(B) Except where not allowed pursuant to Sections 11 and 16, Article X of the Constitution of this State and Chapter 16 of this title, the funds of the system may be invested in, including, but not limited to, the following:

1. (1) bonds of this State, other states of the United States, the United States, or any political subdivisions or agencies thereof;
2. (2) banks and savings and loan institutions;
3. (3) top-rated commercial paper;
4. (4) funds of funds;
5. (5) foreign certificates of deposit;
6. (6) short-term debt;
7. (7) investment trust securities;
8. (8) real estate securities;
9. (9) foreign fixed-income obligations;
10. (10) futures and options regulated by the United States Securities and Exchange Commission;
11. (11) private equity;
12. (12) domestic and foreign group trusts;
13. (13) investment vehicles of Federal Deposit Insurance Corporation approved institutions;
14. (14) bonds of foreign countries designated industrialized by the International Monetary Fund;
15. (15) collateralized mortgage obligations;
16. (16) World Bank bonds;
17. (17) debt of the United States or Canadian corporations;
18. (18) equipment trust debt;
19. (19) purchase money mortgages received for real estate;
20. (20) real estate investment trusts; and
21. (21) investments allowed pursuant to Section 11-9-660 and equity investments as allowed pursuant to Section 16, Article X of the Constitution of this State.