | ||||||||
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Registrant’s telephone number, including area code: | 212-401-5500 |
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Date of fiscal year end: | May 31 |
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Date of reporting period: | May 31, 2008 |
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Item 1. Annual Reports to Shareholders
Annual Report
May 31, 2008
Interstate Tax-Exempt Fund
California Municipal Money-Market Fund
Connecticut Municipal Money-Market Fund
Florida Municipal Money-Market Fund
Massachusetts Municipal Money-Market Fund
Michigan Municipal Money-Market Fund
New Jersey Municipal Money-Market Fund
Ohio Municipal Money-Market Fund
Pennsylvania Municipal Money-Market Fund
Virginia Municipal Money-Market Fund
of The Reserve Municipal Money-Market Trust II
New York Municipal Money-Market Fund
of The Reserve New York Municipal Money-Market Trust
Arizona Municipal Money-Market Fund
Louisiana Municipal Money-Market Fund
Minnesota Municipal Money-Market Fund
of The Reserve Municipal Money-Market Trust
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General Information and 24-Hour Yield and Balance Information
1250 Broadway, New York, NY 10001-3701 n 212-401-5500 n 800-637-1700 n www.TheR.com
This literature is not authorized for distribution to prospective investors unless preceded or accompanied by an appropriate current prospectus.
Distributor — Resrv Partners, Inc. RTET-WO/ANNUAL 5/08
Bruce R. Bent
Chairman & CEO
The Reserve
July 28, 2008
The World's Most Experienced Money Fund ManagerSM
After a recent speech a questioner asked what I would do if I was appointed Chairman of the Federal Reserve. I responded that I would immediately resign and go back to being Chairman of The Reserve. Here is why. We are at the flex point in our economy. Inflation pressures that were apparent last summer are still present. Because of the crisis of confidence that emerged last year, inflation fighting was put on hold, interest rates were dropped to protect the valuation of securities and therefore the integrity of investment banks, commercial banks and some money market mutual funds too as it worked out. Unfortunately, the crisis of confidence is not over but the market has improved dramatically.
Many dangerously Structured Investment Vehicles (SIVs) were folded by their sponsors which had the effect of taking matches from children that had proved themselves unworthy of the responsibility, underscoring my earlier points that not anyone can run a money fund. One year has passed since the subprime and SIV crisis shook the foundation of our markets, which has investors questioning the safety of their money funds. Good!
We are pleased to report that you, and the markets in general, have embraced the very concept and foundation on which The Reserve was founded, an unwavering discipline focused on protecting your principal, providing daily liquidity and transparency, and all the while boring you into a sound sleep. Experience has prevailed and as a result, The Reserve's assets grew by nearly 100%, or $61 billion, over the past year.
Thank you for the trust you have placed in us as your cash manager and in helping us be the fastest organically growing money fund company, ranked among the largest U.S. money fund managers (those with at least $40 billion in assets) in 2005, 2006 and again in 2007.* Please let us know your comments and suggestions as to how we can serve you better.
Bruce Bent
Chairman & CEO
*Source: Crane Data. Ranking is based upon an analysis of 82 money market fund families that Crane Data covers as part of their Money Market Intelligence report from May 31, 2007 to May 31, 2008.
There is no other company in the world that has managed money market funds longer than The Reserve, the largest investment manager dedicated entirely to cash and money fund management. Since creating the money fund industry in 1971, The Reserve's Founder and Chairman, Bruce R. Bent, has actively participated in the daily management of the company and regularly educates the markets on money funds and our original tenets of safety of principal, daily liquidity, and a reasonable rate of return.
1
RESERVE MUNICIPAL MONEY MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF NET ASSETS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—98.6% | Value (Note 1) | |||||||||
| ALABAMA—0.1% | |||||||||||
| $ | 1,000,000 | Stevenson IDA for Mead Corporation Project, Series B, 1.64%, 4/1/33(a) | $ | 1,000,000 | |||||||
| ARKANSAS—0.1% | |||||||||||
| 1,125,000 | University of Arkansas Revenue for Student Fee-U of A Fort Smith, 5.00%, 12/1/08 | 1,141,598 | |||||||||
| ARIZONA—2.4% | |||||||||||
| 165,000 | Apache County IDA for Tucson Electric Power, Series 83A, 1.70%, 12/15/18(a) | 165,000 | |||||||||
| 2,000,000 | Apache County IDA for Tucson Electric Power, Series 83B, 1.55%, 12/15/18(a) | 2,000,000 | |||||||||
| 120,000 | Apache County IDA for Tucson Electric Power, Series 83C, 1.70%, 12/15/18(a) | 120,000 | |||||||||
| 185,000 | Arizona HCF for Catholic West, Series B, 2.15%-3.61%, 7/1/35(a) | 185,000 | |||||||||
| 4,970,000 | Arizona HCF for The Terraces, 1.63%, 12/1/37(a) | 4,970,000 | |||||||||
| 15,080,000 | Arizona HFA for Banner Health System, Series A, 1.95%, 1/1/29(a) | 15,080,000 | |||||||||
| 2,020,000 | Arizona Sports & Tourism Authority, Multipurpose Stadium, 1.65%, 7/1/36(a) | 2,020,000 | |||||||||
| 170,000 | Arizona State University Revenue, Series A, 1.75, 7/1/34(a) | 170,000 | |||||||||
| 470,000 | Coconino County IDA for Scuff Steel Project, 1.73%, 3/1/27(a) | 470,000 | |||||||||
| 570,000 | Maricopa County IDA MHR for Las Gardenias Apartments, Series A, 1.85%, 4/15/33(a) | 570,000 | |||||||||
| 70,000 | Maricopa County IDA MHR for San Remo Apartments Project, 1.85%, 9/15/35(a) | 70,000 | |||||||||
| 200,000 | McAllister Village for Arizona State University Project, 3.63%, 7/1/45(a) | 200,000 | |||||||||
| 130,000 | Mesa IDA for Discovery Health, Series B, 2.50%, 1/1/29(a) | 130,000 | |||||||||
| 380,000 | Phoenix Civic Improvement Corp. Wastewater System Revenue for Sr. Lien, Series A, 2.00%, 7/1/23(a) | 380,000 | |||||||||
| 170,000 | Phoenix IDA for Southwest Human Development Project, 1.63%, 4/1/28(a) | 170,000 | |||||||||
| 970,000 | Phoenix IDA MHR for Del Mar Terrace Apartments, Series A, 1.55%, 10/1/29(a) | 970,000 | |||||||||
| 570,000 | Pima County IDA for GNMA MBS Broadway, Series A, 1.62%, 12/1/25(a) | 570,000 | |||||||||
| 3,400,000 | Pima County IDR for Tucson Electric Power Co., Series 82-A, 1.55%, 12/1/22(a) | 3,400,000 | |||||||||
| 460,000 | Salt River Pima for Indian Community, 1.55%, 10/1/26(a) | 460,000 | |||||||||
| 136,000 | Scottsdale IDA for Notre Dame School, Series A, 1.60%, 5/1/21(a) | 136,000 | |||||||||
| 100,000 | Temple IDA for ASUF Brickyard LLC Project, Series A, 1.55%, 7/1/34(a) | 100,000 | |||||||||
| 185,000 | Yavapai County IDA HRB for Yavapai Regional Medical Center, Series B, 1.62%-3.55%, 12/1/26(a) | 185,000 | |||||||||
| 970,000 | Yavapai County IDA SWD for Allied Waste North America, Series A, 1.63%, 12/1/17(a) | 970,000 | |||||||||
| 170,000 | Yuma IDA MHR for El Encanto Apartments Project, 1.56%, 4/15/33(a) | 170,000 | |||||||||
| 33,661,000 | |||||||||||
| CALIFORNIA—11.3% | |||||||||||
| 1,000,000 | ABAG Financial Authority for Nonprofit Corporations MFH for Colma Bart Apartments, Series A, 1.55%,11/15/35(a) | 1,000,000 | |||||||||
| 2,100,000 | Bay Area Toll Authority for San Francisco Area Series A, 2.58%, 4/1/36(a) | 2,100,000 | |||||||||
| 25,000,000 | Bay Area Toll Authority for San Francisco Area Series A-1, 2.53%, 4/1/47(a) | 25,000,000 | |||||||||
| 2,000,000 | Bay Area Toll Authority for San Francisco Area Series C, 2.53%, 4/1/45(a) | 2,000,000 | |||||||||
| 2,735,000 | Bay Area Toll Authority for San Francisco Area Series C-1, 2.75%, 4/1/47(a) | 2,735,000 | |||||||||
| 13,000,000 | California HFA for Home Mortgage, Series F, 6.50%, 2/1/33(a) | 13,000,000 | |||||||||
| 1,000,000 | California HFA for Home Mortgage, Series R, 2.60%, 8/1/32(a) | 1,000,000 | |||||||||
| 1,575,000 | California HFA, Series P, 1.65%, 2/1/27(a) | 1,575,000 | |||||||||
| 2,120,000 | California Infrastructure EDA for M.A. Silver Corks USA LLC Project, 1.55%, 9/1/32(a) | 2,120,000 | |||||||||
| 22,000,000 | California State RANS, 4.00%, 6/30/08 | 22,010,783 | |||||||||
| 135,000 | California Statewide CDA for Masters College, 1.35%, 2/1/32(a) | 135,000 | |||||||||
| 2,000,000 | California Statewide CDA for Touro University Project, 1.50%, 9/1/29(a) | 2,000,000 | |||||||||
| 4,900,000 | California Statewide CDA IDR for Del Mesa Farms Project, Series A, 1.55%, 5/1/19(a) | 4,900,000 | |||||||||
| 1,300,000 | California Statewide CDA MFH for Avian Glen Apartments Project, Series 00, 1.60%, 8/1/39(a) | 1,300,000 | |||||||||
See notes to financial statements.
2
RESERVE MUNICIPAL MONEY MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| CALIFORNIA (Continued) | |||||||||||
| $ | 1,400,000 | California Statewide CDA MFH for Stoneridge Elk Grove, Series Q, 1.60%, 10/1/38(a) | $ | 1,400,000 | |||||||
| 8,500,000 | California Statewide CDA, Series A, 1.30%, 3/1/37(a) | 8,500,000 | |||||||||
| 5,000,000 | Imperial Irrigation, Series A, 1.25%, 6/5/08 | 5,000,000 | |||||||||
| 2,160,000 | Los Angeles CDA COPS for Broadway-Spring Center Project, 1.60%, 7/1/12(a) | 2,160,000 | |||||||||
| 9,660,000 | Northern California Power Agency Revenue for Hydroelectric No. 1, Series A, 1.70%, 7/1/23(a) | 9,660,000 | |||||||||
| 1,000,000 | Orange County Local Transportation Authority Sales Tax Revenue, Series A, 5.50%, 2/15/09 | 1,021,464 | |||||||||
| 11,000,000 | Riverside County Asset Leasing Corp. Leasehold Revenue for Southwest Justice Center, Series B, 1.65%, 11/1/32(a) | 11,000,000 | |||||||||
| 4,500,000 | Roseville Electric System COPS, Series B, 1.60%, 2/1/35(a) | 4,500,000 | |||||||||
| 3,400,000 | San Diego HDA for Villa Nueva Apartments, Series F, 1.60%, 9/1/39(a) | 3,400,000 | |||||||||
| 2,230,000 | San Francisco City and County Airports Commission International Terminal, Series 34A, 1.48%, 5/1/29(a) | 2,230,000 | |||||||||
| 20,000,000 | San Francisco City and County Airports Commission International Terminal, Series 37A, 1.80%, 5/1/19(a) | 20,000,000 | |||||||||
| 3,000,000 | San Jose MFH for Sunset Square Apartments Project, Series E, 1.60%, 6/1/34(a) | 3,000,000 | |||||||||
| 3,600,000 | Santa Cruz County MFH for Paloma Del Mar Apartments, Series A, 1.43%, 6/1/22(a) | 3,600,000 | |||||||||
| 156,347,247 | |||||||||||
| COLORADO—2.0% | |||||||||||
| 6,600,000 | Colorado ECFA for Bear Creek School Project, 1.60%, 10/1/32(a) | 6,600,000 | |||||||||
| 5,000,000 | Colorado ECFA for Northwest University Project, 1.60%, 9/1/37(a) | 5,000,000 | |||||||||
| 3,900,000 | Colorado ECFA for Rehoboth Christian School, 1.70%, 5/1/37(a) | 3,900,000 | |||||||||
| 7,835,000 | Colorado HFA for Bethesda Living Centers Projects, 1.60%, 8/15/30(a) | 7,835,000 | |||||||||
| 2,120,000 | Colorado HFA for Covenant Retirement Community, 1.60%, 12/1/29(a) | 2,120,000 | |||||||||
| 1,500,000 | Denver City and County Airport, Series C, 1.68%, 11/15/25(a) | 1,500,000 | |||||||||
| 200,000 | Jefferson County School District GO Bond, 6.25%, 12/15/08 | 203,320 | |||||||||
| 27,158,320 | |||||||||||
| CONNECTICUT—0.5% | |||||||||||
| 1,319,000 | Connecticut DAR for Pierce Memorial Baptist Home, 1.50%, 10/1/28(a) | 1,319,000 | |||||||||
| 100,000 | Connecticut HEFA for Avon Old Farms School , Series B, 1.45%, 7/1/35(a) | 100,000 | |||||||||
| 1,500,000 | Connecticut HEFA for Greenwich Hospital, 2.30%, 7/1/26(a) | 1,500,000 | |||||||||
| 700,000 | Connecticut HEFA for Health Care Capital Asset, Series A-1, 1.45%, 7/1/31(a) | 700,000 | |||||||||
| 170,000 | Connecticut HEFA for Hotchkiss School, Series A, 1.50%, 7/1/30(a) | 170,000 | |||||||||
| 75,000 | Connecticut HEFA for Lawrence & Memorial Hospital Inc., Series E, 1.45%, 7/1/34(a) | 75,000 | |||||||||
| 45,000 | Connecticut HEFA for Yale University, Series U, 1.45%, 7/1/33(a)(b) | 45,000 | |||||||||
| 180,000 | Connecticut HEFA for Yale University, Series X-2, 1.38%, 7/1/37(a)(b) | 180,000 | |||||||||
| 815,000 | Connecticut HFA Mortgage Financing Program, Series B-3, 1.80%, 11/15/31(a) | 815,000 | |||||||||
| 765,000 | Connecticut HFA Mortgage Financing Program, Series D-3, 1.80%, 5/15/33(a) | 765,000 | |||||||||
| 400,000 | Connecticut HFA Mortgage Financing Program, Sub Series E-4, 1.61%, 11/15/27(a) | 400,000 | |||||||||
| 275,000 | Hartford MHR for Underwood Towers Project, 1.45%, 6/1/20(a) | 275,000 | |||||||||
| 6,344,000 | |||||||||||
| DELAWARE—1.0% | |||||||||||
| 14,000,000 | Delaware State EDA for Hospital Billing & Collection, Series C, 2.50%, 12/1/15 | 14,000,000 | |||||||||
| DISTRICT OF COLUMBIA—0.3% | |||||||||||
| 1,000,000 | District of Columbia Multi-Modal GO, Series A, 1.63%, 6/1/15(a) | 1,000,000 | |||||||||
| 1,680,000 | District of Columbia Revenue for American Associates of Colleges, 1.61%, 7/1/23(a) | 1,680,000 | |||||||||
| 955,000 | District of Columbia Revenue for Trinity Colleges, 1.63%, 7/1/31(a) | 955,000 | |||||||||
| 3,635,000 | |||||||||||
See notes to financial statements.
3
RESERVE MUNICIPAL MONEY MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| FLORIDA—5.9% | |||||||||||
| $ | 5,985,000 | Broward County HCF for John Knox Village Project, 1.60%, 9/1/32(a) | $ | 5,985,000 | |||||||
| 880,000 | Broward County HFA MHR for Palms of Deerfield Beach, 1.75%, 8/15/38(a) | 880,000 | |||||||||
| 70,000 | Broward County School Board COPS for School Improvements, 1.55%, 7/1/21(a) | 70,000 | |||||||||
| 2,450,000 | Capital Travel Agency for Aero Miami Project Air Cargo, 1.85%, 8/1/34(a) | 2,450,000 | |||||||||
| 80,000 | Charlotte County Utility Revenue, Series A, 1.57%-2.35%, 10/1/21(a) | 80,000 | |||||||||
| 5,000,000 | Collier County HCFA for The Moorings Inc. Project, 1.60%, 5/1/38(a) | 5,000,000 | |||||||||
| 2,300,000 | Duval County School Board COPS, 1.65%, 7/1/33(a) | 2,300,000 | |||||||||
| 380,000 | Florida HFC Multifamily for Bridgewater Club, Series L-1, 1.63%, 6/1/34(a) | 380,000 | |||||||||
| 4,300,000 | Florida HFC Multifamily for Collins Cove Apartments, Series W, 1.63%, 2/1/36(a) | 4,300,000 | |||||||||
| 300,000 | Florida HFC Multifamily for Falls of Venice Project, 3.43%, 12/1/31(a) | 300,000 | |||||||||
| 2,700,000 | Florida HFC Multifamily for Wellesley Apartments, Series O, 1.63%, 8/1/35(a) | 2,700,000 | |||||||||
| 2,155,000 | Florida State Board of Education Lottery Revenue, Series C, 5.25%, 1/1/09 | 2,194,075 | |||||||||
| 900,000 | Greater Orlando Aviation Authority, Series E, 1.80%, 10/1/21(a) | 900,000 | |||||||||
| 900,000 | Jacksonville EDA for Lee & Caters Glass Inc., 1.70%, 4/1/33(a) | 900,000 | |||||||||
| 1,100,000 | Lakeland Electric and Water Revenue First Lien, Series B, 5.90%, 10/1/08 | 1,113,315 | |||||||||
| 15,000,000 | Miami-Dade County HCF for Miami Children's Hospital, Series B1, 1.60%, 8/1/34(a) | 15,000,000 | |||||||||
| 1,455,000 | Miami-Dade County IDA for Airbus Service Co., Series A, 1.75%, 4/1/30(a) | 1,455,000 | |||||||||
| 11,000,000 | Miami-Dade County IDA for United Way Miami-Dade Inc. Project, 1.62%, 5/1/28(a) | 11,000,000 | |||||||||
| 1,350,000 | Miami-Dade County IDA SWD for Waste Management Inc. Project, 1.75%, 9/1/27(a) | 1,350,000 | |||||||||
| 1,100,000 | Miami-Dade County WSR, 1.62%, 10/1/25(a) | 1,100,000 | |||||||||
| 300,000 | Orange County IDA for Independent Blood & Tissue Services, 1.60%, 10/1/27(a) | 300,000 | |||||||||
| 660,000 | Orange County School Board COPS, Series B, 2.19%, 8/1/32(a) | 660,000 | |||||||||
| 7,530,000 | Orlando & Orange County Expressway Authority Revenue, Series C-3, 2.05%-2.73%, 7/1/25(a) | 7,530,000 | |||||||||
| 5,270,000 | Palm Beach County Revenue for Palm Beach Day Academy, 1.63%, 1/1/37(a) | 5,270,000 | |||||||||
| 1,200,000 | Palm Beach County School Board COPS, Series B, 1.51%, 8/1/27(a) | 1,200,000 | |||||||||
| 100,000 | Port Orange for Palmer College Project, 1.55%, 10/1/32(a) | 100,000 | |||||||||
| 280,000 | Sarasota County HCF for Bay Village, 1.57%, 12/1/23(a) | 280,000 | |||||||||
| 1,050,000 | St. Johns County HFA Multifamily for Summerset Village LLC, 1.75%, 10/1/37(a) | 1,050,000 | |||||||||
| 100,000 | University of South Florida Foundation for Interdisciplinary Studies, Series A, 1.62%, 8/1/34(a) | 100,000 | |||||||||
| 2,880,000 | USF Financing Corp. COPS for College of Medicine Health Facilities, 1.60%, 7/1/37(a) | 2,880,000 | |||||||||
| 2,315,000 | USF Financing Corp. COPS for College of Medicine Health Facilities, Series A-2, 1.60%, 7/1/36(a) | 2,315,000 | |||||||||
| 81,142,390 | |||||||||||
| GEORGIA—3.3% | |||||||||||
| 1,275,000 | Atlanta Water and Wastewater Revenue, 1.65%, 11/1/38(a) | 1,275,000 | |||||||||
| 1,310,000 | Augusta WSR, 4.50%, 10/1/08 | 1,322,296 | |||||||||
| 14,225,000 | Burke County PCR, Series 6B-4, 5.25%, 6/4/08 | 14,225,000 | |||||||||
| 2,400,000 | DeKalb County MFH for Mountain Crest Apartments, Series A-1, 1.75%, 2/1/34(a) | 2,400,000 | |||||||||
| 1,300,000 | DeKalb County MFH for Winterscreek Apartments Project, 1.56%, 6/15/25(a) | 1,300,000 | |||||||||
| 1,975,000 | Greene County DAR for Carey Station Project, 1.70%, 9/1/24(a) | 1,975,000 | |||||||||
| 1,430,000 | Gwinnett County MHR for Palisades Apartments Projects, 1.75%, 3/1/41(a) | 1,430,000 | |||||||||
| 7,075,000 | Macon WSR, Series A, 1.65%, 10/1/18(a) | 7,075,000 | |||||||||
| 9,675,000 | Marietta MFH for Wood Glen, 1.60%, 7/1/24(a) | 9,675,000 | |||||||||
| 5,600,000 | Valdosta & Lowndes County Hospital Authority for South Georgia Medical Center Project, 1.55%, 10/1/23(a) | 5,600,000 | |||||||||
| 46,277,296 | |||||||||||
See notes to financial statements.
4
RESERVE MUNICIPAL MONEY MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| ILLINOIS—4.3% | |||||||||||
| $ | 2,500,000 | Chicago Board of Education GO Series C, 5.00%, 12/1/08 | $ | 2,533,991 | |||||||
| 1,345,000 | Chicago Board of Education GO, 1.66%, 12/1/25(a) | 1,345,000 | |||||||||
| 3,400,000 | Chicago GO, Series E, 1.64%, 1/1/42 | 3,400,000 | |||||||||
| 1,750,000 | Chicago School Financing Authority, Series B, 5.00%, 6/1/08 | 1,750,000 | |||||||||
| 1,820,000 | Chicago Unrefunded Balance Project GO, 5.25%, 1/1/09 | 1,853,944 | |||||||||
| 5,700,000 | Illinois DAR for Lifesource Project, 1.62%, 6/1/20(a) | 5,700,000 | |||||||||
| 2,830,000 | Illinois DFA for Learn Charter School Project, 1.75%, 9/1/33(a) | 2,830,000 | |||||||||
| 1,070,000 | Illinois DFA for MFH Orleans-Illinois Venture, 1.63%, 2/1/28(a) | 1,070,000 | |||||||||
| 2,745,000 | Illinois DFA for Rockford School, 6.55%, 2/1/09(a) | 2,822,599 | |||||||||
| 5,000,000 | Illinois Finance Authority for Chicago Symphony Orchestra, 1.60%, 5/1/48(a) | 5,000,000 | |||||||||
| 10,000,000 | Illinois Finance Authority for Children's Memorial Hospital, Series C, 1.55%, 8/15/25(a) | 10,000,000 | |||||||||
| 1,450,000 | Illinois Finance Authority IDA for Transparent Container Project. 2.10%, 8/1/24(a) | 1,450,000 | |||||||||
| 10,000,000 | Illinois Finance Authority IDR for North Park University, 1.75%, 7/1/35(a) | 10,000,000 | |||||||||
| 2,800,000 | Illinois Finance Authority IDR for Plymouth Place, 1.60%, 5/15/37(a) | 2,800,000 | |||||||||
| 4,600,000 | Illinois HFA for Edward Hospital, Series C, 1.60%, 2/1/34(a) | 4,600,000 | |||||||||
| 2,400,000 | Illinois State Toll Highway Authority, Series B, 1.60%, 1/1/10(a) | 2,400,000 | |||||||||
| 59,555,534 | |||||||||||
| INDIANA—1.3% | |||||||||||
| 690,000 | Clarksville High School Building Corp. for First Mortgage, 3.00%, 7/15/08 | 690,600 | |||||||||
| 7,935,000 | Franklin CDA for Multi School, 4.65%, 7/15/23(a) | 7,935,000 | |||||||||
| 2,400,000 | Indiana Finance Authority for University of Indianapolis, 1.82%, 10/1/38(a) | 2,400,000 | |||||||||
| 5,000,000 | Indiana Municipal Power Agency, 1.88%, 1/1/37(a) | 5,000,000 | |||||||||
| 2,100,000 | Indianapolis Local Public Improvement Board, Series F-2, 2.20%, 2/1/20(a) | 2,100,000 | |||||||||
| 18,125,600 | |||||||||||
| IOWA—1.6% | |||||||||||
| 1,000,000 | Des Moines HRB for Iowa Methodist Medical Center Project, 1.60%, 8/1/15(a) | 1,000,000 | |||||||||
| 4,010,000 | Iowa Finance Authority for Wesley Retirement Services, 1.60%, 12/1/33(a) | 4,010,000 | |||||||||
| 9,000,000 | Iowa HCF for Iowa Health System, Series A-1, 1.70%, 8/15/37(a) | 9,000,000 | |||||||||
| 5,000,000 | Iowa HCF for Iowa Health System, Series A-2, 1.70%, 8/15/37(a) | 5,000,000 | |||||||||
| 3,125,000 | Iowa HCF for Iowa Health System, Series A-3, 1.67%, 2/15/35(a) | 3,125,000 | |||||||||
| 22,135,000 | |||||||||||
| KENTUCKY—0.6% | |||||||||||
| 800,000 | Carroll County SWD for BPB Acquisition Project, 1.64%, 5/1/31(a) | 800,000 | |||||||||
| 6,235,000 | Carrollton & Henderson Public Energy Authority Gas Revenue, Series A, 5.00%, 1/1/09 | 6,342,409 | |||||||||
| 1,500,000 | Kentucky EDA for Republic Services Inc. Project, 2.10%, 6/1/31(a) | 1,500,000 | |||||||||
| 8,642,409 | |||||||||||
| LOUISIANA—4.7% | |||||||||||
| 125,000 | Ascension Parish for BASF Corporation Project, 1.44%, 3/1/25(a) | 125,000 | |||||||||
| 825,000 | East Baton Rouge Parish for Road & Street Improvement, Series A 1.53%-2.23%, 8/1/30(a) | 825,000 | |||||||||
| 1,780,000 | Jefferson Parish HRB for East Jefferson General, 2.35%, 7/1/09(a) | 1,780,000 | |||||||||
| 125,000 | Louisiana HFA Multifamily for New Orleanian, 1.62%, 12/1/25(a) | 125,000 | |||||||||
| 175,000 | Louisiana Local Govt. Environment Facilities CDA for Shreveport Utility Systems Project, 1.60%, 10/1/26(a) | 175,000 | |||||||||
| 4,820,000 | Louisiana Local Govt. Environment Facilities CDA for South Extrusion Inc. Project, 1.71%, 12/1/17(a) | 4,820,000 | |||||||||
| 825,000 | Louisiana Local Govt. Environment Facilities CDA for University of Louisiana-Monroe, Series A, 1.62%, 11/1/34(a) | 825,000 | |||||||||
See notes to financial statements.
5
RESERVE MUNICIPAL MONEY MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| LOUISIANA (Continued) | |||||||||||
| $ | 225,000 | Louisiana Offshore Term Auth. Deepwater Port Rev. for Loop LLC Project, 1.60%, 10/1/19(a) | $ | 225,000 | |||||||
| 200,000 | Louisiana Offshore Term Auth. Deepwater Port Rev. for Loop LLC Project, 1.60%, 9/1/14(a) | 200,000 | |||||||||
| 18,825,000 | Louisiana PFA for Christus Health, Series C, 1.85%, 7/1/47(a) | 18,825,000 | |||||||||
| 125,000 | Louisiana PFA for Christus Health, Sub-Series C-1, 2.85%, 7/1/31(a) | 125,000 | |||||||||
| 3,500,000 | Louisiana PFA for Christus Health, Sub-Series C-2, 2.85%, 7/1/41(a) | 3,500,000 | |||||||||
| 10,400,000 | Louisiana PFA for City Plaza LLC. Project, 1.60%, 3/1/40(a) | 10,400,000 | |||||||||
| 4,820,000 | Louisiana PFA for Franciscan Missionaries, Series C, 1.45%, 7/1/30(a) | 4,820,000 | |||||||||
| 175,000 | Louisiana PFA for Tiger Athletic Foundation Project, 1.55%, 9/1/34(a) | 175,000 | |||||||||
| 125,000 | Louisiana PFA Multifamily for River View, 1.56%, 4/1/36(a) | 125,000 | |||||||||
| 100,000 | Port New Orleans for Steamboat Co. Project, 1.70%, 6/1/30(a) | 100,000 | |||||||||
| 9,225,000 | South Louisiana Port Marine Term. for Holnam Inc. Project., 1.66%, 1/1/27(a) | 9,225,000 | |||||||||
| 3,675,000 | South Louisiana Port Marine Term. for Occidental Petroleum Corp., 1.55%, 7/1/21(a) | 3,675,000 | |||||||||
| 4,780,000 | South Louisiana Port Marine Term. for Occidental Petroleum Corp., 1.65%, 7/1/18(a) | 4,780,000 | |||||||||
| 575,000 | St. James Parish PCR for Occidental Petroleum Corp., 1.75%, 7/1/18(a) | 575,000 | |||||||||
| 65,425,000 | |||||||||||
| MARYLAND—3.0% | |||||||||||
| 1,400,000 | Baltimore IDA for Baltimore Capital Acquisition, 1.60%, 8/1/16(a) | 1,400,000 | |||||||||
| 1,850,000 | Maryland HEA for Trinity College, 1.65%, 11/1/26(a) | 1,850,000 | |||||||||
| 1,890,000 | Maryland HEFA for Adventist Health Care, 1.56%, 1/1/33 | 1,890,000 | |||||||||
| 9,525,000 | Maryland HEFA for Adventist Health Care, Series A, 1.62%, 1/1/35(a) | 9,525,000 | |||||||||
| 9,200,000 | Maryland HEFA for Adventist Health Care, Series B, 1.62%, 1/1/21(a) | 9,200,000 | |||||||||
| 3,400,000 | Maryland State CDA MFH for Parklane Apartments, Series C, 1.60%, 2/15/34(a) | 3,400,000 | |||||||||
| 3,100,000 | Maryland State CDA for Waters Tower, Series G, 1.80%, 12/15/33(a) | 3,100,000 | |||||||||
| 5,800,000 | Montgomery County for Riderwood Village Inc. Project, 1.64%, 3/1/34(a) | 5,800,000 | |||||||||
| 4,650,000 | Prince Georges County for Collington Episcopal Life Center, Series B, 1.60%, 4/1/28(a) | 4,650,000 | |||||||||
| 1,000,000 | Worcester County for Public Improvement Project, 4.00%, 8/1/08 | 1,003,645 | |||||||||
| 41,818,645 | |||||||||||
| MASSACHUSETTS—1.0% | |||||||||||
| 1,400,000 | Massachusetts DFA for Babson College, Series A, 1.50%, 10/1/32(a) | 1,400,000 | |||||||||
| 100,000 | Massachusetts DFA for Lawrence Academy Project, Series A, 1.52%, 5/1/33(a) | 100,000 | |||||||||
| 885,000 | Massachusetts DFA for Notre Dame Health Care Center, 1.67%, 10/1/29(a) | 885,000 | |||||||||
| 40,000 | Massachusetts DFA for Smith College, 1.40%, 7/1/24(a)(b) | 40,000 | |||||||||
| 780,000 | Massachusetts DFA IDR for Leaktite Corp., 1.60%, 8/1/19(a) | 780,000 | |||||||||
| 975,000 | Massachusetts HEFA for Essex Museum, 1.50%, 7/1/33(a) | 975,000 | |||||||||
| 1,125,000 | Massachusetts HEFA for Hallmark Health Systems, Series B, 1.55%, 7/1/27(a) | 1,125,000 | |||||||||
| 100,000 | Massachusetts HEFA for Partners Healthcare Systems, Series P-1, 1.53%, 7/1/27(a) | 100,000 | |||||||||
| 170,000 | Massachusetts HEFA for University of Massachusetts, Series A, 1.50%, 11/1/30(a) | 170,000 | |||||||||
| 10,000 | Massachusetts HEFA for Williams College, Series E, 1.50%, 8/1/14(a)(b) | 10,000 | |||||||||
| 5,765,000 | Massachusetts HFA for Single Family Housing, 1.70%, 12/1/30(a) | 5,765,000 | |||||||||
| 600,000 | Massachusetts IFA for Milton Academy Issue, 4.00%, 3/1/27(a) | 600,000 | |||||||||
| 1,530,000 | Massachusetts State GO Limited, Series A, 5.38%, 8/1/08 | 1,534,904 | |||||||||
| 13,484,904 | |||||||||||
See notes to financial statements.
6
RESERVE MUNICIPAL MONEY MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| MICHIGAN—3.1% | |||||||||||
| $ | 9,290,000 | Ann Arbor EDC for Glacier Hills Inc. Project, Series A, 1.60%, 11/1/25(a) | $ | 9,290,000 | |||||||
| 640,000 | Ann Arbor EDC for Glacier Hills Inc. Project, Series B, 1.60%, 11/1/19(a) | 640,000 | |||||||||
| 3,095,000 | Chelsea EDC for Silver Maples, 1.64%, 10/1/36(a) | 3,095,000 | |||||||||
| 8,310,000 | Green Lake Township EDC for Interlochen Center Project, 1.55%, 6/1/34(a) | 8,310,000 | |||||||||
| 500,000 | Jackson County EDC for Thrifty Leoni Inc. Project, 1.70%, 12/1/14(a) | 500,000 | |||||||||
| 3,190,000 | Jackson County HRB for W.A. Foote Memorial Hospital, Series C, 1.66%-2.45%, 5/12/26(a) | 3,190,000 | |||||||||
| 145,000 | Kalamazoo HRB for Bronson Methodist Hospital, 1.51%, 5/15/36(a) | 145,000 | |||||||||
| 3,460,000 | Kalamazoo HRB for Bronson Methodist Hospital, Series B, 1.95%, 12/1/15(a) | 3,460,000 | |||||||||
| 500,000 | Kentwood EDC for Holland Home, Series B, 1.60%, 11/1/32(a) | 500,000 | |||||||||
| 145,000 | Lenawee County EDC for Siena Heights University Project, 1.63% 11/1/24(a) | 145,000 | |||||||||
| 240,000 | Michigan State HDA MHR for Courtyards of Taylor, Series A, 1.56%, 8/15/32(a) | 240,000 | |||||||||
| 250,000 | Michigan State HDA, Series 1999 B2, 1.88%, 6/1/24(a) | 250,000 | |||||||||
| 20,000 | Michigan State HDA, Series 2000 A, 1.68%, 12/1/16(a) | 20,000 | |||||||||
| 1,400,000 | Michigan Strategic Fund for American Cancer Society Project, 1.85%-2.69%, 6/1/37(a) | 1,400,000 | |||||||||
| 600,000 | Michigan Strategic Fund for Detroit Edison, Series ET, 1.55%, 8/1/29(a) | 600,000 | |||||||||
| 1,045,000 | Michigan Strategic Fund for Metaltec Steel Abrasive Co., 1.85%, 8/1/31(a) | 1,045,000 | |||||||||
| 260,000 | Michigan Strategic Fund for MOT LLC Project, 1.55%, 12/1/34(a) | 260,000 | |||||||||
| 3,875,000 | Michigan Strategic Fund for Rest Haven Christian Services, 1.64%, 11/15/34(a) | 3,875,000 | |||||||||
| 620,000 | Michigan Strategic Fund for Transnav Technologies Inc., 1.75%, 12/1/27(a) | 620,000 | |||||||||
| 740,000 | Milan Area Schools Unlimited GO, 1.65%, 5/1/30(a) | 740,000 | |||||||||
| 500,000 | Oakland County EDC for Graph Tech Inc. Project, 1.80%, 4/1/28(a) | 500,000 | |||||||||
| 1,035,000 | University of Michigan Revenue for General Purposes, Series B, 1.35%, 4/1/28(a)(b) | 1,035,000 | |||||||||
| 3,430,000 | University of Michigan Revenue for Hospital Purposes, Series A, 1.55%, 12/1/27(a)(b) | 3,430,000 | |||||||||
| 43,290,000 | |||||||||||
| MINNESOTA—0.2% | |||||||||||
| 105,000 | Cohasset for Minnesota Power & Light Co. Project, Series B, 1.55%, 6/1/13(a) | 105,000 | |||||||||
| 700,000 | Minneapolis Special School District No. 001, 5.00%, 2/1/09 | 713,869 | |||||||||
| 1,146,000 | Minnesota HFA for Residential Housing, Series C, 1.70%, 1/1/35(a) | 1,146,000 | |||||||||
| 230,000 | Minnesota State EFA for Carleton College, Series 6-D, 1.40%, 4/1/35(a) | 230,000 | |||||||||
| 5,000 | Minnesota State EFA for University of St. Thomas, Series 5-C, 1.63%, 4/1/25(a) | 5,000 | |||||||||
| 1,005,000 | Minnesota State EFA for William Mitchell College of Law, Series 5-S, 1.68%, 10/1/33(a) | 1,005,000 | |||||||||
| 5,000 | St. Cloud HCR for Centracare Health System Project, Series C, 1.62%, 5/1/42(a) | 5,000 | |||||||||
| 150,000 | University of Minnesota, Series A, 1.66%, 1/1/34(a)(b) | 150,000 | |||||||||
| 3,359,869 | |||||||||||
| MISSISSIPPI—0.2% | |||||||||||
| 1,400,000 | Mississippi Business Financing Corp. for Gulf Opportunity Zone for Tindall Corp., 1.61%, 4/1/28(a) | 1,400,000 | |||||||||
| 1,965,000 | Mississippi Business Financing Corp. IDR for VC Regional Assembly & Manufacturing Project, 1.64%, 12/1/18(a) | 1,965,000 | |||||||||
| 3,365,000 | |||||||||||
| MISSOURI—3.1% | |||||||||||
| 1,000,000 | Jefferson County IDA for Pevely Pointe Apartments, 2.25%, 1/1/41(a) | 1,000,000 | |||||||||
| 2,000,000 | Kansas City Municipal Assistance Corp. for Leasehold Improvement, 2.85%, 4/15/25(a) | 2,000,000 | |||||||||
| 37,210,000 | Kansas City Municipal Assistance Corp. for Leasehold Improvement, Series A, 2.85%, 4/15/34(a) | 37,210,000 | |||||||||
| 120,000 | Platte County IDR for Platte Care Facility, 1.60%, 10/1/10(a) | 120,000 | |||||||||
| 2,400,000 | St. Louis IDA for Metro Lofts, 1.75%, 3/15/36(a) | 2,400,000 | |||||||||
| 42,730,000 | |||||||||||
See notes to financial statements.
7
RESERVE MUNICIPAL MONEY MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| NEBRASKA—0.7% | |||||||||||
| $ | 10,000,000 | Scotts Bluff County HFR for Regional West Medical Center, 1.65%, 12/1/28(a) | $ | 10,000,000 | |||||||
| NEVADA—1.7% | |||||||||||
| 7,300,000 | Clark County Airport Improvement Revenue, Series A, 1.85%, 7/1/12(a) | 7,300,000 | |||||||||
| 5,000,000 | Clark County for Motor Vehicle Fuel Tax, 2.15%, 6/13/08 | 5,000,000 | |||||||||
| 2,600,000 | Director State Department of Business & Industry for Energy Partners LLC Project, 1.90%, 10/1/35(a) | 2,600,000 | |||||||||
| 3,080,000 | Nevada Housing Division for Multi-Unit Fremont Meadow, 1.85%, 10/1/27(a) | 3,080,000 | |||||||||
| 2,020,000 | Nevada Housing Division for Multi-Unit Housing, Series K, 1.85%, 4/1/31(a) | 2,020,000 | |||||||||
| 3,860,000 | Nevada MFH for L'Octaine LP, 1.85%, 4/1/36(a) | 3,860,000 | |||||||||
| 23,860,000 | |||||||||||
| NEW HAMPSHIRE—1.2% | |||||||||||
| 8,100,000 | New Hampshire Business Finance Authority for Wheelabrator Concord Co., Series A, 1.60%, 1/1/18(a) | 8,100,000 | |||||||||
| 8,820,000 | New Hampshire HEFA for Riverwood Company, 1.60%, 3/1/22(a) | 8,820,000 | |||||||||
| 16,920,000 | |||||||||||
| NEW JERSEY—4.0% | |||||||||||
| 10,000 | New Jersey Building Authority Revenue, Sub-Series A-3, 1.55%, 6/15/23(a) | 10,000 | |||||||||
| 1,175,000 | New Jersey Building Authority Revenue, Sub-Series A-4, 1.55%, 6/15/23(a) | 1,175,000 | |||||||||
| 360,000 | New Jersey EDA for Morris Museum Project, 1.52%, 2/1/31(a) | 360,000 | |||||||||
| 3,530,000 | New Jersey EDA for Republic Services Inc. Project, 1.55%, 9/1/13(a) | 3,530,000 | |||||||||
| 1,000,000 | New Jersey EDA for Thermal Energy Facilities Ltd., Series A, 1.80%, 12/1/31(a) | 1,000,000 | |||||||||
| 6,360,000 | New Jersey EDA for Thermal Marina Energy LLC, Series A, 1.60%, 9/1/31(a) | 6,360,000 | |||||||||
| 1,400,000 | New Jersey HCF for Meridian, 1.60%-2.60%, 7/1/38(a) | 1,400,000 | |||||||||
| 5,000,000 | New Jersey HCF for Underwood Memorial Hospital, 1.50%, 7/1/33(a) | 5,000,000 | |||||||||
| 23,000,000 | New Jersey State GO Bond, 4.50%, 6/24/08 | 23,019,339 | |||||||||
| 1,045,000 | New Jersey State Housing & Mortgage Finance Agency MFH, Series G, 1.60%, 5/1/34(a) | 1,045,000 | |||||||||
| 2,825,000 | New Jersey State Transportation Trust Fund GABS, Series A, 5.00%, 6/15/08 | 2,826,708 | |||||||||
| 10,000,000 | New Jersey State Transportation Trust Fund ROCS RR II R-12004, 1.63%, 12/15/34(a) | 10,000,000 | |||||||||
| 55,726,047 | |||||||||||
| NEW MEXICO—0.7% | |||||||||||
| 8,460,000 | New Mexico Finance Authority for Cigarette Tax-University of New Mexico Health, Series B, 1.75%, 4/1/19(a) | 8,460,000 | |||||||||
| 1,000,000 | New Mexico State Transportation Revenue Sub Lien, Sub-Series B-2, , 1.55%, 12/15/26(a) | 1,000,000 | |||||||||
| 9,460,000 | |||||||||||
| NEW YORK—8.1% | |||||||||||
| 1,000,000 | Bleecker HDC for Bleecker Terrace Apartment Project, Series 85, 1.68%, 7/1/15(a) | 1,000,000 | |||||||||
| 1,000,000 | Cortland City School District GO, 4.50%, 6/15/08 | 1,000,996 | |||||||||
| 4,980,000 | Metropolitan Transportation Authority Dedicated Tax Fund, Series D-1, 2.26%, 11/1/34(a) | 4,980,000 | |||||||||
| 2,490,000 | Monroe County IDA for Jada Precision Project, 1.55%, 12/1/13(a) | 2,490,000 | |||||||||
| 1,000,000 | New York City HDC MFH for 15 E. Clarke Place Apartments, Series A, 1.75%, 9/1/37(a) | 1,000,000 | |||||||||
| 900,000 | New York City HDC MFH for Beacon Mews Development, Series A, 1.78%, 4/1/39(a) | 900,000 | |||||||||
| 1,400,000 | New York City IDA for Children's Oncology Society, 1.50%, 5/1/21(a) | 1,400,000 | |||||||||
| 1,465,000 | New York GO, Series B, 2.80%, 3/15/30(a) | 1,465,000 | |||||||||
| 1,300,000 | New York GO, Sub-Series A-2, 1.40%, 8/1/31(a) | 1,300,000 | |||||||||
| 2,500,000 | New York State HDC for Queens Family Courthouse Apartments, Series A, 1.78%-2.25%, 6/1/42(a) | 2,500,000 | |||||||||
| 1,025,000 | New York State HDR for Boricua Village Apartments, Series A-2, 1.58%, 9/1/42(a) | 1,025,000 | |||||||||
| 2,000,000 | New York State HFA for 250 West 93rd Street LLC, Series 2005 A, 1.51%, 11/1/38(a) | 2,000,000 | |||||||||
See notes to financial statements.
8
RESERVE MUNICIPAL MONEY MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| NEW YORK (Continued) | |||||||||||
| $ | 2,500,000 | New York State HFA for Admiral Halsey Senior Apartments, Series A, 1.60%, 5/1/37(a) | $ | 2,500,000 | |||||||
| 19,000,000 | New York State HFA for Helena Street, 1.70%, 5/15/36(a) | 19,000,000 | |||||||||
| 3,100,000 | New York State HFA for Kew Gardens Hills Housing, Series A, 1.70%, 5/15/36(a) | 3,100,000 | |||||||||
| 700,000 | New York State HFA for Remeeder Houses, Series A, 1.60%, 5/1/39(a) | 700,000 | |||||||||
| 1,000,000 | New York State HFA for Victory Housing, Series 2004 A, 1.58%, 11/1/33(a) | 1,000,000 | |||||||||
| 2,300,000 | New York State HFA for Worth Street, 1.58%, 5/15/33(a) | 2,300,000 | |||||||||
| 47,250,000 | New York State LGAC, Series 3V, 5.00%, 4/1/24 | 47,250,000 | |||||||||
| 2,000,000 | New York State R&D for Long Island Lighting Company, Series A, 1.75%, 12/1/27(a) | 2,000,000 | |||||||||
| 1,195,000 | Oswego County IDA for Fulton Thermal Corp Project, 1.55%, 6/1/14(a) | 1,195,000 | |||||||||
| 1,200,000 | Schenectady County IDA for Sunnyview Hospital and Rehabilitation Center, Series A, 1.70%, 8/1/33(a) | 1,200,000 | |||||||||
| 860,000 | Triborough Bridge & Tunnel Authority, Sub-Series B-2, 1.46%, 1/1/32(a) | 860,000 | |||||||||
| 9,100,000 | Troy IDA for Rensselaer Polytechnic Institute, 1.35%, 9/1/42(a) | 9,100,000 | |||||||||
| 111,265,996 | |||||||||||
| NORTH CAROLINA—1.1% | |||||||||||
| 815,000 | North Carolina Capital Facility Financing for Goodwill Community Foundation, 1.55%, 4/1/22(a) | 815,000 | |||||||||
| 785,000 | North Carolina Capital Facility Financing for Teachers Academy for Math, 1.55%, 3/1/21(a) | 785,000 | |||||||||
| 500,000 | North Carolina EFA for Cardinal Gibbons, 1.57%, 8/1/14(a) | 500,000 | |||||||||
| 365,000 | North Carolina EFA for Wingate University Project, 1.65%, 5/1/12(a) | 365,000 | |||||||||
| 3,855,000 | North Carolina EFA for Wingate University, 1.63%, 5/1/22(a) | 3,855,000 | |||||||||
| 8,000,000 | North Carolina Medical Care Community HCF for South Minister, 1.61%, 10/1/14(a) | 8,000,000 | |||||||||
| 700,000 | North Carolina Medical Care Community HCF for Stanley Total Living Center, 1.65%, 4/1/18(a) | 700,000 | |||||||||
| 15,020,000 | |||||||||||
| OHIO—4.5% | |||||||||||
| 3,755,000 | Akron Bath Copley Joint Township HRB for Summa Health System, Series B, 1.65%, 11/1/34(a) | 3,755,000 | |||||||||
| 14,825,000 | Cleveland Waterworks Revenue, Series L, 2.60%, 1/1/33(a) | 14,825,000 | |||||||||
| 1,380,000 | Cleveland Waterworks Revenue, Series M, 1.55%, 1/1/33(a) | 1,380,000 | |||||||||
| 350,000 | Cleveland-Cuyahoga County Port Authority for Carnegie/89th Garage Project, 2.05%-3.60%, 1/1/37(a) | 350,000 | |||||||||
| 1,850,000 | Cuyahoga County Civic Facilities Revenue for Cleveland Health Education Museum, 1.69%, 3/1/32(a) | 1,850,000 | |||||||||
| 2,080,000 | Cuyahoga County EDA for Cleveland Botanical Gardens Project, 1.65%, 7/1/31(a) | 2,080,000 | |||||||||
| 2,850,000 | Cuyahoga County HCF for A.M. McGregor Home Project, 1.64%,1/1/34(a) | 2,850,000 | |||||||||
| 1,280,000 | Franklin County HFR for Ohio Health Corp., 1.60%, 5/1/41(a) | 1,280,000 | |||||||||
| 4,855,000 | Hamilton County HCF for Episcopal Retirement Homes Inc, Series B, 1.55%, 6/1/35(a) | 4,855,000 | |||||||||
| 140,000 | Kent State University General Revenue Receipts, 2.58%, 5/1/31(a) | 140,000 | |||||||||
| 5,700,000 | Licking County HCF for Kendal at Granville, 1.60%, 11/1/33(a) | 5,700,000 | |||||||||
| 565,000 | Middleburgh Heights HRB for Southwest General Health, 1.65%, 8/15/22(a) | 565,000 | |||||||||
| 360,000 | Montgomery County HRB for Kettering Health, Series B, 1.43%, 8/1/47(a) | 360,000 | |||||||||
| 6,470,000 | Ohio HFA MFH for Shannon Glen Apartments Project, 1.63%, 12/15/36(a) | 6,470,000 | |||||||||
| 520,000 | Ohio State Air Quality DAR for Firstenergy Nuclear Generation, Series A, 1.62%, 6/1/33(a) | 520,000 | |||||||||
| 680,000 | Ohio State EFA for Ashland University Project, 1.67%, 9/1/24(a) | 680,000 | |||||||||
| 6,000,000 | Ohio State EFA for Case Western University, Series A, 1.45%, 12/1/44(a) | 6,000,000 | |||||||||
| 4,450,000 | Ohio State EFA for Case Western University, Series A, 1.55%, 10/1/31(a) | 4,450,000 | |||||||||
| 500,000 | Ohio State HEA for Pooled Financing 2007 Program, Series A, 1.65%, 9/1/36(a) | 500,000 | |||||||||
| 1,035,000 | Richland County HCF for Wesleyan Senior Living, Series A, 1.63%, 11/1/27(a) | 1,035,000 | |||||||||
| 1,295,000 | Richland County HCF for Wesleyan Senior Living, Series B, 1.63%, 11/1/27(a) | 1,295,000 | |||||||||
| 1,540,000 | Toledo City Services Special Assessment Notes, 1.67%-2.65%, 12/1/10(a) | 1,540,000 | |||||||||
| 62,480,000 | |||||||||||
See notes to financial statements.
9
RESERVE MUNICIPAL MONEY MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| OREGON—0.0%^ | |||||||||||
| $ | 500,000 | Portland MFH for Eden Associates, 1.70%, 12/1/11(a) | $ | 500,000 | |||||||
| PENNSYLVANIA—8.2% | |||||||||||
| 6,810,000 | Butler County for Scranton School District Project, 1.82%, 4/1/18(a) | 6,810,000 | |||||||||
| 2,530,000 | Butler County General Authority for Hampton Township School District Project, 1.65%, 11/15/21(a) | 2,530,000 | |||||||||
| 500,000 | Butler County IDA for Concordia Lutheran, Series A, 1.65%, 5/1/34(a) | 500,000 | |||||||||
| 14,500,000 | Cumberland County Municipal Authority for Asbury Atlantic Inc., 1.63%, 1/1/41(a) | 14,500,000 | |||||||||
| 1,700,000 | Cumberland County Municipal Authority for Presbyterian Homes Inc., Series B, 1.59%, 12/1/32(a) | 1,700,000 | |||||||||
| 8,000,000 | Daniel Boone Area School District GO, 1.63%, 8/1/29(a) | 8,000,000 | |||||||||
| 200,000 | Dauphin County HSR for Pinnacle Health System Project, 1.51%, 8/15/27(a) | 200,000 | |||||||||
| 700,000 | Delaware County IDA for Sun Inc., 1.60%, 11/1/33(a) | 700,000 | |||||||||
| 400,000 | Delaware Valley Regional Financial Authority for Local Government, Series A, 1.47%, 12/1/19(a) | 400,000 | |||||||||
| 400,000 | Erie County WAR, Series A, 1.55%, 12/1/36(a) | 400,000 | |||||||||
| 6,650,000 | Fayette County HRB for Fayette Regional Health Systems, Series B, 1.62%, 6/1/37(a) | 6,650,000 | |||||||||
| 1,100,000 | Lampeter Strasburg School District GO, Series A, 3.19%, 6/1/19(a) | 1,100,000 | |||||||||
| 2,680,000 | Lancaster County HRB for Willow Valley Manor, 5.50%, 12/1/18(a) | 2,680,000 | |||||||||
| 1,415,000 | Lancaster County, Series B, 1.53%, 11/1/16(a) | 1,415,000 | |||||||||
| 1,000,000 | Lebanon County HCF for ECC Retirement Village Project, 1.67%, 10/15/25(a) | 1,000,000 | |||||||||
| 17,600,000 | Lehigh County General Purpose Authority for Shepherd Group, Series B, 1.60%, 11/1/27(a) | 17,600,000 | |||||||||
| 1,200,000 | Luzerne County GO, Series A, 1.55%, 11/15/26(a) | 1,200,000 | |||||||||
| 3,990,000 | Manheim Township School District GO, 1.62%, 5/1/23(a) | 3,990,000 | |||||||||
| 1,000,000 | Manheim Township School District GO, 1.62%, 6/1/25(a) | 1,000,000 | |||||||||
| 500,000 | Middletown Area School District GO for School Improvements, 1.64%, 6/1/22(a) | 500,000 | |||||||||
| 2,000,000 | Montgomery County HEA for William Penn Charter, 1.62%, 9/15/31(a) | 2,000,000 | |||||||||
| 2,000,000 | Montgomery County IDA, Series 96-A, 1.95%, 6/10/08 | 2,000,000 | |||||||||
| 535,000 | New Castle Hospital Authority for Jameson Memorial Hospital, 1.65%, 7/1/26(a) | 535,000 | |||||||||
| 2,235,000 | Northampton County IDA for First Mortgage of Kirkland Village, 1.59%, 11/1/30(a) | 2,235,000 | |||||||||
| 1,380,000 | Pennsylvania State EFA for Independent Colleges, Series E-3, 1.59%, 11/1/14(a) | 1,380,000 | |||||||||
| 1,700,000 | Pennsylvania State EFA for Philadelphia University, Series B, 1.50%, 6/1/35(a) | 1,700,000 | |||||||||
| 2,370,000 | Pennsylvania State HEA for the Association of Independent Colleges, Series K 1, 3.38%, 11/1/22(a) | 2,370,000 | |||||||||
| 205,000 | Pennsylvania State Turnpike Commission for Registration Fees, Series D, 1.60%, 7/15/41(a) | 205,000 | |||||||||
| 100,000 | Pennsylvania State Turnpike Commission for Turnpike Revenue, Series A-3, 1.60%, 12/1/30(a) | 100,000 | |||||||||
| 2,505,000 | Pennsylvania State Turnpike Commission Pre-Refunded, Series A, 5.25%, 12/1/08(a) | 2,557,348 | |||||||||
| 650,000 | Philadelphia IDA for National Board of Medical Examiners Project, 1.90%, 5/1/37(a) | 650,000 | |||||||||
| 950,000 | Philadelphia Multi-Modal GO, Series B, 1.62%, 8/1/31(a) | 950,000 | |||||||||
| 600,000 | Philadelphia WSR, 1.51%, 6/15/23(a) | 600,000 | |||||||||
| 1,700,000 | Pittsburgh WSR First Lien, Series B-1, 1.55%, 9/1/33(a) | 1,700,000 | |||||||||
| 2,950,000 | Quakertown General Authority Revenue for Pooled Financing Program, Series A, 1.70%, 7/1/26(a) | 2,950,000 | |||||||||
| 3,475,000 | Shaler Area School District GO, 1.63%, 9/1/25(a) | 3,475,000 | |||||||||
| 2,555,000 | Somerset County Hospital Authority for Somerset Community Hospital, 3.07%, 3/1/37(a) | 2,555,000 | |||||||||
| 960,000 | Southcentral General Authority for Wellspan Health, Series B, 2.85%, 5/15/31(a) | 960,000 | |||||||||
| 5,190,000 | Westmoreland County IDA for Redstone Highlands Apartments, Series B, 1.62%, 1/1/36(a) | 5,190,000 | |||||||||
| 6,900,000 | Westmoreland County IDA for Redstone Highlands Apartments, Series C, 1.62%, 1/1/36(a) | 6,900,000 | |||||||||
| 113,887,348 | |||||||||||
See notes to financial statements.
10
RESERVE MUNICIPAL MONEY MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| PUERTO RICO—0.7% | |||||||||||
| $ | 2,160,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-2, 1.58%, 7/1/29(a) | $ | 2,160,000 | |||||||
| 280,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-3, 1.25%, 7/1/29(a) | 280,000 | |||||||||
| 5,000,000 | Puerto Rico Commonwealth GO for Public Improvement, Series B, 1.60%, 7/1/32(a) | 5,000,000 | |||||||||
| 2,000,000 | Puerto Rico Commonwealth GO, Series A-7, 2.05%, 7/1/33(a) | 2,000,000 | |||||||||
| 9,440,000 | |||||||||||
| RHODE ISLAND—0.7% | |||||||||||
| 5,165,000 | Rhode Island HEFA for Care New England Health System, Series A, 1.55%, 9/1/32(a) | 5,165,000 | |||||||||
| 4,405,000 | Rhode Island HEFA for Care New England Health System, Series B, 1.55%, 9/1/37(a) | 4,405,000 | |||||||||
| 9,570,000 | |||||||||||
| SOUTH CAROLINA—2.1% | |||||||||||
| 2,755,000 | Rock Hill Utility System Revenue, Series B, 1.60%, 1/1/25(a) | 2,755,000 | |||||||||
| 8,950,000 | South Carolina Jobs EDA for Arts Partnership Inc. Project, 1.63%, 6/30/18(a) | 8,950,000 | |||||||||
| 5,000,000 | South Carolina Jobs EDA for Episcopla HCF, 1.60%, 4/1/27(a) | 5,000,000 | |||||||||
| 2,000,000 | South Carolina Jobs EDA for Goodwill Industries Inc. Project, 1.65%, 10/1/32(a) | 2,000,000 | |||||||||
| 1,000,000 | South Carolina Jobs EDA for Vista Hotel Partners LLC., 1.75%, 12/1/35(a) | 1,000,000 | |||||||||
| 5,000,000 | South Carolina Jobs EDA for Waste Management of South Carolina, 1.75%, 7/1/24(a) | 5,000,000 | |||||||||
| 5,000,000 | South Carolina Jobs EDA for Woodlands at Furman Project, Series C, 1.62%, 11/15/42(a) | 5,000,000 | |||||||||
| 29,705,000 | |||||||||||
| TENNESSEE—5.6% | |||||||||||
| 5,200,000 | Blount County PBA for Local Improvement, Series A-1-A, 3.00%, 6/1/31(a) | 5,200,000 | |||||||||
| 490,000 | Chattanooga HEFA for Baylor School Project, Series 96, 1.60%, 11/1/16(a) | 490,000 | |||||||||
| 2,000,000 | Jackson HEA HFA for Union University Project, 1.65%, 10/1/23(a) | 2,000,000 | |||||||||
| 15,700,000 | Memphis-Shelby County Sports Authority for Memphis Arena Project, Series A, 2.15%, 11/1/28(a) | 15,700,000 | |||||||||
| 2,000,000 | Memphis-Shelby County IDR for Boys and Girls Club, Series A, 1.60%, 11/1/27(a) | 2,000,000 | |||||||||
| 5,255,000 | Metropolitan Nashville Airport Authority for Aero Nashville LLC Project, Series A, 1.74%, 7/1/36(a) | 5,255,000 | |||||||||
| 910,000 | Montgomery County Public Building Pooled Financing , 1.55%, 9/1/29(a) | 910,000 | |||||||||
| 19,750,000 | Sevier County PBA for Local Improvement, Series F, 3.25%, 6/1/20(a) | 19,750,000 | |||||||||
| 7,940,000 | Sevier County PBA for Local Improvement, Series E-1, 3.00%, 6/1/30(a) | 7,940,000 | |||||||||
| 17,600,000 | Sullivan County HEFA for Wellmont Health System, 1.60%, 9/1/32(a) | 17,600,000 | |||||||||
| 76,845,000 | |||||||||||
| TEXAS—4.6% | |||||||||||
| 1,400,000 | Austin Airport System Revenue, 1.64%, 11/15/17(a) | 1,400,000 | |||||||||
| 1,850,000 | Denton Utility System Revenue, Series A, 6.00%, 12/1/08 | 1,886,451 | |||||||||
| 8,000,000 | Houston Texas Airport System Revenue, 2.00%, 9/5/08 | 8,000,000 | |||||||||
| 1,500,000 | Houston Texas Utility System Revenue First Lien, 1.50%, 5/15/34(a) | 1,500,000 | |||||||||
| 7,020,000 | Mesquite County HCF for Christian Care Centers Inc., 1.60%, 2/15/30(a) | 7,020,000 | |||||||||
| 1,500,000 | Montgomery County GO for Unlimited Tax Adjustable Rate, Series B, 5.00%, 3/1/28 | 1,511,014 | |||||||||
| 8,300,000 | North Texas HEA for Student Loan Revenue, Series A, 1.70%, 12/1/38(a) | 8,300,000 | |||||||||
| 21,090,000 | North Texas Thruway Authority BANS, 4.13%, 11/19/08 | 21,090,000 | |||||||||
| 6,800,000 | Tarrant County Retirement Facilities for Northwest Senior-Edgemere Project, Series B, 1.60%, 11/15/36(a) | 6,800,000 | |||||||||
| 5,400,000 | Travis County HFA for Querencia Barton Creek, Series C, 1.60%, 11/15/35(a) | 5,400,000 | |||||||||
| 62,907,465 | |||||||||||
See notes to financial statements.
11
RESERVE MUNICIPAL MONEY MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| VIRGINIA—0.8% | |||||||||||
| $ | 3,390,000 | King George County IDA SWD for Garnet of Virginia Inc. Project, 1.75%, 9/1/21(a) | $ | 3,390,000 | |||||||
| 225,000 | Nelson County IDA for Taylor-Ramsey Corporation, 1.75%, 8/1/09(a) | 225,000 | |||||||||
| 4,730,000 | Pocahontas Parkway Association for Toll Road Revenue, Series A, 5.00%, 8/15/08 | 4,839,972 | |||||||||
| 550,000 | Pocahontas Parkway Association for Toll Road Revenue, Series A, 5.50%, 8/15/08 | 565,311 | |||||||||
| 180,000 | Virginia Beach DAR EFA for Virginia Wesleyan College Project, 1.55%, 7/1/33(a) | 180,000 | |||||||||
| 1,150,000 | Virginia Beach DAR IDA for Architectural Graphics Project, 1.70%, 5/1/20(a) | 1,150,000 | |||||||||
| 180,000 | Williamsburg IDA for Colonial Williamsburg Foundation, 1.55%, 12/1/18(a) | 180,000 | |||||||||
| 10,530,283 | |||||||||||
| WASHINGTON—2.6% | |||||||||||
| 15,000,000 | Chelan County Public Utility District #1, Series B, 1.86%, 7/1/32(a) | 15,000,000 | |||||||||
| 1,000,000 | King County School District No. 406 South Central GO, 5.15%, 6/1/08 | 1,000,000 | |||||||||
| 7,540,000 | Snohomish County Public Utility Revenue for Generation Systems, 2.10%, 1/1/25(a) | 7,540,000 | |||||||||
| 4,300,000 | Washington State EDA SWD for Waste Management Inc. Project, 1.75%, 10/1/27(a) | 4,300,000 | |||||||||
| 1,800,000 | Washington State EDA SWD for Waste Management Inc. Project, 1.75%, 7/1/27(a) | 1,800,000 | |||||||||
| 6,000,000 | Washington State GO, 5.50%, 9/1/08 | 6,050,422 | |||||||||
| 35,690,422 | |||||||||||
| WISCONSIN—0.7% | |||||||||||
| 1,000,000 | Superior IDR for Amsoil Inc. Project, 3.26%, 10/1/21(a) | 1,000,000 | |||||||||
| 2,000,000 | Wisconsin HEFA for Froedtert & Community Health, Series C, 1.90%, 4/1/35(a) | 2,000,000 | |||||||||
| 3,500,000 | Wisconsin HEFA for Marshfield Clinic, Series B, 1.64%, 1/15/36(a) | 3,500,000 | |||||||||
| 2,905,000 | Wisconsin Housing EDA, Series B, 2.50%, 5/1/32(a) | 2,905,000 | |||||||||
| 9,405,000 | |||||||||||
| WYOMING—0.6% | |||||||||||
| 8,500,000 | Campbell County IDR for Two Elk Generation Partners Project, 3.65%, 11/28/08(a) | 8,500,000 | |||||||||
| Total Investments (Cost* $1,364,351,373) | 98.6 | % | 1,364,351,373 | ||||||||
| Comprehensive management fees payable | (0.0 | )^ | (28,522 | ) | |||||||
| Distribution(12b-1) fees payable | (0.0 | )^ | (4,459 | ) | |||||||
| Other assets less liabilities | 1.4 | 18,956,815 | |||||||||
| Net Assets | 100.0 | % | $ | 1,383,275,207 | |||||||
| Net asset value, offering and redemption price per share, based on shares of beneficial interest, $.001 par value outstanding and equivalent to the Net Assets of each Class: | |||||||
| 313,107,131 shares Class R | $ | 1.00 | |||||
| 3,353,145 shares Investor Class II** | $ | 1.00 | |||||
| 9,924,809 shares Investor Class I** | $ | 1.00 | |||||
| 192,292,228 shares Class Treasurer's Trust | $ | 1.00 | |||||
| 28,639,078 shares Liquidity Class V** | $ | 1.00 | |||||
| 130,942,953 shares Liquidity Class III** | $ | 1.00 | |||||
| 10,079 shares Liquidity Class II** | $ | 1.00 | |||||
| 175,835,610 shares Liquidity Class I** | $ | 1.00 | |||||
| 529,167,917 shares Class Institutional | $ | 1.00 | |||||
** Effective September 28, 2007, Classes 15, 20, 25, 35 and 45 were renamed Liquidity Class I, II, III, IV and V, respectively. Also, Classes 70, 75, and 95 were renamed Investor Classes I, II and III, respectively. Liquidity Class II commenced operations on February 8, 2008.
See notes to financial statements.
12
RESERVE MUNICIPAL MONEY-MARKET TRUST II—CALIFORNIA MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—95.7% | Value (Note 1) | |||||||||
| CALIFORNIA—90.7% | |||||||||||
| $ | 2,535,000 | ABAG Financial Authority for Nonprofit Corporations MFH for Colma Bart Apartments, Series A, 1.55%,11/15/35(a) | $ | 2,535,000 | |||||||
| 545,000 | Alameda Contra Costa COPS for Capital Improvements Project, Series F, 1.43%, 8/1/23(a) | 545,000 | |||||||||
| 2,400,000 | Bay Area Toll Authority for San Francisco Bay Area, Series A, 2.58%, 4/1/36(a) | 2,400,000 | |||||||||
| 2,000,000 | Big Bear Lake IDA for Southwest Gas Corp. Project, Series A, 1.56%, 12/1/28(a) | 2,000,000 | |||||||||
| 1,000,000 | California Health Facilities Financing Authority for Catholic Health Facilities, Series J, 1.29%, 7/1/33(a) | 1,000,000 | |||||||||
| 940,000 | California HFA for Home Mortgage, Series C, 1.48%, 8/1/31(a) | 940,000 | |||||||||
| 990,000 | California HFA for Home Mortgage, Series F, 1.48%, 2/1/34(a) | 990,000 | |||||||||
| 1,000,000 | California HFA for Home Mortgage, Series R, 2.60%, 8/1/32(a) | 1,000,000 | |||||||||
| 2,540,000 | California Infrastructure and Economic Development for SRI International, Series A, 1.31%, 9/1/28(a) | 2,540,000 | |||||||||
| 1,000,000 | California MFA for Vacaville Christian Schools, 1.41%, 8/1/37(a) | 1,000,000 | |||||||||
| 2,500,000 | California MFA SWD for Waste Management Inc. Project, Series A, 1.55%, 2/1/19(a) | 2,500,000 | |||||||||
| 3,000,000 | California PCR for Wadham Energy LP, Series C, 3.10%, 11/1/17(a) | 3,000,000 | |||||||||
| 1,150,000 | California State Department of Water Power Supply, Series C-9, 1.30%, 5/1/22(a) | 1,150,000 | |||||||||
| 400,000 | California State GO, 4.50%, 10/1/08 | 402,752 | |||||||||
| 3,000,000 | California State RANS, 4.00%, 6/30/08 | 3,001,470 | |||||||||
| 3,100,000 | California Statewide CDA COPS for Covenant Retirement Communities, 1.43%, 12/1/25(a) | 3,100,000 | |||||||||
| 625,000 | California Statewide CDA for Goodwill of Santa Cruz, 1.33%, 2/1/38(a) | 625,000 | |||||||||
| 1,065,000 | California Statewide CDA for Masters College, 1.35%, 2/1/32(a) | 1,065,000 | |||||||||
| 800,000 | California Statewide CDA for Sweep Loan Program, Series B, 1.30%, 6/1/35(a) | 800,000 | |||||||||
| 700,000 | California Statewide CDA MFH for Avian Glen Apartments Project, Series 00, 1.60%, 8/1/39(a) | 700,000 | |||||||||
| 400,000 | California Statewide CDA MFH for Crossings Madera, Series B, 1.60%, 1/1/38(a) | 400,000 | |||||||||
| 400,000 | California Statewide CDA MFH for Stoneridge Elk Grove, Series Q, 1.60%, 10/1/38(a) | 400,000 | |||||||||
| 1,415,000 | Central Basin Municipal Water District COPS for 2007 Project, Series B, 1.45%, 8/1/37(a) | 1,415,000 | |||||||||
| 1,475,000 | Concord MFH for Maplewood & Golden Glen, Series A, 1.67%, 12/1/30(a) | 1,475,000 | |||||||||
| 1,400,000 | Fremont COPS for 1998 Family Resource Center Financing Project, 1.43%, 8/1/28(a) | 1,400,000 | |||||||||
| 2,000,000 | Imperial Irrigation, Series A, 1.25%, 6/5/08 | 2,000,000 | |||||||||
| 3,240,000 | Los Angeles CDA COPS for Broadway-Spring Center Project, 1.60%, 7/1/12(a) | 3,240,000 | |||||||||
| 3,100,000 | Los Angeles CDA MFH for 2nd & Central Apartments Project, Series A, 1.55%, 12/1/38(a) | 3,100,000 | |||||||||
| 2,805,000 | Los Angeles CDA MFH for Security Building Project, Series A, 1.65%, 12/15/34(a) | 2,805,000 | |||||||||
| 3,000,000 | Los Angeles County Sanitation District Financing Authority ROCS RR II R-12139, 1.62%, 10/1/34(a) | 3,000,000 | |||||||||
| 3,000,000 | Los Angeles Municipal Improvement, Series A-1, 1.35%, 6/18/08 | 3,000,000 | |||||||||
| 2,000,000 | Los Angeles Municipal Improvement, Series A-1, 1.65%, 7/8/08 | 2,000,000 | |||||||||
| 3,585,000 | Metropolitan Water District of Southern California Waterworks Revenue, 1.55%, 7/1/37(a) | 3,585,000 | |||||||||
| 1,000,000 | Northern California Power Agency for Hydroelectric No. 1, Series A, 1.70%, 7/1/23(a) | 1,000,000 | |||||||||
| 1,000,000 | Orange County Local Transportation Authority Sales Tax Revenue, Series A, 5.50%, 2/15/09 | 1,021,464 | |||||||||
| 1,100,000 | Riverside County Asset Leasing Corp. for Southwest Justice Center, Series B, 1.65%, 11/1/32(a) | 1,100,000 | |||||||||
| 2,175,000 | Riverside County Community Facilities for Special Tax No. 88-4, 1.45%, 9/1/14(a) | 2,175,000 | |||||||||
| 1,000,000 | Riverside County IDA IDR for Rockwin Corp. Project, Series II, 1.80%, 9/1/17(a) | 1,000,000 | |||||||||
| 1,000,000 | Riverside County IDA IDR for Spenuzza Inc. Project, 1.55%, 11/1/34(a) | 1,000,000 | |||||||||
| 1,950,000 | San Francisco City and County Airports Commission International Terminal, Series 34A, 1.48%, 5/1/29(a) | 1,950,000 | |||||||||
| 770,000 | San Francisco City and County Airports Commission International Terminal, Series 37A, 1.80%, 5/1/19(a) | 770,000 | |||||||||
| 1,400,000 | San Francisco City and County Redevelopment Agency MFH for Maria Manor Apartments, Series F, 1.55%, 12/1/33(a) | 1,400,000 | |||||||||
| 3,500,000 | San Jose Redevelopment Tax Allocation for Housing Set Aside Merged, Series C, 1.54%, 8/1/35(a) | 3,500,000 | |||||||||
| 1,200,000 | Santa Ana Unified School District COPS for School Improvements, 1.30%, 7/1/15(a) | 1,200,000 | |||||||||
| 200,000 | South San Francisco MFH for Magnolia Plaza Apartments, Series A, 1.58%, 5/1/17(a) | 200,000 | |||||||||
| 1,385,000 | Watereuse Financial Authority for Public Improvements, 1.40%, 5/1/28(a) | 1,385,000 | |||||||||
| 76,815,686 | |||||||||||
See notes to financial statements.
13
RESERVE MUNICIPAL MONEY-MARKET TRUST II—CALIFORNIA MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| PUERTO RICO—5.0% | |||||||||||
| $ | 4,200,000 | Puerto Rico Commonwealth TRANS, 4.25%, 7/30/08 | $ | 4,205,640 | |||||||
| Total Investments (Cost* $81,021,326) | 95.7 | % | 81,021,326 | ||||||||
| Comprehensive management fees payable | (0.0 | )^ | (3,749 | ) | |||||||
| Distribution (12b-1) fees payable | (0.0 | )^ | (1,157 | ) | |||||||
| Other assets less liabilities | 4.3 | 3,678,452 | |||||||||
| Net Assets | 100.0 | % | $ | 84,694,872 | |||||||
| Net asset value, offering and redemption price per share, based on 84,694,872 shares of beneficial interest, $.001 par value outstanding, Class R | $ | 1.00 | |||||||||
See notes to financial statements.
14
RESERVE MUNICIPAL MONEY-MARKET TRUST II—CONNECTICUT MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—96.6% | Value (Note 1) | |||||||||
| CONNECTICUT—87.6% | |||||||||||
| $ | 1,965,000 | Connecticut DAR for Independent Living Project, 1.50%, 7/1/15(a) | $ | 1,965,000 | |||||||
| 466,000 | Connecticut DAR for Pierce Memorial Baptist Home, 1.50%, 10/1/28(a) | 466,000 | |||||||||
| 1,965,000 | Connecticut DAR for Solid Waste-Rand/Whitney Project, 1.61%, 8/1/23(a) | 1,965,000 | |||||||||
| 1,855,000 | Connecticut GO, Series A, 1.63%, 2/15/21(a) | 1,855,000 | |||||||||
| 1,000,000 | Connecticut GO, Series G, 4.50%, 3/15/09 | 1,020,407 | |||||||||
| 440,000 | Connecticut HEFA for Avon Old Farms School, Series B, 1.45%, 7/1/35(a) | 440,000 | |||||||||
| 200,000 | Connecticut HEFA for Edgehill Continuing Care Retirement, Series C, 1.00%, 7/1/27(a) | 200,000 | |||||||||
| 870,000 | Connecticut HEFA for Greenwich Academy, Series C, 1.51%, 3/1/37(a) | 870,000 | |||||||||
| 1,100,000 | Connecticut HEFA for Health Care Capital Asset, Series A-1, 1.45%, 7/1/31(a) | 1,100,000 | |||||||||
| 1,975,000 | Connecticut HEFA for Hotchkiss School, Series A, 1.50%, 7/1/30(a) | 1,975,000 | |||||||||
| 1,000,000 | Connecticut HEFA for Kingswood-Oxford School, Series B, 1.65%, 7/1/30(a) | 1,000,000 | |||||||||
| 1,000,000 | Connecticut HEFA for Klingberg Family Center, Series A 1.50%, 7/1/32(a) | 1,000,000 | |||||||||
| 1,925,000 | Connecticut HEFA for Lawrence & Memorial Hospital Inc., Series E, 1.45%, 7/1/34(a) | 1,925,000 | |||||||||
| 1,870,000 | Connecticut HEFA for Masonicare Corp., Series C, 1.00%, 7/1/37(a) | 1,870,000 | |||||||||
| 550,000 | Connecticut HEFA for Middlesex Hospital, 3.00%, 7/1/08 | 550,442 | |||||||||
| 1,775,000 | Connecticut HEFA for Pomfret School Issue, Series A, 1.45%, 7/1/24(a) | 1,775,000 | |||||||||
| 900,000 | Connecticut HEFA for Quinnipiac University, Series J, 1.55%, 7/1/37(a) | 900,000 | |||||||||
| 1,000,000 | Connecticut HEFA for University of Bridgeport, Series B, 1.62%, 7/1/37(a) | 1,000,000 | |||||||||
| 400,000 | Connecticut HEFA for University of New Haven, Series E, 1.57%, 7/1/35(a) | 400,000 | |||||||||
| 1,960,000 | Connecticut HEFA for Wesleyan University, Series F, 1.45%, 7/1/40(a) | 1,960,000 | |||||||||
| 600,000 | Connecticut HEFA for Yale University, Series T-2, 1.45%, 7/1/29(a)(b) | 600,000 | |||||||||
| 1,055,000 | Connecticut HEFA for Yale University, Series U, 1.45%, 7/1/33(a)(b) | 1,055,000 | |||||||||
| 320,000 | Connecticut HEFA for Yale University, Series X-2, 1.38%, 7/1/37(a)(b) | 320,000 | |||||||||
| 1,000,000 | Connecticut HFA for Cil Realty Inc., 1.50%, 7/1/32(a) | 1,000,000 | |||||||||
| 685,000 | Connecticut HFA Mortgage Financing Program, Series B-3, 1.80%, 11/15/31(a) | 685,000 | |||||||||
| 1,285,000 | Connecticut HFA Mortgage Financing Program, Series D-3, 1.80%, 5/15/33(a) | 1,285,000 | |||||||||
| 335,000 | Greenwich GO, 3.00%, 6/1/08 | 335,008 | |||||||||
| 1,975,000 | Hartford MHR for Underwood Towers Project, 1.45%, 6/1/20(a) | 1,975,000 | |||||||||
| 2,225,000 | New Britain BANS, 4.00%, 3/31/09 | 2,261,302 | |||||||||
| 1,000,000 | Waterbury BANS, 4.50%, 9/3/08 | 1,002,157 | |||||||||
| 34,755,316 | |||||||||||
| CALIFORNIA—4.0% | |||||||||||
| 1,600,000 | Riverside County Asset Leasing Corp. Leasehold Revenue for Southwest Justice Center, Series B, 1.65%, 11/1/32(a) | 1,600,000 | |||||||||
| PUERTO RICO—5.0% | |||||||||||
| 220,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-2, 1.58%, 7/1/29(a) | 220,000 | |||||||||
| 935,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-3, 1.25%, 7/1/29(a) | 935,000 | |||||||||
| 800,000 | Puerto Rico Commonwealth TRANS, 4.25%, 7/30/08 | 801,074 | |||||||||
| 1,956,074 | |||||||||||
| Total Investments (Cost* $38,311,390) | 96.6 | % | 38,311,390 | ||||||||
| Comprehensive management fees payable | (0.0 | )^ | (1,755 | ) | |||||||
| Distribution (12b-1) fees payable | (0.0 | )^ | (542 | ) | |||||||
| Other assets less liabilities | 3.4 | 1,351,222 | |||||||||
| Net Assets | 100.0 | % | $ | 39,660,315 | |||||||
| Net asset value, offering and redemption price per share, based on 39,660,315 shares of beneficial interest, $.001 par value outstanding, Class R | $ | 1.00 | |||||||||
See notes to financial statements.
15
RESERVE MUNICIPAL MONEY-MARKET TRUST II—FLORIDA MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—97.7% | Value (Note 1) | |||||||||
| FLORIDA—97.7% | |||||||||||
| $ | 2,400,000 | Atlantic Beach HCF for Fleet Landing Project, 1.65%, 1/1/37(a) | $ | 2,400,000 | |||||||
| 1,715,000 | Broward County HFA MHR for Jacaranda Village Apartments, 1.64%, 9/1/22(a) | 1,715,000 | |||||||||
| 180,000 | Broward County HFA MHR for Palms of Deerfield Beach, 1.75%, 8/15/38(a) | 180,000 | |||||||||
| 1,880,000 | Broward County School Board COPS for School Improvements, 1.55%, 7/1/21(a) | 1,880,000 | |||||||||
| 1,050,000 | Capital Travel Agency for Aero Miami Project Air Cargo, 1.85%, 8/1/34(a) | 1,050,000 | |||||||||
| 535,000 | Charlotte County Utility Revenue, Series A, 1.65%-2.20%, 10/1/21(a) | 535,000 | |||||||||
| 1,650,000 | Coconut Creek IDR for Elite Aluminum Corp. Project, 1.75%, 11/1/22(a) | 1,650,000 | |||||||||
| 135,000 | Collier County HCFA for The Moorings Inc. Project, 1.60%, 12/1/24(a) | 135,000 | |||||||||
| 1,770,000 | Dade County IDA for Dolphins Stadium Project, Series B, 1.59%, 1/1/16(a) | 1,770,000 | |||||||||
| 150,000 | Dade County IDA for Dolphins Stadium Project, Series D, 1.59%, 1/1/16(a) | 150,000 | |||||||||
| 1,265,000 | Florida HFC Multifamily for Bridgewater Club, Series L-1, 1.63%, 6/1/34(a) | 1,265,000 | |||||||||
| 1,500,000 | Florida HFC Multifamily for Collins Cove Apartments, Series W, 1.63%, 2/1/36(a) | 1,500,000 | |||||||||
| 1,675,000 | Florida HFC Multifamily for Falls of Venice Project, 2.47%, 12/1/31(a) | 1,675,000 | |||||||||
| 640,000 | Florida HFC Multifamily for Lighthouse Bay Apartments, Series 1, 1.56%, 11/1/32(a) | 640,000 | |||||||||
| 2,300,000 | Florida HFC Multifamily for Wellesley Apartments, Series O, 1.63%, 8/1/35(a) | 2,300,000 | |||||||||
| 400,000 | Florida State Board of Education GO for Public Education, Series A, 5.20%, 6/1/08 | 404,022 | |||||||||
| 275,000 | Florida State Board of Education GO, Series B, 3.50%, 1/1/09 | 276,974 | |||||||||
| 1,805,000 | Florida State Board of Education Lottery Revenue for School Improvements, Series B, 5.00%, 7/1/08 | 1,809,347 | |||||||||
| 1,200,000 | Florida State Municipal Power Agency for Stanton Project, 2.50%, 10/1/19(a) | 1,200,000 | |||||||||
| 1,500,000 | Hillsborough County HFA Multifamily for Brandon Crossing Partners, Series A, 1.75%, 11/15/31(a) | 1,500,000 | |||||||||
| 2,000,000 | Hillsborough County IDR for Carrollwood Day School Project,1.63%, 6/1/31(a) | 2,000,000 | |||||||||
| 430,000 | Indian River County for St. Edward's School Project, 1.63%, 7/1/27(a) | 430,000 | |||||||||
| 1,180,000 | Jacksonville EDC for Holland Sheltair, Series A-1, 1.75%, 11/1/34(a) | 1,180,000 | |||||||||
| 265,000 | Jacksonville HCFA for River Garden Hebrew Home Project, 1.63%, 2/1/18(a) | 265,000 | |||||||||
| 1,000,000 | JEA District Energy System Revenue, Series A, 1.55%, 10/1/34(a) | 1,000,000 | |||||||||
| 825,000 | Marion County HFA for Paddock Apartments, 1.63%, 10/15/32(a) | 825,000 | |||||||||
| 480,000 | Marion County IDA for Hospice of Marion County Inc. Project, 1.63%, 8/1/23(a) | 480,000 | |||||||||
| 2,725,000 | Miami-Dade County IDA for Airbus Service Co., Series A, 1.75%, 4/1/30(a) | 2,725,000 | |||||||||
| 500,000 | Miami-Dade County IDA for Professional Modification, 1.68%, 8/1/18(a) | 500,000 | |||||||||
| 3,650,000 | Miami-Dade County IDA SWD for Waste Management Inc. Project, 1.75%, 9/1/27(a) | 3,650,000 | |||||||||
| 700,000 | Orange County IDA for Independent Blood & Tissue Services, 1.60%, 10/1/27(a) | 700,000 | |||||||||
| 2,040,000 | Orange County School Board COPS, Series B, 2.51%, 8/1/32(a) | 2,040,000 | |||||||||
| 970,000 | Orlando & Orange County Expressway Authority Revenue, Series C-3, 2.05%-3.03%, 7/1/25(a) | 970,000 | |||||||||
| 1,300,000 | Palm Beach County Airport Revenue for Galaxy Aviation, 1.80%, 9/1/28(a) | 1,300,000 | |||||||||
| 380,000 | Palm Beach County EDA for YMCA of South Palm Beach Project, 1.63%, 11/1/28(a) | 380,000 | |||||||||
| 765,000 | Palm Beach County HCFA for Jupiter Medical Center Inc., Series B, 1.65%, 8/1/20(a) | 765,000 | |||||||||
| 1,400,000 | Palm Beach County School Board COPS, Series B, 1.51%, 8/1/27(a) | 1,400,000 | |||||||||
| 800,000 | Pinellas County HCFA for Mease Manor Inc., Series A, 1.65%, 11/1/15(a) | 800,000 | |||||||||
| 545,000 | Pinellas County HCFA for Pooled Hospital Loan Program, Series 85, 4.00%, 12/1/15(a) | 545,000 | |||||||||
| 2,195,000 | Port Orange for Palmer College Project, 1.55%, 10/1/32(a) | 2,195,000 | |||||||||
| 200,000 | Seminole County IDA HCF for Multi-Modal Florida Living Nursing, 1.82%, 2/1/11(a) | 200,000 | |||||||||
| 1,950,000 | St. Johns County HFA Multifamily for Summerset Village LLC, 1.75%, 10/1/37(a) | 1,950,000 | |||||||||
| 1,300,000 | Tampa for Tampa LLC Project-University of Tampa, Series A, 1.63%, 10/1/37(a) | 1,300,000 | |||||||||
See notes to financial statements.
16
RESERVE MUNICIPAL MONEY-MARKET TRUST II—FLORIDA MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| FLORIDA (Continued) | |||||||||||
| $ | 450,000 | USF Financing Corp. COPS for College of Medicine Health Facilities, 1.60%, 7/1/37(a) | $ | 450,000 | |||||||
| 850,000 | USF Financing Corp. COPS for College of Medicine Health Facilities, Series A-2, 1.60%, 7/1/36(a) | 850,000 | |||||||||
| 800,000 | Volusia County HFA Multifamily for Anatole Apartments, 1.63%, 10/15/32(a) | 800,000 | |||||||||
| 53,735,343 | |||||||||||
| Total Investments (Cost* $53,735,343) | 97.7 | % | 53,735,343 | ||||||||
| Comprehensive management fees payable | (0.0 | )^ | (2,434 | ) | |||||||
| Distribution (12b-1) fees payable | (0.0 | )^ | (751 | ) | |||||||
| Other assets less liabilities | 2.3 | 1,264,837 | |||||||||
| Net Assets | 100.0 | % | $ | 54,996,995 | |||||||
| Net asset value, offering and redemption price per share, based on 54,996,995 shares of beneficial interest, $.001 par value outstanding, Class R | $ | 1.00 | |||||||||
See notes to financial statements.
17
RESERVE MUNICIPAL MONEY-MARKET TRUST II—MASSACHUSETTS MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—96.6% | Value (Note 1) | |||||||||
| MASSACHUSETTS—94.0% | |||||||||||
| $ | 1,100,000 | Chelsea GO, 5.50%, 6/15/08 | $ | 1,101,605 | |||||||
| 600,000 | Massachusetts DFA for Babson College, Series A, 1.50%, 10/1/32(a) | 600,000 | |||||||||
| 1,325,000 | Massachusetts DFA for Briarwood Retirement, Series A, 1.57%, 1/1/35(a) | 1,325,000 | |||||||||
| 1,400,000 | Massachusetts DFA for Brooksby Village Inc. Project, 1.60%, 7/1/32(a) | 1,400,000 | |||||||||
| 400,000 | Massachusetts DFA for Draper Laboratory Issue, 3.20%, 6/1/30(a) | 400,000 | |||||||||
| 800,000 | Massachusetts DFA for Gann Academy Project, 1.63%, 6/1/32(a) | 800,000 | |||||||||
| 1,350,000 | Massachusetts DFA for Jewish Geriatric Services, 1.57%, 5/15/34(a) | 1,350,000 | |||||||||
| 300,000 | Massachusetts DFA for Lawrence Academy Project, Series A, 1.52%, 5/1/33(a) | 300,000 | |||||||||
| 595,000 | Massachusetts DFA for Mystic Valley Regional School, 1.62%, 6/15/08(a) | 595,000 | |||||||||
| 1,410,000 | Massachusetts DFA for Notre Dame Health Care Center, 1.67%, 10/1/29(a) | 1,410,000 | |||||||||
| 1,408,000 | Massachusetts DFA for Smith College, 1.40%, 7/1/24(a)(b) | 1,408,000 | |||||||||
| 825,000 | Massachusetts DFA for Sophia Snow House Project, Series A, 1.52%, 1/1/34(a) | 825,000 | |||||||||
| 300,000 | Massachusetts DFA IDR for Leaktite Corp., 1.60%, 8/1/19(a) | 300,000 | |||||||||
| 800,000 | Massachusetts DFA IDR for Ocean Spray Cranberries Project, 1.63%, 10/15/11(a) | 800,000 | |||||||||
| 200,000 | Massachusetts DFA Senior Living Facility for New England Deaconess Association, 1.55%, 6/1/34(a) | 200,000 | |||||||||
| 1,300,000 | Massachusetts DFA SWD for Newark Group Inc. Project, Series C, 1.60%, 7/1/31(a) | 1,300,000 | |||||||||
| 1,200,000 | Massachusetts HEFA for Bentley College Issue, Series K, 1.66%, 7/1/30(a) | 1,200,000 | |||||||||
| 200,000 | Massachusetts HEFA for Capital Assets Program, Series D, 1.65%, 1/1/35(a) | 200,000 | |||||||||
| 400,000 | Massachusetts HEFA for Capital Assets Program, Series G-1, 1.85%, 1/1/19(a) | 400,000 | |||||||||
| 1,200,000 | Massachusetts HEFA for Hallmark Health Systems, Series B, 1.55%, 7/1/27(a) | 1,200,000 | |||||||||
| 1,375,000 | Massachusetts HEFA for Harvard University, Series Y, 1.30%, 7/1/35(a)(b) | 1,375,000 | |||||||||
| 880,000 | Massachusetts HEFA for MIT, Series J-2, 1.30%, 7/1/31(a)(b) | 880,000 | |||||||||
| 580,000 | Massachusetts HEFA for Partners Healthcare Systems, Series P-1, 1.53%, 7/1/27(a) | 580,000 | |||||||||
| 1,330,000 | Massachusetts HEFA for University of Massachusetts, Series A, 1.50%, 11/1/30(a)(b) | 1,330,000 | |||||||||
| 1,300,000 | Massachusetts HEFA for Wellesley College, Series E, 1.60%, 7/1/22(a)(b) | 1,300,000 | |||||||||
| 690,000 | Massachusetts HEFA for Williams College, Series E, 1.50%, 8/1/14(a)(b) | 690,000 | |||||||||
| 710,000 | Massachusetts HFA for Single Family Housing, 1.70%, 12/1/30(a) | 710,000 | |||||||||
| 300,000 | Massachusetts IFA for Cambridge Isotope Labs Inc, 1.60%, 6/1/15(a) | 300,000 | |||||||||
| 1,150,000 | Massachusetts State GO Limited, Series A, 5.38%, 8/1/08 | 1,155,982 | |||||||||
| 1,000,000 | Massachusetts State GO Unlimited, Series A, 1.55%, 9/1/16(a) | 1,000,000 | |||||||||
| 600,000 | Massachusetts State GO Unlimited, Series B, 1.55%, 9/1/16(a) | 600,000 | |||||||||
| 1,600,000 | Massachusetts WRA for Water Utility Improvements, Series A, 3.65%, 4/1/28(a) | 1,600,000 | |||||||||
| 28,635,587 | |||||||||||
| PUERTO RICO—2.6% | |||||||||||
| 800,000 | Puerto Rico Commonwealth TRANS, 4.25%, 7/30/08 | 801,074 | |||||||||
| Total Investments (Cost* $29,436,661) | 96.6 | % | 29,436,661 | ||||||||||||
| Comprehensive management fees payable | (0.0 | )^ | (1,319 | ) | |||||||||||
| Distribution (12b-1) fees payable | (0.0 | )^ | (380 | ) | |||||||||||
| Other assets less liabilities | 3.4 | 1,037,803 | |||||||||||||
| Net Assets | 100.0 | % | $ | 30,472,765 | |||||||||||
| Net asset value, offering and redemption price per share of each class based on shares of beneficial interest, $.001 par value outstanding and equivalent to the Net Assets of each Class: 27,793,679 shares, Class R | $1.00 | ||||||||||||||
| 2,679,086 shares, Class Treasurer's Trust | $1.00 | ||||||||||||||
See notes to financial statements.
18
RESERVE MUNICIPAL MONEY-MARKET TRUST II—MICHIGAN MUNICIPAL MONEY-MARKET FUND
SCHEDULE OF INVESTMENTS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—94.8% | Value (Note 1) | |||||||||
| MICHIGAN—90.8% | |||||||||||
| $ | 1,260,000 | Ann Arbor EDC for Glacier Hills Inc. Project, Series A, 1.60%, 11/1/25(a) | $ | 1,260,000 | |||||||
| 100,000 | Detroit EDC for Waterfront Reclamation, Series A, 1.55%, 5/1/09(a) | 100,000 | |||||||||
| 100,000 | Detroit Sewer Disposable Revenue for Senior Lien, Series B, 1.50%, 7/1/33(a) | 100,000 | |||||||||
| 1,300,000 | Detroit Sewer Disposable Revenue for Senior Lien, Series C-1, 1.65%, 7/1/27(a) | 1,300,000 | |||||||||
| 235,000 | Green Lake Township EDC for Interlochen Center Project, 1.55%, 6/1/34(a) | 235,000 | |||||||||
| 1,000,000 | Jackson County EDC for Thrifty Leoni Inc. Project, 1.70%, 12/1/14(a) | 1,000,000 | |||||||||
| 410,000 | Jackson County EDC for Vista Grande Villa, Series A, 1.45%, 11/1/31(a) | 410,000 | |||||||||
| 1,460,000 | Jackson County HRB for W.A. Foote Memorial Hospital, Series C, 2.45%, 5/12/26(a) | 1,460,000 | |||||||||
| 25,000 | Kalamazoo HRB for Bronson Methodist Hospital, 1.51%, 5/15/36(a) | 25,000 | |||||||||
| 1,385,000 | Kalamazoo HRB for Bronson Methodist Hospital, Series B, 1.95%, 12/1/15(a) | 1,385,000 | |||||||||
| 1,200,000 | Kentwood EDC for Holland Home, Series B, 1.60%, 11/1/32(a) | 1,200,000 | |||||||||
| 1,260,000 | Lenawee County EDC for Siena Heights University Project, 1.63% 11/1/24(a) | 1,260,000 | |||||||||
| 1,295,000 | Michigan State Building Authority for Multi-Modal Facilities Program, Series II A, 1.57%, 10/15/40(a) | 1,295,000 | |||||||||
| 1,050,000 | Michigan State HDA, Series 1999 B2, 1.88%, 6/1/24(a) | 1,050,000 | |||||||||
| 145,000 | Michigan State HDA, Series 2000 A, 1.68%, 12/1/16(a) | 145,000 | |||||||||
| 1,270,000 | Michigan HFR for Henry Ford Health, Series B, 1.53%, 11/15/40(a) | 1,270,000 | |||||||||
| 1,260,000 | Michigan State HDA MHR for Courtyards of Taylor, Series A, 1.56%, 8/15/32(a) | 1,260,000 | |||||||||
| 625,000 | Michigan State University General Revenue, Series A, 1.50%, 8/15/32(a) | 625,000 | |||||||||
| 1,435,000 | Michigan Strategic Fund for American Cancer Society Project, 3.18%, 6/1/37(a) | 1,435,000 | |||||||||
| 1,400,000 | Michigan Strategic Fund for Detroit Edison, Series ET, 1.55%, 8/1/29(a) | 1,400,000 | |||||||||
| 100,000 | Michigan Strategic Fund for Louisiana-Pacific Corp., 1.65%, 9/1/09(a) | 100,000 | |||||||||
| 1,440,000 | Michigan Strategic Fund for Metaltec Steel Abrasive Co., 1.85%, 8/1/31(a) | 1,440,000 | |||||||||
| 1,180,000 | Michigan Strategic Fund for MOT LLC Project, 1.55%, 12/1/34(a) | 1,180,000 | |||||||||
| 1,265,000 | Michigan Strategic Fund for Rest Haven Christian Services, 1.64%, 11/15/34(a) | 1,265,000 | |||||||||
| 80,000 | Michigan Strategic Fund for Transnav Technologies Inc., 1.75%, 12/1/27(a) | 80,000 | |||||||||
| 1,265,000 | Milan Area Schools Unlimited GO, 1.65%, 5/1/30(a) | 1,265,000 | |||||||||
| 600,000 | Royal Oak HRB for William Beaumont Hospital, Series U, 1.85%, 1/1/20(a) | 600,000 | |||||||||
| 500,000 | Oakland County EDC for Openings LP Project, 1.65%, 12/1/32(a) | 500,000 | |||||||||
| 1,465,000 | University of Michigan Revenue for General Purposes, Series B, 1.35%, 4/1/28(a)(b) | 1,465,000 | |||||||||
| 180,000 | University of Michigan Revenue for Hospital Purposes, Series A, 1.55%, 12/1/27(a)(b) | 180,000 | |||||||||
| 400,000 | Woodhaven Brownstown School District GO for School Building and Site, Series B, 1.66%, 5/1/34(a) | 400,000 | |||||||||
| 26,690,000 | |||||||||||
| PUERTO RICO—4.0% | |||||||||||
| 590,000 | Puerto Rico Commonwealth GO Unlimited for Public Improvement, Series A-2, 1.58%, 7/1/29(a) | 590,000 | |||||||||
| 600,000 | Puerto Rico Commonwealth GO Unlimited for Public Improvement, Series A-4, 1.25%, 7/1/31(a) | 600,000 | |||||||||
| 1,190,000 | |||||||||||
| Total Investments (Cost* $27,880,000) | 94.8 | % | 27,880,000 | ||||||||
| Other assets less liabilities | 5.2 | 1,528,202 | |||||||||
| Net Assets | 100.0 | % | $ | 29,408,202 | |||||||
See notes to financial statements.
19
RESERVE MUNICIPAL MONEY-MARKET TRUST II—MICHIGAN MUNICIPAL MONEY-MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2008
| Assets | |||||||
| Investments in securities, at value (Cost $27,880,000) | $ | 27,880,000 | |||||
| Cash | 1,457,850 | ||||||
| Interest receivable | 67,867 | ||||||
| Other assets | 4,191 | ||||||
| Total Assets | 29,409,908 | ||||||
| Liabilities | |||||||
| Comprehensive management fees payable | 1,302 | ||||||
| Distribution (12b-1) fees payable | 402 | ||||||
| Trustees fees payable | 2 | ||||||
| Total Liabilities | 1,706 | ||||||
| Net Assets | $ | 29,408,202 | |||||
| Net asset value, offering and redemption price per share, based on $29,408,202 shares of beneficial interest, $.001 par value outstanding, Class R | $ | 1.00 | |||||
See notes to financial statements.
20
RESERVE MUNICIPAL MONEY-MARKET TRUST II—NEW JERSEY MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—95.2% | Value (Note 1) | |||||||||
| NEW JERSEY—82.5% | |||||||||||
| $ | 300,000 | Essex County for Jewish Community Center Metrowest Project, 1.56%, 7/1/25(a) | $ | 300,000 | |||||||
| 3,550,000 | Hudson County Pooled Government Loan Program, 1.45%, 7/15/26(a) | 3,550,000 | |||||||||
| 2,490,000 | New Jersey Building Authority Revenue, Sub-Series A-3, 1.55%, 6/15/23(a) | 2,490,000 | |||||||||
| 1,400,000 | New Jersey Building Authority Revenue, Sub-Series A-4, 1.45%, 6/15/23(a) | 1,400,000 | |||||||||
| 600,000 | New Jersey EDA for Bennedictine Abbey Newark, 1.55%, 12/1/30(a) | 600,000 | |||||||||
| 975,000 | New Jersey EDA for Cascade Corp., Series A, 1.60%, 2/1/38(a) | 975,000 | |||||||||
| 2,305,000 | New Jersey EDA for Catholic Community Services Project, 1.58%, 5/1/23(a) | 2,305,000 | |||||||||
| 1,000,000 | New Jersey EDA for Cedar Crest Village Inc, Series A, 1.52%, 1/1/36(a) | 1,000,000 | |||||||||
| 3,965,000 | New Jersey EDA for Geriatrics Housing Services Project, 1.47%, 11/1/31(a) | 3,965,000 | |||||||||
| 2,020,000 | New Jersey EDA for Hun School of Princeton Project, 1.57%, 11/1/34(a) | 2,020,000 | |||||||||
| 190,000 | New Jersey EDA for Institute of Electrical, Series A, 1.58%, 4/1/14(a) | 190,000 | |||||||||
| 540,000 | New Jersey EDA for Morris Museum Project, 1.52%, 2/1/31(a) | 540,000 | |||||||||
| 3,000,000 | New Jersey EDA for Port Newark Container LLC, 1.60%, 7/1/30(a) | 3,000,000 | |||||||||
| 1,000,000 | New Jersey EDA for Ranney School Project, 1.60%, 8/1/37(a) | 1,000,000 | |||||||||
| 450,000 | New Jersey EDA for Republic Services Inc. Project, 1.55%, 9/1/13(a) | 450,000 | |||||||||
| 700,000 | New Jersey EDA for RJB Associates LP, 1.57%, 8/1/08(a) | 700,000 | |||||||||
| 1,030,000 | New Jersey EDA for Stuart Country Day School, 1.65%, 10/1/32(a) | 1,030,000 | |||||||||
| 2,800,000 | New Jersey EDA for Thermal Energy Facilities Ltd., Series A, 1.80%, 12/1/31(a) | 2,800,000 | |||||||||
| 540,000 | New Jersey EDA for Thermal Marina Energy LLC, Series A, 1.60%, 9/1/31(a) | 540,000 | |||||||||
| 1,550,000 | New Jersey EDA for USGA Project, 1.57%, 5/1/23(a) | 1,550,000 | |||||||||
| 900,000 | New Jersey EDA for VPR Commerce Center Project, 1.57%, 8/1/17(a) | 900,000 | |||||||||
| 2,200,000 | New Jersey EFA, Series 97-A, 2.10%, 6/10/08 | 2,200,000 | |||||||||
| 2,000,000 | New Jersey HCF for Community Hospital, Series A-1, 1.56%, 7/1/20(a) | 2,000,000 | |||||||||
| 800,000 | New Jersey HCF for Matheny School Hospital, Series A-2, 1.53%, 7/1/23(a) | 800,000 | |||||||||
| 3,600,000 | New Jersey HCF for Meridian, 2.60%, 7/1/38(a) | 3,600,000 | |||||||||
| 250,000 | New Jersey HCF for Robert Wood Johnson @ Rahway Hospital, Series A-8, 1.56%, 7/1/23(a) | 250,000 | |||||||||
| 3,205,000 | New Jersey HCF for St. Barnabas, Series A, 1.47%, 7/1/31(a) | 3,205,000 | |||||||||
| 2,367,000 | New Jersey Sports & Exposition Authority, Series B-1, 1.50%, 3/1/21(a) | 2,367,000 | |||||||||
| 2,855,000 | New Jersey State Housing & Mortgage Finance Agency MFH, Series G, 1.60%, 5/1/34(a) | 2,855,000 | |||||||||
| 1,565,000 | New Jersey State Housing & Mortgage Finance Agency Single Family, Series O, 1.60%, 10/1/26(a) | 1,565,000 | |||||||||
| 4,000,000 | New Jersey State TRANS, 4.50%, 6/24/08 | 4,002,205 | |||||||||
| 2,670,000 | New Jersey Turnpike Authority, Series C-1, 1.50%, 1/1/24(a) | 2,670,000 | |||||||||
| 1,000,000 | New Jersey Turnpike Authority, Series C-2, 1.50%, 1/1/24(a) | 1,000,000 | |||||||||
| 3,300,000 | Salem County PCR for Atlantic City Electric Co., 2.30%, 4/15/14(a) | 3,300,000 | |||||||||
| 335,000 | Union City GO, 6.38%, 11/1/08 | 339,833 | |||||||||
| 61,459,038 | |||||||||||
| FLORIDA—2.8% | |||||||||||
| 2,050,000 | University of South Florida Foundation for Interdisciplinary Studies, Series A, 2.32%, 8/1/34(a) | 2,050,000 | |||||||||
| NEW YORK—6.6% | |||||||||||
| 1,900,000 | New York State HDR for Boricua Village Apartments, Series A-2, 1.58%, 9/1/42(a) | 1,900,000 | |||||||||
| 3,040,000 | Port Authority of New York & New Jersey, Series B, 1.85%, 6/5/08 | 3,040,000 | |||||||||
| 4,940,000 | |||||||||||
See notes to financial statements.
21
RESERVE MUNICIPAL MONEY-MARKET TRUST II—NEW JERSEY MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| PUERTO RICO—3.3% | |||||||||||
| $ | 545,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-2, 1.58%, 7/1/29(a) | $ | 545,000 | |||||||
| 1,900,000 | Puerto Rico Commonwealth TRANS, 4.25%, 7/30/08 | 1,902,551 | |||||||||
| 2,447,551 | |||||||||||
| Total Investments (Cost* $70,896,589) | 95.2 | % | 70,896,589 | ||||||||
| Comprehensive management fees payable | (0.0 | )^ | (3,296 | ) | |||||||
| Distribution (12b-1) fees payable | (0.0 | )^ | (1,017 | ) | |||||||
| Other assets less liabilities | 4.8 | 3,576,173 | |||||||||
| Net Assets | 100.0 | % | $ | 74,468,449 | |||||||
| Net asset value, offering and redemption price per share, based on $74,468,449 shares of beneficial interest, $.001 par value outstanding, Class R | $ | 1.00 | |||||||||
See notes to financial statements.
22
RESERVE MUNICIPAL MONEY-MARKET TRUST II—OHIO MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—99.7% | Value (Note 1) | |||||||||
| OHIO—98.6% | |||||||||||
| $ | 1,180,000 | Akron Bath Copley Joint Township HRB for Summa Health System, Series B, 1.65%, 11/1/34(a) | $ | 1,180,000 | |||||||
| 375,000 | Allen County HCF for Mennonite Memorial Home Project, 1.63%, 2/1/18(a) | 375,000 | |||||||||
| 980,000 | Butler County HCF for Lifesphere Project, 1.55%, 5/1/27(a) | 980,000 | |||||||||
| 550,000 | Cleveland Waterworks Revenue, Series L, 2.60%, 1/1/33(a) | 550,000 | |||||||||
| 700,000 | Cleveland-Cuyahoga County Port Authority for Carnegie/89th Garage Project, 2.95% - 3.60%, 1/1/37(a) | 700,000 | |||||||||
| 845,000 | Cleveland-Cuyahoga County Port Authority for Euclid/93rd Garage & Office, 1.56%, 1/1/34(a) | �� | 845,000 | ||||||||
| 320,000 | Cleveland-Cuyahoga County Port Authority for Special Buildings 1 & 3 LLC, 3.63%, 1/1/37(a) | 320,000 | |||||||||
| 500,000 | Clinton County Airport Facilities Revenue for Wilmington Air Park Inc., 1.63%, 6/1/11(a) | 500,000 | |||||||||
| 750,000 | Columbus Regional Airport Authority for Capital Funding, Series A, 1.64%, 3/1/34(a) | 750,000 | |||||||||
| 750,000 | Cuyahoga County Civic Facilities Revenue for Cleveland Health Education Museum, 1.69%, 3/1/32(a) | 750,000 | |||||||||
| 2,300,000 | Cuyahoga County EDA for Cleveland Botanical Gardens Project, 1.65%, 7/1/31(a) | 2,300,000 | |||||||||
| 595,000 | Franklin County HCF for Friendship Village of Dublin, Series B, 1.60%, 11/1/34(a) | 595,000 | |||||||||
| 250,000 | Franklin County HRB for U.S. Health Corporation, Series B, 1.53%, 12/1/20(a) | 250,000 | |||||||||
| 435,000 | Greene County Revenue for Fairview Extended, Series B, 1.40%, 1/1/11(a) | 435,000 | |||||||||
| 950,000 | Hamilton County HCF for Episcopal Retirement Homes Inc., Series B, 1.55%, 6/1/35(a) | 950,000 | |||||||||
| 820,000 | Hamilton County HCF for MLB Hilltop Health Facilities Project, Series A, 1.55%, 6/1/22(a) | 820,000 | |||||||||
| 1,060,000 | Kent State University General Revenue Receipts, 2.58%, 5/1/31(a) | 1,060,000 | |||||||||
| 900,000 | Middleburgh Heights HRB for Southwest General Health, 1.65%, 8/15/22(a) | 900,000 | |||||||||
| 500,000 | Montgomery County HRB for Kettering Health, Series B, 1.43%, 8/1/47(a) | 500,000 | |||||||||
| 1,300,000 | Montgomery County MFH for Cambridge Commons Apartments, Series A, 1.63%, 4/1/38(a) | 1,300,000 | |||||||||
| 300,000 | Ohio HFA MFH for Chambrel at Montrose, Series F, 1.56%, 11/15/32(a) | 300,000 | |||||||||
| 1,200,000 | Ohio HFA MFH for Shannon Glen Apartments Project, 1.63%, 12/15/36(a) | 1,200,000 | |||||||||
| 150,000 | Ohio State Air Quality DAR for Firstenergy Nuclear Generation, Series A, 1.62%, 6/1/33(a) | 150,000 | |||||||||
| 650,000 | Ohio State Air Quality DAR for Ohio Edison Project, Series A, 1.70%, 2/1/14(a) | 650,000 | |||||||||
| 500,000 | Ohio State Air Quality DAR for Timken Co. Project, 1.60%, 11/1/25(a) | 500,000 | |||||||||
| 1,500,000 | Ohio State Building Authority for Adult Correction, Series A, 5.50%, 10/1/08 | 1,519,324 | |||||||||
| 820,000 | Ohio State EFA for Ashland University Project, 1.67%, 9/1/24(a) | 820,000 | |||||||||
| 1,320,000 | Ohio State EFA for Case Western University, Series A, 1.55%, 10/1/31(a) | 1,320,000 | |||||||||
| 100,000 | Ohio State University General Revenue Receipts for University & College Improvements, 1.50%, 12/1/27(a)(b) | 100,000 | |||||||||
| 880,000 | Ohio State WDA PCR for Firstenergy Nuclear Generation Project, Series A, 1.50%, 8/1/33(a) | 880,000 | |||||||||
| 250,000 | Ohio State WDA PCR for Firstenergy Nuclear Generation Project, Series B, 1.60%, 1/1/34(a) | 250,000 | |||||||||
| 100,000 | Richland County HCF for Wesleyan Senior Living, Series A, 1.63%, 11/1/27(a) | 100,000 | |||||||||
| 255,000 | Richland County HCF for Wesleyan Senior Living, Series B, 1.63%, 11/1/27(a) | 255,000 | |||||||||
| 1,460,000 | Toledo City Services Special Assessment Notes, 2.65%, 12/1/10(a) | 1,460,000 | |||||||||
| 565,000 | Toledo-Lucas County Port Authority Revenue for Franciscan Communities of St. Mary, Series C, 1.60%, 5/15/38(a) | 565,000 | |||||||||
| 1,300,000 | University of Akron General Receipts Revenue, Series C-2, 1.50%, 1/1/29(a) | 1,300,000 | |||||||||
| 500,000 | Wellsville City School District, 5.65%, 12/1/08 | 518,975 | |||||||||
| 27,948,299 | |||||||||||
| PUERTO RICO—1.1% | |||||||||||
| 310,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-2, 1.58%, 7/1/29(a) | 310,000 | |||||||||
| Total Investments (Cost* $28,258,299) | 99.7 | % | 28,258,299 | ||||||||
| Comprehensive management fees payable | (0.0 | )^ | (1,254 | ) | |||||||
| Distribution (12b-1) fees payable | (0.0 | )^ | (387 | ) | |||||||
| Other assets less liabilities | 0.3 | 74,317 | |||||||||
| Net Assets | 100.0 | % | $ | 28,330,975 | |||||||
| Net asset value, offering and redemption price per share, based on 28,330,975 shares of beneficial interest, $.001 par value outstanding, Class R | $ | 1.00 | |||||||||
See notes to financial statements.
23
RESERVE MUNICIPAL MONEY-MARKET TRUST II—PENNSYLVANIA MUNICIPAL MONEY-MARKET FUND
SCHEDULE OF INVESTMENTS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—92.8% | Value (Note 1) | |||||||||
| PENNSYLVANIA—92.8% | |||||||||||
| $ | 800,000 | Allegheny County DAR for Health Care Dialysis Clinic, 1.55%, 12/1/19(a) | $ | 800,000 | |||||||
| 1,400,000 | Allegheny County DAR for Health Center Presbyterian, Series A, 1.70%, 3/1/20(a) | 1,400,000 | |||||||||
| 1,500,000 | Allegheny County DAR for Health Center Presbyterian, Series B, 1.70%, 3/1/20(a) | 1,500,000 | |||||||||
| 1,800,000 | Allegheny County DAR for Health Center Presbyterian, Series D, 1.70%, 3/1/20(a) | 1,800,000 | |||||||||
| 2,500,000 | Allegheny County IDA for United Jewish Federation, Series B, 1.62%, 10/1/25(a) | 2,500,000 | |||||||||
| 1,400,000 | Allegheny County IDA for UPMC Health Systems, Series C, 1.64%, 3/1/15(a) | 1,400,000 | |||||||||
| 300,000 | Beaver County GO, Series B, 1.63%, 10/1/26(a) | 300,000 | |||||||||
| 700,000 | Beaver County IDA PCR for Firstenergy Nuclear Generation, Series A, 1.55%, 1/1/35(a) | 700,000 | |||||||||
| 340,000 | Beaver County IDA PCR for Firstenergy Nuclear Generation, Series B, 1.57%, 12/1/35(a) | 340,000 | |||||||||
| 2,590,000 | Berks County IDA for Kutztown University Foundation Project, 1.63%, 1/1/29(a) | 2,590,000 | |||||||||
| 830,000 | Bucks County IDA for Law School Admission Council, 1.55%, 5/1/33(a) | 830,000 | |||||||||
| 1,750,000 | Bucks County IDA for Pennswood Village Project, Series B, 1.55%, 10/1/34(a) | 1,750,000 | |||||||||
| 3,580,000 | Butler County General Authority for Hampton Township School District Project, 1.65%, 11/15/21(a) | 3,580,000 | |||||||||
| 650,000 | Butler County IDA for Concordia Lutheran, Series A, 1.65%, 5/1/34(a) | 650,000 | |||||||||
| 1,700,000 | Butler County IDA for Concordia Lutheran, Series B, 1.65%, 8/1/30(a) | 1,700,000 | |||||||||
| 1,000,000 | Butler County IDA for Concordia Lutheran, Series C, 1.65%, 10/1/30(a) | 1,000,000 | |||||||||
| 195,000 | Chester County HEFA for Barclay Friends Project, Series B, 1.54%, 8/1/25(a) | 195,000 | |||||||||
| 5,000,000 | Cumberland County Municipal Authority for Asbury Obligated Group, 1.63%, 1/1/41(a) | 5,000,000 | |||||||||
| 2,000,000 | Cumberland County Municipal Authority for Presbyterian Homes Inc., Series B, 1.59%, 12/1/32(a) | 2,000,000 | |||||||||
| 250,000 | Dauphin County HSR for Pinnacle Health System Project, 1.51%, 8/15/27(a) | 250,000 | |||||||||
| 1,600,000 | Delaware County IDA for Sun Inc., 1.60%, 11/1/33(a) | 1,600,000 | |||||||||
| 3,500,000 | Delaware Valley Regional Financial Authority for Local Government, Series A, 1.47%, 12/1/19(a) | 3,500,000 | |||||||||
| 200,000 | Delaware Valley Regional Financial Authority for Local Government, Series A, 1.47%, 12/1/20(a) | 200,000 | |||||||||
| 3,100,000 | Fayette County HRB for Fayette Regional Health Systems, Series B, 1.62%, 6/1/37(a) | 3,100,000 | |||||||||
| 3,000,000 | Franklin County IDA for Menno Haven Projects, 1.68%, 8/15/38(a) | 3,000,000 | |||||||||
| 845,000 | Hamburg Area School District GO for School Improvements, 1.62%, 5/15/25(a) | 845,000 | |||||||||
| 1,450,000 | Indiana County IDA PCR for Conemaugh Project, Series A, 1.80%, 6/1/27(a) | 1,450,000 | |||||||||
| 1,970,000 | Lawrence County IDA for Villa Maria Project, 1.70%, 7/1/33(a) | 1,970,000 | |||||||||
| 2,020,000 | Lebanon County HCF for ECC Retirement Village Project, 1.67%, 10/15/25(a) | 2,020,000 | |||||||||
| 3,750,000 | Lehigh County General Purpose Authority for Shepherd Group, Series B, 1.60%, 11/1/27(a) | 3,750,000 | |||||||||
| 500,000 | Middletown Area School District GO for School Improvements, 1.64%, 6/1/22(a) | 500,000 | |||||||||
| 1,300,000 | Montgomery County HEA for William Penn Charter, 1.62%, 9/15/31(a) | 1,300,000 | |||||||||
| 2,500,000 | Montgomery County, IDA Series 94-B, 1.95%, 6/10/08 | 2,500,000 | |||||||||
| 1,000,000 | Montgomery County, IDA Series 96-A, 1.95%, 6/10/08 | 1,000,000 | |||||||||
| 1,000,000 | Nazareth Area School District GO for School Improvements, 1.65%, 2/1/31(a) | 1,000,000 | |||||||||
| 795,000 | Northampton County IDA for First Mortgage of Kirkland Village, 1.59%, 11/1/30(a) | 795,000 | |||||||||
| 3,445,000 | Pennsylvania Energy Development for B&W Ebensburg Project, 1.62%, 12/1/11(a) | 3,445,000 | |||||||||
| 3,500,000 | Pennsylvania State EFA for Drexel University, Series B, 1.59%, 5/1/32(a) | 3,500,000 | |||||||||
| 620,000 | Pennsylvania State EFA for Independent Colleges, Series E-3, 1.59%, 11/1/14(a) | 620,000 | |||||||||
| 1,000,000 | Pennsylvania State EFA for Thomas Jefferson University, Series B, 1.55%, 2/1/31(a) | 1,000,000 | |||||||||
| 795,000 | Pennsylvania State Turnpike Commission for Registration Fees, Series D, 1.60%, 7/15/41(a) | 795,000 | |||||||||
| 2,350,000 | Pennsylvania State Turnpike Commission for Turnpike Revenue, Series A-3, 1.60%, 12/1/30(a) | 2,350,000 | |||||||||
| 2,350,000 | Philadelphia IDA for National Board of Medical Examiners Project, 1.90%, 5/1/37(a) | 2,350,000 | |||||||||
| 800,000 | Philadelphia IDA for Newcourtland Elder Services Project, 1.62%, 3/1/26(a) | 800,000 | |||||||||
See notes to financial statements.
24
RESERVE MUNICIPAL MONEY-MARKET TRUST II—PENNSYLVANIA MUNICIPAL MONEY-MARKET FUND
SCHEDULE OF INVESTMENTS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| PENNSYLVANIA (Continued) | |||||||||||
| $ | 350,000 | Philadelphia Multi-Modal GO, Series B, 1.62%, 8/1/31(a) | $ | 350,000 | |||||||
| 2,000,000 | Philadelphia WSR, 6.25%, 8/1/08 | 2,013,988 | |||||||||
| 610,000 | Pittsburgh WSR, 2.65%, 9/1/08 | 610,636 | |||||||||
| 1,750,000 | Shaler Area School District GO, Series A, 2.00%, 11/15/08 | 1,749,773 | |||||||||
| 2,340,000 | Southcentral General Authority for Wellspan Health, Series B, 2.85%, 5/15/31(a) | 2,340,000 | |||||||||
| 1,000,000 | Washington County for Girard Estate Project, 1.55%, 6/1/27(a) | 1,000,000 | |||||||||
| 3,700,000 | Westmoreland County IDA for Redstone Highlands Apartments, Series B, 1.62%, 1/1/36(a) | 3,700,000 | |||||||||
| 85,439,397 | |||||||||||
| Total Investments (Cost* $85,439,397) | 92.8 | % | 85,439,397 | ||||||||
| Other assets less liabilities | 7.2 | 6,630,680 | |||||||||
| Net Assets | 100.0 | % | $ | 92,070,077 | |||||||
RESERVE MUNICIPAL MONEY-MARKET TRUST II—PENNSYLVANIA MONEY-MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2008
| Assets | |||||||
| Investments in securities, at value (Cost $85,439,397) | $ | 85,439,397 | |||||
| Cash | 5,623,604 | ||||||
| Receivable for securities sold | 2,565,245 | ||||||
| Interest receivable | 199,598 | ||||||
| Other assets | 2,165 | ||||||
| Total Assets | 93,830,009 | ||||||
| Liabilities | |||||||
| Payable for securities purchased | 1,751,425 | ||||||
| Comprehensive management fees payable | 4,075 | ||||||
| Distribution (12b-1) fees payable | 1,258 | ||||||
| Income dividend payable | 2,817 | ||||||
| Trustee fees payable | 3 | ||||||
| Other Liabilities | 354 | ||||||
| Total Liabilities | 1,759,932 | ||||||
| Net Assets | $ | 92,070,077 | |||||
| Net asset value, offering and redemption price per share, based on 92,070,077 shares of beneficial interest, $.001 par value outstanding, Class R | $ | 1.00 | |||||
See notes to financial statements.
25
RESERVE MUNICIPAL MONEY-MARKET TRUST II—VIRGINIA MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—95.0% | Value (Note 1) | |||||||||
| VIRGINIA—89.1% | |||||||||||
| $ | 540,000 | Alexandria HDR MFH for Glebe Park Apartments Project, Series A, 1.57%, 8/1/28(a) | $ | 540,000 | |||||||
| 800,000 | Alexandria IDA for Goodwin House Inc., 1.35%, 10/1/35(a) | 800,000 | |||||||||
| 200,000 | Alexandria IDA for Pooled Loan Program, Series A, 1.55%, 7/1/26(a) | 200,000 | |||||||||
| 1,850,000 | Arlington County for Ballston Public Parking, 1.70%, 8/1/17(a) | 1,850,000 | |||||||||
| 400,000 | Botetourt County IDA for Virginia Forge Co. LLC Project, 1.85%, 7/1/11(a) | 400,000 | |||||||||
| 500,000 | Capital Region Airport Commission for Passenger Facilities, Series B, 1.61%, 6/1/35(a) | 500,000 | |||||||||
| 1,500,000 | Charles City County EDA SWD for Waste Management Inc. Project, Series A, 1.75%, 2/1/29(a) | 1,500,000 | |||||||||
| 1,100,000 | Charlottesville IDA EFA for University of Virginia Foundation Projects, Series B, 1.50%, 12/1/37(a) | 1,100,000 | |||||||||
| 500,000 | Charlottesville IDA for Sequel Investors LP, Series B, 1.70%, 12/1/13(a) | 500,000 | |||||||||
| 1,100,000 | Chesapeake HRB for Chesapeake General Hospital, Series B, 1.60%, 7/1/31(a) | 1,100,000 | |||||||||
| 1,460,000 | Clarke County IDA HRB for Winchester Medical Center Inc., 1.63%, 1/1/30(a) | 1,460,000 | |||||||||
| 195,000 | Fairfax County EDA for George Mason University Foundation Inc. Project, 1.60%, 2/1/29(a) | 195,000 | |||||||||
| 1,445,000 | Fairfax County EDA for Smithsonian Institution, Series A, 1.40%, 12/1/33(a) | 1,445,000 | |||||||||
| 855,000 | Hampton MFH for Shoreline Apartments Project, 1.56%, 12/1/19(a) | 855,000 | |||||||||
| 910,000 | Hanover County IDA Residential Care Facility for Covenant Woods, 1.65%, 7/1/29(a) | 910,000 | |||||||||
| 600,000 | Henrico County EDA Residential Care Facility for Westminster Centerbury, Series B, 1.60%, 10/1/35(a) | 600,000 | |||||||||
| 500,000 | James City County IDA MFH for Chambrel Project, 1.56%, 11/15/32(a) | 500,000 | |||||||||
| 200,000 | King George County IDA for Birchwood Power Partners Project, 1.72%, 11/1/25(a) | 200,000 | |||||||||
| 1,055,000 | King George County IDA for Birchwood Power Partners Project, Series A, 1.35%, 10/1/24(a) | 1,055,000 | |||||||||
| 960,000 | King George County IDA SWD for Garnet of Virginia Inc. Project, 1.75%, 9/1/21(a) | 960,000 | |||||||||
| 600,000 | Lexington IDA EFA for VMI Development Board Inc. Project, 1.30%, 12/1/36(a) | 600,000 | |||||||||
| 750,000 | Loudoun County IDA for Howard Hughes Medical Institute, Series E, 1.47%, 2/15/38(a) | 750,000 | |||||||||
| 450,000 | Loudoun County IDA for Loudoun County Day School Inc., 2.09%, 3/1//38(a) | 450,000 | |||||||||
| 725,000 | Madison County IDA EFA for Woodberry Forest School, 1.35%, 10/1/37(a) | 725,000 | |||||||||
| 340,000 | Newport News HDA MFH for Springhouse Apartments Project, 1.56%, 9/1/26(a) | 340,000 | |||||||||
| 1,500,000 | Pocahontas Parkway Association Toll Road Revenue, Series A, 5.50%, 8/15/08 | 1,541,756 | |||||||||
| 300,000 | Portsmouth GO, 5.00%, 7/1/08 | 300,703 | |||||||||
| 450,000 | Roanoke IDA for Carilion Health System, Series C-1, 1.40%, 7/1/27(a) | 450,000 | |||||||||
| 990,000 | Spotsylvania County GO for School Improvements, 5.00%, 1/15/09 | 1,008,307 | |||||||||
| 1,415,000 | Suffolk HDA MFH for Oak Springs Apartments, 1.56%, 12/1/19(a) | 1,415,000 | |||||||||
| 1,950,000 | University of Virginia General Revenue, Series A, 1.63%, 6/1/34(a) | 1,950,000 | |||||||||
| 920,000 | Virginia Beach DAR EFA for Virginia Wesleyan College Project, 1.55%, 7/1/33(a) | 920,000 | |||||||||
| 100,000 | Virginia Beach DAR IDA for Architectural Graphics Project, 1.70%, 5/1/20(a) | 100,000 | |||||||||
| 1,200,000 | Virginia Commonwealth University General Revenue, Series B, 1.70%, 11/1/30(a) | 1,200,000 | |||||||||
| 750,000 | Virginia Commonwealth University Health System Authority, Series A, 1.28%, 7/1/37(a) | 750,000 | |||||||||
| 29,170,766 | |||||||||||
| PUERTO RICO—5.5% | |||||||||||
| 635,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-2, 1.58%, 7/1/29(a) | 635,000 | |||||||||
| 170,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-3, 1.25%, 7/1/29(a) | 170,000 | |||||||||
| 1,000,000 | Puerto Rico Commonwealth GO, Series A-6 1.00%, 7/1/33(a) | 1,000,000 | |||||||||
| 1,805,000 | |||||||||||
See notes to financial statements.
26
RESERVE MUNICIPAL MONEY-MARKET TRUST II—VIRGINIA MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| WASHINGTON—0.4% | |||||||||||
| $ | 150,000 | Snohomish County Public Utility Revenue for Generation Systems, 2.10%, 1/1/25(a) | $ | 150,000 | |||||||
| Total Investments (Cost* $31,125,766) | 95.0 | % | 31,125,766 | ||||||||
| Comprehensive management fees payable | 0.0 | (1,450 | ) | ||||||||
| Distribution (12b-1) fees payable | 0.0 | (447 | ) | ||||||||
| Other assets less liabilities | 5.0 | 1,626,857 | |||||||||
| Net Assets | 100.0 | % | $ | 32,750,726 | |||||||
| Net asset value, offering and redemption price per share, based on 32,750,726 shares of beneficial interest, $.001 per value outstanding, Class R | $ | 1.00 | |||||||||
See notes to financial statements.
27
RESERVE NEW YORK MUNICIPAL MONEY-MARKET TRUST—NEW YORK MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—99.5% | Value (Note 1) | |||||||||
| NEW YORK—99.5% | |||||||||||
| $ | 695,000 | Bleecker HDC for Bleecker Terrace Apartment Project, Series 85, 1.68%, 7/1/15(a) | $ | 695,000 | |||||||
| 2,890,000 | Columbia County IDA for Rual Manufacturing Co. Inc., Project A, 1.55%, 5/1/25(a) | 2,890,000 | |||||||||
| 500,000 | Dutchess IDA for Trinity Pawling School, 1.59%, 2/1/18(a) | 500,000 | |||||||||
| 1,380,000 | Genesee County IDA for R.J. Properties LLC Project, 1.55%, 7/1/20(a) | 1,380,000 | |||||||||
| 6,500,000 | Liberty Development Corporation for Greenwich LLC, 1.35% 12/1/39(a) | 6,500,000 | |||||||||
| 600,000 | Long Island Power Authority Electric System Revenue, Series 1-A, 1.55%, 5/1/33(a) | 600,000 | |||||||||
| 1,120,000 | Long Island Power Authority Electric System Revenue, Series D, 1.51%, 12/1/29(a) | 1,120,000 | |||||||||
| 500,000 | Long Island Power Authority Electric System Revenue, Series F, 1.51%, 12/1/29(a) | 500,000 | |||||||||
| 900,000 | Long Island Power Authority Electric System Revenue, Series G, 1.40%, 12/1/29(a) | 900,000 | |||||||||
| 3,000,000 | Long Island Power Authority Electric System Revenue, Series N, 2.30%, 12/1/29(a) | 3,000,000 | |||||||||
| 1,000,000 | Metropolitan Transportation Authority Dedicated Tax Fund, Series B, 1.35%, 11/1/22(a) | 1,000,000 | |||||||||
| 5,580,000 | Metropolitan Transportation Authority Dedicated Tax Fund, Series D-1, 2.26%, 11/1/34(a) | 5,580,000 | |||||||||
| 2,200,000 | Monroe County for Margaret Woodbury Strong Museum, 1.50%, 4/1/35(a) | 2,200,000 | |||||||||
| 1,300,000 | Monroe County IDA for St. Ann's Home Project, 1.52%, 7/1/30(a) | 1,300,000 | |||||||||
| 2,000,000 | Nassau County Interim Financial Sales Tax Secured, Series B, 4.00%, 11/15/08 | 2,018,290 | |||||||||
| 3,800,000 | New York City Cultural Resources for Asian Society, 1.40%, 4/1/30(a) | 3,800,000 | |||||||||
| 2,600,000 | New York City GO, Sub-Series A-9, 1.54%, 8/1/18(a) | 2,600,000 | |||||||||
| 1,050,000 | New York City GO, Sub-Series C-4, 1.40%, 8/1/20(a) | 1,050,000 | |||||||||
| 500,000 | New York City GO, Sub-Series E-4, 1.55%, 8/1/34(a) | 500,000 | |||||||||
| 300,000 | New York City GO, Sub-Series F-3, 1.37%, 9/1/35(a) | 300,000 | |||||||||
| 1,575,000 | New York City HDC Multifamily for 1405 Fifth Avenue Apartments, Series A, 1.53%, 7/1/39(a) | 1,575,000 | |||||||||
| 5,000,000 | New York City HDC Multifamily for 2 Gold Street, Series A, 1.52%, 4/15/36(a) | 5,000,000 | |||||||||
| 7,000,000 | New York City HFA Multifamily for Worth Street, 1.58%, 5/15/33(a) | 7,000,000 | |||||||||
| 300,000 | New York City IDA for Children's Oncology Society, 1.50%, 5/1/21(a) | 300,000 | |||||||||
| 7,800,000 | New York City IDA for Liberty-FC Hanson Office Associates, 1.50%, 12/1/39(a) | 7,800,000 | |||||||||
| 1,725,000 | New York City MWFA WSR for ROCS RR II R-11264, 1.59%, 6/15/37(a) | 1,725,000 | |||||||||
| 2,500,000 | New York City TFA for Future Tax, Series A-1, 1.54%, 11/15/22(a) | 2,500,000 | |||||||||
| 3,400,000 | New York City TFA for Future Tax, Series C, 1.50%, 2/1/32(a) | 3,400,000 | |||||||||
| 3,100,000 | New York State Dorm Authority for Beverwyck Inc., 1.55%, 7/1/25(a) | 3,100,000 | |||||||||
| 400,000 | New York State Dorm Authority for Mental Health Services, Sub-Series D-2A, 1.63%, 2/15/31(a) | 400,000 | |||||||||
| 6,000,000 | New York State Dorm Authority for Personal Income Tax, Series C, 2.26%, 3/15/32(a) | 6,000,000 | |||||||||
| 2,150,000 | New York State Dorm Authority for ROCS RR II R-12121, 1.59%, 3/15/31(a) | 2,150,000 | |||||||||
| 2,000,000 | New York State HDC for Queens Family Courthouse Apartments, Series A, 2.25%, 6/1/42(a) | 2,000,000 | |||||||||
| 4,075,000 | New York State HDR for Boricua Village Apartments, Series A-2, 1.58%, 9/1/42(a) | 4,075,000 | |||||||||
| 5,000,000 | New York State HFA for 125 West 31st Street Association, Series A, 1.58%, 5/15/38(a) | 5,000,000 | |||||||||
| 7,685,000 | New York State HFA for 250 West 93rd Street LLC, Series 2005 A, 1.51%, 11/1/38(a) | 7,685,000 | |||||||||
| 6,500,000 | New York State HFA for 270 East Burnside Avenue Apartments, 1.75%, 1/15/39(a) | 6,500,000 | |||||||||
| 1,400,000 | New York State HFA for Kew Gardens Hills Housing, Series A, 1.70%, 5/15/36(a) | 1,400,000 | |||||||||
| 300,000 | New York State HFA for Remeeder Houses, Series A, 1.60%, 5/1/39(a) | 300,000 | |||||||||
| 4,500,000 | New York State HFA for Rip Van Winkle House, Series A, 3.59%, 11/1/34(a) | 4,500,000 | |||||||||
| 2,000,000 | New York State HFA for Victory Housing, Series 2004 A, 1.58%, 11/1/33(a) | 2,000,000 | |||||||||
| 2,450,000 | New York State LGAC, Series 4-V, 1.50%, 4/1/22(a) | 2,450,000 | |||||||||
| 9,000,000 | New York State MFH for Avalon Bowery Place II-A, 3.53% - 3.86%, 11/1/39(a) | 9,000,000 | |||||||||
| 8,100,000 | New York State R&D for Con Ed, Sub-Series C-2, 1.70%, 11/1/39(a) | 8,100,000 | |||||||||
See notes to financial statements.
28
RESERVE NEW YORK MUNICIPAL MONEY-MARKET TRUST—NEW YORK MUNICIPAL MONEY-MARKET FUND
STATEMENT OF NET ASSETS—MAY 31, 2008 (Continued)
| Principal Amount | TAX-EXEMPT OBLIGATIONS (Continued) | Value (Note 1) | |||||||||
| NEW YORK (Continued) | |||||||||||
| $ | 300,000 | New York State R&D for Long Island Lighting Company, Series A, 1.75%, 12/1/27(a) | $ | 300,000 | |||||||
| 350,000 | Oswego County IDA for Fulton Thermal Corp Project, 1.55%, 6/1/14(a) | 350,000 | |||||||||
| 2,500,000 | Otsego County IDA for Mary Imogene Bassett Hospital, Series A, 1.69%, 5/1/27(a) | 2,500,000 | |||||||||
| 6,600,000 | Port Authority NY & NJ for ROCS RR II R-9206, 1.68%, 9/15/28(a) | 6,600,000 | |||||||||
| 4,165,000 | Rockland County IDA for Gussack Realty/Tappan Wire, 1.75%, 5/1/22(a) | 4,165,000 | |||||||||
| 2,350,000 | Schenectady County IDA for Sunnyview Hospital and Rehabilitation Center, Series A, 1.70%, 8/1/33(a) | 2,350,000 | |||||||||
| 5,000,000 | Suffolk County IDA for Touro College Project, 1.50%, 6/1/37(a) | 5,000,000 | |||||||||
| 4,290,000 | Tompkins County IDA for Kendal Ithaca Community Care, Series B, 1.62%, 7/1/24(a) | 4,290,000 | |||||||||
| 1,500,000 | Triborough Bridge & Tunnel Authority, Series A, 1.83%, 1/1/19(a) | 1,500,000 | |||||||||
| 2,690,000 | Triborough Bridge & Tunnel Authority, Sub-Series B-1, 1.45%, 1/1/32(a) | 2,690,000 | |||||||||
| 2,850,000 | Triborough Bridge & Tunnel Authority, Sub-Series B-2, 1.46%, 1/1/32(a) | 2,850,000 | |||||||||
| 1,495,000 | Triborough Bridge & Tunnel Authority, Sub-Series B-4, 1.45%, 1/1/32(a) | 1,495,000 | |||||||||
| 900,000 | Troy IDA for Rensselaer Polytechnic Institute, 1.35%, 9/1/42(a) | 900,000 | |||||||||
| 6,500,000 | Ulster County IDA for Kingston Regional Senior Living, Series C, 1.52%, 9/15/37(a) | 6,500,000 | |||||||||
| 8,755,000 | Westchester IDA for Catherine Field Home, 1.52%, 1/1/31(a) | 8,755,000 | |||||||||
| 182,638,290 | |||||||||||
| Total Investments (Cost* $182,638,290) | 99.5 | % | 182,638,290 | ||||||||
| Comprehensive management fees payable | (0.0 | )^ | (8,120 | ) | |||||||
| Distribution (12b-1) fees payable | (0.0 | )^ | (2,506 | ) | |||||||
| Other assets less liabilities | 0.5 | 844,670 | |||||||||
| Net Assets | 100.0 | % | $ | 183,472,334 | |||||||
| Net asset value, offering and redemption price per share of each class based on shares of beneficial interest, $.001 par value outstanding and equivalent to the Net Assets of each Class: 183,442,894 shares, Class R | $ | 1.00 | |||||
| 29,440 shares, Class Treasurer's Trust | $ | 1.00 | |||||
See notes to financial statements.
29
RESERVE MUNICIPAL MONEY-MARKET TRUST—ARIZONA MUNICIPAL MONEY-MARKET FUND
SCHEDULE OF INVESTMENTS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—92.7% | Value (Note 1) | |||||||||
| ARIZONA—88.5% | |||||||||||
| $ | 10,000 | Apache County IDA for Tucson Electric Power, Series 83A, 1.70%, 12/15/18(a) | $ | 10,000 | |||||||
| 19,000 | Apache County IDA for Tucson Electric Power, Series 83C, 1.70%, 12/15/18(a) | 19,000 | |||||||||
| 20,000 | Arizona HCF for Banner Health System, Series A, 1.95%, 1/1/29(a) | 20,000 | |||||||||
| 15,000 | Arizona HCF for Catholic West, Series B, 1.70%, 7/1/35(a) | 15,000 | |||||||||
| 30,000 | Arizona HCF for The Terraces, 1.63%, 12/1/37(a) | 30,000 | |||||||||
| 100,000 | Arizona School District TAN, 4.50%, 7/30/08 | 100,134 | |||||||||
| 30,000 | Arizona Sports & Tourism Authority, Multipurpose Stadium, 1.65%, 7/1/36(a) | 30,000 | |||||||||
| 30,000 | Arizona State University Revenue, Series A, 1.75%, 7/1/34(a) | 30,000 | |||||||||
| 30,000 | Coconino County IDA for Scuff Steel Project, 1.73%, 3/1/27(a) | 30,000 | |||||||||
| 25,000 | Coconino County PCR for Arizona Public Service Co. Project, 1.45%, 11/1/33(a) | 25,000 | |||||||||
| 30,000 | Maricopa County IDA MHR for Las Gardenias Apartments, Series A, 1.85%, 4/15/33(a) | 30,000 | |||||||||
| 30,000 | Maricopa County IDA MHR for San Remo Apartments Project, 1.85%, 9/15/35(a) | 30,000 | |||||||||
| 25,000 | Mesa IDA for Discovery Health, Series B, 2.50%, 1/1/29(a) | 25,000 | |||||||||
| 20,000 | Phoenix Civic Improvement Corp. Wastewater System Revenue for Sr. Lien, Series A, 2.00%, 7/1/23(a) | 20,000 | |||||||||
| 30,000 | Phoenix IDA for Southwest Human Development Project, 1.63%, 4/1/28(a) | 30,000 | |||||||||
| 30,000 | Phoenix IDA MHR for Del Mar Terrace Apartments, Series A, 1.55%, 10/1/29(a) | 30,000 | |||||||||
| 30,000 | Pima County IDA for GNMA MBS Broadway, Series A, 1.62%, 12/1/25(a) | 30,000 | |||||||||
| 30,000 | Salt River Pima for Indian Community, 1.55%, 10/1/26(a) | 30,000 | |||||||||
| 26,000 | Scottsdale IDA for Notre Dame School, Series A, 1.60%, 5/1/21(a) | 26,000 | |||||||||
| 15,000 | Yavapai County IDA HRB for Yavapai Regional Medical Center, Series B, 2.21%-2.65%, 12/1/26(a) | 15,000 | |||||||||
| 30,000 | Yavapai County IDA SWD for Allied Waste North America, Series A, 1.63%, 12/1/17(a) | 30,000 | |||||||||
| 30,000 | Yuma IDA MHR for El Encanto Apartments Project, 1.56%, 4/15/33(a) | 30,000 | |||||||||
| 635,134 | |||||||||||
| PUERTO RICO—4.2% | |||||||||||
| 30,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-2, 1.58%, 7/1/29(a) | 30,000 | |||||||||
| Total Investments (Cost* $665,134) | 92.7 | % | 665,134 | ||||||||
| Other assets less liabilities | 7.3 | 52,455 | |||||||||
| Net Assets | 100.0 | % | $ | 717,589 | |||||||
RESERVE MUNICIPAL MONEY-MARKET TRUST—ARIZONA MUNICIPAL MONEY-MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2008
| Assets | |||||||
| Investments in securities, at value (Cost $665,134) | $ | 665,134 | |||||
| Cash | 43,392 | ||||||
| Interest receivable | 4,454 | ||||||
| Other Assets | 4,651 | ||||||
| Total Assets | 717,631 | ||||||
| Liabilities | |||||||
| Comprehensive management fees payable | 32 | ||||||
| Distribution (12b-1) fees payable | 10 | ||||||
| Total Liabilities | 42 | ||||||
| Net Assets | $ | 717,589 | |||||
| Net asset value, offering and redemption price per share, based on 717,589 shares of beneficial interest, $.0001 par value outstanding, Class R | $ | 1.00 | |||||
See notes to financial statements.
30
RESERVE MUNICIPAL MONEY-MARKET TRUST—LOUISIANA MUNICIPAL MONEY-MARKET FUND
SCHEDULE OF INVESTMENTS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—91.7% | Value (Note 1) | |||||||||
| CALIFORNIA—3.5% | |||||||||||
| $ | 125,000 | ABAG Finance Authority for Nonprofit Corporations MHR for Colma Bart Apartments, Series A, 1.55%, 11/15/35(a) | $ | 125,000 | |||||||
| LOUISIANA—79.9% | |||||||||||
| 175,000 | Ascension Parish for BASF Corporation Project, 1.44%, 3/1/25(a) | 175,000 | |||||||||
| 175,000 | East Baton Rouge Parish for Road & Street Improvement, Series A 1.53%-2.41%, 8/1/30(a) | 175,000 | |||||||||
| 135,000 | East Baton Rouge Parish PCR for Exxon Mobil Corp., 1.13%, 11/1/19(a) | 135,000 | |||||||||
| 175,000 | Jefferson Parish HRB for East Jefferson General, 2.35%, 7/1/09(a) | 175,000 | |||||||||
| 175,000 | Louisiana HFA Multifamily for New Orleanian, 1.62%, 12/1/25(a) | 175,000 | |||||||||
| 175,000 | Louisiana Local Govt. Environment Facilities CDA for Shreveport Utility Systems Project, 1.60%, 10/1/26(a) | 175,000 | |||||||||
| 180,000 | Louisiana Local Govt. Environment Facilities CDA for South Extrusion Inc. Project, 1.71%, 12/1/17(a) | 180,000 | |||||||||
| 175,000 | Louisiana Local Govt. Environment Facilities CDA for University of Louisiana-Monroe, Series A, 1.62%, 11/1/34(a) | 175,000 | |||||||||
| 175,000 | Louisiana Offshore Term Auth. Deepwater Port Rev. for Loop LLC Project, 1.60%, 10/1/19(a) | 175,000 | |||||||||
| 175,000 | Louisiana PFA for Christus Health, Series C, 1.85%, 7/1/47(a) | 175,000 | |||||||||
| 175,000 | Louisiana PFA for Christus Health, Sub-Series C-1, 2.85%, 7/1/31(a) | 175,000 | |||||||||
| 175,000 | Louisiana PFA for Franciscan Missionaries, Series C, 1.45%, 7/1/30(a) | 175,000 | |||||||||
| 175,000 | Louisiana PFA Multifamily for River View, 1.56%, 4/1/36(a) | 175,000 | |||||||||
| 100,000 | Louisiana PFA Multifamily for RMK, 1.61%, 6/15/31(a) | 100,000 | |||||||||
| 175,000 | South Louisiana Port Marine Term. for Holnam Inc. Project, 1.66%, 1/1/27(a) | 175,000 | |||||||||
| 175,000 | South Louisiana Port Marine Term. for Occidental Petroleum Corp., 1.55%, 7/1/21(a) | 175,000 | |||||||||
| 175,000 | St. James Parish PCR for Occidental Petroleum Corp., 1.75%, 7/1/18(a) | 175,000 | |||||||||
| 2,865,000 | |||||||||||
| OHIO—3.3% | |||||||||||
| 120,000 | Cuyahoga County EDA for Cleveland Botanical Gardens Project, 1.65%, 7/1/31(a) | 120,000 | |||||||||
| PUERTO RICO—5.0% | |||||||||||
| 65,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-2, 1.58%, 7/1/29(a) | 65,000 | |||||||||
| 15,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-3, 1.25%, 7/1/29(a) | 15,000 | |||||||||
| 100,000 | Puerto Rico Commonwealth TRANS, 4.25%, 7/30/08 | 100,134 | |||||||||
| 180,134 | |||||||||||
| Total Investments (Cost* $3,290,134) | 91.7 | % | 3,290,134 | ||||||||
| Other assets less liabilities | 8.3 | 298,007 | |||||||||
| Net Assets | 100.0 | % | $ | 3,588,141 | |||||||
RESERVE MUNICIPAL MONEY-MARKET TRUST—LOUISIANA MUNICIPAL MONEY-MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2008
| Assets | |||||||
| Investments in securities, at value (Cost $3,290,134) | $ | 3,290,134 | |||||
| Cash | 289,757 | ||||||
| Interest receivable | 8,404 | ||||||
| Other assets | 54 | ||||||
| Total Assets | 3,588,349 | ||||||
| Liabilities | |||||||
| Comprehensive management fees payable | 159 | ||||||
| Distribution (12b-1) fees payable | 49 | ||||||
| Total Liabilities | 208 | ||||||
| Net Assets | $ | 3,588,141 | |||||
| Net asset value, offering and redemption price per share, based on 3,588,141 shares of beneficial interest, $.0001 par value outstanding, Class R | $ | 1.00 | |||||
See notes to financial statements.
31
RESERVE MUNICIPAL MONEY-MARKET TRUST—MINNESOTA MUNICIPAL MONEY-MARKET FUND
SCHEDULE OF INVESTMENTS—MAY 31, 2008
| Principal Amount | TAX-EXEMPT OBLIGATIONS—94.1% | Value (Note 1) | |||||||||
| CALIFORNIA—3.7% | |||||||||||
| $ | 375,000 | California Statewide CDA for Goodwill of Santa Cruz, 1.33%, 2/1/38(a) | $ | 375,000 | |||||||
| MINNESOTA—76.9% | |||||||||||
| 450,000 | Andover Senior Housing for Presbyterian Homes Inc. Project, 1.60%, 11/15/33(a) | 450,000 | |||||||||
| 100,000 | Cohasset for Minnesota Power & Light Co. Project, Series A, 1.55%, 6/1/20(a) | 100,000 | |||||||||
| 195,000 | Cohasset for Minnesota Power & Light Co. Project, Series B, 1.55%, 6/1/13(a) | 195,000 | |||||||||
| 200,000 | Cohasset for Minnesota Power & Light Co. Project, Series C, 1.55%, 6/1/13(a) | 200,000 | |||||||||
| 470,000 | Minneapolis HCR for Fairview Health Services, Series C, 1.95%, 11/15/26(a) | 470,000 | |||||||||
| 300,000 | Minneapolis Revenue for Guthrie Theater Project, Series A, 1.45%, 10/1/23(a) | 300,000 | |||||||||
| 470,000 | Minneapolis Special School District No. 001, 5.00%, 2/1/09 | 479,584 | |||||||||
| 464,000 | Minnesota HFA for Residential Housing, Series C, 1.70%, 1/1/35(a) | 464,000 | |||||||||
| 495,000 | Minnesota State EFA for Carleton College, Series 6-D, 1.40%, 4/1/35(a) | 495,000 | |||||||||
| 250,000 | Minnesota State EFA for Trustees of Hamline University, Series 6-E3, 1.62%, 10/1/16(a) | 250,000 | |||||||||
| 495,000 | Minnesota State EFA for University of St. Thomas, Series 5-C, 1.63%, 4/1/25(a) | 495,000 | |||||||||
| 495,000 | Minnesota State EFA for William Mitchell College of Law, Series 5-S, 1.68%, 10/1/33(a) | 495,000 | |||||||||
| 105,000 | Roseville Commercial Development Revenue for Berger Transfer and Storage, Series F, 1.58%, 12/1/15(a) | 105,000 | |||||||||
| 495,000 | St. Cloud HCR for Centracare Health System Project, Series C, 1.62%, 5/1/42(a) | 495,000 | |||||||||
| 215,000 | St. Louis Park Revenue for Catholic Finance Corp., 1.65%, 10/1/25(a) | 215,000 | |||||||||
| 210,000 | St. Paul HDA for District Heating Revenue, 1.65%, 12/1/12(a) | 210,000 | |||||||||
| 400,000 | St. Paul HDA for Science Museum of Minnesota, Series A, 1.59%, 5/1/27(a) | 400,000 | |||||||||
| 800,000 | St. Paul HDA MHR for Highland Ridge Project, 1.60%, 10/1/33(a) | 800,000 | |||||||||
| 495,000 | University of Minnesota, Series A, 1.66%, 1/1/34(a)(b) | 495,000 | |||||||||
| 630,000 | Winona Port Authority IDR for Bay Street Milling Company Project, Series A, 1.85%, 6/1/11(a) | 630,000 | |||||||||
| 7,743,584 | |||||||||||
| NEW YORK—4.1% | |||||||||||
| 415,000 | Triborough Bridge & Tunnel Authority, Sub-Series B-2, 1.46%, 1/1/32(a) | 415,000 | |||||||||
| PENNSYLVANIA—3.0% | |||||||||||
| 300,000 | Cumberland County Municipal Authority for Asbury Atlantic Inc., 1.63%, 1/1/41(a) | 300,000 | |||||||||
| PUERTO RICO—6.4% | |||||||||||
| 445,000 | Puerto Rico Commonwealth GO for Public Improvement, Series A-2, 1.58%, 7/1/29(a) | 445,000 | |||||||||
| 200,000 | Puerto Rico Commonwealth TRANS, 4.25%, 7/30/08 | 200,269 | |||||||||
| 645,269 | |||||||||||
| Total Investments (Cost* $9,478,853) | 94.1 | % | 9,478,853 | ||||||||
| Other assets less liabilities | 5.9 | 597,607 | |||||||||
| Net Assets | 100.0 | % | $ | 10,076,460 | |||||||
See notes to financial statements.
32
RESERVE MUNICIPAL MONEY-MARKET TRUST—MINNESOTA MUNICIPAL MONEY-MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2008
| Assets | |||||||
| Investments in securities, at value (Cost $9,478,853) | $ | 9,478,853 | |||||
| Cash | 567,645 | ||||||
| Interest receivable | 30,493 | ||||||
| Other assets | 53 | ||||||
| Total Assets | 10,077,044 | ||||||
| Liabilities | |||||||
| Comprehensive management fees payable | 446 | ||||||
| Distribution (12b-1) fees payable | 138 | ||||||
| Total Liabilities | 584 | ||||||
| Net Assets | $ | 10,076,460 | |||||
| Net asset value, offering and redemption price per share, based on 10,076,460 shares of beneficial interest, $.0001 par value outstanding, Class R | $ | 1.00 | |||||
See notes to financial statements.
33
Security Type Abbreviations
| BANS | — | Bond Anticipation Notes | HRB | — | Hospital Revenue Bonds | ||||||||||||||||||
| CDA | — | Community Development Authority | HSR | — | Health System Revenue Bonds | ||||||||||||||||||
| COPS | — | Certificates of Participation | IDA | — | Industrial Development Authority Revenue Bonds | ||||||||||||||||||
| DAR | — | Development Authority Revenue Bonds | IDR | — | Industrial Development Agency Revenue Bonds | ||||||||||||||||||
| DFA | — | Development Finance Agency | IFA | — | Industrial Finance Authority | ||||||||||||||||||
| ECFA | — | Education & Cultural Facility Authority | LGAC | — | Local Government Assistance Corp. | ||||||||||||||||||
| EDA | — | Economic Development Authority Revenue Bonds | MBS | — | Mortgage-Backed Securities | ||||||||||||||||||
| EDC | — | Economic Development Commission | MFA | — | Municipal Finance Authority | ||||||||||||||||||
| EFA | — | Educational Facilities Authority | MFH | — | Multifamily Housing Revenue Bonds | ||||||||||||||||||
| FNMA | — | Federal National Mortgage Association | MHR | — | Multifamily Housing Revenue Bonds | ||||||||||||||||||
| GABS | — | Grant Anticipation Bonds | MWFA | — | Municipal Water Finance Authority | ||||||||||||||||||
| GO | — | General Obligation Bonds | PBA | — | Public Building Authority | ||||||||||||||||||
| GNMA | — | Government National Mortgage Association | PCR | — | Pollution Control Revenue Bonds | ||||||||||||||||||
| HCF | — | Health Care Facilities Revenue Bonds | PFA | — | Public Facilities Authority | ||||||||||||||||||
| HCFA | — | Healthcare Facilities Authority | RANS | — | Revenue Anticipation Notes | ||||||||||||||||||
| HCR | — | Health Care Revenue | SWD | — | Solid Waste Disposal | ||||||||||||||||||
| HDA | — | Housing Development Authority | TAN | — | Tax Anticipation Note | ||||||||||||||||||
| HDC | — | Housing Development Corporation | TFA | — | Transitional Finance Authority | ||||||||||||||||||
| HDR | — | Housing Development Revenue | TRANS | — | Tax & Revenue Anticipation Notes | ||||||||||||||||||
| HEA | — | Higher Education Assistance Agency | WAR | — | Water Authority Revenue | ||||||||||||||||||
| HEFA | — | Health & Education Facilities Authority | WDA | — | Water Development Authority | ||||||||||||||||||
| HFA | — | Housing Finance Authority Revenue Bonds | WRA | — | Water Resource Authority | ||||||||||||||||||
| HFC | — | Housing Finance Corporation | WSR | — | Water & Sewer System Revenue Bonds | ||||||||||||||||||
| HFR | — | Hospital Finance Authority Revenue | |||||||||||||||||||||
(a) Variable rate securities. The interest rates shown are, as reported on May 31, 2008, subject to change periodically. Securities payable on demand are collateralized by bank letters of credit or other credit agreements.
(b) Obligations of educational facilities.
^ Amount is less than 0.05%.
* The cost of investments for federal income tax purposes is the same as the cost for financial reporting purposes.
See notes to financial statements.
34
STATEMENT OF OPERATIONS
For the Year Ended May 31, 2008
| Reserve Municipal Money-Market Trust II | |||||||||||||||||||
| California Fund | Connecticut Fund | Florida Fund | Massachusetts Fund | ||||||||||||||||
| Interest Income (Note 1) | $ | 3,384,458 | $ | 1,188,246 | $ | 1,937,133 | $ | 871,578 | |||||||||||
| Expenses (Note 2) | |||||||||||||||||||
| Comprehensive management fees | |||||||||||||||||||
| Class R | 878,831 | 328,900 | 499,060 | 231,571 | |||||||||||||||
| Class Treasurer's Trust | — | — | — | 493 | |||||||||||||||
| Distribution (12b-1) fees | 252,146 | 96,052 | 145,564 | 67,978 | |||||||||||||||
| Trustee fee | 1,052 | 483 | 801 | 332 | |||||||||||||||
| Chief Compliance Officer expenses | 538 | 135 | 296 | 106 | |||||||||||||||
| Legal fee | 21 | 10 | 18 | — | |||||||||||||||
| Interest expense | 3,487 | 670 | 3,746 | 285 | |||||||||||||||
| Total expenses before waiver | 1,136,075 | 426,250 | 649,485 | 300,765 | |||||||||||||||
| Less: expenses waived (Note 2) | (90,298 | ) | (77,191 | ) | (45,162 | ) | (32,358 | ) | |||||||||||
| Net Expenses | 1,045,777 | 349,059 | 604,323 | 268,407 | |||||||||||||||
| Net Investment Income, representing Net Increase in Net Assets from Investment Operations | $ | 2,338,681 | $ | 839,187 | $ | 1,332,810 | $ | 603,171 | |||||||||||
| Reserve Municipal Money-Market Trust II | |||||||||||||||||||||||
| Michigan Fund | New Jersey Fund | Ohio Fund | Pennsylvania Fund | Virginia Fund | |||||||||||||||||||
| Interest Income (Note 1) | $ | 771,109 | $ | 2,407,020 | $ | 635,709 | $ | 1,895,187 | $ | 816,164 | |||||||||||||
| Expenses (Note 2) | |||||||||||||||||||||||
| Comprehensive management fees | |||||||||||||||||||||||
| Class R | 211,490 | 644,484 | 171,645 | 506,046 | 227,257 | ||||||||||||||||||
| Class Treasurer's Trust | — | — | — | — | — | ||||||||||||||||||
| Distribution (12b-1) fees | 62,635 | 187,895 | 50,382 | 148,881 | 66,701 | ||||||||||||||||||
| Trustee fee | 330 | 967 | 240 | 740 | 386 | ||||||||||||||||||
| Chief Compliance Officer expenses | 73 | 275 | 106 | 252 | 81 | ||||||||||||||||||
| Legal fee | — | 21 | — | 18 | 9 | ||||||||||||||||||
| Interest expense | 288 | 2,498 | 429 | 2,350 | 170 | ||||||||||||||||||
| Total expenses before waiver | 274,816 | 836,140 | 222,802 | 658,287 | 294,604 | ||||||||||||||||||
| Less: expenses waived (Note 2) | (24,976 | ) | (99,801 | ) | (20,172 | ) | (39,220 | ) | (32,662 | ) | |||||||||||||
| Net Expenses | 249,840 | 736,339 | 202,630 | 619,067 | 261,942 | ||||||||||||||||||
| Net Investment Income, representing Net Increase in Net Assets from Investment Operations | $ | 521,269 | $ | 1,670,681 | $ | 433,079 | $ | 1,276,120 | $ | 554,222 | |||||||||||||
See notes to financial statements.
35
STATEMENT OF OPERATIONS (Continued)
For the Year Ended May 31, 2008
| Reserve Municipal Money-Market Trust | |||||||||||||||
| Arizona Municipal | Louisiana Municipal | Minnesota Municipal | |||||||||||||
| Money-MarketMoney-MarketMoney-Market | |||||||||||||||
| FundFundFund | |||||||||||||||
| Interest Income (Note 1) | $ | 33,329 | $ | 83,773 | $ | 271,335 | |||||||||
| Expenses (Note 2) | |||||||||||||||
| Comprehensive management fees, Class R | 9,170 | 22,708 | 74,932 | ||||||||||||
| Distribution (12b-1) fees | 2,583 | 6,522 | 22,281 | ||||||||||||
| Trustee fee | 5 | 27 | 70 | ||||||||||||
| Chief Compliance Officer expenses | — | 7 | 15 | ||||||||||||
| Interest expense | 37 | 134 | 655 | ||||||||||||
| Total expenses | 11,795 | 29,398 | 97,953 | ||||||||||||
| Less: expenses waived (Note 2) | (4,477 | ) | (7,158 | ) | (18,147 | ) | |||||||||
| Net Expenses | 7,318 | 22,240 | 79,806 | ||||||||||||
| Net Investment Income, representing Net Increase in Net Assets from Investment Operations | $ | 26,011 | $ | 61,533 | $ | 191,529 | |||||||||
See notes to financial statements.
36
RESERVE MUNICIPAL MONEY-MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF OPERATIONS (Continued)
For the Year Ended May 31, 2008
| Interest Income (Note 1) | $ | 32,764,215 | |||||
| Expenses (Note 2) | |||||||
| Comprehensive management fees: | |||||||
| Class R | 2,309,022 | ||||||
| Investor Class II | 25,141 | ||||||
| Investor Class I | 44,029 | ||||||
| Class Treasurer's Trust | 635,071 | ||||||
| Liquidity Class V | 22,980 | ||||||
| Liquidity Class III | 151,464 | ||||||
| Liquidity Class II | 7 | ||||||
| Liquidity Class I | 84,682 | ||||||
| Class Institutional | 620,899 | ||||||
| Distribution (12b-1) fees: | |||||||
| Class R | 665,913 | ||||||
| Investor Class II | 10,495 | ||||||
| Investor Class I | 20,455 | ||||||
| Trustee fee | 13,400 | ||||||
| Chief Compliance Officer expenses | 4,769 | ||||||
| Legal fee | 295 | ||||||
| Interest expense | 243,350 | ||||||
| Total expenses before waiver | 4,851,972 | ||||||
| Less: expenses waived (Note 2) | (315,797 | ) | |||||
| Net Expenses | 4,536,175 | ||||||
| Net Investment Income | 28,228,040 | ||||||
| Net Realized Gain | 30,170 | ||||||
| Net Increase in Net Assets from Investment Operations | $ | 28,258,210 | |||||
RESERVE MUNICIPAL MONEY-MARKET TRUST II—INTERSTATE TAX-EXEMPT FUND
STATEMENT OF CHANGES IN NET ASSETS
| Year Ended May 31, 2008 | Year Ended May 31, 2007 | ||||||||||
| Increase in Net Assets From Investment Operations: | |||||||||||
| Net investment income | $ | 28,228,040 | $ | 35,120,315 | |||||||
| Net realized gain/(loss) | 30,170 | (27,786 | ) | ||||||||
| Total increase in net assets from investment operations | 28,258,210 | 35,092,529 | |||||||||
| Dividends Paid to Shareholders From Net Investment Income (Note 1): | |||||||||||
| Class R | (6,466,950 | ) | (8,063,977 | ) | |||||||
| Investor Class II(a) | (114,388 | ) | (162,698 | ) | |||||||
| Investor Class I(a) | (218,264 | ) | (129,181 | ) | |||||||
| Class Treasurer's Trust | (2,712,006 | ) | (2,114,926 | ) | |||||||
| Liquidity Class V(a) | (116,838 | ) | (11,716 | ) | |||||||
| Liquidity Class III(a) | (1,707,916 | ) | (1,723,347 | ) | |||||||
| Liquidity Class II(a) | (80 | ) | — | ||||||||
| Liquidity Class I(a) | (1,465,260 | ) | (3,695 | ) | |||||||
| Class Institutional(b) | (15,426,465 | ) | (16,601,095 | ) | |||||||
| Class 8(b) | — | (6,309,680 | ) | ||||||||
| Total dividends to shareholders | (28,228,167 | ) | (35,120,315 | ) | |||||||
| From Capital Share Transactions (Note 6) | |||||||||||
| (at net asset value of $1.00 per share): | |||||||||||
| Proceeds from sale of shares | 7,575,911,005 | 12,613,661,628 | |||||||||
| Dividends reinvested | 26,444,508 | 32,915,537 | |||||||||
| Cost of shares redeemed | (7,042,855,001 | ) | (13,032,081,977 | ) | |||||||
| 559,500,512 | (385,504,812 | ) | |||||||||
| Net increase (decrease) in net assets | 559,530,555 | (385,532,598 | ) | ||||||||
| Net Assets: | |||||||||||
| Beginning of period | 823,744,652 | 1,209,277,250 | |||||||||
| End of period | $ | 1,383,275,207 | $ | 823,744,652 | |||||||
(a) Effective September 28, 2007, Classes 15, 20, 25, 35 and 45 were renamed Liquidity Class I, II, III, IV and V, respectively. Also, Classes 70, 75, and 95 were renamed Investor Classes I, II and III, respectively. Liquidity Class II commenced operation on February 8, 2008.
(b) Effective September 1, 2006, Class 8 was closed and Class 12 was renamed Class Institutional.
See notes to financial statements.
37
RESERVE NEW YORK MUNICIPAL MONEY-MARKET TRUST—NEW YORK MUNICIPAL MONEY-MARKET FUND
STATEMENT OF OPERATIONS (Continued)
For the Year Ended May 31, 2008
| Interest Income (Note 1) | $ | 6,387,356 | |||||
| Expenses (Note 2) | |||||||
| Comprehensive management fees: | |||||||
| Class R | 1,668,948 | ||||||
| Class Treasurer's Trust | 67 | ||||||
| Distribution (12b-1) fees: | |||||||
| Class R | 484,847 | ||||||
| Class Treasurer's Trust | — | ||||||
| Trustee fee | 2,364 | ||||||
| Chief Compliance Officer expenses | 882 | ||||||
| Legal fee | 50 | ||||||
| Interest expense | 8,422 | ||||||
| Total expenses before waiver | 2,165,580 | ||||||
| Less: expenses waived (Note 2) | (82,382 | ) | |||||
| Net Expenses | 2,083,198 | ||||||
| Net Investment Income, representing Net Increase in Net Assets from Investment Operations | $ | 4,304,158 | |||||
RESERVE NEW YORK MUNICIPAL MONEY-MARKET TRUST—NEW YORK MUNICIPAL MONEY-MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS (Continued)
| Year Ended May 31, 2008 | Year Ended May 31, 2007 | ||||||||||
| Increase (Decrease) in Net Assets: From Investment Operations: | |||||||||||
| Net investment income | $ | 4,304,158 | $ | 5,109,600 | |||||||
| Dividends paid to Shareholders From: Net investment income (Note 1) | |||||||||||
| Class R | (4,303,893 | ) | (5,109,452 | ) | |||||||
| Class Treasurer's Trust | (265 | ) | (148 | ) | |||||||
| Total dividends to shareholders | (4,304,158 | ) | (5,109,600 | ) | |||||||
| From Capital Share Transactions (Note 6) (at net asset value of $1.00 per share): | |||||||||||
| Proceeds from sale of shares | 695,182,520 | 686,911,548 | |||||||||
| Dividends reinvested | 4,185,623 | 4,847,554 | |||||||||
| Cost of shares redeemed | (793,901,108 | ) | (599,707,423 | ) | |||||||
| (94,532,965 | ) | 92,051,679 | |||||||||
| Net increase (decrease) in net assets | (94,532,965 | ) | 92,051,679 | ||||||||
| Net Assets: | |||||||||||
| Beginning of period | 278,005,299 | 185,953,620 | |||||||||
| End of period | $ | 183,472,334 | $ | 278,005,299 | |||||||
See notes to financial statements.
38
STATEMENT OF CHANGES IN NET ASSETS (Continued)
| Reserve Municipal Money-Market Trust II | |||||||||||||||||||
| California Fund | Connecticut Fund | ||||||||||||||||||
| Year Ended May 31, 2008 | Year Ended May 31, 2007 | Year Ended May 31, 2008 | Year Ended May 31, 2007 | ||||||||||||||||
| Increase (Decrease) in Net Assets: From Investment Operations: | |||||||||||||||||||
| Net investment income | $ | 2,338,681 | $ | 3,494,300 | $ | 839,187 | $ | 824,146 | |||||||||||
| Dividends Paid to Shareholders From: | |||||||||||||||||||
| Net Investment Income (Note 1) | |||||||||||||||||||
| Class R | (2,338,681 | ) | (3,494,300 | ) | (839,187 | ) | (824,146 | ) | |||||||||||
| Class Treasurer's Trust | — | — | — | — | |||||||||||||||
| Total dividends to shareholders | (2,338,681 | ) | (3,494,300 | ) | (839,187 | ) | (824,146 | ) | |||||||||||
| From Capital Share Transactions | |||||||||||||||||||
| (at net asset value of $1.00 per share): | |||||||||||||||||||
| Proceeds from sale of shares | 497,385,391 | 637,731,986 | 123,946,695 | 125,090,416 | |||||||||||||||
| Dividends reinvested | 2,274,860 | 3,191,678 | 832,735 | 771,687 | |||||||||||||||
| Cost of shares redeemed | (548,504,955 | ) | (631,517,799 | ) | (131,697,252 | ) | (106,628,528 | ) | |||||||||||
| (48,844,704 | ) | 9,405,865 | (6,917,822 | ) | 19,233,575 | ||||||||||||||
| Net increase (decrease) in net assets | (48,844,704 | ) | 9,405,865 | (6,917,822 | ) | 19,233,575 | |||||||||||||
| Net Assets: | |||||||||||||||||||
| Beginning of period | 133,539,576 | 124,133,711 | 46,578,137 | 27,344,562 | |||||||||||||||
| End of period | $ | 84,694,872 | $ | 133,539,576 | $ | 39,660,315 | $ | 46,578,137 | |||||||||||
See notes to financial statements.
39
STATEMENT OF CHANGES IN NET ASSETS (Continued)
| Reserve Municipal Money-Market Trust II | |||||||||||||||||||||||||||
| Florida Fund | Massachusetts Fund | Michigan Fund | |||||||||||||||||||||||||
| Year Ended May 31, 2008 | Year Ended May 31, 2007 | Year Ended May 31, 2008 | Year Ended May 31, 2007 | Year Ended May 31, 2008 | Year Ended May 31, 2007 | ||||||||||||||||||||||
| Increase (Decrease) in Net Assets: From Investment Operations: | |||||||||||||||||||||||||||
| Net investment income | $ | 1,332,810 | $ | 1,474,751 | $ | 603,171 | $ | 676,333 | $ | 521,269 | $ | 357,742 | |||||||||||||||
| Dividends Paid to Shareholders From: | |||||||||||||||||||||||||||
| Net investment income (Note 1) | |||||||||||||||||||||||||||
| Class R | (1,332,810 | ) | (1,474,751 | ) | (602,029 | ) | (676,333 | ) | (521,269 | ) | (357,742 | ) | |||||||||||||||
| Class Treasurer's Trust | — | — | (1,142 | ) | — | — | — | ||||||||||||||||||||
| Total dividends to shareholders | (1,332,810 | ) | (1,474,751 | ) | (603,171 | ) | (676,333 | ) | (521,269 | ) | (357,742 | ) | |||||||||||||||
| From Capital Share Transactions | |||||||||||||||||||||||||||
| (at net asset value of $1.00 per share): | |||||||||||||||||||||||||||
| Proceeds from sale of shares | 257,920,022 | 305,908,620 | 95,963,460 | 112,355,884 | 91,847,005 | 75,830,827 | |||||||||||||||||||||
| Dividends reinvested | 1,306,894 | 1,331,113 | 597,510 | 619,839 | 514,919 | 322,218 | |||||||||||||||||||||
| Cost of shares redeemed | (277,825,604 | ) | (288,702,494 | ) | (90,491,485 | ) | (117,035,101 | ) | (79,494,555 | ) | (75,865,368 | ) | |||||||||||||||
| (18,598,688 | ) | 18,537,239 | 6,069,485 | (4,059,378 | ) | 12,867,369 | 287,677 | ||||||||||||||||||||
| Net increase (decrease) in net assets | (18,598,688 | ) | 18,537,239 | 6,069,485 | (4,059,378 | ) | 12,867,369 | 287,677 | |||||||||||||||||||
| Net Assets: | |||||||||||||||||||||||||||
| Beginning of period | 73,595,683 | 55,058,444 | 24,403,280 | 28,462,658 | 16,540,833 | 16,253,156 | |||||||||||||||||||||
| End of period | $ | 54,996,995 | $ | 73,595,683 | $ | 30,472,765 | $ | 24,403,280 | $ | 29,408,202 | $ | 16,540,833 | |||||||||||||||
See notes to financial statements.
40
STATEMENT OF CHANGES IN NET ASSETS (Continued)
| Reserve Municipal Money-Market Trust II | |||||||||||||||||||||||||||||||||||
| New Jersey Fund | Ohio Fund | Pennsylvania Fund | Virginia Fund | ||||||||||||||||||||||||||||||||
| Year Ended May 31, 2008 | Year Ended May 31, 2007 | Year Ended May 31, 2008 | Year Ended May 31, 2007 | Year Ended May 31, 2008 | Year Ended May 31, 2007 | Year Ended May 31, 2008 | Year Ended May 31, 2007 | ||||||||||||||||||||||||||||
| Increase (Decrease) in Net Assets: From Investment Operations: | |||||||||||||||||||||||||||||||||||
| Net investment income | $ | 1,670,681 | $ | 1,582,353 | $ | 433,079 | $ | 455,135 | $ | 1,276,120 | $ | 1,547,755 | $ | 554,222 | $ | 587,762 | |||||||||||||||||||
| Dividends Paid to Shareholders From: | |||||||||||||||||||||||||||||||||||
| Net investment income (Note 1) | |||||||||||||||||||||||||||||||||||
| Class R | (1,670,681 | ) | (1,582,353 | ) | (433,079 | ) | (455,135 | ) | (1,276,120 | ) | (1,547,755 | ) | (554,222 | ) | (587,762 | ) | |||||||||||||||||||
| Class Treasurer's Trust | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Total dividends to shareholders | (1,670,681 | ) | (1,582,353 | ) | (433,079 | ) | (455,135 | ) | (1,276,120 | ) | (1,547,755 | ) | (554,222 | ) | (587,762 | ) | |||||||||||||||||||
| From Capital Share Transactions | |||||||||||||||||||||||||||||||||||
| (at net asset value of $1.00 per share): | |||||||||||||||||||||||||||||||||||
| Proceeds from sale of shares | 283,778,579 | 280,636,860 | 80,755,705 | 93,407,271 | 290,524,042 | 233,286,145 | 91,254,734 | 81,880,020 | |||||||||||||||||||||||||||
| Dividends reinvested | 1,642,930 | 1,415,495 | 426,986 | 419,038 | 1,264,921 | 1,487,201 | 548,619 | 532,329 | |||||||||||||||||||||||||||
| Cost of shares redeemed | (301,581,210 | ) | (245,470,880 | ) | (70,259,684 | ) | (95,082,803 | ) | (252,077,174 | ) | (231,286,331 | ) | (84,806,636 | ) | (77,349,645 | ) | |||||||||||||||||||
| (16,159,701 | ) | 36,581,475 | 10,923,007 | (1,256,494 | ) | 39,711,789 | 3,487,015 | 6,996,717 | 5,062,704 | ||||||||||||||||||||||||||
| Net increase (decrease) in net assets | (16,159,701 | ) | 36,581,475 | 10,923,007 | (1,256,494 | ) | 39,711,789 | 3,487,015 | 6,996,717 | 5,062,704 | |||||||||||||||||||||||||
| Net Assets: | |||||||||||||||||||||||||||||||||||
| Beginning of period | 90,628,150 | 54,046,675 | 17,407,968 | 18,664,462 | 52,358,288 | 48,871,273 | 25,754,009 | 20,691,305 | |||||||||||||||||||||||||||
| End of period | $ | 74,468,449 | $ | 90,628,150 | $ | 28,330,975 | $ | 17,407,968 | $ | 92,070,077 | $ | 52,358,288 | $ | 32,750,726 | $ | 25,754,009 | |||||||||||||||||||
See notes to financial statements.
41
STATEMENT OF CHANGES IN NET ASSETS (Continued)
| Reserve Municipal Money-Market Trust | |||||||||||||||||||||||||||
| Arizona Municipal | Louisiana Municipal | Minnesota Municipal | |||||||||||||||||||||||||
| Year Ended May 31, 2008 | Year Ended May 31, 2007 | Year Ended May 31, 2008 | Year Ended May 31, 2007 | Year Ended May 31, 2008 | Year Ended May 31, 2007 | ||||||||||||||||||||||
| Increase (Decrease) in Net Assets: From Investment Operations: | |||||||||||||||||||||||||||
| Net investment income | $ | 26,011 | $ | 43,969 | $ | 61,533 | $ | 107,948 | $ | 191,529 | $ | 139,654 | |||||||||||||||
| Dividends paid to Shareholders From: | |||||||||||||||||||||||||||
| Net investment income (Note 1) | |||||||||||||||||||||||||||
| Class R | (26,011 | ) | (43,969 | ) | (61,533 | ) | (107,948 | ) | (191,529 | ) | (139,654 | ) | |||||||||||||||
| Class Treasurer's Trust | — | — | — | — | — | — | |||||||||||||||||||||
| Total dividends to shareholders | (26,011 | ) | (43,969 | ) | (61,533 | ) | (107,948 | ) | (191,529 | ) | (139,654 | ) | |||||||||||||||
| From Capital Share Transactions | |||||||||||||||||||||||||||
| (at net asset value of $1.00 per share): | |||||||||||||||||||||||||||
| Proceeds from sale of shares | 6,790,758 | 9,460,566 | 11,381,426 | 17,397,774 | 52,638,572 | 34,216,148 | |||||||||||||||||||||
| Dividends reinvested | 25,864 | 43,354 | 55,013 | 104,723 | 188,690 | 127,526 | |||||||||||||||||||||
| Cost of shares redeemed | (6,621,333 | ) | (9,114,722 | ) | (12,431,622 | ) | (13,658,797 | ) | (47,616,531 | ) | (32,590,280 | ) | |||||||||||||||
| 195,289 | 389,198 | (995,183 | ) | 3,843,700 | 5,210,731 | 1,753,394 | |||||||||||||||||||||
| Net increase (decrease) in net assets | 195,289 | 389,198 | (995,183 | ) | 3,843,700 | 5,210,731 | 1,753,394 | ||||||||||||||||||||
| Net Assets: | |||||||||||||||||||||||||||
| Beginning of period | 522,300 | 133,102 | 4,583,324 | 739,624 | 4,865,729 | 3,112,335 | |||||||||||||||||||||
| End of period | $ | 717,589 | $ | 522,300 | $ | 3,588,141 | $ | 4,583,324 | $ | 10,076,460 | $ | 4,865,729 | |||||||||||||||
See notes to financial statements.
42
NOTES TO FINANCIAL STATEMENTS
(1) Significant Accounting Policies:
Reserve Municipal Money-Market Trust II, Reserve New York Municipal Money-Market Trust, and Reserve Municipal Money-Market Trust (collectively, the "Trusts") are registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("the Investment Company Act"), as open-end management investment companies. The policies summarized below are consistently followed in the preparation of each Trust's financial statements in conformity with U.S. generally accepted accounting principles.
A. The Trusts' authorized shares of beneficial interest are unlimited. As of May 31, 2008, there were eleven (11) separate series of Reserve Municipal Money-Market Trust II authorized (Interstate Tax-Exempt Fund, California Municipal Money-Market Fund, Connecticut Municipal Money-Market Fund, Florida Municipal Money-Market Fund, Massachusetts Municipal Money-Market Fund, Michigan Municipal Money-Market Fund, New Jersey Municipal Money-Market Fund, Ohio Municipal Money-Market Fund, Pennsylvania Municipal Money-Market Fund, Virginia Municipal Money-Market Fund and Interstate II Tax-Exempt Fund (which has not commenced operations)); one (1) series of Reserve New York Municipal Money-Market Trust (New York Municipal Money-Market Fund); and three (3) separate series of Reserve Municipal Money-Market Trust (Arizona Municipal Money-Market Fund, Louisiana Municipal Money-Market Fund and Minnesota Municipal Money-Market Fund) authorized and outstandi ng (each a "Fund", and collectively the "Funds"). The Funds offer two (2) classes of shares, Class R and Class Treasurer's Trust, except for the Interstate Tax-Exempt Fund, which currently offers eleven (11) classes of shares as follows: Class Institutional, Liquidity Class I, Liquidity Class II, Liquidity Class III, Liquidity Class IV, Liquidity Class V, Class Treasurer's Trust, Investor Class I, Investor Class II, Investor Class III and Class R; Arizona Municipal Money-Market Fund, which currently offers Investor Class II, Class R and Class Treasurer's Trust; and Florida Municipal Money-Market Fund, which currently offers only Class R. As of May 31, 2008, Interstate Tax-Exempt Fund had no Liquidity Class IV and Investor Class III shares outstanding, the Arizona Municipal Money-Market Fund had no Investor Class II and Class Treasurer's Trust shares outstanding and the California, Connecticut, Louisiana, Michigan, Minnesota, New Jersey, Ohio, Pennsylvania and Virginia Municipal Money-Market Funds had no Clas s Treasurer's Trust shares outstanding. These financial statements and notes apply to all classes of all above mentioned Funds of all of the Trusts, except for the Interstate II Tax-Exempt Fund.
B. Securities are valued at amortized cost, which approximates market value in accordance with Rule 2a-7 under the Investment Company Act. The amortized cost method values a security at cost and assumes a constant amortization to maturity of any discount or premium, irrespective of intervening changes in interest rates or market values using the effective interest method. For purposes of compliance with Rule 2a-7 of the Investment Company Act, and for computing the portfolios' average weighted life to maturity, the maturity of floating or variable rate instruments in which the Funds may invest will be deemed to be for floating rate instruments (1) the notice period required before the Funds are entitled to receive payment of the principal amount of the instrument; and for variable rate instruments the longer of (1) above or (2) the period remaining until the instrument's next rate adjustment.
C. It is each Fund's policy to comply with Subchapter M of the Internal Revenue Code and to distribute all income to its shareholders. Accordingly, no federal income tax provision is required.
D. Security transactions are recorded on a trade date basis. Interest income is accrued daily, and security premium or discount is amortized or accreted daily using the effective interest method. Investment income and fund level expenses (expenses other than the comprehensive management fee and distribution fee) are allocated on a daily basis to each class based upon the relative proportion of net assets of each class.
E. Net investment income is distributed to shareholders daily and automatically reinvested in additional Fund shares, unless the shareholder has elected in writing to receive cash.
F. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from those estimates.
G. During the fiscal year ended May 31, 2008, the Funds incurred overdraft positions with their custodian bank. Any related interest charges are shown in each Fund's statement of operations.
H. Effective September 28, 2007, Classes 15, 20, 25, 35 and 45 were renamed Liquidity Class I, II, III, IV and V, respectively. Also, Classes 70, 75 and 95 were renamed Investor Class I, II and III, respectively.
(2) Management Fee and Other Transactions with Affiliates:
Pursuant to an Investment Management Agreement (the "Agreement") between Reserve Management Company, Inc. ("RMCI") and each Trust on behalf of each of its series, RMCI serves as each Fund's Investment Adviser, subject to the overall supervision of the Board of Trustees. Under the Agreement, RMCI, manages each Fund's investments, in accordance to its investment objective and policies. The
43
NOTES TO FINANCIAL STATEMENTS (Continued)
(2) Management Fee and Other Transactions with Affiliates (Continued)
Funds pay RMCI a comprehensive management fee, accrued daily, at an annual rate based on the average daily net assets of each class of the Fund's shares according to the following schedule:
| Class Institutional | 0.13 | % | Class Treasurer's Trust | 0.61 | % | ||||||||||
| Liquidity Class I | 0.16 | % | Investor Class I | 0.51 | % | ||||||||||
| Liquidity Class II | 0.21 | % | Investor Class II | 0.56 | % | ||||||||||
| Liquidity Class III | 0.26 | % | Investor Class III | 0.76 | % | ||||||||||
| Liquidity Class IV | 0.36 | % | Class R | 0.81 | % | ||||||||||
| Liquidity Class V | 0.46 | % | |||||||||||||
Prior to July 16, 2007, each of the above classes had a comprehensive management fee that was 0.01% lower.
The comprehensive management fee includes the investment advisory fee, (0.08% of each class's average daily net assets), all administrative and customary operating expenses of each Fund, as well as shareholder liaison services (such as responding to customer inquiries and providing information on their investments), recordkeeping charges, accounting expenses, transfer agent costs and the expenses of preparing, printing and mailing shareholder reports and prospectuses. Excluded from the definition of administrative and customary operating expenses are: interest charges, taxes, brokerage fees and commissions, extraordinary legal and accounting fees and other extraordinary expenses including expenses incurred in connection with litigation proceedings, other claims and the legal obligations of the Trust to indemnify its trustees, officers, employees, shareholders, distributors and other agents of the Trust, payments made pursuant to the Trust's Distribution Plan, the compensation of the Chief Compliance Officer and related expenses and the fees and expenses of the Trustees who are not interested persons of the Investment Adviser as defined in the Investment Company Act (the "Independent Trustees") including the fees of the independent counsel of the Independent Trustees for which each Fund pays its direct or allocated share. For the year ended May 31, 2008, RMCI voluntarily waived a portion of its comprehensive management fee in the amounts listed below:
| Fund | Amount | ||||||
| Interstate Tax-Exempt Fund | $ | 315,797 | |||||
| California Municipal Money-Market Fund | 90,298 | ||||||
| Connecticut Municipal Money-Market Fund | 77,191 | ||||||
| Florida Municipal Money-Market Fund | 45,162 | ||||||
| Massachusetts Municipal Money-Market Fund | 32,358 | ||||||
| Michigan Municipal Money-Market Fund | 24,976 | ||||||
| New Jersey Municipal Money-Market Fund | 99,801 | ||||||
| Ohio Municipal Money-Market Fund | 20,172 | ||||||
| Pennsylvania Municipal Money-Market Fund | 39,220 | ||||||
| Virginia Municipal Money-Market Fund | 32,662 | ||||||
| New York Municipal Money-Market Fund | 82,382 | ||||||
| Arizona Municipal Money-Market Fund | 4,477 | ||||||
| Louisiana Municipal Money-Market Fund | 7,158 | ||||||
| Minnesota Municipal Money-Market Fund | 18,147 | ||||||
These waivers are voluntary and may be terminated at any time.
Certain Officers and Trustees of the Trusts are also Officers of RMCI.
As of May 31, 2008, RMCI owned 2.5% of the Louisiana and 1.6% of the Minnesota Municipal-Money Market Funds.
From time to time, the Funds may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.
As of May 31, 2008, please refer to the below chart for Concentration of Ownership:
| Fund Name: | Number of Shareholders: | Percentage of Ownership: | |||||||||
| Interstate Tax-Exempt Fund | 6 | 12%, 8%, 7%, 7%, 6%, 5%, 5% | |||||||||
| California Municipal Money-Market Fund | 1 | 67% | |||||||||
| Connecticut Municipal Money-Market Fund | 3 | 30%, 29%, 17% | |||||||||
| Florida Municipal Money-Market Fund | 3 | 43%, 28%, 8% | |||||||||
| Massachusetts Municipal Money-Market Fund | 2 | 54%, 28%, 9% | |||||||||
| Michigan Municipal Money-Market Fund | 3 | 40%, 32%, 19% | |||||||||
44
NOTES TO FINANCIAL STATEMENTS (Continued)
(2) Management Fee and Other Transactions with Affiliates (Continued)
| Fund Name: | Number of Shareholders: | Percentage of Ownership: | |||||||||
| New Jersey Municipal Money-Market Fund | 3 | 35%, 28%, 8% | |||||||||
| Ohio Municipal Money-Market Fund | 4 | 33%, 27%, 20%, 5% | |||||||||
| Pennsylvania Municipal Money-Market Fund | 2 | 43%, 25% | |||||||||
| Virginia Municipal Money-Market Fund | 3 | 42%, 40%, 10% | |||||||||
| New York Municipal Money-Market Fund | 2 | 24%, 19% | |||||||||
| Arizona Municipal Money-Market Fund | 8 | 15%, 14%, 8%, 7%, 6%, 6%, 5%, 5% | |||||||||
| Louisiana Municipal Money-Market Fund | 2 | 75%, 11% | |||||||||
| Minnesota Municipal Money-Market Fund | 2 | 51%, 47% | |||||||||
Distribution Assistance:
The Funds have adopted a Rule 12b-1 Distribution Plan and entered into a Distribution Agreement with Resrv Partners, Inc., an affiliate of RMCI, which allows the Funds to pay fees for certain shareholder services and for expenses related to the sale of its shares for the Funds Class R, Investor Class III, Investor Class II and Investor Class I Shares. The rate of distribution expenses may not exceed 0.25% per year of the Classes' average daily net assets.
Prior to July 16, 2007, Class R, Investor Class III, Investor Class II and Investor Class I had a distribution fee that was 0.05% lower.
(3) Concentration of Risk:
Total assets of each Fund in the Trusts include a cash balance that is held in accounts with State Street Bank and Trust, the Funds' Custodian.
Each State Fund concentrates investments in municipal obligations of issuers located in the state for which it is named. The municipal obligation market is volatile. Particularly, investments secured by letters of credit or guarantees of banks are subject to the same risks generally associated with investing in the banking industry, such as interest rate risk, credit risk and regulatory developments. Further, there are specific risks associated with investing in a single state. For example, unfavorable political or economic conditions and/or changes in municipal market-related legislation or litigation within the state can significantly affect the financial condition and credit quality of issuers of municipal securities located in that state.
(4) Investment Concentration:
The Funds invest substantially all of their assets in portfolios of tax-exempt obligations issued by states, territories and possessions of the United States and their subdivisions. The issuers' ability to meet their obligations may be affected by economic, regional or political developments. In order to reduce the credit risks associated with such factors, the Funds invest substantially all of their portfolio assets in obligations backed by letters of credit, bond insurance of financial institutions, financial guaranty assurance agencies and/or other credit enhancement arrangements.
Interstate Tax-Exempt Fund 98.0%
Letter of Credit
| ABN/AMRO | 0.1 | % | Landesbank Hessen-Thuringen Girozentrale | 0.5 | % | ||||||||||
| Allied Irish Bank, PLC | 1.1 | % | Lloyds TSB Bank PLC | 1.2 | % | ||||||||||
| Banco Santander | 0.6 | % | Marshall and Ilsley Bank | 0.3 | % | ||||||||||
| Bank of America N.A. | 5.8 | % | M&T Bank | 1.8 | % | ||||||||||
| Bank of New York | 0.9 | % | Manufacturers & Traders TC, NY | 0.1 | % | ||||||||||
| Bank of Nova Scotia | 1.0 | % | Natexis Banques Populaires | 0.4 | % | ||||||||||
| Bank One N.A. | 0.3 | % | Northern Trust Co. | 0.1 | % | ||||||||||
| BASF | 0.1 | % | PNC Bank N.A. | 1.5 | % | ||||||||||
| Bayerische Landesbank Girozentrale | 0.4 | % | RBS Citizens, N.A. | 0.5 | % | ||||||||||
| BNP Paribas | 0.5 | % | Regions Bank | 2.0 | % | ||||||||||
| Calyon Bank | 0.1 | % | Royal Bank of Canada | 0.6 | % | ||||||||||
| Citibank N.A. | 2.2 | % | Royal Bank of Scotland | 0.1 | % | ||||||||||
45
NOTES TO FINANCIAL STATEMENTS (Continued)
(4) Investment Concentration (Continued)
| Comerica Bank | 0.8 | % | Smith College | 0.1 | % | ||||||||||
| Credit Suisse | 0.1 | % | Societe Generale | 0.1 | % | ||||||||||
| Daiwa Bank LTD | 0.1 | % | Standard Federal Bank | 0.1 | % | ||||||||||
| Dexia Credit Local | 1.2 | % | Salomon Smith Barney | 0.1 | % | ||||||||||
| Fifth Third Bank | 0.3 | % | State Street Bank & Trust Co. | 0.2 | % | ||||||||||
| First Union National Bank, Charlotte | 0.1 | % | Sumi Bank | 0.2 | % | ||||||||||
| Fleet National Bank | 0.1 | % | Suntrust Bank | 1.5 | % | ||||||||||
| Harris Trust & Savings Bank | 0.2 | % | UBS, AG | 0.2 | % | ||||||||||
| HBOS PLC | 0.4 | % | University of Michigan | 0.3 | % | ||||||||||
| JPMorgan/Chase | 7.8 | % | US Bank N.A. | 1.8 | % | ||||||||||
| KBC Bank N.V. | 0.5 | % | U.S. Treasury Strips | 0.1 | % | ||||||||||
| Keybank N.A. | 1.8 | % | Wachovia Bank N.A. | 7.8 | % | ||||||||||
| Kredietbank NV, Brussels | 1.4 | % | Wells Fargo N.A. | 5.1 | % | ||||||||||
| La Salle Bank N.A. | 2.8 | % | Williams College | 0.1 | % | ||||||||||
| Landesbank Baden-Wurternberg | 2.6 | % | Yale University | 0.1 | % | ||||||||||
* Bond Insurance
| AMBAC | 11.2 | % | FRMC | 1.2 | % | ||||||||||
| FGIC | 4.8 | % | FSA | 8.3 | % | ||||||||||
| FHLB | 0.2 | % | MBIA | 9.4 | % | ||||||||||
| FNMA | 2.7 | % | |||||||||||||
California Municipal Money-Market Fund 95.7%
Letter of Credit
| Allied Irish Bank PLC | 2.9 | % | KBC Bank, NV | 2.4 | % | ||||||||||
| Bank of America N.A. | 14.8 | % | Kredietbank NV, Brussels | 2.3 | % | ||||||||||
| Bank of New York | 4.1 | % | Landesbank Baden-Wurternberg | 2.3 | % | ||||||||||
| Bank of Nova Scotia | 5.0 | % | La Salle Bank N.A. | 3.7 | % | ||||||||||
| BNP Paribas | 5.0 | % | Republic N.B. New York | 3.6 | % | ||||||||||
| Citibank, N.A. | 14.1 | % | Royal Bank of Canada | 1.2 | % | ||||||||||
| Comercia Bank | 6.4 | % | US Bank N.A. | 1.2 | % | ||||||||||
| JP Morgan/Chase | 2.9 | % | Wells Fargo N.A. | 4.0 | % | ||||||||||
* Bond Insurance
| AMBAC | 4.0 | % | FSA | 5.3 | % | ||||||||||
| FGIC | 3.5 | % | MBIA | 3.7 | % | ||||||||||
| FNMA | 3.3 | % | |||||||||||||
Connecticut Municipal Money-Market Fund 96.6%
Letter of Credit
| Allied Irish Bank, PLC | 5.0 | % | Kredietbank NV, Brussels | 0.5 | % | ||||||||||
| Bank of America N.A. | 2.9 | % | La Salle Bank N.A. | 1.2 | % | ||||||||||
| Bank of Montreal | 5.0 | % | Landesbank Hessen-Thuringen Girozentrale | 4.6 | % | ||||||||||
| Bank of Nova Scotia | 4.5 | % | Northern Trust Co. | 5.0 | % | ||||||||||
| Fleet National Bank | 5.5 | % | US Bank N.A. | 2.5 | % | ||||||||||
| HSBC | 2.5 | % | Wachovia Bank N.A. | 8.8 | % | ||||||||||
| JPMorgan/Chase | 14.7 | % | Yale University | 5.0 | % | ||||||||||
* Bond Insurance
| AMBAC | 5.0 | % | MBIA | 8.9 | % | ||||||||||
| FSA | 15.0 | % | |||||||||||||
46
NOTES TO FINANCIAL STATEMENTS (Continued)
(4) Investment Concentration (Continued)
Florida Municipal Money-Market Fund 97.7%
Letter of Credit
| Bank of America N.A. | 0.4 | % | Republic National Bank | 3.1 | % | ||||||||||
| Bank One N.A. | 1.9 | % | Royal Bank of Canada | 2.4 | % | ||||||||||
| Calyon NY | 5.0 | % | Societe Generale | 3.5 | % | ||||||||||
| Citibank N.A. | 14.7 | % | State Street Bank & Trust Co. | 1.8 | % | ||||||||||
| Dexia Credit Local | 3.7 | % | Suntrust Bank | 9.4 | % | ||||||||||
| First Union National Bank | 0.5 | % | Wachovia Bank N.A. | 9.8 | % | ||||||||||
| JPMorgan/Chase | 7.5 | % | Wells Fargo N.A. | 3.6 | % | ||||||||||
| La Salle Bank N.A. | 4.0 | % | |||||||||||||
* Bond Insurance
| AMBAC | 2.8 | % | FSA | 8.2 | % | ||||||||||
| FNMA | 8.7 | % | MBIA | 5.5 | % | ||||||||||
| FRMC | 1.2 | % | |||||||||||||
Massachusetts Municipal Money-Market Fund 96.6%
Letter of Credit
| Allied Irish Banks PLC | 2.6 | % | La Salle Bank N.A. | 4.6 | % | ||||||||||
| Bank of America N.A. | 2.0 | % | Lloyds TSB Bank PLC | 5.1 | % | ||||||||||
| Bank of Nova Scotia | 4.6 | % | Massachusetts Institute of Technology | 2.9 | % | ||||||||||
| Comerica Bank | 4.4 | % | RBS Citizens, N.A. | 2.0 | % | ||||||||||
| Depfa Bank, PLC | 1.9 | % | Salomon Smith Barney | 3.8 | % | ||||||||||
| Dexia Credit Local | 3.3 | % | Smith College | 4.6 | % | ||||||||||
| Fleet National Bank | 3.7 | % | Wachovia Bank N.A. | 6.8 | % | ||||||||||
| Harvard University | 4.5 | % | Wellesley College | 4.3 | % | ||||||||||
| JPMorgan/Chase | 3.9 | % | Westdeutsche Landesbank Girozentrale | 3.3 | % | ||||||||||
| Kredietbank NV, Brussels | 4.6 | % | Williams College | 2.3 | % | ||||||||||
* Bond Insurance
| AMBAC | 8.9 | % | MBIA | 3.3 | % | ||||||||||
| FSA | 9.2 | % | |||||||||||||
Michigan Municipal Money-Market Fund 94.8%
Letter of Credit
| Bank of America N.A. | 0.3 | % | KBC Bank N.V. | 4.3 | % | ||||||||||
| Bank of Nova Scotia | 4.8 | % | La Salle Bank N.A. | 7.5 | % | ||||||||||
| Comerica Bank | 14.7 | % | Landesbank Hessen-Thuringen Girozentrale | 8.6 | % | ||||||||||
| Depfa Bank PLC | 6.5 | % | University of Michigan | 5.6 | % | ||||||||||
| Fifth Third Bank | 9.1 | % | Wachovia Bank N.A. | 0.3 | % | ||||||||||
| JP Morgan/Chase | 9.1 | % | |||||||||||||
* Bond Insurance
| AMBAC | 2.0 | % | FSA | 8.9 | % | ||||||||||
| FNMA | 4.3 | % | MBIA | 8.8 | % | ||||||||||
New Jersey Municipal Money-Market Fund 95.2%
Letter of Credit
| Allied Irish Bank, PLC | 2.7 | % | Landesbank Hessen-Thuringen Girozentrale | 4.0 | % | ||||||||||
| Bank of America N.A. | 2.8 | % | Lloyds TSB Bank | 5.3 | % | ||||||||||
| Bank of New York | 6.1 | % | PNC Bank N.A. | 3.0 | % | ||||||||||
| Bank of Nova Scotia | 9.1 | % | Princeton University | 3.0 | % | ||||||||||
| Citibank, N.A. | 6.6 | % | Wachovia Bank N.A. | 10.1 | % | ||||||||||
47
NOTES TO FINANCIAL STATEMENTS (Continued)
(4) Investment Concentration (Continued)
| Dexia Credit Local | 2.1 | % | Wells Fargo N.A. | 5.4 | % | ||||||||||
| JPMorgan/Chase | 5.0 | % | |||||||||||||
* Bond Insurance
| FSA | 22.4 | % | MBIA | 7.6 | % | ||||||||||
Ohio Municipal Money-Market Fund 99.7%
Letter of Credit
| Allied Irish Bank, PLC | 8.1 | % | La Salle Bank N.A. | 2.1 | % | ||||||||||
| Bank of America N.A. | 4.4 | % | Landesbank Hessen-Thuringen Girozentrale | 4.7 | % | ||||||||||
| Bank of Nova Scotia | 2.0 | % | Northern Trust Co. | 1.8 | % | ||||||||||
| Barclays Bank PLC | 4.0 | % | Ohio State University | 0.4 | % | ||||||||||
| Citibank N.A. | 0.9 | % | State Street Bank & Trust Co. | 5.1 | % | ||||||||||
| Dexia Credit Local | 5.5 | % | US Bank N.A. | 6.1 | % | ||||||||||
| Fifth Third Bank | 6.1 | % | Wachovia Bank N.A. | 4.6 | % | ||||||||||
| JP Morgan/Chase | 9.0 | % | Wells Fargo Bank N.A. | 1.3 | % | ||||||||||
| Keybank N.A. | 8.9 | % | |||||||||||||
* Bond Insurance
| FGIC | 1.9 | % | FSA | 7.3 | % | ||||||||||
| FHLB | 4.6 | % | MBIA | 5.6 | % | ||||||||||
| FNMA | 5.3 | % | |||||||||||||
Pennsylvania Municipal Money-Market Fund 91.1%
Letter of Credit
| Allied Irish Bank PLC | 3.0 | % | Fleet National Bank | 1.9 | % | ||||||||||
| Bank of America N.A. | 6.1 | % | JPMorgan/Chase | 3.7 | % | ||||||||||
| Bank of New York | 1.9 | % | Kredietbank NV, Brussels | 8.3 | % | ||||||||||
| Bank of Nova Scotia | 3.9 | % | Landesbank Hessen-Thurin Girozentrale | 7.4 | % | ||||||||||
| Barclays Bank, PLC | 0.7 | % | Northern Trust Co. | 2.2 | % | ||||||||||
| Bayerische Landesbank Girozentrale | 6.4 | % | PNC | 8.9 | % | ||||||||||
| BNP Paribas | 3.7 | % | Wachovia Bank N.A. | 10.5 | % | ||||||||||
| Comerica Bank | 1.5 | % | |||||||||||||
* Bond Insurance
| AMBAC | 2.5 | % | MBIA | 9.7 | % | ||||||||||
| FSA | 8.8 | % | |||||||||||||
Virginia Municipal Money-Market Fund 95.0%
Letter of Credit
| Bank of America N.A. | 13.5 | % | JPMorganChase Bank | 7.5 | % | ||||||||||
| Bank of New York | 2.3 | % | PNC | 1.4 | % | ||||||||||
| Bank of Nova Scotia | 3.8 | % | Sun Trust Bank | 6.2 | % | ||||||||||
| Branch Banking and Trust | 8.4 | % | Wachovia Bank NA | 9.5 | % | ||||||||||
| Credit Suisse | 1.6 | % | UBS | 1.5 | % | ||||||||||
| Depfa Bank, PLC | 1.6 | % | University of Virginia | 6.0 | % | ||||||||||
| Harris Trust N.A. | 1.2 | % | US Treasury Strips | 4.7 | % | ||||||||||
* Bond Insurance
| AMBAC | 3.7 | % | FRMC | 3.6 | % | ||||||||||
| FHLB | 4.3 | % | FSA | 9.2 | % | ||||||||||
| FNMA | 1.5 | % | MBIA | 3.5 | % | ||||||||||
48
NOTES TO FINANCIAL STATEMENTS (Continued)
(4) Investment Concentration (Continued)
New York Municipal Money-Market Fund 99.5%
Letter of Credit
| Bank of America N.A. | 5.7 | % | Landesbank Baden-Wurternberg | 2.7 | % | ||||||||||
| Bank of New York | 0.7 | % | Landesbank Hessen-Thuringen Girozentrale | 4.2 | % | ||||||||||
| Bayerische Hypo-Und Vereinsbank | 0.3 | % | Lloyds TSB Bank PLC | 4.3 | % | ||||||||||
| Citibank N.A. | 14.5 | % | PNC Bank N.A. | 0.3 | % | ||||||||||
| Comerica Bank, | 4.8 | % | RBS Citizens N.A. | 2.3 | % | ||||||||||
| Dexia Credit Local | 3.0 | % | Republic N.B. New York | 4.3 | % | ||||||||||
| Fleet National Bank | 3.5 | % | Royal Bank of Scotland | 0.4 | % | ||||||||||
| Fortis Bank | 3.5 | % | Wachovia Bank N.A. | 2.3 | % | ||||||||||
| JP Morgan/Chase | 10.4 | % | Wells Fargo Bank N.A. | 3.5 | % | ||||||||||
| Keybank N.A. | 2.6 | % | |||||||||||||
* Bond Insurance
| AMBAC | 6.3 | % | FSA | 5.1 | % | ||||||||||
| FNMA | 10.0 | % | MBIA | 1.3 | % | ||||||||||
| FRMC | 3.5 | % | |||||||||||||
Arizona Municipal Money-Market Fund 92.7%
Letter of Credit
| Allied Irish Bank PLC | 4.2 | % | Kredietbank NV, Brussels | 3.5 | % | ||||||||||
| Bank of America N.A. | 6.3 | % | Lloyds TSB Bank | 4.2 | % | ||||||||||
| Bank of New York | 16.6 | % | State Street Bank & Trust Co. | 4.2 | % | ||||||||||
| JP Morgan/Chase | 7.8 | % | Wells Fargo N.A. | 8.3 | % | ||||||||||
* Bond Insurance
| AMBAC | 4.2 | % | FRMC | 4.2 | % | ||||||||||
| ABN/AMRO | 1.4 | % | MBIA | 9.0 | % | ||||||||||
| FNMA | 12.5 | % | FSA | 6.3 | % | ||||||||||
Louisiana Municipal Money-Market Fund 91.7%
Letter of Credit
| Allied Irish Bank PLC | 8.2 | % | JPMorganChase Bank | 9.8 | % | ||||||||||
| Bank of America | 3.5 | % | Premier Bank, N.A. | 4.9 | % | ||||||||||
| Bank of Nova Scotia | 2.8 | % | Regions Bank | 9.9 | % | ||||||||||
| Bankers Trust | 3.7 | % | Societe Generale | 4.9 | % | ||||||||||
| Bayerische Landesbank Girozentrale | 9.6 | % | Wachovia Bank | 4.9 | % | ||||||||||
| Dexia Credit Local | 4.9 | % | |||||||||||||
* Bond Insurance
| AMBAC | 4.9 | % | FSA | 7.1 | % | ||||||||||
| FNMA | 2.8 | % | MBIA | 4.9 | % | ||||||||||
| FRMC | 4.9 | % | |||||||||||||
Minnesota Municipal Money-Market Fund 94.1%
Letter of Credit
| Allied Irish Bank, PLC | 7.0 | % | Lloyds TSB Bank PLC | 4.6 | % | ||||||||||
| Bank of Nova Scotia | 2.0 | % | Royal Bank of Canada | 4.9 | % | ||||||||||
| Dexia Credit Local | 6.2 | % | University of Minnesota | 4.9 | % | ||||||||||
| Harris N.A. | 8.7 | % | US Bank N.A. | 8.9 | % | ||||||||||
| Kredietbank NV, Brussels | 3.0 | % | Wells Fargo N.A. | 12.7 | % | ||||||||||
| La Salle Bank N.A. | 2.9 | % | |||||||||||||
49
NOTES TO FINANCIAL STATEMENTS (Continued)
(4) Investment Concentration (Continued)
* Bond Insurance
| ABN/AMRO | 2.0 | % | FSA | 9.2 | % | ||||||||||
| FNMA | 4.5 | % | MBIA | 4.7 | % | ||||||||||
| FRMC | 7.9 | % | |||||||||||||
*Some securities may be backed by both a letter of credit and bond insurance.
(5) Composition of Net Assets:
At May 31, 2008, the composition of each Fund's net assets was as follows:
| Interstate Fund | California Fund | Connecticut Fund | Florida Fund | Massachusetts Fund | |||||||||||||||||||
| Par Value | $ | 1,383,273 | $ | 84,695 | $ | 39,660 | $ | 54,997 | $ | 30,473 | |||||||||||||
| Additional-Paid-in-Capital | 1,381,891,934 | 84,610,177 | 39,620,655 | 54,941,998 | 30,442,292 | ||||||||||||||||||
| Net Assets | $ | 1,383,275,207 | $ | 84,694,872 | $ | 39,660,315 | $ | 54,996,995 | $ | 30,472,765 | |||||||||||||
| Michigan Fund | New Jersey Fund | Ohio Fund | Pennsylvania Fund | Virginia Fund | |||||||||||||||||||
| Par Value | $ | 29,408 | $ | 74,468 | $ | 28,331 | $ | 92,070 | $ | 32,751 | |||||||||||||
| Additional-Paid-in-Capital | 29,378,794 | 74,393,981 | 28,302,644 | 91,978,007 | 32,717,975 | ||||||||||||||||||
| Net Assets | $ | 29,408,202 | $ | 74,468,449 | $ | 28,330,975 | $ | 92,070,077 | $ | 32,750,726 | |||||||||||||
| New York Fund | Arizona Fund | Louisiana Fund | Minnesota Fund | ||||||||||||||||
| Par Value | $ | 183,472 | $ | 72 | $ | 359 | $ | 1,008 | |||||||||||
| Additional-Paid-in-Capital | 183,288,862 | 717,517 | 3,587,782 | 10,075,452 | |||||||||||||||
| Net Assets | $ | 183,472,334 | $ | 717,589 | $ | 3,588,141 | $ | 10,076,460 | |||||||||||
The tax basis of each Fund's assets is the same as the basis for financial reporting at May 31, 2008.
The income dividends were classified as exempt-income interest dividends for federal income tax purposes for the years shown below:
| 2008 | 2007 | ||||||||||
| Interstate Tax-Exempt Fund | $ | 28,228,167 | $ | 35,120,315 | |||||||
| California Municipal Money-Market Fund | 2,338,681 | 3,494,300 | |||||||||
| Connecticut Municipal Money-Market Fund | 839,187 | 824,146 | |||||||||
| Florida Municipal Money-Market Fund | 1,332,810 | 1,474,751 | |||||||||
| Massachusetts Municipal Money-Market Fund | 603,171 | 676,333 | |||||||||
| Michigan Municipal Money-Market Fund | 521,269 | 357,742 | |||||||||
| New Jersey Municipal Money-Market Fund | 1,670,681 | 1,582,353 | |||||||||
| Ohio Municipal Money-Market Fund | 433,079 | 455,135 | |||||||||
| Pennsylvania Municipal Money-Market Fund | 1,276,120 | 1,547,755 | |||||||||
| Virginia Municipal Money-Market Fund | 554,222 | 587,762 | |||||||||
| New York Municipal Money-Market Fund | 4,304,158 | 5,109,600 | |||||||||
| Arizona Municipal Money-Market Fund | 26,011 | — | |||||||||
| Louisiana Municipal Money-Market Fund | 61,533 | 107,948 | |||||||||
| Minnesota Municipal Money-Market Fund | 191,529 | 139,654 | |||||||||
All dividends paid during the years ended May 31, 2008 and May 31, 2007 were federally tax-exempt dividends except for dividends paid by Arizona Municipal Money-Market Fund during the year ended May 31, 2007 of $43,969 which were classified as ordinary income for federal income tax purposes.
50
NOTES TO FINANCIAL STATEMENTS (Continued)
(6) Capital Share Transactions:
For the year ended May 31, 2008 and the year ended May 31, 2007, the capital share transactions of each class of the Interstate Tax-Exempt Fund, each at a net asset value of $1 per share, were as follows:
| Year Ended May 31, 2008 | |||||||||||||||||||||||||||
| Class R | Investor Class II(a) | Investor Class I(a) | Treasurer's Trust | Liquidity Class V(a) | Liquidity Class III(a) | ||||||||||||||||||||||
| Sold | 1,153,618,766 | 24,895,873 | 36,509,144 | 1,056,469,051 | 38,314,440 | 394,042,915 | |||||||||||||||||||||
| Reinvested | 6,381,414 | 114,366 | 218,264 | 2,618,348 | 116,566 | 1,644,729 | |||||||||||||||||||||
| Redeemed | (1,166,470,802 | ) | (26,753,357 | ) | (35,798,706 | ) | (963,521,351 | ) | (10,268,339 | ) | (307,090,165 | ) | |||||||||||||||
| Net Increase (Decrease) | (6,470,622 | ) | (1,743,118 | ) | 928,702 | 95,566,048 | 28,162,667 | 88,597,479 | |||||||||||||||||||
| Liquidity Class II* | Liquidity Class I(a) | Class Institutional | |||||||||||||
| Sold | 20,000 | 469,407,780 | 4,402,633,036 | ||||||||||||
| Reinvested | 79 | 1,439,304 | 13,911,438 | ||||||||||||
| Redeemed | (10,000 | ) | (295,120,779 | ) | (4,237,821,502 | ) | |||||||||
| Net Increase (Decrease) | 10,079 | 175,726,305 | 178,722,972 | ||||||||||||
| Year Ended May 31, 2007 | |||||||||||||||||||||||||||
| Class R | Investor Class II(a) | Investor Class I(a) | Treasurer's Trust | Liquidity Class V(a) | Liquidity Class III(a) | ||||||||||||||||||||||
| Sold | 1,309,381,602 | 29,868,656 | 55,931,680 | 1,017,223,239 | 2,025,955 | 125,300,797 | |||||||||||||||||||||
| Reinvested | 7,643,589 | 151,872 | 107,035 | 1,840,244 | 10,718 | 1,597,526 | |||||||||||||||||||||
| Redeemed | (1,282,983,301 | ) | (31,281,010 | ) | (49,690,690 | ) | (962,993,695 | ) | (1,821,973 | ) | (147,516,216 | ) | |||||||||||||||
| Net Increase (Decrease) | 34,041,890 | (1,260,482 | ) | 6,348,025 | 56,069,788 | 214,700 | (20,617,893 | ) | |||||||||||||||||||
| Liquidity Class I(a) | Class Institutional(1) | Class 8(1) | |||||||||||||
| Sold | 31 | 7,272,005,587 | 2,801,924,081 | ||||||||||||
| Reinvested | 3,696 | 15,251,180 | 6,309,677 | ||||||||||||
| Redeemed | (31 | ) | (6,936,822,169 | ) | (3,618,972,892 | ) | |||||||||
| Net Increase (Decrease) | 3,696 | 350,434,598 | (810,739,134 | ) | |||||||||||
(a) Effective September 28, 2007, Classes 15, 20, 25, 35 and 45 were renamed Liquidity Class I, II, III, IV and V, respectively. Also, Classes 70, 75, and 95 were renamed Investor Classes I, II and III, respectively.
* Liquidity Class II commenced operations on February 8, 2008.
(1) Effctive September 1, 2006, Class 8 was closed and Class 12 was renamed Class Institutional.
51
NOTES TO FINANCIAL STATEMENTS (Continued)
(6) Capital Share Transactions (Continued)
For the year ended May 31, 2008 and the year ended May 31, 2007, the capital share transactions of each class of the New York Municipal Money-Market Fund, each at a net asset value of $1 per share, were as follows:
| Year Ended May 31, 2008 | |||||||||||
| Class R | Treasurer's Trust | ||||||||||
| Sold | 695,156,980 | 25,540 | |||||||||
| Reinvested | 4,185,358 | 265 | |||||||||
| Redeemed | (793,894,595 | ) | (6,513 | ) | |||||||
| Net Increase (Decrease) | (94,552,257 | ) | 19,292 | ||||||||
| Year Ended May 31, 2007 | |||||||||||
| Class R | Treasurer's Trust* | ||||||||||
| Sold | 686,901,533 | 10,015 | |||||||||
| Reinvested | 4,847,434 | 120 | |||||||||
| Redeemed | (599,707,436 | ) | 13 | ||||||||
| Net Increase (Decrease) | 92,041,531 | 10,148 | |||||||||
* Class Treasurer's Trust commenced operations on December 7, 2006.
For the year ended May 31, 2008, the capital share transactions of each class of the Massachusetts Municipal Money-Market Fund, each at a net asset value of $1 per share, were as follows:
| Year Ended May 31, 2008 | |||||||||||
| Class R | Treasurer's Trust* | ||||||||||
| Sold | 93,261,193 | 2,702,267 | |||||||||
| Reinvested | 596,368 | 1,142 | |||||||||
| Redeemed | (90,467,162 | ) | (24,323 | ) | |||||||
| Net Increase (Decrease) | 3,390,399 | 2,679,086 | |||||||||
| Year Ended May 31, 2007 | |||||||||||
| Class R | Class Treasurer's Trust* | ||||||||||
| Sold | 112,355,884 | — | |||||||||
| Reinvested | 619,839 | — | |||||||||
| Redeemed | (117,035,101 | ) | — | ||||||||
| Net Increase (Decrease) | (4,059,378 | ) | — | ||||||||
* Class Treasurer's Trust commenced operations on June 14, 2007.
52
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights:
| Class R | |||||||||||||||||||||||
| Year Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Interstate Tax-Exempt Fund | |||||||||||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0224 | 0.0259 | 0.0182 | 0.0070 | 0.0010 | ||||||||||||||||||
| Dividends from net investment income | (0.0224 | ) | (0.0259 | ) | (0.0182 | ) | (0.0070 | ) | (0.0010 | ) | |||||||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.26 | % | 2.62 | % | 1.84 | % | 0.70 | % | 0.10 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of year (millions) | $ | 313.1 | $ | 319.6 | $ | 285.5 | $ | 261.4 | $ | 283.5 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.07 | % | 1.01 | % | 1.00 | % | 1.00 | % | 1.00 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 1.03 | % | 1.00 | % | 1.00 | % | 1.00 | % | 0.90 | % | |||||||||||||
| Ratio of net investment income to average net assets | 2.26 | % | 2.59 | % | 1.85 | % | 0.69 | % | 0.10 | % | |||||||||||||
| Investor Class II(2) | |||||||||||||||||||
| Year Ended May 31, | September 23, 2004* to May 31, | ||||||||||||||||||
| Interstate Tax-Exempt Fund | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||
| Net investment income | 0.0249 | 0.0284 | 0.0207 | 0.0083 | |||||||||||||||
| Dividends from net investment income | (0.0249 | ) | (0.0284 | ) | (0.0207 | ) | (0.0083 | ) | |||||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||
| Total Return | 2.52 | % | 2.88 | % | 2.09 | % | 0.83 | % | |||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||
| Net assets end of year (millions) | $ | 3.4 | $ | 5.1 | $ | 6.4 | $ | — | ^ | ||||||||||
| Ratio of expenses to average net assets, before fee waivers | 0.81 | % | 0.76 | % | 0.75 | % | 0.75 | %(a) | |||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.79 | % | 0.75 | % | 0.75 | % | (b) | ||||||||||||
| Ratio of net investment income to average net assets | 2.53 | % | 2.83 | % | 2.67 | % | 1.60 | %(a) | |||||||||||
53
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights: (Continued)
| Investor Class I(2) | |||||||||||||||||||
| Year Ended May 31, | August 16, 2004* to May 31, | ||||||||||||||||||
| Interstate Tax-Exempt Fund | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
| Net asset value at beginning of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||
| Net investment income | 0.0254 | 0.0289 | 0.0212 | 0.0093 | |||||||||||||||
| Dividends from net investment income | (0.0254 | ) | (0.0289 | ) | (0.0212 | ) | (0.0093 | ) | |||||||||||
| Net asset value at end of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||
| Total Return | 2.57 | % | 2.93 | % | 2.15 | % | 0.93 | % | |||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||
| Net assets end of period (millions) | $ | 9.9 | $ | 9.0 | $ | 2.6 | $ | 0.9 | |||||||||||
| Ratio of expenses to average net assets, before fee waivers | 0.77 | % | 0.71 | % | 0.70 | % | 0.71 | %(a) | |||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.74 | % | 0.70 | % | 0.70 | % | (b) | ||||||||||||
| Ratio of net investment income to average net assets | 2.51 | % | 2.92 | % | 2.12 | % | 1.10 | %(a) | |||||||||||
| Treasurer's Trust | |||||||||||||||||||||||
| Year Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Interstate Tax-Exempt Fund | |||||||||||||||||||||||
| Net asset value at beginning of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0267 | 0.0299 | 0.0222 | 0.0109 | 0.0040 | ||||||||||||||||||
| Dividends from net investment income | (0.0267 | ) | (0.0299 | ) | (0.0222 | ) | (0.0109 | ) | (0.0040 | ) | |||||||||||||
| Net asset value at end of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.71 | % | 3.04 | % | 2.25 | % | 1.10 | % | 0.40 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of period (millions) | $ | 192.3 | $ | 96.7 | $ | 40.7 | $ | 48.7 | $ | 22.5 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 0.63 | % | 0.61 | % | 0.60 | % | 0.60 | % | 0.60 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.60 | % | 0.60 | % | 0.60 | % | (b) | (b) | |||||||||||||||
| Ratio of net investment income to average net assets | 2.59 | % | 3.01 | % | 2.25 | % | 1.24 | % | 0.37 | % | |||||||||||||
54
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights: (Continued)
| Liquidity Class V(2) | |||||||||||||||||||||||
| Year Ended May 31, | August 7, 2004* to May 31, | ||||||||||||||||||||||
| Interstate Tax-Exempt Fund | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
| Net asset value at beginning of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0282 | 0.0314 | 0.0237 | 0.0123 | 0.0044 | ||||||||||||||||||
| Dividends from net investment income | (0.0282 | ) | (0.0314 | ) | (0.0237 | ) | (0.0123 | ) | (0.0044 | ) | |||||||||||||
| Net asset value at end of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.86 | % | 3.19 | % | 2.40 | % | 1.25 | % | 0.45 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of period (millions) | $ | 28.6 | $ | 0.50 | $ | 0.30 | $ | 0.10 | $ | — | ^ | ||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 0.49 | % | 0.46 | % | 0.45 | % | 0.46 | % | 0.44 | %(a) | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.45 | % | 0.45 | % | 0.45 | % | (b) | (b) | |||||||||||||||
| Ratio of net investment income to average net assets | 2.33 | % | 3.14 | % | 2.46 | % | 1.37 | % | 0.55 | %(a) | |||||||||||||
| Liquidity Class III(2) | |||||||||||||||||||||||
| Year Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Interstate Tax-Exempt Fund | |||||||||||||||||||||||
| Net asset value at beginning of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0302 | 0.0334 | 0.0257 | 0.0144 | 0.0075 | ||||||||||||||||||
| Dividends from net investment income | (0.0302 | ) | (0.0334 | ) | (0.0257 | ) | (0.0144 | ) | (0.0075 | ) | |||||||||||||
| Net asset value at end of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 3.07 | % | 3.40 | % | 2.61 | % | 1.46 | % | 0.75 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of period (millions) | $ | 130.9 | $ | 42.4 | $ | 63.0 | $ | 77.7 | $ | 15.9 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 0.28 | % | 0.26 | % | 0.25 | % | 0.25 | % | 0.25 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.25 | % | 0.25 | % | 0.25 | % | (b) | (b) | |||||||||||||||
| Ratio of net investment income to average net assets | 2.91 | % | 3.33 | % | 2.50 | % | 1.76 | % | 0.74 | % | |||||||||||||
55
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights: (Continued)
| Liquidity Class II | |||||||
| February 8, 2008* to May 31, 2008 | |||||||
| Interstate Tax-Exempt Fund | |||||||
| Net asset value at beginning of period | $ | 1.0000 | |||||
| Net investment income | 0.0079 | ||||||
| Dividends from net investment income | (0.0079 | ) | |||||
| Net asset value at end of period | $ | 1.0000 | |||||
| Total Return | 0.79 | % | |||||
| Ratios/Supplemental Data | |||||||
| Net assets end of period (millions) | $ | — | ^ | ||||
| Ratio of expenses to average net assets, before fee waivers | 0.22 | %(a) | |||||
| Ratio of expenses to average net assets net of fee waivers | 0.12 | % | |||||
| Ratio of net investment income to average net assets | 2.56 | %(a) | |||||
| Liquidity Class I(2) | |||||||||||||||||||||||
| Year Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Interstate Tax-Exempt Fund | |||||||||||||||||||||||
| Net asset value at beginning of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0312 | 0.0344 | 0.0267 | 0.0154 | 0.0085 | ||||||||||||||||||
| Dividends from net investment income | (0.0312 | ) | (0.0344 | ) | (0.0267 | ) | (0.0154 | ) | (0.0085 | ) | |||||||||||||
| Net asset value at end of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 3.17 | % | 3.50 | % | 2.71 | % | 1.56 | % | 0.86 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of period (millions) | $ | 175.8 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 0.19 | % | 0.16 | % | 0.15 | % | 0.16 | % | 0.15 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.15 | % | 0.15 | % | 0.15 | % | (b) | (b) | |||||||||||||||
| Ratio of net investment income to average net assets | 2.76 | % | 3.44 | % | 2.55 | % | 1.54 | % | 0.85 | % | |||||||||||||
56
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights: (Continued)
| Class Institutional(1) | |||||||||||||||||||
| Year Ended May 31, | February 1, 2005* to May 31, | ||||||||||||||||||
| Interstate Tax-Exempt Fund | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
| Net asset value at beginning of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||
| Net investment income | 0.0315 | 0.0348 | 0.0271 | 0.0069 | |||||||||||||||
| Dividends from net investment income | (0.0315 | ) | (0.0348 | ) | (0.0271 | ) | (0.0069 | ) | |||||||||||
| Net asset value at end of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||
| Total Return | 3.20 | % | 3.55 | % | 2.75 | % | 0.70 | % | |||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||
| Net assets end of period (millions) | $ | 529.2 | $ | 350.4 | $ | — | ^ | $ | — | ^ | |||||||||
| Ratio of expenses to average net assets, before fee waivers | 0.15 | % | 0.13 | % | 0.12 | % | 0.12 | %(a) | |||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.12 | % | 0.11 | % | 0.12 | % | (b) | ||||||||||||
| Ratio of net investment income to average net assets | 3.17 | % | 3.51 | % | 2.73 | % | 2.12 | %(a) | |||||||||||
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| California Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0207 | 0.0250 | 0.0177 | 0.0068 | 0.0006 | ||||||||||||||||||
| Dividends from net investment income | (0.0207 | ) | (0.0250 | ) | (0.0177 | ) | (0.0068 | ) | (0.0006 | ) | |||||||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.09 | % | 2.53 | % | 1.79 | % | 0.69 | % | 0.06 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of year (millions) | $ | 84.7 | $ | 133.5 | $ | 124.1 | $ | 105.2 | $ | 101.2 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.04 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.96 | % | 1.00 | % | 1.00 | % | 1.00 | % | 0.89 | % | |||||||||||||
| Ratio of net investment income to average net assets | 2.15 | % | 2.50 | % | 1.80 | % | 0.69 | % | 0.06 | % | |||||||||||||
57
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights: (Continued)
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Connecticut Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0206 | 0.0259 | 0.0179 | 0.0068 | 0.0006 | ||||||||||||||||||
| Dividends from net investment income | (0.0206 | ) | (0.0259 | ) | (0.0179 | ) | (0.0068 | ) | (0.0006 | ) | |||||||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.08 | % | 2.63 | % | 1.81 | % | 0.68 | % | 0.06 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of year (millions) | $ | 39.7 | $ | 46.6 | $ | 27.3 | $ | 23.4 | $ | 21.5 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.05 | % | 1.01 | % | 1.00 | % | 1.00 | % | 1.00 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.86 | % | 0.96 | % | 0.99 | % | 1.00 | % | 0.86 | % | |||||||||||||
| Ratio of net investment income to average net assets | 2.06 | % | 2.60 | % | 1.79 | % | 0.68 | % | 0.06 | % | |||||||||||||
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Florida Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0214 | 0.0261 | 0.0185 | 0.0072 | 0.0006 | ||||||||||||||||||
| Dividends from net investment income | (0.0214 | ) | (0.0261 | ) | (0.0185 | ) | (0.0072 | ) | (0.0006 | ) | |||||||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.16 | % | 2.64 | % | 1.86 | % | 0.73 | % | 0.06 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of year (millions) | $ | 55.0 | $ | 73.6 | $ | 55.1 | $ | 43.1 | $ | 39.5 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.05 | % | 1.01 | % | 1.01 | % | 1.00 | % | 1.00 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.98 | % | 0.99 | % | 1.00 | % | 1.00 | % | 0.91 | % | |||||||||||||
| Ratio of net investment income to average net assets | 2.16 | % | 2.62 | % | 1.88 | % | 0.74 | % | 0.06 | % | |||||||||||||
58
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights: (Continued)
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Massachusetts Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0214 | 0.0259 | 0.0181 | 0.0068 | 0.0006 | ||||||||||||||||||
| Dividends from net investment income | (0.0214 | ) | (0.0259 | ) | (0.0181 | ) | (0.0068 | ) | (0.0006 | ) | |||||||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.16 | % | 2.63 | % | 1.82 | % | 0.68 | % | 0.06 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of year (millions) | $ | 27.8 | $ | 24.4 | $ | 28.5 | $ | 22.2 | $ | 17.8 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.05 | % | 1.01 | % | 1.00 | % | 1.01 | % | 1.01 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.93 | % | 1.00 | % | (b) | 1.00 | % | 0.88 | % | ||||||||||||||
| Ratio of net investment income to average net assets | 2.10 | % | 2.59 | % | 1.84 | % | 0.69 | % | 0.06 | % | |||||||||||||
| Class Treasurer's Trust | |||||||
| Period from June 14, 2007* to May 31, 2008 | |||||||
| Massachusetts Municipal Money-Market Fund | |||||||
| Net asset value at beginning of year | $ | 1.0000 | |||||
| Net investment income | 0.0247 | ||||||
| Dividends from net investment income | (0.0247 | ) | |||||
| Net asset value at end of year | $ | 1.0000 | |||||
| Total Return | 2.50 | % | |||||
| Ratios/Supplemental Data | |||||||
| Net assets end of year (millions) | $ | 2.7 | |||||
| Ratio of expenses to average net assets, before fee waivers | 0.61 | %(a) | |||||
| Ratio of expenses to average net assets net of fee waivers | 0.50 | %(a) | |||||
| Ratio of net investment income to average net assets | 1.41 | %(a) | |||||
* Class Treasurer's Trust commenced operations on June 14, 2007
59
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights: (Continued)
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Michigan Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0208 | 0.0263 | 0.0182 | 0.0069 | 0.0006 | ||||||||||||||||||
| Dividends from net investment income | (0.0208 | ) | (0.0263 | ) | (0.0182 | ) | (0.0069 | ) | (0.0006 | ) | |||||||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.10 | % | 2.66 | % | 1.84 | % | 0.70 | % | 0.06 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of year (millions) | $ | 29.4 | $ | 16.5 | $ | 16.3 | $ | 16.6 | $ | 12.1 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.05 | % | 1.01 | % | 1.00 | % | 1.01 | % | 1.00 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.95 | % | 0.99 | % | 0.99 | % | 1.00 | % | 0.91 | % | |||||||||||||
| Ratio of net investment income to average net assets | 1.99 | % | 2.63 | % | 1.78 | % | 0.77 | % | 0.06 | % | |||||||||||||
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| New Jersey Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0208 | 0.0257 | 0.0178 | 0.0068 | 0.0006 | ||||||||||||||||||
| Dividends from net investment income | (0.0208 | ) | (0.0257 | ) | (0.0178 | ) | (0.0068 | ) | (0.0006 | ) | |||||||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.10 | % | 2.60 | % | 1.80 | % | 0.68 | % | 0.06 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of year (millions) | $ | 74.5 | $ | 90.6 | $ | 54.0 | $ | 45.0 | $ | 50.2 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.05 | % | 1.01 | % | 1.00 | % | 1.00 | % | 1.00 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.92 | % | 0.99 | % | 1.00 | % | 0.99 | % | 0.87 | % | |||||||||||||
| Ratio of net investment income to average net assets | 2.09 | % | 2.62 | % | 1.81 | % | 0.66 | % | 0.06 | % | |||||||||||||
60
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights: (Continued)
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Ohio Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0211 | 0.0261 | 0.0184 | 0.0071 | 0.0006 | ||||||||||||||||||
| Dividends from net investment income | (0.0211 | ) | (0.0261 | ) | (0.0184 | ) | (0.0071 | ) | (0.0006 | ) | |||||||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.13 | % | 2.65 | % | 1.86 | % | 0.71 | % | 0.06 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of year (millions) | $ | 28.3 | $ | 17.4 | $ | 18.7 | $ | 19.0 | $ | 10.9 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.05 | % | 1.02 | % | 1.00 | % | 1.00 | % | 1.01 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.95 | % | 1.00 | % | 1.00 | % | 1.00 | % | 0.92 | % | |||||||||||||
| Ratio of net investment income to average net assets | 2.04 | % | 2.61 | % | 1.83 | % | 0.79 | % | 0.06 | % | |||||||||||||
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Pennsylvania Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0212 | 0.0263 | 0.0186 | 0.0070 | 0.0007 | ||||||||||||||||||
| Dividends from net investment income | (0.0212 | ) | (0.0263 | ) | (0.0186 | ) | (0.0070 | ) | (0.0007 | ) | |||||||||||||
| Net asset value at end of year | $ | 1.00 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.14 | % | 2.67 | % | 1.88 | % | 0.70 | % | 0.07 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of year (millions) | $ | 92.1 | $ | 52.4 | $ | 48.9 | $ | 44.7 | $ | 46.1 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.05 | % | 1.02 | % | 1.00 | % | 1.00 | % | 1.00 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.99 | % | 1.00 | % | 0.99 | % | 1.00 | % | 0.93 | % | |||||||||||||
| Ratio of net investment income to average net assets | 2.04 | % | 2.63 | % | 1.87 | % | 0.70 | % | 0.07 | % | |||||||||||||
61
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights: (Continued)
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Virginia Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0203 | 0.0260 | 0.0181 | 0.0067 | 0.0006 | ||||||||||||||||||
| Dividends from net investment income | (0.0203 | ) | (0.0260 | ) | (0.0181 | ) | (0.0067 | ) | (0.0006 | ) | |||||||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.05 | % | 2.64 | % | 1.82 | % | 0.67 | % | 0.06 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of year (millions) | $ | 32.8 | $ | 25.8 | $ | 20.7 | $ | 13.7 | $ | 11.0 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.05 | % | 1.01 | % | 1.00 | % | 1.00 | % | 1.00 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.93 | % | 0.97 | % | 0.91 | % | 1.00 | % | 0.90 | % | |||||||||||||
| Ratio of net investment income to average net assets | 1.97 | % | 2.61 | % | 1.88 | % | 0.70 | % | 0.06 | % | |||||||||||||
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| New York Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0204 | 0.0258 | 0.0176 | 0.0067 | 0.0006 | ||||||||||||||||||
| Dividends from net investment income | (0.0204 | ) | (0.0258 | ) | (0.0176 | ) | (0.0067 | ) | (0.0006 | ) | |||||||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.06 | % | 2.62 | % | 1.77 | % | 0.67 | % | 0.06 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of year (millions) | $ | 183.4 | $ | 278.0 | $ | 185.9 | $ | 164.4 | $ | 172.6 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.05 | % | 1.00 | % | 1.00 | % | 1.02 | % | 1.02 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 1.01 | % | 1.00 | % | 1.00 | % | 1.01 | % | 0.89 | % | |||||||||||||
| Ratio of net investment income to average net assets | 2.08 | % | 2.59 | % | 1.77 | % | 0.66 | % | 0.06 | % | |||||||||||||
62
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights: (Continued)
| Treasurer's Trust | |||||||||||
| Year Ended May 31, 2008 | Period from December 7, 2006* to May 31, 2007 | ||||||||||
| New York Municipal Money-Market Fund | |||||||||||
| Net asset value at beginning of period | $ | 1.0000 | $ | 1.0000 | |||||||
| Net investment income | 0.0248 | 0.0147 | |||||||||
| Dividends from net investment income | (0.0248 | ) | (0.0147 | ) | |||||||
| Net asset value at end of period | $ | 1.0000 | $ | 1.0000 | |||||||
| Total Return | 2.51 | % | 1.48 | % | |||||||
| Ratios/Supplemental Data | |||||||||||
| Net assets end of period (millions) | $ | — | ^ | $ | — | ^ | |||||
| Ratio of expenses to average net assets, before fee waivers | 0.61 | % | 0.62 | %(a) | |||||||
| Ratio of expenses to average net assets net of fee waivers | 0.57 | % | 0.62 | %(a) | |||||||
| Ratio of net investment income to average net assets | 2.39 | % | 3.06 | %(a) | |||||||
| Class R | |||||||||||||||
| Years Ended May 31, | April 3, 2006* to May 31, | ||||||||||||||
| Arizona Municipal Money-Market Fund | 2008 | 2007 | 2006 | ||||||||||||
| Net asset value at beginning of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||
| Net investment income. | 0.0217 | 0.0262 | 0.0039 | ||||||||||||
| Dividends from net investment income | (0.0217 | ) | (0.0262 | ) | (0.0039 | ) | |||||||||
| Net asset value at end of year | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||
| Total Return | 2.19 | % | 2.65 | % | 0.39 | % | |||||||||
| Ratios/Supplemental Data | |||||||||||||||
| Net assets end of year (millions) | $ | 0.7 | $ | 0.5 | $ | 0.1 | |||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.04 | % | 1.02 | % | 1.00 | %(a) | |||||||||
| Ratio of expenses to average net assets net of fee waivers . | 0.64 | % | 0.96 | % | 0.92 | %(a) | |||||||||
| Ratio of net investment income to average net assets | 2.28 | % | 2.59 | % | 2.42 | %(a) | |||||||||
63
NOTES TO FINANCIAL STATEMENTS (Continued)
(7) Financial Highlights: (Continued)
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Louisiana Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0215 | 0.0261 | 0.0213 | 0.0065 | 0.0007 | ||||||||||||||||||
| Dividends from net investment income | (0.0215 | ) | (0.0261 | ) | (0.0213 | ) | (0.0065 | ) | (0.0007 | ) | |||||||||||||
| Net asset value at end of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.18 | % | 2.65 | % | 2.16 | % | 0.66 | % | 0.07 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of period (millions) | $ | 3.6 | $ | 4.6 | $ | 0.7 | $ | 0.3 | $ | 0.2 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.04 | % | 1.03 | % | 0.99 | % | 1.01 | % | 1.00 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.79 | % | 1.00 | % | 0.52 | % | 1.00 | % | 0.64 | % | |||||||||||||
| Ratio of net investment income to average net assets | 2.19 | % | 2.62 | % | 2.33 | % | 0.74 | % | 0.06 | % | |||||||||||||
| Class R | |||||||||||||||||||||||
| Years Ended May 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Minnesota Municipal Money-Market Fund | |||||||||||||||||||||||
| Net asset value at beginning of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Net investment income | 0.0212 | 0.0265 | 0.0179 | 0.0066 | 0.0006 | ||||||||||||||||||
| Dividends from net investment income | (0.0212 | ) | (0.0265 | ) | (0.0179 | ) | (0.0066 | ) | (0.0006 | ) | |||||||||||||
| Net asset value at end of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | |||||||||||||
| Total Return | 2.14 | % | 2.68 | % | 1.80 | % | 0.66 | % | 0.06 | % | |||||||||||||
| Ratios/Supplemental Data | |||||||||||||||||||||||
| Net assets end of period (millions) | $ | 10.1 | $ | 4.9 | $ | 3.1 | $ | 1.4 | $ | 0.6 | |||||||||||||
| Ratio of expenses to average net assets, before fee waivers | 1.06 | % | 1.01 | % | 1.01 | % | 1.00 | % | 1.01 | % | |||||||||||||
| Ratio of expenses to average net assets net of fee waivers | 0.86 | % | 0.75 | % | 0.94 | % | 0.99 | % | 0.78 | % | |||||||||||||
| Ratio of net investment income to average net assets | 2.06 | % | 2.66 | % | 1.88 | % | 0.78 | % | 0.06 | % | |||||||||||||
* Inception of Class operations.
(a) Annualized.
(b) As there were no fee waivers during the period, this is not applicable.
(1) Effective September 1, 2006 Class 12 was renamed Class Institutional.
(2) Effective September 28, 2007, Classes 15, 20, 25, 35 and 45 were renamed Liquidity Class I, II, III, IV, and V, respectively. Also, Classes 70, 75 and 95 were renamed Investor Class I, II, III respectively.
^ Amount is less than $50,000.
64
NOTES TO FINANCIAL STATEMENTS (Continued)
(8) Commitments and Contingencies:
In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Funds' general exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
(9) Recent Accounting Pronouncements:
On July 13, 2006, the FASB released FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management has analyzed the fund's tax positions taken on federal income tax returns for all open tax years for purposes of implementing FIN 48, and has concluded that as of May 31, 2008, no provision for income tax would be required in the fund's financial statements.
In September 2006, the FASB issued FASB Statement No. 157, Fair Value Measurement (Statement 157), Statement 157 defines fair value, establishes framework for the measurement of fair value, and enhances disclosures about fair value measurements. The Statement is effective for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the Statement of Operations for a fiscal period.
(10) Additional Information:
As of May 5, 2008, State Street Bank and Trust Company became the Fund's custodian.
As of June 2, 2008, State Street Bank and Trust Company became the Fund's accountant.
65
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders of Reserve Municipal Money-Market Trust II, Reserve New York Municipal Money Market Trust and Reserve Municipal Money-Market Trust:
We have audited the accompanying statements of net assets of Interstate Tax-Exempt Fund, California Municipal Money-Market Fund, Connecticut Municipal Money-Market Fund, Florida Municipal Money-Market Fund, Massachusetts Municipal Money-Market Fund, New Jersey Municipal Money-Market Fund, Ohio Municipal Money-Market Fund and the Virginia Municipal Money-Market Fund of the Reserve Municipal Money-Market Trust II, New York Municipal Money-Market Fund of the Reserve New York Municipal Money Market Trust, and the statements of assets and liabilities, including the schedule of investments, of Michigan Municipal Money-Market Fund and Pennsylvania Municipal Money-Market Fund of the Reserve Municipal Money-Market Trust II, Arizona Municipal Money-Market Fund, Louisiana Municipal Money-Market Fund and Minnesota Municipal Money-Market Fund of the Reserve Municipal Money-Market Trust (collectively the Funds), as of May 31, 2008, and the related stateme nts of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the periods or years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the years or periods in the two-year period ended May 31, 2005 were audited by another independent registered public accounting firm whose report dated September 26, 2005 expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2008, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Interstate Tax-Exempt Fund, California Municipal Money-Market Fund, Connecticut Municipal Money-Market Fund, Florida Municipal Money-Market Fund, Massachusetts Municipal Money-Market Fund, Michigan Municipal Money-Market Fund, New Jersey Municipal Money-Market Fund, Ohio Municipal Money-Market Fund, Pennsylvania Municipal Money-Market Fund, Virginia Municipal Money-Market Fund of the Reserve Municipal Money-Market Trust II, New York Municipal Money-Market Fund of the Reserve New York Municipal Money Market Trust, Arizona Municipal Money-Market Fund, Louisiana Municipal Money-Market Fund and Minnesota Municipal Money-Market Fund of the Reserve Municipal Money-Market Trust as of May 31, 2008, the results of their operations for the year then ended, the changes in their net assets for each of th e years in the two-year period then ended, and the financial highlights for each of the periods or years in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.
July 30, 2008
66
THE JOINT BOARD OF TRUSTEES AND EXECUTIVE OFFICERS OF THE TRUSTS (Unaudited)
The Board of Trustees is responsible for the management and supervision of the Trusts. The Trustees approve all material agreements between the Funds and the Trusts' service providers. Biographical information relating to the Trustees and the Executive Officers of the Trusts is set forth below, including their ages, their principal occupations for at least the last five years, their positions with the Trusts and the length of time served. The Trustees and the Executive Officers of the Trusts oversee 23 portfolios in The Reserve fund complex. Except as otherwise described below, none of the Trustees or Executive Officers hold public directorships outside of The Reserve fund complex.
| INTERESTED TRUSTEE | |||||||||||||||
| Name, Address, Age | Positions with the Fund | Term of office ** and Length of Service | Principal Occupations during the Last Five Years and Other Directorships | ||||||||||||
| BRUCE R. BENT†*# Age: 71 The Reserve 1250 Broadway New York, NY 10001 | Chairman, President, Treasurer and Trustee | Trustee since inception Chairman since 2000 | President of Reserve Management Company, Inc. ("RMCI"), Chairman of Reserve Management Corporation ("RMC") and Chairman of Resrv Partners, Inc. ("Resrv") since 2000; Chairman and Director of Reserve International Liquidity Fund Ltd. since 1990. Co-founder of The Reserve Fund in 1970; officer thereof since 1970. | ||||||||||||
| INDEPENDENT TRUSTEES | |||||||||||||||
| Name, Address, Age | Positions with the Fund | Term of office ** and Length of Service | Principal Occupations during the Last Five Years and Other Directorships | ||||||||||||
| EDWIN EHLERT, JR. Age: 77 The Reserve 1250 Broadway New York, NY 10001 | Trustee | Trustee Since April 17, 2007 | Retired. President of Premier Resources, Inc. (meeting management firm) since 1987; Trustee of other Reserve funds. | ||||||||||||
| WILLIAM E. VIKLUND Age: 68 The Reserve 1250 Broadway New York, NY 10001 | Trustee | Trustee Since April 17, 2007 | Retired since 1996; Trustee of other Reserve funds. | ||||||||||||
| JOSEPH D. DONNELLY Age: 61 The Reserve 1250 Broadway New York, NY 10001 | Trustee | Trustee Since April 17, 2007 | Retired since 2002; Member of Pershing Executive Committee from 1986 to present; Trustee of other Reserve funds. | ||||||||||||
| WILLIAM J. MONTGORIS Age: 61 The Reserve 1250 Broadway New York, NY 10001 | Trustee | Trustee Since April 17, 2007 | Retired since 1999; Director of Stage Stores, Inc. (retailing) since 2004; Director of OfficeMax Inc. (consumer goods/office supplies) 2007; Director of Carters, Inc. (consumer goods/apparel) since 2007; Trustee of other Reserve funds. | ||||||||||||
| FRANK J. STALZER Age: 51 The Reserve 1250 Broadway New York, NY 10001 | Trustee | Trustee Since April 17, 2007 | President of Astrex Electronics since 2006; Vice President and GM of Arrow/Zeus from 2004 to 2005; Vice President of Marketing of Arrow/Zeus from 2002 to 2004; Trustee of other Reserve funds. | ||||||||||||
| RONALD J. ARTINIAN Age: 60 The Reserve 1250 Broadway New York, NY 10001 | Trustee | Trustee Since April 17, 2007 | Private investor since 1998; Director of First Real Estate Investment Trust of New Jersey since 1992; Director of NYMagic, Inc. (insurance) since 2008; Trustee of other Reserve funds. | ||||||||||||
| SANTA ALBICOCCO Age: 57 The Reserve 1250 Broadway New York, NY 10001 | Trustee | Trustee Since April 17, 2007 | Board Member of the New York State Banking Board from 1998 to 2004; Department County Executive for Finance - County of Nassau, NY; Trustee of other Reserve funds. | ||||||||||||
67
| INDEPENDENT TRUSTEES (Continued) | |||||||||||||||
| Name, Address, Age | Positions with the Fund | Term of office ** and Length of Service | Principal Occupations during the Last Five Years and Other Directorships | ||||||||||||
| STEPHEN P. ZIENIEWICZ Age: 48 The Reserve 1250 Broadway New York, NY 10001 | Trustee | Trustee Since April 17, 2007 | Executive Director - University of Washington Medical Center since 2007; Chief Operating Officer - Saint Louis University Hospital from 2004 to 2007; Vice President Support Services - South Nassau Communities Hospital from 2001 to 2004; Trustee of other Reserve funds. | ||||||||||||
| OFFICERS WHO ARE NOT TRUSTEES | |||||||||||||||
| Name, Address, Age | Positions with the Fund | Term of office ** and Length of Service | Principal Occupations during the Last Five Years and Other Directorships | ||||||||||||
| BRUCE R. BENT II†# Age: 42 The Reserve 1250 Broadway New York, NY 10001 | Co-Chief Executive Officer, Senior Vice President and Assistant Treasurer | Senior Vice President and Assistant Treasurer since 2000, Co-Chief Executive Officer since 2005. | Senior Vice President, Secretary and Assistant Treasurer of RMCI, Senior Vice President, Secretary and Assistant Treasurer of RMC, and Secretary, Assistant Treasurer and Director of Resrv since 2000; Former Trustee of Trusts in The Reserve fund complex. | ||||||||||||
| ARTHUR T. BENT III†# Age: 40 The Reserve 1250 Broadway New York, NY 10001 | Co-Chief Executive Officer, Senior Vice President and Assistant Secretary | Assistant Secretary since 2000, Co-Chief Executive Officer and Senior Vice President since 2005. | Chief Operating Officer, Treasurer, Senior Vice President and Assistant Secretary of RMCI, President, Treasurer and Assistant Secretary of RMC, and Treasurer, Assistant Secretary and Director of Resrv since 2000. | ||||||||||||
| PATRICK J. FARRELL Age: 48 The Reserve 1250 Broadway New York, NY 10001 | Chief Financial Officer | Chief Financial Officer since 2006. | Chief Financial Officer of RMCI and its affiliates since 2006; Chief Financial Officer, Treasurer and Assistant Secretary of the MainStay Funds, Eclipse Funds, and MainStay VP Funds; Principal Financial Officer – McMorgan Funds; Managing Director New York Life Investment Management from 2001 to 2005. | ||||||||||||
| CHRISTINA MASSARO Age: 41 The Reserve 1250 Broadway New York, NY 10001 | Chief Compliance Officer | Chief Compliance Officer since 2005 | Chief Compliance Officer of the Funds, RMCI and Resrv since 2005; Anti-Money Laundering Compliance Officer of RMCI and Resrv since 2006; Chief Compliance Officer from 2001 to 2005 and Anti-Money Laundering Compliance Officer from 2002 to 2005 of Maxcor Financial Inc. and Maxcor Financial Asset Management. | ||||||||||||
| CATHERINE CROWLEY Age: 54 The Reserve 1250 Broadway New York, NY 10001 | Secretary | Secretary since 2007. | General Counsel, RMCI since 2007; Senior Vice President, Secretary-RMC since 2007; Senior Vice President, Associate General Counsel-J.P. Morgan Chase, October 1986-April 2004. | ||||||||||||
* Mr. Bruce Bent is an "interested person" of the Fund as defined in Section 2(a) (19) of the Investment Company Act, due to his positions with RMC, RMCI and Resrv.
** Each Trustee shall hold office until he/she resigns, is removed or until his successor is duly elected and qualified. A Trustee shall retire upon attaining the age of seventy-five (75) years, unless extended by a vote of the Independent Trustees. Trustees need not be shareholders. Officers hold their positions with the Trust until a successor has been duly elected and qualified.
† Mr. Bruce R. Bent, Mr. Bruce R. Bent II and Mr. Arthur T. Bent II also serve as officers to unregistered funds advised by the Investment Adviser.
# Mr. Bruce R. Bent is the father of Mr. Bruce R. Bent II and Mr. Arthur T. Bent III.
68
FEDERAL TAX INFORMATION (Unaudited)
We are required by the Internal Revenue Code to advise you within 60 days of the Trust's year-end as to the federal tax status of dividends paid during the year. Accordingly, all dividends for the Funds are designated exempt-interest dividends.
EXPENSE EXAMPLE (Unaudited)
As a shareholder of a Fund, you incur two types of costs: (1) transaction/redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at December 1, 2007 and held for the entire period ending May 31, 2008.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return for any of the Funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund with those of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only but will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value December 1, 2007 | Ending Account Value May 31, 2008 | Expenses Paid During Period* | |||||||||||||
| Interstate Tax-Exempt Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,006.12 | $ | 5.18 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,019.79 | $ | 5.21 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 1.03%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Interstate Tax-Exempt Investor Class II | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,008.62 | $ | 3.98 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,021.00 | $ | 4.00 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.79%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Interstate Tax- Exempt Investor Class I | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,009.13 | $ | 3.72 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,021.25 | $ | 3.75 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.74%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
69
| Beginning Account Value December 1, 2007 | Ending Account Value May 31, 2008 | Expenses Paid During Period* | |||||||||||||
| Interstate Tax-Exempt Class Treasurer's Trust | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,010.53 | $ | 3.02 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,021.96 | $ | 3.04 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Interstate Tax-Exempt Liquidity Class V | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,012.03 | $ | 2.27 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,022.72 | $ | 2.28 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Interstate Tax-Exempt Liquidity Class III | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,014.09 | $ | 1.26 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,023.73 | $ | 1.27 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.25%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Interstate Tax-Exempt Liquidity Class II | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,003.35 | $ | 0.60 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,024.39 | $ | 0.61 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.12%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Interstate Tax-Exempt Liquidity Class I | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,015.09 | $ | 0.76 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,024.24 | $ | 0.76 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.15%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Interstate Tax-Exempt Class Institutional | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,015.40 | $ | 0.60 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,024.39 | $ | 0.61 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.12%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| California Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,005.62 | $ | 4.83 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,020.14 | $ | 4.86 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.96%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Connecticut Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,006.08 | $ | 4.32 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,020.65 | $ | 4.35 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.86%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Florida Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,005.87 | $ | 4.93 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,020.04 | $ | 4.96 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.98%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
70
| Beginning Account Value December 1, 2007 | Ending Account Value May 31, 2008 | Expenses Paid During Period* | |||||||||||||
| Massachusetts Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,006.12 | $ | 4.68 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,020.29 | $ | 4.71 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.93%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Massachusetts Municipal Money-Market Fund Class Treasurer's Trust | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,009.98 | $ | 2.52 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,022.47 | $ | 2.53 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Michigan Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,005.72 | $ | 4.78 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,020.19 | $ | 4.81 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.95%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| New Jersey Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,005.88 | $ | 4.62 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,020.34 | $ | 4.66 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.92%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Ohio Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,005.87 | $ | 4.78 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,020.19 | $ | 4.81 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.95%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Pennsylvania Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,005.72 | $ | 4.98 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,019.99 | $ | 5.01 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Virginia Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,005.58 | $ | 4.67 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,020.29 | $ | 4.71 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.93%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| New York Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,005.22 | $ | 5.08 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,019.89 | $ | 5.11 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 1.01%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| New York Municipal Money-Market Fund Class Treasurer's Trust | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,009.68 | $ | 2.87 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,022.11 | $ | 2.89 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.57%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
71
| Beginning Account Value December 1, 2007 | Ending Account Value May 31, 2008 | Expenses Paid During Period* | |||||||||||||
| Arizona Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,007.73 | $ | 3.22 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,021.76 | $ | 3.24 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Louisiana Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,006.93 | $ | 3.97 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,021.00 | $ | 4.00 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.79%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| Minnesota Municipal Money-Market Fund Class R | |||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,006.38 | $ | 4.32 | |||||||||
| Hypothetical | $ | 1,000.00 | $ | 1,020.65 | $ | 4.35 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 0.86%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
AVAILABILITY OF PROXY VOTING INFORMATION
The day-to-day investment management decisions of each Fund are the responsibility of that Fund's investment adviser, RMCI. RMCI is primarily responsible for determining how to vote proxies with respect to companies in which the respective Fund invests and for the ongoing review and evaluation of its own proxy voting policies and corresponding compliance with applicable law.
RMCI's proxy voting policies and procedures, as well as information about how a particular proxy was voted, may be obtained without charge by calling 800-637-1700 to request a copy or by visiting the SEC's website at www.sec.gov. Information regarding how each Fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available on the SEC's website or by calling the toll-free number listed above.
AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULE
The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
72
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Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officers and principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant’s code of ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. William Montgoris and Santa Albicocco are the audit committee financial experts and are considered to be independent.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The registrant paid the following amounts to KMPG, LLP, the registrant’s principal accountant, for the audit of the registrant’s annual financial statements and services normally provided in connection with statutory and regulatory filings or engagements in connection therewith for each of the last two fiscal years:
2008 |
| 2007 |
| ||
$ | 70,400 |
| $ | 64,200 |
|
(b) None.
(c) Tax Fees. The registrant paid the following amounts to KPMG, LLP, the registrant’s principal accountant, for tax compliance, tax advice and tax planning for each of the last two fiscal years:
2008 |
| 2007 |
| ||
$ | 6,300 |
| $ | 6,300 |
|
(d) None.
(e) Before KPMG, LLP, the registrant’s principal accountant, is engaged to render audit or non-audit services by the registrant, the registrant’s investment adviser, or any entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant, the engagement is approved by the registrant’s Audit Committee. The Audit Committee has delegated the authority to pre-approve non-audit services to the Chairman of the Audit Committee, currently William Montgoris, subj ect to subsequent ratification by the Audit Committee.
(f) None.
(g) The following table indicates the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
2008 |
| 2007 |
| ||
$ | 0 |
| $ | 0 |
|
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
The schedule of investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
No changes have been made to the procedures by which stockholders can nominate independent trustees.
ITEM 11. Controls and Procedures.
(a) Based on an evaluation of the disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”) as of a date within 90 days of the filing of this report, the Co- Chief Executive Officers (the principal executive officers) and Chief Financial Officer (principal financial officer) of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a) (1) Code of ethics.
(a) (2) Certifications of Co-Chief Executive Officers and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002: Filed herewith
(b) 0; Certifications of Co-Chief Executive Officers and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002: Furnished herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Reserve Municipal Money Market Trust
By: | /s/ Bruce R. Bent II |
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| Name: | Bruce R. Bent II |
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| Title: | Co-Chief Executive Officer |
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Date: | August 8, 2008 |
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By: | /s/ Arthur T. Bent III |
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| Name: | Arthur T. Bent III |
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| Title: | Co-Chief Executive Officer |
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Date: | August 8, 2008 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Bruce R. Bent II |
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| Name: | Bruce R. Bent II |
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| Title: | Co-Chief Executive Officer |
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Date: | August 8, 2008 |
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By: | /s/ Arthur T. Bent III |
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| Name: | Arthur T. Bent III |
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| Title: | Co-Chief Executive Officer |
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Date: | August 8, 2008 |
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By: | /s/ Patrick Farrell |
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| Name: | Patrick Farrell |
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| Title: | Chief Financial Officer |
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Date: | August 8, 2008 |
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