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Government National Mortgage Corporations, guaranteed Title XI financing of the U.S. Maritime Administration, mortgage - backed securities and obligations of the Federal National Mortgage Association, participation certificates and obligations of the Federal Home Loan Mortgage Corporation, obligations of the Student Loan Marketing Association, obligations of the Tennessee Valley Authority, and obligations of the Resolution Funding Corporation; (3) repurchase agreements collateralized by obligations described in clause (1) with any registered broker/dealer subject to the Securities Investors Protection Corporation jurisdiction or any commercial bank, if such broker/dealer or bank has an uninsured, unsecured and unguaranteed obligation rated "prime -1" or 11A3" or better by Moody's Investors service and "A-1" or "A-" or better by Standard and Poor's Corporation, provided: (a) a master repurchase agreement or specific written, repurchase agreement governs the transaction; (b) the securities are held free and clear of any lien by the Custodian or an independent third party acting solely as agent for the Custodian, and such third party is (i) a Federal Reserve Bank, or (ii) a bank which is a member of the Federal Deposit Insurance Corporation and which has combined capital, surplus and undivided profits of not less than $25 million, and the Custodian shall have received written confirmation from such third party that it holds such securities, free and clear of any lien, as agent for the Custodian; (c) a perfected first security interest under the Uniform Commercial Code, or book entry procedures prescribed at 31 C.F.R. 306.1 et seq. or 31 C.F.R. 350.0 et seq. in such securities is created for the benefit of the Custodian; (d) the repurchase agreement has a term of thirty days or less, or the Custodian will value the collateral securities no less frequently than daily and will liquidate the collateral securities if any deficiency in the required collateral percentage is not restored within two business days of such valuation; and (e) the fair market value of the securities in relation to the amount of the repurchase obligation, including principal and interest, is equal to at least 102 percent; and (4) money market mutual funds, the investments of which are restricted to obligations described in clauses (1) through (3), for which the Custodian or an affiliate of the Custodian serves as custodian; provided however, that the investment of Government Fund assets in a money market mutual fund shall not exceed $250,000 unless such investment is made (a) on an overnight basis pending investment on the next Business Day, (b) in amounts required to pay the purchase price of an investment previously purchased, the purchase price of which has not been paid, or (c) at the express direction of the Investment Advisor. 16