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<br />San Leandro Investment Policy Statement <br /> <br />Page 12 of 12 <br /> <br />Appendix B. <br />Glossary of Technical Terms <br /> <br />Securities and Exchange Commission (SEC) - A federal agency created by congress to protect <br />investors in securities transactions by administering securities legislation. <br /> <br />Treasury Bills (T-Bills) - A non-interest bearing discount security issued by the US. Treasury <br />to finance the national debt. Most bills are issued to mature in three months, six months or one <br />year. <br /> <br />Treasury Bonds - Long-term coupon-bearing US. Treasury securities having initial maturities <br />of more than ten years. <br /> <br />Treasury Notes - Medium-term coupon-bearing US. Treasury securities having initial <br />maturities of two to ten years. <br /> <br />Uniform Net Capital Rule - Securities and Exchange Commission requirement that member <br />brokers and dealers maintain a maximum ratio of indebtedness to liquid capital of fifteen to one. <br />Indebtedness includes all money owed to other entities including loans and commitments to <br />purchase securities. Liquid capital includes cash and other assets easily converted to cash. <br /> <br />Yield - The rate of annualized income return on a security, expressed as a percentage of the <br />security's purchase price. <br />