Trades and Prices for Pension Obligation Bonds: 02/15/2008

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: 02/15/2008.

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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)
ALAMEDA CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER B	0.000%	12/01/2008	96.966 / 96.966				2	20
EAST ORANGE N J REF-TAXABLE-PENSION	5.000%	04/01/2014	102.489 / 102.489				1	435
EAST ORANGE N J REF-TAXABLE-PENSION	5.125%	04/01/2015	102.316 / 102.316				1	505
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%	3	220
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%	2	525
GAINESVILLE FLA PENSION OBLIG REV TAXABLE-SER A	0.000%	10/01/2014					1	15
HUNTINGTON PK CALIF PENSION OBLIG REF-TAXABLE-A-CONV 04/05/07	5.757%	08/01/2025			99.979 / 100.058	5.76% / 5.75%	2	225
ILLINOIS ST TAXABLE-PENSION	5.100%	06/01/2033	95.714 / 95.714		95.364 / 95.511	5.44% / 5.43%	3	20+2
KERN CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE	0.000%	08/15/2020	46.125 / 46.125				1	50
KNOX CNTY TENN TAXABLE-PENSION-SER A	6.375%	05/01/2012	99.642 / 99.642		100.292 / 100.292	4.77% / 4.77%	2	20
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER D	0.000%	06/30/2010	90.821 / 90.821		91.821 / 91.821	3.65% / 3.65%	2	50
MIAMI FLA REV VAR-REF-TAXABLE-PENSION	%	12/01/2025	100.000 / 100.000				1	665
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2017	61.132 / 61.132				1	10
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2018	57.595 / 57.595				1	10
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2021	47.025 / 47.025				1	20
NEW ORLEANS LA PENSION REV VAR-TAXABLE	%	09/01/2030	100.000 / 100.000				1	405
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER B	5.500%	06/30/2021	95.535 / 98.000		98.500 / 98.500	5.66% / 5.66%	4	25
OREGON ST TAXABLE-PENSION	4.605%	06/01/2011	103.166 / 103.166		103.354 / 103.389	3.51% / 3.50%	8	1250+5
OREGON ST TAXABLE-PENSION	4.755%	06/01/2012	103.019 / 103.019				1	+1
OREGON ST TAXABLE-PENSION	5.762%	06/01/2023	105.046 / 105.046				1	+1
PENSACOLA FLA SALES & EXCISE TAX REV REF	5.250%	10/01/2010	105.307 / 105.307		105.607 / 105.607	3.00% / 3.00%	2	40
PENSACOLA FLA SALES & EXCISE TAX REV REF	4.000%	10/01/2012			103.628 / 103.628	3.15% / 3.15%	1	30
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2014	73.101 / 73.101				1	20
PORTLAND ME TAXABLE-PENSION BDS	%	06/01/2026	100.000 / 100.000				4	1000
SACRAMENTO CNTY CALIF PENSION FDG CARS-TAXABLE-SER C-1	%	07/10/2030	100.000 / 100.000		100.000 / 100.000		68	20700+28
SAN BERNARDINO CNTY CALIF PENSION OBLIG VAR-TAXABLE-SER B-1	%	08/01/2023	100.000 / 100.000		100.000 / 100.000		22	4800+6
SAN DIEGO CALIF MET TRAN DEV BRD VAR-TAXABLE PENSION OBLIG-B	%	12/01/2033	100.000 / 100.000				9	2735+1
WEST HAVEN CONN TAXABLE-PENSION	4.530%	03/15/2010	100.400 / 100.400				1	1000
WEST HAVEN CONN TAXABLE-PENSION	4.890%	03/15/2012	100.550 / 100.550				1	+1

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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