2 Franklin Tax-Exempt Money Funds Rated AAAm by S&P.NEW YORK--(BUSINESS WIRE)--S&P's CreditWire 9/18/98--Standard & Poor's today assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. its triple-'Am' money market fund rating to Franklin Tax-Exempt Money Fund and Franklin California Tax-Exempt Money Fund. The ratings are based on Standard & Poor's analysis of the funds' credit quality, market price exposure, and management. The triple-'Am' ratings signify sig·ni·fy v. sig·ni·fied, sig·ni·fy·ing, sig·ni·fies v.tr. 1. To denote; mean. 2. To make known, as with a sign or word: signify one's intent. excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value. This is accomplished through conservative investment practices and strict internal controls. The funds will be monitored on a weekly basis by Standard & Poor's. Both funds are no-load, diversified diversified (di·verˑ·s , open-end management investment companies. The Franklin Tax-Exempt Money Fund began in 1982 and attempts to attain the highest level of income that is exempt from federal income taxes, consistent with liquidity and the preservation of capital Preservation of Capital An investment strategy whose primary goal is to prevent the loss of an investment's total value. Notes: For investors using the capital preservation strategy to achieve their goal, they must ensure their portfolio is producing a return that is at . The Franklin California Tax-Exempt Money Fund commenced in 1985 and seeks to attain the highest level of income that is exempt from federal income taxes and California personal income taxes as is consistent with prudent investment management and the preservation of the shareholder's capital. Both funds are offered to retail investors Retail Investor Individual investors who buy and sell securities for their personal account, and not for another company or organization. Notes: Retail investors buy in much smaller quantities than larger institutional investors. with a minimum investment of $1000. Franklin Advisers Inc. is the investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and and administrator for the portfolios. As the advisor, Franklin, provides the portfolios with investment supervision and portfolio management. Franklin Templeton Distributors Inc. acts as exclusive distributor of shares of the fund and Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. is the custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. and transfer agent. The Franklin Tax-Exempt Money Fund seeks to achieve its investment objective by investing 80% of its assets in securities that pay interest exempt from regular federal income tax. The Franklin California Tax-Exempt Money Fund seeks to meet its investment objective by investing at least 80% of its assets in securities that pay interest exempt from regular federal income tax, including the alternative minimum tax, and from California personal income taxes. The California fund invests at least 65% of its total assets in California municipal securities. Both funds invest in securities rated 'SP-1' or 'SP-1'-plus or deemed to be equivalent quality by Standard & Poor's. In order to meet the liquidity needs of the funds' shareholder base and limit its exposure to changing market conditions, the weighted average maturity of the funds' assets is limited to 60 days or less.--CreditWire |
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