NEW YORK — Reserve Management Co. has distributed the nearly $54 million remaining in its U.S. Treasury Fund.

The company has wired money to the money-market fund’s institutional investors and on Thursday mailed checks to its direct retail investors, said Frank Bonanno, the firm’s head of marketing.

Reserve U.S. Treasury Fund suspended redemptions, including checking and automated clearinghouse transactions, at the end of business Wednesday, and planned to honor redemption requests received by 2 p.m. Eastern Time Wednesday, Reserve said in a statement on its Web site.

The fund’s net asset value remained at $1 per share on Thursday, according to a separate statement posted to Reserve’s Web site.

New York-based Reserve Management, a well-known money-market fund manager founded by Bruce Bent, has been liquidating funds in the wake of losses by its Primary Fund last fall. The $62 billion Primary Fund “broke the buck” in September, meaning its net asset value fell below the $1 a share that money-market funds strive to maintain, due to its exposure to debt issued by Lehman Brothers Holdings. That news sparked a wave of redemptions at Reserve and within the broader money-market-fund industry.

Its Primary Fund has about $4.55 billion remaining, including about $2.1 billion of it in floating-rate notes and $1.3 billion in repurchase agreements, according to a statement Thursday on the Web site. In addition, the fund holds Lehman securities with a face value of $785 million that now are valued at zero.

Reserve International Liquidity Fund, an offshore fund, has about $1 billion remaining in assets, according to a statement Thursday, but that amount includes about $125 million in Lehman securities, also now valued at zero. Its Yield Plus Fund, a cash-plus fund that aims to give investors returns above money-market rates, has about $174.8 million remaining in its portfolio, according to a statement Thursday, but that includes $30 million in Lehman securities.

Reserve is now promoting its cash-management business under the name Double Rock Corp.

Write to Daisy Maxey at daisy.maxey@dowjones.com