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Investment Company Act of 1940 (15 U.S.C. Sec. 80a -1 et seq.) and whose fund has received the highest possible rating from S &P and at least one other Rating Agency. (7) Certificates of deposit issued by a nationally- or state - chartered bank or a state or federal association (as defined by Section 5102 of the California Financial Code) or by a state - licensed branch of a foreign bank, in each case which has, or which is a subsidiary of a parent company which has, obligations outstanding having a rating in the "A" category or better from S &P, (8) Pre - refunded mumicipal obligations rated "AAA" by S &P meeting the following requirements: (a) the municipal obligations are (i) not subject to redemption prior to maturity or (ii) the trustee for the municipal obligations has been given irrevocable instructions concerning their call and redemption and the issuer of the municipal obligations has covenanted not to redeem such municipal obligations other than as set forth in such instructions; (b) the municipal obligations are secured by cash or United States Treasury Obligations which may be applied only to payment of the principal of, interest and premium on such municipal obligations; (c) the principal of and interest on the United States Treasury Obligations (plus any cash in the escrow) has been verified by the report of independent certified public accountants to be sufficient to pay in full all principal o£, interest, and premium, if any, due and to become due on the municipal obligations ( "Verification "); (d) the cash or United States Treasury Obligations serving as security for the municipal obligations are held by an escrow agent or trustee in trust for owners of the municipal obligations; (e) no substitution of a United States Treasury Obligation shall be permitted except with another United States Treasury Obligation and upon delivery of a new Verification; and (f) the cash or United States Treasury Obligations.are not available to satisfy any other claims, including those by or against the trustee or escrow agent. (9) Repurchase agreements which have a maximum maturity of 30 days, or due on demand, and are fully secured at or greater than 102% of the market value plus accrued interest by obligations of the United States Government, its agencies and instrumentalities, in accordance with number (2) above. (10) Investment agreements and guaranteed investment contracts with issuers having a long -term debt rating of at least "AA -" by S &P. (11) Local Agency Investment Fund (established under Section 16429.1 of the California Government Code), provided that such investment is held in the name and to the 10 3 -28