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FINRA | Member of SIPC

Phoenix, AZ800.888.3802
Prescott, AZ800.688.9909
Clearwater, FL800.888.4082

Roswell, NM877.318.6864
Sun City, AZ800.777.5501
Tucson, AZ877.276.2528


**Subject to change in Price, Quantity and/or Availability**
Subject Offerings
As of Friday, May 18, 2012 6:25 PM Eastern Time
**Subject to change in Price, Quantity and/or Availability**


Click here for more information about our latest offering.


Tax-Free Offerings
RatingsDescriptionCouponMaturityCall DateCall PriceOffer PriceYTC*YTM*TEY*
A1/A+/A+ (AMBAC)Dallas Ft. With Texas Air Rev "AMT" **MATERIAL EVENT**5.000%11/01/3211/01/2013100103.2942.650%4.746%3.681%
A1/NR/AFSU Financial Assistance Inc. FL Rev DTD 3/14/2012 FC 10/01/2012 3.250%10/01/2610/01/202210096.078 3.600%5.0%
A2/A/A+Maricopa Cnty AZ IDA - Catholic Health West **MATERIAL EVENT**5.250%7/01/3207/01/2017100107.8703.550%4.643%4.931%
(Aa3)A2/(AA-)A/A (AGM)Miami-Dade Cnty Fl Aviation Rev "AMT" **MATERIAL EVENT**5.000%10/01/3310/01/2012100100.8752.650%4.937%3.681%
Baa1/BBB/BBB+Puerto Rico G.O. DTD 4/03/2012 FC 1/01/20135.000%7/01/4107/01/2022100102.8744.640%4.815%6.444%
A3/A/NRSalt Verde Financial Corp (Citigroup) **MATERIAL EVENT**5.250%12/01/2830daysMMD-30BP104.626 4.840%6.722%
A3/A-/NRSalt Verde Fin Corp AZ Gas Revenue (Citigroup) **MATERIAL EVENT**5.000%12/01/3230daysMMD-25bp103.120 4.760%6.611%
A3/A-/NRSalt Verde Fin Corp AZ Gas Revenue (Citigroup) **MATERIAL EVENT**5.000%12/01/3730daysMMD-25BP102.923 4.800%6.667%
(Baa2)/BBB/NR (NATL-RE)Sedona Az Wastewater MPC Excise Tax Rev **MATERIAL EVENT**0.000%1/01/23  64.119 4.042%5.614%
A3/A-/A- (AMBAC)Tampa-Hillsborough Cnty Fl Expressway Rev **MATERIAL EVENT**4.250%7/01/2607/01/2006100103.0353.450%3.967%4.792%


Taxable Offerings
RatingsDescriptionCouponMaturityCall DateCall PriceOffer PriceYTC*YTM*TEY*
Baa2/BBB/BBBAppalachian Power Co (AEP)5.950%5/15/33MakeWhole+25bp111.560 5.050%5.050%
Baa2/BBB/BBBAZ Pub Service Co (PNW)5.800%6/30/14MakeWhole+20bp109.975 1.000%1.000%
Ba2/BB/BB+Frontier Communications (FTR)7.000%11/01/25  91.848 8.000%8.000%
B2/BB-Cooper Tire (CTBUS)7.625%3/15/27  100.000 7.625%7.625%
Baa3/BBB-/BBB-Fairfax Financial (FFHCN)8.250%10/01/15  114.070 3.750%3.750%
Baa3/BBB-/BBB-Fairfax Financial (FFHCN)7.375%4/15/18  111.990 5.000%5.000%
B2/B+/BFerrellgas LP9.125%10/01/1710/01/2013104.56108.0376.125%7.282%6.125%
Ba2/BB+/BBB-Ford Holdings9.375%3/01/20  126.042 5.250%5.250%
Ba2/BB+/BBB-Ford Motor Co (F) S/A Pay7.500%8/01/26  115.750 5.850%5.850%
Ba2/BB+/BBB-Ford Motor Co (F) S/A Pay7.700%5/15/97MakeWhole+40bp109.968 7.000%7.000%
Baa1/BBB+/BBB+Kohls Corp (KSS)6.000%1/15/33MakeWhole+20bp115.603 4.800%4.800%
Baa1/BBB+/NRNewmont Mining Corp5.875%4/01/35MakeWhole+25bp113.012 4.920%4.920%
Ba1/BBB-/BB+Pioneer Natural Resources6.875%5/01/18MakeWhole+50bp117.230 3.625%3.625%
B1/BB-/BBPulte Group Inc6.375%5/15/33MakeWhole+25bp83.125 8.054%8.054%
Caa1/CCC+/CCCSears Roebuck (SHLD)7.000%6/01/32MakeWhole+25bp61.103 12.250%12.250%
Baa2/A-/NRUnion Pacific Corp5.375%6/01/33MakeWhole+20bp115.535 4.250%4.250%

Subject to change in price and/or availability. Municipal bonds are free from Federal (and, in many cases, state and local) income taxes. Ratings are subject to change. Bonds may be subject to AMT. Insured bonds carry the risk of the insurer failing. Bonds below investment grade or non-rated bonds generally carry a higher rate of return as compensation for the risk associated with investing. These risks include those inherent to the market, restructuring, or borrower default. We urge investors to discuss these risks with their Representative. Discount bonds may be subject to capital gains tax. Insurance on securities does not eliminate market risk. Puttable bonds are an option to put the bonds back to the issuer at a pre-determined “put” date.

*YTM = Yield to Maturity, YTC = Yield to Call, TEY = Taxable Equivalent Yield for 28% Tax Bracket