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San Leandro Investment Policy Statement Page 7 of 14 <br /> b. MONEY MARKET MUTUAL FUNDS registered with the Securities and Exchange <br />Commission under the Investment Company Act of 1940 and issued by <br />diversified management companies and meet either of the following criteria: <br />1. Have attained the highest ranking or the highest letter and numerical rating <br />provided by not less than two (2) NRSROs; or 2. Have retained an investment adviser registered or exempt from <br />registration with the Securities and Exchange Commission with not less <br />than five years’ experience managing money market mutual funds with <br />assets under management in excess of $500 million. <br />3. No more than 20% of the total portfolio may be invested in Money Market Mutual Funds. <br /> <br />c. No more than 20% of the total portfolio may be invested in these securities. <br /> <br /> <br />Other Investment Pools – The City will conduct a thorough investigation of investment pools prior to making an investment. To become eligible, an investment pool will provide <br />the following information to the City: <br /> <br /> A description of eligible securities and a written statement of investment policy and objectives. <br /> A description of interest calculation methods, how interest is distributed, and how <br />gains and losses are treated. <br /> A description of safekeeping procedures and settlement processes, how often <br />securities are priced, and how often the program is audited. <br /> A description of who are eligible to invest in the program and how often, and any <br />limitations on deposits and/or withdrawals. <br /> A schedule for receiving statements and portfolio listings. <br /> Any policies regarding the use of reserves or retained earnings by the pool. <br /> A fee schedule and a description of how and when fees are assessed. <br /> Any policies regarding the pool’s eligibility for bond proceeds if applicable. <br /> Securities Issued by the City of San Leandro and its Agencies. The City may elect to sell or purchase its securities through secondary markets when conditions are favorable. <br /> <br />Asset-Backed, Mortgage-Backed, Mortgage Pass-Through Securities, and <br />Collateralized Mortgage Obligations, provided that: <br /> The securities are rated “AA” or higher by a NRSO. <br /> They are issued by an issuer having long-term debt obligations rated “A” or <br />higher by at least one NRSO. <br /> No more than 20% of the total portfolio may be invested in these securities. <br /> No more than 5% of the portfolio may be invested in any single Asset-Backed or <br />Commercial Mortgage security issuer. There is no issuer limitation on any <br />Mortgage security where the issuer is the US Treasury or a Federal Agency/Government-sponsored Enterprise (GSE). <br /> The maximum legal final maturity does not exceed five (5) years. <br /> <br />172