Which of the following securities are exempt from the Securities Act of 1933?

Treasury notes are indeed exempt from the Securities Act of 1933 because they are issued by the federal government. The Securities Act of 1933 was established to require registration of securities offered to the public to protect investors. However, government securities, such as Treasury notes and bonds, are exempt from these registration requirements due to the belief that they are inherently low-risk investments, backed by the full faith and credit of the U.S. government.

This exemption applies to a range of government-issued debt instruments, allowing them to be traded without the same scrutiny as other securities. The intent is to provide liquidity and increase investor confidence in these secure investments, as they are considered safe from default risk in the context of government backing. Understanding this principle is crucial in the context of the Securities Act, as it highlights the distinction between the types of securities and their regulatory requirements.