The U.S. Treasury Department has established a Temporary
Guarantee Program for Money Market Funds. Under this
program, the U.S. Treasury will guarantee to investors that
they will receive $1 for each money market fund share held as
of close of business on September 19, 2008. Eligible
funds must be regulated under Rule 2a-7 of the Investment
Company Act of 1940, must maintain a stable share price of $1
and must be publicly offered and registered with the
Securities and Exchange Commission. Both taxable and
non-taxable funds are eligible for this program. To
participate in the program, eligible funds must pay a fee and
complete the Guarantee Agreement and corresponding documents
found on this page. As this program covers all
shareholders in a participating eligible fund as of close of
business on September 19, 2008, individual investors cannot
sign-up for the program.
President George W. Bush approved the use of existing
authorities by Secretary Henry M. Paulson, Jr. to make
available as necessary the assets of the Exchange
Stabilization Fund to support the Program.
Money market funds play an important role as an investment
vehicle for many Americans; they are also a fundamental source
of financing for our capital markets and financial
institutions. Maintaining confidence in the money market
fund industry is critical to protecting the integrity and
stability of the global financial system. This action
will enhance market confidence and alleviate investors'
concerns about the ability for money market mutual funds to
absorb a loss.
Guarantee Agreement and Related Documents
Announcements
Last Updated: October 8, 2008
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