Subject to paragraph (2) of this subsection, the Treasurer may invest or reinvest unexpended or surplus money over which the Treasurer has custody. Investments made under paragraph (1) of this subsection shall be in accordance with the limitations for the asset classes and thresholds established in regulations adopted under subsection (f) of this section. The Treasurer may sell, redeem, or exchange an investment or reinvestment made under this section in accordance with the limitations of this section. Subject to § 2–1257 of the State Government Article, the Treasurer shall report by January 3 of each year to the General Assembly on investment activities for unexpended or surplus money over which the Treasurer has custody which have been conducted during the previous fiscal year. At a minimum, the report shall specify for General Fund investments and all other investments: the inventory of investments with maturity dates and the book and market value as of June 30; the net income earned; the percentage share of each category of investment in the portfolio; and any sale of investments prior to the maturity date. An investment made pursuant to this section shall be made: with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; in a manner designed to reasonably match the anticipated cash flow of the State so that sufficient funds are available to pay obligations upon proper presentation for payment; so that a reasonable amount of cash or cash equivalents is available for unanticipated cash needs; with due regard for minimizing risk while maximizing return; using competitive purchasing practices except when impractical; in accordance with a written investment policy; so that the securities and collateral may continue to be priced on a market to market basis; and to avoid the enhancement of the personal financial position of the Treasurer or any employee of the Treasurer who has responsibilities for such investments. Consistent with minority business purchasing standards applicable to units of State government under this article and consistent with the fiduciary duties of the Treasurer, the Treasurer shall attempt to use to the greatest extent feasible minority business enterprises for brokerage and investment management services under this section. For purposes of this subsection, brokerage and investment management services shall include services relating to all allocated asset classes authorized in the regulations adopted under subsection (f) of this section. To assist the Treasurer in achieving the goal described under paragraph (1) of this subsection, the Treasurer shall undertake measures to remove any barriers that limit full participation by minority business enterprises in brokerage and investment management services opportunities afforded under this section. The measures undertaken by the Treasurer shall include the use of a wide variety of media, including the Treasurer’s website, to provide notice to a broad and varied range of potential providers about the brokerage and investment management services opportunities afforded by the Treasurer. In conjunction with the Governor’s Office of Small, Minority, and Women Business Affairs, the Treasurer shall develop guidelines to assist in identifying and evaluating qualified minority business enterprises in order to help the Treasurer achieve the objective for greater use of minority business enterprises for brokerage and investment management services under this section. On or before September 1 each year, the Treasurer shall submit a report to the Governor’s Office of Small, Minority, and Women Business Affairs and, subject to § 2–1257 of the State Government Article, the General Assembly on: the identity of the minority business enterprise brokerage and investment management services firms used by the Treasurer in the immediately preceding fiscal year; the percentage and dollar value of the assets under the custody of the Treasurer that are under the investment control of minority business enterprise brokerage and investment management services firms for each allocated asset class; and the measures the Treasurer undertook in the immediately preceding fiscal year in accordance with paragraph (2)(ii) of this subsection. The Treasurer shall adopt regulations that establish a State investment policy. The State investment policy shall specify: asset classes in which the Treasurer may invest or reinvest certain unexpended or surplus funds; and thresholds for the maximum investment in each asset class authorized under item (i) of this paragraph.