|Liquidity Level||Instruments ||Discount (Multiply market value by)|
|Level 1 ||
- Cash, including cash due from traded but not yet settled debt
- Overnight money market instruments, including repurchase agreements secured exclusively by Level 1 investments
- Obligations of the United States with a final remaining maturity of 3 years or less
- Government-sponsored agency senior debt securities that mature within 60 days, excluding securities issued by the Farm Credit System
- Diversified investment funds comprised of cash, overnight money market funds, obligations of the United States, and Government-sponsored agency senior debt securities provided that such diversified investment funds meet the requirements of 17 CFR 270.2a-7(c)(2).
|Level 2 ||
- Additional Level 1 investments
- Obligations of the United States with a final remaining maturity of more than 3 years
- Mortgage-backed securities that are explicitly backed by the full faith and credit of the United States as to the timely payment of principal and interest.
- Diversified investment funds that qualify for Level 1 or are comprised exclusively of Level 2 instruments.
|Discount for each Level 1 investment applies|
|Level 3 ||
- Additional Level 1 or Level 2 investments
- Government-sponsored agency senior debt securities with maturities exceeding 60 days, excluding senior debt securities of the Farm Credit System
- Government-sponsored agency mortgage-backed securities that the timely repayment of principal and interest are not explicitly backed by the full faith and credit of the United States, excluding Farmer Mac mortgage-backed securities.
- Money market instruments maturing within 90 days
- Diversified investment funds comprised exclusively of levels 1, 2, and 3 instruments
- Qualifying securities backed by Farmer Mac program assets (loans) guaranteed by the United States Department of Agriculture (excluding the portion that would be necessary to satisfy obligations to creditors and equity holders in Farmer Mac II LLC).
|Discount for each Level 1 or Level 2 investment applies|
93 percent for all instruments in Level 3
- Eligible investments under § 652.20.
|90 percent except discounts for Level 1, 2 or 3 investments apply to such investments held as supplemental liquidity. |