Reserve to liquidate $20 billion Primary Fund

Reserve Management Co. Inc of New York said yesterday that its board has voted to liquidate the $20 billion in assets of the Primary Fund (RPRXX), which will be distributed on Oct. 13.
SEP 30, 2008
By  Bloomberg
Reserve Management Co. Inc of New York said yesterday that its board has voted to liquidate the $20 billion in assets of the Primary Fund (RPRXX), which will be distributed on Oct. 13. The distribution will be made to all investors in proportion to the number of shares each held as of the close of business on Sept. 15, the firm said. The fund “broke the buck” on Sept. 16 when its net asset value fell to 97 cents, reflecting the fund’s holdings of $785 million in debt from Lehman Brothers Holdings Inc. of New York, which filed for Chapter 11 bankruptcy protection.

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