LISLE, Ill., Feb. 7, 2008 -- BondWave LLC (BondWave(R)) announces the release of version 2.0 of Program Portfolio Manager(TM), an application that allows broker-dealers to create and manage custom portfolios of individual bonds based on software-driven investment models. Notably, the new version includes additional functionality to support BondWave's Index Targeted Models(TM), scheduled for availability in early 2008. Index Targeted Models will facilitate the creation of bond portfolios with a correlation and beta similar to municipal bond indices from a leading provider of fixed income benchmarks.

"BondWave continues to advance the position that individual bond investment can be a viable alternative to a larger market of retail investors," said Russ Graham, BondWave's president and CEO. "Our approach gives broker-dealers and advisors the ability to retain fixed income assets while providing their clients all the advantages of individual bond investment. BondWave simplifies bond investing with a scalable, automated process designed to support the strategic investment needs of each investor with model-based bond portfolios."

"The new release of Program Portfolio Manager(TM) provides additional features allowing broker-dealers to more easily manage fixed income portfolios," said Jonathan Volle, Senior Vice President of Product Development. "New enhancements include drill-down model and account demand summaries, automated bond allocation, advanced proposal scoring functions and a new series of inquiry capabilities built for the release of Index Targeted Models(TM). These enhancements further enable portfolio analysts and trading desks to support a large population of advisors and their clients with personal portfolio service."

Program Portfolio Manager(TM) and Index Targeted Models(TM) are integral components of BondWave's Fixed Income Investment Program(TM) (The Program), a unique process that enables broker-dealers to deliver custom portfolios of individual bonds -- called Program Portfolios(TM) -- that are assembled for each investor based on professional investment models. The Program includes proprietary technology and methodology that allows a broker-dealer to deliver and maintain Program Portfolios efficiently and at a competitive cost with SMAs, bond funds and ETFs. As a result, personal portfolio service can be extended to all investors with a marketing strategy that significantly enhances a firm's ability to sell individual bonds. The Program is available to broker-dealers on a per-account subscription basis.

BondWave LLC is a joint venture between First Trust Portfolios, LP and Lehman Brothers, Inc. For more information, contact BondWave at 630-795-7000 or visit http://www.BondWave.com.