COMPARISON OF PASS-THROUGH MORTGAGE SECURITIES CHARACTERISTICS
SECURITY	GUARANTEE	MINIMUM INVESTMENT	PAYMENT DATE
GINNIE MAE I AND II	Full and timely payment of principal and interest, backed by the full-faith-and-credit guarantee of the U.S. government	$25,000 minimum; $1 increments	15th or the 20th of the month for Ginnie Mae I and II pools, respectively, following the record date and every month thereafter
GINNIE MAE PLATINUM	Full and timely payment of principal and interest, backed by the full-faith-and-credit guarantee of the U.S. government	$25,000 minimum; $1 increments	15th or the 20th of the month for Ginnie Mae I and II pools, respectively, following the record date and every month thereafter
FANNIE MAE MBS	Full and timely payment of principal and interest guaranteed by Fannie Mae	$1,000 minimum; $1 increments	25th of the month following the record date and every month thereafter
FREDDIE MAC PC (75-day PC)	Full and timely payment of interest and ultimate payment of principal guaranteed by Freddie Mac	$1,000 minimum; $1 increments	15th of the second month following the record date and every month thereafter
FREDDIE MAC Gold PC	Full and timely payment of interest and scheduled principal guaranteed by Freddie Mac	$1,000 minimum; $1 increments	15th of the month following the record date and every month thereafter
COMPARISON OF CMO/REMIC MORTGAGE SECURITIES CHARACTERISTICS
SECURITY	GUARANTEE	MINIMUM INVESTMENT	PAYMENT DATE
GINNIE MAE REMIC	Full and timely payment of principal and interest, backed by the full-faith-and-credit guarantee of the U.S. government	$1,000 minimum; $1 increments	16th or the 20th of the month for Ginnie Mae I and II collateral, respectively, following the record date and every month thereafter
FREDDIE MAC REMIC	Full and timely payment of interest and scheduled principal, guaranteed by Freddie Mac.	$1; $1 increments (most dealers, however, require a minimum investment of $1,000 or more)	15th of the month following the record date and every month thereafter
FANNIE MAE REMIC	Full and timely payment of interest and scheduled principal guaranteed by Fannie Mae (collateral of Fannie Mae "G" series is also backed by the full faith and credit of the U.S. government)	$1,000 minimum; $1 increments	18th or the 25th of the month following the record date and every month thereafter
AGENCY-BACKED, PRIVATE-LABEL CMO/REMIC	Collateral guaranteed by Ginnie Mae, Fannie Mae or Freddie Mac. Structure provides basis for AAA rating, but these securities carry no explicit government guarantee; they are the sole obligation of their issuer	Varies	Varies; may be monthly, quarterly or semiannually; with or without payment delay
WHOLE-LOAN BACKED, PRIVATE- LABEL CMO/REMIC	Credit support provided by some combination of issuer or third-party guarantee, letter of credit, overcollateralization, pool insurance, and/or subordination. Generally rated AA or AAA	Varies	Varies; may be monthly, quarterly or semiannually; with or without payment delay