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Star Fund

The STAR Fund was established in 1991 to provide comprehensive investment management for the former HEFA (now MassDevelopment), for bond proceeds, bond anticipation notes and other obligations issued by the Agency on behalf of its nonprofit borrowers, and funds held by trustees with respect to MassDevelopment bond issues. It was created to provide participants with a convenient method of pooling cash and proceeds of bonds, notes or other obligations for temporary investment pending their expenditure.

MassDevelopment has made the following documents available in regards to the STAR Fund:

Important Documents

Portfolio Information

MassDevelopment STAR Fund’s Rating is AAAm*
On August 5, 2011 Standard & Poor’s (S&P) downgraded the rating of the United States to AA+, its second highest rating, and affirmed a rating of A-1+, its highest short term rating, on short term obligations of the United States. These ratings apply also to the Federal Reserve System, and the Federal Reserve Bank of New York.

STAR Fund’s AAAm rating by S&P was not affected by this action. There has been no indication from S&P that funds like STAR would be put under review as a result of the downgrade. We believe STAR Fund’s holdings are consistent with the requirements for an AAAm rating.

*Standard & Poor’s fund ratings are based on analysis of credit quality, market price exposure, and management. According to Standard & Poor’s rating criteria, the AAAm rating signifies excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value. However, it should be understood that the rating is not a “market” rating nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology, visit Standard & Poor’s website (http://www.standardandpoors.com/ratings/funds-main/en/us).

Other Information

Forms

STAR Fund Web Site

For questions or further information about the STAR Fund or any other MassDevelopment program, please call 800-445-8030.

This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Shares of the Fund are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC.

Although the Fund will seek to invest wisely, all investments involve risks. While the Fund seeks to maintain a stable net asset value of $1.00 per share, it is possible to lose money investing in the Fund. Investors should consider the Fund’s investment objectives, risks, charges and expenses before investing in the Fund. This and other information about the Fund are available in the Fund’s Information Statement. Copies of the Fund’s Information Statement may be obtained by calling 800-937-2736 or are available on the MassDevelopment website.


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