It launched its first municipal bond funds in 1977 and now manages $118 billion in tax-exempt bond funds and $27 billion in tax-exempt money market funds
Bolton says that there are also national and single-state tax-exempt money market funds
that can provide tax-free interest on cash you're parking for the short-term.
Should a Fund seek to issue VRDP, the timing of the Fund's issuance may vary and is subject to various factors, including, but not limited to, approval by the Fund's Board of Directors/Trustees, the availability of liquidity providers, the willingness of tax-exempt money market funds
to invest in VRDP, the ability to obtain necessary ratings for the VRDP and other market conditions.
Our retail clients will continue to have the choice to invest in our taxable and tax-exempt money market funds
, and all investors, including institutional clients, will be able to invest in our newly reopened Federal Money Market Fund.
Such issuance of VRDP will depend on market conditions, the willingness of tax-exempt money market funds
to invest in VRDP, obtaining necessary ratings for the VRDP, the need to comply with applicable laws and regulations, and on the agreement by all parties, including the liquidity provider and others to final terms of the transaction, among other factors.
The floaters are bought by third parties, including tax-exempt money market funds
Finally, Fitch notes that the fund has consistently delivered above-market yields relative to other tax-exempt money market funds
Armada Funds include 11 equity funds, 11 taxable and tax-exempt bond funds, seven taxable and tax-exempt money market funds
and three asset allocation funds.
NEW YORK -- Fitch Ratings has affirmed the ratings assigned to the following two tax-exempt money market funds
(MMFs) managed by Federated Investment Management Company (Federated):
The Prime Money Market and Tax-Exempt Money Market funds
continue to limit overall risk by holding the highest-rated securities, conducting careful credit analysis, and by remaining broadly diversified.
Notwithstanding the challenges faced by state and local governments, tax-exempt money market funds
have managed their credit exposures primarily via short tenor investments in variable-rate demand notes (VRDNs) backed by banks' letters of credit (LOCs) or stand-by purchase agreements (SBPAs);
He has been responsible for the daily tracking of 14 tax-exempt money market funds
, as well as for fixed-income research in the Municipal fixed-income group.