Reserve begins distribution for 12 funds

The Reserve Management Co. Inc. of New York has announced that it has begun distributions for 12 of its money market mutual funds and gave a distribution schedule for a host of others. Distributions began this week for several municipal money market funds, including full payments for the Connecticut Municipal Money Market Fund, Michigan Municipal Money Market Fund, Minnesota Municipal Money Market Fund, Ohio Municipal Money Market Fund and Virginia Municipal Money Market Fund. In addition, partial distributions went out to investors in the New Jersey Municipal Money Market Fund, California Municipal Money Market Fund and Florida Municipal Money Market Fund. Upcoming distribution dates include: Dec. 15 for full payment for the New York Municipal Money Market Fund, Dec. 22 for a partial payment for the Yield Plus Fund, Jan. 5 for a partial payment of the U.S. Government Fund and Jan. 12 for a partial distribution for the Interstate Tax Exempt Fund. The total distributions represent $7.23 billion, with $886.5 million in remaining payments to be made. “One or more distributions may be delayed if we are unable to complete the necessary reconciliation process and if a fund’s plan of liquidation is not finalized,” the firm noted in a statement.