Trades and Prices for Pension Obligation Bonds: 01/14/2008

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: 01/14/2008.

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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)
BALTIMORE CNTY MD REF-PENSION FUNDING	5.000%	08/01/2009	101.623 / 101.623				1	5
BALTIMORE CNTY MD REF-PENSION FUNDING	5.125%	08/01/2014			102.700 / 102.700	1.92% / 1.92%	1	50
CINCINNATI OHIO REF-POLICE & FIRE PENSION-C	4.500%	12/01/2035			102.445 / 102.445	4.11% / 4.11%	2	20
DANVILLE IND CMNTY SCH CORP TAXABLE-PENSION	4.750%	07/05/2011			98.811 / 98.811	5.13% / 5.13%	2	20
ILLINOIS ST TAXABLE-PENSION	5.100%	06/01/2033	91.500 / 91.500		92.957 / 92.957	5.62% / 5.62%	2	80
JOSEPHINE CNTY ORE PENSION OBLIG REV SER B	6.125%	06/01/2021			102.680 / 102.680	5.25% / 5.25%	1	5
KERN CNTY CALIF PENSION OBLIG REF-TAXABLE-SER A	4.500%	08/15/2016			96.543 / 96.543	5.00% / 5.00%	9	225
MARIN CNTY CALIF TAXABLE-PENSION OBLIG	5.410%	08/01/2026			96.151 / 96.151	5.75% / 5.75%	1	10
MARION CNTY ORE PENSION OBLIG REV TAXABLE-DEFERRED INT-SER A	0.000%	06/01/2012	81.476 / 81.476				2	30
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2012	81.637 / 81.637		83.322 / 83.322	4.53% / 4.53%	3	65
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2018			59.259 / 59.259	5.26% / 5.26%	4	200
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2016	60.269 / 60.269				1	5
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2019	50.405 / 50.405				1	50
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2020	45.287 / 45.287		47.000 / 47.000	5.93% / 5.93%	2	30
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2011			85.488 / 85.488	4.38% / 4.38%	2	40
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER A	4.256%	06/30/2011			100.000 / 100.000	4.26% / 4.25%	5	215
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER B	5.450%	06/30/2024			99.500 / 99.500	5.50% / 5.50%	1	25
PATERSON N J CAP APPREC-REF-TAXABLE-PENSION	0.000%	04/01/2017			59.870 / 61.799	5.65% / 5.30%	6	340
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2019	52.350 / 52.350		53.650 / 53.650	5.62% / 5.62%	2	130
PORTLAND ME TAXABLE-PENSION BDS	%	06/01/2026			100.000 / 100.000		2	300
PORTLAND ORE PARS-TAXABLE-PENSION OBLIG-D	%	06/01/2019	100.000 / 100.000		100.000 / 100.000		25	3750+4
PORTLAND ORE PARS-TAXABLE-PENSION OBLIG-E	%	06/01/2019	100.000 / 100.000				3	275
SACRAMENTO CNTY CALIF WKLY-TAXABLE-PENS-C-RMK-7/1/98	%	07/01/2022	100.000 / 100.000		100.000 / 100.000	4.55% / 4.55%	2	120
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV	6.870%	08/01/2008			101.459 / 101.459	4.10% / 4.10%	3	+3
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2012			82.692 / 82.763	4.23% / 4.21%	4	300
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2015					2	60
SAN BERNARDINO CNTY CALIF PENSION OBLIG VAR-TAXABLE-SER B-1	%	08/01/2023	100.000 / 100.000		100.000 / 100.000		6	1025
SAN DIEGO CALIF MET TRAN DEV BRD VAR-TAXABLE PENSION OBLIG-B	%	12/01/2033	100.000 / 100.000		100.000 / 100.000		3	550
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	7	900
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000		100.000 / 100.000		2	50
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	9	450
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2032	100.000 / 100.000				1	25

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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