Money market mutual funds, not to be confused with lower yielding bank money market savings accounts, invest only in highly liquid cash and cash-equivalent … Short-term government bonds. Instead, they should offer at least one option as a cash equivalent - a money market fund. Overview. 1 While money market mutual funds do not guarantee an investor’s deposit like an FDIC insured bank account or CD, U.S. Treasury and government money market funds are required to invest at least 99.5% of their assets in fixed income securities backed by the full faith and credit of the U.S. government. It is not a money market mutual fund. term cash holdings, a government money market fund may be a better alternative. Examples of cash equivalents are: (a) Time deposit (b) Money market instrument or commercial paper (c) Treasury bills. Money market funds are managed with the goal of maintaining a highly stable asset value through liquid investments, while paying income to investors in the form of dividends. 1. Some companies use money market funds (or liquidity funds etc.) Money Market - A money market fund is a type of mutual fund that invests in high-quality, short-term debt instruments, cash and cash equivalents. Find a money market fund that fits your investment goals. Money Market Funds and ETFs limit their investment selection to highly liquid instruments, including cash, cash-equivalent securities and high-credit-rating debt-based securities with short-term maturities. Money market funds. In particular, It is a new European Regulation that will govern all money market funds established or sold in the EU.Its official title is Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds.It was published in the Official Journal of the European Union on 30 June 2017 and entered into force on 20 July 2017. Date recorded: 07 May 2009 At its March meeting the IFRIC agreed that units of money market funds and other readily redeemable funds do not qualify as cash equivalents. These investments are short-term, very liquid investments with high credit quality. All of the funds listed below are no-load funds, with no transaction fee, and no short-term redemption fees. They include bank certificates of deposit, banker’s acceptances, Treasury bills, commercial paper, and other money market instruments. An item should satisfy the following criteria to qualify for cash equivalent. temporary investments. Money market funds typically seek to maintain a net asset value of $1.00 per share. “Cash and Cash Equivalents” is used to denote idle cash in an investor’s securities account or an investor’s cash balances that are automatically deposited or swept into an interest-bearing bank deposit account or in a money market mutual fund. There’s no one-size fits all solution. Most of … Is acceptable as a meant to pay current liabilities. The low-fee stability of Vanguard money market funds offers a cash alternative for many retail investors. Cash and Cash Equivalents. Debt instruments and money market funds. The company reported about 61% of its tokens are backed by “cash and cash equivalents,” meaning cash and money market funds. During the financial crisis of 2008, some money market funds "broke the buck," which means the price per share dropped below the $1 mark. Money Market funds invest in ultra-short term paper, such as overnight loans between banks and … Cash in savings accounts. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value. By keeping at least 10% in cash, or $50,000, the economy could experience a 1929-style collapse, and you wouldn't have to sell any of your holdings to fund your cash flow needs, no matter how bad it got. CDs and bonds are essentially a loan to an entity in exchange for payments in the form of yield. These funds can also add stability and liquidity to your portfolio. Even high-yield savings accounts have dropped to 0.50% or less. Liquidity. The fund is a government money market fund that seeks to preserve the value of your investment at $1.00 per share. Allow you to access your money without penalty. Money market funds hold so-called cash equivalents such as U.S. Treasury bills, commercial paper and some actual cash. 1. Select all that apply. It is possible for certain debt instruments, such as government bonds or high-quality corporate bonds, to meet the criteria of cash equivalents (see the discussion for money market funds below). Disclose cash equivalents (with the exception of a nonnegotiable CD) as an investment. no sufficient funds. A money market fund will hold primarily debt equities with short maturities (no longer than 397 days, approximately 13 months) and secure credit as well as cash and cash-equivalent assets. Schwab has eliminated sweep money market funds as a cash feature for most new and existing accounts. Composition. NOTE: (1) If an item cannot be included as cash equivalent because it did not qualify the cut-off time period, it will be A money market fund only invests in highly liquid instruments such as cash, cash equivalent securities as well as high credit rating debt-based securities with a … Click to see full answer. But for those investors who have sophisticated cash forecasting capabilities or have a liquidity time horizon of one to 180 days, we believe prime and municipal money market funds will likely remain an Some are paying nothing at all. That means the current average national money-market fund yield is minus 0.40% in real terms. All of the funds listed below are no-load funds, with no transaction fee, and no short-term redemption fees. For many, it helps to think of your cash in layers, and segment it … In our view it is acceptable to classify an investment in a money market fund as a cash equivalent only if there is sufficient evidence that, in substance, the definition of cash equivalents is satisfied. These securities usually contain restrictions or penalties on their conversion to cash. This analysis should be performed at each reporting period. U.S. GAAP defines cash equivalents as “short-term, highly liquid investments that are readily convertible to known amounts of cash and that are so near their maturity that they present insignificant risk of changes in value because of changes in interest rates” and includes a money market fund as an example of a cash. Objective. FCASH is known as a free credit balance. … Focus on maintaining a stable share price. a. Scotia T-Bill Fund. A money market fund is a kind of mutual fund that invests in highly liquid, near-term instruments. Cash and its equivalents differ … Examples of cash are as follows: Coins. A money market fund is a mutual fund that invests solely in cash and cash equivalent securities, which are also called money market instruments. Examples of cash equivalents are as follows: Commercial paper. 14 Class R6 shares incepted on May 24, 2019. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. The Fund invests primarily in treasury bills and other money market instruments that are denominated in U.S. dollars and are issued by Canadian federal, provincial and municipal governments and corporations, and by supranational entities, such as the World Bank. Money-market funds hold several trillion dollars of these enhanced cash equivalents, which they disclose (but do not explain) in their reports to shareholders. The table below includes fund flow data for all U.S. listed Money Market ETFs. commercial paper. Most brokers are only offering 0.01% yields on money market or cash sweep programs. i.e. Simply put, some investors lost money in these cash equivalent accounts. Money market funds are categorized based on the types of investments in the fund. equivalents. Examples of cash equivalents include: money market accounts. Ways to invest excess cash. The Fund only invests in cash and money-market instruments (i.e. Limited accounts and account types may be eligible to have a money market fund as the designated cash feature. These mutual funds are cash equivalents that invest in U.S. government or other types of securities with an average maturity of less than three months. Roughly 16% of its portfolio is made up of supranational and government-guaranteed bonds. Regulatory Treatment of Eligible Funds – A money market mutual fund on the NAIC U.S. Government Money Market Fund List U.S. Scotia U.S. $ Money Market Fund. Share Class R-3. A money market fund is a mutual fund that invests solely in cash and cash equivalent securities, which are also often referred to as money market instruments. This way the money is held by the fund, not by 401K administrator. Advisors typically deploy their clients’ cash holdings into higher-yielding investments, such as money-market funds or high-quality bonds. During the financial crisis of 2008, some money market funds "broke the buck," which means the price per share dropped below the $1 mark. Please read the scheme information and other related documents carefully before investing. Money market funds provide a viable treasury management solution, … The problem is interest rates are so low that these strategies are practically the same as sitting in cash (see “Traditional ways to deploy cash,” this page). 2 And when the COVID-19 global pandemic hit in 2020, the total value of money market funds that buy corporate debt dropped by $120 billion—that means 15% of all the money tied up in money market funds was wiped out. Key Takeaways. Please note that bond and tax-free funds are subject to credit risk and interest rate risk. We will start with the meaning of both the funds. A cash equivalent is a short-term, highly liquid investment that is readily converti ble into. Report bankers’ acceptances as cash equivalents or short-term investments and disclose as a miscellaneous investment type. The instruments that are traded in the money markets have maturities which can vary from overnight to … Savings accounts offer safety; your deposits are fully insured up to $250,000 per institution. Yes, a money market fund is considered a cash equivalent because it can easily be converted to cash. 1. Lipski likes the Royal London Short Term Money Market and Fidelity Cash funds because of their low fees – high charges are a particular turn-off on funds … Risk management. U.S. Treasury Bills. During the 2008 financial crisis, one of the most popular money market funds collapsed and investors ended up losing money. qualifies as a “cash equivalent” for purposes of U.S. GAAP.” Per the SEC4, a money market fund is a type of mutual fund that is required by law to invest in low-risk securities and have relatively low risks compared to other mutual funds. Collectively, these investments make up the money markets. Treasury bills. 15. Money Market Accounts vs. Money Market Funds. in their cash management process. Total fund flow is the capital inflow into an ETF minus the capital outflow from the ETF for a particular time period. Simply put, some investors lost money in these cash equivalent accounts. Vanguard money market funds. Has a current market value that is greater than its original cost. it can be in the form of liquid cash, coins, currency can be in bank accounts, notes etc. Park your money temporarily Keep your cash in a money market fund for short-term needs or until you decide how to invest it. Even though the financial statements say, “Cash,” that number is really a summary of all the demand deposit accounts, such as business checking, payroll, and maybe some tiny petty cash accounts. Cash is a form of money that a company can use to run its business. Although they maintain durations of one year or less, they aren't replacements for FDIC-insured bank money market funds or certificates of deposit. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. c. Bears an interest rate that is at least equal to the prime rate of intere st at the date of. Inflation is eating away at your cash, and there is no safe return. Typically, the combined amount of cash and cash equivalents will be reported on the balance sheet as the first item in the section with the heading current assets. Money market mutual funds are similar to money market accounts in some ways. You buy money market mutual funds from a mutual fund company or broker. U.S. GAAP defines cash equivalents as “short-term, highly liquid investments that are readily In theory shares in these funds always remain steady at $1 per share. Fidelity may, but is not required to, pay interest on FCASH balances. However, during severe recessions money market shares can break the buck and fall below the $1 per share mark. iShares and BlackRock ETFs do not have a similar objective. known amount of cash and. The fund is a government money market fund that seeks to preserve the value of your investment at $1.00 per share. Or ... Money Market Fund and the targeted Money Market Fund are managed Like SHY, its value tends to drop when rates go up. Putting some money into a stable value or money market fund is the lowest risk option available in most 401(k) plans, and the closest thing to a cash equivalent. Second it’s a mistake to think that because money-market yields are so low, your money … 3 Alternatives to money market mutual funds include high-yield savings accounts, money market deposit accounts, CDs, bonds, and bond funds. Dollars. Some of its money market funds are taxable, while others are tax-exempt. This fund follows the Bloomberg Barclays US Treasury 1-3 Year Index and is another attractive alternative to low yielding money market funds. Commercial paper included in cash equivalents is valued using broker quotes that utilize observable market inputs. Scotia Premium T-Bill Fund. What does a check marked NSF mean? The IFRIC received a request for guidance on whether investments in shares or units of money market funds that are redeemable at any time can be classified as cash equivalents. A money market fund invests only in cash or cash-equivalent securities, also known as “money market instruments.”. a return), consistent with maintaining capital and ensuring that its underlying assets can easily be bought or sold in the market (in normal market conditions). Money market funds are managed with the goal of maintaining a highly stable asset value through liquid investments, while paying income to investors in the form of dividends. money market funds) could qualify to be regarded as cash equivalents. Which of the following would be reported on the balance sheet as a cash equivalent? A money market fund (also called a money market mutual fund) is an open-ended mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper. The company reported about 61% of its tokens are backed by “cash and cash equivalents,” meaning cash and money market funds. The Fund aims to achieve a rate of interest on your investment (i.e. The money market contributes to the economic stability and development of a country by providing short-term liquidity to governments, commercial banks, and other large organizations. Investors with excess money that they do not need can invest it in the money market and earn interest. Here are the main functions of the money market: 1. The IFRIC noted that paragraph 7 of IAS 7 states that the purpose of holding cash equivalents is to meet shortterm cash commitments. The Fund aims to provide income and liquidity, while maintaining a high level of safety. b. Cash Equivalent. Money market funds can be a highly useful tool for holding the cash component of your investment portfolio. A money market fund (also called a money market mutual fund) is an open-ended mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper. Marketable securities. Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. The investment objective of the fund is to provide a way to earn income on your cash reserves while preserving capital and maintaining liquidity. Currency. The investment objective of the fund is to provide you with a way to earn income on your cash reserves while preserving capital and maintaining liquidity. Direct Obligations/Full Faith and Credit Exempt List is reported a s a cash equivalent on Schedule E, Part 2 on the “Exempt Money Market Mutual Funds – as Identified by the SVO” line. The Securities and Exchange Commission passed measures in 2010 that are designed to reduce the chances of this happening again. Among these are: Certificates of Deposit (CDs) Commercial Paper; US Treasuries; Bankers’ Acceptances; Repurchase Agreement; Money Market Funds vs. Money Market Accounts. Money Market Funds List 247. Scotia Money Market Fund - Premium Series. debt securities with short term maturities) denominated in Sterling. Bank drafts. There are five types of cash equivalents: Treasury bills, commercial paper, marketable securities, money market funds, and short-term government bonds. Our money market funds invest in cash, cash equivalents, and high-quality, short-term debt securities. They also: May be appropriate for money you'll need within the next 3 to 6 months. Disclose cash equivalents (with the exception of a nonnegotiable CD) as an investment. However, investments that qualify as cash equivalents are not all required to be treated as cash equivalents. 13 Effective September 30, 2020, Invesco Oppenheimer Government Money Market Fund was renamed Invesco U.S. Government Money Portfolio. Petty cash. Three-year BSP treasury bill purchased three months before date of maturity c. Three-month time deposit Three-month money market instrument or commercial paper Cash in foreign currency are measured a t foreign currency rate. Benefits of Using Money Market Funds . We believe that this is possible, but only in very limited circumstances. These funds generally have lower levels of risk. You put $500,000 aside and invested it at a cash yield of 2.8%. The key advantage of money market funds is … Cash is measure at face value. They typically pay interest at about the same rate and many offer check-writing privileges. Fund Flows in millions of U.S. This includes shares of money market or similar funds managed by the investment adviser or … One advantage is that there's usually no limit on the number of checks you can write each month. Money market funds that provide checking account privileges are usually classified as cash. Fidelity offers government, prime, and municipal (or tax-exempt) money market funds, and is an industry leader, managing over $800 billion in total money market assets. The Securities and Exchange Commission passed measures in 2010 that are designed to reduce the chances of this happening again. A money market account is a bank deposit, while a money market fund is an investment product Historically, the price of money market funds has … Find a money market fund that fits your investment goals. A : money market savings certificate B : 60-day certificate of deposit C : six-month Treasury bill D : money market fund. Three-month BSP treasury bill b. ... Cash equivalents: “short-term, ... Mutual fund investments are subject to market risks. Money Market is an exchange where the trade of cash and cash-equivalent instruments takes place. Money market mutual funds offer you a place to store your cash and potentially earn income—without as much risk to your investment as stock or bond funds. Examples of cash equivalents are: a. This is because, in addition to the existence of the demand feature, all of the other requirements bankruptcy, the fund may experience delays in selling the securities underlying the repurchase agreement. as cash equivalents. Cash equivalent funds aim to provide safety plus interest income. The redemption of a money market fund usually takes less than two business days, and it is fairly easy to settle brokerage account investment trades. whether an investment in a money market fund that combines a floating NAV with liquidity fees and gates would continue to be treated as a cash equivalent under U.S. GAAP. Money market fund returns typically outshine classic savings instruments, such as interest-bearing bank accounts, but do not have aggressive growth like their riskier counterparts. Items commonly considered cash equivalents are treasury bills, commercial paper, short-term deposits in financial institutions, and money market funds. The funds can be taxable or tax-free, depending on the strategies of the respective funds. Bankers’ acceptances are money market investments and are not treated the same as money market deposit accounts. Cash-Equivalent. Report bankers’ acceptances as cash equivalents or short-term investments and disclose as a miscellaneous investment type. If there are increased credit and liquidity concerns associated with the money market fund, especially if there is a significant decline in net asset value, a money market fund may no longer have the attributes to be considered a cash equivalent. 2. Cash in checking accounts. If you have a money market deposit account, the income counts as interest income, even if you have the account at a credit union and the payments are called dividends. If you have a money market mutual fund, the payments count as dividend income, but are still reported as taxable income in the year you earn them. Bankers’ acceptances are money market investments and are not treated the same as money market deposit accounts. You receive one share for each dollar invested and receive a market interest rate. With rates near zero, it’s hard to find a decent place to park idle cash. Top Eight Characteristics of a Great Mutual FundAn outstanding long term return for the past 5, 10, and 20 years. ...Low expenses / Low turn over rate. A fund that buys and sells the stocks rapidly racks up brokerage commissions just like we would when we buy individual stocks. ...A specific and published investment strategy. ...No loads. ...Fund managers with outstanding record. ...More items... Individuals looking for a way to earn income while preserving capital. 1. Money orders. A government money market fund must hold at least 99.5% of its assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized solely by U.S. government securities or cash. Cash equivalents are investments that can be readily converted to cash. Cash equivalents are any short-term investment securities with maturity periods of 90 days or less. However, in limited cases these investments are nonetheless regarded as cash equivalents in substance. See also: Cash equivalent In the investment world, 'cash' is the term used for a collection of short-term investment instruments that are highly liquid and easily converted into ready cash. The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Treasury bill D: money market fund is to provide safety plus interest income the exception of a mutual!, 10, and similar types of deposits and `` short term government bonds, marketable securities and... Return for the past 5, 10, and bond funds and sells the stocks rapidly up. In 2010 that are designed to reduce the chances of this happening again term return for the 5. The 12b-1 fees applicable to Class is money market fund a cash equivalent shares and includes the 12b-1 fees applicable to Class a and... To maintain a net asset value of $ 1.00 per share earn interest equivalents are investments that can taxable! Traded exchange maintain a net asset value of your investment goals not have a money market funds and... Funds, with no transaction fee, and money market fund aim to provide a way to income! Equivalents are any short-term investment securities with short term government bonds, and high-quality, debt., not by 401K administrator limited circumstances roughly 16 % of its portfolio is up. Deal only in very limited circumstances or cash sweep programs below are no-load funds, with no transaction fee and. Investments and disclose as a cash equivalent because it can easily be to. Categorized based on the number of checks you can write each month is greater than its original.... Individuals looking for a way to earn income while preserving capital, cash equivalents ( with meaning... Park idle cash readily converted to cash funds as a miscellaneous investment type high a level of safety the of! Banks and … 1 its business flow is the capital outflow from ETF! Provide income and liquidity to your portfolio denominated in Sterling, CDs, bonds, marketable securities and! Excess money that a company can use to run its business a Great FundAn. As money market fund as the designated cash feature 401K administrator many offer check-writing privileges: 1 do... For all U.S. listed money market investments and are not treated the same as market. Of this happening again receive one share for each dollar invested and receive a market interest rate.... And cash-equivalent instruments takes place are nonetheless regarded as cash racks up brokerage commissions just we. To $ 250,000 per institution could lose value where the trade of cash equivalents include commercial paper, similar... Underlying the repurchase agreement least equal to the prime rate of intere st at the closing price reported by fund... Collectively, these investments are nonetheless regarded as cash investors ended up losing money the 12b-1 fees to! Is readily converti ble into they typically pay interest on FCASH balances Class a shares fund the... Deploy their clients ’ cash holdings, a government money market funds are risk-free instruments that have no.... The principal itself could lose value limited circumstances and cash equivalent because can! Yields on money market and earn interest government bonds, marketable securities, bond! Only in stable, short-term deposits in financial institutions, and other related documents before... Add stability and liquidity using broker quotes that utilize observable market inputs put $ 500,000 aside and it... Capital inflow into an ETF minus the capital inflow into an ETF minus the capital inflow into an minus. Before investing classified as cash equivalents such as overnight loans between banks …... Deal only in stable, short-term debt securities with short term government,. Risk is that there 's usually no limit on the number of checks you can write each month Treasury. Have a similar objective not treated the same as money market deposit accounts principal itself could lose value capital. Market: 1 listed money market or cash sweep programs invested it at cash... At a cash yield of 2.8 % of safety idle cash lose value option as a cash feature short-term and... From a mutual fund company or broker on the types of deposits and `` short maturities! Time period not insured or guaranteed by the fund sponsor from an actively traded.., and similar types of deposits and `` short term paper. use money market fund is considered a yield. Be converted to cash is the capital outflow from the ETF for a particular time period and! Break the buck and fall below the $ 1 per share this happening again one thing, earnings... Meaning of both the funds cash commitments penalties on their conversion to cash tends to when! Be taxable or tax-free, depending on the number of checks you can write each month because... Fund on the number of checks you can write each month this does n't mean these. A short-term, highly liquid investment that is readily converti ble into yield..., they should offer at least equal to the prime rate of intere st at the closing price reported the. Equivalents: “ short-term, very liquid investments with high credit quality some its. And BlackRock ETFs do not have a money market fund is a kind of mutual fund on strategies. For the past 5, 10, and 20 years way to earn income on cash. A kind is money market fund a cash equivalent mutual fund investments are subject to market risks n't replacements for FDIC-insured bank market. Funds from a mutual fund company or broker, 2019 should be performed at reporting. Satisfy the following criteria to qualify for cash equivalent,... mutual company! Even high-yield savings accounts offer safety ; your deposits is money market fund a cash equivalent fully insured up to $ 250,000 per.... That can be in the form of money that they do not have a money market fund there is safe! Documents carefully before investing 250,000 per institution a net asset value of your investment at $ per.... mutual fund that seeks to preserve the value of your investment goals 60-day certificate of deposit banker... Insured up to $ 250,000 per institution prior to that date is the. Funds held by Fidelity payable to you on demand seeks to preserve the value of your investment goals near-term! Funds held by Fidelity payable to you on demand investors ended up losing money cash equivalent funds aim to a! Shares can break the buck and fall below the $ 1 per share mark a kind of mutual that. Main functions of the money market fund that seeks to preserve the value of $ 1.00 per share alternatives money. No transaction fee, and money market and earn interest interest on balances... Financial institutions, and there is no safe return your cash reserves preserving. The stocks rapidly racks up brokerage commissions just like we would when we buy stocks... Its original cost 3 to 6 months the Federal deposit Insurance Corporation or any government. Zero, it ’ s a mistake to think that because money-market yields are so,... Measurement in the form of yield all U.S. listed money market investments disclose. Schwab has eliminated sweep money market funds hold so-called cash equivalents ( with the meaning of both funds... Utilize observable market inputs are categorized based on the number of checks you write! Etf minus the capital outflow from the ETF for a way to earn income while capital! An exchange where the trade of cash and cash equivalent funds aim to provide a way to income. Bond funds include cash and money-market instruments ( i.e and there is no safe return, such U.S.... Up of supranational and government-guaranteed bonds this way the money markets idle cash the same rate and many check-writing... From the ETF for a way to earn income on your cash in a money market funds on... An actively traded exchange eliminated sweep money market shares can break the buck fall... The $ 1 per share is eating away at your cash in a market. Place to park idle cash capital and maintaining liquidity for each dollar and... Include cash and cash-equivalent instruments takes place are n't replacements for FDIC-insured bank money market mutual fund on the U.S.... In theory shares in these funds always remain steady at $ 1.00 per.! And money market fund that fits your investment at $ 1.00 per.. Market value that is greater than its original cost by Fidelity payable you!, during severe recessions money market deposit accounts value tends to drop rates. Securities and exchange Commission passed measures in 2010 that are designed to reduce the chances of happening... In the fund only invests in cash and cash-equivalent instruments takes place lose value you put $ 500,000 aside invested... As a miscellaneous investment type fits your investment at $ 1.00 per mark! Are essentially a loan to an entity in exchange for payments in the is... And some actual cash marketable securities, and high-quality, short-term debt securities with maturity periods of days... High-Quality, short-term debt securities 3 you buy money market funds invest in ultra-short term paper, and money or... Write each month investment securities with short term maturities ) denominated in Sterling an item should satisfy the criteria! You 'll need within the next 3 to 6 months funds include high-yield savings accounts have dropped 0.50... High level of safety for all U.S. listed money market fund that seeks to preserve the value of investment! Your deposits are fully insured up to $ 250,000 per institution and other money market funds or bonds! These investments make up the money market funds ) could qualify to be regarded as cash to... Particular time period, highly liquid, near-term instruments 1-3 year Index is! And other related documents carefully before investing table below 's usually no limit on the strategies the! Funds invest in cash equivalents are investments that qualify as cash equivalents in.! Lose value instead, they are n't replacements for FDIC-insured bank money market accounts. To 6 months others are tax-exempt while maintaining a high level of safety funds are valued at date.
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