A "Notice Regarding Reserve Primary Fund's Net Asset Value" states that Reserve is modifying a previously posted NAV on its ill-fated Primary Fund. The company says, "The Fund is announcing today that, contrary to previous statements to the public and to investors, the Fund's net asset value per share was $0.99 from 11:00 a.m. Eastern time to 4:00 p.m. Eastern time on September 16, 2008 and not $1.00. This change resulted from an administrative error in computing the Fund's NAV on September 16, 2008, and is not the result of any change in value of any portfolio holding, including Lehman Brothers Holdings, Inc., subsequent to 11:00 a.m. ET on September 16." (Click here to monitor Reserve's latest updates.) See also IBD's "Reserve Still Has Hold On Muni Fund Assets", Bloomberg's "Reserve Primary Broke the Buck Earlier Than Announced", and the recently-released no-action letter, "Reserve New York Municipal Money-Market Fund listed on the SEC's "No-Action" Letter Page.
