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<br />JUL-08-1999 THU 11:00 AM CRETEX PURCHASING <br /> <br />12. DIVERSIFICA TIONIMA TURITlES <br />The ERFDRA portfolio will consist of a diverse range of investments which will be held <br />until maturity unless an emergency or other situation arises in which it would be in the best <br />interest ofERFDY A to sell an investment prior to maturity. <br /> <br />....._---1-.'-.,..-.-.-.__ _ ._.._____, ........_. <br />.~.... ........... .--. --=::::0:.......__.- <br /> <br />/'/'12.1 SPECIAL FUND ALLOCA TrONS ." ..- -. -...... ------..... <br />//- Funds will be invested using the following guidelines: ............... <br />· A minimum of 25% and a maximum of 50% in non-fluctuating share value <br />investments. At least $50,000 should be in a savings, money market or othe <br />liquid cash account. <br />· Zero to 60% in bond mutual funds. <br />· Zero to 60% in stock mutual funds of which no more than 35% may be <br />invested in stock mutual funds which are not managed by the State aoard of <br />Investment. <br />· Zero to 5% in real estate funds. <br /> <br />"" <br /> <br />. <br /> <br />. <br /> <br /> <br />l <br />1 - <br /> <br />. <br /> <br />FAX NO. 6122418210 p, 10/12 <br />I-f 1~ t'V1 <.fJ...fJ-r L. <br /> <br />ERFDRA. All financial institutions shall agree to undertake reasonable efforts to preclude <br />ir?prudent transactions involving the ERFDRA's funds. . <br /> <br />11. INSTRUMENTS <br />Appendix A provides a listing of investments pennissible by Minnesota Statutes for relief <br />assodations.' . . <br /> <br />ERFDRA will not invest in any mortgage or mortgage related security unless a return of <br />principal is completely guaranteed by a federal entity. <br /> <br /> <br />. . <br /> <br />0.,,, /.. <br />.~, . <br />12."2-~MATURtTY CONSIDERATIONS /...-/ <br />In establishrnga-sp-etific-diversification"strategy,-the- foUowing..gener.al,palicies 'and <br />constraints shaH apply: <br /> <br />Portfolio maturities shall be staggered to avoid undue concentration of assets <br />in a specific maturity sector. The maturities selected shall provide for stability <br />of income and reasonable liquidity. <br /> <br />Section 12.1 revised FebruaIy 25, 1999. <br /> <br />s:\fulatlcc\frinvpol. doc <br /> <br />3 <br /> <br />