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million dollars ($500,000,000). The purchase <br /> price of shares of beneficial interest (mutual <br /> funds) purchased pursuant to this subdivision <br /> shall not include any commission that these <br /> companies may charge. Investments in this <br /> category shall be restricted to money market <br /> mutual funds that seek to maintain a Net Asset <br /> Value of $1. Money market mutual funds <br /> provide daily liquidity; therefore, there is no <br /> final stated maturity for this investment <br /> category. Investments in mutual funds shall be <br /> restricted to funds that have the highest <br /> ranking or the highest letter and numerical <br /> rating provided by not less than two of the <br /> following nationally recognized statistical <br /> rating organizations: Moody's, Standard & <br /> Poor's or Fitch. Purchases in this category <br /> shall not exceed twenty percent (20%) of the <br /> book value of the investment portfolio. <br /> Purchases in a single mutual fund shall not <br /> exceed ten percent 10% of the book value of <br /> the Portfolio. <br /> 8.3 Suitability of Investments <br /> Suitability, not simply return, is the standard for selecting investments <br /> forthe portfolio. The Executive Directorfor FMSA, and all authorized <br /> Investment Officials and other supporting FMSA investment staff <br /> shall review the following when selecting or recommending <br /> investments for the City: <br /> • Sufficient liquidity to meet current obligations <br /> • Appropriate level of market risk <br /> • Diversified portfolio <br /> • Legal investments <br /> • Market rate of return <br /> The Executive Director of FMSA and his/her designees are not <br /> required to invest in all investment options authorized under this <br /> Statement of Investment Policy. Selection will be based on cash <br /> flow characteristics, exposure to market risk, rate of return, the <br /> technical ability of the staff responsible for administering the <br /> program, and the availability of time and tools for staff to engage in <br /> conservative yet effective management of the City's investment <br /> portfolio. <br /> City of Santa-Annual Page 14 July 1. 2026 - <br /> Statement of Investment Policy June 30,2027 <br />