Results of Competitive Sales

MICHIGAN

Lapeer (City)

Apr 4, 2011 . . . . . . $380,000

2011 Special Assessment Bonds (Limited Tax General Obligation) (bank qualified) (book entry).

Dated Apr 19, 2011.

Due May 1, 2012 to 2021.

Non-callable.

Winning bid: Comerica Securities, at n/a, TIC 4.9944%.

Due Amount Cpn Yield Conc Ins
5/1/12 $25,000 4.25% NRO NRO
5/1/13 $30,000 4.25% NRO NRO
5/1/14 $30,000 4.50% NRO NRO
5/1/15 $35,000 4.50% NRO NRO
5/1/16 $35,000 4.50% NRO NRO
5/1/17 $40,000 4.75% NRO NRO
5/1/18 $40,000 5.00% NRO NRO
5/1/19 $45,000 5.00% NRO NRO
5/1/20 $50,000 5.25% NRO NRO
5/1/21 $50,000 5.50% NRO NRO

L.O.: Miller, Canfield, Paddock & Stone, P.L.C., Detroit, MI.

F.A.: Municipal Official(s).

NEW JERSEY

Flemington Borough

Apr 4, 2011 . . . . . . $3,600,000

Bond Anticipation Notes (bank qualified).

Dated Apr 7, 2011.

Due Apr 5, 2012.

Purchased $3,600,000.00 by PNC Bank, at 1.32%, effective rate 1.32%.

L.O.: Wilentz, Goldman & Spitzer, Woodbridge, NJ.

F.A.: Municipal Official(s).

Other bidders were:

Janney Montgomery, Effective Rate 1.9246%

Oppenheimer, Effective Rate 2.1334%

Jefferies, Effective Rate 2.325%

PENNSYLVANIA

Conewago Valley School District

Apr 4, 2011 . . . . . . $5,000,000

General Obligation Bonds, Series of 2011 (bank qualified) (book entry).

Dated May 10, 2011.

Due Sep 1, 2012 to 2031.

Callable Sep 1, 2016 at par.

Winning bid: Roosevelt & Cross, at n/a, TIC 3.9163%.

Due Amount Cpn Yield Conc Ins
9/1/12 $175,000 3.25% NRO NRO
9/1/13 $180,000 3.25% NRO NRO
9/1/14 $185,000 3.25% NRO NRO
9/1/15 $195,000 3.25% NRO NRO
9/1/16 $200,000 3.25% NRO NRO
9/1/17 $205,000 3.25% NRO NRO
9/1/18 $215,000 3.25% NRO NRO
9/1/19 $220,000 3.25% NRO NRO
9/1/20 $225,000 3.25% NRO NRO
9/1/21 $235,000 3.25% NRO NRO
9/1/23 $500,000 4.00% NRO NRO
9/1/25 $540,000 4.00% NRO NRO
9/1/27 $580,000 4.00% NRO NRO
9/1/30 $1,000,000 4.00% NRO NRO
9/1/31 $345,000 4.125% NRO NRO

Other managers: Citigroup Global Markets, Inc., UBS Financial Services, Inc., Fidelity Capital Markets, CL King & Associates.

L.O.: Stock & Leader, York, PA.

F.A.: Public Financial Management, Inc., Harrisburg, PA.

Other bidders were:

Janney Montgomery, TIC 3.9265%

Robert W. Baird, TIC 4.0202%

BNY Mellon Cap Mkts, TIC 4.1413%

Sterne Agee, TIC 4.225%

TEXAS

Montgomery County Municipal Utility District No. 18

Apr 4, 2011 . . . . . . $4,580,000

Unlimited Tax Bonds, Series 2011 (bank qualified) (book entry).

Dated May 1, 2011.

Due Mar 1, 2019 to 2031.

Callable Mar 1, 2019 at par.

Winning bid: Sterne Agee, at 100.0996, NIC 4.4991%.

Due Amount Cpn Yield Conc Ins
3/1/19 $340,000 4.25% NRO NRO AGM
3/1/20 $340,000 4.25% NRO NRO AGM
3/1/21 $350,000 4.50% NRO NRO AGM
3/1/22 $350,000 4.50% NRO NRO AGM
3/1/23 $350,000 4.50% NRO NRO AGM
3/1/24 $350,000 4.50% NRO NRO AGM
3/1/25 $350,000 4.50% NRO NRO AGM
3/1/26 $350,000 4.50% NRO NRO AGM
3/1/27 $350,000 4.50% NRO NRO AGM
3/1/28 $350,000 4.50% NRO NRO AGM
3/1/29 $350,000 4.50% NRO NRO AGM
3/1/30 $375,000 4.625% NRO NRO AGM
3/1/31 $375,000 4.625% NRO NRO AGM

L.O.: Young & Brooks, Houston, TX; and State Attorney General.

F.A.: FirstSouthwest, Houston, TX; and FirstSouthwest, Houston, TX.

Other bidders were:

Vining-Sparks IBG, NIC 4.5227%

Morgan Keegan, NIC 4.605%

FirstSouthwest, NIC 4.6385%

SAMCO Cap Mkts, NIC 4.6907%

WISCONSIN

Wrightstown Village

Apr 4, 2011 . . . . . . $2,545,000

General Obligation Promissory Notes, Series 2011 (bank qualified) (book entry).

Dated Apr 20, 2011.

Due Apr 1, 2012 to 2018.

Callable Apr 1, 2015 at par.

Winning bid: Bankers' Bank, at n/a, TIC 2.2213%.

Due Amount Cpn Yield Conc Ins
4/1/12 $400,000 1.00% NRO NRO
4/1/13 $400,000 1.30% NRO NRO
4/1/14 $400,000 1.60% NRO NRO
4/1/15 $400,000 2.00% NRO NRO
4/1/16 $410,000 2.25% NRO NRO
4/1/17 $400,000 2.50% NRO NRO
4/1/18 $135,000 2.80% NRO NRO

L.O.: Quarles & Brady, Milwaukee, WI.

F.A.: Ehlers, Roseville, MN.

Other bidders were:

M&I Marshall, TIC 2.6995%

Robert W. Baird, TIC 2.944%

Bernardi Securities, TIC 3.058%

TAXABLE ISSUES

IOWA

Johnston (City)

Apr 4, 2011 . . . . . . $1,850,000

Taxable General Obligation Capital Loan Notes, Series 2011B (book entry).

Dated Apr 1, 2011.

Due Jun 1, 2012 to 2021.

Callable Jun 1, 2018 at par.

Winning bid: M&I Marshall, at 99.6778, TIC 3.4679%.

Due Amount Cpn Yield Conc Ins
6/1/12 $165,000 1.00% 0.70%
6/1/13 $170,000 1.375% 1.25%
6/1/14 $175,000 1.875% 1.75%
6/1/15 $175,000 2.25% 2.25%
6/1/16 $180,000 2.75% 2.75%
6/1/17 $185,000 3.25% 3.15%
6/1/18 $190,000 3.75% 3.55%
6/1/19 $195,000 3.90% 3.80%
6/1/20 $205,000 4.00% 4.00%
6/1/21 $210,000 4.20% 4.20%

L.O.: Ahlers & Cooney, P.C., Des Moines, IA.

F.A.: Northland Securities, Inc., Minneapolis, MN.

Other bidders were:

Hutchinson Shockey, TIC 3.4848%

Cronin, TIC 3.5039%

BMO Capital Markets, TIC 3.5544%

Robert W. Baird, TIC 3.5766%

UMB Bank, TIC 3.6002%

Morgan Keegan, TIC 3.6364%

D.A. Davidson, TIC 3.8554%

FTN Fin Cap Mkts, TIC 3.8829%

Bernardi Securities, TIC 3.9704%

NORTH DAKOTA

Mandan Public School District No. 1

Apr 4, 2011 . . . . . . $1,200,000

Taxable General Obligation Building Fund Bonds, Series 2011C (Qualified Energy Conservation Bonds- Direct Payment) (book entry).

Dated May 4, 2011.

Due May 1, 2026.

Non-callable.

Winning bid: Robert W. Baird, at 99.2000, TIC 5.2026%.

Due Amount Cpn Yield Conc Ins
5/1/26 $1,200,000 5.125% 5.125%

Other managers: CL King & Associates, Kildare Capital, Inc., Loop Capital Markets, LLC, SAMCO Capital Markets, Edward D. Jones & Co., Davenport & Company LLC, Wedbush Securities, Jackson Securities Inc., Dougherty & Company LLC, Crews & Associates, Inc..

L.O.: Arntson Stewart Wegner PC, Bismarck, ND.

F.A.: Public Financial Management, Inc., Minneapolis, MN.

Other bidders were:

BMO Capital Markets, TIC 5.2671%

Morgan Keegan, TIC 5.4115%

Vining-Sparks IBG, TIC 5.5558%

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Competitive sales results
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