(1)  There is no dollar limit on a mutual association's investment in the following U.S. treasury securities: 

(a)  bonds;

(b)  notes; or

(c)  bills.

(2)  There is no dollar limit on a mutual association's investment in U.S. treasury bonds and notes in the form of separate trading of registered interest and principal of securities (STRIPS).

(3)  There is no dollar limit on a mutual association's investment in the following U.S. government agency ordinary debt issues:

(a)  farm credit system (FCS):

(i)  consolidated FCS bonds;

(ii) federal land bank bonds (FLB);

(iii)  federal intermediate credit bank bonds (FICB);

(iv)  banks for cooperatives bonds (BC); and

(v)  federal agricultural mortgage corporation (FAMC);

(b)  farmers home administration (FmHA);

(c)  federal housing administration (FHA);

(d)  federal home loan banks (FHLB);

(e)  federal home loan mortgage corporation (FHLMC);

(f)  federal national mortgage association (FNMA);

(g)  student loan marketing association (SLMA); and

(h)  United States postal service (USPS).

(4)  There is no dollar limit on a mutual association's investment in the following U.S. government agency mortgage-backed securities (MBS), collateralized mortgage obligations (CMOs), and real estate mortgage investment conduits (REMICs):

(a)  instruments issued by the federal home loan mortgage association (FHLMC);

(b)  instruments issued by the federal national mortgage association (FNMA);

(c)  instruments issued by the government national mortgage association (GNMA);

(d)  instruments issued by the federal agricultural mortgage corporation (FAMC);

(e)  FHLMC MBS pass through securities (PCs);

(f)  GNMA I, single issuer pass through PCs; and

(g)  GNMA II, single and multiple issuer pass through PCs.