Here is the list of the hundred worst "actively traded" Municipal Bond market spreads for 1st Quarter 2002. To be labeled as actively traded on a specific day, a Municipal Bond must have traded at least four times.

Date	CUSIP	Municipal Bond Name / Description	Coupon	Maturity	Best (Highest) Bid	Best (Lowest) Offer	Spread	# of Trades	Volume (000)
03/27/2002	232237-6T-9	CUYAHOGA CNTY OHIO CAP IMPT	5.000	12/01/2008	41.660	104.805	63.145	9	3000
03/07/2002	938153-AQ-6	WASHINGTON CNTY OHIO HEALTH CARE FACS REV GLENWOOD RETIREMENT CMNTY PROJ	6.350	10/01/2027	48.100	89.500	41.400	8	75
01/18/2002	384446-AV-2	GRAFTON N D INDL DEV REV K MART CORP PRJ	7.250	03/01/2005	58.250	96.500	38.250	5	35
02/12/2002	543583-FF-0	LORAIN CNTY OHIO HOSP REV REF & IMPT-CATHOLIC HLTHCARE-A	5.250	10/01/2033	71.000	99.229	28.229	22	4035
02/20/2002	57420R-AC-6	MARYLAND ST ENERGY FING ADMIN LTD OBLIG REV COGENERATION-AES WARRIOR RUN	7.400	09/01/2019	75.702	100.000	24.298	4	75
02/20/2002	93340H-AX-4	WALTON CNTY FLA REV REF-FIRST MTG-SEA SIDE-SER A	8.000	11/01/2011	56.287	79.000	22.713	4	35
01/17/2002	961008-KW-8	WESTMORELAND CNTY PA INDL DEV AUTH REV REF-COML DEV-1ST MTG-K MART-A	6.800	05/01/2007	55.000	75.000	20.000	6	80
02/21/2002	13077Y-AL-0	CALIFORNIA STATEWIDE CMNTYS DEV AUTH SPL FACS REV UNITED AIR LINES-SER A	5.700	10/01/2034	55.000	75.000	20.000	4	265
01/22/2002	47631N-AF-4	JENSEN RANCH PUB FING AUTH CALIF REV RIVER RANCH PROJ-SER A	8.000	10/15/2003	24.240	44.000	19.760	9	105
02/04/2002	23061E-AK-3	CUMBERLAND CNTY PA INDL DEV AUTH REV REF-1ST MTG-WOODS CEDAR RUN-A	6.500	11/01/2028	33.500	52.000	18.500	5	50
02/13/2002	647546-AA-8	NEW MORGAN PA INDL DEV AUTH SOLID WASTE DISP REV NEW MORGAN LANDFILL CO INC	6.500	04/01/2019	71.050	88.580	17.530	7	110
01/02/2002	660653-AC-0	NORTH LOGAN UTAH INDL DEV REV REF-KMART CORP PROJ	5.875	06/01/2005	81.000	98.113	17.113	4	45
01/29/2002	01728A-PP-5	ALLEGHENY CNTY PA HOSP DEV AUTH REV HOSP-ST FRANCIS MED CTR PROJ	5.750	05/15/2027	49.030	65.000	15.970	5	430
01/08/2002	956402-BD-2	WEST VY CITY UTAH INDL DEV REV REF-KMART CORP PROJ	6.875	12/01/2010	73.000	88.567	15.567	4	40
01/04/2002	654348-AA-9	NILES OHIO INDL DEV FIRST MTG REV K-MI ASSOC PROJ-K MART CORP	10.000	06/01/2005	85.750	100.000	14.250	4	80
03/11/2002	976595-CK-2	WISCONSIN CTR DIST WIS TAX REV REF-JR DEDICATED	5.250	12/15/2027	90.500	104.230	13.730	4	25
01/16/2002	791305-LF-0	ST LOUIS CNTY MO INDL DEV AUTH INDL REV REF-KMART CORP PROJ	5.700	10/01/2008	63.500	77.000	13.500	12	270
03/04/2002	961008-KW-8	WESTMORELAND CNTY PA INDL DEV AUTH REV REF-COML DEV-1ST MTG-K MART-A	6.800	05/01/2007	59.500	72.710	13.210	4	65
01/17/2002	798866-XL-8	SAN MATEO CALIF LIBRARY IMPT PJ	5.625	08/01/2030	102.950	115.771	12.821	6	210
03/07/2002	919676-AE-6	VALLEY HEALTH SYS CALIF HOSP REV REF & IMPT PROJ-SER A	6.500	05/15/2015	80.750	93.500	12.750	5	60
01/24/2002	076099-AW-0	BEDFORD CNTY VA INDL DEV AUTH INDL DEV REV REF-NEKOOSA PACKAGING PJ-SER A	6.550	12/01/2025	86.750	99.250	12.500	4	100
02/08/2002	451915-BH-4	ILLINOIS DEV FIN AUTH MULTIFAMILY REV MTG-SR-SOUTH SHORE VIEW APTS-A	7.000	07/01/2029	18.625	31.000	12.375	4	40
03/13/2002	757289-AS-2	REDDING CALIF JT PWRS FING AUTH SOLID WASTE & CORP YARD REV SER A	5.000	01/01/2018	89.500	101.630	12.130	4	75
01/07/2002	13033A-6G-1	CALIFORNIA HEALTH FACS FING AUTH REV CATHOLIC HEALTHCARE WEST-SER A	5.000	07/01/2028	77.164	89.240	12.076	4	95
02/07/2002	566816-FP-4	MARICOPA CNTY ARIZ INDL DEV AUTH HEALTH FACS REV CATHOLIC HEALTHCARE WEST P	5.000	07/01/2021	77.250	89.300	12.050	6	220
01/31/2002	01728A-PN-0	ALLEGHENY CNTY PA HOSP DEV AUTH REV HOSP-ST FRANCIS MED CTR PROJ	5.750	05/15/2017	49.000	61.000	12.000	6	1010
03/05/2002	974680-AS-9	WINNEBAGO MINN REV AMERICAN BAPTIST HOMES PROJ-A	6.000	02/15/2011	87.300	99.250	11.950	4	20
01/23/2002	187498-AB-6	CLINTON CNTY PA INDL DEV AUTH COML DEV REV REF-FIRST MTG-KMART CORP-SER A	6.250	11/15/2006	45.000	56.900	11.900	4	315
01/24/2002	162410-BL-7	CHATTANOOGA TENN HEALTH EDL & HSG FAC BRD REV BARBIZON / PK VLG PJ-SER A	7.000	12/01/2028	78.300	90.000	11.700	4	40
02/04/2002	150058-AK-1	CEDAR CITY CORP UTAH INDL DEV REV DCI INC PROJ	8.000	12/01/2023	69.000	80.000	11.000	5	50
03/27/2002	871239-AD-1	SYKESVILLE MD REV 1ST MTG-ELDERCARE CTR PJ-SER A	8.750	09/01/2025	48.500	59.500	11.000	5	25
02/08/2002	869765-AA-5	SWANSEA ILL HEALTHCARE FACS REV CAREMORE CMNTYS INC PJ-SER A	7.750	08/01/2029	30.000	41.000	11.000	5	50
01/17/2002	721901-GB-6	PIMA CNTY ARIZ INDL DEV AUTH REV EXTRAS-TAXABLE-LA POSADA-B	7.750	05/15/2025	88.834	99.750	10.916	5	15
03/06/2002	432347-DZ-2	HILLSBOROUGH CNTY FLA UTIL REF REV	9.875	12/01/2011	122.590	133.488	10.898	5	65
01/17/2002	587667-BN-5	MERCED CNTY CALIF IMPT BD ACT 1915 ASSMT DIST NO 93-1-SANTA NELLA	8.000	09/02/2009	87.000	97.850	10.850	4	40
03/11/2002	194635-BN-7	COLLIER CNTY FLA HEALTH FACS AUTH HEALTH FAC REV MOORINGS INC PROJ SER B	10.750	12/01/2011	128.723	139.548	10.825	4	90
03/13/2002	392274-PZ-3	GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT FACS REV AMT-SER A	5.125	10/01/2028	88.300	99.000	10.700	6	125
01/16/2002	562412-AK-2	MANCHESTER TENN HEALTH EDL & HSG FAC BRD HOSP REV REF-1ST MTG-MED CTR PROJ-	8.375	03/01/2013	92.000	102.640	10.640	4	20
01/17/2002	974680-AS-9	WINNEBAGO MINN REV AMERICAN BAPTIST HOMES PROJ-A	6.000	02/15/2011	89.375	100.000	10.625	5	20
03/27/2002	665306-AY-2	NORTHERN KY WTR DIST REV SER A	5.000	02/01/2021	87.875	98.493	10.618	10	1125
01/11/2002	382065-AA-8	GOOCHLAND CNTY VA INDL DEV AUTH INDL DEV REV REF-NEKOOSA PACKAGING CORP	5.650	12/01/2025	82.000	92.600	10.600	4	155
01/02/2002	083779-PN-2	BERGEN CNTY N J SWR AUTH	7.100	12/15/2007	105.654	116.239	10.585	4	20
02/14/2002	45200L-5A-0	ILLINOIS HEALTH FACS AUTH REV ALEXIAN BROS HEALTH SYS	5.125	01/01/2028	90.335	100.880	10.545	4	40
02/04/2002	574215-ES-4	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV HOWARD CNTY GEN HOSP	8.000	01/01/2009	106.000	116.433	10.433	5	40
01/29/2002	919229-AV-6	VALLEJO CALIF REV WTR IMPT PROJ-SER B	6.250	11/01/2005	99.614	109.945	10.331	5	25
01/07/2002	548100-V3-7	LOWER COLO RIV AUTH TEX REV PREREFUNDED-JR LIEN	6.000	01/01/2017	100.143	110.451	10.308	4	25
01/17/2002	130174-5G-6	CALIFORNIA EDL FACS AUTH REV POOLED COLLEGE & UNIV PJS-A	5.500	07/01/2023	82.650	92.668	10.018	4	95
03/11/2002	078027-CX-5	BELL CNTY TEX HEALTH FACS DEV CORP REV ADVANCED LIVING TECH INC	8.500	12/15/2026	66.750	76.750	10.000	5	60
02/26/2002	467622-AC-0	JACKSON CNTY OHIO MULTIFAMILY HSG REV MTG-JACKSON HEALTH PJ-SER A	7.750	07/01/2029	85.000	94.949	9.949	5	50
01/24/2002	52349N-AP-5	LEE CNTY FLA INDL DEV AUTH SWR INDL DEV REV NORTH FORT MYERS UTIL PJ-SER A	7.750	06/01/2025	93.575	103.500	9.925	7	135
01/16/2002	129630-AA-7	CALHOUN CNTY ARK SOLID WASTE DISP REV GEORGIA-PACIFIC CORP PROJ	6.375	11/01/2026	92.250	102.136	9.886	8	170
01/09/2002	537346-AA-6	LITTLE RIV CNTY ARK REV REF-GEORGIA-PACIFIC CORP PROJ	5.600	10/01/2026	85.000	94.869	9.869	4	120
03/11/2002	525897-BG-8	LENAWEE CNTY MICH ECONOMIC DEV CORP LTD OBLIG REV REF-TENDERCARE INC PROJ-S	8.000	08/01/2013	90.200	100.000	9.800	5	25
01/07/2002	584283-DA-0	MEDFORD ORE HOSP FACS AUTH REV ASANTE HEALTH SYS-SER B	5.125	08/15/2028	90.200	100.000	9.800	7	335
03/27/2002	841514-BY-7	SOUTHEAST TEX HSG FIN CORP MULTI-FAMILY HSG REV FOREST VIEW APTS PROJ	8.750	11/01/2023	90.250	100.000	9.750	4	100
02/05/2002	260480-AQ-1	DOVER TWP PA SWR AUTH SWR REV	6.250	05/01/2012	104.390	114.100	9.710	4	210
03/26/2002	097559-AV-0	BOLINGBROOK ILL RESIDENTIAL MTG REV	7.500	08/01/2010	111.000	120.664	9.664	4	35
03/08/2002	235036-DA-5	DALLAS FORT WORTH TEX INTL ARPT REV REF & IMPT-JT-SER A	5.500	11/01/2031	93.000	102.625	9.625	4	55
03/08/2002	575895-C2-1	MASSACHUSETTS ST PORT AUTH REV AMT-SER E	5.000	07/01/2028	88.434	98.050	9.616	4	65
02/20/2002	575854-BU-7	MASSACHUSETTS ST HSG FIN AGY MULTI-FAMILY HSG INSD MTG-FHA	7.000	04/01/2021	116.967	126.573	9.606	5	50
01/30/2002	93978E-FT-4	WASHINGTON ST HEALTH CARE FACS AUTH REV SWEDISH HEALTH SVCS	5.125	11/15/2018	93.650	103.159	9.509	4	25
01/30/2002	592659-KM-7	METROPOLITAN WTR DIST SOUTHN CALIF CALIF	4.100	03/01/2017	89.000	98.500	9.500	6	215
01/14/2002	714580-AD-9	PERRY CNTY MISS POLLUTION CTL REV REF-LEAF RIVER FOREST PROJ	5.200	10/01/2012	87.603	97.000	9.397	7	270
03/07/2002	491026-JH-4	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	6.500	02/01/2022	81.400	90.672	9.272	5	155
02/08/2002	983261-BF-4	WYOMING CNTY W VA REV REF-1ST MTG-CONTINUOS CARE-A	6.125	06/01/2015	77.414	86.648	9.234	4	20
03/11/2002	686543-JR-1	ORLANDO & ORANGE CNTY EXPWY AUTH FLA EXPWY REV PREREFUNDED-JR LIEN	6.750	07/01/2019	98.033	107.200	9.167	5	55
01/25/2002	80329L-AT-6	SARASOTA CNTY FLA HEALTH FAC AUTH REV REF-SW FLA RETIRMNT CTR-SER A	6.500	01/01/2023	85.000	94.125	9.125	5	14
01/09/2002	644618-7M-6	NEW HAMPSHIRE HIGHER EDL & HEALTH FACS AUTH REV ANDROSCOGGIN VLY HOSP	5.800	11/01/2027	90.883	100.000	9.117	5	70
03/11/2002	472902-HX-6	JEFFERSON CNTY KY HEALTH FACS REV UNREFUNDED BAL-ALLIANT HEALTH	4.400	10/01/2003	94.523	103.637	9.114	4	20
01/30/2002	541482-FP-5	LOMA LINDA CALIF HOSP REV LOMA LINDA UNIV MED CTR PJ-A	6.000	12/01/2023	90.900	100.000	9.100	4	85
01/15/2002	455110-A9-7	INDIANA ST UNIV REVS	6.250	11/01/2004	99.500	108.569	9.069	4	20
01/09/2002	52349N-AP-5	LEE CNTY FLA INDL DEV AUTH SWR INDL DEV REV NORTH FORT MYERS UTIL PJ-SER A	7.750	06/01/2025	92.950	102.000	9.050	4	65
01/11/2002	076099-AW-0	BEDFORD CNTY VA INDL DEV AUTH INDL DEV REV REF-NEKOOSA PACKAGING PJ-SER A	6.550	12/01/2025	93.000	102.000	9.000	4	165
01/02/2002	415241-AD-0	HARRISON CNTY W VA COML DEV REV REF-KMART CORP PROJ	7.625	12/01/2004	86.000	95.000	9.000	4	20
01/02/2002	745290-EB-8	PUERTO RICO PORTS AUTH REV SPL FACS-AMERN AIRLINES-SER A	6.250	06/01/2026	75.700	84.662	8.962	7	95
01/17/2002	901014-BE-9	TUSKEGEE ALA MED CLINIC BRD FIRST MTG GROSS REV HLTH CARE CTR PROJ-SERV A	7.500	04/01/2025	74.063	83.000	8.937	5	75
01/30/2002	649838-P3-7	NEW YORK ST DORM AUTH REVS CITY UNIV-3RD GEN RES-SER 2	5.000	07/01/2023	91.565	100.465	8.900	4	80
02/22/2002	658196-PJ-3	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV SER A	6.400	01/01/2021	105.020	113.902	8.882	4	20
01/15/2002	792905-BN-0	ST PAUL MINN HSG & REDEV AUTH HEALTH CARE FAC REV REGIONS HOSP PROJ	5.300	05/15/2028	86.119	95.000	8.881	4	25
01/25/2002	796265-BW-5	SAN ANTONIO TEX HSG FIN CORP MULTI-FAMILY HSG REV FIRST MTG-LA RISA APTS PJ	8.250	01/01/2026	91.125	100.000	8.875	5	410
03/05/2002	130623-PS-4	CALIFORNIA ST AMBAC-TCRS	6.500	09/01/2006	107.647	116.506	8.859	6	630
02/08/2002	714580-AD-9	PERRY CNTY MISS POLLUTION CTL REV REF-LEAF RIVER FOREST PROJ	5.200	10/01/2012	88.874	97.662	8.788	6	155
01/31/2002	386778-AA-2	GRANDVIEW MO INDL DEV AUTH INDL DEV REV REF-KMART CORP PROJ	6.500	12/01/2008	55.120	63.900	8.780	5	25
02/12/2002	658203-CD-4	NORTH CAROLINA MUN PWR AGY NO 1 CATAWBA ELEC REV	10.500	01/01/2010	124.230	133.000	8.770	5	220
02/28/2002	898741-AG-8	TUCSON ARIZ INDL DEV AUTH INDL DEV REV SANTA RITA HOTEL PROJ	9.250	12/01/2016	91.250	100.000	8.750	5	50
02/07/2002	592041-JK-4	MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV ASCENSION HLTH C	6.000	11/15/2030	100.000	108.719	8.719	4	30
01/22/2002	432101-CP-6	HILLSBORO ORE HOSP FAC AUTH REV REF-TUALITY HEALTHCARE	5.750	10/01/2012	91.300	100.000	8.700	5	25
02/11/2002	13077F-AA-5	CALIFORNIA STATEWIDE CMNTYS DEV AUTH SPL FACS REV UNITED AIRLINES-L A INTL	6.250	10/01/2035	48.500	57.200	8.700	7	615
02/19/2002	376058-AA-1	GILROY CALIF PROJ REV SR LIEN-BONFANTE GARDENS PK PJ	8.150	11/01/2015	93.310	102.000	8.690	4	40
01/16/2002	592650-DA-0	METROPOLITAN WASHINGTON D C ARPTS AUTH VA GEN ARPT REV SER A	6.250	10/01/2021	95.500	104.162	8.662	4	20
01/29/2002	745290-EB-8	PUERTO RICO PORTS AUTH REV SPL FACS-AMERN AIRLINES-SER A	6.250	06/01/2026	72.710	81.354	8.644	5	50
01/07/2002	821686-QW-5	SHELBY CNTY TENN PUB IMPT & SCH-SER A-MBIA IBC	5.000	05/01/2024	90.630	99.250	8.620	51	4360
02/04/2002	642662-C7-3	NEW BRIGHTON MINN TAXABLE-TAX INCREMENT-SER D	7.150	02/01/2008	99.850	108.427	8.577	4	40
03/27/2002	734115-CP-1	PORT EVERGLADES AUTH FLA PORT IMPT REV	7.125	11/01/2016	111.175	119.750	8.575	6	2100
01/16/2002	471424-BA-8	JASPER CNTY MO INDL DEV AUTH INDL REV REF-WEBB HLTHCARE-RMK 6/1/92	9.000	03/01/2010	94.000	102.500	8.500	4	20
01/04/2002	367109-AC-9	GAS CITY IND ECONOMIC DEV 1ST MTG REV REF-KMART CORP	7.400	04/01/2006	86.500	95.000	8.500	4	20
01/10/2002	649876-JK-6	NEW YORK ST LOC GOVT ASSISTANCE CORP REF-SER C	5.250	04/01/2011	95.500	104.000	8.500	4	20
01/17/2002	986597-BE-1	YORK CNTY VA INDL DEV AUTH INDL DEV REV REF-KMART CORP PROJ	5.750	12/01/2009	67.000	75.500	8.500	7	85
01/16/2002	796265-BM-7	SAN ANTONIO TEX HSG FIN CORP MULTI-FAMILY HSG REV BRIGADOON APTS PROJ	9.000	05/01/2025	91.500	100.000	8.500	4	20
02/27/2002	342816-AP-0	FLORIDA ST MUN PWR AGY REV ST LUCIE PROJ	5.000	10/01/2017	97.050	105.500	8.450	4	235

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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