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<br />4. Maturity Limitations <br /> <br />a. A maximum of 50% of the portfolio may be invested <br />with a maximum maturity of 5 years from date of <br />purchase. <br /> <br />E. Government Sponsored Enterprises <br /> <br />II.Authority to Purchase <br /> <br />Securities include but are not limited to obligations of the: <br /> <br />2 Federal National Mortgage Association (FNMA) <br />3 Federal Farm Credit Banks (FFCB) <br />4 Federal Home Loan Bank or its District Banks <br />(FHLB) <br />5 Federal Home Loan Mortgage Corporation (Freddie- <br />Macs) <br />6 Federal Home Loan Mortgage Corporation <br />paIiici pation certi ficates <br /> <br />12.Portfolio Composition <br /> <br />The portfolio may be comprised of 100% Government <br />Sponsored Enterprises Federal Instruments. <br /> <br />I3.Limits on Individual Issuers <br /> <br />A maximum expected average life for an investment in any <br />government Sponsored Enterprise is five (5) years for <br />fixed rate securities and five (5) years for variable rate <br />securities. <br /> <br />INTERFUND LOANS OR TRANSFERS <br /> <br />Nothing in the Investment Policy prohibits any interfund transfers or loans to <br />the extent otherwise permitted by law. Such interfund transfers or loans shall <br />not be governed by this Investment Policy. <br /> <br />Page 8 of 12 <br />