C is corrent. The requirement is to identify the exempt securities. Some securities are exempt and need not be registered under the Securities Act of 1933. C is corrent because exempt securities include securities of governments such as municipal bonds.
A is incorrect because these are not listed as exempt securities under the 1933 Act.
B is incorrect; commercial paper such as notes must have a maturity of nine months or less to be exempt under the 1933 Act.
D is incorrect because these are not listed as exempt securities under the 1933 Act.
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