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Federal Intermediate Credit Bank Debentures -The Federal Intermediate Credit Bank debentures • ranged in maturity from 1-9 months, and were issued every month. They usually were not as marketable as Treasury Bills, but usually carried a little higher interest rate. Twelve Federal Intermediate Credit Banks were created under the Federal Farm Loan Act of 1923 and provide funds for seasonal production processing, etc. The banks are under the supervision of the Farm Credit Association, which is under the direction of the Secretary of Agriculture (No new issues being issued.) Banks for Cooperatives -Debentures are issued for a maximum six month period. There are fewer of these types of issues than the other agency issues mentioned above. (No new issues being issued.) Federal Farm Credit System Wide Bonds -These new investments replace Federal Land Bank Notes and Bonds, Federal Intermediate Credit Bank debentures, and Banks for Cooperatives. Because of market conditions, the majority are used for short term periods, but may go up to three years. OTHER INVESTMENTS Shares in Investment Companies Whose Only Investments are United States Government and Agency Issues -Company must be registered under the Securities Act of 1933, whose shares are • registered under the Securities Act of 1940 (Mutual Funds) if the only investments of the Company are in obligations of the United States, or fully guaranteed by the United States or in obligations of Instrumentalities of the United States, such as those listed in Minnesota Statues 475.66. Funds Which the State Auditors Office has Indicated Meet State Investment Criteria - Franklin Custodian Funds, Inc., United States Government Security Series Lord Abbett, United States Government Securities Fund (Lord Abbett), State Bond United States Government Securities,Inc. Capital Alliance Bond Fund United States Government Portfolio, Fidelity Institutional Cash United States Government Portfolio. There may be additional funds which meet the State Auditor's criteria, which I do not have information on. If in doubt, contact the State Auditor's Office. Obligations of the State of Minnesota or Minnesota Municipalities -Obligations of the State of other Municipalities are rarely used, as the yield is usually less than on United States Government obligations, because of tax considerations. A City may invest idle funds in its own obligations, particularly in temporary improvement bonds authorized under the local improvement code Minnesota Statutes 429.091. These obligations must mature within three years. • 6