ARKANSAS
Lamar School District No. 39 of Johnson County
Jul 21, 2026 $2,595,000
Construction Bonds (Arkansas School District Intercept Program) (bank qualified) (book entry).
Dated Aug 25, 2026.
Due Jun 1, 2029 to 2048.
Callable Dec 1, 2031 at par.
Winning bid: Raymond James, at 99.6989, TIC 3.9386%.
L.O.: Friday Eldredge & Clark, Little Rock, AR.
F.A.: Stephens Inc., Little Rock, AR.
Other bidders were:
Carty, Harding, TIC 3.9999%
FHN Fin Cap Mkts, TIC 4.1624%
Baird, TIC 4.2276%
CALIFORNIA
San Francisco (City and County)
Jul 21, 2026 $189,005,000
General Obligation Bonds (Healthy, Safe and Vibrant San Francisco, 2024) Series 2026A-1 (book entry).
Dated Aug 4, 2026.
Due Jun 15, 2027 to 2046.
Callable Jun 15, 2034 at par.
Winning bid: Wells Fargo Corp, at 109.2161, TIC 3.931%.
L.O.: Orrick, Herrington & Sutcliffe, San Francisco, CA; and Amira Jackmon, Attorney at Law, Berkeley, CA.
F.A.: Fieldman, Rolapp & Associates, Irvine, CA.
Other bidders were:
JPMorgan, TIC 3.9339%
Morgan Stanley, TIC 3.9379%
BofA Securities, TIC 3.9503%
Barclays Capital, TIC 3.9509%
Jefferies, TIC 3.9601%
Raymond James, TIC 3.9614%
Stifel Nicolaus, TIC 3.9654%
RBC Capital Mkts, TIC 3.9968%
Baird, TIC 4.0845%
GEORGIA
Catoosa County School District
Jul 21, 2026 $49,000,000
General Obligation Sales Tax Bonds, Series 2026 (State of Georgie Intercept Program) (book entry).
Dated Aug 11, 2026.
Due Aug 1, 2028 to 2032.
Non-callable.
Winning bid: Fifth Third Secs, at 107.9992, TIC 2.8887%.
L.O.: Gray Pannell & Woodward LLP, Savannah, GA.
F.A.: Davenport & Company LLC, Atlanta, GA.
Other bidders were:
JPMorgan, TIC 2.8997%
Morgan Stanley, TIC 2.9134%
TD Financial, TIC 2.9239%
Hilltop Securities, TIC 2.9956%
Wells Fargo Corp, TIC 3.0346%
Baird, TIC 3.0707%
INDIANA
Washington Community Multi-School Building Corporation
Jul 21, 2026 $12,845,000
Ad Valorem Property Tax First Mortgage Bonds, Series 2026 (Indiana State Aid Intercept Program) (book entry).
Dated Aug 11, 2026.
Due Jul 15, 2031 to Jan 15, 2046.
Callable Jul 15, 2035 at par.
Winning bid: Huntington Secs, at 107.5074, TIC 4.2262%.
L.O.: Ice Miller, Indianapolis, IN.
F.A.: Baker Tilly Municipal Advisors, LLC, Indianapolis, IN.
Other bidders were:
Baird, TIC 4.2728%
FHN Fin Cap Mkts, TIC 4.2907%
Hilltop Securities, TIC 4.2914%
KeyBanc Cap Mkts, TIC 4.309%
First Financial Bk, TIC 4.85%
IOWA
Altoona (City)
Jul 20, 2026 $7,150,000
General Obligation Urban Renewal Bonds, Series 2026E (book entry).
Dated Aug 26, 2026.
Due Jun 1, 2027 to 2036.
Callable Jun 1, 2034 at par.
Winning bid: TD Financial, at 106.7176, TIC 3.2712%.
L.O.: Dorsey & Whitney, Des Moines, IA.
F.A.: PFM Financial Advisors LLC, Des Moines, IA.
Other bidders were:
Brownstone Inv Grp, TIC 3.3136%
Baird, TIC 3.3382%
Raymond James, TIC 3.3469%
Huntington Secs, TIC 3.3696%
Loop Capital, TIC 3.4988%
City of Clarksville
Jul 20, 2026 $720,000
General Obligation Corporate Purpose Bonds, Series 2026 (bank qualified) (book entry).
Dated Aug 18, 2026.
Due Jun 1, 2027 to 2038.
Callable Jun 1, 2033 at par.
Winning bid: UMB Bank, at n/a, TIC 3.8267%.
L.O.: Dorsey & Whitney, Des Moines, IA.
F.A.: Speer Financial, Inc., Waterloo, IA; and Speer Financial, Inc., Chicago, IL.
Other bidders were:
Northland Securities, TIC 3.9588%
Bankers' Bank, TIC 4.1265%
Bernardi Securities, TIC 4.3818%
KANSAS
Gardner (City)
Jul 20, 2026 $935,000
General Obligation Bonds, Series 2026B (book entry).
Dated Aug 13, 2026.
Due Oct 1, 2026 to 2045.
Callable Oct 1, 2035 at par.
Winning bid: TD Financial, at 103.6082, TIC 3.9447%.
L.O.: Kutak Rock, Kansas City, MO.
F.A.: Baker Tilly Municipal Advisors, LLC, Overland Park, KS; and Baker Tilly Municipal Advisors, LLC, St. Paul, MN.
Other bidders were:
Baird, TIC 4.0395%
Bernardi Securities, TIC 4.1363%
Olathe (City)
Jul 21, 2026 $19,370,000
General Obligation Improvement Bonds, Series 2026A (book entry).
Dated Aug 13, 2026.
Due Oct 1, 2027 to 2036.
Callable Oct 1, 2034 at par.
Winning bid: FHN Fin Cap Mkts, at n/a, TIC 3.1695%.
Other managers: Morgan Stanley & Co., Inc., Raymond James & Associates, Inc., Fidelity Capital Markets, Ramirez & Co., Inc., Advisors Asset Management Inc, Zeus Financial, LLC.
L.O.: Gilmore & Bell, P.C., Kansas City, MO.
F.A.: Columbia Capital Management, LLC, Merriam, KS.
Other bidders were:
TD Financial, TIC 3.19%
Oppenheimer, TIC 3.2003%
UMB Bank, TIC 3.2237%
Brownstone Inv Grp, TIC 3.2268%
Baker Group, TIC 3.2326%
Huntington Secs, TIC 3.2393%
Piper Sandler, TIC 3.2458%
StoneX Fin Inc., TIC 3.2586%
Baird, TIC 3.2977%
Olathe (City)
Jul 21, 2026 $173,235,000
General Obligation Temporary Notes, Series 2026A (book entry).
Dated Aug 13, 2026.
Due Oct 1, 2027.
Purchased $173,235,000.00 by BofA Securities, at 5.0%, plus $4,284,101.55, effective rate 2.7264%.
L.O.: Gilmore & Bell, P.C., Kansas City, MO.
F.A.: Columbia Capital Management, LLC, Merriam, KS.
Other bidders were:
JPMorgan, Effective Rate 2.8294%
TD Financial, Effective Rate 2.8818%
Wells Fargo Corp, Effective Rate 2.9344%
KENTUCKY
Bowling Green Independent School District
Jul 21, 2026 $19,335,000
General Obligation Bonds, Series 2026 (Kentucky School District Enhancement Program) (book entry).
Dated Aug 11, 2026.
Due Jun 1, 2027 to 2046.
Callable Jun 1, 2035 at par.
Winning bid: Northland Securities, at 98.7924, TIC 4.2992%.
Other managers: Celadon Financial Group, LLC, Edward Jones, Carty, Harding, & Hearn, Inc., Falcon Square Capital, Bernardi Securities, Inc..
L.O.: FBT Gibbons LLP, Louisville, KY.
F.A.: Baird, Louisville, KY; and Kentucky School Facilities Construction Commission.
Other bidders were:
StoneX Fin Inc., TIC 4.304%
Oppenheimer, TIC 4.3131%
Huntington Secs, TIC 4.358%
MASSACHUSETTS
Franklin Regional Transit Authority
Jul 21, 2026 $1,200,000
General Obligation Revenue Anticipation Notes (bank qualified) (book entry).
Dated Jul 30, 2026.
Due Jul 30, 2027.
Purchased $1,200,000.00 by bankESB, at 3.1%, effective rate 3.1%.
L.O.: Troutman Pepper Locke LLP (as successor to Locke Lord LLP), Boston, MA.
F.A.: UniBank Fiscal Advisory Services, Inc., Whitinsville, MA.
Other bidders were:
Greenfield Co-Op Bk, Effective Rate 3.15%
Oppenheimer, Effective Rate 3.632%
Lynnfield (Town)
Jul 21, 2026 $2,196,000
General Obligation Bond Anticipation Notes (new money and renewal) (bank qualified) (book entry).
Dated Aug 14, 2026.
Due Aug 13, 2027.
Purchased $2,196,000.00 by Truist Secs, Inc., at 4.0%, plus $24,265.80, effective rate 2.8919%.
L.O.: Troutman Pepper Locke LLP (as successor to Locke Lord LLP), Boston, MA.
F.A.: Hilltop Securities Inc., Boston, MA.
Other bidders were:
Oppenheimer, Effective Rate 3.1837%
Marshfield (Town)
Jul 21, 2026 $5,701,268
General Obligation Bond Anticipation Notes (new money and renewal) (bank qualified) (book entry).
Dated Aug 14, 2026.
Due Aug 13, 2027.
Purchased $5,701,268.00 by Oppenheimer, at 4.0%, plus $53,591.91, effective rate 3.0574%.
L.O.: Troutman Pepper Locke LLP (as successor to Locke Lord LLP), Boston, MA.
F.A.: Hilltop Securities Inc., Boston, MA.
Other bidders were:
Huntington Secs, Effective Rate 3.0694%
BNY Mellon Cap Mkts, Effective Rate 3.102%
TD Financial, Effective Rate 3.1316%
Truist Secs, Inc., Effective Rate 3.2505%
MINNESOTA
Murray County
Jul 20, 2026 $2,940,000
General Obligation Ditch Bonds, Series 2026A (bank qualified) (book entry).
Dated Aug 19, 2026.
Due Feb 1, 2028 to 2042.
Callable Feb 1, 2031 at par.
Winning bid: BOK Fin Secs, at 101.8924, TIC 3.8231%.
L.O.: Fryberger, Buchanan, Smith & Frederick, Duluth, MN.
F.A.: Northland Securities, Inc., Minneapolis, MN.
Other bidders were:
Baird, TIC 3.9114%
Raymond James, TIC 3.9587%
New Prague (City)
Jul 20, 2026 $1,505,000
General Obligation Bonds, Series 2026B (book entry).
Dated Aug 6, 2026.
Due Feb 1, 2028 to 2042.
Callable Feb 1, 2036 at par.
Winning bid: Brownstone Inv Grp, at 106.3861, TIC 3.6606%.
L.O.: Kennedy & Graven, Minneapolis, MN.
F.A.: Ehlers, Minneapolis, MN; and Ehlers, Waukesha, WI.
Other bidders were:
TD Financial, TIC 3.6788%
Baird, TIC 3.7842%
Bancroft Capital, TIC 3.7847%
Bernardi Securities, TIC 3.8084%
FHN Fin Cap Mkts, TIC 4.0359%
Watertown-Mayer Independent School District No. 111
Jul 21, 2026 $5,595,000
General Obligation Facilities Maintenance Bonds, Series 2026A (Minnesota School District Credit Enhancement Program) (bank qualified) (book entry).
Dated Aug 12, 2026.
Due Feb 1, 2028 to 2041.
Callable Feb 1, 2035 at par.
Winning bid: Raymond James, at 103.3730, TIC 3.7195%.
L.O.: Kennedy & Graven, Minneapolis, MN.
F.A.: PMA Securities, Inc., Albertville, MN.
Other bidders were:
Baker Group, TIC 3.7327%
Stifel Nicolaus, TIC 3.7953%
BOK Fin Secs, TIC 3.85%
Northland Securities, TIC 3.8599%
Baird, TIC 3.9533%
Willmar (City)
Jul 20, 2026 $7,525,000
General Obligation Improvement, Abatement and Utility Bonds, Series 2026B (book entry).
Dated Aug 13, 2026.
Due Feb 1, 2028 to 2042.
Callable Feb 1, 2036 at par.
Winning bid: TD Financial, at 106.4800, TIC 3.6818%.
L.O.: Kutak Rock, Minneapolis, MN.
F.A.: Baker Tilly Municipal Advisors, LLC, Minneapolis, MN; and Baker Tilly Municipal Advisors, LLC, St. Paul, MN.
Other bidders were:
Brownstone Inv Grp, TIC 3.7134%
Fidelity Capital, TIC 3.7399%
Hilltop Securities, TIC 3.749%
Baird, TIC 3.7532%
Piper Sandler, TIC 3.7727%
NEW YORK
Amherst Central School District
Jul 21, 2026 $58,060,000
Bond Anticipation Notes, 2026.
Dated Aug 4, 2026.
Due Aug 4, 2027.
Purchased $58,060,000.00 by Jefferies, at 4.0%, plus $716,460.40, effective rate 2.766%.
L.O.: Hodgson, Russ LLP, Buffalo, NY.
F.A.: Capital Markets Advisors, LLC, Orchard Park, NY.
Other bidders were:
JPMorgan, Effective Rate 2.779%
TD Financial, Effective Rate 2.825%
Oppenheimer, Effective Rate 2.855%
BofA Securities, Effective Rate 2.9%
Fort Ann Central School District
Jul 21, 2026 $2,000,000
Revenue Anticipation Notes, 2026 (bank qualified).
Dated Aug 3, 2026.
Due Nov 20, 2026.
Purchased $2,000,000.00 by Bank of Greene Co, at 4.35%, effective rate 4.35%.
L.O.: Bartlett, Pontiff, Stewart & Rhodes, P.C., Glens Falls, NY.
F.A.: Bernard P. Donegan, Inc., Fairport, NY.
Other bidders were:
Oppenheimer, Effective Rate 4.4428%
Glens Falls (City)
Jul 21, 2026 $461,063
Public Improvement (Serial) Bonds, 2026 (bank qualified).
Dated Aug 4, 2026.
Due Jul 15, 2027 to 2032.
Non-callable.
Winning bid: Bank of Greene Co, at n/a, NIC 3.6511%.
L.O.: Orrick, Herrington & Sutcliffe, New York, NY.
F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.
Other bidders were:
Roosevelt & Cross, NIC 3.7183%
Arrow Bank, NIC 3.99%
Ossining Union Free School District
Jul 21, 2026 $12,500,000
General Obligations Bond Anticipation Notes, 2026.
Dated Jul 30, 2026.
Due Jun 25, 2027.
Purchased $12,500,000.00 by TD Financial, at 4.0%, plus $131,500.00, effective rate 2.8347%.
L.O.: Hawkins, Delafield & Wood, New York, NY.
F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.
Other bidders were:
Truist Secs, Inc., Effective Rate 2.8414%
Jefferies, Effective Rate 2.9033%
Oppenheimer, Effective Rate 3.1719%
Pittsford Village
Jul 21, 2026 $615,000
Public Improvement (Serial) Bonds, 2026 (bank qualified) (book entry).
Dated Aug 4, 2026.
Due May 15, 2028 to 2041.
Callable May 15, 2033 at par.
Winning bid: Bank of Greene Co, at n/a, NIC 4.19%.
L.O.: Timothy R. McGill, Esq., Fairport, NY.
F.A.: Bernard P. Donegan, Inc., Fairport, NY.
Other bidders were:
Roosevelt & Cross, NIC 4.2036%
South Orangetown Central School District
Jul 21, 2026 $14,700,000
General Obligations School District Serial Bonds, 2026 (book entry).
Dated Aug 4, 2026.
Due Jun 15, 2027 to 2041.
Callable Jun 15, 2033 at par.
Winning bid: Mesirow Financial, at n/a, NIC 3.6354%.
L.O.: Hawkins, Delafield & Wood, New York, NY.
F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.
Other bidders were:
Brownstone Inv Grp, NIC 3.6423%
Raymond James, NIC 3.6448%
FHN Fin Cap Mkts, NIC 3.7115%
Oppenheimer, NIC 3.7249%
Baird, NIC 3.7907%
BNY Mellon Cap Mkts, NIC 3.9595%
South Orangetown Central School District
Jul 21, 2026 $16,932,000
General Obligations Bond Anticipation Notes, 2026.
Dated Aug 4, 2026.
Due Aug 4, 2027.
Purchased $16,932,000.00 by TD Financial, at 4.0%, plus $207,417.00, effective rate 2.775%.
L.O.: Hawkins, Delafield & Wood, New York, NY.
F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.
Other bidders were:
Piper Sandler, Effective Rate 2.798%
Truist Secs, Inc., Effective Rate 2.863%
Jefferies, Effective Rate 2.8949%
Academy Secs, Effective Rate 2.97%
BNY Mellon Cap Mkts, Effective Rate 2.997%
Oppenheimer, Effective Rate 3.185%
Sweet Home Central School District
Jul 21, 2026 $5,600,000
Tax Anticipation Notes, 2026 (bank qualified).
Dated Aug 4, 2026.
Due Nov 4, 2026.
Purchased $5,600,000.00 by JPMorgan Chase, at 3.99%, effective rate 3.99%.
L.O.: Hodgson, Russ LLP, Buffalo, NY.
F.A.: Municipal Solutions, Inc., Canandaigua, NY.
Other bidders were:
Oppenheimer, Effective Rate 4.17%
Bank of Greene Co, Effective Rate 4.75%
Westfield (Town)
Jul 21, 2026 $138,900
Bond Anticipation Notes, 2026 (bank qualified).
Dated Aug 11, 2026.
Due Aug 10, 2027.
Purchased $138,900.00 by Bank of Greene Co, at 3.85%, effective rate 3.85%.
L.O.: Hodgson, Russ LLP, Buffalo, NY.
F.A.: Municipal Solutions, Inc., Canandaigua, NY.
Other bidders were:
Roosevelt & Cross, Effective Rate 4.875%
SOUTH CAROLINA
Beaufort County School District
Jul 21, 2026 $35,000,000
General Obligation Bonds, Series 2026B (South Carolina School District Credit Enhancement Program) (book entry).
Dated Aug 11, 2026.
Due Mar 1, 2027 to 2029.
Non-callable.
Winning bid: JPMorgan, at 102.6519, TIC 2.5565%.
In association with: Academy Securities Inc..
In association with: Rice Financial Products Company, Stern Brothers & Co..
L.O.: Burr & Forman, Columbia, SC.
F.A.: Compass Municipal Advisors, Columbia, SC.
Other bidders were:
Cabrera Cap Mkts, TIC 2.6237%
Raymond James, TIC 2.6876%
TD Financial, TIC 2.7126%
Truist Secs, Inc., TIC 2.7477%
BNY Mellon Cap Mkts, TIC 2.77%
Hilltop Securities, TIC 2.8216%
Wells Fargo Corp, TIC 2.842%
Baird, TIC 2.931%
TENNESSEE
DeKalb County
Jul 21, 2026 $55,000,000
General Obligation School Bonds, Series 2026 (book entry).
Dated Aug 4, 2026.
Due Jun 1, 2027 to 2056.
Callable Jun 1, 2036 at par.
Winning bid: Baird, at 100.3563, TIC 4.4089%.
Other managers: CL King & Associates, Edward Jones, Colliers Securities LLC, Stifel, Nicolaus & Co., Inc., Davenport & Company LLC, Crews & Associates, Inc., SouthState Securities, Northland Securities, Inc., Bernardi Securities, Inc., Carty, Harding, & Hearn, Inc., Cadz Securities Inc,, Oppenheimer & Co., Inc., Celadon Financial Group, LLC, A.G.P./Alliance Global Partners, Midland Securities Ltd, BOK Financial Securities, FMSbonds, Inc., Multi-Bank Securities Inc., Dinosaur Securities, Mountainside Securities LLC, StoneX Financial Inc., InspereX LLC, Blaylock Van, LLC, Caldwell Sutter Capital, Inc., ZIONS BANK division of ZB, N.A., Institutional Bond Network, LLC.
L.O.: Bass, Berry & Sims PLC, Nashville, TN.
F.A.: Guardian Advisors, LLC, Hohenwald, TN.
Other bidders were:
Raymond James, TIC 4.451%
Wells Fargo Corp, TIC 4.5021%
JPMorgan, TIC 4.5493%
KeyBanc Cap Mkts, TIC 4.591%
TEXAS
Denton (City)
Jul 21, 2026 $62,550,000
General Obligation Refunding and Improvement Bonds, Series 2026 (book entry).
Dated Jul 15, 2026.
Due Feb 15, 2027 to 2046.
Callable Feb 15, 2035 at par.
Winning bid: BOK Fin Secs, at 106.2380, TIC 3.9813%.
L.O.: McCall Parkhurst & Horton, Dallas, TX; and State Attorney General.
F.A.: Hilltop Securities Inc., Fort Worth, TX.
Other bidders were:
BofA Securities, TIC 3.9867%
Baird, TIC 4.0099%
JPMorgan, TIC 4.0305%
Wells Fargo Corp, TIC 4.0369%
PNC Capital Markets, TIC 4.1142%
Fort Bend County Municipal Utility District No. 246
Jul 21, 2026 $10,000,000
Unlimited Tax Utility Bonds, Series 2026 (book entry).
Dated Aug 1, 2026.
Due Sep 1, 2028 to 2051.
Callable Sep 1, 2032 at par.
Winning bid: SAMCO Cap Mkts, at 98.0000, NIC 4.666%.
Other managers: FHN Financial Capital Markets, Intercoastal Capital Markets, Inc., M. E. Allison & Co., Inc., R. Seelaus & Co., LLC, Ramirez & Co., Inc., CINCaP Investment Group, Carty, Harding, & Hearn, Inc., Bancroft Capital, LLC, StoneX Financial Inc., Cadz Securities Inc,, TRB Capital Markets, LLC.
L.O.: Coats Rose, P.C, Houston, TX; and State Attorney General.
F.A.: Tierra Financial Advisors, LLC, Arlington, TX.
Other bidders were:
Baird, NIC 4.7026%
Hilltop Securities, NIC 4.7561%
Crews & Associates, NIC 4.7896%
WISCONSIN
Antigo Unified School District
Jul 20, 2026 $20,000,000
General Obligation Promissory Notes, Series 2026 (book entry).
Dated Aug 10, 2026.
Due Mar 1, 2027 to 2046.
Callable Mar 1, 2034 at par.
Winning bid: TD Financial, at 100.4876, TIC 4.2549%.
L.O.: Quarles & Brady, Milwaukee, WI.
F.A.: PMA Securities, Inc., Milwaukee, WI.
Other bidders were:
Baird, TIC 4.2869%
Oppenheimer, TIC 4.3706%
Raymond James, TIC 4.4066%
Oshkosh Area School District
Jul 21, 2026 $60,000,000
General Obligation Promissory Notes, Series 2026 (book entry).
Dated Aug 11, 2026.
Due Mar 1, 2027 to 2046.
Callable Mar 1, 2034 at par.
Winning bid: Jefferies, at 103.4078, TIC 4.0943%.
L.O.: Quarles & Brady, Milwaukee, WI.
F.A.: PMA Securities, Inc., Milwaukee, WI.
Other bidders were:
Wells Fargo Corp, TIC 4.2314%
Baird, TIC 4.2486%
TAXABLE ISSUES
OKLAHOMA
Atoka County Independent School District No. 7 (Stringtown)
Jul 21, 2026 $560,000
Taxable Building Bonds of 2026 (book entry).
Dated Sep 1, 2026.
Due Sep 1, 2028 to 2030.
Non-callable.
Winning bid: Baker Group, at n/a, NIC 4.7863%.
In association with: First Bank Antlers Oklahoma.
L.O.: Phillips Murrah, P.C., Oklahoma City, OK; and State Attorney General.
F.A.: Stephen L. Smith Corp., Jenks, OK.
Other bidders were:
BOK Fin Secs, NIC 4.9097%
Exchange Bank, NIC 4.9335%
Northland Securities, NIC 5.2166%
Love County Independent School District No. 16 (Marietta)
Jul 21, 2026 $1,325,000
Building Bonds of 2026 (Federally Taxable) (book entry).
Dated Sep 1, 2026.
Due Sep 1, 2028.
Non-callable.
Winning bid: Exchange Bank, at n/a, NIC 4.8349%.
L.O.: State Attorney General.
F.A.: Stephen H. McDonald & Associates, Inc., Norman, OK.
Other bidders were:
BOK Fin Secs, NIC 4.935%
Northland Securities, NIC 5.088%
Legacy Bank, NIC 5.2%