Alaska Administrative Code › Title 15 - Revenue › Chapter 137 - Receipt, Custody, Investment, and Management of State Funds › Article 3 - Alaska Permanent Fund Corporation Investment Activities › 15 AAC 137.430 - Fixed-income investments

Current through May 31, 2024
(a) The assets of
				the permanent fund may be invested in the following fixed-income investments:
(1) obligations of, or obligations insured by
				or guaranteed by, the United States or agencies or instrumentalities of the
				United States;
(2) obligations
				secured by reserves paid in by the United States or agencies or
				instrumentalities of the United States or obligations of corporations in which
				the United States is a shareholder or member;
(3) certificates of deposit and term deposits
				of United States domestic banks that are members of the Federal Deposit
				Insurance Corporation and that may be readily sold in a secondary market at
				prices reflecting fair value or that are fully secured at all times as to
				payment of principal and interest as described in (b) of this
				section;
(4) certificates of
				deposit and term deposits of federally chartered savings and loan associations
				in the state that are fully secured at all times as to payments of principal
				and interest as described in (b) of this section;
(5) certificates of deposit and term deposits
				of mutual savings banks in the state that are fully secured at all times as to
				payments of principal and interest as described in (b) of this
				section;
(6) fixed-term
				certificates of indebtedness of federally insured credit unions in the state
				that are fully secured at all times as to payments of principal and interest as
				described in (b) of this section;
(7) debt instruments that have been issued by
				domestic entities and that are rated investment grade, or debt instruments of
				comparable quality issued by nondomestic entities;
(8) debt instruments that have been issued by
				domestic or nondomestic entities that are rated below investment grade or are
				unrated;
(9) short-term
(A) promissory notes that have been issued by
				domestic entities and that are rated investment grade; or
(B) promissory notes of comparable quality
				issued by nondomestic entities;
(10) short-term promissory notes that have
				been issued by domestic or nondomestic entities that are rated below investment
				grade or are unrated;
(11) bankers'
				acceptances drawn on and accepted by United States banks each of which has a
				combined capital and surplus aggregating at least $200,000,000;
(12) repurchase agreements and reverse
				repurchase agreements, the securities underlying the agreements being any of
				the items listed in (1) - (6) of this subsection;
(13) the portions of business and industrial
				loans made under the Rural Development Act of 1972 that are guaranteed by the
				Farmers Home Administration;
(14)
				the guaranteed portion of Farmers Home Administration loans;
(15) certificates of deposit, term deposits,
				or bankers' acceptances, that are issued by a United States or nondomestic bank
				or trust company located outside of the United States and are denominated in
				United States or nondomestic currency if either
(A) those instruments may be readily sold in
				a secondary market at prices reflecting fair value; or
(B) the issuing bank or trust company has
				capital, surplus, and retained earnings at the date of issue equaling at least
				$500,000,000;
(16)
				securities of nondomestic governments and nondomestic government agencies, the
				principal of, or interest on, which is payable in either United States dollars
				or nondomestic currencies;
(17)
				taxable or tax-exempt municipal or state debt instruments whether supported by
				revenues, general obligations, or guarantees;
(18) shares in a money market, exchange
				traded fund (ETF), or short-term investment fund that has either collateral
				securities of a type authorized elsewhere in this section as acceptable
				collateral or securities of similar quality to those authorized elsewhere in
				this section as acceptable collateral;
(19) fixed-income derivatives, including
				forwards, futures, options, collateralized securities, structured notes, and
				swaps, including credit default swaps;
(20) debt instruments issued by an investment
				entity described in
				15 AAC 137.450(a)(1)(B).