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VII. PERFORMANCE MEASURES The yield of the one-year Treasury at a constant, fixed maturity is established as the benchmark for investment of County funds. The actual performance of the portfolio may vary depending on changes in interest rates. VIII. PORTFOLIO COMPOSITION, RISKAND DIVERSIFICATION The following are the guidelines for investments and limits on security issues, issuers and maturities as established by the County. The Investment Advisory Committee shall have the option to further restrict or increase investment percentages from time to time based on market conditions. Purchases of investments based on bond covenant requirements shall not be included in the portfolio composition calculation. With the exception of United States Treasury Obligations, no more than 20% of the entire portfolio shall be invested in any one federal agency. No more than 10% of the portfolio may be placed in any one Qualified Public Depository (and collateralized in accordance with State requirements). In addition, no more than $6.5 million of the portfolio, including accrued interest, may be placed in certificates of deposit with any one financial institution. The 10% requirement per QPD includes all accounts held and certificates of deposit. No more than 10% of the portfolio may be placed in any one money market fund, mutual fund, or intergovernmental investment pool. All investments must have stated maturities of ten (10) years or less and no more than 25% of the portfolio shall be invested in instruments with stated final maturities greater than five (5) years. The portfolio shall have securities with varying maturities and at least 10% of the portfolio shall be invested in readily available funds. IX. AUTHORIZED INVESTMENT INSTITUTIONS AND DEALERS Purchases and sales of authorized investments will only be made through financial institutions that are qualified as public depositories by the Chief Financial Officer of the State of Florida or are "primary dealers" as designated by the Federal Reserve Bank of New York or are broker/dealers that qualify under Securities and Exchange Commission Rule 15C3 (Uniform Net Capital Rule). The Investment Advisory Committee must approve all brokers and dealers who desire to transact trades with the County. All brokers and dealers who desire to transact trades with the County must provide the Finance Director with the following: A. Audited financial statements, B. Proof of Financial Industry Regulatory Authority certification, unless the broker falls under the classification of a "bank dealer", and then must provide a company letter stating such, C. Proof of state registration, when required, and D. Certification of having read the County Investment Policy. 41