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d. Broker/dealers must have short-term, unsecured debt ratings of"Al" by <br /> Standard & Poor's Corporation ("S&P") or "Pl" by Moody's Investors Service, • <br /> Inc. ("Moody's"). <br /> 2. Banks: <br /> a. The Funds may only enter into repurchase agreements with banks whose <br /> short-term, unsecured debt is rated "Al"by S&P or"P1"by Moody's. <br /> b. The Funds may only enter into repurchase agreements with banks that <br /> are among the 100 largest United States commercial banks. <br /> (g) Any other investment instruments now or hereafter designated as a Permitted Investment <br /> under applicable law. <br /> Investment Restrictions <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 Participants. Each Fund: <br /> (a) May not make any investment other than a Permitted Investment; <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 part of a responsible party to repurchase it from the Fund within one year; <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 /> (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 /> (e) May not purchase securities or shares of investment companies or any entities similar to <br /> either Fund. <br /> • <br /> -5- <br />