Common use of Investment Instruments Clause in Contracts

Investment Instruments. The following investment instruments are approved for use with the knowledge that the "Prudent Investor Rule" suggests that no particular kind of property or type of investment is inherently imprudent. It is the trustee's task to invest at a risk level that is suitable to the purposes of the trust. • Direct obligations of the U.S. Government; • Obligations backed by the full faith and credit of the United States Government; • Obligations of agencies and instrumentalities of the United States Government rated in the highest rating category by a nationally recognized rating agency; • Federally insured Certificates of Deposit, money market accounts, and/or other interest bearing accounts at commercial banks or savings & loan institutions whose Standard & Poors (S&P) long term issuer credit rating is ‘A’ or better. The amount invested in any one institution will be limited to 95% of the FDIC (if applicable) insurance coverage; • Bankers’ acceptances rated in the highest rating tier by a nationally recognized rating agency; • Commercial paper rated in the highest rating tier by a nationally recognized rating agency with not more than 5% with any one issuer and not more than 35% total. In the event the commercial paper is secured with assets, only those backed by the full faith of the US Government are permitted; • Obligations of state and local governments and public authorities rated in the two highest rating tiers by a nationally recognized rating agency; • Money market mutual funds regulated by the Securities and Exchange Commission and whose portfolios consist only of dollar-denominated securities with not more than 20% in any one fund; • Repurchase agreements collateralized daily at 102% whose underlying purchased securities consist only of the instruments listed in the categories above; • Without limiting the foregoing, any investments authorized under Section 218.415(16), Florida Statutes. The Trust may participate in a securities lending program approved by the Board of Trustees. Investment activity in the following are prohibited: • Short sales; • Margin transactions; • Commodity or future contracts; • Venture capital, private placements or initial public offerings; • Option trading; and, • Derivative transactions.

Investment Instruments. The following investment instruments are approved for use with the knowledge that the "Prudent Investor Rule" suggests that no particular kind of property or type of investment is inherently imprudent. It is the trustee's task to invest at a risk level that is suitable to the purposes of the trust. •  Direct obligations of the U.S. Government; •  Obligations backed by the full faith and credit of the United States Government; •  Obligations of agencies and instrumentalities of the United States Government rated in the highest rating category by a nationally recognized rating agency; •  Federally insured Certificates of Deposit, money market accounts, and/or other interest bearing accounts at commercial banks or savings & loan institutions whose Standard & Poors (S&P) long term issuer credit rating is ‘A’ or better. The amount invested in any one institution will be limited to 95% of the FDIC (if applicable) insurance coverage; •  Bankers’ acceptances rated in the highest rating tier by a nationally recognized rating agency; •  Commercial paper rated in the highest rating tier by a nationally recognized rating agency with not more than 5% with any one issuer and not more than 35% total. In the event the commercial paper is secured with assets, only those backed by the full faith of the US Government are permitted; •  Obligations of state and local governments and public authorities rated in the two highest rating tiers by a nationally recognized rating agency; •  Money market mutual funds regulated by the Securities and Exchange Commission and whose portfolios consist only of dollar-denominated securities with not more than 20% in any one fund; •  Repurchase agreements collateralized daily at 102% whose underlying purchased securities consist only of the instruments listed in the categories above; •  Without limiting the foregoing, any investments authorized under Section 218.415(16), Florida Statutes. The Trust may participate in a securities lending program approved by the Board of Trustees. Investment activity in the following are prohibited: •  Short sales; •  Margin transactions; •  Commodity or future contracts; •  Venture capital, private placements or initial public offerings; •  Option trading; and, •  Derivative transactions.