Trades and Prices for Pension Obligation Bonds: 04/22/2008

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: 04/22/2008.

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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	5.170%	08/01/2013			100.177 / 100.177	5.13% / 5.13%	3	30
CARTERET N J SCH DIST REF-TAXABLE-PENSION	5.100%	03/15/2015			103.044 / 103.044	4.40% / 4.40%	1	25
CINCINNATI OHIO REF-POLICE & FIRE PENSION-C	4.250%	12/01/2026			94.460 / 94.460	4.70% / 4.70%	1	5
CONTRA COSTA CNTY CALIF PENSION OBLIG TAXABLE-REF	6.250%	06/01/2013			107.890 / 107.890	4.50% / 4.50%	2	20
DALLAS TEX TAXABLE-PENSION-SER A	5.195%	02/15/2035	91.000 / 91.000				1	20
ELKHART IND CMNTY SCHS TAXABLE-PENSION	5.850%	07/05/2021			100.000 / 100.000	5.85% / 5.85%	1	10
EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO RETAIL-SR PENSION FDG-SER A	6.150%	07/01/2038			101.667 / 101.750	5.93% / 5.92%	4	1255
ERIE CNTY N Y TAXABLE-PENSION-SER C	4.000%	12/15/2008	99.420 / 99.420				4	2000
GAINESVILLE FLA PENSION OBLIG REV TAXABLE-SER A	0.000%	10/01/2011			87.232 / 87.232	4.02% / 4.02%	3	60
GAINESVILLE FLA PENSION OBLIG REV TAXABLE-SER B	0.000%	10/01/2011			87.117 / 87.117	4.06% / 4.06%	1	20
KERN CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE	0.000%	08/15/2018			55.524 / 55.524	5.79% / 5.79%	2	20
LEWISTON ME PENSION	6.140%	12/15/2011	102.942 / 102.942		103.742 / 103.742	5.00% / 5.00%	4	140
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER C	0.000%	06/30/2008	98.650 / 99.105		99.282 / 99.282	4.00% / 4.00%	8	495
LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER D	0.000%	06/30/2010	89.642 / 89.642		90.627 / 91.693	4.57% / 4.02%	5	155
MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV SCHEPENS EYE RESEARCH-SER A	6.500%	07/01/2028	96.010 / 96.010		97.170 / 97.170	6.76% / 6.76%	2	30
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2012	83.484 / 83.484		85.245 / 85.245	4.24% / 4.24%	3	85
NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000%	02/15/2025			38.456 / 39.256	5.77% / 5.64%	4	150
NEWARK N J REF-TAXABLE-PENSION OBLIG	5.853%	04/01/2022			102.752 / 102.752	5.57% / 5.57%	3	360
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2012			81.672 / 81.672	4.41% / 4.41%	3	75
OAKLAND CALIF PENSION OBLIG TAXABLE	0.000%	12/15/2013			77.430 / 77.547	4.59% / 4.56%	7	100
ORANGE CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-REF-SER A	0.000%	09/01/2013			79.367 / 79.367	4.37% / 4.37%	2	20
OREGON SCH BRDS ASSN TAXABLE PENSION	5.225%	06/30/2014			100.000 / 100.000	5.22% / 5.22%	1	35
OREGON SCH BRDS ASSN TAXABLE-PENSION DEFD INT-SER A	0.000%	06/30/2015			68.510 / 68.732	5.34% / 5.29%	2	30
OREGON SCH BRDS ASSN TAXABLE-PENSION-SER B	5.500%	06/30/2021	94.500 / 95.250		99.500 / 99.500	5.55% / 5.55%	7	100
PALM BAY FLA SPL OBLIG TAXABLE-PENSION FDG PROJ	4.430%	10/01/2012			100.250 / 100.250	4.37% / 4.37%	2	45
PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG ZERO CPN-RETIREMENT SYS-SER B	0.000%	04/15/2014	73.212 / 73.212		75.767 / 76.292	4.70% / 4.58%	6	133
PORTLAND ME TAXABLE-PENSION BDS	%	06/01/2026	100.000 / 100.000		100.000 / 100.000		3	600+1
SACRAMENTO CNTY CALIF WKLY-TAXABLE-PENS-C-RMK-7/1/98	%	07/01/2022	100.000 / 100.000		100.000 / 100.000		2	500
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2013			79.106 / 79.106	4.50% / 4.50%	1	5
SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC	0.000%	08/01/2018	53.761 / 53.761				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		4	540
SAN DIEGO CNTY CALIF PENSION OBLIG TAXABLE-SER B	%	08/15/2032	100.000 / 100.000		100.000 / 100.000	0.00% / 0.00%	2	300
WORCESTER MASS CAP APPREC-PENSION FDG LN	0.000%	01/01/2014			75.110 / 75.110	5.10% / 5.10%	2	865

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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