Results of Competitive Sales

IOWA

Adel (City)

Aug 22, 2011 . . . . . . $2,350,000

General Obligation Refunding Capital Loan Notes, Series 2011A (bank qualified) (book entry).

Dated Sep 27, 2011.

Due Jun 1, 2014 to 2031.

Callable Jun 1, 2017 at par.

Winning bid: D.A. Davidson, at 99.0318, TIC 3.3188%.

Due Amount Cpn Yield Conc Ins
6/1/16 $165,000 1.30% NRO NRO
6/1/17 $110,000 1.65% NRO NRO
6/1/18 $125,000 2.00% 2.00%
6/1/19 $150,000 2.30% NRO NRO
6/1/20 $150,000 2.50% NRO NRO
6/1/21 $150,000 2.70% 2.70%
6/1/22 $150,000 2.90% 2.90%
6/1/23 $150,000 3.10% 3.10%
6/1/24 $150,000 3.25% 3.25%
6/1/25 $150,000 3.35% 3.35%
6/1/26 $150,000 3.45% 3.45%
6/1/31 $750,000 3.75% 3.75%

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

F.A.: Piper Jaffray & Company, Des Moines, IA.

Other bidders were:

Northland Securities, TIC 3.4032%

Hutchinson Shockey, TIC 3.5621%

MINNESOTA

Itasca County Independent School District No. 318

Aug 22, 2011 . . . . . . $12,680,000

General Obligation Aid Anticipation Certificates of Indebtedness, Series 2011B (MN SD Credit Enhancement Program) (book entry).

Dated Sep 20, 2011.

Due Sep 20, 2012.

Purchased $12,680,000.00 by Piper Jaffray, at 1.0%, plus $76,333.60, effective rate 0.398%.

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

F.A.: Ehlers, Roseville, MN.

Other bidders were:

Oppenheimer, Effective Rate 0.6639%

Jefferies, Effective Rate 0.679%

Le Sueur-Henderson Independent School District No. 2397

Aug 22, 2011 . . . . . . $3,000,000

General Obligation Aid Anticipation Certificates of Indebtedness of 2011 (MN School District Credit Enhancement Program) Program) (bank qualified) (book entry).

Dated Sep 1, 2011.

Due Sep 12, 2012.

Purchased $3,000,000.00 by Piper Jaffray, at 1.0%, plus $16,050.00, effective rate 0.4777%.

L.O.: Dorsey & Whitney, Minneapolis, MN.

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

Other bidders were:

Oppenheimer, Effective Rate 0.6936%

Jefferies, Effective Rate 0.6992%

BOSC, Effective Rate 0.8221%

Litchfield Independent School District No 465

Aug 22, 2011 . . . . . . $5,000,000

General Obligation Aid Anticipation Certificates of Indebtedness of 2011 (Minnesota School District Credit Enhancement Program) (bank qualified) (book entry).

Dated Aug 31, 2011.

Due Sep 13, 2012.

Purchased $5,000,000.00 by Piper Jaffray, at 1.0%, plus $27,200.00, effective rate 0.4718%.

L.O.: Fryberger, Buchanan, Smith & Frederick, Duluth, MN.

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

Other bidders were:

Jefferies, Effective Rate 0.6794%

Moorhead (City)

Aug 22, 2011 . . . . . . $900,000

General Obligation Improvement Refunding Bonds, Series 2011B (bank qualified) (book entry).

Dated Sep 1, 2011.

Due Feb 1, 2013 to 2024.

Callable Feb 1, 2022 at par.

Winning bid: United Banker's Bk, at n/a, TIC 2.2604%.

Due Amount Cpn Yield Conc Ins
2/1/13 $100,000 0.50% 0.00%
2/1/14 $110,000 0.70% 0.00%
2/1/16 $150,000 1.10% 0.00%
2/1/18 $140,000 1.60% 0.00%
2/1/20 $140,000 2.15% 0.00%
2/1/22 $130,000 2.60% 0.00%
2/1/24 $130,000 2.90% 0.00%

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

F.A.: Springsted Incorporated, St. Paul, MN.

Other bidders were:

Northland Securities, TIC 2.3913%

Bremer Bank, TIC 2.4514%

Cronin, TIC 2.6351%

Moorhead (City)

Aug 22, 2011 . . . . . . $4,855,000

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

Dated Sep 1, 2011.

Due Feb 1, 2014 to 2033.

Callable Feb 1, 2022 at par.

Winning bid: Raymond James, at 100.2285, TIC 2.9902%.

Due Amount Cpn Yield Conc Ins
2/1/14 $285,000 2.00% 0.60%
2/1/15 $275,000 2.00% 0.70%
2/1/16 $275,000 2.00% 1.05%
2/1/17 $275,000 2.00% 1.35%
2/1/18 $270,000 2.00% 1.65%
2/1/19 $265,000 2.00% 2.00%
2/1/20 $265,000 3.00% 2.15%
2/1/21 $265,000 3.00% 2.30%
2/1/22 $265,000 3.00% 2.50%
2/1/23 $270,000 3.00% 2.70%
2/1/24 $215,000 3.00% 2.85%
2/1/25 $200,000 3.00% 3.00%
2/1/26 $205,000 3.00% 3.05%
2/1/27 $205,000 3.125% 3.15%
2/1/28 $210,000 3.125% 3.25%
2/1/29 $210,000 3.25% 3.35%
2/1/30 $220,000 3.375% 3.45%
2/1/31 $230,000 3.50% 3.55%
2/1/32 $225,000 3.50% 3.65%
2/1/33 $225,000 3.625% 3.75%

Other managers: Morgan Stanley & Co., Inc., US Bancorp Investments, Inc..

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

F.A.: Springsted Incorporated, St. Paul, MN.

Other bidders were:

Northland Securities, TIC 3.0645%

Piper Jaffray, TIC 3.0838%

Robert W. Baird, TIC 3.1125%

BMO Cap Mkts GKST, TIC 3.1237%

BOSC, TIC 3.1641%

Rice County

Aug 22, 2011 . . . . . . $1,035,000

General Obligation Capital Improvement Plan Bonds, Series 2011B (bank qualified) (book entry).

Dated Sep 8, 2011.

Due Feb 1, 2013 to 2015.

Non-callable.

Winning bid: United Banker's Bk, at n/a, TIC 0.7335%.

Due Amount Cpn Yield Conc Ins
2/1/13 $340,000 0.50% NRO NRO
2/1/14 $345,000 0.60% NRO NRO
2/1/15 $350,000 0.70% NRO NRO

L.O.: Faegre & Benson, Minneapolis, MN.

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

Other bidders were:

UMB Bank, TIC 0.7869%

Piper Jaffray, TIC 0.8362%

Robert W. Baird, TIC 0.8469%

Morgan Keegan, TIC 0.8729%

Incapital, TIC 0.8811%

BMO Cap Mkts GKST, TIC 0.9719%

Northland Securities, TIC 1.3396%

Rice County

Aug 22, 2011 . . . . . . $2,715,000

General Obligation Capital Improvement Plan Bonds, Series 2011A (MN Credit Enhancement Program) (bank qualified) (book entry).

Dated Sep 8, 2011.

Due Feb 1, 2016 to 2022.

Callable Feb 1, 2018 at par.

Winning bid: United Banker's Bk, at n/a, TIC 1.9898%.

Due Amount Cpn Yield Conc Ins
2/1/16 $365,000 1.00% 0.00%
2/1/17 $370,000 1.25% 0.00%
2/1/18 $380,000 1.50% 0.00%
2/1/19 $385,000 1.80% 0.00%
2/1/20 $395,000 2.00% 0.00%
2/1/21 $405,000 2.20% 0.00%
2/1/22 $415,000 2.40% 0.00%

L.O.: Faegre & Benson, Minneapolis, MN.

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

Other bidders were:

UMB Bank, TIC 2.046%

Piper Jaffray, TIC 2.0487%

Robert W. Baird, TIC 2.143%

Morgan Keegan, TIC 2.1578%

Northland Securities, TIC 2.1935%

Incapital, TIC 2.3718%

Windom Independent School District No 177

Aug 22, 2011 . . . . . . $2,200,000

General Obligation Aid Anticipation Certificates of Indebtedness, Series 2011A (MN SD Credit Enhancement Program) (bank qualified).

Dated Sep 14, 2011.

Due Sep 14, 2012.

Purchased $2,200,000.00 by Jefferies, at 0.9%, plus $8,316.00, effective rate 0.522%.

L.O.: Dorsey & Whitney, Minneapolis, MN.

F.A.: Ehlers, Roseville, MN.

Other bidders were:

Piper Jaffray, Effective Rate 0.548%

Oppenheimer, Effective Rate 0.729%

NEW JERSEY

Merchantville Borough

Aug 22, 2011 . . . . . . $1,029,364

Bond Anticipation Notes of 2011, Series A (bank qualified).

Dated Aug 29, 2011.

Due Aug 28, 2012.

Purchased $1,029,360.00 by First Colonial, at 1.7%, effective rate 1.7%.

L.O.: Parker, McCay, P.A., Mount Laurel, NJ.

F.A.: Municipal Official(s).

Other bidders were:

Colonial Bk, FSB, Effective Rate 1.7%

Oppenheimer, Effective Rate 1.8296%

NEW YORK

Elwood Union Free School District

Aug 16, 2011 . . . . . . $670,000

Bond Anticipation Notes (bank qualified) (book entry).

Dated Aug 25, 2011.

Due Aug 24, 2012.

Purchased $670,000.00 by Capital One, at 0.73%, effective rate 0.73%.

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

F.A.: New York Municipal Advisors Corp. (NYMAC), Syosset, NY.

Other bidders were:

JPMorgan Chase, Effective Rate 0.75%

Flushing Comm Bk, Effective Rate 0.95%

TD Bank, N.A., Effective Rate 0.95%

Oppenheimer, Effective Rate 1.8147%

Roosevelt & Cross, Effective Rate 1.8827%

PENNSYLVANIA

Belle Vernon Area School District

Aug 22, 2011 . . . . . . $6,435,000

General Obligation Bonds, Series of 2011 (Pennsylvania State School District Intercept Program) (bank qualified) (book entry).

Dated Sep 26, 2011.

Due Apr 1, 2012 to 2025.

Callable Oct 1, 2016 at par.

Winning bid: Robert W. Baird, at n/a, TIC 3.2506%.

Due Amount Cpn Yield Conc Ins
4/1/12 $165,000 2.00% 0.70%
4/1/13 $75,000 2.00% 0.85%
4/1/14 $75,000 2.00% 1.00%
4/1/15 $80,000 2.00% 1.20%
4/1/16 $80,000 2.00% 1.55%
4/1/17 $80,000 2.00% 1.85%
4/1/18 $85,000 3.00% 2.20%
4/1/19 $85,000 3.00% 2.40%
4/1/20 $885,000 3.00% 2.60%
4/1/21 $910,000 3.00% 2.75%
4/1/22 $935,000 3.00% 2.90%
4/1/23 $965,000 3.125% 3.15%
4/1/24 $990,000 3.30% 3.30%
4/1/25 $1,025,000 3.40% 3.40%

Other managers: Kildare Capital, Inc., Edward D. Jones & Co., Coastal Securities Corp., Stifel, Nicolaus & Co., Inc., Crews & Associates, Inc., Duncan-Williams, Inc., Davenport & Company LLC, Jackson Securities Inc., FTN Financial Capital Markets, Vining-Sparks IBG, Limited Partnership, NW Capital Markets Inc., Isaak Bond Investments, Inc..

L.O.: Dinsmore & Shohl LLP, Pittsburgh, PA.

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

Other bidders were:

Roosevelt & Cross, TIC 3.3358%

BNY Mellon Cap Mkts, TIC 3.3397%

Boenning&Scattergood, TIC 3.3576%

Janney Montgomery, TIC 3.367%

US Bancorp Invest, TIC 3.4712%

Sterne Agee, TIC 3.5247%

West Middlesex Area School District

Aug 22, 2011 . . . . . . $9,955,000

General Obligation Bonds, Series A of 2011 (bank qualified) (book entry). $8,210,000

Dated Sep 27, 2011.

Due Dec 15, 2011 to 2030.

Callable Dec 15, 2016 at par.

Winning bid: UBS Financial Svcs, at n/a, TIC 3.5956%.

Due Amount Cpn Yield Conc Ins
12/15/11 $5,000 2.00% 0.35% AGM
12/15/12 $5,000 2.00% 0.60% AGM
12/15/13 $5,000 2.50% 0.85% AGM
12/15/14 $5,000 2.50% 1.00% AGM
12/15/15 $10,000 2.50% 1.15% AGM
12/15/16 $150,000 2.50% 1.47% AGM
12/15/17 $180,000 2.50% 1.75% AGM
12/15/18 $190,000 2.50% 2.10% AGM
12/15/19 $190,000 2.50% 2.37% AGM
12/15/20 $200,000 2.50% 2.60% AGM
12/15/21 $210,000 2.75% 2.80% AGM
12/15/22 $210,000 3.00% 3.00% AGM
12/15/23 $225,000 3.125% NRO NRO AGM
12/15/24 $845,000 3.25% 3.30% AGM
12/15/25 $880,000 3.50% 3.42% AGM
12/15/26 $910,000 3.50% 3.55% AGM
12/15/27 $940,000 3.625% 3.65% AGM
12/15/28 $980,000 3.75% 3.75% AGM
12/15/29 $1,015,000 3.75% NRO NRO AGM
12/15/30 $1,055,000 3.875% NRO NRO AGM

General Obligation Bonds, Series B of 2011 (bank qualified) (book entry). $1,745,000

Dated Sep 27, 2011.

Due Dec 15, 2011 to 2021.

Callable Dec 15, 2016 at par.

Winning bid: UBS Financial Svcs, at n/a, TIC 3.5956%.

Due Amount Cpn Yield Conc Ins
12/15/11 $5,000 2.00% 0.35% AGM
12/15/12 $175,000 3.00% 0.60% AGM
12/15/13 $195,000 2.00% 0.85% AGM
12/15/14 $190,000 2.00% NRO NRO AGM
12/15/15 $190,000 3.00% 1.15% AGM
12/15/16 $185,000 3.00% 1.47% AGM
12/15/17 $180,000 2.00% 1.75% AGM
12/15/18 $180,000 2.00% 2.10% AGM
12/15/19 $175,000 2.50% 2.37% AGM
12/15/20 $170,000 2.50% 2.60% AGM
12/15/21 $100,000 2.75% 2.80% AGM

Other managers: Roosevelt & Cross, Inc., Loop Capital Markets, LLC, Citigroup Global Markets, Inc., CL King & Associates.

L.O.: Eckert, Seamans, Cherin & Mellott, Pittsburgh, PA.

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

Other bidders were:

Janney Montgomery, TIC 3.6008%

BNY Mellon Cap Mkts, TIC 3.6517%

Raymond James, TIC 3.6578%

Boenning&Scattergood, TIC 3.7159%

Robert W. Baird, TIC 3.7434%

TEXAS

Nederland (City)

Aug 22, 2011 . . . . . . $4,500,000

Tax and Revenue Certificates of Obligation, Series 2011 (bank qualified) (book entry).

Dated Sep 1, 2011.

Due Sep 1, 2012 to 2031.

Callable Sep 1, 2020 at par.

Winning bid: Baker Group, at 100.0000, TIC 3.0728%.

Due Amount Cpn Yield Conc Ins
9/1/12 $150,000 3.00% NRO NRO
9/1/13 $160,000 3.00% NRO NRO
9/1/14 $165,000 3.00% NRO NRO
9/1/15 $170,000 3.00% NRO NRO
9/1/16 $175,000 2.00% NRO NRO
9/1/17 $185,000 2.00% NRO NRO
9/1/18 $190,000 1.85% NRO NRO
9/1/19 $200,000 2.10% NRO NRO
9/1/20 $205,000 2.30% NRO NRO
9/1/21 $215,000 2.40% NRO NRO
9/1/22 $225,000 2.55% NRO NRO
9/1/23 $235,000 2.70% NRO NRO
9/1/24 $240,000 2.85% NRO NRO
9/1/25 $250,000 3.00% NRO NRO
9/1/26 $260,000 3.10% NRO NRO
9/1/27 $270,000 3.25% NRO NRO
9/1/28 $285,000 3.35% NRO NRO
9/1/29 $295,000 3.55% NRO NRO
9/1/30 $305,000 3.70% NRO NRO
9/1/31 $320,000 3.85% NRO NRO

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

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

Other bidders were:

FTN Fin Cap Mkts, TIC 3.0735%

FirstSouthwest, TIC 3.078%

Southwest Securities, TIC 3.1473%

Morgan Keegan, TIC 3.1555%

Raymond James, TIC 3.1632%

SAMCO Cap Mkts, TIC 3.1737%

Robert W. Baird, TIC 3.1927%

Duncan-Williams, TIC 3.2237%

BOSC, TIC 3.2598%

Piper Jaffray, TIC 3.2781%

Sterne Agee, TIC 3.3019%

WISCONSIN

Menomonie Area School District

Aug 22, 2011 . . . . . . $5,800,000

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

Dated Aug 30, 2011.

Due Sep 19, 2012.

Purchased $5,800,000.00 by Robert W. Baird, at 1.0%, plus $12,875.99, effective rate 0.7891%.

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

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

Other bidders were:

Oppenheimer, Effective Rate 1.0652%

Mosinee (City)

Aug 22, 2011 . . . . . . $1,430,000

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

Dated Sep 13, 2011.

Due Sep 1, 2012 to 2031.

Callable Sep 1, 2020 at par.

Winning bid: M&I Marshall, at 99.9491, TIC 3.4325%.

Due Amount Cpn Yield Conc Ins
9/1/12 $60,000 2.00% 0.60%
9/1/13 $60,000 2.00% 0.80%
9/1/14 $60,000 2.00% 0.95%
9/1/15 $60,000 2.00% 1.10%
9/1/16 $60,000 2.00% 1.45%
9/1/17 $60,000 2.25% 1.80%
9/1/18 $60,000 2.50% 2.15%
9/1/19 $65,000 2.75% 2.45%
9/1/20 $65,000 3.00% 2.65%
9/1/22 $135,000 3.00% 3.00%
9/1/25 $220,000 3.375% 3.375%
9/1/28 $245,000 3.70% 3.70%
9/1/31 $280,000 4.00% 4.00%

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

F.A.: Ehlers, Roseville, MN.

Other bidders were:

Bernardi Securities, TIC 3.5311%

BOSC, TIC 3.6272%

Robert W. Baird, TIC 3.7562%

New Richmond (City)

Aug 22, 2011 . . . . . . $3,620,000

General Obligation Corporate Purpose Bonds, Series 2011B (book entry).

Dated Sep 14, 2011.

Due Dec 1, 2012 to 2023.

Callable Dec 1, 2020 at par.

Winning bid: Bremer Bank, at n/a, TIC 2.4124%.

Due Amount Cpn Yield Conc Ins
12/1/12 $190,000 1.00% NRO NRO
12/1/13 $295,000 1.00% NRO NRO
12/1/14 $305,000 1.20% NRO NRO
12/1/15 $210,000 1.40% NRO NRO
12/1/16 $285,000 1.80% NRO NRO
12/1/17 $295,000 2.00% NRO NRO
12/1/18 $305,000 2.00% NRO NRO
12/1/19 $315,000 2.25% NRO NRO
12/1/20 $325,000 2.50% NRO NRO
12/1/21 $330,000 2.80% NRO NRO
12/1/22 $340,000 3.00% NRO NRO
12/1/23 $425,000 3.00% NRO NRO

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

F.A.: Ehlers, Roseville, MN.

Other bidders were:

BOSC, TIC 2.4426%

Robert W. Baird, TIC 2.4919%

UBS Financial Svcs, TIC 2.5787%

Bernardi Securities, TIC 2.6947%

Piper Jaffray, TIC 2.7127%

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