Results of Competitive Sales

CALIFORNIA

Ceres Unified School District

Jul 1, 2008 . . . . . . $6,880,000

2008 Tax and Revenue Anticipation Notes (bank qualified) (book entry).

Dated Jul 9, 2008.

Due Jul 8, 2009.

Purchased $6,880,000.00 by Bank of America, at 3.0%, plus $70,658.00, effective rate 1.9502%.

L.O.: Quint & Thimmig, San Francisco, CA.

F.A.: KNN Public Finance, Oakland, CA.

Dublin Unified School District

Jul 1, 2008 . . . . . . $5,000,000

2008 Tax and Revenue Anticipation Notes (bank qualified) (book entry).

Dated Jul 15, 2008.

Due Jul 8, 2009.

Purchased $5,000,000.00 by DEPFA First Albany, at 2.5%, plus $35,450.00, effective rate 1.7765%.

L.O.: Jones Hall, San Francisco, CA.

F.A.: KNN Public Finance, Oakland, CA.

Other bidders were:

Bank of America, Effective Rate 1.8721%

Los Banos Unified School District

Jul 1, 2008 . . . . . . $34,000,000

General Obligation Bonds, Election of 2008, Series 2008 (book entry).

Dated Jul 15, 2008.

Due Aug 1, 2009 to 2033.

Callable Aug 1, 2017 at 101.000%, declining to par Aug 1, 2018.

Winning bid: UBS Securities, at 100.4080, TIC 4.7571%.

Due Amount Cpn Yield Conc Ins
8/1/09 $715,000 4.00% NRO NRO AGC
8/1/10 $795,000 4.00% NRO NRO AGC
8/1/11 $150,000 4.00% NRO NRO AGC
8/1/12 $235,000 4.00% NRO NRO AGC
8/1/13 $325,000 4.00% NRO NRO AGC
8/1/14 $425,000 4.00% NRO NRO AGC
8/1/15 $530,000 4.00% NRO NRO AGC
8/1/16 $645,000 5.00% NRO NRO AGC
8/1/17 $720,000 5.00% NRO NRO AGC
8/1/18 $800,000 5.00% NRO NRO AGC
8/1/19 $880,000 5.00% NRO NRO AGC
8/1/20 $980,000 4.125% NRO NRO AGC
8/1/21 $1,075,000 5.00% NRO NRO AGC
8/1/22 $1,175,000 5.00% NRO NRO AGC
8/1/23 $1,280,000 4.375% NRO NRO AGC
8/1/24 $1,385,000 4.75% NRO NRO AGC
8/1/25 $1,505,000 5.00% NRO NRO AGC
8/1/26 $1,920,000 5.00% NRO NRO AGC
8/1/27 $2,070,000 5.00% NRO NRO AGC
8/1/28 $2,235,000 5.00% NRO NRO AGC
8/1/29 $2,405,000 4.75% NRO NRO AGC
8/1/31 $5,485,000 4.75% NRO NRO AGC
8/1/33 $6,265,000 4.75% NRO NRO AGC

Other managers: Fidelity Capital Markets Services.

L.O.: Lozano Smith, P.C., Fresno, CA.

F.A.: Fieldman, Rolapp & Associates, Irvine, CA.

Other bidders were:

Hutchinson Shockey, TIC 4.8586%

Piper Jaffray, TIC 4.8733%

Wells Fargo Brkge, TIC 4.9112%

West Contra Costa Unified School District

Jul 1, 2008 . . . . . . $120,000,000

General Obligation Bonds, Election of 2005, Series B (book entry).

Dated Jul 15, 2008.

Due Aug 1, 2010 to 2035.

Callable Aug 1, 2018 at par.

Winning bid: Morgan Stanley, at 103.3334, TIC 5.4657%.

Due Amount Cpn Yield Conc Ins
8/1/10 $300,000 5.00% 3.00%
8/1/11 $600,000 5.00% 3.25%
8/1/12 $800,000 5.00% 3.50%
8/1/13 $1,100,000 5.00% 3.75%
8/1/14 $1,300,000 5.00% 4.00%
8/1/15 $1,600,000 5.00% 4.25%
8/1/16 $1,800,000 6.00% 4.50%
8/1/17 $1,600,000 6.00% NRO NRO
8/1/18 $1,700,000 6.00% NRO NRO
8/1/19 $2,400,000 6.00% 4.80%
8/1/20 $2,800,000 6.00% 4.90%
8/1/21 $2,900,000 6.00% 5.00%
8/1/22 $2,800,000 6.00% 5.10%
8/1/23 $3,200,000 6.00% 5.20%
8/1/24 $4,700,000 6.00% 5.30%
8/1/25 $5,600,000 6.00% 5.35%
8/1/26 $6,500,000 6.00% 5.40%
8/1/27 $6,600,000 6.00% 5.45%
8/1/28 $6,700,000 6.00% 5.50%
8/1/35 $65,000,000 5.625% 4.85% BHAC

Other managers: Citigroup Global Markets, Inc., Stone & Youngberg LLC.

L.O.: Bowie, Arneson, Wiles & Giannone, Newport Beach, CA.

F.A.: KNN Public Finance, Oakland, CA.

Other bidders were:

Merrill Lynch, TIC 5.7968%

CONNECTICUT

Connecticut Regional School District No. 8

Jul 1, 2008 . . . . . . $350,000

General Obligation Bond Anticipation Notes (bank qualified).

Dated Jul 10, 2008.

Due Jul 9, 2009.

Purchased $350,000.00 by Eastern Bank, at 2.35%, effective rate 2.35%.

L.O.: Shipman & Goodwin, Hartford, CT.

F.A.: First Southwest Company, Glastonbury, CT.

Other bidders were:

Bankers' Bank, Effective Rate 2.35%

TD Banknorth, N.A., Effective Rate 2.79%

DELAWARE

Dover (City)

Jul 1, 2008 . . . . . . $22,200,000

Electric Revenue Bonds, Series 2008 (book entry).

Dated Jul 1, 2008.

Due Jul 1, 2009 to 2033.

Callable Jul 1, 2018 at par.

Winning bid: UBS Securities, at 100.0006, TIC 4.8073%.

Due Amount Cpn Yield Conc Ins
7/1/09 $355,000 5.50% 2.10%
7/1/10 $375,000 5.50% 2.70%
7/1/11 $390,000 5.50% 3.10%
7/1/12 $410,000 5.00% 3.30%
7/1/13 $430,000 5.00% 3.45%
7/1/14 $450,000 5.00% 3.60%
7/1/15 $475,000 5.00% 3.75%
7/1/16 $695,000 5.00% 3.90%
7/1/17 $730,000 5.00% 4.03%
7/1/18 $765,000 4.15% 4.15%
7/1/19 $800,000 4.25% 4.25%
7/1/20 $840,000 4.25% 4.35%
7/1/21 $880,000 4.375% 4.45%
7/1/22 $925,000 4.50% 4.50%
7/1/23 $970,000 4.50% 4.55%
7/1/24 $1,015,000 4.50% 4.60%
7/1/25 $1,065,000 4.625% 4.65%
7/1/26 $1,120,000 4.625% 4.70%
7/1/27 $1,175,000 5.00% 4.75%
7/1/28 $1,230,000 5.00% 4.80%
7/1/29 $1,290,000 5.00% 4.85%
7/1/30 $1,355,000 5.00% 4.90%
7/1/33 $4,460,000 5.00% 4.97%

Other managers: Citigroup Global Markets, Inc., Roosevelt & Cross, Inc., Morgan Stanley & Co., Inc., Charles Schwab & Co., Edward D. Jones & Co..

L.O.: Ballard Spahr Andrews & Ingersoll LLP, Wilmington, DE.

F.A.: Public Advisory Consultants, Inc., Owings Mills, MD.

Other bidders were:

Merrill Lynch, TIC 4.8423%

Hutchinson Shockey, TIC 4.8954%

Davenport & Co., TIC 5.0561%

ILLINOIS

Sugar Grove Village

Jul 1, 2008 . . . . . . $2,585,000

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

Dated Jul 15, 2008.

Due May 1, 2010 to 2028.

Callable May 1, 2018 at par.

Winning bid: Robert W. Baird, at n/a, TIC 4.3317%.

Due Amount Cpn Yield Conc Ins
5/1/10 $80,000 4.00% 3.00% FSA
5/1/11 $80,000 4.00% 3.25% FSA
5/1/12 $135,000 4.00% 3.35% FSA
5/1/18 $355,000 4.00% 4.00% FSA
5/1/21 $485,000 4.25% 4.10% FSA
5/1/24 $575,000 4.375% 4.30% FSA
5/1/26 $415,000 4.375% 4.35% FSA
5/1/28 $460,000 4.50% 4.40% FSA

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

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

Other bidders were:

Stifel Nicolaus, TIC 4.3495%

Sterne Agee, TIC 4.4392%

Bernardi Securities, TIC 4.4967%

MASSACHUSETTS

Ashburnham (Town)

Jul 1, 2008 . . . . . . $8,511,000

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

Dated Jul 1, 2008.

Due Jul 1, 2009 to 2026.

Callable Jul 1, 2018 at par.

Winning bid: Roosevelt & Cross, at 100.7637, TIC 4.1209%.

Due Amount Cpn Yield Conc Ins
7/1/09 $481,000 4.00% 1.90% AGC
7/1/10 $475,000 3.50% NRO NRO AGC
7/1/11 $475,000 3.50% NRO NRO AGC
7/1/12 $475,000 3.50% NRO NRO AGC
7/1/13 $475,000 3.50% NRO NRO AGC
7/1/14 $475,000 3.75% NRO NRO AGC
7/1/15 $475,000 5.00% 3.50% AGC
7/1/16 $475,000 5.00% 3.60% AGC
7/1/17 $475,000 5.00% 3.70% AGC
7/1/18 $475,000 4.00% 3.80% AGC
7/1/19 $475,000 4.00% 3.90% AGC
7/1/21 $950,000 4.25% NRO NRO AGC
7/1/22 $475,000 4.125% 4.15% AGC
7/1/23 $475,000 4.20% NRO NRO AGC
7/1/26 $1,380,000 4.25% 4.30% AGC

Other managers: Citigroup Global Markets, Inc., Morgan Stanley & Co., Inc., Webster Bank, Wachovia Securities, LLC, Fidelity Capital Markets Services.

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

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

Other bidders were:

Morgan Keegan, TIC 4.135%

Piper Jaffray, TIC 4.1659%

Ross Sinclaire, TIC 4.1843%

Stifel Nicolaus, TIC 4.1857%

Eastern Bk Cap Mkts, TIC 4.2228%

FTN Fin Cap Mkts, TIC 4.2304%

GKST/Harris/BMO, TIC 4.2417%

Sterne Agee, TIC 4.3528%

Hopkinton (Town)

Jul 1, 2008 . . . . . . $2,640,000

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

Dated Jul 15, 2008.

Due Sep 1, 2009 to 2018.

Non-callable.

Winning bid: Fidelity Capital, at 100.9102, TIC 3.4101%.

Due Amount Cpn Yield Conc Ins
9/1/09 $385,000 3.50% NRO NRO
9/1/10 $365,000 3.50% NRO NRO
9/1/11 $340,000 3.50% NRO NRO
9/1/12 $325,000 3.50% NRO NRO
9/1/13 $300,000 3.50% NRO NRO
9/1/14 $280,000 3.50% NRO NRO
9/1/15 $260,000 3.75% NRO NRO
9/1/16 $230,000 3.75% NRO NRO
9/1/17 $90,000 4.00% NRO NRO
9/1/18 $65,000 4.00% NRO NRO

Other managers: Roosevelt & Cross, Inc., Citigroup Global Markets, Inc., Morgan Stanley & Co., Inc., Webster Bank, Wachovia Securities, LLC.

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

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

Other bidders were:

Eastern Bk Cap Mkts, TIC 3.4699%

Commerce Cap Mkts, TIC 3.4824%

Morgan Keegan, TIC 3.4923%

Hopkinton (Town)

Jul 1, 2008 . . . . . . $4,499,000

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

Dated Jul 15, 2008.

Due Jul 15, 2009 to 2027.

Callable Jul 15, 2016 at par.

Winning bid: Fidelity Capital, at 101.1431, TIC 3.8977%.

Due Amount Cpn Yield Conc Ins
7/15/09 $484,000 4.00% NRO NRO
7/15/10 $460,000 4.00% NRO NRO
7/15/11 $445,000 3.50% NRO NRO
7/15/12 $400,000 3.50% NRO NRO
7/15/13 $345,000 3.50% NRO NRO
7/15/14 $260,000 3.75% NRO NRO
7/15/15 $255,000 3.75% NRO NRO
7/15/16 $255,000 5.00% NRO NRO
7/15/17 $175,000 5.00% NRO NRO
7/15/18 $175,000 4.00% NRO NRO
7/15/19 $155,000 4.00% NRO NRO
7/15/20 $150,000 4.00% NRO NRO
7/15/23 $415,000 4.125% NRO NRO
7/15/27 $525,000 4.25% NRO NRO

Other managers: Roosevelt & Cross, Inc., Citigroup Global Markets, Inc., Morgan Stanley & Co., Inc., Webster Bank, Wachovia Securities, LLC.

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

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

Other bidders were:

Commerce Cap Mkts, TIC 3.9114%

Eastern Bk Cap Mkts, TIC 3.9794%

Morgan Keegan, TIC 4.032%

Stifel Nicolaus, TIC 4.036%

Hull (Town)

Jul 1, 2008 . . . . . . $5,312,610

Bond Anticipation Notes (Renewals and New Money) (High School and Jacobs School) (book entry).

Dated Jul 11, 2008.

Due Jul 9, 2009.

Purchased $5,312,610.00 by DEPFA First Albany, at 2.5%, plus $36,290.00, effective rate 1.8132%.

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

F.A.: Eastern Bank Municipal Finance, Boston, MA.

Other bidders were:

Eastern Bank, Effective Rate 1.814%

Bank of America, Effective Rate 1.8795%

Hull (Town)

Jul 1, 2008 . . . . . . $5,982,000

General Obligation Municiapl Purpose Loan of 2008 Bonds (book entry).

Dated Jul 1, 2008.

Due Jul 1, 2009 to 2028.

Callable Jul 1, 2018 at par.

Winning bid: Fidelity Capital, at 100.7217, TIC 4.0813%.

Due Amount Cpn Yield Conc Ins
7/1/09 $462,000 4.50% NRO NRO
7/1/10 $450,000 4.00% NRO NRO
7/1/11 $355,000 3.25% NRO NRO
7/1/12 $355,000 3.50% NRO NRO
7/1/13 $355,000 3.50% NRO NRO
7/1/14 $355,000 3.75% NRO NRO
7/1/15 $355,000 4.00% NRO NRO
7/1/16 $355,000 3.75% NRO NRO
7/1/17 $265,000 5.00% NRO NRO
7/1/18 $265,000 5.00% NRO NRO
7/1/19 $260,000 4.00% NRO NRO
7/1/20 $260,000 4.00% NRO NRO
7/1/21 $260,000 4.125% NRO NRO
7/1/22 $260,000 4.125% NRO NRO
7/1/23 $260,000 4.25% NRO NRO
7/1/24 $255,000 4.25% NRO NRO
7/1/25 $255,000 4.375% NRO NRO
7/1/26 $200,000 4.375% NRO NRO
7/1/27 $200,000 4.50% NRO NRO
7/1/28 $200,000 4.50% NRO NRO

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

F.A.: Eastern Bank Municipal Finance, Boston, MA.

Other bidders were:

Eastern Bk Cap Mkts, TIC 4.2085%

MICHIGAN

Ann Arbor (City)

Jul 1, 2008 . . . . . . $27,750,000

2008 Court and Police Facilities Capital Improvement Bonds (Limited Tax General Obligation) (book entry).

Dated Jul 15, 2008.

Due May 1, 2012 to 2038.

Callable May 1, 2018 at par.

Winning bid: Hutchinson Shockey, at 100.1388, TIC 4.7635%.

Due Amount Cpn Yield Conc Ins
5/1/12 $575,000 4.00% NRO NRO
5/1/13 $590,000 4.00% 3.30%
5/1/14 $610,000 4.00% 3.43%
5/1/15 $630,000 4.00% 3.55%
5/1/16 $655,000 4.00% 3.65%
5/1/17 $680,000 4.10% 3.78%
5/1/18 $705,000 4.25% 3.90%
5/1/19 $735,000 4.50% 4.05%
5/1/20 $765,000 4.50% 4.23%
5/1/21 $795,000 4.50% NRO NRO
5/1/22 $830,000 4.75% 4.43%
5/1/23 $870,000 4.75% 4.48%
5/1/24 $910,000 4.75% 4.53%
5/1/25 $950,000 4.75% 4.58%
5/1/26 $995,000 4.75% 4.63%
5/1/27 $1,040,000 4.75% 4.68%
5/1/28 $1,090,000 4.75% 4.72%
5/1/29 $1,145,000 4.75% 4.78%
5/1/30 $1,200,000 4.75% 4.80%
5/1/31 $1,260,000 4.75% 4.83%
5/1/33 $2,705,000 4.75% 4.85%
5/1/38 $8,015,000 5.00% 4.89%

L.O.: Dykema Gossett PLLC, Bloomfield Hills, MI.

F.A.: Stauder, Barch & Associates, Inc., Ann Arbor, MI.

Other bidders were:

Prager Sealy, TIC 4.8073%

Robert W. Baird, TIC 4.8091%

GKST/Harris/BMO, TIC 4.8197%

Piper Jaffray, TIC 4.8427%

Merrill Lynch, TIC 4.8778%

Morgan Stanley, TIC 4.9329%

Mid Peninsula School District

Jul 1, 2008 . . . . . . $1,935,000

2008 School Building and Site Bonds, Series A (General Obligation - Unlimited Tax) (bank qualified) (book entry).

Dated Jul 24, 2008.

Due May 1, 2010 to 2020.

Callable May 1, 2018 at par.

Winning bid: Bernardi Securities, at n/a, TIC 4.202%.

Due Amount Cpn Yield Conc Ins
5/1/10 $100,000 3.00% 3.00%
5/1/11 $110,000 3.30% 3.30%
5/1/12 $145,000 3.50% 3.50%
5/1/13 $135,000 3.65% 3.65%
5/1/14 $155,000 3.80% 3.80%
5/1/15 $200,000 3.90% 3.90%
5/1/16 $210,000 4.00% 4.00%
5/1/17 $215,000 4.05% 4.05%
5/1/18 $215,000 4.10% 4.10%
5/1/19 $225,000 4.20% 4.20%
5/1/20 $225,000 4.30% 4.30%

Other managers: Comerica Securities, Raymond James & Associates, Inc., Oppenheimer & Co., Inc..

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

F.A.: Stauder, Barch & Associates, Inc., Ann Arbor, MI.

Other bidders were:

NatCity Investment, TIC 4.3007%

Fifth Third Sec, TIC 4.6604%

MINNESOTA

Barnesville Economic Development Authority

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

Lease Revenue and Refunding Bonds, Series 2008A (bank qualified) (book entry).

Dated Jul 23, 2008.

Due Aug 1, 2009 to 2025.

Callable Aug 1, 2016 at par.

Winning bid: Dougherty & Co, at n/a, TIC 4.9171%.

Due Amount Cpn Yield Conc Ins
8/1/09 $45,000 4.30% NRO NRO
8/1/10 $40,000 4.30% NRO NRO
8/1/11 $45,000 4.30% NRO NRO
8/1/12 $45,000 4.30% NRO NRO
8/1/13 $50,000 4.50% NRO NRO
8/1/14 $45,000 4.50% NRO NRO
8/1/15 $50,000 4.50% NRO NRO
8/1/16 $40,000 4.50% NRO NRO
8/1/17 $40,000 4.50% NRO NRO
8/1/18 $40,000 4.50% NRO NRO
8/1/19 $45,000 4.75% NRO NRO
8/1/20 $45,000 4.75% NRO NRO
8/1/21 $50,000 4.75% NRO NRO
8/1/22 $50,000 5.00% NRO NRO
8/1/23 $50,000 5.00% NRO NRO
8/1/24 $55,000 5.00% NRO NRO
8/1/25 $55,000 5.00% NRO NRO

L.O.: Ohnstad Twichell, West Fargo, ND.

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

Other bidders were:

Northland Securities, TIC 5.4654%

Wells Fargo Bk, TIC 5.607%

NEW JERSEY

Demarest Borough Board of Education

Jul 1, 2008 . . . . . . $2,025,000

Notes (bank qualified).

Dated Jul 10, 2008.

Due Jul 9, 2009.

Purchased $2,025,000.00 by J.P. Morgan Chase, at 2.43%, effective rate 2.43%.

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

F.A.: Municipal Official(s).

Other bidders were:

Sovereign Securities, Effective Rate 2.4655%

Janney Montgomery, Effective Rate 2.4672%

Commerce Cap Mkts, Effective Rate 2.5909%

Haddon Heights Borough Board of Education

Jul 1, 2008 . . . . . . $900,000

Grant Anticipation Notes (bank qualified).

Dated Jul 10, 2008.

Due Jul 10, 2009.

Purchased $900,000.00 by TD Banknorth, N.A., at 2.25%, effective rate 2.25%.

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

F.A.: Municipal Official(s).

Haddonfield Borough

Jul 1, 2008 . . . . . . $4,936,000

Water and Sewer Utility Bonds (bank qualified) (book entry).

Dated Jul 15, 2008.

Due Jul 15, 2009 to 2023.

Callable Jul 15, 2018 at par.

Winning bid: Roosevelt & Cross, at n/a, TIC 3.9594%.

Due Amount Cpn Yield Conc Ins
7/15/09 $230,000 3.50% NRO NRO
7/15/10 $230,000 3.50% NRO NRO
7/15/11 $250,000 3.50% NRO NRO
7/15/12 $250,000 3.50% NRO NRO
7/15/13 $250,000 3.50% NRO NRO
7/15/14 $300,000 3.625% NRO NRO
7/15/15 $300,000 3.75% NRO NRO
7/15/16 $300,000 3.75% NRO NRO
7/15/17 $375,000 3.875% NRO NRO
7/15/18 $375,000 5.00% NRO NRO
7/15/19 $375,000 4.00% NRO NRO
7/15/20 $400,000 4.00% NRO NRO
7/15/21 $425,000 4.00% NRO NRO
7/15/22 $425,000 4.00% NRO NRO
7/15/23 $451,000 4.00% NRO NRO

Other managers: Citigroup Global Markets, Inc., Fidelity Capital Markets Services, Morgan Stanley & Co., Inc., Ramirez & Co., Inc., Stifel, Nicolaus & Co., Inc..

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

F.A.: Bowman & Company, Voorhees, NJ.

Other bidders were:

Commerce Cap Mkts, TIC 3.979%

Morgan Keegan, TIC 4.0256%

Sterne Agee, TIC 4.0856%

Wachovia Securities, TIC 4.1859%

Lawrence Township

Jul 1, 2008 . . . . . . $10,000,000

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

Dated Jul 22, 2008.

Due Jan 15, 2009 to 2019.

Non-callable.

Winning bid: Roosevelt & Cross, at n/a, TIC 3.6893%.

Due Amount Cpn Yield Conc Ins
1/15/09 $700,000 3.50% NRO NRO
1/15/10 $750,000 3.50% NRO NRO
1/15/11 $850,000 3.50% NRO NRO
1/15/12 $900,000 3.50% NRO NRO
1/15/13 $1,000,000 3.50% NRO NRO
1/15/14 $1,200,000 3.50% NRO NRO
1/15/15 $1,000,000 5.00% NRO NRO
1/15/16 $900,000 3.75% NRO NRO
1/15/17 $900,000 4.00% NRO NRO
1/15/18 $900,000 4.00% NRO NRO
1/15/19 $900,000 4.00% NRO NRO

Other managers: Citigroup Global Markets, Inc., Fidelity Capital Markets Services, Morgan Stanley & Co., Inc., Ramirez & Co., Inc., Stifel, Nicolaus & Co., Inc..

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

F.A.: Municipal Official(s).

Other bidders were:

Commerce Cap Mkts, TIC 3.6909%

Boenning&Scattergood, TIC 3.6915%

Wachovia Securities, TIC 3.7279%

Morgan Keegan, TIC 3.7907%

Mount Holly Township

Jul 1, 2008 . . . . . . $4,900,000

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

Dated Jul 10, 2008.

Due Jul 9, 2009.

Purchased $4,900,000.00 by Sovereign Securities, at 3.0%, plus n/a, effective rate n/a.

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

F.A.: Municipal Official(s).

Other bidders were:

Beneficial Bk, Effective Rate 2.4%

Janney Montgomery, Effective Rate 2.8155%

Parsippany-Troy Hills Township

Jul 1, 2008 . . . . . . $21,000,000

General Obligation Bonds, Series 2008 Consisting of $17,000,000 General Improvement, $1,700,000 Water Utility, $800,000 Sewer Utility and $1,500,000 Golf and Recreational Utility (book entry).

Dated Jul 10, 2008.

Due Jul 1, 2009 to 2019.

Non-callable.

Winning bid: UBS Securities, at 100.2621, NIC 3.7299%.

Due Amount Cpn Yield Conc Ins
7/1/09 $1,250,000 3.25% NRO NRO
7/1/10 $1,550,000 3.25% 2.58%
7/1/11 $1,660,000 3.50% 2.95%
7/1/12 $1,710,000 3.50% 3.15%
7/1/13 $1,810,000 3.50% 3.28%
7/1/14 $1,920,000 3.50% 3.40%
7/1/15 $1,970,000 3.75% 3.50%
7/1/16 $2,040,000 3.75% 3.63%
7/1/17 $2,150,000 3.75% 3.75%
7/1/18 $2,470,000 4.00% 3.88%
7/1/19 $2,470,000 4.00% 4.00%

Other managers: Morgan Stanley & Co., Inc., Roosevelt & Cross, Inc., Stifel, Nicolaus & Co., Inc., Bank of New York Mellon Capital Markets, LLC, Fidelity Capital Markets Services, Citigroup Global Markets, Inc., Loop Capital Markets, LLC.

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

F.A.: Samuel Klein & Company, Freehold, NJ.

Other bidders were:

Piper Jaffray, NIC 3.7492%

Hutchinson Shockey, NIC 3.7588%

Commerce Cap Mkts, NIC 3.7596%

Sovereign Securities, NIC 3.775%

Merrill Lynch, NIC 3.7774%

Prager Sealy, NIC 3.7798%

Robert W. Baird, NIC 3.7858%

RBC Capital Mkts, NIC 3.8406%

Wachovia Securities, NIC 4.0196%

NEW YORK

Albany (City)

Jul 1, 2008 . . . . . . $28,525,600

Bond Anticipation Notes, 2008.

Dated Jul 10, 2008.

Due Jul 10, 2009.

Purchased $28,525,600.00 by Commerce Cap Mkts, at 2.75%, plus $298,948.28, effective rate 1.702%.

L.O.: Roemer, Wallens & Mineaux, LLP, Albany, NY.

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

Other bidders were:

DEPFA First Albany, Effective Rate 1.706%

Roosevelt & Cross, Effective Rate 1.7151%

Axiom Cap Mgmt, Effective Rate 1.872%

Janney Montgomery, Effective Rate 2.361%

TD Banknorth, N.A., Effective Rate 2.99%

Clarkstown Central School District

Jul 1, 2008 . . . . . . $14,500,000

Tax Anticipation Notes for 2008-2009 Taxes (book entry).

Dated Jul 9, 2008.

Due Nov 7, 2008.

Purchased $14,500,000.00 by Commerce Cap Mkts, at 1.75%, plus $4,524.00, effective rate 1.6548%.

L.O.: Hawkins, Delafield & Wood, New York, NY.

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

Other bidders were:

DEPFA First Albany, Effective Rate 1.6729%

Sovereign Securities, Effective Rate 1.6729%

Roosevelt & Cross, Effective Rate 1.6732%

Janney Montgomery, Effective Rate 2.0455%

Hermon-DeKalb Central School District

Jul 1, 2008 . . . . . . $6,338,991

Bond Anticipation Notes, 2008 (bank qualified).

Dated Jul 10, 2008.

Due Jul 10, 2009.

Purchased $6,338,990.00 by J.P. Morgan Chase, at 2.44%, effective rate 2.44%.

L.O.: Trespasz & Marquardt, LLP, Syracuse, NY.

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

Other bidders were:

Janney Montgomery, Effective Rate 3.374%

Roosevelt & Cross, Effective Rate 4.0%

Hopewell (Town)

Jul 1, 2008 . . . . . . $600,000

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

Dated Jul 9, 2008.

Due Jul 9, 2009.

Purchased $600,000.00 by Canandaigua NB&T, at 2.21%, effective rate 2.21%.

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

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

Other bidders were:

Five Star Bnk, Effective Rate 2.58%

KeyBank NY, Effective Rate 2.64%

First Niagara Bank, Effective Rate 2.7%

Janney Montgomery, Effective Rate 3.231%

Johnson City Central School District

Jul 1, 2008 . . . . . . $995,000

Bond Anticipation Notes, 2008 (bank qualified).

Dated Jul 10, 2008.

Due Jul 10, 2009.

Purchased $995,000.00 by J.P. Morgan Chase, at 2.39%, effective rate 2.39%.

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

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

Other bidders were:

NBT Bank, Effective Rate 2.51%

M & T Bank, Effective Rate 2.83%

Janney Montgomery, Effective Rate 3.231%

Lancaster Village

Jul 1, 2008 . . . . . . $180,000

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

Dated Jul 1, 2008.

Due Jul 1, 2009 to 2013.

Non-callable.

Winning bid: Roosevelt & Cross, at n/a, NIC 3.9522%.

Due Amount Cpn Yield Conc Ins
7/1/09 $35,000 3.75% NRO NRO
7/1/10 $35,000 3.75% NRO NRO
7/1/11 $35,000 4.00% NRO NRO
7/1/12 $35,000 4.00% NRO NRO
7/1/13 $40,000 4.00% NRO NRO

L.O.: Hawkins, Delafield & Wood, New York, NY.

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

Other bidders were:

M & T Bank, NIC 5.04%

Lewisboro (Town)

Jul 1, 2008 . . . . . . $1,529,600

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

Dated Jul 10, 2008.

Due Feb 20, 2009.

Purchased $1,529,600.00 by TD Banknorth, N.A, at 2.15%, effective rate 2.15%.

L.O.: Fulbright & Jaworski, New York, NY.

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

Other bidders were:

Janney Montgomery, Effective Rate 2.3494%

J.P. Morgan Chase, Effective Rate 2.37%

Bank of America, Effective Rate 2.64%

Middletown (City)

Jul 1, 2008 . . . . . . $5,700,000

Bond Anticipation Notes, 2008 (book entry).

Dated Jul 10, 2008.

Due Apr 10, 2009.

Purchased $5,700,000.00 by Roosevelt & Cross, at 2.75%, plus $41,735.00, effective rate 1.7737%.

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

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

Other bidders were:

Commerce Cap Mkts, Effective Rate 1.7893%

DEPFA First Albany, Effective Rate 1.7913%

Janney Montgomery, Effective Rate 2.278%

TD Banknorth, N.A, Effective Rate 2.79%

Morrisville-Eaton Central School District

Jul 1, 2008 . . . . . . $686,361

Bond Anticipation Notes, 2008B (bank qualified).

Dated Jul 9, 2008.

Due Jul 9, 2009.

Purchased $686,360.00 by J.P. Morgan Chase, at 2.54%, effective rate 2.54%.

L.O.: Trespasz & Marquardt, LLP, Syracuse, NY.

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

Other bidders were:

Janney Montgomery, Effective Rate 3.2311%

Morrisville-Eaton Central School District

Jul 1, 2008 . . . . . . $9,210,450

Bond Anticipation Notes, 2008A (bank qualified).

Dated Jul 9, 2008.

Due Jul 9, 2009.

Purchased $9,210,450.00 by DEPFA First Albany, at 3.0%, plus $70,092.00, effective rate 2.239%.

L.O.: Trespasz & Marquardt, LLP, Syracuse, NY.

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

Other bidders were:

J.P. Morgan Chase, Effective Rate 2.42%

Janney Montgomery, Effective Rate 2.438%

J.P. Morgan Chase, Effective Rate 2.48%

Patchogue-Medford Union Free School District

Jul 1, 2008 . . . . . . $46,300,000

Tax Anticipation Notes for 2008-2009 Taxes (book entry).

Dated Jul 9, 2008.

Due Jun 24, 2009.

Purchased $35,300,000.00 by Janney Montgomery, at 4.0%, plus n/a, effective rate n/a.

Purchased $5,000,000.00 by Roosevelt & Cross, at 3.75%, effective rate 3.75%.

Purchased $5,000,000.00 by Commerce Bank, at 3.25%, plus $13,950.00, effective rate 2.9589%.

Purchased $1,000,000.00 by Flushing Comm Bk, at 2.38%, effective rate 2.38%.

L.O.: Hawkins, Delafield & Wood, New York, NY.

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

Other bidders were:

Janney Montgomery, Effective Rate 3.9718%

Roosevelt & Cross, Effective Rate 4.25%

Victor Central School District

Jul 1, 2008 . . . . . . $8,021,900

Bond Anticipation Notes for School Building Project-2008 (bank qualified).

Dated Jul 15, 2008.

Due Jul 15, 2009.

Purchased $8,021,900.00 by Commerce Cap Mkts, at 2.5%, plus $60,324.69, effective rate 1.748%.

L.O.: Hawkins, Delafield & Wood, New York, NY.

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

Other bidders were:

Roosevelt & Cross, Effective Rate 1.7714%

Janney Montgomery, Effective Rate 2.312%

J.P. Morgan Chase, Effective Rate 2.43%

Canandaigua NB&T, Effective Rate 2.57%

First Niagara Bank, Effective Rate 2.7%

Waverly Central School District

Jul 1, 2008 . . . . . . $4,500,000

Revenue Anticipation Notes, 2008 (bank qualified).

Dated Jul 10, 2008.

Due Jun 30, 2009.

Purchased $4,500,000.00 by J.P. Morgan Chase, at 2.37%, effective rate 2.37%.

L.O.: Trespasz & Marquardt, LLP, Syracuse, NY.

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

Other bidders were:

Janney Montgomery, Effective Rate 2.4188%

Chemung Canal, Effective Rate 3.2%

Roosevelt & Cross, Effective Rate 4.0%

OHIO

Miamisburg (City)

Jul 1, 2008 . . . . . . $400,000

Refuse Equipment Acquisition Bond Anticipation Notes (bank qualified).

Dated Jul 15, 2008.

Due Jul 15, 2009.

Purchased $400,000.00 by RBC Capital Mkts, at 3.25%, plus $584.00, effective rate 3.104%.

L.O.: Peck, Shaffer & Williams, Cincinnati, OH.

F.A.: Municipal Official(s).

Other bidders were:

Sweney Cartwright, Effective Rate 3.116%

Lebanon Citizens NB, Effective Rate 3.7%

TEXAS

Sienna Plantation Municipal Utility District No. 12

Jul 1, 2008 . . . . . . $4,000,000

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

Dated Aug 1, 2008.

Due Sep 1, 2010 to 2032.

Callable Sep 1, 2016 at par.

Winning bid: GMS Group, at 97.0000, NIC 5.7757%.

Due Amount Cpn Yield Conc Ins
9/1/10 $90,000 4.10% 4.10%
9/1/11 $95,000 4.25% 4.25%
9/1/12 $100,000 4.50% 4.50%
9/1/13 $105,000 4.70% 4.70%
9/1/14 $110,000 4.80% 4.80%
9/1/15 $120,000 4.90% 4.90%
9/1/16 $125,000 5.00% 5.00%
9/1/19 $415,000 5.15% 5.25%
9/1/23 $675,000 5.40% 5.50%
9/1/27 $835,000 5.70% 5.80%
9/1/32 $1,330,000 5.75% 5.875%

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

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

Other bidders were:

RBC Capital Mkts, NIC 5.9431%

First Southwest, NIC 5.9692%

WISCONSIN

Watertown (City)

Jul 1, 2008 . . . . . . $7,795,000

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

Dated Jul 22, 2008.

Due Jun 1, 2009 to 2023.

Callable Jun 1, 2018 at par.

Winning bid: Robert W. Baird, at 99.5669, TIC 4.1488%.

Due Amount Cpn Yield Conc Ins
6/1/09 $195,000 4.00% NRO NRO FSA
6/1/10 $390,000 4.00% 2.80% FSA
6/1/11 $375,000 4.00% NRO NRO FSA
6/1/12 $385,000 4.00% NRO NRO FSA
6/1/13 $470,000 4.00% 3.50% FSA
6/1/14 $465,000 4.00% NRO NRO FSA
6/1/15 $455,000 4.25% NRO NRO FSA
6/1/16 $450,000 4.25% 3.80% FSA
6/1/17 $455,000 4.25% 3.85% FSA
6/1/18 $460,000 4.25% NRO NRO FSA
6/1/19 $600,000 4.00% 4.00% FSA
6/1/20 $635,000 4.00% 4.05% FSA
6/1/21 $830,000 4.00% 4.10% FSA
6/1/22 $915,000 4.10% NRO NRO FSA
6/1/23 $715,000 4.15% NRO NRO FSA

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

F.A.: Robert W. Baird & Co., Inc., Milwaukee, WI.

Other bidders were:

Stifel Nicolaus, TIC 4.1602%

Sterne Agee, TIC 4.1777%

GKST/Harris/BMO, TIC 4.1863%

Morgan Keegan, TIC 4.2155%

Bernardi Securities, TIC 4.3372%

TAXABLE ISSUES

MICHIGAN

Mid Peninsula School District

Jul 1, 2008 . . . . . . $2,070,000

2008 Refunding Bonds, Series B (General Obligation - Unlimited Tax) (book entry).

Dated Jul 24, 2008.

Due May 1, 2010 to 2014.

Non-callable.

Winning bid: Morgan Keegan, at 99.7761, TIC 5.0526%.

Due Amount Cpn Yield Conc Ins
5/1/10 $60,000 5.00% 4.25%
5/1/11 $445,000 5.00% 4.50%
5/1/12 $490,000 5.00% 4.70%
5/1/13 $530,000 5.00% 4.90%
5/1/14 $545,000 5.00% 5.10%

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

F.A.: Stauder, Barch & Associates, Inc., Ann Arbor, MI.

Other bidders were:

Bernardi Securities, TIC 5.0927%

GKST/Harris/BMO, TIC 5.1217%

Northland Securities, TIC 5.2925%

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