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<br />d. Broker/dealers must have short-term. unsecured debt ratings of "A I" by <br />Standard & Poor's Corporation ("S&P") or "PI" by Moody's Investors Service. <br />Inc. ("Moody's"). <br /> <br />. <br /> <br />2. Banks: <br /> <br />a. The Funds may only enter into repurchase agreements with banks whose <br />short-term. unsecured debt is rated '.A 1" by S&P or "P I" by Moody's. <br /> <br />b. The Funds may only enter into repurchase agreements with banks that <br />are among the 100 largest United States commercial banks. <br /> <br />(g) Any other investment instruments now or hereafter designated as a Permitted Investment <br />under applicable law. <br /> <br />Investment Restrictions <br /> <br />Each Fund may buy and sell, and enter into agreements to buy and sell Permitted Investments <br />subject to the restrictions described below. These restrictions are considered to be fundamental to the <br />operation and activities of each Fund and may not be changed without the affirmative vote of a majority <br />of the Panicipants. Each Fund: <br /> <br />(a) May not make any investment other than a Permitted Investment; <br /> <br />(b) May not purchase any Permitted Investment which has a maturity date more than one <br />year from the date of purchase, unless it is subject at the time of purchase to an irrevocable <br />agreement on the pan of a responsible party to repurchase it from the Fund within one year, <br /> <br />. <br /> <br />(c) May not purchase any Permitted Investment if the effect of such purchase would result in <br />the Fund's portfolio weighted average maturity to exceed ninety days (however, in determining <br />the effect of a purchase on the average portfolio maturity, any Permitted Investment which is <br />subject to an irrevocable agreement of the nature referred to in the preceding clause (b) is <br />deemed to mature on the day on which the Fund is obligated to sell such Permitted Investment <br />back to the responsible party); <br /> <br />(d) May not borrow money or incur indebtedness whether or not the proceeds thereof are <br />intended to be used to purchase Permitted Investment, except as a temporary measure to facilitate <br />withdrawal requests which might otherwise require unscheduled disposition of portfolio <br />investments; and <br /> <br />(e) May not purchase securities or shares of investment companies or any entities similar to <br />either Fund. <br /> <br />. <br /> <br />-5- <br />