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The following are prohibited purchases: 1. More than 5% of the total equity allocation invested in individual equity securities of any one company at market value 2. More than 5% of the total debt allocation invested in debt instruments in any single issuer with the exception of US Treasuries and agencies 3. Short sales 4. Margin or leveraged purchases 5. Commodities 6. Real estate 7. Art objects or collectables 8. Options 9. Warrants X 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, or by direct purchases of an approved open-ended mutual fund family. The Investment Advisory Committee must approve all brokers and dealers who transact trades with the County. All brokers and dealers who transact trades with the OPEB Trust Fund must provide the Finance Director with the following: 1. Audited financial statements, 2. Proof of National Association of Security Dealers certification, 3. Proof of state registration, when required, and 4. Certification of having read and will comply with the OPEB Investment Policy. The Investment Advisory Committee will annually review the list of approved qualified depositories, primary dealers, brokers/dealers, and should conditions warrant, more frequently. XI. SAFEKEEPING AND CUSTODY All securities purchased by the OPEB Trust Board designee shall be properly designated as an asset of the OPEB Trust Fund and held in safekeeping by a third party custodial bank, chartered by the United States Government or the State of Florida, and/or a financial institution approved by the National Association of Security Dealers. No withdrawal of such securities, in whole or in part, shall be made from safekeeping except by the OPEB Trust Board designee, Clerk of the Circuit Court or Finance Director. The Clerk of the Circuit Court, on behalf of the OPEB Trustees, will execute third party custodial agreements with banks or financial institutions. Such agreements will include details as to the responsibilities of each party, the costs to be borne by each party, notification of security purchases, sales, delivery, repurchase agreements and wire transfers, safekeeping and transaction costs, and procedures in case of unforeseen mishaps. 5 97