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mortgage-pass through securities and collateralized mortgage obligations ("CMOs") issued, <br /> guaranteed or backed by an agency or instrumentality of the federal government or other <br /> mortgage securities including CMOs rated AAA or equivalent by a nationally recognized <br /> statistical rating organization. Derivative mortgage securities, such as interest only , <br /> principal only , residuals and inverse floaters are prohibited. <br /> 10 . Corporate fixed income securities issued by any corporation in the United <br /> States with any A rating or better. A Manager may hold no more than 3 % of the invested <br /> account in any one corporation at the time of purchase . <br /> 11 . Asset-backed securities issued in the United States. <br /> 12 . Securities of state, municipal and county governments or their public <br /> agencies, which are rated A or better by a nationally recognized statistical rating <br /> organization. <br /> 13 . Commingled governmental investment trusts, no-load investment master <br /> trust funds, or no-load mutual master trust funds in which all securities held by the trusts or <br /> master trust funds are authorized investments as provided herein or as may be approved by <br /> the Master Trustees . <br /> 14 . Guaranteed investment contracts ("GIC' s") with insurance companies rated <br /> in the highest category by AM Best Rating System or a comparable nationally recognized <br /> statistical rating organization. <br /> 15 . Investment agreements with other financial institutions . If collateralized, <br /> the collateral securing the investment agreement shall be limited to those securities <br /> authorized for purchase by this investment policy. The invested account of a Manager may <br /> own, at one time, no more than $ 10,000 ,000 in investment agreements from any one <br /> financial institution. Investment agreements are obligations of financials institutions <br /> typically bearing a fixed rate of interest and having a fixed maturity date . Investment <br /> agreements are privately negotiated and illiquid. <br /> 16 . Equity assets, including common stock, preferred stock and interest bearing <br /> obligations having an option to convert into common stock. <br /> 17 . Securities lending with approved dealers and custodians . <br /> 18 Florida Municipal Investment Trust (FMIvT) Portfolios . <br /> E. Valuation of Illiquid Investments. If illiquid investments for which a generally <br /> recognized market is not available or for which there is no consistent or generally accepted <br /> pricing mechanism, the criteria set forth in Section 215 .47(6) , Florida Statutes, shall apply, <br /> except that submission to an Investment Advisory Council is not required . For each plan year <br /> (defined benefit plans only) the Master Trustees must verify the determination of the fair market <br /> value for those investments and ascertain that the determination complies with all applicable <br /> state and federal requirements . The Master Trustees shall disclose to the Department of <br /> Management Services and the Administrator each such investment for which the fair market <br /> value is not provided. <br /> Page 9 of 19 <br /> Revised June 1 , 2007 <br />