RW Smith

Auction Rate Securites

MSRB Notice 2008-46: MSRB Plans Transparency System for ARS &VRDO

November 21, 2008

The MSRB today filed with the SEC a proposed rule change to establish a transparency system for municipal Auction Rate Securities ("ARS") and municipal Variable Rate Demand Obligations ("VRDO"). The proposed rule change would provide for the collection and dissemination of ARS and VRDO interest rate and descriptive information and represents the first phase of a plan approved by the MSRB for increasing the information available for ARS and VRDO. The MSRB has proposed an effective date of January 30, 2009.

Click the link below to view the full notice:
http://www.msrb.org/msrb1/whatsnew/2008-46.asp

RW Smith believes the information shown herein was obtained from a reliable source, but makes no representation and no guarantee as to its accuracy or completeness. RWS shall not be responsible for the consequences of your use of the information. Securities identified may be subject to additional call features, sinking funds, project features, or other factors that may affect market value. You must do your own independent research prior to submitting any bid.