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• c) will have an estimated change in price of more than 17 percent as the <br /> result of an immediate and sustained parallel shift in the yield curve <br /> of plus or minus 300 basis points. <br /> C. Shares of an investment company registered under the Federal Investment <br /> company Act of 1940, whose shares are registered under the Federal Securities Act <br /> of 1933, and whose only investments are in: <br /> 1) securities described in "B" above, (with the exception that "high-risk" mortgage- <br /> backed securities are permissible investments for an investment company), <br /> 2) general obligation tax-exempt securities rated A or better by a national bond <br /> rating service, and <br /> 3) repurchase or reverse repurchase agreements fully collateralized by securities <br /> described above if the agreements are only entered into with an entity which is: <br /> a) a primary reporting dealer to the Federal Reserve Bank of New York, <br /> 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, 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 Agency) <br /> that are rated "AA" or better by a national bond rating service. <br /> E. Banker's acceptances of United States Corporation or their Canadian subsidiaries <br /> that is rated "Al" by Moody's Investors Service and/or P1 by Standard and Poor's <br /> Corporation and matures in 270 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 "P1" 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 States <br /> commercial bank or domestic branch of a foreign bank or a United States <br /> insurance company or its Canadian or United States subsidiary provided it ranks <br /> • <br /> 3 <br />