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Rating Action:

MOODY'S ASSIGNS Aaa CREDIT RATING AND MR1+ MARKET RISK RATING TO MN TRUST

03 May 2006
MOODY'S ASSIGNS Aaa CREDIT RATING AND MR1+ MARKET RISK RATING TO MN TRUST

First-Time Rating Assigned to Newly Established Investment Pool

New York, May 03, 2006 -- Moody's Investors Service assigned a credit rating of Aaa and market risk rating of MR1+ to the MN Trust, a local government investment pool that commenced operations on May 2, 2006 that is managed by Voyageur Asset Management acting in its capacity as sub-advisor. Moody's stated that the ratings reflect the strong overall credit quality of the pool's investments, the highly liquid portfolio structure relative to the pool's cash flow requirements, and the conservative investment guidelines and practices of Voyageur Asset Management. The ratings also reflect the pool's effective operating controls and compliance procedures.

The general objective of the pool is to provide the participants the highest possible investment yield while maintaining liquidity and preserving capital by investing only in instruments authorized by Minnesota laws which govern the investment of funds by government units.

The MN Trust represents monies of Minnesota schools and other Minnesota public entities. The pool is run according to conservative investment policies and practices. The manager is also required to maintain sufficient portfolio liquidity to meet daily cash flow requirements and to achieve a reasonable yield consistent with these objectives.

The portfolio holdings of the pool may include: securities issued by the U.S. government, its agencies or instrumentalities, repurchase agreements collateralized by U.S. treasury or U.S. government agency securities, commercial paper and other short-term debt, and Moody's rated money market funds. In addition to investing in highly rated securities, the pool will maintain an expected loss equal to or less than that of a Aaa rated 13-month security.

The pool is managed as a money market fund that is limited to an average weighted maturity of 60 days. Furthermore, because the cash flow requirements of participants in the pool are fairly predictable, and are effectively monitored by Voyageur Asset Management, the manager is able to project the pool's liquidity needs over a rolling 12-month time horizon and structure portfolio assets to provide sufficient liquidity resources on a continual basis. Strong oversight, including quarterly review meetings by the Board of Trustees, provides additional support for the ratings. Reporting delivered to the Board of Trustees includes an independent pricing of the portfolio, reconciled financial statements and a compliance review.

Voyageur Asset Management acts as sub-advisor to the Trust, having been retained to act in this capacity by Prudent Man Advisors, Inc. Voyageur, founded in 1983, provides equity and fixed income asset management services to institutional and retail investors with about $27 billion in assets under management as of December 31, 2005. Prudent Man Advisors, Inc. serves as Distributor, Administrator, Agent and Investment Advisor to the Trust.

The MR+ market risk rating -- which provides a means for evaluating the relative degree of volatility associated with the value of a participant's investment in a local government investment pool, as well as the potential for loss -- reflects stringent investment guidelines, conservative asset composition and maturity limitations. Local government investment pools rated MR+ are judged to have very low sensitivity to changing interest rates and other market conditions. A "+" modifier appended to the MR rating category denotes a constant NAV investment pool.

New York
Roger Stein
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Douglas A. Rivkin
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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