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<br />ii) will shorten by more than six years as the result of an immediate <br />and sustained parallel shift in the yield curve of minus 300 basis <br />points; or <br />c) will have an estimated change in price of more than 17 percent as the result <br />of an immediate and sustained parallel shift in the yield curve of plus or <br />minus 300 basis points. <br /> <br />C. Minnesota Joint Powers Investment Trust <br /> <br />Agreements or Contracts for shares of a Minnesota joint powers investment trust whose <br /> <br />investments are restricted to securities authorized for investment by the government entity <br /> <br />and shares of an investment company registered under the Federal Investment Company Act <br /> <br />of 1940, whose shares are registered under the Federal Securities Act of 1933, as long as the <br /> <br />investment company's fund receives the highest credit rating and is rated in one of the two <br /> <br />highest risk rating categories by at least one nationally recognized statistical rating <br /> <br />organization and is invested in financial instruments with a final maturity of no longer than <br /> <br />13 months. <br /> <br />D. State and Local Securities <br /> <br />State and local government obligations as follows: <br /> <br />1.) any security which is a general obligation of any state or local government with <br /> <br />taxing powers which is rated "A" or better by a national bond rating service; <br /> <br />2.) any security which is a revenue obligation of any state or local government with <br /> <br />taxing powers which is rated "AA" or better by a national bond rating service; and, <br /> <br />3.) a general obligation of the Minnesota Housing Finance Agency which is a moral <br /> <br />obligation of the State of Minnesota and is rated "A" or better by a national bond <br /> <br />rating service. <br /> <br />E. Commercial Paper <br />Commercial paper issued by United States corporations or their Canadian subsidiaries that is <br />rated in the highest quality category (e.g.. A-I. P-I. F-I.or D-1 or higher) by at least two <br />nationally recognized rating agencies and matures in 270 days or less. <br /> <br />F. Time Deposits <br /> <br />Time deposits that are fully insured by the Federal Deposit Insurance Corporation. Bankers <br /> <br />acceptances of United States banks. <br /> <br />C: \Documents and Settings \ tallard\Local Settings \ Temporary Internet Files \ OLKF\Investment Policy Update.doc <br />