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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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6/20/2007
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• <br /> 2. Banks: <br /> a. The Funds may only enter into repurchase agreements with banks whose <br /> short-term,unsecured debt is rated"Al"by S&P or"P1"by Moody's. <br /> b. The Funds may only enter into repurchase agreements with banks that <br /> are among the 100 largest United States commercial banks. <br /> (g) Any other investment instruments now or hereafter designated as a Permitted Investment <br /> under applicable law. <br /> Investment Restrictions <br /> Each Fund may buy and sell, and enter into agreements to buy and sell Permitted Investments <br /> subject to the restrictions described below. These restrictions are considered to be fundamental to the <br /> operation and activities of each Fund and may not be changed without the affirmative vote of a majority <br /> of the Participants. Each Fund: <br /> (a) May not make any investment other than a Permitted Investment; <br /> (b) May not purchase any Permitted Investment which has a maturity date more than 397 <br /> days from the date of purchase, unless it is subject at the time of purchase to an irrevocable <br /> agreement on the part of a responsible party to repurchase it from the Fund within 397 days; <br /> (c) May not purchase any Permitted Investment if the effect of such purchase would result in IIIIII <br /> the Fund's portfolio weighted average maturity to exceed ninety days (in determining the effect <br /> of a purchase on the average portfolio maturity, any Permitted Investment which is subject to an <br /> irrevocable agreement of the nature referred to in the preceding clause(b)is deemed to mature on <br /> the day on which the Fund is obligated to sell such Permitted Investment back to the responsible <br /> party); <br /> (d) May not borrow money or incur indebtedness whether or not the proceeds thereof are <br /> intended to be used to purchase Permitted Investment,except as a temporary measure to facilitate <br /> withdrawal requests which might otherwise require unscheduled disposition of portfolio <br /> investments; and <br /> (e) May not purchase securities or shares of investment companies or any entities similar to <br /> either Fund. <br /> III <br /> -5- <br />
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