Ratings

The United States S&P Rated GIP Indices are performance indicators of rated GIPs that maintain a stable net asset value of $1.00 per share. As of July 2003 S&P offered three indices, the S&P Rated GIP Index/All (formerly known as the S&P Rated LGIP Index), the S&P Rated GIP Index/Government, and the S&P Rated GIP Index/General Purpose Taxable.

These indices provide a simple average of seven-day and 30-day net and gross yields, average days to maturity, as well as the total assets of all pools publicly rated in Standard & Poor's two highest money market fund rating categories: 'AAAm' and 'AAm.' Gross yields and net yields are published to enable pool managers and investors to compare investment management performance. The indices, by depicting pure earnings not obscured by fund expenses, offers a more revealing picture of the management of portfolios.

The S&P Rated GIP Index/All was first introduced in March 1995 and is a composite of all rated stable net asset value pools. The two other indices developed in July 2003, are designed to provide increased measures of performance information that is more reflective of their investment practices. The S&P Rated GIP Index/Government is comprised of pools that invest in U.S. Government securities, U.S. Treasury securities, Repurchase agreements collateralized by U.S. government and treasury securities or any combination of the above. The S&P Rated GIP Index/General Purpose Taxable consists of pools that invest in an array of securities other than just U.S. government and treasury securities, which may include commercial paper, corporate notes, bankers acceptances, and certificates of deposit.

Local governments and public fund participants continue to be concerned with the safety of their government investment pools. Similarly, GIP managers and oversight boards often find it difficult to benchmark the relative performance of their pools. Public-fund investors and pools, using the S&P Rated GIP Indices, can gauge the safety and relative performance of their GIPs. A non-rated GIP with a yield out of line with the index could signal higher risks to public investors. GIP managers, officers, and board members could also benefit from the index by comparing their pools to similarly managed pools.

GIPs in the index include only those rated based on Standard & Poor's money market fund criteria. Pools rated 'AAAm' provide excellent safety and a superior capacity to maintain principal value while those rated 'AAm' offer very good safety and a strong capacity to maintain principal value.

S&P Rated GIP Index (Week ended August 29,30008)

To view in Bloomberg: LGIP (Index) (Go) for LGIP Index

Standard & Poor's LGIP Index Quartile Rankings
(As of June 27, 2008)