Trades and Prices for Pension Obligation Bonds: 01/04/2008

These reports represent inter-dealer and customer trades in municipal securities that have been reported by dealers to the Municipal Securities Rulemaking Board. The reports do not necessarily reflect all transactions that were effected on the specific trade date. Because of the possibility of errors in the trade submission process or errors or omissions in other processing of data, the reports should not be used as the sole basis for pricing or executing transactions in municipal securities. Prices for securities transactions vary with market conditions and can be affected by trade size and other factors.

All Information for Trade Date: 01/04/2008.

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The Red Flag indicates the bid/offer market spread for this Municipal Bond exceeded 4 points.
Red numbering in the Bid or Offer column indicates the spread between high and low price exceeded 1 point.
Red numbering in the Yield column indicates a negative yield.

Municipal Bond Name / Description	Coupon	Maturity	Bid Side Customer Sold to Dealer (Lowest / Highest)		Offer Side Customer Purchase from Dealer (Lowest / Highest)	Yield* Offer Side (Lo Px / Hi Px)	# of Trades	Volume (000)
ALAMEDA CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER B	0.000%	12/01/2018			53.040 / 53.040	5.91% / 5.91%	2	20
DALLAS TEX STEP-UP-TAXABLE-PENSION-SER C	5.250%	02/15/2024					2	50
FRESNO CNTY CALIF PENSION OBLIG REF-TAXABLE	6.060%	08/15/2009			102.991 / 102.991	4.11% / 4.11%	2	40
ILLINOIS ST TAXABLE-PENSION	5.100%	06/01/2033			99.156 / 99.156	5.16% / 5.16%	1	+1
KERN CNTY CALIF PENSION OBLIG ARCS-REF-TAXABLE-SER B-1	%	08/15/2027			100.000 / 100.000		2	400
KERN CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE	0.000%	08/15/2019			51.000 / 51.000	5.89% / 5.89%	1	30
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER C	0.000%	06/30/2008			97.532 / 97.532	5.33% / 5.33%	1	10
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER C	0.000%	06/30/2009	90.400 / 90.400		91.908 / 91.908	5.80% / 5.80%	2	10
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER A	7.425%	02/15/2029	114.980 / 114.980				2	20
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2011			84.877 / 84.877	4.55% / 4.55%	1	10
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2015			67.542 / 67.542	5.20% / 5.20%	2	110
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2016	60.460 / 60.460				3	55
OREGON CMNTY COLLEGE DISTS TAXABLE-PENSION OBLIG	4.747%	06/30/2013			100.223 / 100.223	4.70% / 4.70%	2	60
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER A	4.668%	06/30/2020			96.455 / 96.455	5.05% / 5.05%	1	+1
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER B	5.500%	06/30/2021	96.060 / 96.060		99.060 / 99.060	5.60% / 5.60%	2	15
PATERSON N J CAP APPREC-REF-TAXABLE-PENSION	0.000%	04/01/2017			59.533 / 59.533	5.70% / 5.70%	1	10
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2014	70.618 / 70.618				1	15
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2015			67.725 / 67.725	5.44% / 5.44%	4	95
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2016	64.000 / 64.000		65.317 / 65.317	5.22% / 5.22%	5	1085
POMONA CALIF PENSION OBLIG REF-TAXABLE-SER AR	5.832%	07/01/2035			97.605 / 97.605	6.01% / 6.01%	1	5
PORTLAND ME TAXABLE-PENSION BDS	%	06/01/2026			100.000 / 100.000		1	+1
PORTLAND ORE PARS-TAXABLE-PENSION OBLIG-E	%	06/01/2019	100.000 / 100.000		100.000 / 100.000		2	125
SACRAMENTO CNTY CALIF CAP APPREC-TAXABLE-PENS FDG-A	0.000%	08/15/2010	86.900 / 86.900				2	100
SACRAMENTO CNTY CALIF CAP APPREC-TAXABLE-PENS FDG-A	0.000%	08/15/2015					1	60
SACRAMENTO CNTY CALIF WKLY-TAXABLE-PENS-C-RMK-7/1/98	%	07/01/2022	100.000 / 100.000		100.000 / 100.000	4.70% / 4.70%	2	120
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2016	60.740 / 60.740		63.186 / 63.186	5.43% / 5.43%	3	57
SAN BERNARDINO CNTY CALIF PENSION OBLIG VAR-TAXABLE-SER B-1	%	08/01/2023			100.000 / 100.000		2	500+1
SAN DIEGO CALIF MET TRAN DEV BRD VAR-TAXABLE PENSION OBLIG-B	%	12/01/2033			100.000 / 100.000		2	200
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000		100.000 / 100.000		2	100
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	5	150
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	3	200
SOLANO CNTY CALIF PENSION FDG ARS-TAXABLE-SER B-2	%	01/15/2023	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	2	200
SUSSEX CNTY N J REF-TAXABLE-PENSION	5.300%	05/01/2017	100.000 / 100.000				1	5

These reports represent inter-dealer and customer trades in municipal securities that have been reported by dealers to the Municipal Securities Rulemaking Board. The reports do not necessarily reflect all transactions that were effected on the specific trade date. Because of the possibility of errors in the trade submission process or errors or omissions in other processing of data, the reports should not be used as the sole basis for pricing or executing transactions in municipal securities. Prices for securities transactions vary with market conditions and can be affected by trade size and other factors.

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