Reserve Funds announced it is returning all of the assets of six of its funds, at a $1 NAV, including the key Primary II and U.S. Government II funds.
The other funds are: Massachusetts Municipal Money Market, Louisiana Municipal Money Market, Reserve USD International Government and Pennsylvania Municipal Money Market.
The boards of the funds voted to liquidate the funds, Reserve said in a statement. The company said it will continue to keep investors abreast of further payments. It is the first time investors have been paid back all of their monies in the dozen or so funds Reserve is shutting down following the failure of its flagship Primary Fund on Sept. 15.