The Treasurer shall keep invested in interest income-bearing instruments the maximum cash available in the short-term cash pool to achieve the maximum return available considering the lowest reasonable risk and cost of service and to insure adequate liquidity to meet current operating cash needs of the University. The cash account balances determined by the amount on the bank records shall be pooled for investment purposes.

Funds may be placed in institutional short-term and intermediate-term investment pools of banks, nationally recognized brokerage firms, and the Common Fund including its Global Fund. These funds are to be sufficiently diversified with no more than 10% of their assets in any particular issue. Direct placements are limited to 20% of total resources with any given institution (banks, companies, or other institutions), including investment pools. The foregoing restrictions do not apply to securities that are issued or fully guaranteed by the U.S. Government. Securities with maturity length exceeding one year are limited to 70% of the total short-term cash pool of Wayne State University. Securities exceeding one year are limited to 1) corporate fixed income securities maturing less than or equal to three years, 2) U.S. Treasury notes and instruments maturing less than or equal to seven years, and 3) intermediate-term investment pools (those with securities maturing on an average of seven years or less). All the foregoing percentage restrictions apply only when making new placements.

- Any other instruments that have been selected and approved by the Common Fund short- and intermediate-term investment pools, including the Global Fund.

Moody's and/or Standard & Poor's

Funds in accounts maintained as part of deferred compensation plans may, with the concurrence of the person whose compensation has been deferred, or of his/her designee, be invested in other forms of investment, including (but not limited to) securities, bonds, annuities, and mutual funds.