​ WSJ Says First American Funds Bailed Out, Backing Cheyne SIV Holdings. Today'​s Wall Street Journal features a story entitled, "More Money-​Market Funds Hit Trouble", which says that U.​S. Bancorp subsidiary First American Advisors' previously had "purchased all Ottimo Funding Trust secured liquidity notes held" by the First American Prime Obligations Fund. The company also entered into a credit agreement to protect its holdings in SIV Cheyne Finance LLC. CEO Richard Davis was quoted saying, "U.​S. Bancorp would support all affected funds." An update on First American Prime Obligations holdings may be seen here; their August statement is here. The Journal also noted that RiverSource Cash Management "has a tiny percentage in the security." The piece adds, "[​O]​ther funds also were holding Cheyne-​related holdings, although in small quantities.... Valic II Company fund, offered by a unit of American International Group Inc., held less than 1% of its $​337 million in assets in one Cheyne security as of early September." The article emphasizes, "No money market fund has broken the buck in the recent turmoil."

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