From the Penns Manor Elementary Student Handbook:
Students in grades three through five will be recognized for their academic efforts at the conclusion of each marking period. The criteria for each of the honor roll categories are as follows:
All As - the student must earn all As in every academic subject.
A/B - the student must earn all As and Bs in every academic subject.
PIC (Principal's Improvement Club) - the student must improve one full letter grade in any academic subject area. The student must not decline in any academic subject area. The student cannot have a failing grade in any academic area.