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