Results of Competitive Sales

ILLINOIS

Montgomery Village

Jul 28, 2008 . . . . . . $2,000,000

General Obligation (Alternate Revenue Source) Bonds, Series 2008A (bank qualified) (book entry).

Dated Aug 1, 2008.

Due Dec 1, 2018 to 2019.

Non-callable.

Winning bid: GKST/Harris/BMO, at n/a, TIC 4.1993%.

Due Amount Cpn Yield Conc Ins
12/1/18 $1,000,000 5.00% NRO NRO
12/1/19 $1,000,000 5.00% NRO NRO

L.O.: Katten Muchin Rosenman LLP, Chicago, IL.

F.A.: Speer Financial, Inc., Chicago, IL.

Other bidders were:

Stifel Nicolaus, TIC 4.223%

Piper Jaffray, TIC 4.3287%

Robert W. Baird, TIC 4.3489%

Bernardi Securities, TIC 4.3582%

INDIANA

Winfield (Town)

Jul 23, 2008 . . . . . . $885,000

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

Dated Aug 5, 2008.

Due Jul 1, 2009 to Jan 1, 2014.

Non-callable.

Winning bid: City Securities, at n/a, NIC 4.805%.

Due Amount Cpn Yield Conc Ins
7/1/09 $70,000 4.50% 3.00%
1/1/10 $85,000 4.50% 3.50%
7/1/10 $85,000 4.50% 3.50%
1/1/11 $85,000 4.50% 4.00%
7/1/11 $90,000 4.50% 4.00%
1/1/12 $90,000 4.50% 4.20%
7/1/12 $90,000 4.50% 4.20%
1/1/13 $95,000 4.50% 4.40%
7/1/13 $95,000 4.50% 4.40%
1/1/14 $100,000 4.50% 4.50%

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

F.A.: Umbaugh LLP, Plymouth, IN.

MINNESOTA

Adrian (City)

Jul 28, 2008 . . . . . . $1,790,000

General Obligation Improvement and Refunding Bonds, Series 2008A (bank qualified) (book entry).

Dated Sep 3, 2008.

Due Feb 1, 2010 to 2024.

Callable Feb 1, 2016 at par.

Winning bid: United Banker's Bk, at n/a, TIC 4.4125%.

Due Amount Cpn Yield Conc Ins
2/1/10 $90,000 2.85% NRO NRO
2/1/11 $125,000 3.15% NRO NRO
2/1/12 $130,000 3.40% NRO NRO
2/1/13 $130,000 3.60% NRO NRO
2/1/14 $140,000 3.80% NRO NRO
2/1/15 $140,000 4.00% NRO NRO
2/1/16 $95,000 4.00% NRO NRO
2/1/17 $100,000 4.125% NRO NRO
2/1/18 $105,000 4.25% NRO NRO
2/1/19 $110,000 4.35% NRO NRO
2/1/20 $115,000 4.45% NRO NRO
2/1/21 $120,000 4.55% NRO NRO
2/1/22 $125,000 4.60% NRO NRO
2/1/23 $130,000 4.65% NRO NRO
2/1/24 $135,000 4.70% NRO NRO

L.O.: Briggs & Morgan, St. Paul, MN.

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

Other bidders were:

Northland Securities, TIC 4.6021%

Dougherty & Co, TIC 4.6892%

Cronin & Co., TIC 4.6934%

Chatfield (City)

Jul 28, 2008 . . . . . . $2,210,000

General Obligation Utility Revenue and Improvement Bonds, Series 2008A (bank qualified) (book entry).

Dated Aug 1, 2008.

Due Feb 1, 2010 to 2029.

Callable Feb 1, 2013 at 101.000% plus accrued interest.

Winning bid: Northland Securities, at n/a, NIC 4.6503%.

Due Amount Cpn Yield Conc Ins
2/1/10 $60,000 3.85% NRO NRO
2/1/11 $75,000 3.85% NRO NRO
2/1/12 $80,000 3.85% NRO NRO
2/1/13 $80,000 3.85% NRO NRO
2/1/14 $85,000 3.85% NRO NRO
2/1/15 $120,000 4.00% NRO NRO
2/1/16 $120,000 4.00% NRO NRO
2/1/17 $120,000 4.25% NRO NRO
2/1/18 $130,000 4.25% NRO NRO
2/1/19 $130,000 4.40% NRO NRO
2/1/20 $135,000 4.40% NRO NRO
2/1/21 $130,000 4.50% NRO NRO
2/1/22 $135,000 4.50% NRO NRO
2/1/23 $140,000 4.60% NRO NRO
2/1/24 $145,000 4.60% NRO NRO
2/1/25 $130,000 4.75% NRO NRO
2/1/26 $135,000 4.75% NRO NRO
2/1/27 $140,000 4.90% NRO NRO
2/1/28 $60,000 4.90% NRO NRO
2/1/29 $60,000 4.90% NRO NRO

Other managers: Bernardi Securities, Inc..

L.O.: Kennedy & Graven, Minneapolis, MN.

F.A.: David Drown Associates, Minneapolis, MN.

Other bidders were:

Cronin & Co., NIC 4.6781%

Dougherty & Co, NIC 4.7579%

United Banker's Bk, NIC 4.9202%

Sterne Agee, NIC 5.0122%

Crosby-Ironton Independent School District No 182

Jul 28, 2008 . . . . . . $1,455,000

General Obligation Aid Anticipation Certificates of Indebtedness, Series 2008A (MN School District Credit Enhancement Program) (bank qualified) (book entry).

Dated Aug 14, 2008.

Due Sep 14, 2009.

Purchased $1,455,000.00 by Wells Fargo Brkge, at 3.0%, plus $9,719.00, effective rate 2.3833%.

L.O.: Kennedy & Graven, Minneapolis, MN.

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

Other bidders were:

Janney Montgomery, Effective Rate 2.3881%

Sovereign Securities, Effective Rate 2.4489%

Fridley (City)

Jul 28, 2008 . . . . . . $1,915,000

General Obligation Improvement Bonds, Series 2008A (bank qualified) (book entry).

Dated Aug 26, 2008.

Due Feb 1, 2010 to 2019.

Callable Feb 1, 2017 at par.

Winning bid: Cronin & Co., at n/a, TIC 3.7315%.

Due Amount Cpn Yield Conc Ins
2/1/10 $165,000 3.00% 2.30%
2/1/11 $170,000 3.25% 2.75%
2/1/12 $175,000 3.25% 3.00%
2/1/13 $180,000 3.50% 3.15%
2/1/14 $185,000 4.00% 3.35%
2/1/15 $195,000 4.00% 3.50%
2/1/16 $200,000 4.00% 3.65%
2/1/17 $205,000 4.00% 3.80%
2/1/18 $215,000 4.00% 3.90%
2/1/19 $225,000 4.00% 4.00%

Other managers: Wells Fargo Brokerage Securites, LLC.

L.O.: Briggs & Morgan, St. Paul, MN.

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

Other bidders were:

RBC Capital Mkts, TIC 3.8137%

United Banker's Bk, TIC 3.9695%

Bernardi Securities, TIC 3.9844%

UMB Bank, TIC 4.0784%

Fridley (City)

Jul 28, 2008 . . . . . . $3,725,000

General Obligation Water Revenue Bonds, Series 2008B (bank qualified) (book entry).

Dated Aug 26, 2008.

Due Feb 1, 2009 to 2023.

Callable Feb 1, 2017 at par.

Winning bid: Cronin & Co., at n/a, TIC 3.981%.

Due Amount Cpn Yield Conc Ins
2/1/09 $260,000 3.00% 2.00%
2/1/10 $195,000 3.00% 2.30%
2/1/11 $205,000 3.25% 2.75%
2/1/12 $210,000 3.25% 3.00%
2/1/13 $215,000 3.50% 3.15%
2/1/14 $225,000 4.00% 3.35%
2/1/15 $230,000 4.00% 3.50%
2/1/16 $240,000 4.00% 3.65%
2/1/17 $245,000 4.00% 3.80%
2/1/18 $255,000 4.00% 3.90%
2/1/19 $265,000 4.00% 4.00%
2/1/20 $275,000 4.10% 4.10%
2/1/21 $290,000 4.15% 4.15%
2/1/22 $300,000 4.20% 4.20%
2/1/23 $315,000 4.25% 4.25%

Other managers: Wells Fargo Brokerage Securites, LLC.

L.O.: Briggs & Morgan, St. Paul, MN.

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

Other bidders were:

First Trust, TIC 4.0435%

Piper Jaffray, TIC 4.1235%

Robert W. Baird, TIC 4.1389%

Northland Securities, TIC 4.2463%

Stifel Nicolaus, TIC 4.2657%

Kenyon-Wanamingo Independent School District No. 2172

Jul 28, 2008 . . . . . . $795,000

General Obligation Aid Anticipation Certificates of Indebtedness, Series 2008A (MN SD Credit Enhancement Program) (book entry).

Dated Aug 21, 2008.

Due Sep 21, 2009.

Purchased $795,000.00 by Wells Fargo Brkge, at 3.0%, plus $5,310.60, effective rate 2.3833%.

L.O.: Knutson, Flynn & Deans, Mendota Heights, MN.

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

Other bidders were:

Piper Jaffray, Effective Rate 2.5024%

Janney Montgomery, Effective Rate 2.6109%

NEW JERSEY

Brooklawn Borough

Jul 28, 2008 . . . . . . $431,750

Bond Anticipation Notes of 2008, Series A (bank qualified).

Dated Aug 4, 2008.

Due Aug 3, 2009.

Purchased $431,750.00 by First Colonial, at 2.39%, effective rate 2.39%.

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

F.A.: Municipal Official(s).

Other bidders were:

Fulton Financial, Effective Rate 3.0%

Beneficial Bk, Effective Rate 3.4%

TEXAS

Montgomery County Municipal Utility District No. 107

Jul 28, 2008 . . . . . . $4,350,000

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

Dated Aug 1, 2008.

Due Aug 1, 2010 to 2033.

Callable Aug 1, 2018 at par.

Winning bid: RBC Capital Mkts, at 97.0000, NIC 5.8728%.

Due Amount Cpn Yield Conc Ins
8/1/10 $90,000 4.00% 4.00%
8/1/11 $95,000 4.20% 4.20%
8/1/12 $100,000 4.40% 4.40%
8/1/13 $110,000 4.60% 4.60%
8/1/14 $115,000 4.80% 4.80%
8/1/15 $120,000 4.90% 4.90%
8/1/16 $125,000 5.00% 5.00%
8/1/17 $135,000 5.10% 5.10%
8/1/18 $140,000 5.20% 5.20%
8/1/19 $150,000 5.25% 5.25%
8/1/20 $155,000 5.30% 5.30%
8/1/21 $165,000 5.35% 5.35%
8/1/22 $175,000 5.40% 5.40%
8/1/23 $185,000 5.45% 5.45%
8/1/24 $195,000 5.50% 5.50%
8/1/28 $885,000 5.625% 5.75%
8/1/33 $1,410,000 6.00% 6.00%

L.O.: Allen Boone Humphries Robinson LLP, Houston, TX; and State Attorney General.

F.A.: RBC Capital Markets, Houston, TX.

Other bidders were:

GMS Group, NIC 5.8814%

Nederland (City)

Jul 28, 2008 . . . . . . $4,500,000

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

Dated Aug 1, 2008.

Due Sep 1, 2009 to 2023.

Callable Sep 1, 2015 at par.

Winning bid: FTN Fin Cap Mkts, at 100.0000, TIC 4.4068%.

Due Amount Cpn Yield Conc Ins
9/1/09 $125,000 4.25% NRO NRO AGC
9/1/10 $150,000 4.25% NRO NRO AGC
9/1/11 $150,000 4.25% NRO NRO AGC
9/1/12 $150,000 4.25% NRO NRO AGC
9/1/13 $175,000 4.25% NRO NRO AGC
9/1/14 $175,000 4.25% NRO NRO AGC
9/1/15 $200,000 4.25% NRO NRO AGC
9/1/16 $200,000 4.25% NRO NRO AGC
9/1/17 $200,000 4.50% NRO NRO AGC
9/1/18 $225,000 4.50% NRO NRO AGC
9/1/19 $225,000 4.50% NRO NRO AGC
9/1/20 $575,000 4.50% NRO NRO AGC
9/1/21 $625,000 4.35% NRO NRO AGC
9/1/22 $650,000 4.40% NRO NRO AGC
9/1/23 $675,000 4.45% NRO NRO AGC

L.O.: Fulbright & Jaworski, Houston, TX; and State Attorney General.

F.A.: Coastal Securities Corp., Houston, TX.

Other bidders were:

Stifel Nicolaus, TIC 4.4236%

SAMCO Cap Mkts, TIC 4.7783%

Sterne Agee, TIC 4.7852%

Morgan Keegan, TIC 5.0748%

WASHINGTON

King County

Jul 28, 2008 . . . . . . $350,000,000

Sewer Revenue Bonds, 2008 (book entry).

Dated Aug 14, 2008.

Due Jan 1, 2017 to 2048.

Callable Jan 1, 2018 at par.

Winning bid: Citigroup, at 100.1489, TIC 5.3185%.

Due Amount Cpn Yield Conc Ins
1/1/17 $1,755,000 5.50% NRO NRO
1/1/18 $1,850,000 5.50% NRO NRO
1/1/19 $1,945,000 5.50% NRO NRO
1/1/20 $2,050,000 5.50% NRO NRO
1/1/21 $2,155,000 5.50% NRO NRO
1/1/22 $2,270,000 5.50% NRO NRO
1/1/23 $2,390,000 5.50% NRO NRO
1/1/24 $2,515,000 5.50% NRO NRO
1/1/25 $2,645,000 5.50% NRO NRO
1/1/26 $2,785,000 5.50% NRO NRO
1/1/27 $2,930,000 5.50% NRO NRO
1/1/28 $3,085,000 5.50% NRO NRO
1/1/29 $3,245,000 5.50% NRO NRO
1/1/30 $3,415,000 5.50% NRO NRO
1/1/31 $3,595,000 5.50% NRO NRO
1/1/32 $3,785,000 5.50% NRO NRO
1/1/33 $3,385,000 5.50% NRO NRO
1/1/38 $50,520,000 5.00% NRO NRO
1/1/40 $41,345,000 5.125% NRO NRO
1/1/43 $70,095,000 5.75% NRO NRO
1/1/48 $142,240,000 5.25% NRO NRO

L.O.: K&L Preston Gates Ellis LLP, Seattle, WA.

F.A.: Seattle-Northwest Securities Corp., Seattle, WA.

Other bidders were:

Merrill Lynch, TIC 5.3218%

JPMorgan, TIC 5.3296%

Lehman Brothers, TIC 5.3505%

Goldman Sachs, TIC 5.416%

WISCONSIN

Milwaukee Metropolitan Sewerage District

Jul 28, 2008 . . . . . . $70,000,000

General Obligation Sewerage System Bonds, Series 2008F (book entry).

Dated Aug 14, 2008.

Due Oct 1, 2009 to 2028.

Callable Oct 1, 2018 at par.

Winning bid: GKST/Harris/BMO, at 102.4466, TIC 4.4465%.

Due Amount Cpn Yield Conc Ins
10/1/09 $2,335,000 3.25% NRO NRO
10/1/10 $2,405,000 3.25% 2.30%
10/1/11 $2,475,000 3.25% NRO NRO
10/1/12 $2,555,000 3.50% NRO NRO
10/1/13 $2,645,000 3.50% NRO NRO
10/1/14 $2,740,000 3.75% NRO NRO
10/1/15 $2,850,000 4.00% NRO NRO
10/1/16 $2,960,000 4.00% 3.70%
10/1/17 $3,080,000 5.00% NRO NRO
10/1/18 $3,235,000 5.00% NRO NRO
10/1/19 $3,395,000 4.00% NRO NRO
10/1/20 $3,565,000 4.125% NRO NRO
10/1/21 $3,745,000 5.00% NRO NRO
10/1/22 $3,930,000 5.00% NRO NRO
10/1/23 $4,130,000 5.00% NRO NRO
10/1/24 $4,335,000 5.00% NRO NRO
10/1/25 $4,550,000 5.00% NRO NRO
10/1/26 $4,780,000 5.00% 4.70%
10/1/27 $5,020,000 5.00% 4.75%
10/1/28 $5,270,000 5.00% 4.80%

Other managers: Stifel, Nicolaus & Co., Inc., Fidelity Capital Markets Services, Charles Schwab & Co., Davenport & Company LLC, Coastal Securities Corp., Morgan Keegan & Co., Inc., Vining-Sparks IBG, Limited Partnership, Wells Fargo Brokerage Securites, LLC, Loop Capital Markets, LLC, Southwest Securities, Inc..

L.O.: Foley & Lardner, Milwaukee, WI.

F.A.: Robert W. Baird & Co., Inc., Milwaukee, WI; and Bagley Financial Corp., Detroit, MI.

Other bidders were:

Lehman Brothers, TIC 4.4479%

Banc of America, TIC 4.4525%

Prager Sealy, TIC 4.4537%

Citigroup, TIC 4.4543%

Wachovia Bank, TIC 4.4558%

Piper Jaffray, TIC 4.4583%

Hutchinson Shockey, TIC 4.5062%

Verona (City)

Jul 28, 2008 . . . . . . $3,875,000

General Obligation Corporate Purpose Bonds (bank qualified) (book entry).

Dated Aug 19, 2008.

Due Aug 1, 2010 to 2028.

Callable Aug 1, 2017 at par.

Winning bid: Robert W. Baird, at 98.8001, TIC 4.5267%.

Due Amount Cpn Yield Conc Ins
8/1/10 $75,000 4.00% 2.60% AGC
8/1/11 $90,000 4.00% 2.90% AGC
8/1/12 $100,000 4.00% 3.15% AGC
8/1/13 $125,000 4.00% 3.35% AGC
8/1/14 $150,000 4.00% 3.50% AGC
8/1/15 $175,000 4.00% 3.65% AGC
8/1/16 $175,000 4.00% 3.80% AGC
8/1/17 $190,000 4.00% 3.90% AGC
8/1/18 $200,000 4.25% 4.00% AGC
8/1/19 $215,000 4.25% 4.15% AGC
8/1/20 $225,000 4.25% 4.25% AGC
8/1/21 $225,000 4.375% 4.30% AGC
8/1/22 $250,000 4.50% 4.35% AGC
8/1/23 $250,000 4.50% 4.40% AGC
8/1/24 $275,000 4.50% 4.45% AGC
8/1/25 $275,000 4.50% 4.50% AGC
8/1/26 $280,000 4.50% 4.55% AGC
8/1/27 $290,000 4.60% 4.60% AGC
8/1/28 $310,000 4.60% 4.65% AGC

Other managers: M & I Bank.

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

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

Other bidders were:

Bernardi Securities, TIC 4.5268%

Wells Fargo Brkge, TIC 4.5842%

Stifel Nicolaus, TIC 4.6059%

Piper Jaffray, TIC 4.6547%

TAXABLE ISSUES

TEXAS

Texas A & M University System Board of Regents

Jul 28, 2008 . . . . . . $13,300,000

Permanent University Fund Flexible Rates Notes (book entry).

Dated Jul 15, 2008.

Due Aug 14, 2008.

Purchased $13,300,000.00 by Goldman Sachs, at 3.0%, plus $133.00, effective rate 2.9944%.

L.O.: McCall Parkhurst & Horton, Dallas, TX; and State Attorney General.

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

Other bidders were:

Goldman Sachs, Effective Rate 3.2745%

Merrill Lynch, Effective Rate 4.9291%

DEPFA First Albany, Effective Rate 5.3717%

Texas A & M University System Board of Regents

Jul 28, 2008 . . . . . . $52,000,000

Permanent University Fund Flexible Rates Notes (book entry).

Dated Jul 15, 2008.

Due Sep 17, 2008.

Purchased $52,000,000.00 by Citigroup, at 3.0%, plus $3,120.00, effective rate 2.9703%.

L.O.: McCall Parkhurst & Horton, Dallas, TX; and State Attorney General.

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

Other bidders were:

Piper Jaffray, Effective Rate 3.0089%

Merrill Lynch, Effective Rate 3.8967%

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Competitive sales results
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