(1) obligations of the United States, its agencies, and instrumentalities, which have a liquid market with readily determinable market value;

(2) certificates of deposit and other evidences of deposit at banks, community development credit unions as defined in 8 V.S.A. § 30101, and savings and loan associations approved by the Treasurer;

(3) bankers' acceptances issued by domestic banks where the guaranteeing bank is rated in the highest tier assigned to the investments by at least two nationally recognized rating agencies;

(4) commercial paper rated in the highest tier by at least two nationally recognized rating agencies;

(5) investment-grade obligations of state or local governments, instrumentalities, and public authorities;

(6) repurchase agreements whose underlying purchased securities consist of any of the investments specified in subdivisions (1) through (5) of this subsection;

(7) investment agreements or guaranteed investment contracts rated or guaranteed by a financial institution whose senior long-term debt obligations are rated, at the time such agreement or contract is entered into, in the highest tier assigned to such investments by a nationally recognized rating agency, and where the Treasurer has the option to terminate each agreement in the event such rating is downgraded below the highest rating tier; and

(8) money market mutual funds that either are regulated by the Securities and Exchange Commission and whose portfolios consist only of dollar-denominated securities or are managed in a manner consistent with Rule 2a-7 of the Investment Company Act of 1940.