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27 <br /> Investments Overview <br /> • Orange County funds invested in North Carolina Capital <br /> Management Trust (NCCMT) Fund <br /> — Fund is a mutual fund that is managed by Fidelity Management <br /> and Research Company <br /> — Fund is rated AAA by Standard & Poor's <br /> — The I-i;ffective Yield for the NCCMT was .24% as of December <br /> 31 , 2015 <br /> — The Average Portfolio Maturity was 43 Days <br /> — Portfolio composition is: High Grade Commercial Paper <br /> (69.7%), U.S. Treasury Securities (16.7%), Federal Agency <br /> (12.8%), and Cash (.8%) <br /> — I-i;ffective Yield is consistent with Interest Rate environment <br /> — December 16 Federal Reserve meeting minutes indicate that <br /> interest rates will rise slower than previous recoveries <br />