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• C. Intermediate Term Portfolio:The Intermediate Term Portfolio serves as a reserve to <br /> fund unplanned shortfalls or capital needs. The investment objectives are principal <br /> preservation, liquidity to fund cash outflows that may be unplanned and a total return <br /> that exceeds the Performance Benchmark. <br /> 1. Minnesota Statutes: Investments shall satisfy Minnesota Statutes governing <br /> municipal investment, specifically Minnesota Statutes Chapter 118A, a copy of <br /> which is attached as Exhibit A. <br /> 2. Time Horizon: The Intermediate Term Portfolio serves as a reserve for unplanned <br /> shortfalls or capital requirements. Withdrawals are generally not anticipated; <br /> therefore,the time horizon for investments is longer than three years. <br /> 3. Liquidity: Investments must provide liquidity as needed. <br /> 4. Risk Tolerance: Investments should satisfy liquidity requirements with the <br /> objective of minimizing any realized principal loss. <br /> 5. Duration:To satisfy the parameters for liquidity and risk tolerance(above),the <br /> maximum duration of the portfolio is 125%of the benchmark duration. <br /> 6. Return: Investments should generate total returns that exceed the total return of <br /> the Performance Benchmark,with an emphasis on yield maximization. <br /> 7. Performance Benchmark: <br /> External Managers: 80%Lehman Intermediate Government Index/20% 15- <br /> year MBS Index <br /> Internal Portfolio: 100%Lehman Intermediate Government Index <br /> 8. Authorized Investments and Guidelines: Subject to Minnesota Statutes 1 18A,the <br /> following investments are authorized: <br /> • 15 <br />