Trades and Prices for Pension Obligation Bonds: 02/27/2008

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: 02/27/2008.

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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)
BALTIMORE CNTY MD REF-PENSION FUNDING	5.125%	08/01/2011	101.886 / 101.886		101.949 / 102.059	2.75% / 2.49%	12	3160+5
BELL CALIF PUB FING AUTH REV TAXABLE-PENSION	5.080%	08/01/2011			103.200 / 103.200	4.07% / 4.07%	1	35
BRIDGEPORT CONN TAXABLE PENSION BDS	7.530%	01/15/2011			109.377 / 109.377	4.03% / 4.03%	2	100
ELKHART IND CMNTY SCHS TAXABLE-PENSION	5.750%	07/05/2014	105.445 / 105.445		105.747 / 105.747	4.69% / 4.69%	3	+3
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%	1	25
FAIRFIELD CALIF PENSION OBLIG VAR-TAXABLE-REF-A-2	%	06/01/2034	100.000 / 100.000				4	550
GARRETT-KEYSER-BUTLER IND CMNTY SCH DIST TAXABLE-PENSION	5.800%	01/05/2012			103.940 / 103.940	4.67% / 4.67%	1	5
HUNTINGTON PK CALIF PENSION OBLIG REF-TAXABLE-A-CONV 04/05/07	5.757%	08/01/2025			98.814 / 99.776	5.87% / 5.78%	5	510
ILLINOIS ST TAXABLE-PENSION	4.950%	06/01/2023	96.738 / 96.738				1	300
ILLINOIS ST TAXABLE-PENSION	5.100%	06/01/2033	95.027 / 95.027				3	350
LA VERNE CALIF REF-TAXABLE-PENSION OBLIG	5.400%	06/01/2009			101.521 / 101.521	4.13% / 4.13%	2	60
LA VERNE CALIF REF-TAXABLE-PENSION OBLIG	5.490%	06/01/2011			101.889 / 101.889	4.85% / 4.85%	2	20
LAKE CENTRAL SCH CORP IND TAXABLE-PENSION	5.400%	07/05/2014	103.950 / 103.950		104.000 / 104.000	4.66% / 4.66%	4	1095+1
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER D	0.000%	06/30/2010			91.304 / 91.304	3.95% / 3.95%	2	60
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2013	79.100 / 79.100				1	100
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2022	38.614 / 40.591		41.800 / 41.800	5.99% / 5.99%	5	305
OREGON SCH BRDS ASSN TAXABLE-PENSION	4.923%	06/30/2015	100.670 / 100.670		101.250 / 101.250	4.72% / 4.72%	2	70
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER A	4.358%	06/30/2013	100.150 / 100.150		100.650 / 100.650	4.22% / 4.22%	2	60
OREGON ST TAXABLE-PENSION	5.305%	06/01/2016	103.024 / 103.024		103.424 / 103.424	4.80% / 4.80%	2	20
OREGON ST TAXABLE-PENSION	5.892%	06/01/2027	103.532 / 103.532		103.832 / 103.832	5.56% / 5.56%	2	60
PATERSON N J CAP APPREC-REF-TAXABLE-PENSION	0.000%	04/01/2010	91.825 / 91.825				2	10
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2014			75.318 / 75.318	4.69% / 4.69%	2	50
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2026			33.282 / 33.282	6.17% / 6.17%	3	30
PORTLAND ORE PARS-TAXABLE-PENSION OBLIG-E	%	06/01/2019	100.000 / 100.000		100.000 / 100.000		3	75
SACRAMENTO CNTY CALIF CAP APPREC-TAXABLE-PENS FDG-A	0.000%	08/15/2010			90.913 / 90.913	3.93% / 3.93%	2	10
SACRAMENTO CNTY CALIF CAP APPREC-TAXABLE-PENS FDG-A	0.000%	08/15/2014	70.033 / 70.033				4	100
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2015			68.543 / 68.543	5.16% / 5.16%	2	60
SAN BERNARDINO CNTY CALIF PENSION OBLIG SER A	5.150%	08/01/2011	101.556 / 101.556		103.050 / 103.050	4.18% / 4.18%	2	300+1
SAN BERNARDINO CNTY CALIF PENSION OBLIG VAR-TAXABLE-SER B-1	%	08/01/2023	100.000 / 100.000				2	1000
SAN DIEGO CALIF MET TRAN DEV BRD VAR-TAXABLE PENSION OBLIG-B	%	12/01/2033			100.000 / 100.000		4	400+2
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	50
SONOMA CNTY CALIF PENSION OBLIG TAXABLE-SER A	5.070%	12/01/2022	90.738 / 90.738				1	275
TRINITY CNTY CALIF PENSION OBLIG TAXABLE	6.350%	06/01/2011			103.744 / 103.744	5.08% / 5.08%	1	20
WEST HAVEN CONN TAXABLE-PENSION	4.530%	03/15/2010			101.776 / 101.776	3.62% / 3.62%	3	3000
WEST HAVEN CONN TAXABLE-PENSION	4.890%	03/15/2012			102.465 / 102.465	4.22% / 4.22%	3	2400

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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