The term portfolio is composed of GSE MBS, private label MBS and commercial MBS, state housing authority debentures, and longer-term Treasuries. These investments are also highly- rated, although the drivers for the high ratings can be different than those for the money market portfolio. In particular, the amount of collateral rather than quality of collateral for private label MBS and CMBS drives the ratings. This portfolio is liquid and comparatively higher-yielding. The portfolio is used primarily to generate earnings, but can also be used for other purposes, normally within a broad balance sheet management.