Transaction Data Disclaimer

These reports represent certain inter-dealer and customer trades in municipal securities that have been reported by dealers to the MSRB. The reports do not necessarily reflect all transactions that were effected on the specific trade date noted. There is the possibility of errors in the trade submission process or errors or omissions in other processing of data, or delays in delivery of data reported by dealers or reported by the MSRB. These reports should not be used as the sole basis for pricing or executing transactions in municipal securities. Prices for transactions vary with market conditions and can be affected by trade size and other factors. Neither the MSRB nor its suppliers of data products or other services used to generate the transaction reports warrant or guarantee the accuracy of the data contained in these reports.