Moneys invested as permitted by §8-22-11 of this code are subject to the restrictions and conditions contained in this section:

1. (1) At no time may more than 75 percent of the portfolio of either fund be invested in securities described in §8-22-11(7) of this code;
2. (2) At no time may more than 20 percent of the portfolio of either fund be invested in securities described in §8-22-11(7) of this code which mature within one year from the date of issuance thereof;
3. (3) At no time may more than nine percent of the portfolio be invested in securities issued by a single private corporation or association; and
4. (4) At no time may more than 60 percent of the portfolio be invested in equity mutual funds under §8-22-11(10) of this code.