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C. Shares of an investment company registered under the Federal Investment <br /> 11111 company Act of 1940, whose shares are registered under the Federal <br /> Securities Act of 1933, and whose only investments are in: <br /> 1) securities described in "B" above, (with the exception that "high-risk" <br /> mortgage-backed securities are permissible investments for an <br /> investment company), <br /> 2) general obligation tax-exempt securities rated A or better by a national <br /> bond rating service, and <br /> 3) repurchase or reverse repurchase agreements fully collateralized by <br /> securities described above if the agreements are only entered into with <br /> an entity which is: <br /> a) a primary reporting dealer to the Federal Reserve Bank of New <br /> York, or <br /> b) one of the 100 largest U.S. commercial banks. <br /> D. State and local government obligation as follows: <br /> 1) an obligation of the State of Minnesota or any of its municipalities, <br /> 2) obligation of other state and local governments: <br /> a) that have taxing power, and <br /> b) are rated "A" or better by a national bond rating service. <br /> 3) general obligations of the Minnesota Housing Finance Agency that are <br /> rated"A"or better by a national agency. <br /> • 4) General obligations of housing finance agencies of other states, <br /> provided: <br /> a) they include a moral obligation of the state, and <br /> b) they are rated "A" or better by a national bond rating service, <br /> 5) general of revenue obligation of any agency or authority of the State of <br /> Minnesota other than those found in 3 or 4 above (Housing finance <br /> Agency)that are rated "AA" or better by a national bond rating service. <br /> E. Banker's acceptances of United States Corporation or their Canadian <br /> subsidiaries that is rated "Al" by Moody's Investors Service and/or P1 by <br /> Standard and Poor's Corporation and matures in 27o days or less. <br /> F. Commercial paper issued by United States corporations or their Canadian <br /> subsidiaries that is rated "Al" by Moody's Investors Service and/or"Pi"by <br /> Standard and Poor's Corporation and matures in 270 days or less <br /> G. Guaranteed investment contact (gic) issued or guaranteed by a United <br /> States commercial bank or domestic branch of a foreign bank or a United <br /> States insurance company or its Canadian or United States subsidiary <br /> provided it ranks on a parity with the senior unsecured debt obligations of <br /> the issuer or guarantor.And <br /> 1) if it is a long-term gic, either: <br /> • <br /> 3 <br />