Pensions & Investments features "Inside the panic at Reserve Fund", which describes the hours before The Reserve Primary Fund "broke the buck" and the recent SEC charges filed against the company. P&I says, "The Securities and Exchange Commission last week charged the Bents and Reserve with fraud, alleging that they failed to provide key information to customers, board members and credit-rating agencies after Lehman collapsed. Reserve and the Bents said they would support the $1-per-share asset value of their fund when in fact there was no such intention, the SEC contends. The agency also charges that Reserve misled directors and credit raters by significantly understating how many investors were yanking money after the Lehman bankruptcy hit." In other news, see Investment News' "Money market mutual funds hit record low in April", which says, "The average yield for money market mutual funds hit a record low in April, according to Crane Data LLC. The Crane 100 Money Fund Index, which is an average of the 100 largest taxable money funds' latest seven-day yields, found that the average yield fell to 0.38% in April, net of fees, from 0.43% the previous month." It quotes Pete Crane, "Yields cannot get much lower."

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