[Federal Register Volume 73, Number 210 (Wednesday, October 29, 2008)]
[Notices]
[Page 64372]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-25807]



[[Page 64372]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-28465; 812-13576]


The Reserve Fund; Notice of Application

October 24, 2008.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of application for a temporary order under Section 
22(e)(3) of the Investment Company Act of 1940 (the ``Act'').

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Summary of Application: Applicant filed an application for a temporary 
order to permit two of its series to suspend the right of redemption of 
their outstanding redeemable securities and to postpone payment for 
shares which have been submitted for redemption for which payment has 
not been made. The Commission issued an order on September 22, 2008 
granting the requested order and is now providing an opportunity for 
interested persons to request a hearing.

Applicant: The Reserve Fund (the ``Applicant''), on behalf of two of 
its series, the Primary Fund and the U.S. Government Fund (the 
``Funds'').

DATES: Filing Date: The application was filed on September 22, 2008.

Hearing or Notification of Hearing: Interested persons may request a 
hearing by writing to the Commission's Secretary and serving Applicant 
with a copy of the request, personally or by mail. Hearing requests 
should be received by the Commission by 5:30 p.m. on November 13, 2008, 
and should be accompanied by proof of service on Applicant, in the form 
of an affidavit or, for lawyers, a certificate of service. Hearing 
requests should state the nature of the writer's interest, the reason 
for the request, and the issues contested. Persons who wish to be 
notified of a hearing may request notification by writing to the 
Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F 
Street, NE., Washington, DC 20549-1090. Applicant, 1250 Broadway, New 
York, NY 10001-3701.

FOR FURTHER INFORMATION CONTACT: Brian P. Murphy, Senior Counsel, at 
(202) 551-6825 (Division of Investment Management, Office of Chief 
Counsel).

SUPPLEMENTARY INFORMATION: The complete application may be obtained for 
a fee at the Commission's Public Reference Room, 100 F Street, NE., 
Washington, DC 20549-1520 (tel. 202-551-5850).
    Based on the representations provided by the Applicant in its 
application, including those relating to the current extraordinary 
market conditions and the actions by the Funds' board of trustees (the 
``board'') on September 17th, the Commission issued an Order on 
September 22, 2008 pursuant to Section 22(e)(3) of the Act as requested 
by the Applicant (the ``Order'').\1\ Under the circumstances described 
in the Order, which required immediate action in order to protect Fund 
shareholders, the Commission concluded that it was not practicable to 
give notice or an opportunity to request a hearing before it issued the 
Order and that the Order should be effective as of the date of the 
actions of the Funds' board. The Commission is now providing an 
opportunity for interested persons to request a hearing.
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    \1\ In the Matter of the Reserve Fund, Investment Company Act 
Release No. 28386 (Sept. 22, 2008).

    By the Commission.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-25807 Filed 10-28-08; 8:45 am]
BILLING CODE 8011-01-P