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BACKGROUND

Florida Surplus Asset Fund Trust first received its AAAm rating from Standard & Poor’s Corporation (S&P) on Dec. 19, 2007. This rating was affirmed on Oct. 24, 2011. As of December 2009, S&P rated 98 local government investment pools (LGIP). S&P has two types for LGIPs: principal stability fund ratings for stable value funds and fund credit quality rating for variable net asset value funds. This type of fund also carries a volatility rating component.

FL SAFE is strictly structured as a stable value investment pool (to maintain a net asset value of $1.00 per share). Thus, the principal stability fund rating is applicable to FL SAFE. 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. This includes diversification and maturity restriction elements. Each week, a detailed portfolio report must be submitted to S&P and as part of this process, each security is independently priced by a third party.

CREDIT RATING REPORTS

To view copies of the most recent S&P reports available, click here.

For more information regarding the S&P rating methodology visit www.standardandpoors.com