definiens: means, as at any date, ( a ) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof ( provided, that, the full faith an d credit of the United States is pledged in support thereof ) having maturities of not more than twelve months from the date of acquisition, ( b ) Dollar denominated time deposits and certificates of deposit of ( i ) any domestic commercial bank of recognized s tanding having capital and surplus in excess of $ 500,000,000 or ( ii ) any bank whose short -term commercial paper rating from S&P is at least A -1 or the equivalent thereof or from Moody ’s is at least P -1 or the equivalent thereof ( any such bank being an ), in each case with maturities of not more than 365 days from the date of acquisition, ( c ) commercial paper and variable or fixed rate notes issued by any Approved Bank ( or by the parent company thereof ) or any variable rate notes issued by, or guaranteed by, any domestic corporation rated A -1 ( or the equivalent thereof ) or better by S&P or P -1 ( or the equivalent thereof ) or better by Moody ’s and maturing within twelve months of the date of acquisition, ( d ) repurchase agreements entered into -4- by any Person with a bank or trust company or recognized securities dealer having capital and surplus in excess of $ 500,000,000 for direct obligations issued by or fully guaranteed by the United States in which such Person shall have a perfected fir st priority security interest ( subject to no other Liens ) and having, on the date of purchase thereof, a fair market value of at least 100 % of the amount of the repurchase obligations and ( e ) Investments, classified in accordance with GAAP as current asset s, in money market investment programs registered under the Investment Company Act of 1940 which are administered by reputable financial institutions having capital of at least $ 500,000,000 and the portfolios of which are limited to Investments of the char acter described in the foregoing subdivisions ( a ) through ( d )