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exceed five years to maturity. There is no percentage limit in this category. <br />K. Medium Term Corporate Notes (MTN) defined as all corporate and depository <br />operating within the United States. Notes eligible for investment shall be rated <br />in a rating category of "A" or its equivalent or better by a nationally recognized <br />rating service. Purchases in this category shall not exceed five (5) years to <br />maturity or thirty percent (30%) of the cost value of the investment portfolio. <br />Purchases in a single issuer in this category shall not exceed five percent (5%) <br />of the cost value of the investment portfolio. <br />L. Shares of beneficial interest otherwise known as money market shares issued <br />by diversified management companies that are money market funds registered <br />with the Securities and Exchange Commission under the Investment Comoanv <br />Act of 1940. The company shall have met either of the following criteria: <br />1. Attain the highest ranking or the highest letter and numerical rating provided <br />by not less than two NRSROs, and <br />2. Retained an investment adviser registered or exempt from registration with <br />the Securities and Exchange Commission with not less than five (5) years' <br />experience investing in the securities and obligations authorized by <br />subsection (a) to (k), inclusive, and subdivisions (m) to (o), inclusive, of <br />Section 53601 of the Government Code and with assets under management <br />in excess of five -hundred, million dollars ($500,000,000). <br />The purchase price of shares of beneficial interest, (mutual funds) <br />purchased pursuant to this subdivision shall not include any commission that <br />these companies may charge. <br />Investments in this category shall be restricted to money market mutual <br />funds that seek to maintain a Net Asset Value of $1. Money market mutual <br />funds provide daily liquidity; therefore, there is no final stated maturity for this <br />investment category. Investments in mutual funds shall be restricted to <br />funds that have the highest ranking or the highest letter and numerical rating <br />provided by not less than two of the following nationally recognized statistical <br />rating organizations: Moody's, Standard & Poors or Fitch. Purchases in this <br />category shall not exceed 20% of the book value of the investment portfolio. <br />Purchases in a single mutual fund shall not exceed 10% of the book value of <br />the Portfolio. <br />City of Santa Ana - Annual July 1, 2019 - <br />Statement of Investment Policy 5 � 0 June 30, 2020 <br />