Prime Money Market Funds primarily invest in taxable short-term obligations issued by corporations and banks, as well as repurchase agreements and asset-backed commercial paper. Prime MMFs are considered retail money funds and are only available to natural persons.
Government and Treasury Money Market Funds primarily invest in short-term U.S. government debt securities. Treasury money market funds typically limit their holdings to only U.S. Treasury obligations or repurchase agreements collateralized by U.S. Treasury securities. Government and Treasury MMFs are available to all investors.
Municipal Money Market Funds primarily invest in short-term municipal money market securities issued by states, local governments, and other municipal agencies. Municipal MMFs pay interest that is generally exempt from federal income tax. Municipal MMFs are considered retail money funds and are only available to natural persons.
Variable Share Price Prime Money Market Funds are designed for institutional investors but are available to all investors. These funds invest in taxable short-term obligations issued by corporations and banks, as well as repurchase agreements and asset-backed commercial paper. Daily share price (net asset value, NAV) will fluctuate.