Board of Investments, Department of Commerce, Financial-Compliance Audit for the Fiscal Year Ended June 30 .. 2005

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Board of Investments, Department of Commerce, Financial-Compliance Audit for the Fiscal Year Ended June 30 .. 2005
Montana. Legislature. Legislative Audit Division
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HISTORY AND ORGANIZATION The Board was created by the Legislature to invest and manage Montana*s Unified Investment Program. The Short Term Investment Pool (STIP) was created by the Board to allow qualifying funds, per sections 17-6-201, 202 and 204, MCA, to participate in a diversified pool. Although state agencies with accounts that retain their interest earnings are legally required to invest in STIP, local governments may voluntarily participate in STIP.
The purpose of STIP is to obtain the
... highest possible return, yet maintain a highly liquid position whereby funds may be invested for relatively short periods, one day or more, depending upon the participant's anticipated use of the funds. The investments and the income from STIP are owned by the participants, as they purchase units, and are managed on their behalf by the Board.
Although STIP is not registered with the Securities and Exchange Commission (SEC) as an investment company, the Board has as policy that STIP will, and does, operate in a manner consistent with the SEC's rule 2a7 of the Investment Company Act of 1940.


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