Investment Strategy & Benchmarks Page Three
The smaller M&O Reserve, representing approximately 6% of assets under management, is benchmarked to a composite of 1–13-year Treasury Strip indices that approximates effective duration of a laddered portfolio of 6-month to 15-year securities. The 7.5-year average maturity structure has an associated Effective Duration of approximately 7.0. The strategy for the General account and M&O Reserve has been unchanged for many years. RECOMMENDATIONS • Approve a continuation of the investment strategies and benchmarks for the current quarter. • Approve the addition of Huntington Securities Inc. and the deletion of Janney Montgomery Scott.
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