2002 Worst Bid-side Spreads
(spread between lowest/highest bid)

Date	CUSIP	Municipal Bond Name / Description	Coupon	Maturity	Bid Side Customer Sold to Dealer (Lowest / Highest)	Spread	Offer Side Customer Purchase from Dealer (Lowest / Highest)	# of Trades	Volume (000)
04/17/2002	681663-AT-7	OMAHA CONVENTION HOTEL CORP NEB REV CONVENTION CTR-1ST TIER-SER A	5.125	10/01/2032	20.349 / 97.384	77.035	96.946 / 100.000	33	57010
08/02/2002	455167-XL-5	INDIANA UNIV REVS STUDENT FEE-SER L	5.000	08/01/2013	32.829 / 106.194	73.365		4	4905
12/12/2002	715875-LU-2	PETALUMA CALIF CITY JT UN HIGH SCH DIST CAP APPREC-REF		08/01/2013	62.750 / 133.500	70.750		2	165
09/12/2002	948804-AD-1	WEIRTON W VA POLLUTN CTL REV REF-WEIRTON STEEL CORP PJ	.500	04/01/2012	25.999 / 94.700	68.701	27.350 / 95.000	4	124
09/09/2002	54640A-AH-3	LOUISIANA PUB FACS AUTH REV CUST RCPT-MULTIFAM-CARRIAGE-A		02/01/2020	41.123 / 107.873	66.750		18	1270
10/03/2002	794884-FW-1	SALINAS CALIF IMPT BD ACT 1915 OM-ASSMT DIST NO 86-1-MARYAL	7.800	09/02/2003	35.000 / 101.250	66.250		4	35
12/04/2002	585650-GJ-7	MELROSE PARK ILL TAX INCREMENT-SER A	4.900	12/15/2021	33.386 / 99.386	66.000	99.386 / 99.386	5	835
03/05/2002	017292-CX-9	ALLEGHENY CNTY PA INDL DEV AUTH REV KROGER CO PJ	8.500	05/01/2010	36.000 / 100.000	64.000		4	45
08/15/2002	576018-BB-0	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV CAP APPREC-SR-SER C		01/01/2021	39.377 / 99.950	60.573	40.107 / 99.550	10	2455
10/01/2002	795869-DA-1	SAM RAYBURN TEX MUN PWR AGY PWR SUPPLY SYS REV REF-SER A	6.750	10/01/2014	51.000 / 102.000	51.000		25	400
06/06/2002	278245-EF-8	EATON RAPIDS MICH PUB SCHS REF	4.750	05/01/2025	43.379 / 93.379	50.000	97.109 / 97.109	3	535
04/18/2002	25044M-AB-2	DESERT SPRINGS CMNTY CORP NEV REV SER A	7.500	08/15/2004	44.000 / 89.000	45.000	91.500 / 91.500	4	170
08/02/2002	695468-AP-3	PAGE ARIZ MUN PPTY CORP EXCISE TAX REV REF	5.000	07/01/2011	105.272 / 150.272	45.000	107.162 / 107.279	6	190
10/04/2002	924211-F2-6	VERMONT MUN BD BK SER 1	5.000	12/01/2012	65.712 / 110.594	44.882		4	320
06/27/2002	306126-AE-3	FALCONS LAIR UTIL & RECLAMATION DIST TEX CTFS PARTN	8.500	10/15/2007	56.500 / 94.000	37.500	94.000 / 94.000	5	95
12/26/2002	123593-BS-3	BUTLER CNTY PA INDL DEV AUTH COML DEV FIRST MTG REV REF-KMART CORP-SER A	6.875	06/15/2006	63.000 / 100.000	37.000	64.000 / 64.000	3	190
02/19/2002	587655-AL-5	MERCED CNTY CALIF BRD ED CTFS PARTN REF	6.000	09/15/2023	57.000 / 92.200	35.200		5	25
09/26/2002	132811-AB-6	CAMDEN CNTY N J IMPT AUTH HSG DEV REV REPLACEMENT-CRESTBURY APTS PJ	8.750	12/15/2016	15.060 / 48.600	33.540	15.310 / 49.000	4	140
06/06/2002	783243-YF-9	RUTHERFORD CNTY TENN CAP APPREC		05/01/2013	57.230 / 90.500	33.270		3	75
08/28/2002	03255L-BF-5	ANAHEIM CALIF PUB FING AUTH LEASE REV CAP APPREC-SUB-PUB IMPTS PJ-C		09/01/2021	34.760 / 64.760	30.000		3	255
05/22/2002	882555-NC-5	TEXAS MUN PWR AGY REV CAP APPREC-REF		09/01/2010	67.650 / 97.250	29.600	69.520 / 69.520	3	60
11/14/2002	544628-GA-2	LOS ANGELES CALIF REGL ARPTS IMPT CORP LEASE REV FACS-SUBLEASE-CONTINENTAL	9.250	08/01/2024	70.250 / 99.000	28.750	99.250 / 99.250	5	2045
01/14/2002	353186-LA-5	FRANKLIN CNTY OHIO HOSP REV CHILDRENS HOSP PROJ	10.375	06/01/2013	98.700 / 127.200	28.500		4	35
08/20/2002	411509-AR-3	HARBOR CREEK PA SCH DIST CAP APPREC		02/15/2007	58.660 / 86.690	28.030	87.190 / 87.190	3	50
01/03/2002	645777-DD-2	NEW JERSEY ECONOMIC DEV AUTH INDL & ECONOMIC DEV REV K-MART CORP	7.200	08/01/2004	63.500 / 90.000	26.500		4	40
04/24/2002	074531-AA-2	BEAUMONT TEX MULTIFAMILY HSG DEV CORP MULTIFAMILY HSG REV MADISON ON THE LA	7.750	12/01/2028	52.000 / 78.000	26.000		6	60
05/13/2002	35083Q-AC-2	FOUR CORNERS CALIF PUB FING AUTH REV SER A	7.500	10/15/2002	26.000 / 52.000	26.000	54.000 / 54.000	4	160
01/15/2002	130622-EV-1	CALIFORNIA ST	9.250	03/01/2003	104.690 / 129.860	25.170	107.690 / 132.360	6	60
08/19/2002	976595-CF-3	WISCONSIN CTR DIST WIS TAX REV REF-JR DEDICATED	5.250	12/15/2017	78.250 / 103.350	25.100	79.050 / 105.350	4	30
01/03/2002	870567-AW-4	SWEETWATER TENN INDL DEV BRD INDL REV REF-KMART CORP PROJ	6.500	09/01/2006	70.071 / 94.750	24.679	100.000 / 100.000	7	195
12/11/2002	645913-AA-2	NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER A	7.425	02/15/2029	99.500 / 122.611	23.111	106.125 / 106.125	7	1928
12/06/2002	645913-AA-2	NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER A	7.425	02/15/2029	99.000 / 120.310	21.310	120.410 / 120.410	5	68453
04/01/2002	826310-AC-8	SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A	8.000	12/15/2002	36.000 / 56.800	20.800	59.000 / 59.000	5	265
07/19/2002	040625-KJ-3	ARIZONA ST MUN FING PROG CTFS PARTN SER 18	8.125	08/01/2017	100.000 / 120.500	20.500		3	15
03/13/2002	372838-GE-6	GEORGETOWN MASS SER C	4.000	05/01/2011	80.000 / 100.000	20.000	80.000 / 100.000	12	120
04/01/2002	372838-GE-6	GEORGETOWN MASS SER C	4.000	05/01/2011	80.000 / 100.000	20.000	80.000 / 100.000	28	280
12/11/2002	786744-GH-9	SAGINAW MICH HOSP FIN AUTH HOSP REV COVENANT MEDICAL CENTER INC-F	6.500	07/01/2030	87.000 / 106.740	19.740	90.000 / 90.000	3	520
05/30/2002	342816-LD-5	FLORIDA ST MUN PWR AGY REV REF-STANTON II PROJ	4.500	10/01/2027	85.912 / 105.300	19.388		7	355
06/26/2002	658196-GA-2	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER A	4.500	01/01/2024	92.141 / 111.400	19.259		5	210
10/18/2002	785652-BW-7	SABINE RIVER AUTH TEX POLLUTN CTL REV ADJ-REF-TXU ELEC CO PJ-SER A	5.500	05/01/2022	83.500 / 102.000	18.500	84.250 / 102.000	8	9085
08/28/2002	745290-EB-8	PUERTO RICO PORTS AUTH REV SPL FACS-AMERN AIRLINES-SER A	6.250	06/01/2026	59.310 / 77.728	18.418		5	1105
02/13/2002	271613-BF-7	EAST CHICAGO IND POLLUTN CTL REV INLAND STL CO PROJ NO 5	5.750	02/01/2007	33.000 / 51.100	18.100	52.500 / 52.500	9	730
08/20/2002	664029-EJ-0	NORTHEAST ALA WTR SWR & FIRE PROTN DIST WTR REV	2.300	05/01/2005	81.750 / 99.300	17.550	99.300 / 100.000	4	1000
09/25/2002	235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	38.520 / 56.000	17.480	60.000 / 60.000	5	260
07/25/2002	673892-AH-8	OAKS ECONOMIC DEV AUTH OKLA EDL FACS LEASE REV INDIAN CAPITAL TECHNOLOGY PJ	5.500	12/01/2008	85.250 / 102.679	17.429	102.679 / 102.679	8	350
09/30/2002	360052-AJ-3	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIRLINES INC PROJ	5.450	05/01/2023	37.000 / 54.106	17.106	68.750 / 68.750	5	150
11/13/2002	660588-AV-6	NORTH LITTLE ROCK ARK RESIDNTL HSG FACS BRD SGLE FAM MTG REV	7.300	05/01/2010	99.300 / 116.000	16.700	100.000 / 100.000	3	110
07/22/2002	82631P-AA-7	SIERRA FOOTHILLS CALIF PUB UTIL DIST CTFS PARTN SER B	9.000	10/15/2005	21.000 / 37.600	16.600	32.750 / 39.000	7	180
12/11/2002	13077L-AR-5	CALIFORNIA STATEWIDE CMNTYS DEV AUTH LEASE REV SPL FACS-UNITED AIRLINES-SER	5.700	10/01/2033	15.000 / 31.500	16.500	15.000 / 38.000	18	7225
10/07/2002	360052-AJ-3	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIRLINES INC PROJ	5.450	05/01/2023	44.000 / 60.420	16.420	48.410 / 56.864	11	175
07/17/2002	741756-AY-6	PRINCE WILLIAM CNTY VA INDL DEV AUTH RESIDENTIAL CARE FAC REV 1ST MTG-WESTM	6.625	01/01/2026	83.875 / 100.150	16.275	104.650 / 104.650	5	50
12/02/2002	184160-HQ-5	CLAYTON CNTY GA HSG AUTH MULTIFAMILY HSG REV MAGNOLIA PARK APTS PJ-SER A	5.500	12/01/2009	83.810 / 100.000	16.190	100.000 / 100.000	3	290
12/10/2002	745272-BX-1	PUERTO RICO INDL TOURIST EDL MED & ENVIRONMENTAL CTL FACS FING AUTH HIGHER	5.375	02/01/2029	80.380 / 96.500	16.120		4	115
09/05/2002	483671-AW-3	KANAWHA CNTY W VA RESIDENTIAL MTG REV	7.375	09/01/2010	102.000 / 118.000	16.000	105.000 / 118.389	4	730
10/10/2002	646139-JP-1	NEW JERSEY ST TPK AUTH TPK REV SER C	6.500	01/01/2016	108.000 / 123.953	15.953	121.266 / 121.266	8	5100
06/07/2002	508253-AJ-0	LAKE CNTY FLA RES REC INDL DEV REV REF-AMT-NRG/RECOVERY GRP-SER A	5.950	10/01/2013	73.020 / 88.960	15.940	93.730 / 93.730	9	295
11/06/2002	184150-AB-6	CLAYTON CNTY GA DEV AUTH REV 1ST MTG-SR CARE-BAYBERRY PJ-A	6.750	07/01/2029	20.930 / 36.830	15.900	21.555 / 21.555	4	2370
11/26/2002	796788-AQ-0	SAN BERNARDINO CALIF REDEV AGY SINGLE FAMILY RESIDNTL MTG REV	7.125	01/01/2011	97.500 / 113.152	15.652		4	35
01/18/2002	649667-S2-9	NEW YORK N Y SER F	5.125	08/01/2011	85.000 / 100.616	15.616	90.000 / 90.000	4	80
01/16/2002	677518-AW-2	OHIO ST REF & IMPT	6.000	08/01/2010	98.000 / 113.552	15.552	113.652 / 113.652	4	305
09/17/2002	432308-JN-5	HILLSBOROUGH CNTY FLA AVIATION AUTH REV SPL PURPOSE FACS-US AIR PROJ	8.600	01/15/2022	34.475 / 50.000	15.525		4	190
11/27/2002	649892-KN-5	NEW YORK ST PWR AUTH REV & GEN PURP	7.500	01/01/2010	101.000 / 116.500	15.500	116.380 / 116.380	4	75
03/14/2002	574216-ET-0	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV REF-THE JOHN HOPKINS	5.000	07/01/2023	79.633 / 95.069	15.436	81.008 / 98.702	7	330
12/03/2002	042686-EY-7	ARP TEX INDPT SCH DIST SER A	6.000	02/15/2010	100.000 / 115.263	15.263		3	390
05/06/2002	61334M-DZ-0	MONTGOMERY CNTY MD HSG OPPTYS COMMN MULTIFAMILY REV BROOKSIDE GLEN-ISSUE 1	6.375	07/01/2027	83.925 / 99.000	15.075		6	90
06/26/2002	821697-RS-0	SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD REV HLTH CARE FAC-KIRBY PINES-A	6.250	11/15/2012	80.320 / 95.375	15.055		4	16
09/03/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	49.250 / 64.250	15.000		11	1260
09/17/2002	97710N-LB-0	WISCONSIN ST HEALTH & EDL FACS AUTH REV AURORA HEALTH CARE INC	5.250	08/15/2027	86.120 / 100.852	14.732	102.953 / 104.503	8	165
02/20/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	81.840 / 96.500	14.660	89.500 / 89.500	9	100
10/01/2002	793044-AC-2	ST PAUL MINN PORT AUTH PKG REV SR LIEN-4TH PKG RAMP PJ-SER 1	8.000	12/01/2027	54.750 / 69.310	14.560	60.500 / 60.500	4	85
01/28/2002	898526-BK-3	TSASC INC N Y REV TOB FLEX AMORT-1 PLANPRIN 2019	6.250	07/15/2027	90.000 / 104.500	14.500	105.013 / 108.389	6	150
05/03/2002	73029M-AA-3	POCAHONTAS PKWY ASSN VA RT 895 CONNECTOR TOLL RD REV SR-SER A	5.000	08/15/2005	80.685 / 95.135	14.450	97.062 / 97.062	5	260
09/12/2002	899661-CP-5	TULSA OKLA MUN ARPT TR REV AMERICAN AIRLINES PROJ	6.250	06/01/2020	52.130 / 66.500	14.370	70.094 / 70.094	13	810
05/09/2002	546395-GR-9	LOUISIANA PUB FACS AUTH HOSP REV REF-SOUTHN BAPTIST HOSP INC PJ	8.000	05/15/2012	100.000 / 114.310	14.310		4	95
09/05/2002	491026-JK-7	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.125	02/01/2021	71.690 / 86.000	14.310	89.260 / 89.260	8	90
05/21/2002	076698-CB-3	BEECH GROVE IND ECONOMIC DEV REV BEECH GROVE VLG APTS PJ-SR-A	7.000	01/01/2028	25.725 / 40.000	14.275	41.000 / 41.000	8	130
07/09/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	68.875 / 83.000	14.125	88.704 / 88.704	13	95
12/03/2002	826310-AE-4	SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A	8.000	12/15/2005	22.400 / 36.500	14.100	23.920 / 38.000	5	70
06/28/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	82.245 / 96.250	14.005	98.500 / 98.500	9	195
02/25/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	83.000 / 97.000	14.000	88.882 / 99.125	12	180
05/13/2002	826311-AA-0	SIERRA FOOTHILLS CALIF PUB UTIL DIST REV SER A	8.000	08/15/2003	26.000 / 40.000	14.000	41.600 / 41.600	4	210
09/18/2002	660588-AV-6	NORTH LITTLE ROCK ARK RESIDNTL HSG FACS BRD SGLE FAM MTG REV	7.300	05/01/2010	99.000 / 113.000	14.000	101.180 / 101.180	3	15
10/07/2002	106213-FH-9	BRAZOS RIVER AUTH TEX POLLUTN CTL REV ADJ-REF-TXU ELEC CO PJ-SER C	5.750	05/01/2022	88.000 / 102.000	14.000	100.000 / 100.000	13	1050
12/19/2002	802576-AA-6	SANTA ROSA BAY BRDG AUTH FLA REV	6.250	07/01/2028	68.000 / 82.000	14.000		4	150
07/24/2002	717826-CV-1	PHILADELPHIA PA HOSPS AUTH REV THOMAS JEFFERSON UNIV HOSP	7.000	07/01/2008	95.000 / 108.875	13.875		3	30
12/11/2002	040871-CU-7	ARKANSAS HSG DEV AGY SINGLE FAM MTG PUR	8.375	07/01/2010	102.715 / 116.560	13.845		3	50
10/09/2002	16876Q-AQ-2	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET BACKED BDS	6.000	07/01/2026	105.375 / 119.185	13.810	105.375 / 120.379	28	3555
08/05/2002	935110-DB-9	WARREN CNTY N J POLLUTION CTL FING AUTH REV LANDFILL-SER A	5.875	12/01/2006	80.750 / 94.500	13.750		6	135
12/03/2002	042686-EW-1	ARP TEX INDPT SCH DIST SER A	6.000	02/15/2008	100.000 / 113.593	13.593		3	360
10/07/2002	509438-AR-8	LAKE CNTY OHIO HOSP IMPT REV RIDGECLIFF HOSP PROJ	8.000	10/01/2009	99.000 / 112.590	13.590	100.000 / 100.000	5	25
10/22/2002	826310-AF-1	SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A	8.500	12/15/2018	25.000 / 38.500	13.500	40.000 / 40.000	4	140
05/24/2002	621434-AH-2	MOUNT HEALTHY OHIO AQUATIC & CMNTY FACS	5.500	12/01/2021	90.910 / 104.333	13.423	105.217 / 105.925	4	1560
10/21/2002	953452-AC-3	WEST JEFFERSON AMUSEMENT & PUB PK AUTH ALA REV 1ST MTG-VISIONLAND ALA PJ	7.250	12/01/2027	95.500 / 108.845	13.345		4	40
10/01/2002	076099-AW-0	BEDFORD CNTY VA INDL DEV AUTH INDL DEV REV REF-NEKOOSA PACKAGING PJ-SER A	6.550	12/01/2025	73.463 / 86.800	13.337	87.750 / 87.750	8	2560
01/23/2002	129630-AA-7	CALHOUN CNTY ARK SOLID WASTE DISP REV GEORGIA-PACIFIC CORP PROJ	6.375	11/01/2026	90.500 / 103.805	13.305	100.000 / 100.000	9	400
02/06/2002	914689-AW-4	UNIVERSITY N MEX SCIENCE & TECHNOLOGY CORP LEASE REV REF	4.750	06/15/2025	80.080 / 93.346	13.266	89.000 / 97.321	5	65
04/09/2002	181004-AZ-5	CLARK CNTY NEV INDL DEV REV NEV PWR CO PROJ-SER A	5.900	11/01/2032	70.500 / 83.750	13.250	80.250 / 83.750	8	12425
01/03/2002	230614-BA-6	CUMBERLAND CNTY PA MUN AUTH REV PRESBYTERIAN HOMES INC PJ	6.000	12/01/2026	83.381 / 96.500	13.119	100.000 / 100.000	4	35
04/09/2002	728692-BF-0	PLEASANT VALLEY HOSP BLDG CORP CAMARILLO CALIF HOSP REV	9.700	12/15/2007	102.933 / 116.000	13.067		5	25
11/20/2002	544628-GA-2	LOS ANGELES CALIF REGL ARPTS IMPT CORP LEASE REV FACS-SUBLEASE-CONTINENTAL	9.250	08/01/2024	86.190 / 99.250	13.060	99.500 / 99.500	4	3050

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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