Results of Competitive Sales

NEW JERSEY

Medford Township

Jul 5, 2011 . . . . . . $13,181,000

Bond Anticipation Notes, 2010 Series A consisting of $11,876,000 General Improvement Notes and $1,305,000 Utility Improvement Notes (book entry).

Dated Jul 11, 2011.

Due Jul 10, 2012.

Purchased $13,181,000.00 by TD Securities, at 1.5%, plus $80,272.29, effective rate 0.8893%.

L.O.: Capehart & Scatchard, P.A, Trenton, NJ.

F.A.: Municipal Official(s).

Other bidders were:

Oppenheimer, Effective Rate 1.0808%

Jefferies & Company, Effective Rate 1.389%

TEXAS

Galveston County Municipal Utility District No. 39

Jul 5, 2011 . . . . . . $1,830,000

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

Dated Aug 1, 2011.

Due Sep 1, 2013 to 2032.

Callable Sep 1, 2019 at par.

Winning bid: SAMCO Cap Mkts, at 97.0000, NIC 5.0841%.

Due Amount Cpn Yield Conc Ins
9/1/13 $35,000 6.00% 1.50% AGM
9/1/14 $35,000 6.00% 2.00% AGM
9/1/15 $40,000 6.00% 2.25% AGM
9/1/16 $40,000 6.00% 2.50% AGM
9/1/17 $40,000 6.00% 3.00% AGM
9/1/18 $45,000 6.00% 3.25% AGM
9/1/19 $45,000 6.00% 3.50% AGM
9/1/21 $105,000 3.75% 3.80% AGM
9/1/25 $245,000 4.375% 4.40% AGM
9/1/28 $225,000 4.625% 4.65% AGM
9/1/32 $975,000 5.00% 5.00% AGM

Other managers: BLNS Securities Limited, Crews & Associates, Inc., Coastal Securities Corp., Morgan Keegan & Co., Inc..

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

F.A.: FirstSouthwest, Houston, TX.

Other bidders were:

FirstSouthwest, NIC 5.0845%

Sterne Agee, NIC 5.1611%

Vining-Sparks IBG, NIC 5.306%

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Competitive sales results
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