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Sector Allocations Individual <br />Issue <br />Security Minimum Maximum Fund Limit <br />H. Prime commercial paper None 10% 5% <br />Prime commercial paper. For the purposes <br />of this Section "prime" commercial papers <br />means Commercial paper that has <br />received a Standard & Poor's rating of at <br />least "A-1" or Moody's rating of at least <br />"Prime 1" <br />I. Collateralized mortgage obligations None 10% 5% <br />Collateralized Mortgage Obligations <br />(CMG's) backed by an agency of the U. S. <br />Government but Restricted to those issues <br />which meet all of the Following criteria <br />1.) A <br />11 issues must be backed by securities issued by the <br />Government National Mortgage Association, The <br />Federal Home Loan Mortgage Corporation (FHLMC), <br />Or the Federal National Mortgage Association <br />(FNMA). <br />2.) A <br />11 issues must pass the Federal Financial Institutions <br />Examination Council(FFIEC) High Risk Security Test <br />at the time of purchase and on an annual basis. Any <br />CMO issue held in the investment Manager's portfolio <br />that fails the FFIEC test shall be sold at the earliest <br />beneficial opportunity. <br />J. Fixed income or money market mutual/trust funds None 25% 15% <br />Fixed income or money market <br />mutual/trust funds comprised of only <br />those investment instruments authorized <br />herein. <br />7 <br />