The Reserve Funds issued a press release yesterday entitled "Court Issues Order Setting Objection and Hearing Dates on Securities and Exchange Commission's Proposed Plan for Distribution of Reserve Primary Fund's Assets," which appears to pave the way for the final resolution and distribution of The Reserve Primary Fund's final liquidation. The release says, "The Board of Trustees of The Reserve Primary Fund announced that the United States District Court for the Southern District of New York has issued an Order on an application made by the U.S. Securities and Exchange Commission concerning the distribution of the Primary Fund's remaining assets. The Commission's application proposes a plan to distribute the remaining assets of the Primary Fund on a pro rata basis to shareholders of the Primary Fund whose shares have not been fully redeemed since September 15, 2008. The Commission also seeks an order enjoining certain claims against the Primary Fund and other parties named as defendants in litigation involving the Primary Fund.... [S]hareholders have to date received approximately 90 percent of their assets in the Fund.... The Court will hold a hearing at 9:30 a.m. on September 23, 2009 in Courtroom 18B of the United States Courthouse, 500 Pearl Street, New York, New York on whether it will grant the Commission's application and approve the proposed pro rata plan of distribution sought by the Commission and other aspects of the Term Sheet. By June 22, 2009, the Primary Fund will mail copies of the Order and the Term Sheet to all owners of record for unredeemed shares in the Fund as of September 15, 16, 17 or 18, 2008." (See http://www.sec.gov/spotlight/reserve_primary_fund_investors.htm for more.) See also, Investment News writes on "Expenses on the Reserve Primary Fund".
