A press release entitled, "Moody's assigns Aaa-mf ratings to two HSBC US Treasury Funds," states, "Moody's Investors Service, assigns Aaa-mf ratings to the HSBC US Treasury Liquidity Fund and the HSBC Corporate Money Funds Ltd - US Treasury Fund. These newly established money market funds seek to maintain a constant net asset value of $1.00 per share while employing an investment strategy to maximize current income consistent with the preservation of capital and liquidity. The US Treasury Fund will be a feeder fund into the HSBC US Treasury Liquidity Fund, the master fund. As such, the US Treasury Fund carries the same rating as the master fund." The release adds, "The Aaa-mf rating reflects our view of the Funds' very strong ability to meet the dual objectives of preserving capital and providing liquidity. This view is supported by the Funds' high scores across key rating factors including asset profile and liquidity.... [T]he weighted average portfolio maturity will not exceed 60 days, per the Funds' investment policies." (See also, Institutional Asset Manager's "HSBC Global Asset Management launches US Treasury Money Market Fund.") In other fund ratings news, a notice from BlackRock tells us, "[T]he BlackRock Treasury Strategies Institutional Fund and BlackRock Select Treasury Strategies Institutional Fund, each a series of Funds For Institutions Series, were closed to share purchases effective December 1, 2017." They add, "Subsequently, on February 22, 2018, BlackRock informed the Trust's Board of Trustees of our intention to no longer seek a rating from Moody's Investors Service and Standard and Poor's Rating Services (currently Aaa-mf and AAAm, respectively) for each Fund. Effective May 31, 2018, the Funds will no longer be rated by a nationally recognized statistical rating organization."

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