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payments on obligations described above held by a bank, trust company or bank holding <br />company as custodian, under which the owner of the investment is the real party in interest and <br />has the right to proceed directly and individually against the obligor and the underlying <br />government obligations are not available to any person claiming through the custodian or to <br />whom the custodian may be obligated (collectively "United States Obligations"), These include, <br />but are not necessarily limited to: <br />U.S. Treasury obligations <br />All direct or fully guaranteed obligations <br />General Services Administration <br />Participation certificates <br />U.S. Maritime Administration <br />Guaranteed Title XI financing <br />- Small Business Administration <br />Guaranteed participation certificates <br />- Guaranteed pool certificates <br />- Government National Mortgage Association (GNMA) <br />GNMA - guaranteed mortgage- backed securities <br />GNMA - guaranteed participation certificates <br />- U.S. Department of Housing & Urban Development <br />Local authority bonds <br />(2) Obligations of instrumentalities or agencies of the United States of America <br />limited to the. following: (a) the Federal Home Loan Bank Board ( "FHLB "); (b) the Federal <br />ITome Loan Mortgage Corporation ( "FHLMC "); (c) the Federal National Mortgage Association <br />(FNMA); (d) Federal Farm Credit Bank ( "FFCB "); (e) Government National Mortgage <br />Association ( "GNMA "); and (f) guaranteed portions of Small Business Administration ( "SBA") <br />notes. <br />(3) Commercial paper having original maturities of not more than 270 days, payable <br />in the United States of America and issued by corporations that are organized and operating in <br />the United States with total assets in excess of $500 million and having "A" or better rating for <br />the issuer's long -term debt as provided by S &P and "A -1" or better rating for the issuer's short- <br />term debt as provided by S &P. <br />(4) The Orange County Treasury Pool. <br />(5) Bills of exchange or time drafts drawn on and accepted by a commercial bank., <br />otherwise known as "bankers' acceptances," having original maturities of not more than 180 <br />days. The institution must have a minimum short -term debt rating of "P -1" by S &P, and a long- <br />term debt rating of no less than "A" by S &P, <br />(6) Shares of beneficial interest issued by diversified management companies, known <br />as money market funds, registered with the U.S. Securities and Exchange Commission under the <br />3 -27 <br />