Part II: Bonds 1. Municipal Bonds - Municipal bonds are haircut per E jbitj. based on both their time to maturity and scheduled maturity at date of issue. The bond details can be found on the Bonds & Ratings Information tab in the spreadsheet. 2. Corporate Bonds - Corporate bonds are haircut based on both their time to maturity and whether they are rated as investment grade (dened by S&P and Fitch as 333- and above and by Moody's as Baa3 and above)1 by at least two of the nationally recognized statistical rating organizations. If the bonds qualify as investment grade, use Exhibltz to determine the haircut of the bonds. If they do not qualify as investment grade, then they It is important to note that the haircut is calculated using the absolute value of the market value of the relevant bond. What is the total haircut in USD on the positions in the accompanying spreadsheet as of 2017-12-31