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c Florida Municipal Insurance Trust NOTES TO FINANCIAL STATEMENTS September 30,2010 Note 2 - Cash and Cash EQuivalents Cash and cash equivalents include interest-bearing demand deposits in the amount of $17,006,317 and short-term investments in the amount of $626, 111. Short-term investments of $443.443 were invested in Goldman Sachs Financial Square Prime Obligations Fund with an average maturity of 48 days, and short-term investments of $182,668 were invested in the Local Government Surplus Funds Trust Fund (Florida Prime) with an average maturity of 52 days, The Goldman Sachs Financial Square Prime Obligations Fund is rated Aaa by Moody's, Florida Prime is rated AM by Standard & Poor's, Florida Statutes require that all qualified public depositories holding public funds collateralize deposits in excess of Federal Deposit Insurance Corporation insurance with the State Treasurer, Since the Trust uses only qualified public depositories, all demand deposits are fully insured or collateralized, Note 3 - Investments and Investment Income c The Board of Trustees has an investment policy authorizing investments in a variety of fixed income and equity instruments, Among the types of instruments the Trust is authorized to invest in are: certain mortgage loans, common stocks, convertible preferred stocks or bonds, repurchase agreements, commingled governmental trusts, no-load investment funds, no-load mutual funds, obligations of the United States of America, its agencies and instrumentalities, securities of state, municipal and county governments or their public agencies, corporate debt obligations, asset-backed securities and money market instruments and/or funds, The investment policy specifies limitations as to credit quality, maturity, and issuer on fixed income instruments, and places limits on the percentage of large-cap stock, small-cap stock, and foreign investment exposure, The Florida Municipal Investment Trust (FMlvT) is a governmental external investment pool open to eligible units of local governments to invest in one or more investment portfolios under the direction and daily supervision of an investment advisor, FMlvT is not subject to SEC or other regulatory oversight. The fair value of the positions in the FMlvT funds and portfolios are the same as the value of the fund and portfolio shares, FMlvT is governed by a Board of Trustees consisting of the President (or his appointee) and Second Vice President of the Florida League of Cities, Inc. (League), two representatives of the Trust, and up to three additional appointed members who are elected officials of the governmental entities who actively participate in FMlvT, The League serves as Administrator for both the Trust and FMlvT. c 14