Documente Academic
Documente Profesional
Documente Cultură
VRDNs are floating rate instruments that benefit from a 1 or 7 day put option and are used in both taxable and tax-exempt money market funds.
VRDNs represent approximately 75% of the securities that make up the municipal money market space in the US. Typically, tax-exempt money market funds hold a substantial part of their portfolios in VRDNs, however, taxable funds may also purchase these securities. This guide offers insight into this important asset class.
At BlackRock, we select VRDNs that are supported by well capitalized financial institutions that meet our credit standards.
This material is provided as an educational tool and should not be considered investment advice. BlackRock cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. BlackRock is not engaged in rendering any legal, tax or accounting advice. Please consult with a qualified professional for this type of advice. Although money market funds seek to preserve the value of ones investment at $1.00 per share, it is possible to lose money by investing in a fund. When you invest in a fund you are not making a bank deposit. Your investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. The opinions expressed are as of February 2011 and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all inclusive and are not guaranteed as to accuracy. There is no guarantee that any forecasts made will come to pass. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion of the reader. Past performance is no guarantee of future results. FOR MORE INFORMATION: www.blackrock.com BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. Prepared by BlackRock Investments, LLC, member FINRA. 2011 BlackRock, Inc. All Rights Reserved.
Lit. No. VRDN-BR-0512 CM5273-0512