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Sept. 17 (Bloomberg) -- Reserve Primary Fund, the oldest U.S. money-market fund, became the first in 14 years to expose investors to losses after writing off $785 million of debt issued by bankrupt Lehman Brothers Holdings Inc.
Shareholders pulled more than 60 percent of the fund's $64.8 billion in assets in the two days since Lehman folded. Losses on the securities firm's debt forced the fund to break the buck, meaning its net asset value fell below the $1 a share price paid by investors, New York-based Reserve Management Corp., its closely held owner, said yesterday in a statement. Redemptions were suspended for as long as seven days.
TD AMERITRADE has initiated a redemption request for all client funds that automatically sweep to The Reserve Primary Fund. Once The Reserve processes this request, your cash will be held in your brokerage account.
We are instructing The Reserve Primary Fund to redeem client shares on September 17, 2008. The net asset value of the redemption will be set by The Reserve Primary Fund.
We expect the redemption will settle in approximately seven calendar days.