A press release entitled, "Fitch Assigns First-Time Ratings to Payden & Rygel Managed Florida LGIPs," tells us, "Fitch Ratings has assigned a 'AAAmmf' rating to the Florida Trust Day to Day Fund and 'AAAf/S1' International Fund Credit Quality Ratings (FCQR) and Fund Market Risk Sensitivity Rating to the Florida Local Government Investment Trust - Short Term Bond Fund, managed by Payden & Rygel.... The assignment of a 'AAAmmf' rating to the Florida Trust Day to Day Fund reflects: The fund's overall credit quality and diversification; Low exposure to interest rate and spread risks; Holdings of daily and weekly liquid assets consistent with shareholder profile and concentration; Maturity profile consistent with Fitch's 'AAAmmf' rating criteria; and, The capabilities and resources of Payden & Rygel." Fitch says of the Florida Trust Day to Day Fund, "`The fund seeks to maintain a diversified, high credit quality portfolio consistent with Fitch's criteria for 'AAAmmf' rated money market funds (MMFs), by investing in highly rated securities with limited exposure to individual issuers. The investment policy details minimum credit ratings by security type, with a minimum of 'F1' or the equivalent. As of Nov. 1 2017, the portfolio invested at least 56% in securities rated 'F1+' by Fitch or equivalent and 44% in securities rated 'F1' by Fitch or equivalent.... The fund is managed to comply with the risk-limiting provisions of SEC Rule 2a-7 for money market funds. As of Nov. 1 2017, the weighted average maturity of the fund was 46 days.... The fund seeks to maintain sufficient levels of daily and weekly liquidity to meet investor redemptions. The fund's investor base was relatively concentrated with a large top investor." The release adds, "Both funds are managed by Payden & Rygel. Payden & Rygel specializes in low duration strategies and managing funds for institutional clients including public/government entities. As of Sept. 30, 2017, Payden & Rygel had approximately $116 billion in total assets, including $72 billion in short duration strategies."

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