Section 652.20 - Eligible non-program investments(a) Eligible investments consist of:(1) A non-convertible senior debt security.(2) A money market instrument with a maturity of 1 year or less.(3) A portion of an ABS or MBS that is fully guaranteed by a U.S. Government agency.(4) A portion of an ABS or MBS that is fully and explicitly guaranteed as to the timely payment of principal and interest by a GSE.(5) The senior-most position of an ABS or MBS that is not fully guaranteed by a U.S. Government agency or fully and explicitly guaranteed as to the timely payment of principal and interest by a GSE, provided that the MBS satisfies the definition of "mortgage related security" in 15 U.S.C. 78c(a)(41) .(6) An obligation of an international or multilateral development bank in which the U.S. is a voting member.(7) Shares of a diversified investment fund, if its portfolio consists solely of securities that satisfy investments listed in paragraphs (b)(1) through (b)(3) of this section.(b) Farmer Mac may only purchase those eligible investments satisfying all of the following: (1) At a minimum, at least one obligor of the investment has a very strong capacity to meet financial commitments for the life of the investment, even under severely adverse or stressful conditions, and generally presents a very low risk of default. Investments whose obligors are located outside the U.S., and whose obligor capacity to meet financial commitments is being relied upon to satisfy this requirement, must also be fully guaranteed by a U.S. Government agency.(2) The investment must exhibit low credit risk and other risk characteristics consistent with the purpose or purposes for which it is held.(3) The investment must be denominated in U.S. dollars. 83 FR 55097 , Nov. 2, 2018