Trades of all of the following securities settle in fed funds except? a u.s. government bonds b u.s. agency bonds c gnma pass-through certificates d general obligation bonds

Corporate and municipal bond trades settle in clearing house funds. These are funds payable at a registered clearing house in three business days. These trades are settled through NSCC - the National Securities Clearing Corporation.
U.S. Government and agency bond trades settle in Federal Funds, which are good funds on the business day of the fund's transfer (the next business day for regular settlement of government securities).
Ginnie Mae Pass-Through certificates are U.S. Government guaranteed, so trades settle in Fed Funds. These trades are settled through GSCC - the Government Securities Clearing Corporation.

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