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Reserve Funds: "the NAV of the Primary Fund, effective as of 4:00PM, is $0.97/s"

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posted on Sep, 17 2008 @ 12:05 PM
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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.


www.bloomberg.com...
www.reservefunds.com...




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.


www.tdameritrade.com...




posted on Sep, 17 2008 @ 12:07 PM
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This isn't getting much internet coverage.

What does this mean to you?

Check to see if your checking or brokerage account uses Reserve funds as a money market fund. Your dollar may be worth .97, subject to even further change. You will not be able to withdraw for up to seven days.

Good luck..



posted on Sep, 17 2008 @ 12:11 PM
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mmm...what does this mean?

I found this too:

www.tickerforum.org...



posted on Sep, 17 2008 @ 06:03 PM
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bp = Basis points!

IIRC 100bp = 1.00% ... 7bp = 0.07%



posted on Sep, 17 2008 @ 07:04 PM
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New York, September 17, 2008 – The following were the net asset values of the Primary Fund,
Reserve Yield Plus Fund, and Reserve International Liquidity Fund, Ltd., as of 5:00pm ET on
September 16, 2008.

Primary Fund: $0.97
Reserve Yield Plus Fund $0.97
Reserve International Liquidity Fund, Ltd. $0.91

Redemption requests for the Primary Fund and Reserve International Liquidity Fund, Ltd. received
prior to 3:00pm ET on September 16, 2008, will be redeemed at a net asset value of $1.00 per
share. Redemption requests for these two funds received after 3:00pm ET, on September 16, 2008,
will be redeemed at the funds’ end of day net asset value on the day of the redemption request.

All redemption requests for Reserve Yield Plus Fund received at any time on September 16, 2008,
will be redeemed at $0.97 per share. Redemption requests made after September 16, 2008 will be
redeemed at the fund’s end of day net asset value on the day of the redemption request.



posted on Sep, 30 2008 @ 11:35 PM
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posted on Sep, 30 2008 @ 11:37 PM
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reply to post by radardog
 


Yeah, I had this in my 401K. It was one of my "safe" investments.



posted on Oct, 17 2008 @ 12:13 PM
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It seems to me there should be a) more coverage on this, and b) more sites where information about this and up to the minute changes are discussed and dispursed. Why this one seems to quietly be occurring in the dark is beyond me.

Does anybody have boards, sites, etc where this is being discussed? Where lawsuits are being outlined, and people's options on this are getting outlined?



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