4 The ‘AAAm’ rating is the highest principal stability fund rating assigned by Standard & Poor’s, and is based on S&P’s analysis of the portfolio’s credit quality, investment policies, market price exposure, and management. The rating indicates that FICA® has extremely strong capacity to maintain principal stability and to limit exposure • Represented by ‘m’ suffix after the traditional rating symbology (‘AAAm’) • Address the ability of a fund to maintain principal stability and to limit exposure to principal losses due to credit risk 2. Fund Credit Quality & Fund Volatility Ratings –Globally 250+ funds • Fund Credit Quality Ratings (FCQRs)

5 Jan 2010 (e.g., ”AAAm') to distinguish the principal stability rating from a Standard & Poor's traditional issue or issuer credit rating. A traditional issue or  'AAAm') to distinguish the principal stability fund rating from S&P Global Ratings' issue or issuer credit ratings (see the. Appendix for our rating definitions). 4. S&P's money fund ratings only address principal preservation, not timely liquidity Under S&P's updated criteria, a fund carrying their highest rating of 'AAAm'  losses due to credit risk. 'AAAm' is the highest principal stability fund rating assigned by Standard & Poor's. AAm. A fund rated 'AAm' demonstrates very strong  Standard & Poor's AAAm rating: “Extremely strong capacity to maintain principal stability and limit exposure to principal losses due to credit market and/or  An AAAm rating by Standard & Poor's is obtained after Standard & Poor's evaluates a number of factors, including credit quality, market price exposure and  

An AAAm rating by Standard & Poor's is obtained after Standard & Poor's evaluates a number of factors, including credit quality, market price exposure and  

'AAAm') to distinguish the principal stability fund rating from S&P Global Ratings' issue or issuer credit ratings (see the. Appendix for our rating definitions). 4. S&P's money fund ratings only address principal preservation, not timely liquidity Under S&P's updated criteria, a fund carrying their highest rating of 'AAAm'  losses due to credit risk. 'AAAm' is the highest principal stability fund rating assigned by Standard & Poor's. AAm. A fund rated 'AAm' demonstrates very strong  Standard & Poor's AAAm rating: “Extremely strong capacity to maintain principal stability and limit exposure to principal losses due to credit market and/or 

Credit Quality Fund Ratings address the level of protection that the fund's portfolio holdings provide against losses from credit defaults. Rating categories range from 'AAAf' (highest level of protection against losses from credit defaults) to 'CCCf' (for funds that are extremely vulnerable to losses from credit defaults).

31 Dec 2019 Rated AAAm by S&P, AAAmmf by Fitch and referenced by IMMFA, the sub-fund offers WAL (Weighted Average Life) : credit duration in days. 29 Feb 2020 Rated AAAm by S&P, AAAmmf by Fitch and referenced by IMMFA, the sub-fund offers WAL (Weighted Average Life) : credit duration in days. 31 May 2012 These criteria relate to the article "Principles of Credit Ratings," published † Shares of a money market funds rated 'AAAm' apply at all rating. How the Ratings Scale Works. An S&P credit rating is a letter grade.8 The best is "AAA." This rating means it  AAA is the highest possible rating that may be assigned to an issuer's bonds by any of the major credit rating agencies. AAA-rated bonds boast a high degree of creditworthiness, because their issuers are generally easily able meet their financial commitments and they consequently run lower risks of defaulting.

*Standard & Poor's fund ratings are based on analysis of credit quality, market price exposure and management. According to Standard & Poor's rating criteria, the AAAm rating signifies excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value.

Since John Moody devised the first bond ratings more than a century ago, Moody’s rating systems have evolved in response to the increasing depth and breadth of the global capital markets. Much of the innovation in Moody’s rating system is a response to market needs for clarity around the components of credit risk or to demands for finer distinctions in rating classifications. *Standard & Poor's fund ratings are based on analysis of credit quality, market price exposure and management. According to Standard & Poor's rating criteria, the AAAm rating signifies excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value.

Ratings are subject to change and do not remove market risk. Benchmark: iMoneyNet MFR Taxable Inst. Current Avg. A money market fund rated AAAm by Standard & Poor’s is granted after evaluating a number of factors, including credit quality, market price, exposure and management.

4 The ‘AAAm’ rating is the highest principal stability fund rating assigned by Standard & Poor’s, and is based on S&P’s analysis of the portfolio’s credit quality, investment policies, market price exposure, and management. The rating indicates that FICA® has extremely strong capacity to maintain principal stability and to limit exposure • Represented by ‘m’ suffix after the traditional rating symbology (‘AAAm’) • Address the ability of a fund to maintain principal stability and to limit exposure to principal losses due to credit risk 2. Fund Credit Quality & Fund Volatility Ratings –Globally 250+ funds • Fund Credit Quality Ratings (FCQRs) 1 Standard & Poor's AAAm-G rating: "Fund has extremelystrong capacity to maintain principal stability and to limit exposure to principal losses due to credit, market, and/or liquidity risks. Additionally, PSDLAF has maintained Standard and Poor’s (S&P) highest credit rating of AAAm since the foundation of the Fund. With over $7 billion in public fund assets, PSDLAF’s continued focus is to provide an unrivalled experience of investment and client service excellence on a daily basis to every Settlor of the Fund.

The highest credit rating for this type of rating is AAAm. PMA is the Investment Advisor to similar funds (Illinois School District Liquid Asset Fund Plus and MNTrust). SURVEILLANCE PROCESS: In order to maintain its AAAm credit rating, FL SAFE must follow the strict investment parameters of S&P. The Big Three Credit rating agencies (Moodys, Fitch, and Standard & Poor’s [aka S&P]) use an alphabetical ranking system to rank the risks associated with debt. The relevant type of debt currently in the news is long-term bond debt, which is ranke Ratings are subject to change and do not remove market risk. Benchmark: iMoneyNet MFR Treasury & Repo Institutional. A money market fund rated AAAm by Standard & Poor's is granted after evaluating a number of factors, including credit quality, market price, exposure and management. 4 The ‘AAAm’ rating is the highest principal stability fund rating assigned by Standard & Poor’s, and is based on S&P’s analysis of the portfolio’s credit quality, investment policies, market price exposure, and management. The rating indicates that FICA® has extremely strong capacity to maintain principal stability and to limit exposure • Represented by ‘m’ suffix after the traditional rating symbology (‘AAAm’) • Address the ability of a fund to maintain principal stability and to limit exposure to principal losses due to credit risk 2. Fund Credit Quality & Fund Volatility Ratings –Globally 250+ funds • Fund Credit Quality Ratings (FCQRs)