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(b) for such consideration as they may deem proper and as may be required by • <br /> Law, to subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, sell, assign, <br /> transfer, exchange, distribute or otherwise deal in or dispose of investment instruments as <br /> permitted by Law (the "Permitted Investments"). Permitted Investments include, without <br /> limitation, as of the date hereof, the following: <br /> (i) any security which is a direct obligation of or is guaranteed as to <br /> payment of principal and interest by the United States of America or any agency or <br /> instrumentality thereof; <br /> (ii) shares of an investment company (1) registered under the federal <br /> investment company act of 1940, whose shares are registered under the federal securities act of <br /> 1933, and (2) whose only investments are in securities described in the preceding clause and <br /> repurchase agreements fully collateralized by those securities, if the repurchase agreements are <br /> entered into only with those primary reporting dealers that report to the Federal Reserve Bank <br /> of New York and with the 100 largest United States commercial banks; <br /> (iii) any security which is a general obligation of the State of Minnesota <br /> or any of its municipalities; <br /> (iv) bankers acceptances of United States banks eligible for purchase by <br /> the Federal Reserve System; <br /> (v) commercial paper issued by United States corporations or their <br /> Canadian subsidiaries that is of the highest quality and matures in 270 days or less; <br /> (vi) deposits in a national bank or in a state bank or thrift institution <br /> insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance <br /> Corporation, provided that any such deposit shall be insured, bonded or collateralized in the <br /> manner required by Law and that any such bank or thrift institution shall meet criteria designated <br /> from time to time by the Trustees; <br /> (vii) repurchase agreements (a) with any bank qualified as a depository of <br /> money held in the debt service fund of a municipality of the State of Minnesota or (b) with any <br /> national or state bank in the United States of America which is a member of the Federal Reserve <br /> System and whose combined capital and surplus equals or exceeds $10,000,000 or (c) with a <br /> Primary Reporting Dealer in United States Government Securities to the Federal Reserve Bank <br /> of New York as such term is defined in Minnesota Statutes, Section 475.5 1, Subdivision 11 or <br /> (d) a securities broker-dealer having its principal executive office in Minnesota, licensed <br /> pursuant to Chapter 80A or an affiliate of it, regulated by the Securities and Exchange <br /> Commission and maintaining a combined capital and surplus of$40,000,000 or more, exclusive <br /> of subordinated debt; and <br /> 6 • <br />