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ATTACHMENT 2 <br />8 <br />Medium-term notes, defined as all corporate and depository institution debt <br />securities with a maximum remaining maturity of five years or less, issued by <br />corporations organized and operating in the United States or by depository <br />institutions licensed by the United States or any state and operating in the United <br />States. Purchases are limited to securities rated in a rating category of “A” or its <br />equivalent or better by one NRSRO. The aggregate investment in Medium-term <br />corporate notes shall not exceed 30% of the City’s total portfolio, and no more than <br />5% of the portfolio may be invested in any single issuer. <br />k. Repurchase and Reverse Repurchase Agreements <br />Repurchase Agreements collateralized only by securities of the U.S. Government <br />or its agencies. The purchase securities shall have a minimum market value of <br />102% of the dollar value of funds borrowed and a term not to exceed one year. <br />The aggregate investment in repurchase agreements shall not exceed 15% of the <br />City’s total portfolio. Securities used as collateral for Repurchase Agreements will <br />be delivered to an acceptable third-party custodian. Repurchase Agreements are <br />subject to a Master Repurchase Agreement between the City and the provider of <br />the repurchase agreement. The Master Repurchase Agreement will be <br />substantially in the form developed by the Securities Industry and Financial <br />Markets Association (SIFMA). <br />l. Money Market and Mutual Funds <br />Money market and mutual funds that are registered with the Securities and <br />Exchange Commission under the Investment Company Act of 1940, provided that: <br />b. Mutual Funds that invest in the securities and obligations as authorized <br />under California Government Code, Section 53601 (a) to (k) and (m) to (q) <br />inclusive and that meet either of the following criteria: <br />(i) Attained the highest ranking or the highest letter and numerical rating <br />provided by not less than two (2) NRSROs; or <br />(ii) Have retained an investment adviser registered or exempt from <br />registration with the Securities and Exchange Commission with not <br />less than five years’ experience investing in the securities and <br />obligations authorized by California Government Code, Section <br />53601 and with assets under management in excess of $500 million. <br />•No more than 10% of the total portfolio may be invested in shares of any <br />one mutual fund. <br />c. 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 />Page 41 of 248