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EXHIBIT E <br /> PERMITTED INVESTMENTS <br /> I. Direct obligations of the United States of America and securities fully and unconditionally <br /> guaranteed as to the timely payment of principal and interest by the United States of <br /> America ("U.S. Government Securities"). <br /> 2. Direct obligations* of the following federal agencies which are fully guaranteed by the full <br /> faith and credit of the United States of America: <br /> (a) Export-Import Bank of the United States—Direct obligations and fully guaranteed <br /> certificates of beneficial interest <br /> (b) Federal Housing Administration—debentures <br /> (c) General Services Administration—participation certificates <br /> (d) Government National Mortgage Association ("GNMAs")—guaranteed mortgage- <br /> backed securities and guaranteed participation certificates <br /> (e) Small Business Administration — guaranteed participation certificates and <br /> guaranteed pool certificates <br /> (f) U.S. Department of Housing& Urban Development—local authority bonds <br /> (g) U.S. Maritime Administration—guaranteed Title XI financings <br /> (h) Washington Metropolitan Area Transit Authority—guaranteed transit bonds <br /> 3. Direct obligations* of the following federal agencies which are not fully guaranteed by the <br /> faith and credit of the United States of America: <br /> (a) Federal National Mortgage Association ("FNIVIAs") — senior debt obligations <br /> rated Aaa by Moody's Investors Service ("Moody's") and AAA by Standard & <br /> Poor's Corporation ("S&P") <br /> (b) Federal Home Loan Mortgage Corporation ("FHLMCs") — participation <br /> certificates and senior debt obligations rated Aaa by Moody's and AAA by S&P <br /> (c) Federal Home Loan Banks—consolidated debt obligations <br /> (d) Student Loan Marketing Association debt obligations <br /> (e) Resolution Funding Corporation—debt obligations <br /> (f) Federal Farm Credit Bank debts <br /> 4. Direct, general obligations of any state of the United States of America or any subdivision <br /> or agency thereof whose uninsured and unguaranteed general obligation debt is rated, at <br /> the time of purchase, A2 or better by Moody's and A or better by S&P, or any obligation <br /> fully and unconditionally guaranteed by any state, subdivision or agency whose uninsured <br /> and unguaranteed general obligation debt is rated, at the time of purchase, A2 or better by <br /> Moody's and A or better by S&P. <br /> S. Commercial paper (having original maturities of not more than 270 days) rated, at the time <br /> of purchase, P-i by Moody's and A-1 or better by S&P. <br /> * The following are explicitly excluded from the securities enumerated in 2 and 3: <br /> (i) All derivative obligations, including without limitation inverse floaters, residuals, <br /> interest-only, principal-only and range notes; <br /> (ii) Obligations that have a possibility of returning a zero or negative yield if held to <br /> maturity; <br /> E-1 <br />