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five years or less. Purchase of securities authorized by this subdivision shall not <br /> exceed 10 percent of the agency's surplus moneys that may be invested pursuant to <br /> this section. <br /> N. Shares of beneficial interest otherwise known as money market shares issued by <br /> diversified management companies that are money market funds registered with <br /> the Securities and Exchange Commission under the Investment Companz Act of <br /> 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). The purchase price of <br /> shares of beneficial interest, (mutual funds) purchased pursuant to this <br /> subdivision shall not include any commission that these companies may <br /> charge. <br /> Investments in this category shall be restricted to money market mutual funds <br /> that seek to maintain a Net Asset Value of $1. Money market mutual funds <br /> provide daily liquidity; therefore, there is no final stated maturity for this <br /> investment category. Investments in mutual funds shall be restricted to funds <br /> 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 & Poor's 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 /> 8.3 Suitability of Investments <br /> Suitability, not simply return, is the standard for selecting investments for the portfolio. <br /> The Executive Director for FMSA, and all authorized Investment Officials and other <br /> supporting FMSA investment staff shall review the following when selecting or <br /> recommending 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 /> City of Santa-Annual Page 12 July 1.202 5 - <br /> Statement of Investment Polity June 30,2026 <br /> Resolution No. 2025-019 <br /> Page 16 of 24 <br />