Investments

ARKANSASArmorel School District No. 9 of Mississippi CountyNov 3, 2009 . . . . . . $800,000

ARKANSASHot Springs (City)Nov 3, 2009 . . . . . . $28,815,000

The secret may be out. Municipal closed-end funds are unique and compelling because they give investors the opportunity to buy a basket of municipal bonds at a discount from market value.

Yale University priced $1 billion of five-year taxable fixed-rate notes yesterday. The notes, which will mature in five years, will be used to take out $560 million of taxable commercial paper and provide working capital.

CALIFORNIAPasadena (City)Nov 2, 2009 . . . . . . $42,765,000

ALASKAAlaska Industrial Development and Export AuthorityOct 28, 2009 . . . . . . $16,635,000

DALLAS — Texas voters today will decide whether to issue $2 billion of bonds for veterans housing, partner with the Veterans Administration on a South Texas hospital, and redirect a $450 million education fund toward the creation of more top-tier universities.

CHICAGO — Though student demand remains strong, the recession is taking its toll on tuition and fee revenue at some private higher education institutions, and the stress is expected to hurt the operating performance of some schools, especially in the Midwest and mid-Atlantic regions, a new report being released today from Moody’s Investors Service found.

The University of Arkansas Board of Trustees unanimously approved a $30 million revenue bond issue to finance a new residence hall and an outdoor sports complex at the University of Arkansas at Little Rock.

ALABAMAFort Payne Waterworks BoardOct 26, 2009 . . . . . . $7,000,000

Table as of: 10/30/2009 16:35 PM Invisible Supply Issuer and purpose Amount* Approval

The Texas Higher Education Coordinating Board on Thursday approved a proposal by the University of North Texas System for a 28,000-seat football stadium that will be financed in part with $38 million of student fee revenue bonds.

The cascade of cash washing into municipal bond mutual funds all year picked up again last week, suggesting the dip in new money in mid-October may have been a blip.

After digesting a revised $7.67 billion in new volume last week, the municipal market will face an estimated $9.59 billion this week, according to Ipreo LLC and The Bond Buyer, as the California market again takes center stage — this time with a $1.5 billion sale of general obligation bonds catering to retail investors.

ARKANSASOuachita River School District of Polk CountyOct 29, 2009 . . . . . . $2,045,000

ALABAMAFive Star Water Supply DistrictOct 26, 2009 . . . . . . $7,930,000

Assets of tax-exempt money market funds declined by $2.93 billion and ended at $414.96 billion for the week ending Oct. 26, according to the Money Fund Report, a service of iMoneyNet.com.

When taxable Build America Bonds were introduced to the market in April, one attraction for issuers was said to be the wider investor base they would garner, in contrast to the limited market for traditional, tax-exempt municipal bonds. But while BABs have been successful in expanding liquidity in the muni market, purchases from abroad remain relatively shallow.

The Bond Buyer’s weekly yield indexes rose this week amid light trading in the secondary market, as a flood of issuance in the new-issue market captured participants’ attention and focus.

Table as of: 10/28/2009 15:07 PM Invisible Supply Issuer and purpose Amount* Approval