06-20-07 FPAC Minutes - Laserfiche WebLink

Home Browse Search

• 2. Banks: a. The Funds may only enter into repurchase agreements with banks whose short-term,unsecured debt is rated"Al"by S&P or"P1"by Moody's. b. The Funds may only enter into repurchase agreements with banks that are among the 100 largest United States commercial banks. (g) Any other investment instruments now or hereafter designated as a Permitted Investment under applicable law. Investment Restrictions Each Fund may buy and sell, and enter into agreements to buy and sell Permitted Investments subject to the restrictions described below. These restrictions are considered to be fundamental to the operation and activities of each Fund and may not be changed without the affirmative vote of a majority of the Participants. Each Fund: (a) May not make any investment other than a Permitted Investment; (b) May not purchase any Permitted Investment which has a maturity date more than 397 days from the date of purchase, unless it is subject at the time of purchase to an irrevocable agreement on the part of a responsible party to repurchase it from the Fund within 397 days; (c) May not purchase any Permitted Investment if the effect of such purchase would result in IIIIII the Fund's portfolio weighted average maturity to exceed ninety days (in determining the effect of a purchase on the average portfolio maturity, any Permitted Investment which is subject to an irrevocable agreement of the nature referred to in the preceding clause(b)is deemed to mature on the day on which the Fund is obligated to sell such Permitted Investment back to the responsible party); (d) May not borrow money or incur indebtedness whether or not the proceeds thereof are intended to be used to purchase Permitted Investment,except as a temporary measure to facilitate withdrawal requests which might otherwise require unscheduled disposition of portfolio investments; and (e) May not purchase securities or shares of investment companies or any entities similar to either Fund. III -5-