The Prime Money Market Fund
will no longer be offered to institutional or retail investors after September 30, 2016 and will be closed to new investments at a date to be determined, pending final Board approval and appropriate notice to shareholders.
When Lehman Brothers fell in September 2008, the Reserve Primary Fund's exposure to the bank led the money market fund
to write off $785 million in Lehman debt--and consequently to "break the buck," as its net asset value (NAV) fell below the crucial $1 per share to 97 cents.
Just over $1 of every $4 in mutual funds was in a money market fund
at the end of the year.
In July of 2014, the SEC announced new money market fund
Money market funds
usually invest in short-term notes issued by the federal government or private companies.
For more information, please look for the Alpine Municipal Money Market Fund
Manager Profile to be published shortly on the Fitch Ratings web site www.
Vanguard Federal Money Market Fund
reopens to all investors, without limitation
Money Market Fund
Ratings' is available on the Fitch Ratings web site at www.
In addition, the company announced a series of planned mergers with the aim of strengthening and streamlining its money market fund
The regulations will be implemented in phases over the next 20 months and the resulting changes in Federated's money market fund
lineup will take place over the same time frame.
Kellie Allen, Bryan White and Sheila Nye, who currently manage Evergreen's taxable money market funds
, will manage the fund.
NEW YORK -- The Reserve Funds, the fund management company that launched the world's first money market fund
and today manages a family of money market, equity and bond mutual funds, announced that balances in its cash sweep accounts have reached $1.