"Reserve Primary Fund to Distribute $3.4 Billion" says a press release posted last night. It states, "The Reserve is pleased to announce that it will begin its sixth distribution to Primary Fund shareholders on or about January 29, 2010. The distribution, in the amount of approximately $3.4 billion, represents approximately 95% of the Fund's remaining asset value of $3.56 billion as of the close of business on January 21, 2010. Including this sixth distribution, $50.5 billion, or approximately 99% of Fund assets as of the close of business on September 15, 2008, will have been returned to investors. This sixth distribution, which has been ordered by and is subject to the supervision and oversight of the United States District Court for the Southern District of New York, is being paid to all investors remaining in the Fund, including those who submitted redemption orders that had not been funded and those who have not submitted redemption orders, according to the terms of the Court's Order. The Fund's net asset value fell below $1.00 per share on September 16, 2008. Approximately $160 million, exclusive of the value of the Lehman Brothers Holdings Inc. securities, which are carried at zero, will remain in the Fund to cover certain claims for indemnification expenses, management fees and other costs, to the extent such amounts are approved by the Court." Bruce R. Bent, Chairman of The Reserve Fund says, "We are very happy to move forward with this very significant step in returning money to our shareholders. We have been working as quickly as possible to finalize the liquidation of the Fund in compliance with the Court's Order. Thank you for your patience." In other news, see BlackRock's latest earnings report and listen to their conference call at 9:00 a.m.

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