Printer Friendly

HIGHMARK U.S. GOVERNMENT OBLIGATIONS FUND RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 2 /PRNewswire/ -- HighMark U.S. Government Obligations Fund, a money market mutual fund, is rated "AAA" by Fitch. The rating reflects the portfolio's high credit quality and conservative investment policies. In addition, the rating is indicative of the fund's strong ability to maintain a constant $1 per share valuation at all times. The fund provides Fitch with weekly valuation reports.
 The fund invests exclusively in obligations of the U.S. Government or its agencies or instrumentalities. The investment objective is to provide shareholders with maximum current income consistent with preservation of capital and maintenance of liquidity. e? fund is managed so that the average maturity of all instruments on a dollar- weighted basis does not exceed 75 days. As of Oct. 31, 1993, the average maturity was 59 days.
 In addition, the fund utilizes repurchase agreements, which have generally ranged from 10%-45% of assets. The upper end of this range represents periods of exceptionally high cash inflow, whereas the more normal range for repurchases is 10%-15%. Repurchase transactions are secured by collateral held in actual or constructive possession by the HighMark Group's custodian. Constructive possession may be satisfied by transfer through the Federal Reserve/Treasury Book-entry system or by possession by a third-party custodian.
 Merus Capital Management, a division of The Bank of California, N.A. is the fund's investment manager. The bank is an indirect, wholly owned subsidiary of Mitsubishi Bank, Ltd. Merus has approximately $6 billion of assets under management, including five money market funds, one mutual bond fund, and two equity funds all under the HighMark name. In addition, four new equity and/or fixed income mutual funds will be launched by HighMark during fourth-quarter 1993.
 The Winsbury Co. is the distributor/administrator for the fund. Winsbury, which acts in the same capacity for about $22 billion in mutual fund assets, is wholly owned by The BISYS Group, Inc.
 -0- 12/2/93
 /CONTACT: Fred DeBussey of Fitch, 212-908-0521/


CO: HighMark U.S. Government Obligations Fund ST: New York IN: SU: RTG

MP -- NY097 -- 9915 12/02/93 15:24 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 2, 1993
Words:349
Previous Article:EXXON ANNOUNCES SALE OF ITS CARD CENTER OPERATIONS TO GE CAPITAL
Next Article:ZENITH DECODERS SELECTED BY COX CABLE, ICTV FOR INTERACTIVE TV TEST
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters