A [press release titled, "Moody's Ratings assigns Aaa-mf ratings to three Pictet short-term VNAV money market funds," tells us, "Moody's Ratings (Moody's) has assigned Aaa-mf ratings to Pictet - Short Term Money Market GBP, Pictet Sovereign ST MMF EUR, and Pictet Sovereign ST MMF USD, short-term variable net asset value (VNAV) money market funds domiciled in Luxembourg. The Funds' primary objective is to preserve capital, provide high liquidity, and achieve a return in line with the money market rates.... The Aaa-mf rating on Pictet - Short Term Money Market GBP reflects this Fund's very strong ability to meet its objectives of providing liquidity and preserving capital. Pictet - Short Term Money Market GBP's Aaa-mf rating is underpinned by the Fund's portfolio high credit quality and liquidity, strong asset profile, and low exposure to market risk." The release explains, "The Pictet - Short Term Money Market GBP invests in a diversified portfolio of short-term securities, instruments, and obligations that are of high credit quality at the time of purchase. While this Fund may also invest in currencies other than GBP, any such exposures are hedged against foreign exchange risk. We expect the Fund to benefit from further investor base diversification as it expands in size. The Aaa-mf ratings on Pictet Sovereign ST MMF EUR and Pictet Sovereign ST MMF USD funds reflect these Funds' very strong ability to meet their objectives of providing liquidity and preserving capital. The Funds' ability to meet their objectives is supported by the high credit quality and liquidity of their underlying investments, their strong asset profile, and low exposure to market risk." Pictet adds, "The Pictet - Short Term Money Market GBP was launched in May 2023 while the Pictet Sovereign ST MMF EUR and the Pictet Sovereign ST MMF USD were launched in June 2008. The investment manager of the Funds is Pictet Asset Management SA, which is a part of the asset management arm of Pictet Group. The investment manager had CHF 230 bn in assets under management as of 30 September 2023."

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