DESCRIPTION OF THE MSRB'S DAILY PUBLIC REPORT

The MSRB's Daily Public Report of transactions in the municipal securities market encompasses both municipal securities trades between dealers ("inter-dealer trades") and trades between dealers and customers ("customer trades"). Only those trades reported to the MSRB by dealers on trade date are considered for the report. Trades reported one or more days after trade date are not included.

AGGREGATE MARKET DATA

Trade date

The date for which transactions are being reported.

Number of trades

The total number of inter-dealer and customer municipal securities trades reported to the MSRB on trade date.

Number of issues traded 4 or more times

The total number of issues included in the public report. (Each issue is identified by a CUSIP number.)

Total par traded

The total dollar value of all municipal securities trades reported to the MSRB on trade date.

Total issues traded

The total number of issues that were reported as traded during the day.

ISSUE DATA

Note: An issue is included on the report if it was traded four or more times during the day. (Both inter-dealer and customer trades are counted and the combined count must be four or more.)

CUSIP num

The CUSIP number that identifies the issue.

Security description

A short description of the issue that was traded.

Number of trades

The total number of trades in this issue (both inter-dealer and customer) that were reported to the MSRB.

Volume traded

The total dollar value of all trades in the issue (both inter-dealer and customer) on the trade date.

Hi price

The highest price of all trades in the issue.

Low price

The lowest price of all trades in the issue.

Average price

The arithmetic mean of all trades whose par values were between $100,000 and $1 million.

Trades in Avg

The number of trades whose par values were between $100,000 and $1 million.

When issued

If "yes," indicates that the issue was in when-issued status.

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