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<br />· Federal National Mortgage Association (FNMA) <br />· Federal Farm Credit Banks (FFCB) <br />· Federal Home Loan Bank or its District Banks (FHLB) <br />· Federal Home Loan Mortgage Corporation (Freddie-Macs) <br />· Federal Home Loan Mortgage Corporation participation <br />certificates <br /> <br />2. Portfolio Composition <br /> <br />The portfolio may be comprised of 100% Government Sponsored <br />Enterprises Federal Instruments. <br /> <br />3. Limits on Individual Issuers <br /> <br />A maximum expected average life for an investment in any <br />government Sponsored Enterprise is five (5) years for fixed rate <br />securities and five (5) years for variable rate securities. <br /> <br />INTERFUND LOANS OR TRANSFERS <br /> <br />Nothing in the Investment Policy prohibits any interfund transfers or loans to the <br />extent otherwise permitted by law. Such interfund transfers or loans shall not be <br />governed by this Investment Policy. <br /> <br />RISK AND DIVERSIFICATION <br /> <br />It is the policy of the City of Sunny Isles Beach to diversify its investment <br />portfolio. Assets held shall be diversified to control the risk of loss resulting from <br />over concentration of assets in a specific maturity, a specific issuer, a specific <br />instrument, a class of instruments, and a dealer or bank through whom these <br />investments are bought and sold. Diversification strategy's shall be reviewed and <br />revised periodically as deemed necessary by the appropriate management staff. <br /> <br />AUTHORIZED INVESTMENT INSTITUTIONS AND DEALERS <br /> <br />Certificate of Deposit shall be placed only with financial institutions, which qualify <br />under Chapter 280 of the Florida Statues or financial institutions that are selected <br /> <br />8 <br />