Trades and Prices for Pension Obligation Bonds: 02/25/2008

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: 02/25/2008.

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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)
EAST ORANGE N J REF-TAXABLE-PENSION	5.600%	04/01/2019	97.776 / 97.776				1	10
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO CAP APPREC-RETAIL-SR PENSION-A	0.000%	07/01/2028			29.027 / 29.027	6.15% / 6.15%	2	190
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%	2	75
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO RETAIL-SR PENSION FDG-SER A	6.150%	07/01/2038			99.500 / 100.000	6.19% / 6.15%	12	1550
GAINESVILLE FLA PENSION OBLIG REV TAXABLE-SER A	0.000%	10/01/2010			91.033 / 91.633	3.66% / 3.40%	4	100
HUNTINGTON PK CALIF PENSION OBLIG REF-TAXABLE-A-CONV 04/05/07	5.757%	08/01/2025			99.418 / 100.110	5.81% / 5.74%	2	40
JOSEPHINE CNTY ORE PENSION OBLIG REV SER B	6.125%	06/01/2021			102.500 / 102.500	5.28% / 5.28%	1	5
KERN CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE	0.000%	08/15/2019			51.345 / 51.955	5.90% / 5.79%	4	200
LA VERNE CALIF REF-TAXABLE-PENSION OBLIG	5.400%	06/01/2009	100.480 / 100.480				1	30
LA VERNE CALIF REF-TAXABLE-PENSION OBLIG	5.450%	06/01/2010	100.280 / 100.280				1	10
LA VERNE CALIF REF-TAXABLE-PENSION OBLIG	5.490%	06/01/2011	100.680 / 100.680				1	40
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER D	0.000%	06/30/2010			91.338 / 91.338	3.91% / 3.91%	2	60
MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV SCHEPENS EYE RESEARCH-SER A	6.500%	07/01/2028			103.400 / 103.400	5.60% / 5.60%	2	60
NAUGATUCK CONN TAXABLE-PENSION	4.710%	06/01/2011			102.704 / 102.704	3.82% / 3.82%	2	20
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2009			97.165 / 97.165	3.01% / 3.01%	3	90
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2018			53.701 / 53.701	5.84% / 5.84%	2	220
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2019	48.015 / 48.015				1	10
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2022			40.777 / 41.102	6.16% / 6.10%	9	430
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2011	85.823 / 85.823		86.739 / 86.739	4.10% / 4.10%	4	100
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2015	64.596 / 64.596		67.625 / 67.625	5.28% / 5.28%	4	60
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER B	5.500%	06/30/2021			99.500 / 99.500	5.55% / 5.55%	1	5
PALM BAY FLA SPL OBLIG TAXABLE-CAP APPREC-PENSION PJ	0.000%	10/01/2014			75.320 / 75.320	4.35% / 4.35%	2	20
PATERSON N J CAP APPREC-REF-TAXABLE-PENSION	0.000%	04/01/2014	71.090 / 71.090				3	60
PENSACOLA FLA SALES & EXCISE TAX REV REF	4.000%	10/01/2011	101.691 / 101.691				1	25
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG RETIREMENT SYS-SER A	5.890%	04/15/2011			105.284 / 105.284	4.07% / 4.07%	3	15
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2014			74.606 / 74.606	4.84% / 4.84%	2	60
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2026			33.799 / 33.799	6.07% / 6.07%	2	230
PORTLAND ME TAXABLE-PENSION BDS	%	06/01/2026	100.000 / 100.000		100.000 / 100.000		7	900+2
PORTLAND ORE PARS-TAXABLE-PENSION OBLIG-D	%	06/01/2019	100.000 / 100.000		100.000 / 100.000		16	1100
SACRAMENTO CNTY CALIF CAP APPREC-TAXABLE-PENS FDG-A	0.000%	08/15/2010			90.520 / 90.520	4.08% / 4.08%	2	10
SACRAMENTO CNTY CALIF CAP APPREC-TAXABLE-PENS FDG-A	0.000%	08/15/2014	69.171 / 69.171		71.876 / 71.876	5.17% / 5.17%	4	70
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV	6.870%	08/01/2008			101.190 / 101.190	4.00% / 4.00%	3	300
SAN BERNARDINO CNTY CALIF PENSION OBLIG SER A	5.520%	08/01/2014	99.028 / 99.028				1	35
SAN BERNARDINO CNTY CALIF PENSION OBLIG VAR-TAXABLE-SER B-1	%	08/01/2023	100.000 / 100.000		100.000 / 100.000		6	400+4
SAN DIEGO CALIF MET TRAN DEV BRD TAXABLE PENSION OBLIG-SER A	4.270%	12/01/2011			100.851 / 100.851	4.02% / 4.02%	2	30
SAN DIEGO CALIF MET TRAN DEV BRD VAR-TAXABLE PENSION OBLIG-B	%	12/01/2033	100.000 / 100.000		100.000 / 100.000		6	3200
SCRANTON PA TAXABLE-PENSION FDG-SER C	5.600%	09/01/2033	89.100 / 89.100		92.250 / 92.250	6.21% / 6.21%	2	20
TRENTON N J CAP APPREC-REF-TAXABLE-PENS-A	0.000%	04/01/2012	80.650 / 80.650		82.375 / 82.625	4.79% / 4.72%	5	120
TRINITY CNTY CALIF PENSION OBLIG TAXABLE	6.350%	06/01/2011	100.680 / 100.680				3	60
WEEHAWKEN TWP N J BRD ED TAXABLE-REF-PENSION SER	5.850%	04/15/2024	95.305 / 95.305		97.300 / 97.300	6.12% / 6.12%	5	260
WEST HAVEN CONN TAXABLE-PENSION	5.840%	03/15/2022			102.250 / 102.500	5.45% / 5.41%	3	25

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: