Results of Competitive Sales

ARKANSAS

Ashdown School District No. 31 of Little River County

Dec 4, 2008 . . . . . . $9,445,000

Refunding Bonds (bank qualified) (book entry).

Dated Jan 1, 2009.

Due Apr 1, 2009 to 2038.

Callable Apr 1, 2014 at par.

Winning bid: FTN Fin Cap Mkts, at 98.0000, TIC 4.974%.

Due Amount Cpn Yield Conc Ins
4/1/11 $635,000 3.35% NRO NRO
4/1/14 $545,000 3.50% NRO NRO
4/1/16 $400,000 4.00% NRO NRO
4/1/18 $435,000 4.10% NRO NRO
4/1/20 $470,000 4.20% NRO NRO
4/1/22 $515,000 4.30% NRO NRO
4/1/24 $565,000 4.35% NRO NRO
4/1/26 $615,000 4.50% NRO NRO
4/1/28 $675,000 4.60% NRO NRO
4/1/30 $740,000 4.75% NRO NRO
4/1/32 $820,000 5.00% NRO NRO
4/1/35 $1,395,000 5.10% NRO NRO
4/1/38 $1,635,000 5.20% NRO NRO

L.O.: Friday Eldredge & Clark, Little Rock, AR.

F.A.: First Security Beardsley Public Finance, Little Rock, AR.

Other bidders were:

Morgan Keegan, TIC 5.0852%

Crews & Associates, TIC 5.1479%

Sterne Agee, TIC 5.304%

Stephens, TIC 5.3141%

Marion School District No. 3 of Crittenden County

Dec 4, 2008 . . . . . . $5,650,000

Construction Bonds (bank qualified) (book entry).

Dated Dec 1, 2008.

Due Feb 1, 2010 to 2036.

Callable Feb 1, 2014 at par.

Winning bid: FTN Fin Cap Mkts, at 98.0000, TIC 4.8202%.

Due Amount Cpn Yield Conc Ins
2/1/12 $335,000 3.40% NRO NRO
2/1/14 $270,000 3.50% NRO NRO
2/1/16 $285,000 4.00% NRO NRO
2/1/18 $315,000 4.10% NRO NRO
2/1/20 $335,000 4.20% NRO NRO
2/1/22 $365,000 4.25% NRO NRO
2/1/24 $400,000 4.30% NRO NRO
2/1/27 $665,000 4.40% NRO NRO
2/1/29 $500,000 4.50% NRO NRO
2/1/31 $545,000 4.75% NRO NRO
2/1/33 $605,000 5.00% NRO NRO
2/1/36 $1,030,000 5.10% NRO NRO

L.O.: Friday Eldredge & Clark, Little Rock, AR.

F.A.: Stephens Inc., Little Rock, AR.

Other bidders were:

Crews & Associates, TIC 4.9768%

Sterne Agee, TIC 5.0847%

Morgan Keegan, TIC 5.1395%

Stephens, TIC 5.3934%

CONNECTICUT

Norwich (City)

Dec 4, 2008 . . . . . . $8,045,000

General Obligation Bond Anticipation Notes (bank qualified) (book entry).

Dated Dec 17, 2008.

Due Dec 16, 2009.

Purchased $8,045,000.00 by Commerce Cap Mkts, at 2.5%, plus $121,761.07, effective rate 0.9823%.

L.O.: Murtha Cullina, Hartford, CT; and Murtha Cullina, New Haven, CT.

F.A.: William Blair & Company, LLC, Chicago, IL.

Other bidders were:

Eastern Bank, Effective Rate 1.098%

ILLINOIS

St. Charles (City)

Dec 4, 2008 . . . . . . $13,390,000

General Obligation Corporate Purpose Bonds, Series 2008C (book entry).

Dated Dec 18, 2008.

Due Jan 1, 2010 to 2029.

Callable Jan 1, 2019 at par.

Winning bid: Bernardi Securities, at 99.0500, TIC 5.1785%.

Due Amount Cpn Yield Conc Ins
1/1/10 $475,000 3.60% 2.25%
1/1/11 $510,000 3.60% 2.75%
1/1/12 $520,000 3.60% 3.00%
1/1/13 $545,000 3.60% 3.25%
1/1/14 $560,000 3.60% 3.40%
1/1/15 $585,000 3.70% 3.70%
1/1/16 $610,000 4.00% 4.00%
1/1/17 $630,000 4.30% 4.30%
1/1/18 $655,000 4.50% 4.50%
1/1/19 $685,000 4.70% 4.70%
1/1/20 $605,000 4.90% 4.90%
1/1/21 $635,000 5.10% 5.10%
1/1/22 $665,000 5.20% 5.20%
1/1/23 $695,000 5.20% 5.25%
1/1/24 $740,000 5.30% 5.35%
1/1/25 $770,000 5.40% 5.45%
1/1/27 $1,665,000 5.50% 5.55%
1/1/29 $1,840,000 5.60% 5.65%

Other managers: Northland Securities, Inc..

L.O.: Chapman & Cutler, Chicago, IL.

F.A.: Robert W. Baird & Co., Inc., Naperville, IL.

Other bidders were:

Hutchinson Shockey, TIC 5.1876%

BMO Capital Markets, TIC 5.2161%

Morgan Keegan, TIC 5.2887%

Piper Jaffray, TIC 5.349%

Morgan Stanley, TIC 5.4597%

INDIANA

Tippecanoe School Corporation

Dec 3, 2008 . . . . . . $1,990,000

General Obligation Bonds of 2008 (book entry).

Dated Dec 17, 2008.

Due Jul 15, 2009 to Jan 15, 2010.

Non-callable.

Winning bid: City Securities, at n/a, NIC 3.49%.

Due Amount Cpn Yield Conc Ins
7/15/09 $975,000 2.75% 2.50%
1/15/10 $1,015,000 3.00% 2.75%

L.O.: Ice Miller, Indianapolis, IN.

F.A.: Therber & Brock, Indianapolis, IN.

Other bidders were:

Old National Bank, NIC 4.07%

KANSAS

Inman (City)

Nov 10, 2008 . . . . . . $330,000

General Obligation Bonds, Series 2008 (bank qualified).

Dated Nov 15, 2008.

Due Feb 1, 2010 to 2029.

Callable Feb 1, 2017 at par.

Winning bid: Commerce Bank, at n/a, NIC 4.98%.

Due Amount Cpn Yield Conc Ins
2/1/17 $110,000 4.00% 4.00%
2/1/22 $75,000 4.25% 4.40%
2/1/29 $145,000 5.30% 5.00%

L.O.: Gilmore & Bell, Wichita, KS.

KENTUCKY

Lexington-Fayette Urban County Government

Dec 4, 2008 . . . . . . $13,520,000

General Obligation Public Projects Bonds, Series 2008A (book entry).

Dated Dec 18, 2008.

Due Feb 1, 2010 to 2014.

Non-callable.

Winning bid: Robert W. Baird, at 101.1728, TIC 3.0612%.

Due Amount Cpn Yield Conc Ins
2/1/10 $3,090,000 3.50% 2.25%
2/1/11 $3,255,000 3.50% 2.50%
2/1/12 $3,370,000 3.50% NRO NRO
2/1/13 $1,870,000 3.50% NRO NRO
2/1/14 $1,935,000 3.50% NRO NRO

Other managers: J.J.B. Hilliard, W.L. Lyons, Inc., Ross, Sinclaire & Associates, Inc., NatCity Investments, Inc., Duncan-Williams, Inc., Davenport & Company LLC, Fidelity Capital Markets Services, Stifel, Nicolaus & Co., Inc., Coastal Securities Corp., Wells Fargo Brokerage Securites, LLC, Loop Capital Markets, LLC, CL King & Associates, William Blair & Company, LLC.

L.O.: Peck, Shaffer & Williams, Covington, KY.

F.A.: Morgan Keegan & Co., Inc., Lexington, KY.

Other bidders were:

Hutchinson Shockey, TIC 3.2193%

BMO Capital Markets, TIC 3.3836%

Morgan Keegan, TIC 3.4251%

UBS Financial Svcs, TIC 4.0728%

MASSACHUSETTS

Chelsea (City)

Dec 4, 2008 . . . . . . $2,032,491

General Obligation Municipal Purpose Loan of 2008 Bonds, Series A (bank qualified) (book entry).

Dated Dec 15, 2008.

Due Jan 15, 2010 to 2019.

Non-callable.

Winning bid: Eastern Bk Cap Mkts, at 102.6201, TIC 3.8454%.

Due Amount Cpn Yield Conc Ins
1/15/10 $352,491 3.50% NRO NRO FSA
1/15/11 $350,000 5.00% NRO NRO FSA
1/15/12 $350,000 5.00% NRO NRO FSA
1/15/13 $350,000 3.50% NRO NRO FSA
1/15/14 $125,000 5.00% NRO NRO FSA
1/15/15 $105,000 3.75% NRO NRO FSA
1/15/16 $100,000 5.00% NRO NRO FSA
1/15/17 $100,000 5.00% NRO NRO FSA
1/15/18 $100,000 5.00% NRO NRO FSA
1/15/19 $100,000 5.00% NRO NRO FSA

L.O.: Edwards Angell Palmer & Dodge, LLP, Boston, MA.

F.A.: UniBank Fiscal Advisory Services, Inc., Whitinsville, MA.

Other bidders were:

Fidelity Capital, TIC 4.1522%

East Bridgewater (Town)

Dec 4, 2008 . . . . . . $1,431,000

Bond Anticipation Notes (bank qualified).

Dated Dec 11, 2008.

Due Dec 11, 2009.

Purchased $1,431,000.00 by Eastern Bank, at 2.3%, effective rate 2.3%.

L.O.: Edwards Angell Palmer & Dodge, LLP, Boston, MA.

F.A.: First Southwest Company, Boston, MA.

MICHIGAN

West Bloomfield Charter Township

Dec 4, 2008 . . . . . . $5,500,000

2008 Recreational Facility Capital Improvement Bonds (General Obligation Limited Tax) (book entry).

Dated Dec 18, 2008.

Due May 1, 2010 to 2021.

Callable May 1, 2018 at par.

Winning bid: BMO Capital Markets, at 99.4332, TIC 4.5344%.

Due Amount Cpn Yield Conc Ins
5/1/10 $345,000 3.00% 2.37%
5/1/11 $360,000 3.00% 2.63%
5/1/12 $380,000 3.50% 2.98%
5/1/13 $400,000 3.50% 3.25%
5/1/14 $420,000 3.75% 3.45%
5/1/15 $440,000 4.00% 3.68%
5/1/16 $465,000 4.00% 3.93%
5/1/17 $485,000 4.00% 4.19%
5/1/18 $510,000 4.75% 4.42%
5/1/21 $1,695,000 5.00% 5.00%

Other managers: Wells Fargo Brokerage Securites, LLC, KeyBanc Capital Markets, First Trust Portfolios, L.P., Melvin Securities.

L.O.: Thrun Law Firm, P.C., East Lansing, MI.

F.A.: Public Financial Management, Inc., Ann Arbor, MI.

Other bidders were:

Hutchinson Shockey, TIC 4.5879%

Bernardi Securities, TIC 4.8115%

Fifth Third Sec, TIC 4.9265%

Stifel Nicolaus, TIC 5.0062%

Morgan Stanley, TIC 5.1886%

UBS Financial Svcs, TIC 5.9389%

MINNESOTA

St. Paul Port Authority

Dec 4, 2008 . . . . . . $8,130,000

General Obligation Bonds, Series 2008-6 (bank qualified) (book entry).

Dated Dec 17, 2008.

Due Feb 1, 2010 to 2029.

Callable Feb 1, 2018 at par.

Winning bid: Sterne Agee, at 99.1883, TIC 4.489%.

Due Amount Cpn Yield Conc Ins
2/1/10 $150,000 4.00% NRO NRO
2/1/11 $295,000 4.00% NRO NRO
2/1/12 $305,000 4.00% NRO NRO
2/1/13 $315,000 4.00% NRO NRO
2/1/14 $325,000 4.00% NRO NRO
2/1/15 $335,000 4.00% NRO NRO
2/1/16 $345,000 4.00% NRO NRO
2/1/17 $360,000 4.00% NRO NRO
2/1/18 $375,000 4.00% NRO NRO
2/1/19 $385,000 4.00% NRO NRO
2/1/20 $405,000 4.125% NRO NRO
2/1/21 $420,000 4.25% NRO NRO
2/1/22 $440,000 4.375% NRO NRO
2/1/24 $935,000 4.50% NRO NRO
2/1/26 $1,020,000 4.50% NRO NRO
2/1/28 $1,120,000 4.625% NRO NRO
2/1/29 $600,000 4.75% NRO NRO

L.O.: Leonard, Street & Deinard, Minneapolis, MN.

F.A.: Ehlers & Associates, Inc., Roseville, MN.

Other bidders were:

Morgan Keegan, TIC 4.562%

Stifel Nicolaus, TIC 4.5831%

Wells Fargo Brkge, TIC 4.589%

BMO Capital Markets, TIC 4.6724%

MONTANA

Laurel High School District No. 7

Dec 4, 2008 . . . . . . $3,687,000

General Obligation School Building Bonds, Series 2008 (bank qualified) (book entry).

Dated Dec 15, 2008.

Due Jul 1, 2010 to 2029.

Callable Jul 1, 2019 at par.

Winning bid: Vining-Sparks IBG, at 100.0000, TIC 4.5845%.

Due Amount Cpn Yield Conc Ins
7/1/11 $137,000 5.00% NRO NRO AGC
7/1/12 $125,000 5.00% NRO NRO AGC
7/1/13 $135,000 5.00% NRO NRO AGC
7/1/14 $140,000 5.00% NRO NRO AGC
7/1/15 $145,000 5.00% NRO NRO AGC
7/1/16 $155,000 5.00% NRO NRO AGC
7/1/17 $160,000 5.00% NRO NRO AGC
7/1/18 $170,000 4.10% NRO NRO AGC
7/1/19 $180,000 4.20% NRO NRO AGC
7/1/21 $380,000 4.25% NRO NRO AGC
7/1/22 $205,000 4.35% NRO NRO AGC
7/1/23 $215,000 4.45% NRO NRO AGC
7/1/24 $225,000 4.55% NRO NRO AGC
7/1/25 $240,000 4.60% NRO NRO AGC
7/1/26 $250,000 4.60% NRO NRO AGC
7/1/27 $260,000 4.625% NRO NRO AGC
7/1/29 $565,000 4.75% NRO NRO AGC

L.O.: Dorsey & Whitney, Missoula, MT; and Dorsey & Whitney, Minneapolis, MN.

F.A.: D.A. Davidson & Co., Bozeman, MT.

Other bidders were:

Stifel Nicolaus, TIC 4.6639%

D.A. Davidson, TIC 4.6914%

BMO Capital Markets, TIC 4.7008%

Sterne Agee, TIC 4.8943%

Citigroup, TIC 4.9376%

Wells Fargo Brkge, TIC 5.0166%

NEW JERSEY

East Hanover Township

Dec 4, 2008 . . . . . . $5,136,000

General Obligation Bonds, $3,876,000 General Improvement Bonds, and $1,260,000 Water/Sewer Utility Bonds (bank qualified) (book entry).

Dated Dec 17, 2008.

Due Oct 15, 2009 to 2028.

Callable Oct 15, 2018 at par.

Winning bid: UBS Financial Svcs, at n/a, TIC 4.7993%.

Due Amount Cpn Yield Conc Ins
10/15/09 $75,000 4.50% NRO NRO
10/15/10 $75,000 4.50% NRO NRO
10/15/11 $75,000 4.50% NRO NRO
10/15/12 $75,000 4.50% NRO NRO
10/15/13 $75,000 4.50% NRO NRO
10/15/14 $75,000 4.50% NRO NRO
10/15/15 $75,000 4.50% NRO NRO
10/15/16 $50,000 4.50% NRO NRO
10/15/17 $490,000 5.00% NRO NRO
10/15/18 $530,000 5.00% NRO NRO
10/15/19 $580,000 5.00% NRO NRO
10/15/20 $625,000 4.50% NRO NRO
10/15/21 $680,000 4.50% NRO NRO
10/15/22 $771,000 4.50% NRO NRO
10/15/23 $135,000 4.625% NRO NRO
10/15/24 $140,000 5.00% NRO NRO
10/15/25 $145,000 5.00% NRO NRO
10/15/26 $150,000 5.00% NRO NRO
10/15/27 $155,000 5.125% NRO NRO
10/15/28 $160,000 5.25% NRO NRO

Other managers: Roosevelt & Cross, Inc., Bank of New York Mellon Capital Markets, LLC, Ramirez & Co., Inc., Fidelity Capital Markets Services, Loop Capital Markets, LLC, Lebenthal & Co., Inc., DEPFA First Albany Securities LLC, Citigroup Global Markets, Inc., Wachovia Securities, LLC.

L.O.: McManimon & Scotland, Newark, NJ.

F.A.: NW Financial Group, Jersey City, NJ.

Harvey Cedars Borough

Dec 4, 2008 . . . . . . $2,339,000

$1,960,100 General Improvement Bond Anticipation Notes and $378,900 Water Utility Bond Anticipation Notes (bank qualified).

Dated Dec 12, 2008.

Due Dec 11, 2009.

Purchased $2,339,000.00 by TD Bank, N.A., at 3.75%, effective rate 3.75%.

L.O.: DeCotiis, FitzPatrick, Cole & Wisler, LLP, Trenton, NJ.

F.A.: Municipal Official(s).

Other bidders were:

Robert Rothman, Effective Rate 4.26%

Little Falls Township

Dec 4, 2008 . . . . . . $4,235,000

General Improvement Bonds (bank qualified) (book entry).

Dated Dec 15, 2008.

Due Dec 15, 2009 to 2023.

Callable Dec 15, 2016 at par.

Winning bid: Roosevelt & Cross, at n/a, TIC 4.3164%.

Due Amount Cpn Yield Conc Ins
12/15/09 $50,000 4.75% NRO NRO AGC
12/15/10 $50,000 4.75% NRO NRO AGC
12/15/11 $50,000 4.75% NRO NRO AGC
12/15/12 $75,000 4.75% NRO NRO AGC
12/15/13 $200,000 4.75% NRO NRO AGC
12/15/14 $200,000 4.75% NRO NRO AGC
12/15/15 $400,000 4.75% NRO NRO AGC
12/15/16 $400,000 4.75% NRO NRO AGC
12/15/17 $400,000 5.00% NRO NRO AGC
12/15/18 $400,000 5.00% NRO NRO AGC
12/15/19 $400,000 5.00% NRO NRO AGC
12/15/20 $400,000 5.00% NRO NRO AGC
12/15/21 $400,000 5.00% NRO NRO AGC
12/15/22 $400,000 5.00% NRO NRO AGC
12/15/23 $410,000 5.00% NRO NRO AGC

Other managers: Citigroup Global Markets, Inc., UBS Financial Services, Inc., Ramirez & Co., Inc., Stifel, Nicolaus & Co., Inc., CL King & Associates, Fidelity Capital Markets Services, Wachovia Securities, LLC.

L.O.: McManimon & Scotland, Newark, NJ.

F.A.: Lerch, Vinci & Higgins, Fair Lawn, NJ; and Municipal Official(s).

Point Pleasant Beach Borough

Dec 4, 2008 . . . . . . $7,375,000

$3,528,000 General Improvement Bond Anticipation Notes and $3,847,000 Open Space Trust Fund Bond Anticipation Notes (bank qualified).

Dated Dec 12, 2008.

Due Dec 11, 2009.

Purchased $7,375,000.00 by Bank of America, at 2.54%, effective rate 2.54%.

L.O.: DeCotiis, FitzPatrick, Cole & Wisler, LLP, Trenton, NJ.

F.A.: Municipal Official(s).

Other bidders were:

Janney Montgomery, Effective Rate 2.951%

Commerce Cap Mkts, Effective Rate 2.984%

Voorhees Township

Dec 4, 2008 . . . . . . $5,482,000

General Obligation Bonds, Series 2008 Consisting of: $3,121,550 General Improvement Bonds, $1,145,700 Open Space Bonds and $1,214,750 Sewer Utility Bonds (bank qualified) (book entry).

Dated Dec 18, 2008.

Due Nov 1, 2009 to 2020.

Callable Nov 1, 2018 at par.

Winning bid: Roosevelt & Cross, at 100.0000, NIC 4.3164%.

Due Amount Cpn Yield Conc Ins
11/1/09 $340,000 4.25% NRO NRO FSA
11/1/10 $340,000 4.25% NRO NRO FSA
11/1/11 $380,000 4.25% NRO NRO FSA
11/1/12 $380,000 4.25% NRO NRO FSA
11/1/13 $490,000 4.25% NRO NRO FSA
11/1/14 $510,000 4.25% NRO NRO FSA
11/1/15 $540,000 4.25% NRO NRO FSA
11/1/16 $570,000 4.25% NRO NRO FSA
11/1/17 $600,000 4.375% NRO NRO FSA
11/1/18 $600,000 4.375% NRO NRO FSA
11/1/19 $606,300 4.375% NRO NRO FSA
11/1/20 $125,700 4.375% NRO NRO FSA

Other managers: Citigroup Global Markets, Inc., UBS Financial Services, Inc., Ramirez & Co., Inc., Raymond James & Associates, Inc., Stifel, Nicolaus & Co., Inc., Fidelity Capital Markets Services, CL King & Associates, Wachovia Securities, LLC.

L.O.: Parker, McCay, P.A., Marlton, NJ.

F.A.: Phoenix Advisors, LLC, Bordentown, NJ.

Other bidders were:

Commerce Cap Mkts, NIC 4.3574%

NEW YORK

Albany County

Dec 4, 2008 . . . . . . $32,133,500

Various Purpose Bond Anticipation Notes - 2008 (book entry).

Dated Dec 11, 2008.

Due Dec 10, 2009.

Purchased $32,133,500.00 by Commerce Cap Mkts, at 2.5%, plus $497,137.30, effective rate 0.9486%.

L.O.: Hodgson, Russ LLP, Albany, NY.

F.A.: Capital Markets Advisors, LLC, Great Neck, NY.

Other bidders were:

Janney Montgomery, Effective Rate 0.9676%

Citigroup, Effective Rate 1.1998%

Citigroup, Effective Rate 1.2299%

Roosevelt & Cross, Effective Rate 1.2399%

Citigroup, Effective Rate 1.2499%

Citigroup, Effective Rate 1.3091%

Bank of America, Effective Rate 2.3%

Bank of America, Effective Rate 2.4%

Bank of America, Effective Rate 2.65%

Camillus (Town)

Dec 4, 2008 . . . . . . $888,062

Bond Anticipation Notes, 2008 (bank qualified).

Dated Dec 12, 2008.

Due Sep 24, 2009.

Purchased $888,060.00 by J.P. Morgan Chase, at 2.47%, effective rate 2.47%.

L.O.: Bond, Schoeneck & King, PLLP, Syracuse, NY.

F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.

Other bidders were:

Solvay Bank, Effective Rate 2.84%

HSBC Bank, Effective Rate 2.96%

First Niagara Bank, Effective Rate 3.15%

RBS Citizens, Effective Rate 3.75%

M & T Bank, Effective Rate 4.02%

Greene County

Dec 4, 2008 . . . . . . $9,000,000

Bond Anticipation Notes, 2008 (bank qualified).

Dated Dec 18, 2008.

Due Dec 18, 2009.

Purchased $8,000,000.00 by DEPFA First Albany, at 2.75%, plus $45,360.00, effective rate 2.183%.

Purchased $1,000,000.00 by Bank of Greene Co, at 2.15%, effective rate 2.15%.

L.O.: Bond, Schoeneck & King, PLLP, Syracuse, NY.

F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.

Other bidders were:

DEPFA First Albany, Effective Rate 2.183%

First Niagara Bank, Effective Rate 2.5%

Natl Bk Coxsackie, Effective Rate 2.54%

Commerce Cap Mkts, Effective Rate 2.604%

J.P. Morgan Chase, Effective Rate 2.92%

First Niagara Bank, Effective Rate 3.0%

Macedon (Town)

Dec 4, 2008 . . . . . . $650,000

Bond Anticipation Notes, 2008 (Renewals) (bank qualified).

Dated Dec 18, 2008.

Due Dec 18, 2009.

Purchased $650,000.00 by HSBC Bank, at 2.74%, effective rate 2.74%.

L.O.: Timothy R. McGill, Esq., Fairport, NY.

F.A.: Bernard P. Donegan, Inc., Victor, NY.

Other bidders were:

J.P. Morgan Chase, Effective Rate 2.98%

New Hartford (Town)

Dec 4, 2008 . . . . . . $1,400,000

Bond Anticipation Notes, 2008 (bank qualified).

Dated Dec 11, 2008.

Due Mar 5, 2009.

Purchased $1,400,000.00 by Adirondack Bank, at 3.0%, effective rate 3.0%.

L.O.: Orrick, Herrington & Sutcliffe, New York, NY.

F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.

Other bidders were:

First Niagara Bank, Effective Rate 3.3%

NBT Bank, Effective Rate 3.6%

Niagara County

Dec 4, 2008 . . . . . . $835,000

Public Improvement (Serial) Bonds, 2008 Series A (bank qualified) (book entry).

Dated Dec 15, 2008.

Due Dec 15, 2009 to 2013.

Non-callable.

Winning bid: First Niagara Bank, at n/a, NIC 3.5%.

Due Amount Cpn Yield Conc Ins
12/15/09 $155,000 3.50% NRO NRO
12/15/10 $160,000 3.50% NRO NRO
12/15/11 $165,000 3.50% NRO NRO
12/15/12 $175,000 3.50% NRO NRO
12/15/13 $180,000 3.50% NRO NRO

L.O.: Harris Beach PLLC, Rochester, NY.

F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.

Other bidders were:

Roosevelt & Cross, NIC 3.6556%

J.P. Morgan Chase, NIC 4.08%

M & T Bank, NIC 4.6%

Niagara County

Dec 4, 2008 . . . . . . $2,627,440

Public Improvement (Serial) Bonds, 2008 Series B (bank qualified) (book entry).

Dated Dec 15, 2008.

Due Dec 15, 2009 to 2026.

Callable Dec 15, 2017 at par.

Winning bid: Roosevelt & Cross, at n/a, NIC 4.8331%.

Due Amount Cpn Yield Conc Ins
12/15/09 $102,440 4.625% NRO NRO AGC
12/15/10 $105,000 4.625% NRO NRO AGC
12/15/11 $105,000 4.625% NRO NRO AGC
12/15/12 $110,000 4.625% NRO NRO AGC
12/15/13 $115,000 4.625% NRO NRO AGC
12/15/14 $120,000 4.75% NRO NRO AGC
12/15/15 $125,000 4.75% NRO NRO AGC
12/15/16 $135,000 4.75% NRO NRO AGC
12/15/17 $140,000 4.75% NRO NRO AGC
12/15/18 $145,000 4.75% NRO NRO AGC
12/15/19 $150,000 4.75% NRO NRO AGC
12/15/20 $160,000 4.75% NRO NRO AGC
12/15/21 $165,000 4.75% NRO NRO AGC
12/15/22 $175,000 4.75% NRO NRO AGC
12/15/23 $180,000 4.75% NRO NRO AGC
12/15/24 $190,000 5.00% NRO NRO AGC
12/15/25 $200,000 5.00% NRO NRO AGC
12/15/26 $205,000 5.00% NRO NRO AGC

Other managers: Citigroup Global Markets, Inc., UBS Financial Services, Inc., Ramirez & Co., Inc., Stifel, Nicolaus & Co., Inc., CL King & Associates, Wachovia Securities, LLC.

L.O.: Harris Beach PLLC, Rochester, NY.

F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.

North Rose-Wolcott Central School District

Dec 4, 2008 . . . . . . $9,950,000

Bond Anticipation Notes, 2008 (New Issue) (bank qualified).

Dated Dec 16, 2008.

Due Dec 16, 2009.

Purchased $9,950,000.00 by DEPFA First Albany, at 3.0%, plus $44,980.00, effective rate 2.548%.

L.O.: Harris Beach PLLC, Rochester, NY.

F.A.: Municipal Solutions, Inc, Canandaigua, NY.

Other bidders were:

Bank of America, Effective Rate 2.84%

J.P. Morgan Chase, Effective Rate 2.98%

First Niagara Bank, Effective Rate 3.15%

KeyBank NY, Effective Rate 4.09%

Janney Montgomery, Effective Rate 4.981%

Patchogue Village

Dec 4, 2008 . . . . . . $1,575,000

Public Improvement (Serial) Bonds, 2008 (bank qualified) (book entry).

Dated Dec 16, 2008.

Due Dec 15, 2009 to 2018.

Non-callable.

Winning bid: Roosevelt & Cross, at n/a, NIC 3.4806%.

Due Amount Cpn Yield Conc Ins
12/15/09 $300,000 3.00% NRO NRO
12/15/10 $325,000 3.00% NRO NRO
12/15/11 $225,000 3.00% NRO NRO
12/15/12 $250,000 3.00% NRO NRO
12/15/13 $100,000 3.50% NRO NRO
12/15/14 $100,000 3.75% NRO NRO
12/15/15 $100,000 3.75% NRO NRO
12/15/16 $75,000 4.00% NRO NRO
12/15/17 $50,000 4.00% NRO NRO
12/15/18 $50,000 4.25% NRO NRO

Other managers: Citigroup Global Markets, Inc., UBS Financial Services, Inc., Ramirez & Co., Inc., Stifel, Nicolaus & Co., Inc., CL King & Associates, Wachovia Securities, LLC.

L.O.: Orrick, Herrington & Sutcliffe, New York, NY.

F.A.: Munistat Services, Inc., Port Jefferson, NY.

Pawling Central School District

Dec 4, 2008 . . . . . . $465,300

Bond Anticipation Notes, 2008 (Renewals) (bank qualified).

Dated Dec 11, 2008.

Due Dec 11, 2009.

Purchased $465,300.00 by KeyBank NY, at 3.12%, effective rate 3.12%.

L.O.: Orrick, Herrington & Sutcliffe, New York, NY.

F.A.: Public Finance Associates, Inc., Hopewell Junction, NY.

Other bidders were:

Putnam Co Saving Bnk, Effective Rate 3.19%

Pawling Central School District

Dec 4, 2008 . . . . . . $3,020,000

School District (Serial) Bonds, 2008 (bank qualified) (book entry).

Dated Dec 1, 2008.

Due Dec 1, 2009 to 2023.

Callable Dec 1, 2018 at par.

Winning bid: FTN Fin Cap Mkts, at n/a, TIC 4.159%.

Due Amount Cpn Yield Conc Ins
12/1/09 $85,000 4.00% NRO NRO AGC
12/1/10 $160,000 4.00% NRO NRO AGC
12/1/11 $160,000 4.00% NRO NRO AGC
12/1/12 $175,000 4.00% NRO NRO AGC
12/1/13 $175,000 4.00% NRO NRO AGC
12/1/14 $190,000 4.00% NRO NRO AGC
12/1/15 $200,000 4.00% NRO NRO AGC
12/1/16 $200,000 4.00% NRO NRO AGC
12/1/17 $210,000 4.00% NRO NRO AGC
12/1/18 $225,000 4.00% NRO NRO AGC
12/1/19 $225,000 4.10% NRO NRO AGC
12/1/20 $240,000 4.20% NRO NRO AGC
12/1/21 $250,000 4.25% NRO NRO AGC
12/1/22 $255,000 4.35% NRO NRO AGC
12/1/23 $270,000 4.45% NRO NRO AGC

L.O.: Orrick, Herrington & Sutcliffe, New York, NY.

F.A.: Public Finance Associates, Inc., Hopewell Junction, NY.

Other bidders were:

Roosevelt & Cross, TIC 4.2465%

Wheatland Chili Central School District

Dec 4, 2008 . . . . . . $9,106,232

Bond Anticipation Notes, 2008 (Renewal) (bank qualified).

Dated Dec 16, 2008.

Due Jun 16, 2009.

Purchased $9,106,230.00 by Janney Montgomery, at 3.0%, plus $4,463.00, effective rate 2.902%.

L.O.: Harris Beach PLLC, Rochester, NY.

F.A.: Municipal Solutions, Inc, Canandaigua, NY.

Other bidders were:

J.P. Morgan Chase, Effective Rate 2.91%

First Niagara Bank, Effective Rate 3.15%

TEXAS

Brazoria County Municipal Utility District No. 18

Dec 3, 2008 . . . . . . $3,220,000

Unlimited Tax Bonds, Series 2008 (bank qualified) (book entry).

Dated Dec 1, 2008.

Due Sep 1, 2009 to 2031.

Callable Sep 1, 2015 at par.

Winning bid: Sterne Agee, at 97.0027, NIC 6.6346%.

Due Amount Cpn Yield Conc Ins
9/1/09 $100,000 8.25% NRO NRO
9/1/10 $100,000 8.25% NRO NRO
9/1/11 $105,000 8.25% NRO NRO
9/1/12 $110,000 8.25% NRO NRO
9/1/13 $110,000 8.25% NRO NRO
9/1/14 $120,000 8.25% NRO NRO
9/1/15 $120,000 8.25% NRO NRO
9/1/19 $530,000 7.50% NRO NRO
9/1/22 $430,000 5.75% NRO NRO
9/1/25 $460,000 6.00% NRO NRO
9/1/28 $500,000 6.125% NRO NRO
9/1/31 $535,000 6.25% NRO NRO

L.O.: Bacon & Wallace L.L.P., Houston, TX; and State Attorney General.

F.A.: Rathmann & Associates, L.P., Houston, TX.

Other bidders were:

RBC Capital Mkts, NIC 7.1233%

Harris County Municpal Utility District No. 70

Dec 4, 2008 . . . . . . $3,850,000

Unlimited Tax Bonds, Series 2009 (bank qualified) (book entry).

Dated Jan 1, 2009.

Due Oct 1, 2009 to 2029.

Callable Oct 1, 2018 at par.

Winning bid: First Southwest, at 97.0000, NIC 6.3371%.

Due Amount Cpn Yield Conc Ins
10/1/09 $200,000 6.00% 3.00% AGC
10/1/10 $100,000 6.00% 3.50% AGC
10/1/11 $100,000 6.00% 4.00% AGC
10/1/12 $100,000 6.00% 4.25% AGC
10/1/13 $100,000 6.00% 4.55% AGC
10/1/14 $100,000 6.00% 4.80% AGC
10/1/15 $100,000 6.00% 5.00% AGC
10/1/16 $100,000 6.00% 5.20% AGC
10/1/17 $100,000 6.00% 5.40% AGC
10/1/18 $100,000 6.00% 5.50% AGC
10/1/23 $500,000 5.80% 5.80% AGC
10/1/25 $670,000 6.00% 6.00% AGC
10/1/29 $1,580,000 6.25% 6.25% AGC

L.O.: Schwartz, Page & Harding, Houston, TX; and State Attorney General.

F.A.: First Southwest Company, Houston, TX.

Other bidders were:

Vining-Sparks IBG, NIC 6.3932%

Sterne Agee, NIC 6.7451%

SAMCO Cap Mkts, NIC 7.1362%

TAXABLE ISSUES

MASSACHUSETTS

Chelsea (City)

Dec 4, 2008 . . . . . . $2,615,000

General Obligation Urban Renewal Bonds, Series B (book entry).

Dated Dec 15, 2008.

Due Jan 15, 2010 to 2019.

Non-callable.

Winning bid: BMO Capital Markets, at 100.0180, TIC 5.4622%.

Due Amount Cpn Yield Conc Ins
1/15/10 $265,000 5.00% NRO NRO FSA
1/15/11 $265,000 5.00% NRO NRO FSA
1/15/12 $265,000 5.00% NRO NRO FSA
1/15/13 $260,000 5.00% NRO NRO FSA
1/15/14 $260,000 5.00% 4.70% FSA
1/15/15 $260,000 5.25% 4.90% FSA
1/15/16 $260,000 5.25% 5.10% FSA
1/15/17 $260,000 5.625% 5.40% FSA
1/15/18 $260,000 6.00% 5.60% FSA
1/15/19 $260,000 6.00% 5.80% FSA

L.O.: Edwards Angell Palmer & Dodge, LLP, Boston, MA.

F.A.: UniBank Fiscal Advisory Services, Inc., Whitinsville, MA.

Other bidders were:

Morgan Keegan, TIC 6.102%

Eastern Bk Cap Mkts, TIC 6.7989%

Roosevelt & Cross, TIC 6.8512%

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