Crane Data Subscribers
First American Funds files to allow First American Tax-Free Obligations Fund
Feb 20 08
First American Funds files to allow First American Tax-Free Obligations Fund to invest up to 20% in taxable money market securities, says Strategic Insight's SimFund Filing. A handful of tax-free money funds have recently altered investment guidlines in order to purchase small positions in taxable securities, if necessary, due to the lack of suitable supply in the municipal market. "Due to current market conditions, however, the fund now expects to invest in such taxable securities from time to time, in an amount not to exceed 20%," says the prospectus supplement. (See also Crane Data News 2/13/08 "Threat to Tax--Exempt Money Funds Over, Poor Yields Now Main Concern".)
