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2 . Direct obligations of the United States Treasury including bills, notes, <br /> bonds and various forms of Treasury zero-coupon securities . <br /> I Any authorized investments purchased by or through the State Board of <br /> Administration or the Office of the State Treasurer and held on behalf of the Master Trust <br /> Fund in a commingled pool or separate account. <br /> 4 . Commercial paper issued in the United States by any corporation, provided <br /> that such instrument carries a rating of A 1 /P 1 (or comparable rating) as provided by two of <br /> the top nationally recognized statistical rating organization; and that the corporation' s long <br /> term debt, if any, is rated at least Al /A+ by a nationally recognized statistical rating <br /> organization or, if backed by a letter of credit ("LOC"), the long term debt of the LOC <br /> provider must be rated at least AA (or a comparable rating) by at least two of the nationally <br /> recognized statistical rating agencies publishing ratings for financial institutions. The <br /> maximum maturity shall not exceed 270 days from the time of purchase . <br /> 5 . Banker' s acceptances issued within the U . S . by institutions with a long term <br /> debt rating of at least AA or short term debt rating of PI (or comparable ratings), as <br /> provided by one nationally recognized statistical rating organization. Exceptions to the <br /> above may be approved by the Administrator from time to time and reported to the Master <br /> Trustees . The invested account of a Manager may own no more than 5% of the portfolio in <br /> banker ' s acceptances issued by any one depository institution at one time . Maximum <br /> maturity shall not exceed 270 days from the time of purchase . <br /> 6 . Nonnegotiable Certificates of Deposit issued by Florida Qualified Public <br /> Depositories as identified by the State Treasurer' s office and/or negotiable certificates of <br /> deposit issued in U . S . dollars by institutions , provided such institution carries a short term <br /> rating of at least Al /P1 (or comparable rating) and a long term rating of a least A (or <br /> comparable rating) as provided by two of the top nationally recognized rating agencies . <br /> The invested account of a Manager may own no more than $5 ,000,000 in certificates of <br /> any one depository institution at one time . Maximum maturity on any certificate shall be 2 <br /> years. <br /> 7 . Obligations of the agencies or instrumentalities of the federal government, <br /> including, but not limited to, the Federal Home Loan Mortgage Corporation, Federal <br /> National Mortgage Association, Federal Home Loan Banks, Federal Farm Credit Banks , <br /> Student Loan Marketing Association and the Resolution Master Trust Funding <br /> Corporation. <br /> 8 . Money market mutual master trust funds as defined and regulated by the <br /> Securities Exchange Commission. Money market master trust funds will be limited to <br /> monies held by trustees, paying agents, safekeeping agents, etc . as a temporary investment <br /> to facilitate relationships as delineated above . <br /> 9 . Mortgage obligations guaranteed by the United States government and <br /> sponsored agencies or instrumentalities including but not limited to the Government <br /> National Mortgage Association, the Federal National Mortgage Association and the <br /> Federal Home Loan Mortgage Corporation. Mortgage-backed securities, including <br /> Page 8 of 19 <br /> Revised June 1 , 2007 <br />