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ii ~ L <br />c. General Services Administration <br />Participation certificates <br />d. Government National Mortga~e Association (GNMA or "Ginnie Mae") <br />GNMA - guaranteed mortgage-backed bonds <br />GNMA - guaranteed pass-through obligations (participation certificates) <br />(not acceptable for certain cash-flow sensitive issues.) <br />U.S. Mazitime Administration <br />Guaranteed Title XI financing <br />f. U.S. Department of Housing and Urban Development (HUD) <br />Project Notes <br />Local Authority Bonds <br />3. Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by any <br />of the following non-full faith and credit U.S. government agencies (stripped securities <br />are only permitted if they have been stripped by the agency itsel fl: <br />a. Federal Home Loan Bank S sy tem <br />Senior debt obligations (Consolidated debt obligations) <br />b. Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac") <br />Participation Certificates (Mortgage-backed securities) <br />Senior debt obligations <br />Federal National Mortga~e Association (FNMA or "Fannie Mae") <br />Mortgage-backed securities and senior debt obligations (excluded are stripped <br />mortgage securities which are valued greater than par on the portion of unpaid <br />principal.) <br />d. Student Loan Marketing Association (SLMA or "Sallie Mae") <br />Senior debt obligations <br />e. Resolution Fundin~Corp. (REFCORP) Only the interest component of REFCORP strips <br />which have been stripped by request to the Federal Reserve Bank of New York in book <br />entry form are acceptable. <br />f. Farm Credit System <br />Consolidated systemwide bonds and notes <br />4. Money market funds registered under the Federal Investment Company Act of 1940, whose <br />shares are registered under the Federal Securities Act of 1933, and having a rating by S&P <br />of AAAm-G; AAA-m; or AA-m and if rated by Moody's rated Aaa, Aal or Aa2. <br />