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Thursday, October 02, 2008

The Reserve Plans to End Another Fund's Run

News summary by MFWire's editors

The Reserve plans to liquidate another fund. The company said Wednesday that the trustees of its U.S. Government Fund have voted to liquidate the fund. It is not yet known when the assets will be retuned to investors. The Reserve will be keeping the fund's investors in the loop, though. It plans to post the holdings of the fund from the end of the previous business day on its site each day. The company said on Tuesday that it would be liquidating its Primary Fund which broke the buck earlier this month (see The MFWire September 30, 2008).

For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.

Company Press Release

New York, October 1, 2008 - The Board of Trustees of The Reserve Fund (the “Trust”) announced on September 30, 2008 that it has voted to liquidate the assets of The Reserve U.S. Government Fund (the “Government Fund”), a series of the Trust.

The Board and the Government Fund’s adviser are working diligently and in conjunction with the Securities and Exchange Commission to develop a plan to distribute the assets of the Government Fund in a fair and equitable manner. The Fund cannot currently estimate when distributions to investors will be made. However, the Board and the Fund’s adviser are acting as expeditiously as markets permit to restore liquidity to investors. As developments occur, every effort will be made to communicate them to investors.

Beginning October 2, 2008, we will post on our website each day the holdings of the Government Fund as of the close of business at the end of the previous business day. We will also post on our website each day the maturity schedule of the assets in the Government Fund, the average weighted maturity and the nature of the holdings.

Edited by: Erin Kello

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