Trades and Prices for Pension Obligation Bonds: 02/04/2008

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: 02/04/2008.

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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)
CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV TAXABLE-CAP APPREC-PENSION-A-2	0.000%	06/01/2018	53.855 / 53.855				1	100
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO CAP APPREC-RETAIL-SR PENSION-A	0.000%	07/01/2028			28.754 / 28.754	6.20% / 6.20%	2	980
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%	17	1100
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO RETAIL-SR PENSION FDG-SER A	6.150%	07/01/2038			100.000 / 100.000	6.15% / 6.15%	7	920
FRANKLIN BORO N J REF-TAXABLE-PENSION	4.000%	10/01/2009	97.158 / 97.158				2	20
FRESNO CALIF TAXABLE-REF-PENSION OBLIGS	6.550%	06/01/2029			117.604 / 117.604	5.18% / 5.18%	1	10
FRESNO CNTY CALIF PENSION OBLIG REF-TAXABLE	6.060%	08/15/2009			103.310 / 103.310	3.80% / 3.80%	1	175
FRESNO CNTY CALIF PENSION OBLIG REF-TAXABLE	6.340%	08/15/2012	105.400 / 105.400		106.401 / 106.401	4.75% / 4.75%	3	300
HUNTINGTON PK CALIF PENSION OBLIG REF-TAXABLE-A-CONV 04/05/07	5.757%	08/01/2025			101.375 / 103.617	5.57% / 5.27%	8	475
ILLINOIS ST TAXABLE-PENSION	5.100%	06/01/2033	96.800 / 96.800				2	130
KERN CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE	0.000%	08/15/2018	53.968 / 53.968		55.293 / 55.293	5.71% / 5.71%	3	45
KERN CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE	0.000%	08/15/2019			51.361 / 51.361	5.87% / 5.87%	3	75
KERN CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE	0.000%	08/15/2020			49.470 / 50.640	5.70% / 5.51%	13	1250
KERN CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE	0.000%	08/15/2021			47.386 / 47.386	5.60% / 5.60%	2	135
KNOX CNTY TENN TAXABLE-PENSION-SER A	6.625%	05/01/2018			100.750 / 100.750	3.33% / 3.33%	1	15
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER C	0.000%	06/30/2008	96.886 / 96.886				1	20
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER D	0.000%	06/30/2010			91.478 / 91.478	3.75% / 3.75%	1	70
MIAMI FLA REV VAR-REF-TAXABLE-PENSION	%	12/01/2025	100.000 / 100.000				1	+1
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2022			43.887 / 43.887	5.96% / 5.96%	1	45
NEW ORLEANS LA PENSION REV VAR-TAXABLE	%	09/01/2030			100.000 / 100.000		4	400
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2008			97.857 / 97.857	3.86% / 3.86%	1	3
OREGON ST TAXABLE-PENSION	5.892%	06/01/2027	105.250 / 105.250				2	60
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2014	72.125 / 72.125				1	100
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2015	67.230 / 67.230				2	60
PORTLAND ORE PARS-TAXABLE-PENSION OBLIG-D	%	06/01/2019	100.000 / 100.000				13	4550
PORTLAND ORE PARS-TAXABLE-PENSION OBLIG-E	%	06/01/2019	100.000 / 100.000				3	75
SACRAMENTO CNTY CALIF CAP APPREC-TAXABLE-PENS FDG-A	0.000%	08/15/2013			78.001 / 78.001	4.55% / 4.55%	2	40
SACRAMENTO CNTY CALIF WKLY-TAXABLE-PENS-C-RMK-7/1/98	%	07/01/2022	100.000 / 100.000		100.000 / 100.000	3.30% / 3.30%	2	120
SAN BERNARDINO CNTY CALIF PENSION OBLIG VAR-TAXABLE-SER B-1	%	08/01/2023					1	25
SAN DIEGO CALIF MET TRAN DEV BRD VAR-TAXABLE PENSION OBLIG-B	%	12/01/2033			100.000 / 100.000		2	400
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	2	700
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	11	425
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	300
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2032			100.000 / 100.000	0.00% / 0.00%	2	50
WEEHAWKEN TWP N J BRD ED TAXABLE-REF-PENSION SER	4.700%	04/15/2010	98.957 / 98.957				1	45

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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