The Reserve Management Co. Inc. of New York announced yesterday the liquidation of 15 money market mutual funds.
The boards of the Reserve Municipal Money Market Trust, Reserve Municipal Money Market Trust II and Reserve New York Municipal Money Market Trust announced that it voted Wednesday evening to liquidate the assets of the series of trusts which include 14 municipal money market mutual funds.
In addition, the board of trustees of the Reserve Short Term Investment Trust voted to liquidate the assets of the Reserve Yield Plus Fund.
The move means that the majority of The Reserve’s money market funds are being liquidated.
The funds cannot estimate when distributions to investors will be made, according to a statement released by The Reserve.
“The funds will liquidate assets as soon as they can,” the statement noted.
Investors will be kept informed as developments occur. The Reserve will continue to post holdings and maturity dates of the funds on its website.
This is the second announcement by The Reserve about the liquidation of some of its money market mutual funds. Last week, The Reserve announced the liquidation of the Primary Fund (RPRXX) and the U.S. Government Fund (RUGXX).