The day it applied to join the Treasury's money market guarantee program, The Reserve said it will liquidate 15 of its funds. Funds being liquidated include the company's line of municipal funds and its Yield-Plus Fund.

For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.

The Reserve has applied to the SEC to extend the redemption period beyond seven days.

The municipal funds were part of the Reserve's application for the guarantee program. A spokeswoman was not available to comment on whether the funds had been accepted into the program.

The company first froze the affected funds on September 18 (see MFWire September 18, 2008).

Company Press Releases

New York, October 9, 2008 - The Board of Trustees of Reserve Municipal Money-Market Trust, Reserve Municipal Money-Market Trust II and Reserve New York Municipal Money-Market Trust (the �Trusts�) announced today that it voted last evening to liquidate the assets of the following series of the Trusts (each a �Fund�):

Reserve Municipal Money-Market Trust II
Interstate Tax-Exempt Fund
California Municipal Money-Market Fund
Connecticut Municipal Money-Market Fund
Florida Municipal Money-Market Fund
Massachusetts Municipal Money-Market Fund
Michigan Municipal Money-Market Fund
New Jersey Municipal Money-Market Fund
Ohio Municipal Money-Market Fund
Pennsylvania Municipal Money-Market Fund
Virginia Municipal Money-Market Fund

Reserve Municipal Money-Market Trust
Arizona Municipal Money-Market Fund
Louisiana Municipal Money-Market Fund
Minnesota Municipal Money-Market Fund
Reserve New York Municipal Money-Market Trust
New York Municipal Money-Market Fund

The Funds have initiated discussions with the staff of the Securities and Exchange Commission to permit the Funds to pay redemptions in a period longer than seven days.

The Funds cannot currently estimate when distributions to investors will be made. However, the Board and the Funds� adviser are acting as expeditiously as markets permit to restore liquidity to investors. The markets for short-term securities remain illiquid except for short- term U.S. Treasuries. The Funds will liquidate assets as soon as they can, but the Funds do not believe that it is in our shareholders interests to sell at fire-sale prices. As developments occur, we will communicate them to investors.

We post on our website each day the holdings of each Fund as of the close of business at the end of the previous business day, as well as the maturity schedule of the assets of each Fund and the nature of the holdings of each Fund.

New York, October 9, 2008 - The Board of Trustees of Reserve Short-Term Investment Trust (the �Trust�) announced today that it voted last evening to liquidate the assets of Reserve Yield Plus Fund (�Fund�). The Fund has initiated discussions with the staff of the Securities and Exchange Commission to permit the Fund to pay redemptions on a period longer than seven days. The Fund cannot currently estimate when distributions to investors will be made. However, the Board and the Fund�s adviser are acting as expeditiously as markets permit to restore liquidity to investors. The markets for short-term securities remain illiquid except for short-term U.S. Treasuries. The Fund will liquidate assets as soon as it can, but the Fund does not believe that it is in the shareholders� interests to sell assets at fire-sale prices. As developments occur, we will communicate them to investors. We post on our website each day the holdings of the Fund as of the close of business at the end of the previous business day, as well as the maturity schedule of the assets of the Fund and the nature of the holdings of the Fund.

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