· Bankers acceptances None One of the two highest Issued by a depository institution None · Commercial paper 270 days Highest None None · Non-callable Term Federal funds and Eurodollar time deposits 100 days Highest None 20% · Master notes 270 days Highest None 20% · Repurchase agreements collateralized by eligible investments or marketable securities rated in the highest credit rating category by an NRSRO 100 days NA None None (5) Mortgage Securities · Issued or guaranteed by the United States None NA None None · Fannie Mae or Freddie Mac mortgage securities None NA None 50% · Non-Agency securities that comply 15 U.S.C. 77d(5) or 15 U.S.C. 78c(a)(41) None Highest None 15% · Commercial securities None Highest · Security must be backed by a minimum of 100 loans. · Loans from a single mortgagor cannot exceed 5% of the pool · Pool must be geographically diversified pursuant to the board's policy. (6) Asset-Backed Securities secured by: · Credit card receivables · Automobile loans · Home equity loans · Wholesale automobile dealer loans · Student loans · Equipment loans None Highest 5-year WAL for fixed rate or floating rate ABS at their contractual interest rate caps 7-year WAL for floating rate ABS that remain below their 20%
· Manufactured housing loans contractual interest rate cap (7) Corporate Debt Securities 5 years One of the two highest Cannot be convertible to equity securities 20% (8) Diversified Investment Funds Shares of an investment company registered under section 8 of the Investment Company Act of 1940 NA NA The portfolio of the investment company must consist solely of eligible investments authorized by and . The investment company’s risk and return objectives and use of derivatives must be consistent with FCA guidance and your investment policies. None, if your shares in each investment company comprise 10% or less of your portfolio. Otherwise counts toward limit for each type of investment. (b) Rating of foreign countries. Whenever the obligor or issuer of an eligible investment is located outside the United States, the host country must maintain the highest sovereign rating for political and economic stability by an NRSRO. (c) Marketable securities. All eligible investments, except money market instruments, must be marketable. An eligible investment is marketable if you can sell it quickly at a price that closely reflects its fair value in an active and universally recognized secondary market. (d) Obligor limits. (1) You may not invest more than 20 percent of your total capital in eligible investments issued by any single institution, issuer, or obligor. This obligor limit does not apply to obligations, including mortgage securities, that are issued or guaranteed as to interest and principal by the United States, its agencies, instrumentalities, or corporations. (2) Obligor limits for your holdings in an investment company. You must count securities that you hold through an investment company towards the obligor limit of this section unless the investment company's holdings of the security of any one issuer do not exceed five (5) percent of the investment company’s total portfolio. (e) Other investments approved by the FCA. You may purchase and hold other investments that we approve. Your request for our approval must explain the risk characteristics of the investment and your purpose and objectives for making the investment. [, as amended at ]