MutualFundWire.com: Reserve Makes One Set of Shareholders Whole
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Thursday, February 05, 2009|
Reserve Makes One Set of Shareholders Whole
Some Reserve fund shareholders just got their last cashouts. This week the New York City-based asset manager began distributing the final $12.8 million in its New Jersey Municipal Money-Market Fund to shareholders. An initial distribution of $12.5 million was made on December 12.
For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.
Reserve first froze the fund to new investors in late September, after the Reserve Primary Fund broke the buck in the wake of Lehman Brothers' bankruptcy (see MFWire, 9/18/2008). In October, the Reserve announced plans to liquidated the New Jersey muni fund along with 14 others (see MFWire, 10/10/2008).
Company Press Release
New York, February 4, 2009 – Reserve Management Company, Inc. (“RMCI”) is pleased to announce that it began the final distribution to New Jersey Municipal Money-Market Fund shareholders today in the amount of $12.8 million. Additionally, the Plan of Liquidation for the Fund has been finalized. The Plan was subject to the U.S. Securities and Exchange Commission’s supervision.
This final distribution is being paid to all investors remaining in the Fund, including those who submitted redemption orders that had not been funded and those who have not submitted redemption orders. Effective with this distribution, investors received $1.00 per share, which includes the Fund’s net assets and accrued income, less Fund expenses. Accrued income was reinvested in additional shares, which were liquidated and distributed. There were 12,805,692 shares outstanding.
The Fund’s first distribution to investors was $12.5 million and occurred on December 12, 2008.
For more information regarding your specific account, please contact your financial adviser or our
customer service department at 800-637-1700.
Updates to all of the Reserve funds can be found on our website, TheR.com.
An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Money market yields may vary.
Resrv Partners, Inc., Distributor. Member FINRA. 02/09
Printed from: MFWire.com/story.asp?s=20676
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