Ch. 664                                        1997 LAWS OF MARYLAND

a money market fund that are specified in, the Federal Investment Company Act of 1940,
15 U.S.C, § 80A-1 et seq., and the regulations adopted under that law]:

1.        GENERAL OBLIGATIONS OF OR OBLIGATIONS
GUARANTEED BY THE UNITED STATES OR THIS STATE;

2.        OTHER OBLIGATIONS OF THE UNITED STATES OR THIS
STATE OR OF ITS POLITICAL SUBDIVISIONS, AGENCIES, AUTHORITIES, OR
MUNICIPAL CORPORATIONS THAT ARE RATED IN ONE OF THE TWO HIGHEST
RATING CATEGORIES BY A NATIONALLY RECOGNIZED CREDIT RATING AGENCY; OR

3.        ANY OPEN END MANAGEMENT INVESTMENT COMPANY
OR INVESTMENT TRUST THAT IS REGISTERED UNDER THE FEDERAL INVESTMENT
COMPANY ACT OF 1940, 15 U.S.C. § 80A-1 ET SEQ., AND THAT:

A.       MEETS THE CRITERIA OF A MONEY MARKET FUND THAT
ARE SPECIFIED IN THE FEDERAL INVESTMENT COMPANY ACT AND THE
REGULATIONS ADOPTED UNDER THAT LAW; OR

B.        IN A PROSPECTUS FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION OF THE FEDERAL GOVERNMENT, STATES AS A PRINCIPAL
INVESTMENT OBJECTIVE LONG-TERM GROWTH OR CAPITAL APPRECIATION
THROUGH INVESTMENTS IN EQUITY SECURITIES.

(2)      If the trustee deposits the check in a financial institution under
paragraph (l)(i) of this subsection, the trustee may direct the financial institution to
invest or reinvest the proceeds of the check in a certificate of deposit or other interest
bearing account.

(3)     Deposits in a financial institution under paragraph (l)(i) of this
subsection may not exceed the amount of insurance provided for such deposits.

(4)     Investments [in money market funds under paragraph (1)(ii)] UNDER
PARAGRAPH (1)(II)3A AND B of this subsection may not exceed [25%] RESPECTIVELY
30% of trust assets at the time of the investment.

(4) INVESTMENTS IN MONEY MARKET FUNDS UNDER PARAGRAPH
(1)(II)3A OF THIS SUBSECTION, INVESTMENTS IN STOCK MUTUAL FUNDS UNDER
PARAGRAPH (1)(II)3B OF THIS SECTION. AND INVESTMENTS IN ANY COMBINATION
OF BOTH MONEY MARKET FUNDS AND STOCK MUTUAL FUNDS MAY NOT EXCEED
30% OF THE TRUST ASSETS AT THE TIME OF INVESTMENT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall apply to any
trust under § 13-404 of the Estates and Trust Article that is in existence on or after the
effective date of this Act.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1997.

Approved May 22, 1997.

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