Results of Competitive Sales

ILLINOIS

Minooka Village

Dec 20, 2011 . . . . . . $1,655,000

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

Dated Dec 29, 2011.

Due Dec 15, 2012 to 2021.

Callable Dec 15, 2019 at par.

Winning bid: Robert W. Baird, at n/a, TIC 2.1981%.

Due Amount Cpn Yield Conc Ins
12/15/12 $165,000 2.00% 0.75%
12/15/13 $170,000 2.00% 0.90%
12/15/14 $170,000 2.00% 1.20%
12/15/15 $175,000 2.00% 1.40%
12/15/17 $360,000 2.00% 1.65%
12/15/19 $315,000 2.00% 2.05%
12/15/21 $300,000 3.00% 2.50%

Other managers: CL King & Associates, SAMCO Capital Markets, Loop Capital Markets, LLC, Kildare Capital, Inc., Crews & Associates, Inc., Edward D. Jones & Co., Vining-Sparks IBG, Limited Partnership, Davenport & Company LLC, Jackson Securities Inc., Isaak Bond Investments, Inc., FTN Financial Capital Markets, Advisors Asset Management Inc.

L.O.: Ungaretti & Harris, Chicago, IL.

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

Other bidders were:

BOSC, TIC 2.3052%

Raymond James, TIC 2.459%

KENTUCKY

Edgewood (City)

Dec 20, 2011 . . . . . . $3,865,000

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

Dated Dec 29, 2011.

Due Dec 1, 2012 to 2034.

Callable Dec 1, 2021 at par.

Winning bid: Raymond James, at 98.3450, NIC 2.9108%.

Due Amount Cpn Yield Conc Ins
12/1/12 $45,000 2.00% 0.50%
12/1/13 $45,000 2.00% 0.70%
12/1/14 $45,000 2.00% 0.85%
12/1/15 $50,000 2.00% 1.10%
12/1/16 $155,000 2.00% 1.20%
12/1/17 $160,000 2.00% 1.30%
12/1/18 $165,000 2.00% 1.50%
12/1/19 $165,000 2.00% 1.75%
12/1/20 $170,000 2.00% 1.85%
12/1/22 $345,000 2.00% 2.10%
12/1/24 $360,000 2.375% 2.45%
12/1/26 $380,000 2.625% 2.70%
12/1/27 $200,000 2.75% 2.85%
12/1/28 $205,000 3.00% 3.00%
12/1/30 $435,000 3.00% 3.15%
12/1/32 $455,000 3.125% 3.25%
12/1/34 $485,000 3.25% 3.50%

L.O.: Peck, Shaffer & Williams, Covington, KY.

F.A.: J.J.B. Hilliard, W.L. Lyons, Inc., Louisville, KY.

Other bidders were:

Morgan Keegan, NIC 3.0214%

Ross Sinclaire, NIC 3.0344%

MASSACHUSETTS

Massachusetts

Dec 20, 2011 . . . . . . $400,000,000

General Obligation Bonds, Consolidated Loan of 2011, Series E (book entry).

Dated Dec 28, 2011.

Due Dec 1, 2015 to 2027.

Callable Dec 1, 2019 at par.

Winning bid: JPMorgan, at 108.7865, TIC 2.5673%.

Due Amount Cpn Yield Conc Ins
12/1/15 $30,000,000 5.00% NRO NRO
12/1/16 $30,000,000 5.00% NRO NRO
12/1/17 $30,000,000 5.00% 1.05%
12/1/18 $30,000,000 5.00% 1.25%
12/1/21 $40,000,000 4.00% 2.04%
12/1/22 $40,000,000 4.00% 2.21%
12/1/23 $40,000,000 3.00% 2.58%
12/1/24 $40,000,000 3.00% 2.76%
12/1/25 $40,000,000 3.00% 2.92%
12/1/26 $40,000,000 3.00% 3.05%
12/1/27 $40,000,000 3.00% 3.16%

L.O.: Edwards Wildman Palmer LLP, Boston, MA; and Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C., Boston, MA.

F.A.: Public Financial Management, Inc., Boston, MA.

Other bidders were:

BA Merrill Lynch, TIC 2.7863%

Citigroup, TIC 2.8871%

Barclays Capital, TIC 2.9401%

Wells Fargo Secs, TIC 3.0016%

Morgan Stanley, TIC 3.0135%

RBC Capital Mkts, TIC 3.0329%

Raymond James, TIC 3.044%

Jefferies, TIC 3.0482%

Goldman Sachs, TIC 3.0793%

NEW JERSEY

East Brunswick Township

Dec 20, 2011 . . . . . . $25,554,000

Bond Anticipation Notes.

Dated Jan 6, 2012.

Due Jan 4, 2013.

Purchased $25,554,000.00 by TD Securities, at 2.0%, plus $284,671.50, effective rate 0.8798%.

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

F.A.: Municipal Official(s).

Other bidders were:

Jefferies, Effective Rate 0.917%

Oppenheimer, Effective Rate 1.1742%

Morgan Stanley, Effective Rate 1.1905%

Fair Lawn (Borough)

Dec 20, 2011 . . . . . . $510,000

Special Emergency Notes (bank qualified).

Dated Dec 29, 2011.

Due Dec 28, 2012.

Purchased $510,000.00 by Valley National Bank, at 1.49%, effective rate 1.49%.

L.O.: Hawkins, Delafield & Wood, Newark, NJ.

F.A.: Municipal Official(s).

Mount Olive Township

Dec 20, 2011 . . . . . . $887,365

Bond Anticipation Notes (bank qualified).

Dated Dec 28, 2011.

Due Dec 28, 2012.

Purchased $887,370.00 by TD Bank, N.A., at 1.3%, effective rate 1.3%.

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

F.A.: Municipal Official(s).

Other bidders were:

Amboy Natl Bk, Effective Rate 1.35%

PNC Bank, Effective Rate 1.79%

Oppenheimer, Effective Rate 1.8676%

NEW YORK

Berne-Knox-Westerlo Central School District

Dec 20, 2011 . . . . . . $11,000,000

Bond Anticipation Notes, 2011.

Dated Dec 29, 2011.

Due Dec 28, 2012.

Purchased $11,000,000.00 by Jefferies, at 1.5%, plus $90,753.00, effective rate 0.6727%.

L.O.: Hiscock & Barclay, LLP, Albany, NY.

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

Other bidders were:

Oppenheimer, Effective Rate 1.135%

Janney Montgomery, Effective Rate 1.1671%

Schenectady County

Dec 20, 2011 . . . . . . $4,712,458

Various Purposes Serial Bonds-2011 (book entry).

Dated Dec 29, 2011.

Due Dec 15, 2013 to 2016.

Non-callable.

Winning bid: Janney Montgomery, at 110.3250, TIC 0.8521%.

Due Amount Cpn Yield Conc Ins
12/15/13 $1,112,458 3.00% 0.35%
12/15/14 $1,200,000 4.00% 0.55%
12/15/15 $1,200,000 4.00% 0.85%
12/15/16 $1,200,000 4.00% 0.95%

L.O.: Hodgson, Russ LLP, Albany, NY.

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

Other bidders were:

Raymond James, TIC 0.9051%

Robert W. Baird, TIC 0.9983%

Incapital, TIC 1.0111%

JPMorgan, TIC 1.0198%

Roosevelt & Cross, TIC 1.0627%

Boenning&Scattergood, TIC 1.1399%

Solvay Village

Dec 20, 2011 . . . . . . $1,486,450

Public Improvement (Serial) Bonds, 2012 (bank qualified) (book entry).

Dated Jan 10, 2012.

Due Feb 1, 2012 to 2032.

Callable Feb 1, 2019 at par.

Winning bid: Roosevelt & Cross, at n/a, NIC 3.856%.

Due Amount Cpn Yield Conc Ins
2/1/12 $56,450 3.50% NRO NRO AGM
2/1/13 $55,000 3.50% NRO NRO AGM
2/1/14 $55,000 3.50% NRO NRO AGM
2/1/15 $55,000 3.50% NRO NRO AGM
2/1/16 $55,000 3.50% NRO NRO AGM
2/1/17 $60,000 3.50% NRO NRO AGM
2/1/18 $65,000 3.50% NRO NRO AGM
2/1/19 $70,000 3.50% NRO NRO AGM
2/1/20 $70,000 3.50% NRO NRO AGM
2/1/21 $75,000 3.50% NRO NRO AGM
2/1/22 $75,000 3.50% NRO NRO AGM
2/1/23 $75,000 3.50% NRO NRO AGM
2/1/24 $80,000 3.265% NRO NRO AGM
2/1/25 $80,000 3.75% NRO NRO AGM
2/1/26 $80,000 4.00% NRO NRO AGM
2/1/27 $80,000 4.00% NRO NRO AGM
2/1/28 $80,000 4.00% NRO NRO AGM
2/1/29 $80,000 4.00% NRO NRO AGM
2/1/30 $80,000 4.00% NRO NRO AGM
2/1/31 $80,000 4.125% NRO NRO AGM
2/1/32 $80,000 4.25% NRO NRO AGM

Other managers: UBS Financial Services, Inc., Ramirez & Co., Inc., Stifel, Nicolaus & Co., Inc., CL King & Associates.

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

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

Suffolk County

Dec 20, 2011 . . . . . . $300,000,000

Tax Anticipation Notes for 2012 Taxes-Series I (book entry).

Dated Dec 27, 2011.

Due Jul 12, 2012.

Purchased $10,000,000.00 by JPMorgan Chase, at 1.25%, effective rate 1.25%.

Purchased $105,000,000.00 by Morgan Stanley, at 2.0%, plus $388,500.00, effective rate 1.3169%.

Purchased $185,000,000.00 by Morgan Stanley, at 2.0%, plus $758,500.00, effective rate 1.2431%.

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

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

Other bidders were:

Morgan Stanley, Effective Rate 1.3169%

Jefferies, Effective Rate 1.3428%

Citigroup, Effective Rate 1.4144%

Jefferies, Effective Rate 1.4425%

Citigroup, Effective Rate 1.4588%

Morgan Keegan, Effective Rate 1.4935%

Citigroup, Effective Rate 1.5105%

BA Merrill Lynch, Effective Rate 1.5249%

JPMorgan, Effective Rate 1.538%

Piper Jaffray, Effective Rate 1.5385%

Morgan Keegan, Effective Rate 1.5434%

Jefferies, Effective Rate 1.5495%

Barclays Capital, Effective Rate 1.5585%

Wells Fargo Secs, Effective Rate 1.5822%

Morgan Keegan, Effective Rate 1.5932%

Jefferies, Effective Rate 1.6086%

Jefferies, Effective Rate 1.6547%

Roosevelt & Cross, Effective Rate 1.6582%

Wells Fargo Secs, Effective Rate 1.6634%

Jefferies, Effective Rate 1.7526%

Morgan Keegan, Effective Rate 1.7631%

TD Securities, Effective Rate 1.7705%

Roosevelt & Cross, Effective Rate 1.78%

JPMorgan, Effective Rate 1.7919%

TD Securities, Effective Rate 1.8203%

Roosevelt & Cross, Effective Rate 1.9868%

Oppenheimer, Effective Rate 2.0772%

Oppenheimer, Effective Rate 2.2157%

Wilton Fire District

Dec 20, 2011 . . . . . . $510,000

Bond Anticipation Notes, 2011 (bank qualified).

Dated Dec 29, 2011.

Due Aug 17, 2012.

Purchased $510,000.00 by Adirondack Trust, at 1.2%, effective rate 1.2%.

L.O.: Hodgson, Russ LLP, Albany, NY.

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

Other bidders were:

Saratoga Natl Bk, Effective Rate 1.23%

TAXABLE ISSUES

IOWA

Iowa Western Community College (Merged Area XIII)

Dec 19, 2011 . . . . . . $1,630,000

Industrial New Jobs Training Certificates Series 2011-2 (Taxable) (book entry).

Dated Jan 1, 2012.

Due Jun 1, 2013 to 2021.

Callable Jun 1, 2016 at par.

Winning bid: UMB Bank, at 99.5780, TIC 2.0644%.

Due Amount Cpn Yield Conc Ins
6/1/13 $235,000 0.70% NRO NRO
6/1/14 $255,000 0.80% NRO NRO
6/1/15 $180,000 1.00% NRO NRO
6/1/16 $140,000 1.30% NRO NRO
6/1/17 $135,000 1.60% NRO NRO
6/1/18 $135,000 1.90% NRO NRO
6/1/19 $150,000 2.20% NRO NRO
6/1/20 $150,000 2.45% NRO NRO
6/1/21 $250,000 2.75% NRO NRO

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

F.A.: Ruan Securities A Division of D.A. Davidson & Co., Des Moines, IA.

Other bidders were:

Hutchinson Shockey, TIC 2.0928%

Robert W. Baird, TIC 2.1996%

BOSC, TIC 2.2076%

Northland Securities, TIC 2.2906%

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Competitive sales results
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