Trades and Prices for Pension Obligation Bonds: 01/25/2008

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: 01/25/2008.

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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)
CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV TAXABLE-PENSION OBLIG-SER A-1	5.090%	06/01/2011			102.425 / 102.425	4.30% / 4.30%	1	1000
CARTERET N J SCH DIST REF-TAXABLE-PENSION	5.000%	03/15/2014			101.674 / 101.674	4.63% / 4.63%	2	50
CINCINNATI OHIO REF-POLICE & FIRE PENSION-C	4.500%	12/01/2020	103.430 / 103.430				1	35
CINCINNATI OHIO REF-POLICE & FIRE PENSION-C	4.500%	12/01/2035			102.507 / 102.507	4.10% / 4.10%	3	30
CONTRA COSTA CNTY CALIF FIRE PROTN DIST TAXABLE PENSION OBLIG	5.040%	08/01/2021			98.566 / 99.291	5.19% / 5.11%	8	100
DENVER COLO CITY & CNTY SCH DIST NO 001 CTFS PARTN TAXABLE-PENSION-SCH FACS LEASE	6.860%	12/15/2010			107.056 / 107.356	4.22% / 4.12%	4	80
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO CAP APPREC-INSTL-SR PENSION-A	%	07/01/2028			28.747 / 28.747	6.20% / 6.20%	6	+6
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO CAP APPREC-RETAIL-SR PENSION-A	%	07/01/2028			28.747 / 28.747	6.33% / 6.20%	60	15975+3
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO INSTL SR PENSION FDG-SER A	6.150%	07/01/2031			100.000 / 100.000	6.15% / 6.15%	1	+1
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO INSTL SR PENSION FDG-SER A	6.150%	07/01/2032			100.000 / 100.000	6.15% / 6.15%	1	+1
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO INSTL SR PENSION FDG-SER A	6.150%	07/01/2033			100.000 / 100.000	6.15% / 6.15%	1	+1
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO INSTL SR PENSION FDG-SER A	6.200%	07/01/2039			99.500 / 99.500	6.24% / 6.24%	26	3210+21
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO INSTL SR PENSION FDG-SER A	6.200%	07/01/2040			99.500 / 99.500	6.24% / 6.24%	14	+14
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO INSTL SR PENSION FDG-SER A	6.200%	07/01/2042			99.500 / 99.500	6.24% / 6.24%	6	+6
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO INSTL SR PENSION FDG-SER A	6.450%	07/01/2055			100.000 / 100.000	6.45% / 6.45%	10	300+9
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO INSTL SR PENSION FDG-SER A	6.450%	07/01/2056			100.000 / 100.000	6.45% / 6.45%	7	+7
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO INSTL SR PENSION FDG-SER A	6.450%	07/01/2057			100.000 / 100.000	6.45% / 6.45%	6	+6
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO INSTL-SR PENSION FDG-SER A	6.200%	07/01/2041			99.500 / 99.500	6.24% / 6.24%	6	+6
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO RETAIL SR PENSION FDG-SER A	5.850%	07/01/2023			100.000 / 100.000	5.85% / 5.85%	329	46740+32
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO RETAIL-SR PENSION FDG-SER A	6.150%	07/01/2038	100.000 / 100.000		98.500 / 100.000	6.26% / 6.15%	1560	223266+110
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO SR PENSION FDG-SER A	6.450%	07/01/2058			100.000 / 100.000	6.45% / 6.45%	6	+6
FORT LEE N J TAXABLE-REF-PENSION	4.900%	03/01/2018	96.720 / 96.720		97.720 / 97.720	5.19% / 5.19%	2	30
GAINESVILLE FLA PENSION OBLIG REV TAXABLE-SER B	0.000%	10/01/2010			90.067 / 90.067	3.96% / 3.96%	2	260
HOWELL TWP N J SCH DIST REF-TAXABLE-SCH-PENSION	4.950%	07/15/2015			101.241 / 101.241	4.75% / 4.75%	4	130
HUNTINGTON PK CALIF PENSION OBLIG REF-TAXABLE-A-CONV 04/05/07	5.757%	08/01/2025			102.246 / 102.246	5.45% / 5.45%	1	20
ILLINOIS ST TAXABLE-PENSION	5.100%	06/01/2033	100.370 / 100.370				1	+1
KOKOMO CENTER TWP IND CONS SCH CORP TAXABLE-PENSION	5.500%	01/05/2011			102.200 / 102.200	4.69% / 4.69%	1	100
LONG BEACH CALIF PENSION OBLIG REF-TAXABLE-B-RMKT 12/30/2005	5.110%	09/01/2015			103.554 / 103.554	4.55% / 4.55%	1	15
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER C	0.000%	06/30/2008			98.421 / 98.619	3.85% / 3.36%	2	35
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER D	0.000%	06/30/2010	90.563 / 90.563		90.705 / 90.705	4.08% / 4.08%	6	165
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2012	81.029 / 81.029				1	15
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2016	64.199 / 64.199		64.699 / 64.699	5.49% / 5.49%	3	25
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2018	56.025 / 56.025				1	25
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2026			34.121 / 34.121	6.05% / 6.05%	2	20
NEW ORLEANS LA PENSION REV VAR-TAXABLE	%	09/01/2030			100.000 / 100.000		2	800
NEWARK N J REF-TAXABLE-PENSION	5.125%	04/01/2015	98.280 / 98.280				1	15
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2013			76.672 / 76.672	4.57% / 4.57%	2	50
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2015			65.003 / 65.003	5.54% / 5.54%	1	5
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2010	88.601 / 88.601				2	10
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2011			86.576 / 86.576	4.06% / 4.06%	1	65
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2012	80.400 / 80.400		82.156 / 82.156	4.33% / 4.33%	4	160
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2015	66.994 / 66.994				1	5
OREGON CMNTY COLLEGE DISTS TAXABLE-PENSION OBLIG	4.797%	06/30/2014			101.357 / 101.357	4.55% / 4.55%	2	60
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER B	5.500%	06/30/2021	96.060 / 96.060				1	5
PATERSON N J CAP APPREC-REF-TAXABLE-PENSION	0.000%	04/01/2010			91.649 / 91.649	4.06% / 4.06%	1	20
PENSACOLA FLA ARPT REV REF-AMT-SER A	6.125%	10/01/2018			103.257 / 103.257	4.11% / 4.11%	2	50
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2014			74.677 / 74.677	4.76% / 4.76%	2	40
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2015			69.777 / 69.777	5.05% / 5.05%	2	40
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2016			65.138 / 65.138	5.29% / 5.29%	2	40
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2018			56.624 / 56.624	5.65% / 5.65%	2	40
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2019			53.332 / 53.751	5.69% / 5.62%	5	115
PORTLAND ME TAXABLE-PENSION BDS	%	06/01/2026	100.000 / 100.000				2	200
PORTLAND ORE PARS-TAXABLE-PENSION OBLIG-E	%	06/01/2019	100.000 / 100.000				2	75
SACRAMENTO CNTY CALIF PENSION FDG CARS-TAXABLE-SER C-1	%	07/10/2030	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	4	200+2
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2015			69.007 / 69.007	5.01% / 5.01%	1	10
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2016			63.178 / 63.178	5.47% / 5.47%	2	40
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2017			60.375 / 60.375	5.38% / 5.38%	1	245
SAN BERNARDINO CNTY CALIF PENSION OBLIG VAR-TAXABLE-SER B-1	%	08/01/2023	100.000 / 100.000		100.000 / 100.000		3	775+1
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030			100.000 / 100.000		1	50
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000		100.000 / 100.000		7	250
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2032	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	3	100
SOLANO CNTY CALIF PENSION FDG TAXABLE-SER A	5.260%	01/15/2012	103.868 / 103.868				1	125

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: