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<br />c <br /> <br />Florida Municipal Insurance Trust <br />NOTES TO FINANCIAL STATEMENTS <br />September 30,2010 <br /> <br />Note 3 - Investments and Investment Income (Continued) <br /> <br />The Trust's investments consisted of the following at September 30,2010: <br /> <br />Investment Type <br />GS FIN SQ PRIME OBL SEL Money Market Fund <br /> <br />Fair Value <br />$ 1,045,000 <br /> <br />Duration <br />(In Years) <br />0,13 <br /> <br />Bond Funds <br />FMlvT Intermediate High Quality Bond Fund <br />FMlvT 1-3 Year High Quality Bond Fund <br />FMlvT Broad Market High Quality Bond Fund <br />FMlvT Expanded High Yield Bond Fund <br />SBA Fund B Surplus Funds Trust Fund <br /> <br />146,931,106 <br />62,739,530 <br />64,338,628 <br />47,151,379 <br />217,769 <br /> <br />2,80 <br />1,50 <br />3.70 <br />3.41 <br />7.49 <br /> <br />Equity Funds <br />FMlvT High Quality Growth Portfolio <br />FMlvT Russell 1 000 Enhanced Index Portfolio <br />FMlvT Diversified Small to Mid Cap Equity Portfolio <br />FMlvT International Blend Portfolio <br />FMlvT Large Cap Diversified Value Portfolio <br /> <br />8,574,695 <br />26,984,494 <br />23,252,706 <br />17,886,772 <br />8,585,282 <br /> <br />c <br /> <br />Total Investments <br /> <br />$407,707,361 <br /> <br />Interest Rate Risk: As a means of limiting its exposure to fair value losses from rising interest <br />rates, the Trust's investment policy employs portfolio diversification, controlled duration <br />strategies, and maturity durations as the primary methods of controlling risk, In addition, the <br />policy establishes a minimum investment of $1,000,000 in liquid investments having a maturity <br />of 90 days or less. Investments may include mortgage and mortgage-backed securities having <br />an average weighted useful life of less than ten years, The Trust's investment policy does not <br />limit the duration of other bonds or governmental investment trusts, <br /> <br />Credit Risk: The Trust's investment policy is to apply the prudent-person rule, The investment <br />portfolio shall be designed to attain a market rate of return throughout financial and economic <br />cycles, taking into account the Trust's investment risk constraints as discussed in the <br />investment policy, The Trust's credit quality policy does not limit its investments in U,S, <br />government agency obligations or bond funds. The short-term investments in the Goldman <br />Sachs Financial Square Prime Obligations Fund are rated Aaa by Moody's, The FMlvT <br />Intermediate High Quality Bond Fund and 1-3 Year High Quality Bond Fund are rated AM by <br />Fitch Ratings, The FMlvT Broad Market High Quality Bond Fund is rated AA by Fitch Ratings, <br />Neither the FMlvT Expanded High Yield Bond Fund nor Fund B is rated by any nationally <br />recognized statistical rating agency at this time, <br /> <br />........... <br />~ <br /> <br />15 <br />