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VII. PERFORMANCE MEASURES <br /> The yield of the one-year Treasury at a constant, fixed maturity is established as the <br /> benchmark for investment of County funds. The actual performance of the portfolio may <br /> vary depending on changes in interest rates. <br /> VIII. PORTFOLIO COMPOSITION,RISK AND DIVERSIFICATION <br /> The following are the guidelines for investments and limits on security issues, issuers and <br /> maturities as established by the County. The Investment Advisory Committee shall have <br /> the option to further restrict or increase investment percentages from time to time based <br /> on market conditions. Purchases of investments based on bond covenant requirements <br /> shall not be included in the portfolio composition calculation. With the exception of <br /> United States Treasury Obligations, no more than 20% of the entire portfolio shall be <br /> invested in any one issuer. No more than 10% of the portfolio may be placed in <br /> certificates of deposit with a Qualified Public Depository (and collateralized in <br /> accordance with State requirements). In addition, no more than $6.5 million of the <br /> portfolio, including accrued interest, may be placed in certificates of deposit with <br /> any one financial institution. No more than 10% of the portfolio may be placed in any <br /> one money market fund, mutual fund, or intergovernmental investment pool. <br /> All investments must have stated maturities of ten (10) years or less and no more than <br /> 25% of the portfolio shall be invested in instruments with stated final maturities greater <br /> than five (5) years. The portfolio shall have securities with varying maturities and at least <br /> 10% of the portfolio shall be invested in readily available funds. <br /> IX. AUTHORIZED INVESTMENT INSTITUTIONS AND DEALERS <br /> Purchases and sales of authorized investments will only be made through financial <br /> institutions that are qualified as public depositories by the Chief Financial Officer of the <br /> State of Florida or are "primary dealers" as designated by the Federal Reserve Bank of <br /> New York or are broker/dealers that qualify under Securities and Exchange Commission <br /> Rule 15C3 (Uniform Net Capital Rule). <br /> The Investment Advisory Committee must approve all brokers and dealers who desire to <br /> transact trades with the County. All brokers and dealers who desire to transact trades with <br /> the County must provide the Finance Director with the following: <br /> A. Audited financial statements, <br /> B. Proof of National Association of Security Dealers certification, <br /> C. Proof of state registration, when required, and <br /> D. Certification of having read the County Investment Policy. <br /> Brokers and dealers who have been approved by the Investment Advisory Committee <br /> must provide annual audited financial statements to the Finance Director. The Investment <br /> Advisory Committee will annually review the list of approved institutions and brokers. <br /> 4 <br /> 17 <br />