Trades and Prices for Pension Obligation Bonds: 01/15/2008

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: 01/15/2008.

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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)
BELL CALIF PUB FING AUTH REV TAXABLE-PENSION	5.170%	08/01/2013					1	25
CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV TAXABLE-CAP APPREC-PENSION-A-2	0.000%	06/01/2016	63.210 / 63.210		64.760 / 64.760	5.26% / 5.26%	4	200
CINCINNATI OHIO REF-POLICE & FIRE PENSION-C	4.500%	12/01/2030	97.850 / 97.850				2	200
CINCINNATI OHIO REF-POLICE & FIRE PENSION-C	4.500%	12/01/2035			102.430 / 102.430	4.11% / 4.11%	3	40
DALLAS TEX TAXABLE-PENSION-SER A	5.195%	02/15/2035	100.290 / 100.290		100.358 / 100.358	5.17% / 5.17%	2	+2
DENVER COLO CITY & CNTY SCH DIST NO 001 CTFS PARTN PREREFUNDED-TAXABLE-PENSION	6.790%	12/15/2008	99.000 / 99.000				1	5
DENVER COLO CITY & CNTY SCH DIST NO 001 CTFS PARTN UNREFUNDED BAL-TAXABLE-PENSION	6.790%	12/15/2008	100.500 / 100.500				1	25
EAST ORANGE N J REF-TAXABLE-PENSION	5.000%	04/01/2012			103.592 / 104.220	4.06% / 3.90%	2	195
FRANKLIN BORO N J REF-TAXABLE-PENSION	4.000%	10/01/2009	98.600 / 98.600		99.600 / 99.600	4.24% / 4.24%	2	60
HOUSTON TEX TAXABLE-PENSION-SER A	5.538%	03/01/2037	105.067 / 105.067		105.143 / 105.143	5.19% / 5.19%	2	+2
ILLINOIS ST TAXABLE-PENSION	4.950%	06/01/2023	99.827 / 99.827				1	1000
ILLINOIS ST TAXABLE-PENSION	5.100%	06/01/2033	99.336 / 99.336				1	+1
JOSEPHINE CNTY ORE PENSION OBLIG REV LTD TAX-SER A	0.000%	06/01/2016			65.481 / 65.481	5.12% / 5.12%	1	10
KERN CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE	0.000%	08/15/2020			50.437 / 50.437	5.52% / 5.52%	3	300
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER C	0.000%	06/30/2009	90.500 / 90.500				1	5
LOS ANGELES CNTY CALIF PENSION OBLIG CTFS LTD INT MUN OBLIG CTF-SER A	6.900%	06/30/2008	101.602 / 101.602				1	65
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2012	81.208 / 81.208		83.018 / 83.018	4.62% / 4.62%	5	140
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2018			59.185 / 59.185	5.27% / 5.27%	3	120
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2023	40.105 / 40.105				3	240
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2019			52.207 / 52.504	5.53% / 5.48%	2	50
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2022	40.011 / 40.011		43.462 / 43.462	5.67% / 5.67%	4	125
OAKLAND CALIF PENSION OBLIG TAXABLE-SUB-SER A	6.980%	12/15/2009	104.517 / 104.517				2	50
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2012	76.975 / 76.975				1	8
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER A	4.256%	06/30/2011					1	35
OREGON ST TAXABLE-PENSION	5.762%	06/01/2023	107.445 / 107.445				1	+1
OREGON ST TAXABLE-PENSION	5.892%	06/01/2027	108.610 / 108.610		110.198 / 110.198	5.06% / 5.06%	2	+2
OREGON ST LOC GOVTS TAXABLE-PENSION OBLIGATIONS	5.004%	06/01/2028			100.000 / 100.000	5.00% / 5.00%	3	900
PATERSON N J CAP APPREC-REF-TAXABLE-PENSION	0.000%	04/01/2009			95.766 / 95.766	3.63% / 3.63%	2	50
PATERSON N J CAP APPREC-REF-TAXABLE-PENSION	0.000%	04/01/2017			62.397 / 62.397	5.19% / 5.19%	2	80
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2014			74.222 / 75.025	4.83% / 4.66%	8	440
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2015	67.060 / 67.060		69.226 / 69.226	5.14% / 5.14%	2	17
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2016			65.465 / 65.465	5.21% / 5.21%	3	150
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2017			62.254 / 62.254	5.20% / 5.20%	2	200
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2018	55.000 / 55.000		56.956 / 58.660	5.57% / 5.28%	7	290
PORTLAND ORE PARS-TAXABLE-PENSION OBLIG-E	%	06/01/2019	100.000 / 100.000		100.000 / 100.000		5	175
SACRAMENTO CNTY CALIF CAP APPREC-TAXABLE-PENS FDG-A	0.000%	08/15/2010			90.295 / 90.295	4.00% / 4.00%	2	40
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 CAP APPREC	0.000%	08/01/2015			68.668 / 68.668	5.05% / 5.05%	1	20
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2016			64.184 / 64.184	5.26% / 5.26%	3	195
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2017			60.362 / 60.362	5.36% / 5.36%	3	60
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2018			56.186 / 56.186	5.55% / 5.55%	3	30
SAN BERNARDINO CNTY CALIF PENSION OBLIG VAR-TAXABLE-SER B-1	%	08/01/2023	100.000 / 100.000		100.000 / 100.000		6	1050
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	8	250
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030			100.000 / 100.000		1	25
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	14	1300
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2032	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	6	175
SHIPPENSBURG BORO PA AUTH REV VAR-BETHLEHEM AREA SCH DIST PJ	%	07/01/2031	100.000 / 100.000		100.000 / 100.000		4	1000+3
SHIPPENSBURG PA AREA SCH DIST SER A	3.700%	11/15/2008	99.721 / 99.721				1	50
WORCESTER MASS CAP APPREC-PENSION FDG LN	0.000%	01/01/2013			79.931 / 79.931	4.57% / 4.57%	2	30

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.

Data provided by: