Trades and Prices for Pension Obligation Bonds: 03/04/2008

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: 03/04/2008.

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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)
BALTIMORE CNTY MD REF-PENSION FUNDING	5.125%	08/01/2012	100.375 / 100.375		102.024 / 102.024	2.50% / 2.50%	2	100
BRIDGEPORT CONN TAXABLE PENSION BDS	7.530%	01/15/2011			109.025 / 109.025	4.14% / 4.14%	2	160
DENVER COLO CITY & CNTY SCH DIST NO 001 CTFS PARTN UNREFUNDED BAL-TAXABLE-PENSION	6.820%	12/15/2009	105.995 / 105.995		106.010 / 106.010	3.30% / 3.30%	2	+2
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
ILLINOIS ST TAXABLE-PENSION	4.950%	06/01/2023			99.660 / 99.660	4.98% / 4.98%	3	15
ILLINOIS ST TAXABLE-PENSION	5.100%	06/01/2033	98.231 / 98.231				1	+1
LOS ANGELES CNTY CALIF PENSION OBLIG CTFS LTD INT MUN OBLIG CTF-A-FSA-CR	6.900%	06/30/2008	101.424 / 101.424		101.449 / 101.449	2.22% / 2.22%	2	+2
LOS ANGELES CNTY CALIF PENSION OBLIG CTFS LTD INT MUN OBLIG-A-MBIA-IBC	6.900%	06/30/2008	101.001 / 101.001				1	175
MONTCLAIR TWP N J REF-TAXABLE-PENSION	5.600%	04/01/2017	99.500 / 99.500		102.000 / 102.000	5.15% / 5.15%	2	40
NEW BRITAIN CONN VAR-TAXABLE-PENSION	%	02/01/2026	100.000 / 100.000		100.000 / 100.000		2	+2
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2019			53.125 / 53.125	5.87% / 5.87%	1	25
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2025			40.219 / 40.219	5.45% / 5.45%	1	5
NEW ORLEANS LA PENSION REV VAR-TAXABLE	%	09/01/2030	100.000 / 100.000				2	200
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2015	63.195 / 63.195				1	5
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2022			40.868 / 40.868	6.15% / 6.15%	1	25
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2012	81.175 / 81.175		82.246 / 82.246	4.41% / 4.41%	2	20
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2014			73.476 / 73.476	4.81% / 4.81%	1	9
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2015					2	30
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER B	5.500%	06/30/2021			100.105 / 100.105	4.00% / 4.00%	2	40
OREGON ST TAXABLE-PENSION-MBIA IBC	4.375%	06/01/2010			101.140 / 101.140	3.83% / 3.83%	1	100
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2017			58.779 / 58.779	5.92% / 5.92%	1	10
SACRAMENTO CNTY CALIF WKLY-TAXABLE-PENS-B-RMK-7/1/98	%	07/01/2020	100.000 / 100.000		100.000 / 100.000		3	1850
SACRAMENTO CNTY CALIF PENSION OBLIG CAP APPREC-A	0.000%	08/15/2008	97.875 / 97.875		98.374 / 98.374	3.77% / 3.77%	7	250
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2015					2	300
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2016	63.396 / 63.396				1	5
SAN BERNARDINO CNTY CALIF PENSION OBLIG VAR-TAXABLE-SER B-1	%	08/01/2023	100.000 / 100.000				4	1300
STOCKTON CALIF PENSION OBLIG TAXABLE-SER B	5.675%	09/01/2026	97.052 / 97.052				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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