However, the fund is exposed to securities rated 'BBB(twn)' and is subject to a regulatory maximum
weighted-average maturity of 180 days, so Fitch has decided to affirm the fund's rating at 'AA+f(twn)' in line with its criteria, which takes into account the actual and prospective weighted-average credit quality of the underlying portfolio.
As of the end of May 2011, rated MMFs maintained an average
weighted-average maturity to reset date of 37 days and an average
weighted-average maturity to final maturity date of 54 days indicating relatively low interest rate and liquidity risk.
However, the fund is exposed to securities rated 'BBB(twn)' and is subject to a regulatory maximum
weighted-average maturity of 180 days, so Fitch has decided to affirm the fund's ratings at 'AA+f(twn)' in line with its criteria, which takes into account the actual and prospective weighted-average credit quality of the underlying portfolio.
The fund seeks to maintain liquidity to meet anticipated redemptions by purchasing daily VRDNs and maintaining a short
weighted-average maturity by investing a substantial part of its portfolio in weekly VRDNs.
However, the fund is exposed to securities rated 'BBB+(twn)' and is subject to a regulatory maximum
weighted-average maturity of 180 days, so Fitch decided to affirm the fund's rating at 'AA+f(twn)' in line with its criteria, which takes into account the actual and prospective weighted average credit quality of the underlying portfolio holdings.
As of the same date, the fund had a
weighted-average maturity of 35 days and held approximately $37.
As of the same date, the fund had
weighted-average maturity of 49 days and held approximately $22 billion in assets under management.
To enhance portfolio liquidity, the
weighted-average maturity of the portfolios will be managed so as not to exceed 60 days, enabling the manager to accommodate shareholder redemptions while reducing sensitivity to interest rate risk.
The
weighted-average maturity of the fund's assets is limited to 60 days or less.
Triple-'Am' money fund criteria calls for a maximum
weighted-average maturity of 60 days in order to help ensure fund liquidity and provide protection against rapidly rising interest rates.
To enhance portfolio liquidity, the
weighted-average maturity of the portfolios will generally be managed not to exceed 60 days, enabling the manager to accommodate shareholder redemptions while reducing sensitivity to interest-rate risk.
As of June 30, 1998, the
weighted-average maturity of the portfolio was 350 days, with about 11% of the portfolio invested in LAIF, 14% in certificates of deposit, 30% in U.
