USDM Reserves: Investment Mandate

REFERENCE AND ASSET VALUATION CURRENCY: USD

INVESTMENT DURATION: 12 months or less

PERMISSABLE INVESTMENTS

• Fixed Income Selection

• Fixed or Floating rate bonds denominated in USD

  • Final maturity limited to 397 days or less

  • Maintain a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less

  • Not acquire any security other than a daily liquid asset unless, immediately following such purchase, at least 10% of its total assets would be invested in daily liquid assets, and the Fund will not acquire any security other than a weekly liquid asset unless, immediately following such purchase, at least 30% of its total assets would be invested in weekly liquid assets

  • Mutual Funds; Index-tracking securities, including ETFs

  • Invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Treasury, and repurchase agreements secured by such obligations or cash.

    • Repurchase agreements

    • US Treasury Obligations

    • US Government risk Money Market Funds and ETFs

  • Invested in assets with 97% or more in Qualified Interest Income (QII), via RICs to avoid withholding tax for NRAs