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a. received and reviewed the Fort Worth Permanent Fund Investment Policy
and Strategy; and
b. implemented reasonable procedures and controls in an effort to preclude
investment transactions conducted between the Permanent Fund and the
organization that are not authorized by the Policy.

If the City retains self‐management of the Permanent Fund, copies of this Policy will be
provided to all business organizations offering to engage in an investment transaction
with the Permanent Fund on an annual basis, and a Policy Certification from each such
business organization must be received by the City. If the City engages a corporate
Trustee to serve as an investment management firm under contract, a copy of this
Policy shall be provided to the corporate Trustee, and a Policy Certification will be
obtained from a qualified representative of the Trustee.

No transaction (other than mutual funds) may be completed except in compliance with
this section.

Security Broker/Dealers

The Council appointed Investment Committee will at least annually review and adopt a
list of broker/dealers which will then be authorized to engage in investment
transactions concerning the Permanent Fund. If the City engages a corporate Trustee to
serve as an investment management firm under contract, the investment management
firm will have the responsibility to ensure all broker/dealers comply with the
provisions of this policy.

No broker/dealer or independent Adviser may safe‐keep Permanent Fund securities or
funds. All security transactions shall be settled delivery versus payment (DVP) to the
Permanent Fund account. In order to perfect the DVP process, neither the Trustee nor
the safekeeping depository (nor their brokerage subsidiaries) will be approved as a
broker/dealer.

The Trustee will perform due diligence and maintain information on each
broker/dealer, including a process to ensure best execution. The Trustee shall review
the performance, financial condition and registration of all qualified counter‐parties on
an ongoing basis. Results will be provided to the Investment Committee for review
upon request.

VIII. AUTHORIZED INVESTMENTS

The Permanent Fund shall be invested only in the investments authorized below and
further defined by the Act and Trust Code. If additional types of potential authorized
investments are created by changes made to the controlling statutes, they will not be

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