Results of Negotiated Sales.

ARKANSAS

Bald Knob (City)

Jun 7, 2007 $3,990,000

Sales and Use Tax Refunding and Improvement Bonds, Series 2007A (bank qualified) (book entry) $2,420,000.

Dated Jul 1, 2007.

Due Sep 1, 2008 to 2030.

First coupon Mar 1, 2008.

Callable Sep 1, 2012 at par.

Purchased through negotiation by Stephens Inc., as follows:

Due Amount Cpn Reoffered Ins

9/1/08 $80,000 3.70% 3.70%

9/1/09 $70,000 3.80% 3.80%

9/1/10 $75,000 3.85% 3.85%

9/1/11 $75,000 3.90% 3.90%

9/1/12 $80,000 3.95% 3.95%

9/1/13 $80,000 4.00% 4.00%

9/1/15 $175,000 4.125% 4.125%

9/1/17 $190,000 4.25% 4.25%

9/1/18 $100,000 4.30% 4.30%

9/1/19 $105,000 4.35% 4.35%

9/1/20 $110,000 4.40% 4.40%

9/1/21 $115,000 4.45% 4.45%

9/1/22 $120,000 4.50% 4.50%

9/1/30 $1,045,000 4.55% 4.55%

Sales and Use Tax Improvement Bonds, Series 2007B (bank qualified) (book entry) $1,570,000.

Dated Jul 1, 2007.

Due Sep 1, 2037.

First coupon Mar 1, 2008.

Callable Sep 1, 2012 at par.

Due Amount Cpn Reoffered Ins

9/1/37 $1,570,000 4.625% 4.625%

L.O.: Friday Elredge & Clark, Little Rock, AR.

CALIFORNIA

California Pollution Control Financing Authority

Jun 6, 2007 $19,995,000

Variable Rate Certificates, Series 2007B (Piper Jaffray Funding, LLC Trust) (book entry) (AMT)

Dated Jun 7, 2007.

Due Jun 1, 2020.

First coupon Dec 1, 2007.

Purchased through negotiation by Piper Jaffray & Company, as follows:

Due Amount Cpn Reoffered Ins

6/1/20 $19,995,000 3.68% 3.68%

California School Cash Reserve Program Authority

Jun 7, 2007 $403,555,000

Certificates of Participation, 2007-2008 TRANS Series A (book entry)

Dated Jul 6, 2007.

Due Jul 1, 2008.

First coupon Jul 1, 2008.

Non-callable.

Purchased through negotiation by Piper Jaffray & Company, as follows:

Due Amount Cpn Reoffered Ins

7/1/08 $403,555,000 4.25% 3.62%

L.O.: Orrick, Herrington & Sutcliffe, San Francisco, CA.

Eastern Municipal Water District Community Facilities District No. 2004-32

Jun 7, 2007 $3,495,000

Improvement Area A 2007 Special Tax Bonds (book entry) $2,060,000.

Dated Jun 20, 2007.

Due Sep 1, 2008 to 2037.

First coupon Sep 1, 2007.

Callable Sep 1, 2007 at 102.000%, declining to par Sep 1, 2017.

Purchased through negotiation by Stone & Youngberg LLC, as follows:

Due Amount Cpn Reoffered Ins

9/1/08 $35,000 3.90% 3.90%

9/1/09 $40,000 3.95% 3.95%

9/1/10 $40,000 4.00% 4.00%

9/1/11 $40,000 4.10% 4.10%

9/1/12 $40,000 4.20% 4.20%

9/1/13 $45,000 4.30% 4.30%

9/1/14 $45,000 4.40% 4.40%

9/1/15 $45,000 4.50% 4.50%

9/1/16 $50,000 4.60% 4.60%

9/1/17 $50,000 4.70% 4.70%

9/1/18 $50,000 4.75% 4.75%

9/1/19 $55,000 4.80% 4.80%

9/1/20 $55,000 4.85% 4.85%

9/1/21 $60,000 4.90% 4.90%

9/1/22 $60,000 4.95% 4.95%

9/1/29 $520,000 5.00% 5.00%

9/1/37 $830,000 5.00% 5.04%

Improvement Area B 2007 Special Tax Bonds (book entry) $1,435,000.

Dated Jun 20, 2007.

Due Sep 1, 2008 to 2037.

First coupon Sep 1, 2007.

Callable Sep 1, 2007 at 102.000%, declining to par Sep 1, 2017.

Due Amount Cpn Reoffered Ins

9/1/08 $25,000 3.95% 3.95%

9/1/09 $25,000 4.00% 4.00%

9/1/10 $30,000 4.05% 4.05%

9/1/11 $30,000 4.15% 4.15%

9/1/12 $30,000 4.25% 4.25%

9/1/13 $30,000 4.35% 4.35%

9/1/14 $30,000 4.45% 4.45%

9/1/15 $35,000 4.55% 4.55%

9/1/16 $35,000 4.65% 4.65%

9/1/17 $35,000 4.75% 4.75%

9/1/18 $35,000 4.80% 4.80%

9/1/19 $40,000 4.85% 4.85%

9/1/20 $40,000 4.90% 4.90%

9/1/25 $225,000 5.00% 5.00%

9/1/30 $280,000 5.00% 5.05%

9/1/37 $510,000 5.10% 5.10%

L.O.: Stradling, Yocca, Carlson & Rauth, San Francisco, CA.

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

Fillmore Public Financing Authority

Jun 6, 2007 $57,490,000

Revenue Bonds, Series 2007 (City of Fillmore Water Recycling Financing Project) 2037, 2042 and 2047 Priced to Par Call (book entry)

Dated Jun 14, 2007.

Due May 1, 2011 to 2047.

First coupon Nov 1, 2007.

Callable May 1, 2017 at par.

Purchased through negotiation by Bear, Stearns & Co., Inc., as follows:

Due Amount Cpn Reoffered Ins

5/1/11 $590,000 4.00% 3.87% CIFG

5/1/12 $615,000 4.00% 3.92% CIFG

5/1/13 $640,000 5.00% 4.00% CIFG

5/1/14 $670,000 4.00% 4.05% CIFG

5/1/15 $700,000 5.00% 4.10% CIFG

5/1/16 $735,000 5.00% 4.15% CIFG

5/1/17 $770,000 5.00% 4.18% CIFG

5/1/18 $810,000 4.25% 4.25% CIFG

5/1/19 $840,000 4.25% 4.30% CIFG

5/1/20 $880,000 4.25% 4.35% CIFG

5/1/21 $915,000 4.25% 4.40% CIFG

5/1/22 $955,000 4.375% 4.44% CIFG

5/1/23 $1,000,000 5.25% 4.47% CIFG

5/1/24 $1,050,000 5.25% 4.49% CIFG

5/1/25 $1,105,000 5.25% 4.51% CIFG

5/1/30 $6,450,000 5.25% 4.57% CIFG

5/1/37 $12,215,000 5.00% 4.58% CIFG

5/1/42 $11,660,000 5.00% 4.65% CIFG

5/1/47 $14,890,000 5.00% 4.70% CIFG

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

Los Angeles Community Redevelopment Agency

Jun 6, 2007 $19,960,000

Grand Central Square Multifamily Housing Revenue Refunding Bonds, Series 2007A (CRALA) (2026 Priced to Par Call) (book entry) (AMT) $11,345,000.

Dated Jun 21, 2007.

Due Dec 1, 2009 to 2026.

First coupon Dec 1, 2007.

Callable Dec 1, 2017 at par.

Purchased through negotiation by Stone & Youngberg LLC, Sutter Securities Inc., as follows:

Due Amount Cpn Reoffered Ins

12/1/09 $325,000 4.00% 4.00% RADIA

12/1/10 $340,000 4.00% 4.15% RADIA

12/1/11 $470,000 4.25% 4.25% RADIA

12/1/12 $490,000 4.25% 4.30% RADIA

12/1/13 $510,000 4.25% 4.35% RADIA

12/1/14 $535,000 4.50% 4.40% RADIA

12/1/15 $560,000 4.375% 4.45% RADIA

12/1/16 $580,000 4.375% 4.50% RADIA

12/1/17 $610,000 4.50% 4.60% RADIA

12/1/18 $635,000 4.50% 4.70% RADIA

12/1/19 $660,000 4.625% 4.80% RADIA

12/1/20 $695,000 4.70% 4.85% RADIA

12/1/26 $4,935,000 5.00% 4.90% RADIA

Grand Central Square Multifamily Housing Revenue Refunding Bonds, Series 2007B (LACMTA) (2022 Priced to Par Call) (book entry) (AMT) $8,615,000.

Dated Jun 21, 2007.

Due Dec 1, 2007 to 2026.

First coupon Dec 1, 2007.

Callable Dec 1, 2017 at par.

Due Amount Cpn Reoffered Ins

12/1/07 $305,000 4.50% 3.60% Ambac

12/1/08 $350,000 4.50% 3.75% Ambac

12/1/09 $370,000 4.00% 3.85% Ambac

12/1/10 $385,000 4.00% 3.95% Ambac

12/1/11 $325,000 4.00% 4.00% Ambac

12/1/12 $335,000 4.00% 4.07% Ambac

12/1/13 $350,000 4.00% 4.13% Ambac

12/1/14 $360,000 4.00% 4.18% Ambac

12/1/15 $375,000 4.125% 4.25% Ambac

12/1/16 $395,000 4.125% 4.30% Ambac

12/1/17 $410,000…