Trades and Prices for Pension Obligation Bonds: 02/22/2008

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: 02/22/2008.

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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	5.080%	08/01/2011	102.503 / 102.503				2	100
BRIDGEPORT CONN TAXABLE PENSION BDS	7.530%	01/15/2011	108.000 / 108.000				1	1000
CANTON OHIO PENSION REF	4.750%	12/01/2018	99.764 / 99.764		101.764 / 101.764	3.68% / 3.68%	2	90
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%	1	25
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO RETAIL-SR PENSION FDG-SER A	6.150%	07/01/2038	98.500 / 98.500		100.000 / 100.000	6.15% / 6.15%	4	325
GRIFFITH IND PUB SCHS TAXABLE-PENSION	5.375%	07/05/2024	90.910 / 90.910				2	40
HUNTINGTON PK CALIF PENSION OBLIG REF-TAXABLE-A-CONV 04/05/07	5.757%	08/01/2025			100.039 / 100.892	5.75% / 5.63%	3	145
ILLINOIS ST TAXABLE-PENSION	3.300%	06/01/2010			99.029 / 99.029	3.75% / 3.75%	1	5
JOSEPHINE CNTY ORE PENSION OBLIG REV SER B	6.125%	06/01/2021	101.000 / 101.000				1	5
JOSEPHINE CNTY ORE PENSION OBLIG REV SER B	6.250%	06/01/2024	100.625 / 100.625				1	15
KERN CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE	0.000%	08/15/2019	47.650 / 47.650		50.178 / 50.178	6.11% / 6.11%	5	125
KERN CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE	0.000%	08/15/2021			45.872 / 45.872	5.87% / 5.87%	1	25
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER D	0.000%	06/30/2010	89.312 / 89.312				2	20
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2009			96.910 / 96.910	3.27% / 3.27%	2	30
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2016	65.004 / 65.004		66.659 / 66.951	5.16% / 5.10%	3	95
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2021			48.555 / 48.555	5.65% / 5.65%	1	20
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2022	39.635 / 39.635				2	400
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2016	60.400 / 60.400		64.250 / 64.250	5.27% / 5.27%	6	240
OREGON SCH BRDS ASSN TAXABLE-PENSION DEFD INT-SER A	0.000%	06/30/2009			95.893 / 95.893	3.15% / 3.15%	3	+3
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER B	5.500%	06/30/2021	97.000 / 97.000		99.000 / 99.500	5.61% / 5.55%	7	185
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER B	5.450%	06/30/2024			98.750 / 98.750	5.57% / 5.57%	4	40
OREGON ST TAXABLE-PENSION	5.762%	06/01/2023	94.880 / 94.880				2	30
OREGON ST TAXABLE-PENSION	5.892%	06/01/2027			104.710 / 104.710	5.49% / 5.49%	3	45
PALM BAY FLA SPL OBLIG VAR-TAXABLE-PENSION FDG PROJ	%	10/01/2037			100.000 / 100.000		1	300
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2014			73.896 / 73.896	4.99% / 4.99%	1	20
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2026			33.635 / 33.635	6.10% / 6.10%	2	2000
PORTLAND ME TAXABLE-PENSION BDS	%	06/01/2026	100.000 / 100.000				3	1200
SACRAMENTO CNTY CALIF CAP APPREC-TAXABLE-PENS FDG-A	0.000%	08/15/2010	89.150 / 89.150				2	40
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2015	67.559 / 67.559				3	750
SAN BERNARDINO CNTY CALIF PENSION OBLIG VAR-TAXABLE-SER B-1	%	08/01/2023	100.000 / 100.000				7	1025+2
SAN DIEGO CALIF MET TRAN DEV BRD VAR-TAXABLE PENSION OBLIG-B	%	12/01/2033	100.000 / 100.000				3	300
WEST HAVEN CONN TAXABLE-PENSION	5.840%	03/15/2022	99.750 / 99.750		102.500 / 102.500	5.41% / 5.41%	6	295

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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