Trades and Prices for Pension Obligation Bonds: 03/31/2008

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: 03/31/2008.

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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%	12/01/2009			94.491 / 95.246	3.44% / 2.95%	6	580
BALTIMORE CNTY MD REF-PENSION FUNDING	5.125%	08/01/2012			101.451 / 101.671	3.67% / 3.00%	2	100
BETHLEHEM N Y TAXABLE-PENSION	4.500%	04/01/2010			101.700 / 101.700	3.60% / 3.60%	1	160
BETHLEHEM N Y TAXABLE-PENSION	4.750%	04/01/2013			101.995 / 101.995	4.30% / 4.30%	1	25
BETHLEHEM N Y TAXABLE-PENSION	4.750%	04/01/2016			99.670 / 99.670	4.80% / 4.80%	1	210
BETHLEHEM N Y TAXABLE-PENSION	5.000%	04/01/2017			100.717 / 100.717	4.90% / 4.90%	1	220
BETHLEHEM N Y TAXABLE-PENSION	5.000%	04/01/2018			99.610 / 99.610	5.05% / 5.05%	1	230
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO RETAIL-SR PENSION FDG-SER A	6.150%	07/01/2038			100.000 / 103.012	6.15% / 5.75%	16	2260
FRANKLIN TWP SOMERSET CNTY N J OPENS SPACE TRUST FUND	4.375%	05/01/2014	102.693 / 102.693				2	100
GAINESVILLE FLA PENSION OBLIG REV TAXABLE-SER A	0.000%	10/01/2008			98.418 / 98.518	3.25% / 3.04%	2	50
ILLINOIS ST TAXABLE-PENSION	5.100%	06/01/2033	99.709 / 99.709		100.005 / 100.005	5.10% / 5.10%	2	+2
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER C	0.000%	06/30/2009			95.201 / 95.201	4.00% / 4.00%	2	60
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER D	0.000%	06/30/2010	89.300 / 89.300		91.255 / 91.255	4.12% / 4.12%	4	40
MARION CNTY ORE PENSION OBLIG REV TAXABLE-DEFERRED INT-SER A	0.000%	06/01/2016			65.019 / 65.019	5.34% / 5.34%	1	5
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2014	69.646 / 69.646				1	50
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2021	42.900 / 42.900		44.451 / 44.451	6.01% / 6.01%	5	430
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2011			83.000 / 83.000	5.54% / 5.54%	2	2
OREGON SCH BRDS ASSN TAXABLE PENSION	5.296%	06/30/2015	101.982 / 101.982		102.382 / 102.382	4.90% / 4.90%	2	60
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER B	5.500%	06/30/2021	94.700 / 94.700				3	270
PATERSON N J CAP APPREC-REF-TAXABLE-PENSION	0.000%	04/01/2014			75.251 / 75.251	4.80% / 4.80%	1	25
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG RETIREMENT SYS-SER A	5.790%	04/15/2009			101.546 / 101.546	4.25% / 4.25%	1	600
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG RETIREMENT SYS-SER A	5.890%	04/15/2011	103.250 / 103.250				1	20
PITTSBURGH PA TAXABLE-PENSION-SER B	6.300%	03/01/2012			104.625 / 105.000	4.98% / 4.88%	2	15
SACRAMENTO CNTY CALIF WKLY-TAXABLE-PENS-B-RMK-7/1/98	%	07/01/2020	100.000 / 100.000				1	300
SAN BERNARDINO CNTY CALIF PENSION OBLIG VAR-TAXABLE-SER B-1	%	08/01/2023	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	19	2400+6
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2030	100.000 / 100.000				1	100
SAN LUIS OBISPO CNTY CALIF PENSION OBLIG TAXABLE-SER A	4.440%	09/01/2016			97.528 / 97.528	4.80% / 4.80%	3	50
SHIPPENSBURG BORO PA AUTH WTR REV GTD	4.500%	05/01/2023			101.003 / 101.003	3.54% / 3.54%	1	200

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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