; (ii) at least 80 percent of investments rated at least A3 or A- by Moody’s, S&P, or Fitch Ratings; (iii) at least 60 percent of investments rated at least Aa1 or AA+ by Moody’s, S&P, or Fitch Ratings; and (iv) at least 40 percent of investments rated at least Aaa or AAA by Moody’s, S&P, or Fitch Ratings. (B) Diversification The investments of the Trust Fund shall be diversified to minimize the risk of large losses and to avoid disproportionate influence over a particular region, industry, or firm, unless under the circumstances it is clearly prudent not to do so. (C) Limitation on investing in certain countries The Trust Fund may not invest in entities or subsidiaries of entities that are— (i) based in any country that does not have diplomatic relations with the United States; (ii) based in any country, the government of which is subject to sanctions by the United States; or (iii) on a sanctions list of the Department of the Treasury. (4) Short-term initial investments During the 10-year period beginning on the date of enactment of this section, the fund managers shall prioritize investments in bonds with a maturity date of less than 10 years. (e) Means of financing For purposes of the Congressional Budget Act of 1974 ( 2 U.S.C. 621 et seq. ), the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900 et seq. ), and chapter 11 of title 31, United States Code, and notwithstanding section 20 of Office of Management and Budget Circular No. A–11, or any successor thereto, earnings of the Trust Fund shall be calculated on an accrual basis. . IV General Provisions 401. Implementation In carrying out the amendments made by titles I, II, and III, the Secretary of Education may waive the application of— (1) the master calendar requirements under section 482 of the Higher Education Act of 1965 ( 20 U.S.C. 1089 ); and (2) negotiated rulemaking under section 492 of the Higher Education Act of 1965 ( 20 U.S.C. 1098a ).