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Negative Yields Report for 02/28/2008

On Trade Date 02/28/2008 licensed broker/dealers sold Municipal Bonds to investors with negative yields. Here is the full list of those bonds.

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.

CUSIP	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)
786005-BE-7	SACRAMENTO CALIF MUN UTIL DIST ELEC REV PREREFUNDED-SER C	5.750%	11/15/2009	/		104.936 / 104.936	-63.57% / -63.57%	2	40
472682-CR-2	JEFFERSON CNTY ALA SWR REV WTS	6.000%	09/01/2010	/		105.239 / 105.239	3.79% / -54.79%	2	+2
914505-R3-8	UNIVERSITY MONT UNIV REVS FACS ACQUISITION & IMPT-SER C	5.000%	11/15/2017	101.000 / 101.000		103.000 / 103.000	-38.03% / -38.03%	2	20
254764-FN-8	DISTRICT COLUMBIA HOSP REV REF-MEDLANTIC HLTHCARE GRP-A	5.750%	08/15/2016	/		103.500 / 103.500	-29.95% / -29.95%	1	15
797651-CR-5	SAN FRANCISCO CALIF ARPT IMPT CORP LEASE REV UTD AIRLS INC	8.000%	07/01/2013	/		113.350 / 113.350	-28.82% / -28.82%	1	15
560425-DW-7	MAINE HEALTH & HIGHER EDL FACS AUTH REV UNREFUNDED BALANCE	7.300%	05/01/2014	/		102.500 / 102.500	-28.58% / -28.58%	1	5
442348-PW-2	HOUSTON TEX ARPT SYS REV	7.200%	07/01/2013	/		112.031 / 112.031	-26.32% / -26.32%	1	165
645780-CL-9	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV REF-MIDDLESEX WTR CO PJ-SER B	5.200%	10/01/2022	100.250 / 100.250		101.875 / 101.875	-22.02% / -22.02%	6	800
341592-DY-6	FLORIDA ST BRD REGT PKG REV FLA INTL UNIV	5.375%	07/01/2015	/		101.375 / 101.375	-14.71% / -14.71%	1	25
645780-DC-8	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV N J AMERICAN WTR CO INC PJ	6.000%	05/01/2036	/		103.250 / 103.250	-13.79% / -13.79%	1	20
986392-DL-9	YORK CNTY PA HOSP AUTH REV HANOVER GEN HOSP	9.000%	12/01/2008	100.755 / 100.755		101.505 / 101.505	-12.21% / -12.21%	2	80
960895-JV-3	WESTMORELAND CNTY PA REF-SER D	5.250%	08/01/2009	/		101.000 / 101.000	-9.44% / -9.44%	3	420
659005-EU-2	NORTH DAKOTA ST STUDENT LN REV SER D	6.350%	07/01/2013	/		101.052 / 101.052	-9.08% / -9.08%	3	75
01728A-MJ-2	ALLEGHENY CNTY PA HOSP DEV AUTH REV HOSP-PITTSBURGH MERCY HLTH SYS	5.625%	08/15/2026	/		103.875 / 103.875	-2.92% / -2.92%	2	30
603772-SM-7	MINNEAPOLIS MINN NEW PUB HSG AUTH	5.250%	09/01/2009	100.103 / 100.103		104.001 / 104.001	-2.77% / -2.77%	4	20
451888-DJ-7	ILLINOIS DEV FIN AUTH POLLUTN CTL REV REF-ILL PWR CO PJ-SER A	5.400%	03/01/2028	/		100.500 / 100.500	-2.04% / -2.04%	1	50
447816-5T-2	HURST EULESS BEDFORD TEX INDPT SCH DIST CAP APPREC-REF	0.000%	08/15/2008	97.610 / 97.610		100.676 / 100.676	-1.50% / -1.50%	4	100
130628-XC-9	CALIFORNIA ST REF-FGIC TCRS	5.000%	02/01/2015	/		101.453 / 101.453	-1.23% / -1.23%	1	5
495242-ZY-8	KING CNTY WASH SCH DIST NO 412 SHORELINE BRUTS-SER D67	%	12/01/2014	112.400 / 112.400		112.400 / 112.400	-0.66% / -0.66%	4	600
130911-DM-9	CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV L A ORTHOPAEDIC HOSP FNDTN	5.375%	06/01/2016	/		101.380 / 101.380	-0.31% / -0.31%	1	15
152339-AR-8	CENTINELA VALLEY CALIF UN HIGH SCH DIST SER A	5.500%	08/01/2016	/		104.375 / 104.375	-0.30% / -0.30%	1	10
455167-Y4-2	INDIANA UNIV REVS BRUTS-SER D64-2	%	08/01/2016	102.432 / 102.432		102.432 / 102.432	-0.17% / -0.17%	4	1660
455167-Y3-4	INDIANA UNIV REVS BRUTS-SER D64-1	%	08/01/2016	102.070 / 102.070		102.070 / 102.070	-0.15% / -0.15%	4	1580
517840-P6-5	LAS VEGAS VALLEY NEV WTR DIST BRUTS-SER D62	%	02/01/2016	102.269 / 102.269		102.269 / 102.269	-0.15% / -0.15%	4	1160
233905-DN-5	DADE CNTY FLA INDL DEV AUTH INDL DEV REV MIAMI CEREBRAL PALSY SVCS PROJ	8.000%	06/01/2022	/		102.470 / 102.470	-0.14% / -0.14%	1	25
796253-H3-9	SAN ANTONIO TEX ELEC & GAS REV BRUTS-SER D65	%	02/01/2015	101.664 / 101.664		101.664 / 101.664	-0.11% / -0.11%	4	2240

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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