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Moody's investor Services -US-Dollar Prime Money Market Funds

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					FEBRUARY 14, 2013                                                                                                                                    MANAGED INVESTMENTS




SPECIAL COMMENT                                           US-Dollar Prime Money Market Funds:
                                                          Q4 2012 Trends
Table of Contents:
                                                          This quarterly report provides an overview of trends affecting the 71 Moody’s-rated US
SUMMARY OPINION                                       1   dollar denominated prime MMFs is one in a series of three reports, which includes (1)
GENERAL TRENDS                                        3
                                                          European and offshore prime MMFs denominated in US dollars; (2) prime MMFs
  AUM Evolution                                       3
  Asset Class Trend                                   3   denominated in euro (€); and (3) prime MMFs denominated in sterling (GBP). This report
  Exposure to Financial Institutions                  4   reviews the evolution of the key metrics underlying Moody’s rating methodology:1 MMFs’
ANALYSIS OF TRENDS                                    5   credit profile, liquidity profile and sensitivity to market risk. The data covers 44 funds
  Credit Profile Trend                                5   domiciled in the US and 27 funds that are domiciled in Europe and offshore, all of which
  Asset Profile Trend                                 6
                                                          are constant net asset value (CNAV) funds. To access the underlying data for US Prime
  Overnight Liquidity Trend*                          7
  Market Risk: Stressed NAV* Trend                    7   Money Market Fund, please click here. To access the underlying data for European and
APPENDIX 1 : US PRIME FUND –                              Offshore US Dollar Funds, please click here.
AGGREGATE EXPOSURE TO ISSUERS                         8
APPENDIX 2 : EUROPEAN AND
OFFSHORE US DOLLAR PRIME FUND –
AGGREGATE EXPOSURE TO ISSUERS                     12      Summary Opinion
APPENDIX 3 : US PRIME FUND –
EXPOSURE TO ISSUERS BY DOMICILE                   15      »   The credit and portfolio profiles of US dollar denominated MMFs in the fourth quarter
APPENDIX 4 : EUROPEAN AND                                     benefited from upturns in average credit quality and sensitivity to stress NAVs leading
OFFSHORE US DOLLAR PRIME FUND –                               into year-end. Several factors contributed to this development, including WAM
EXPOSURE TO ISSUERS BY DOMICILE                   16
MOODY’S RELATED RESEARCH                          17          reductions and high levels of overnight liquidity at 41% in anticipation of higher than
                                                              normal year-end flow and supply uncertainties due to the expiration of the FDIC’s
                                                              unlimited insurance program. Furthermore, repurchase agreements collateralized by US
Analyst Contacts:
                                                              Treasury securities remained high at 20%. These positions not only lifted credit quality
NEW YORK                         +1.212.553.1653
                                                              and supported liquidity but also benefited funds with their elevated yields through the
Daniel Serrao               +1.212.553.4352                   month of December.
Associate Managing Director
daniel.serrao@moodys.com                                  »   5% of investments in US domiciled funds and 3% in European and offshore domiciled
Henry Shilling            +1.212.553.1948                     funds migrated to Aa3 from Aa2 or higher-rated securities, while approximately 25% of
Senior Vice President                                         MMF investments in all Moody’s rated MMFs were rated Aaa.2
henry.shilling@moodys.com
Seongnam Hwang         +1.212.553.1427                    »   Prime funds maintained a relatively short weighted-average maturity (WAM) of 40 days
Associate Analyst                                             on average, throughout Q4 2012. Average WAM moved downwards, reaching 39 days
seongnam.hwang@moodys.com                                     at the end of December from 40 days at the end of September.
              » contacts continued on the last page
                                                          »   Overnight liquidity remained high, at around 41% of US domiciled fund assets and
                                                              37% in European and offshore domiciled funds on average. Treasury and repurchase
                                                              agreements backed by Treasury securities remained at 20% in Q4 2012.


1
    Please see “Moody’s Revised Money Market Fund Rating Methodology and Symbols”, published on 10 March 2011 and “Detailed Guidance on the Application of
    Moody’s Money Market Fund Rating Methodology”, published on 25 August 2011.
2
    For modelling the credit profile of a portfolio, we usually adjust one notch downwards securities’ ratings that were placed on review for possible downgrade.
                                                                                                           MANAGED INVESTMENTS




                        »   Funds’ sensitivity to market risk increased in October and November but leveled off in the last
                            month of the quarter: stressed net asset value (NAV) declined to an average of 0.9932 at the end
                            of December from 0.9935 at the end of September, after dropping to 0.9926 and 0.9924 in the
                            intervening months..
                        »   In US domiciled funds, aggregate exposure to European financial institutions declined around 1%
                            to $145 billion at the end of December from $147 billion, representing 21% of total assets at the
                            end of September. Exposure to Canadian and Japanese financial institutions increased 6% to $142
                            billion from $134 billion. Exposure to Australian financial institutions increased 22% to $46
                            billion from $38 billion in the same period. In European and offshore domiciled funds, aggregate
                            exposure to European financial institutions declined 3% to $73 billion at the end of December
                            from $74 billion, representing 32% of total assets at the end of September. Exposure to Canadian
                            and Japanese financial institutions increased 20% to $46 billion from $38 billion. Exposure to
                            Australian financial institutions increased 12% to $15 billion from $13 billion in the same period.
                        »   Combined assets under management (AUM) in US domiciled funds increased 4% to $689 billion
                            at the end of December from $664 billion at the end of September, despite the low interest-rate
                            environment and low yields across the sector. In European and offshore domiciled funds,
                            combined assets under management (AUM) increased 3% to $235 billion at the end of December
                            from $229 billion at the end of September, despite the low interest-rate environment and low
                            yields across the sector.




2   FEBRUARY 14, 2013                                                SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                                                                          MANAGED INVESTMENTS




General Trends

AUM Evolution
CHART 1
Aggregate AUM Evolution
US Prime Money Market Funds                                                            European and Offshore US Dollar Money Market Funds
                                                                                                   $250
            $700

            $600                                                                                   $200

            $500
                                                                                                   $150
 Billions




            $400




                                                                                        Billions
            $300                                                                                   $100

            $200
                                                                                                   $50
            $100

              $0                                                                                     $0
                   Jan-12     Mar-12     May-12      Jul-12   Sep-12      Nov-12
                                                                                                        S   Jan-12
                                                                                                                            d
                                                                                                                       MMar-12 '       May-12    Jul-12     Sep-12      Nov-12

Source: Moody’s




Asset Class Trend
CHART 2
Aggregate Asset Profile
US Prime Money Market Funds                                                            European and Offshore US Dollar Money Market Funds
            CDs                        Commerical Paper        Repurchase Agreements                               Time Deposits                   CDs
            Govt & Govt Agencies       Time Deposits           ABCP                                                Commercial Paper                Government & Gov Agencies
            Other                                                                                                  ABCP                            Repos
  100%                                                                                                             Other
                                                                                          100%

     80%
                                                                                             80%

     60%
                                                                                             60%

     40%                                                                                     40%

     20%                                                                                     20%


        0%                                                                                         0%
               Jan-12       Mar-12     May-12       Jul-12    Sep-12     Nov-12                           Jan-12        Mar-12        May-12    Jul-12     Sep-12      Nov-12


Source: Moody’s




 3             FEBRUARY 14, 2013                                                                             SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                                                                                                    MANAGED INVESTMENTS




Exposure to Financial Institutions
CHART 3
Exposure to Top 5 European Financial Institutions (excluding repurchase agreements and asset-backed commercial paper)
US Prime Money Market Funds                                                                                     European and Offshore US Dollar Money Market Funds

                  Svenska Handelsbanken AB (Sweden)            SEB (Sweden)
                                                                                                                                  Groupe Credit Agricole (France)              Nordea Bank AB (Sweden)
                  Nordea Bank AB (Sweden)                      Rabobank Nederland (Netherlands)
                  Groupe Credit Agricole(France)               Total Exposure (Right axis)                                        Rabobank Nederland (Netherlands)             Deutsche Bank AG (Germany)
                                                                                                                                  Societe Generale (France)                    Total Europe (Right axis)
            $20                                                                              50%
                                                                                                                            $10                                                                            50%
                                                                                                                            $9                                                                             45%
            $15                                                                              45%                            $8                                                                             40%




                                                                                                   Percentage
                                                                                                                            $7                                                                             35%




                                                                                                                                                                                                                 Percentage
 Billions




                                                                                                                 Billions
            $10                                                                              40%                            $6                                                                             30%
                                                                                                                            $5                                                                             25%
                                                                                                                            $4                                                                             20%
             $5                                                                              35%                            $3                                                                             15%
                                                                                                                            $2                                                                             10%
                                                                                                                            $1                                                                             5%
             $0                                                                              30%
                   Jan-12       Mar-12      May-12    Jul-12     Sep-12       Nov-12                                        $0                                                                             0%
                                                                                                                                  Jan-12     Mar-12     May-12       Jul-12    Sep-12      Nov-12
Note: Top 5 European Financial Institutions are selected based on the largest exposure as of December 2012
Source: Moody’s




CHART 4
Aggregate Exposure to European Financial Institutions (excluding repurchase agreements and asset-backed commercial paper)
by Domicile
US Prime Money Market Funds                                                                                     European and Offshore US Dollar Money Market Funds

                            France                                    Sweden
                            Netherlands                               Germany                                                                Sweden                            France
                            United Kingdom                            Other Europe                                                           United Kingdom                    Netherlands
                            All Europe (Right axis)                                                                                          Other Europe                      All Europe (Right axis)
     10%                                                                                      40%
                                                                                                                   10%                                                                                          30%

       8%
                                                                                              35%                    8%
                                                                                                                                                                                                             25%
       6%
                                                                                                                     6%
                                                                                              30%
                                                                                                                                                                                                                20%
       4%
                                                                                                                     4%
                                                                                              25%
        2%                                                                                                                                                                                                      15%
                                                                                                                      2%

       0%                                                                                     20%
              Jan-12          Mar-12       May-12     Jul-12      Sep-12       Nov-12                                0%                                                                                         10%
                                                                                                                                 Jan-12     Mar-12      May-12        Jul-12    Sep-12        Nov-12
Note : Other European Financial Institutions is the aggregate pecentage of less than 5% exposure
Source: Moody’s




 4                FEBRUARY 14, 2013                                                                                                  SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                                                                                          MANAGED INVESTMENTS




CHART 5
Aggregate Exposure to Financial Institutions (excluding repurchase agreements and asset-backed commercial paper)
by Domicile
US Prime Money Market Funds                                                                      European and Offshore US Dollar Money Market Funds


                    Europe     Japan        Canada      Australia      United States   Other
                                                                                                                        Europe      Japan    Canada        Australia      United States     Other
        $400
                                                                                                             $160
        $350
                                                                                                             $140
        $300
                                                                                                             $120
            $250
                                                                                                             $100
 Billions




        $200




                                                                                                  Billions
                                                                                                             $80
            $150
                                                                                                             $60
            $100
                                                                                                             $40
             $50
                                                                                                             $20
             $0
                    Jan-12         Mar-12      May-12         Jul-12        Sep-12     Nov-12                  $0
                                                                                                                     Jan-12         Mar-12    May-12          Jul-12        Sep-12        Nov-12
Source: Moody’s



Analysis of Trends

Credit Profile Trend
CHART 6
Aggregate Portfolio Credit Profile
US Prime Money Market Funds                                                                      European and Offshore US Dollar Money Market Funds
                     Aaa     Aa1      Aa2     Aa3    A1      A2     A3 & below                                        Aaa     Aa1      Aa2   Aa3      A1     A2        A3 & Below

     100%                                                                                          100%
       90%                                                                                            90%
       80%                                                                                           80%
        70%                                                                                           70%
       60%                                                                                           60%
       50%                                                                                            50%
       40%                                                                                           40%
       30%                                                                                            30%
       20%                                                                                            20%
        10%                                                                                            10%
            0%                                                                                               0%
                   Jan-12          Mar-12      May-12         Jul-12         Sep-12     Nov-12                      Jan-12       Mar-12      May-12           Jul-12        Sep-12        Nov-12

Source: Moody’s




 5                 FEBRUARY 14, 2013                                                                                   SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                                                                                     MANAGED INVESTMENTS




Asset Profile Trend
WAM Trend
CHART 7
Aggregate Maturity profile with WAM Trend
US Prime Money Market Funds                                                                               European and Offshore US Dollar Money Market Funds
                   0-7 days                   8-15 days                    16-30 days                                      0-7 days               8-15 days                  16-30 days
                   31-90 days                 91-180 days                  181-397 days                                    31-90 days             91-180 days                181-397 days
                   > 397 days                 WAM (Right Axis)                                                             13 mo-2 yrs            WAM (Right Axis)
 100%                                                                                  45                  100%                                                                          50
                                                                                                            90%
  80%                                                                                                                                                                                    45
                                                                                                            80%
                                                                                       40




                                                                                                                                                                                              WAM in days
                                                                                                            70%




                                                                                            WAM in days
                                                                                                                                                                                         40
  60%                                                                                                       60%
                                                                                       35                   50%                                                                          35
  40%                                                                                                       40%
                                                                                                                                                                                         30
                                                                                                            30%
                                                                                       30
  20%                                                                                                       20%
                                                                                                                                                                                         25
                                                                                                            10%
     0%                                                                                25                    0%                                                                          20
          Jan-12     Mar-12       May-12       Jul-12      Sep-12      Nov-12                                     Jan-12       Mar-12    May-12    Jul-12     Sep-12      Nov-12

Source: Moody’s


Obligor Concentration Trend*
CHART 8
Top 3 Obligor Concentration
US Prime Money Market Funds                                                                               European and Offshore US Dollar Money Market Funds


 18%                                                                                                       20%
                                                                                                           19%
                                                                                                           18%
 16%
                                                                                                           17%
                                                                                                           16%
 14%                                                                                                       15%
                                                                                                           14%

 12%                                                                                                       13%
                                                                                                           12%
                                                                                                           11%
 10%
                                                                                                           10%




* Obligor Concentration captures the degree of asset concentration in the MMF portfolio. It is measured by taking the top 3 asset exposures in the portfolio as a percentage of AUM. We exclude
  several categories of assets with minimal risk such as Aaa- and high Aa-rated sovereigns, supranational, and Government agency securities as well as traditional overnight repos collateralized by
  Aaa- and high Aa-rated sovereigns.
Note 1: The bars capture 50% of the number of Moody's-rated prime funds (the funds that are in the second and third quartiles).
The green portion of the bar represents the second quartile, the orange portion of the bar represents the third quartile.
Note 2: The horizontal line in the bar indicates the median and the circle indicates the average value.
Source: Moody’s




 6        FEBRUARY 14, 2013                                                                                           SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                                                                                     MANAGED INVESTMENTS




Overnight Liquidity Trend*
CHART 9
Liquidity Trend
US Prime Money Market Funds                                                                          European and Offshore US Dollar Money Market Funds


 55%                                                                                                  50%

 50%                                                                                                  45%

 45%                                                                                                  40%

 40%                                                                                                  35%

 35%                                                                                                  30%

 30%                                                                                                  25%

 25%                                                                                                  20%




* We define liquidity as securities maturing overnight, cash, and Aaa- and high Aa-rated government securities maturing within 18 months as a percentage of AUM.
Note 1: The bars capture 50% of the number of Moody's-rated prime funds (the funds that are in the second and third quartiles).
The green portion of the bar represents the second quartile, the orange portion of the bar represents the third quartile.
Note 2: The horizontal line in the bar indicates the median and the circle indicates the average value.
Source: Moody's




Market Risk: Stressed NAV* Trend
CHART 10
Evolution of Stressed NAV
US Prime Money Market Funds                                                                          European and Offshore US Dollar Money Market Funds


 0.997                                                                                                0.997

 0.996                                                                                                0.996

 0.995                                                                                                0.995

 0.994                                                                                                0.994

 0.993                                                                                                0.993

 0.992                                                                                                0.992

 0.991                                                                                                0.991




* NAV stress test is a measure of a fund’s relative sensitivity to a range of potential market stresses. Moody's measures NAV stress by applying a yield curve shift of 100 bps, an additional credit
  spread shift of at least 100 bps for Aa2- or lower rated securities and a 50% redemption rate.
Note 1: The bars capture 50% of the number of Moody's-rated prime funds (the funds that are in the second and third quartiles).
The green portion of the bar represents the second quartile, the orange portion of the bar represents the third quartile.
Note 2: The horizontal line in the bar indicates the median and the circle indicates the average value.
Source: Moody's




 7        FEBRUARY 14, 2013                                                                                        SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                            MANAGED INVESTMENTS




                        Appendix 1 : US Prime Fund – Aggregate Exposure to Issuers

                        Issuer Name                                                End of Q3 2012     End of Q4 2012           Difference
                        Mitsubishi UFJ Financial Group, Inc.                             6.229%              5.958%             -0.271%
                        Sumitomo Mitsui Financial Group, Inc                             6.067%              5.616%             -0.451%
                        Bank of Nova Scotia                                              4.495%              5.172%              0.677%
                        Bank of Montreal                                                 3.909%              4.099%              0.190%
                        Rabobank Nederland                                               3.761%              2.846%             -0.916%
                        Mizuho Financial Group, Inc.                                     3.682%              3.531%             -0.151%
                        National Australia Bank Limited                                  3.631%              3.975%             0.344%
                        Svenska Handelsbanken AB                                         3.457%              3.971%              0.514%
                        Westpac Banking Corporation                                      3.447%              3.828%              0.381%
                        Toronto-Dominion Bank (The)                                      3.349%              3.388%             0.039%
                        DnB ASA                                                          3.347%              2.327%             -1.020%
                        Deutsche Bank AG                                                 3.202%              2.589%             -0.613%
                        Royal Bank of Canada                                             3.164%              2.815%            -0.348%
                        SEB                                                              3.120%              3.504%             0.383%
                        JPMorgan Chase & Co.                                             2.729%               1.711%            -1.017%
                        Nordea Bank AB                                                   2.564%              3.323%              0.759%
                        Norinchukin Bank                                                 2.309%              2.842%              0.533%
                        Barclays Plc                                                     2.265%              1.432%             -0.833%
                        Societe Generale                                                 2.239%              2.219%             -0.020%
                        General Electric Company                                         2.198%              1.180%             -1.019%
                        Credit Suisse Group AG                                            2.197%             1.444%             -0.752%
                        Commonwealth Bank of Australia                                   2.128%              2.434%              0.307%
                        Swedbank AB                                                      2.050%              0.631%             -1.419%
                        ING Groep N.V.                                                   1.566%              1.193%             -0.373%
                        Groupe Credit Agricole                                           1.560%              2.742%              1.182%
                        Canadian Imperial Bank of Commerce                                1.552%              1.719%             0.167%
                        Groupe BPCE                                                      1.485%              2.090%             0.605%
                        NRW.BANK                                                         1.397%              1.239%             -0.158%
                        HSBC Holdings plc                                                1.243%              1.261%              0.018%
                        Toyota Motor Corporation                                          1.173%             1.496%              0.323%
                        BNP Paribas                                                       1.138%             0.795%             -0.343%
                        Australia and New Zealand Banking Grp. Ltd.                       1.077%             1.795%              0.718%
                        Lloyds Banking Group plc                                         0.889%              1.205%              0.316%
                        Citigroup Inc.                                                   0.776%              0.819%             0.043%
                        UBS AG                                                           0.644%              0.205%            -0.438%
                        Wells Fargo & Company                                            0.609%              0.555%             -0.054%
                        National Bank of Canada                                          0.574%              0.529%            -0.044%
                        PNC Financial Services Group, Inc.                               0.565%              0.377%             -0.188%
                        BB&T Corporation                                                 0.519%              0.463%             -0.056%
                        DBS Bank Ltd.                                                    0.502%              0.191%             -0.312%
                        Oversea-Chinese Banking Corp Ltd                                 0.498%              0.328%             -0.170%


8   FEBRUARY 14, 2013                                                 SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                            MANAGED INVESTMENTS




                        Issuer Name                                                End of Q3 2012     End of Q4 2012           Difference
                        MetLife, Inc.                                                    0.474%              0.478%             0.005%
                        Royal Bank of Scotland Group plc                                 0.438%              0.594%              0.156%
                        Bank of America Corporation                                      0.428%              0.581%              0.153%
                        Commerzbank AG                                                   0.402%              0.000%             -0.402%
                        State Street Corporation                                         0.383%              2.383%              2.001%
                        Standard Chartered PLC                                           0.382%              0.431%             0.049%
                        Nestle S.A.                                                      0.380%              0.438%             0.058%
                        Coca-Cola Company (The)                                          0.307%              0.367%             0.060%
                        Groupe Credit Mutuel                                             0.300%              1.095%              0.795%
                        ABN AMRO Bank N.V.                                               0.298%              0.522%              0.224%
                        Nationwide Building Society                                      0.229%              0.258%             0.028%
                        U.S. Bancorp                                                     0.221%              0.000%             -0.221%
                        Caisse Centrale Desjardins                                       0.190%              0.184%            -0.006%
                        Reckitt Benckiser Group Plc                                      0.144%              0.148%             0.004%
                        Bank of New York Mellon Corporation (The)                        0.140%              0.009%             -0.131%
                        Banco del Estado de Chile                                        0.136%              0.132%            -0.004%
                        M&T Bank Corporation                                             0.130%              0.000%             -0.130%
                        Google Inc.                                                       0.115%             0.062%             -0.053%
                        United Overseas Bank Limited                                      0.110%             0.082%             -0.028%
                        Procter & Gamble Company (The)                                   0.099%              0.211%              0.113%
                        BHP Billiton                                                     0.095%              0.095%             0.000%
                        Johnson & Johnson                                                0.079%              0.132%              0.052%
                        Berkshire Hathaway Inc.                                          0.074%              0.099%              0.025%
                        Wal-Mart Stores, Inc.                                            0.074%              0.068%             -0.005%
                        Suncorp Group Limited                                            0.069%              0.081%              0.012%
                        Industrial & Commercial Bank of China Ltd                        0.068%              0.077%             0.009%
                        New York Life Insurance Company                                  0.067%              0.037%            -0.030%
                        Landesbank Hessen-Thueringen GZ                                  0.063%              0.172%              0.109%
                        Bank of China Limited                                            0.061%              0.119%             0.058%
                        China Construction Bank Corporation                              0.059%              0.123%             0.064%
                        Honda Motor Co., Ltd.                                            0.054%              0.108%              0.055%
                        E.I. du Pont de Nemours and Company                              0.052%              0.040%             -0.012%
                        International Business Machines Corporation                      0.033%              0.025%            -0.008%
                        Archer-Daniels-Midland Company                                   0.032%              0.000%             -0.032%
                        Kimberly-Clark Corporation                                       0.030%              0.017%             -0.014%
                        ABB Ltd.                                                         0.027%              0.092%             0.064%
                        Shizuoka Bank, Ltd.                                              0.027%              0.061%             0.034%
                        TOTAL S.A.                                                       0.027%              0.008%             -0.020%
                        Motiva Enterprises LLC                                           0.026%              0.026%             0.000%
                        Deere & Company                                                  0.025%              0.003%             -0.022%
                        GlaxoSmithKline plc                                              0.025%              0.026%              0.001%
                        Danaher Corporation                                              0.024%              0.073%             0.048%



9   FEBRUARY 14, 2013                                                 SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                              MANAGED INVESTMENTS




                         Issuer Name                                                 End of Q3 2012     End of Q4 2012           Difference
                         National Bank of Kuwait                                           0.024%              0.083%             0.059%
                         Prudential Public Limited Company                                 0.022%              0.020%             -0.002%
                         Massachusetts Mutual Life Insurance Company                       0.022%              0.014%            -0.008%
                         Praxair, Inc.                                                     0.022%              0.000%             -0.022%
                         Unilever Group                                                    0.021%              0.020%             -0.001%
                         Swedish Export Credit Corporation                                 0.018%              0.055%             0.038%
                         Royal Dutch Shell Plc                                             0.015%              0.015%             -0.001%
                         Baker Hughes Incorporated                                         0.014%              0.007%             -0.007%
                         Nissan Motor Co., Ltd.                                            0.012%              0.010%             -0.002%
                         Northeast Utilities                                               0.012%              0.011%             -0.001%
                         Xstrata plc                                                       0.012%              0.002%             -0.010%
                         3M Company                                                         0.011%             0.000%             -0.011%
                         Bayerische Landesbank                                              0.011%             0.000%             -0.011%
                         Finaxa                                                            0.009%              0.010%              0.001%
                         Exxon Mobil Corporation                                           0.008%              0.000%            -0.008%
                         Kookmin Bank                                                      0.008%              0.016%             0.008%
                         BP p.l.c.                                                         0.007%              0.007%             0.000%
                         Target Corporation                                                0.007%              0.007%              0.001%
                         American Express Company                                          0.006%              0.000%            -0.006%
                         Abbott Laboratories                                               0.005%              0.016%              0.010%
                         Daimler AG                                                        0.005%              0.002%            -0.003%
                         Chevron Corporation                                               0.004%              0.000%            -0.004%
                         Bemis Company, Inc.                                               0.004%              0.002%             -0.002%
                         Honeywell International Inc.                                      0.004%              0.000%            -0.004%
                         Volkswagen Aktiengesellschaft                                     0.003%              0.000%            -0.003%
                         ConocoPhillips                                                    0.003%              0.000%            -0.003%
                         Banco de Chile                                                    0.003%              0.008%             0.006%
                         Colgate-Palmolive Company                                         0.003%              0.006%             0.003%
                         Teachers Ins. and Annuity Assoc. of America                       0.001%              0.000%             -0.001%
                         Banco Santander S.A. (Spain)                                      0.000%              0.026%             0.026%
                         BASF Group                                                        0.000%              0.025%              0.025%
                         Bayerische Motoren Werke Aktiengesellschaft                       0.000%              0.021%              0.021%
                         Cargill, Incorporated                                             0.000%              0.037%              0.037%
                         Caterpillar Inc.                                                  0.000%              0.045%             0.045%
                         CVS/Caremark Corp.                                                0.000%              0.001%              0.001%
                         Devon Energy Corporation                                          0.000%              0.010%              0.010%
                         Dominion Resources Inc.                                           0.000%              0.005%             0.005%
                         Fifth Third Bancorp                                               0.000%              0.026%             0.026%
                         Harley-Davidson, Inc.                                             0.000%              0.004%             0.004%
                         Medtronic, Inc.                                                   0.000%              0.022%              0.022%
                         Microsoft Corporation                                             0.000%              0.002%             0.002%
                         National Rural Utilities Coop. Finance Corp.                      0.000%              0.035%             0.035%



10   FEBRUARY 14, 2013                                                  SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                  MANAGED INVESTMENTS




                         Issuer Name                                     End of Q3 2012     End of Q4 2012           Difference
                         Novartis Group                                        0.000%              0.013%              0.013%
                         Oesterreichische Kontrollbank AG                      0.000%              0.020%             0.020%
                         PACCAR Inc                                            0.000%              0.017%              0.017%
                         Roche Holding AG                                      0.000%              0.000%             0.000%
                         Texas Instruments, Incorporated                       0.000%              0.005%             0.005%
                         United Technologies Corporation                       0.000%              0.014%              0.014%
                         Walt Disney Company (The)                             0.000%              0.067%              0.067%




11   FEBRUARY 14, 2013                                      SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                             MANAGED INVESTMENTS




                         Appendix 2 : European and Offshore US Dollar Prime Fund – Aggregate Exposure
                         to Issuers

                         Issuer Name                                              End of Q3 2012       End of Q4 2012         Difference
                         Mitsubishi UFJ Financial Group, Inc.                            5.182%               5.151%           -0.031%
                         Rabobank Nederland                                              5.035%               3.677%           -1.358%
                         Svenska Handelsbanken AB                                        4.936%               2.634%           -2.302%
                         Sumitomo Mitsui Financial Group, Inc                            4.692%               5.177%            0.485%
                         Deutsche Bank AG                                                4.340%               3.543%           -0.797%
                         Societe Generale                                                4.025%               3.066%           -0.959%
                         Bank of Nova Scotia                                             3.767%              4.498%             0.731%
                         Barclays Plc                                                    3.631%               1.400%           -2.231%
                         Groupe BPCE                                                     3.602%               3.051%           -0.551%
                         DnB ASA                                                         3.439%               2.900%           -0.539%
                         Nordea Bank AB                                                  3.349%               4.821%            1.472%
                         Mizuho Financial Group, Inc.                                    3.201%               2.777%           -0.424%
                         Commonwealth Bank of Australia                                  3.054%               2.861%           -0.193%
                         Norinchukin Bank                                                2.933%               3.498%            0.566%
                         Westpac Banking Corporation                                     2.843%               2.668%           -0.174%
                         NRW.BANK                                                        2.788%               1.253%           -1.535%
                         National Australia Bank Limited                                 2.696%              3.848%             1.153%
                         Bank of Montreal                                                2.241%               2.871%            0.630%
                         Groupe Credit Agricole                                          2.135%               5.189%            3.053%
                         Credit Suisse Group AG                                          2.014%               2.529%            0.514%
                         JPMorgan Chase & Co.                                            1.937%               1.204%           -0.733%
                         Lloyds Banking Group plc                                        1.899%               1.970%            0.070%
                         ING Groep N.V.                                                  1.853%               1.874%            0.021%
                         Royal Bank of Canada                                            1.806%               2.065%            0.259%
                         ABN AMRO Bank N.V.                                              1.680%               1.446%           -0.234%
                         HSBC Holdings plc                                               1.581%               1.280%           -0.301%
                         General Electric Company                                        1.565%               1.458%           -0.107%
                         BNP Paribas                                                     1.535%               2.190%            0.655%
                         Toronto-Dominion Bank (The)                                     1.513%               3.420%            1.907%
                         SEB                                                             1.354%               2.731%            1.378%
                         Groupe Credit Mutuel                                            1.261%               2.156%            0.894%
                         Swedbank AB                                                     1.104%               0.328%           -0.777%
                         Australia and New Zealand Banking Grp. Ltd.                     0.827%               0.737%           -0.090%
                         Standard Chartered PLC                                          0.762%              0.694%            -0.068%
                         Toyota Motor Corporation                                        0.707%               0.912%            0.205%
                         Oversea-Chinese Banking Corp Ltd                                0.690%               0.395%           -0.296%
                         DBS Bank Ltd.                                                   0.625%               0.149%           -0.475%
                         National Bank of Canada                                         0.597%               0.315%           -0.282%
                         MetLife, Inc.                                                   0.590%               0.580%           -0.010%
                         Canadian Imperial Bank of Commerce                              0.582%               0.959%            0.377%


12   FEBRUARY 14, 2013                                                 SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                             MANAGED INVESTMENTS




                         Issuer Name                                              End of Q3 2012       End of Q4 2012         Difference
                         UBS AG                                                          0.417%               0.075%           -0.342%
                         U.S. Bancorp                                                    0.365%              0.000%            -0.365%
                         National Bank of Kuwait                                         0.308%               0.063%           -0.245%
                         BB&T Corporation                                                0.281%               0.218%           -0.063%
                         PNC Financial Services Group, Inc.                              0.268%               0.073%           -0.196%
                         Wells Fargo & Company                                           0.264%               0.267%            0.003%
                         Bank of China Limited                                           0.253%               0.719%            0.466%
                         United Overseas Bank Limited                                    0.245%               0.169%           -0.076%
                         Allianz SE                                                      0.237%               0.095%           -0.143%
                         Banco Santander S.A. (Spain)                                    0.220%               0.218%           -0.002%
                         Banco del Estado de Chile                                       0.202%               0.278%            0.076%
                         Automatic Data Processing, Inc.                                 0.186%              0.000%            -0.186%
                         Coca-Cola Company (The)                                         0.166%               0.167%            0.002%
                         OP-Pohjola Group                                                0.165%               0.185%            0.020%
                         Shizuoka Bank, Ltd.                                             0.139%               0.022%           -0.117%
                         Nationwide Building Society                                     0.134%               0.377%            0.243%
                         Temasek Holdings (Private) Limited                              0.131%               0.154%            0.024%
                         BHP Billiton                                                    0.108%              0.000%            -0.108%
                         Suncorp Group Limited                                           0.106%              0.089%            -0.018%
                         Landesbank Baden-Wuerttemberg                                   0.103%               0.113%            0.010%
                         Nestle S.A.                                                     0.092%               0.133%            0.041%
                         Finaxa                                                          0.086%               0.032%           -0.054%
                         Sumitomo Corporation                                            0.084%              0.069%            -0.015%
                         Bayerische Motoren Werke Aktiengesellschaft                     0.075%              0.088%             0.013%
                         Caisse Centrale Desjardins                                      0.072%               0.153%            0.081%
                         Zurich Insurance Group Ltd                                      0.072%               0.072%           0.000%
                         Mitsubishi Corporation                                          0.071%              0.006%            -0.064%
                         Industrial Bank of Korea                                        0.056%              0.000%            -0.056%
                         DekaBank Deutsche Girozentrale                                  0.055%               0.199%            0.144%
                         China Construction Bank Corporation                             0.055%              0.000%            -0.055%
                         Reckitt Benckiser Group Plc                                     0.055%              0.046%            -0.009%
                         Export-Import Bank of Korea (The)                               0.054%               0.052%           -0.002%
                         PACCAR Inc                                                      0.047%               0.027%           -0.020%
                         GDF SUEZ SA                                                     0.046%              0.030%            -0.016%
                         Oesterreichische Kontrollbank AG                                0.038%               0.053%            0.015%
                         Archer-Daniels-Midland Company                                  0.037%              0.000%            -0.037%
                         Landwirtschaftliche Rentenbank                                  0.037%               0.347%            0.310%
                         Deutsche Bahn AG                                                0.034%              0.000%            -0.034%
                         United Technologies Corporation                                 0.031%              0.000%            -0.031%
                         Unilever Group                                                  0.026%               0.028%            0.002%
                         Kookmin Bank                                                    0.020%              0.000%            -0.020%
                         State Street Corporation                                        0.020%               0.238%            0.218%



13   FEBRUARY 14, 2013                                                 SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                             MANAGED INVESTMENTS




                         Issuer Name                                              End of Q3 2012       End of Q4 2012         Difference
                         HSH Nordbank AG                                                 0.019%               0.065%            0.046%
                         Bank of New York Mellon Corporation (The)                       0.018%              0.000%            -0.018%
                         Google Inc.                                                     0.018%              0.000%            -0.018%
                         Swedish Export Credit Corporation                               0.017%              0.064%            0.048%
                         Bayerische Landesbank                                           0.015%               0.002%           -0.012%
                         Fingrid Oyj                                                     0.014%              0.000%            -0.014%
                         Procter & Gamble Company (The)                                  0.012%               0.058%            0.046%
                         Aviva Plc                                                       0.011%              0.000%            -0.011%
                         Honda Motor Co., Ltd.                                           0.009%              0.088%             0.078%
                         Teachers Ins. and Annuity Assoc. of America                     0.009%              0.000%            -0.009%
                         Royal Bank of Scotland Group plc                                0.009%               0.014%            0.005%
                         TOTAL S.A.                                                      0.007%              0.000%            -0.007%
                         Royal Dutch Shell Plc                                           0.004%              0.004%            0.000%
                         Motiva Enterprises LLC                                          0.003%              0.000%            -0.003%
                         Prudential Public Limited Company                               0.001%              0.000%            -0.001%
                         Bank of America Corporation                                     0.000%               0.165%            0.165%
                         Citigroup Inc.                                                  0.000%               0.140%            0.140%
                         Deutsche Apotheker- und Aerztebank eG                           0.000%              0.009%             0.009%
                         Dexia Group (The)                                               0.000%              0.060%             0.060%
                         GlaxoSmithKline plc                                             0.000%              0.049%             0.049%
                         Industrial & Commercial Bank of China Ltd                       0.000%               0.025%            0.025%
                         Landesbank Hessen-Thueringen GZ                                 0.000%               0.127%            0.127%




14   FEBRUARY 14, 2013                                                 SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                  MANAGED INVESTMENTS




                         Appendix 3 : US Prime Fund –Exposure to Issuers by Domicile

                         Domicile                                      End of Q3 2012      End of Q4 2012          Difference
                         Japan                                                19.55%              19.62%               0.22%
                         Canada                                               17.23%              17.90%              0.04%
                         Australia                                            10.45%              12.21%              -3.20%
                         Sweden                                                11.21%             11.48%              0.43%
                         United States                                        10.34%              10.07%              -0.53%
                         France                                                6.76%               8.96%              -0.75%
                         United Kingdom                                        5.68%               5.40%              0.24%
                         Netherlands                                           5.64%               4.58%              0.58%
                         Germany                                               5.08%               4.05%              3.34%
                         Norway                                                3.35%               2.33%              -0.02%
                         Switzerland                                           3.25%               2.19%             -0.04%
                         Singapore                                              1.11%              0.60%              -0.22%
                         China                                                 0.19%               0.32%              0.05%
                         Chile                                                 0.14%               0.14%              -0.07%
                         Kuwait                                                0.02%               0.08%              0.00%
                         Spain                                                 0.00%               0.03%             -0.03%
                         Austria                                               0.00%               0.02%             -0.04%
                         South Korea                                           0.01%               0.02%             -0.04%




15   FEBRUARY 14, 2013                                      SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                  MANAGED INVESTMENTS




                         Appendix 4 : European and Offshore US Dollar Prime Fund –Exposure to Issuers
                         by Domicile

                         Domicile                                      End of Q3 2012      End of Q4 2012          Difference
                         Australia                                             9.63%              10.20%               0.22%
                         Austria                                               0.04%               0.05%              0.04%
                         Belgium                                               0.00%               0.06%              -3.20%
                         Canada                                               10.58%              14.28%              0.43%
                         Chile                                                 0.20%               0.28%              -0.53%
                         China                                                 0.31%               0.74%              -0.75%
                         Finland                                               0.18%               0.18%              0.24%
                         France                                               12.70%              15.71%              0.58%
                         Germany                                               7.70%               5.84%              3.34%
                         Japan                                                17.02%              17.70%              -0.02%
                         Jersey                                                0.07%               0.07%             -0.04%
                         Kuwait                                                0.31%               0.06%              -0.22%
                         Netherlands                                           8.57%               7.00%              0.05%
                         Norway                                                3.44%               2.90%              -0.07%
                         Singapore                                             1.69%               0.87%              0.00%
                         South Korea                                           0.13%               0.05%             -0.03%
                         Spain                                                 0.22%               0.22%             -0.04%
                         Sweden                                               10.76%              10.58%             -0.04%
                         Switzerland                                           2.52%               2.74%               0.01%
                         United Kingdom                                         8.11%              5.86%              0.03%
                         United States                                         5.82%               4.60%              0.03%




16   FEBRUARY 14, 2013                                      SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                                              MANAGED INVESTMENTS




                         Moody’s Related Research

                         Underlying Data for This Report:
                         »    Click here (US Prime Money Market Fund) and here (European and offshore US Dollar Funds).
                         Rating Methodology:
                         »    Moody’s Revised Money Market Fund Rating Methodology and Symbols, March 2011 (131303)
                         Rating Implementation Guidance:
                         »    Detailed Guidance on the Application of Moody’s Money Market Fund Rating Methodology,
                              August 2011 (132916)
                         Industry Outlook:
                         »    Money Market Funds: 2012 Outlook and 2011 Review, March 2012 (140461)
                         Special Comments:
                         »    Frequently Asked Questions: Impact of Negative Yields on Money Market Funds, October 2012
                              (146163)
                         »    Sterling Prime Money Market Funds: Q2 2012 Trends, August 2012 (144390)
                         »    Euro Prime Money Market Funds: Q2 2012 Trends, August 2012 (144391)
                         »    US-Dollar Prime Money Market Funds: Q2 2012 Trends, August 2012 (144463)
                         »    Money Markets Funds Face Consequences of European Financial Stress, February 2012 (139516)
                         Sector Comment:
                         »    European Bank Repayment of LTRO Borrowings Is Credit Positive for Money Market Fund
                              Managers, January 2013 (149534)
                         Website on Moodys.com:
                         »    www.moodys.com/managedinvestments
                         To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of
                         this report and that more recent reports may be available. All research may not be available to all clients.




17   FEBRUARY 14, 2013                                                              SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS
                                                                                                                                                               MANAGED INVESTMENTS




     » contacts continued from page 1
                                                          Report Number: 149980

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18        FEBRUARY 14, 2013                                                                                   SPECIAL COMMENT: US-DOLLAR PRIME MONEY MARKET FUNDS: Q4 2012 TRENDS

				
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