Negative Yields for 2003/Q4

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Negative Yields for 2003/Q4

Attention: Congress, SEC, MSRB and NASD

MunicipalBonds.com has uncovered negative yields in the secondary Muni Markets. This doesn't appear to be random or one-time-only infractions. We have discovered thousands of cases.

On behalf of the American investor and public, MunicipalBonds.com demands line-by-line explanations of the thousands of negative yields exposed.

MunicipalBonds.com also asks the following questions:

Aren't negative yields illegal...or prohibited...or something???
Are there any laws or rules that apply?
Muni market trade reporting began in 1994...who else has seen or known of the existence of negative yields?? We can't be the first to have uncovered negative yields!
Why hasn't anything been done about negative yields since 1994 when trade reporting showed their existence?
Shouldn't there be some specific laws or rules about negative yields?

Here are the 1,982 negative yield markets that we've uncovered for just the fourth quarter of 2003.

The problem of Negative Yields in the Muni Markets also continues to escalate. Total numbers of Negative Yield markets grow every year and quarter we make our studies:

2003/full year - 6,200 negative yield markets
2003/Q4 - 1,982 negative yield markets
2003/Q3 - 1,629 negative yield markets
2003/Q2 - 1,354 negative yield markets
2003/Q1 - 1,132 negative yield markets
2002/full year - 1,681
2001/full year - 779
2000/full year - 512

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.

Date	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)
12/08/2003	165577-AL-1	CHESTER CNTY PA HEALTH & ED FACS AUTH COLLEGE REV IMMACULATA COLLEGE	5.000%	10/15/2005	99.750 / 99.750	100.298 / 100.298	-29.93% / -29.93%	2	80
10/22/2003	941258-AD-7	WATERBURY CONN HSG AUTH MTG REV REF-FHA-WATERBURY NSA II-SER C	4.850%	07/01/2009		102.500 / 102.500	-29.78% / -29.78%	2	100
12/16/2003	649653-GL-0	NEW YORK N Y SER A	7.300%	03/15/2006		109.193 / 109.193	-29.73% / -29.73%	3	30
11/21/2003	631311-DV-6	NASHUA N H NEW PUB HSG AUTH	5.125%	09/01/2009		111.166 / 111.166	-29.72% / -29.72%	1	100
10/23/2003	969674-BD-1	WILLIAMSBURG VA INDL DEV AUTH HOSP FAC REV WILLIAMSBURG CMNTY HOSP	5.200%	10/01/2004		102.303 / 102.303	-29.72% / -29.72%	1	20
12/23/2003	684503-J7-1	ORANGE CNTY FLA HEALTH FACS AUTH REV UNREFUNDED BALANCE-SER A	6.000%	11/01/2024	98.796 / 98.796	101.000 / 103.500	4.76% / -29.69%	3	20
12/05/2003	64577M-SV-3	NEW JERSEY ECONOMIC DEV AUTH ECONOMIC DEV REV GREATER N Y COUNCILS BOY SCTS	5.450%	09/01/2023		104.580 / 104.580	-29.65% / -29.65%	2	45
11/12/2003	546265-XU-8	LOUISIANA HSG FIN AGY MTG REV MULTIFAMILY-FHA INSD-EMERALD	7.100%	11/01/2033		105.000 / 105.000	-29.63% / -29.63%	3	60
12/30/2003	452010-ZS-3	ILLINOIS HSG DEV AUTH MULTI-FAMILY HSG-SER 1991 A	8.125%	07/01/2010	101.300 / 101.300	102.750 / 102.750	-29.62% / -29.62%	4	40
11/03/2003	594692-7B-5	MICHIGAN ST STRATEGIC FD LTD OBLIG REV REF-COLL-CONSUMERS PWR CO PJ-B	5.800%	06/15/2010		104.500 / 104.500	-29.62% / -29.62%	2	60
10/22/2003	160573-EJ-6	CHARLESTON W VA NEW PUB HSG AUTH	5.625%	02/01/2007		109.395 / 109.395	-27.41% / -29.60%	2	45
10/03/2003	940797-AG-8	WASHOE CNTY NEV GAS & WTR FACS REV REF-SIERRA PACIFIC PWR CO PJ-B	5.900%	06/01/2023		102.195 / 104.500	1.91% / -29.52%	2	35
12/04/2003	767111-CH-8	RIO GRANDE VY HEALTH FACS DEV CORP TEX HOSP REV CONV SHORT/RITES-10YR-BAPTI	6.400%	08/01/2018		103.625 / 103.625	-29.52% / -29.52%	1	15
10/21/2003	649868-YK-6	NEW YORK ST HSG FIN AGY REV CAP APPREC-HUD SEC 236-SER A	%	11/01/2013		59.500 / 59.500	-29.44% / -29.44%	1	100
10/01/2003	592598-WH-5	METROPOLITAN TRANSN AUTH N Y TRAN FACS REV SER N	4.800%	07/01/2006	101.500 / 101.500	104.000 / 104.000	-29.41% / -29.41%	3	250
11/25/2003	64984E-AE-5	NEW YORK ST ENERGY RESH & DEV AUTH FACS REV CON EDISON CO N Y INC PROJ	6.000%	03/15/2028		104.500 / 104.500	-29.41% / -29.41%	1	15
12/03/2003	46256B-BE-8	IOWA ST CTFS PARTN SER A	6.500%	07/01/2006		103.625 / 104.125	-0.78% / -29.41%	4	580
11/14/2003	911157-FM-2	UNITED NATIONS DEV CORP N Y REV REF-SR LIEN-SER B	5.500%	07/01/2017		102.625 / 102.625	-29.38% / -29.38%	3	50
11/20/2003	473044-AF-2	JEFFERSON CNTY KY POLLUTN CTL REV B F GOODRICH CO PROJ SER B	6.200%	02/01/2008	100.000 / 100.000	102.574 / 102.574	-29.33% / -29.33%	2	300
11/10/2003	649860-JP-9	NEW YORK ST HSG FIN AGY NON PROFIT HSG	6.200%	11/01/2009		107.187 / 107.187	-29.32% / -29.32%	2	20
12/22/2003	678586-KW-7	OKLAHOMA CITY OKLA NEW PUB HSG AUTH	5.750%	05/01/2011		115.000 / 115.000	-29.29% / -29.29%	1	65
10/23/2003	196478-VA-6	COLORADO HSG FIN AUTH MULTIFAM HSG INSD MTG-SER A-4	6.250%	10/01/2013		103.600 / 103.600	-29.26% / -29.26%	1	15
11/04/2003	575851-XS-4	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV LAHEY CLINIC MED CTR-SER B	5.375%	07/01/2023	101.786 / 101.786	102.300 / 102.300	-29.18% / -29.18%	7	2000
11/12/2003	645780-CH-8	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV REF-N J AMERN WTR CO PROJ-A	5.350%	06/01/2023		104.330 / 104.330	-29.18% / -29.18%	2	20
12/18/2003	606354-WL-8	MISSOURI ST HSG DEV COMMN MTG REV SINGLE FAM-GNMA MTG BKD SECS-A	6.750%	06/01/2024	98.500 / 98.500	100.000 / 103.625	6.72% / -29.15%	3	20
12/18/2003	575851-XS-4	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV LAHEY CLINIC MED CTR-SER B	5.375%	07/01/2023	101.029 / 101.029	102.500 / 102.500	-29.14% / -29.14%	5	375
10/29/2003	575851-XS-4	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV LAHEY CLINIC MED CTR-SER B	5.375%	07/01/2023	101.650 / 101.650	102.700 / 102.700	-29.09% / -29.09%	4	1480
11/05/2003	592650-ES-0	METROPOLITAN WASHINGTON D C ARPTS AUTH VA GEN ARPT REV REF-SER A	5.250%	10/01/2022		102.385 / 104.315	-0.51% / -29.07%	2	10
10/01/2003	687910-AP-4	OSCEOLA CNTY FLA INDL DEV AUTH REV CMNTY PROVIDER POOLED LN PG-A	7.750%	07/01/2010	97.507 / 97.507	102.677 / 102.677	-29.05% / -29.05%	4	12
10/21/2003	517714-MQ-1	LAS VEGAS NEV NEW PUB HSG AUTH	5.000%	01/01/2011		107.805 / 107.805	-28.86% / -28.86%	1	100
12/30/2003	677658-3E-4	OHIO ST WTR DEV AUTH REV REF & IMPT-PURE WTR-MBIA-IBC	5.500%	12/01/2011	102.150 / 102.150	103.500 / 103.500	-28.81% / -28.81%	4	220
12/31/2003	621075-AD-2	MOUNT CLEMENS MICH HSG CORP MULTIFAMILY REV REF-HSG-FHA-SEC 8 ASSTD-SER A	6.600%	06/01/2022		104.500 / 104.500	-28.78% / -28.78%	1	25
10/22/2003	649850-4C-5	NEW YORK ST ENVIRONMENTAL FACS CORP POLLUTN CTL REV UNREFUNDED BAL-ST WTR-R	6.500%	06/15/2004	101.000 / 101.000	102.450 / 102.450	-28.74% / -28.74%	2	220
12/23/2003	224626-AA-9	CRAVEN CNTY N C INDL FACS & POLLUTN CTL FING AUTH POLLUTN CTL REV REF-WEYER	6.350%	01/01/2010		103.250 / 103.250	-25.85% / -28.73%	3	50
10/16/2003	841420-BV-3	SOUTHEAST MO CORRECTIONAL FAC INC CORRECTIONAL FAC LEASE REV REF-MBIA-IBC	5.750%	10/15/2016		111.076 / 111.076	-28.71% / -28.71%	1	10
12/17/2003	13077V-W3-2	CALIFORNIA STATEWIDE CMNTYS DEV AUTH MULTIFAMILY REV VAR-HSG-JACKIE ROBINSO	%	02/01/2033	100.381 / 100.381	100.561 / 100.561	-28.69% / -28.69%	2	0
12/23/2003	658196-KL-3	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER A	5.750%	01/01/2019		102.389 / 102.389	-28.68% / -28.68%	1	20
10/22/2003	130623-BQ-3	CALIFORNIA ST	5.600%	06/01/2007		100.195 / 100.195	-28.65% / -28.65%	2	20
12/31/2003	649858-PP-6	NEW YORK ST HSG FIN AGY NON PROFIT HSG	6.750%	11/01/2006	102.500 / 102.500	103.500 / 103.500	-28.63% / -28.63%	3	50
10/08/2003	035886-BN-9	ANNE ARUNDEL CNTY MD NEW PUB HSG AUTH	4.875%	07/01/2010		108.782 / 108.782	-28.60% / -28.60%	2	20
10/29/2003	070129-AG-6	BASS BROOK MINN POLLUTION CTL REV REF-COLL-MINN PWR & LT CO PJ	6.000%	07/01/2022		103.625 / 103.625	-28.58% / -28.58%	2	50
11/06/2003	57585K-FH-6	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV UNREFUNDED BALANCE-SER D	6.500%	07/01/2022		103.250 / 103.250	-28.57% / -28.57%	3	405
12/12/2003	235292-AM-1	DALLAS TEX HSG CORP CAP PROGRAM REV REF-SECT 8 ASSTD PJS	7.700%	08/01/2005	102.635 / 102.635	102.635 / 102.635	-28.55% / -28.55%	3	270
10/23/2003	686509-PD-6	ORLANDO FLA UTILS COMMN WTR & ELEC REV	6.375%	04/01/2008		116.313 / 116.313	-28.50% / -28.50%	1	50
11/18/2003	513886-DR-9	LANCASTER CNTY NEB HOSP AUTH NO 1 HOSP REV BRYAN MEM HOSP PROJ	6.700%	06/01/2022		121.743 / 121.743	-28.46% / -28.46%	2	60
11/17/2003	677525-HA-8	OHIO ST AIR QUALITY DEV AUTH REV ADJ-COLUMBUS & SOUTHN OHIO-A	6.375%	12/01/2020		103.750 / 103.750	-28.45% / -28.45%	2	60
10/31/2003	976904-FG-2	WISCONSIN HSG & ECONOMIC DEV AUTH HSG REV SER C	5.875%	11/01/2019		104.818 / 104.875	-28.44% / -28.44%	4	910
12/11/2003	649842-BK-6	NEW YORK ST ENERGY RESH & DEV AUTH GAS FACS REV BROOKLYN UN GAS-C-RMK 7/14/	5.600%	06/01/2025	100.750 / 100.750	104.500 / 104.500	-28.43% / -28.43%	2	40
11/18/2003	914469-AQ-4	UNIVERSITY MINN UNIV HOSP & CLINICS	6.750%	12/01/2016		121.750 / 121.750	-28.43% / -28.43%	2	50
12/01/2003	610763-KY-9	MONROE CNTY N Y WTR AUTH WTR REV REF-SER B	5.250%	08/01/2011		103.250 / 103.250	-28.39% / -28.39%	1	5
11/19/2003	681793-A2-1	OMAHA PUB PWR DIST NEB ELEC REV SER B	5.700%	02/01/2017		102.105 / 104.500	3.81% / -28.33%	3	20
10/10/2003	311450-CS-7	FARMINGTON N MEX POLLUTN CTL REV REF-SOUTHN CALIF EDISON CO-A	5.875%	06/01/2023	102.000 / 102.000	104.000 / 104.000	-28.26% / -28.26%	2	40
12/12/2003	523654-AU-5	LEE CNTY MISS HOSP SYS REV	6.800%	10/01/2007	111.130 / 111.130	111.130 / 111.130	-28.18% / -28.18%	2	90
10/10/2003	64577M-RD-4	NEW JERSEY ECONOMIC DEV AUTH ECONOMIC DEV REV REF-GNMA-MANCHASTER MNR PJ-A	6.600%	08/01/2012		104.040 / 104.040	-28.16% / -28.16%	1	10
12/05/2003	340736-BV-8	FLORIDA HSG FIN AGY AMT-SINGLEFAM MTG-SER B	5.875%	01/01/2027		104.500 / 104.500	-28.15% / -28.15%	1	10
12/17/2003	340736-BV-8	FLORIDA HSG FIN AGY AMT-SINGLEFAM MTG-SER B	5.875%	01/01/2027		104.500 / 104.500	-28.15% / -28.15%	1	30
10/16/2003	567873-AW-4	MARIN CNTY CALIF REDEV AGY REV RESIDENTIAL MTG	7.000%	09/01/2010	113.000 / 113.000	100.200 / 114.227	3.29% / -28.12%	4	170
12/18/2003	692165-DC-4	OYSTER BAY N Y NEW PUB HSG AUTH	5.125%	10/01/2011		110.000 / 110.000	-28.11% / -28.11%	1	40
12/09/2003	649653-GL-0	NEW YORK N Y SER A	7.300%	03/15/2006		110.000 / 110.000	-28.10% / -28.10%	3	150
11/19/2003	067185-FM-5	BARBERTON OHIO	6.500%	12/01/2012		102.500 / 102.500	-28.02% / -28.02%	1	45
10/17/2003	842475-XH-3	SOUTHERN CALIF PUB PWR AUTH PWR PROJ REV UNREFUNDED BALANCE-MULTI PROJS	7.000%	07/01/2005		105.943 / 105.943	-27.98% / -27.98%	4	400
12/09/2003	843146-SM-4	SOUTHERN ILL UNIV REVS	6.750%	04/01/2007		111.605 / 111.605	-27.96% / -27.96%	2	10
12/23/2003	523654-AU-5	LEE CNTY MISS HOSP SYS REV	6.800%	10/01/2007		109.694 / 109.694	-27.96% / -27.96%	1	35
11/24/2003	473044-AF-2	JEFFERSON CNTY KY POLLUTN CTL REV B F GOODRICH CO PROJ SER B	6.200%	02/01/2008		102.571 / 102.571	-27.94% / -27.94%	1	100
12/16/2003	575851-XS-4	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV LAHEY CLINIC MED CTR-SER B	5.375%	07/01/2023	101.250 / 101.250	104.639 / 104.639	-27.88% / -27.88%	2	70
12/10/2003	677658-R4-0	OHIO ST WTR DEV AUTH REV REF-COLL-WTR DEV-DAYTON PWR-A	6.400%	08/15/2027		103.500 / 103.500	-27.86% / -27.86%	2	50
12/17/2003	358232-AV-8	FRESNO CALIF UNI SCH DIST SER A	5.500%	08/01/2007		105.850 / 105.850	-27.81% / -27.81%	1	40
10/07/2003	72316M-CP-2	PINELLAS CNTY FLA HEALTH FACS AUTH REV TAXABLE-HOSP-BAYFRONT OBLIG-B	7.900%	07/01/2018		104.421 / 104.421	-27.81% / -27.81%	1	10
11/05/2003	717903-RS-9	PHILADELPHIA PA HOSPS & HIGHER ED FACS AUTH HOSP REV TEMPLE UNIV HOSP	6.625%	11/15/2023		102.107 / 102.500	-27.79% / -27.79%	2	25
10/23/2003	160573-EJ-6	CHARLESTON W VA NEW PUB HSG AUTH	5.625%	02/01/2007		109.395 / 109.395	-27.76% / -27.76%	1	25
10/22/2003	677658-CD-6	OHIO ST WTR DEV AUTH REV	6.400%	09/01/2007		114.206 / 114.206	-27.73% / -27.73%	2	20
11/13/2003	296812-BR-0	ESSEX CNTY N J IMPT AUTH ARPT PROJ REV	6.800%	11/01/2021	100.883 / 100.883	102.600 / 102.600	-27.68% / -27.68%	4	120
11/24/2003	405126-FK-4	HAGERSTOWN MD NEW PUB HSG AUTH	5.000%	09/01/2009		110.250 / 110.250	-27.64% / -27.64%	1	15
11/05/2003	054132-AR-6	AVON LAKE OHIO WTR SYS REV REF-MTG	5.400%	10/01/2013		103.400 / 103.400	-27.58% / -27.58%	1	290
12/12/2003	472675-DD-6	JEFFERSON CNTY ALA SAN SWR CONSTR WTS	6.750%	03/01/2007		110.549 / 110.549	-27.53% / -27.53%	1	5
11/20/2003	695360-QS-9	PADUCAH KY NEW PUB HSG AUTH	5.750%	03/01/2009		110.751 / 110.751	-27.49% / -27.49%	1	5
12/11/2003	128318-BH-4	CALCASIEU PARISH INC LA INDL DEV BRD POLLUTN CTL REV REF-GULF STATES UTILS	6.750%	10/01/2012	100.570 / 100.570	103.500 / 103.500	-27.49% / -27.49%	2	260
12/12/2003	128318-BH-4	CALCASIEU PARISH INC LA INDL DEV BRD POLLUTN CTL REV REF-GULF STATES UTILS	6.750%	10/01/2012		103.500 / 103.500	-27.49% / -27.49%	1	80
11/03/2003	311450-CS-7	FARMINGTON N MEX POLLUTN CTL REV REF-SOUTHN CALIF EDISON CO-A	5.875%	06/01/2023		104.250 / 104.250	-27.47% / -27.47%	1	25
11/21/2003	348154-LC-7	FORT MYERS FLA NEW PUB HSG AUTH	5.875%	03/01/2007		110.000 / 110.000	-27.38% / -27.38%	2	30
11/12/2003	167534-SK-3	CHICAGO ILL MET HSG DEV CORP MTG REV HSG-REF-FHA-SEC 8-A-AMBAC-TCRS	6.850%	07/01/2022		103.500 / 103.500	-27.38% / -27.38%	1	50
10/07/2003	649731-EC-6	NEW YORK N Y NEW PUB HSG AUTH	5.000%	01/01/2008		108.918 / 108.918	-27.37% / -27.37%	1	10
11/24/2003	237285-AA-9	DARLINGTON CNTY S C POLLUTION CTL REV ANNUAL TENDER-CAROLINA PWR<	6.600%	11/01/2010		104.500 / 104.500	-27.37% / -27.37%	1	10
12/18/2003	649868-YK-6	NEW YORK ST HSG FIN AGY REV CAP APPREC-HUD SEC 236-SER A	%	11/01/2013		60.000 / 60.000	-27.29% / -27.29%	1	25
10/02/2003	796846-AP-8	SAN BERNARDINO CNTY CALIF TRANSN AUTH SALES TAX REV SER A	6.000%	03/01/2010		114.990 / 114.990	-27.23% / -27.23%	1	15
10/20/2003	130623-BG-5	CALIFORNIA ST	4.875%	11/01/2008		102.500 / 102.500	-27.22% / -27.22%	2	60
12/17/2003	017292-CH-4	ALLEGHENY CNTY PA INDL DEV AUTH REV COLT INDS INC	7.250%	06/01/2008	98.284 / 98.284	102.500 / 102.500	-27.22% / -27.22%	3	15
12/18/2003	311457-EZ-4	FARMINGTON N MEX UTIL SYS REV PREREFUNDED	5.750%	05/15/2013		103.400 / 103.400	-27.21% / -27.21%	1	10
10/28/2003	45200L-CV-6	ILLINOIS HEALTH FACS AUTH REV REF-EVANGELICAL-A-FSA-CR	6.250%	04/15/2022	117.080 / 117.080	117.080 / 117.330	29.76% / -27.20%	3	90
12/19/2003	560523-R3-8	MAINE ST HSG AUTH MTG PUR SER A	5.550%	11/15/2014		104.500 / 104.500	-27.20% / -27.20%	1	15
12/12/2003	179423-AJ-7	CLAIBORNE CNTY MISS POLLUTION CTL REV REF-SYS ENERGY RESOURCES INC	7.300%	05/01/2025		102.500 / 102.500	-27.17% / -27.17%	1	20
10/03/2003	64988L-EE-1	NEW YORK ST MED CARE FACS FIN AGY REV UNREFUNDED BALANCE-SER A	7.300%	08/15/2011		102.500 / 102.500	-27.17% / -27.17%	1	10
10/03/2003	613058-BQ-8	MONTGOMERY ALA MED CLINIC BRD HEALTH CARE FAC REV UNREFUNDED BALANCE	7.375%	03/01/2006	100.940 / 100.940	102.500 / 102.500	-27.09% / -27.09%	4	80
12/17/2003	649881-6Z-7	NEW YORK ST MED CARE FACS FIN AGY REV LONG TERM-HEALTH CARE SER B	7.375%	11/01/2011		102.500 / 102.500	-27.09% / -27.09%	1	20
11/06/2003	649858-XB-8	NEW YORK ST HSG FIN AGY NON PROFIT HSG	6.000%	11/01/2012		103.500 / 103.500	-26.98% / -26.98%	1	10
10/23/2003	362828-DD-4	GAINESVILLE FLA NEW PUB HSG AUTH	5.250%	02/01/2007		109.041 / 109.041	-26.97% / -26.97%	3	150
10/16/2003	797300-GE-4	SAN DIEGO CALIF REDEV AGY TAXABLE-TAX ALLOC-CENTRE-SER A	6.500%	09/01/2008	101.179 / 101.179	102.450 / 102.450	-26.84% / -26.84%	4	200
10/17/2003	91755G-CB-4	UTAH ST HSG FIN AGY MUN FORWARDS-REF-MULTIFAM-FHA	7.400%	07/01/2024		103.500 / 103.500	-26.81% / -26.81%	1	55
12/11/2003	072228-AB-5	BAY CNTY FLA POLLUTN CTL REV INTL PAPER CO PROJ	6.125%	12/01/2006		102.370 / 102.370	-26.67% / -26.67%	1	5
10/30/2003	130534-UM-0	CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV ADJ-SOUTHERN CALIF EDISON	6.000%	07/01/2027		103.861 / 103.861	-26.64% / -26.64%	1	50
10/15/2003	649832-T3-6	NEW YORK ST DORM AUTH REVS INSD-UPSTATE CMNTY COLLEGES-A	5.750%	07/01/2022		102.500 / 102.500	-26.64% / -26.64%	3	45
12/05/2003	579703-AK-5	MC COOK ILL REV BRITISH HOME PJ	5.100%	12/01/2014		102.375 / 102.375	-26.57% / -26.57%	1	45
10/09/2003	649860-JL-8	NEW YORK ST HSG FIN AGY NON PROFIT HSG	6.200%	11/01/2006		103.000 / 103.000	-26.56% / -26.56%	1	10
11/03/2003	546395-KN-3	LOUISIANA PUB FACS AUTH HOSP REV REF-GENERAL HEALTH INC-SER A	6.500%	11/01/2014		102.875 / 102.875	-26.52% / -26.52%	1	125
12/30/2003	649657-FV-0	NEW YORK N Y PREREFUNDED-SER I	7.250%	08/15/2014	101.250 / 101.250	103.950 / 103.950	-26.50% / -26.50%	3	30
10/09/2003	644618-WW-6	NEW HAMPSHIRE HIGHER EDL & HEALTH FACS AUTH REV ELLIOT HOSP OF MANCHESTER	6.500%	10/01/2011		102.000 / 102.000	-26.50% / -26.50%	1	20
12/19/2003	933623-BK-5	WAMEGO KANS POLLUTN CTL REV REF-WESTERN RES INC PROJ	6.000%	02/01/2033	98.017 / 98.017	103.500 / 103.500	-26.50% / -26.50%	6	60
11/25/2003	649832-T3-6	NEW YORK ST DORM AUTH REVS INSD-UPSTATE CMNTY COLLEGES-A	5.750%	07/01/2022		103.250 / 103.250	-26.48% / -26.48%	1	20
12/04/2003	121895-BV-7	BURLINGTON N C PUB HSG ASSISTANCE CORP MTG REV REF-FHA-ALAMANCE PLAZA-SEC 8	6.750%	07/01/2024	99.872 / 99.872	102.400 / 102.400	-26.41% / -26.41%	3	60
10/20/2003	649868-YK-6	NEW YORK ST HSG FIN AGY REV CAP APPREC-HUD SEC 236-SER A	%	11/01/2013		59.500 / 59.500	-26.37% / -26.37%	3	335
10/28/2003	283803-FN-9	EL PASO TEX NEW PUB HSG AUTH	5.250%	07/01/2013	106.005 / 106.005	106.625 / 106.625	-26.30% / -26.30%	2	70
12/12/2003	687911-AJ-6	OSHKOSH WIS CENTRE UTIL REV REF	7.250%	01/01/2011		101.450 / 101.450	-26.30% / -26.30%	1	370
12/15/2003	687911-AJ-6	OSHKOSH WIS CENTRE UTIL REV REF	7.250%	01/01/2011		101.450 / 101.450	-26.30% / -26.30%	1	185
11/06/2003	658196-PH-7	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	5.500%	01/01/2017	97.315 / 99.074	100.000 / 102.200	5.37% / -26.29%	5	375
11/10/2003	434122-AB-3	HOBOKEN N J HSG FIN CORP MTG REV SECT 8-FHA-ELYSIAN ESTATES	11.500%	05/01/2024		107.500 / 107.500	-26.29% / -26.29%	2	40
12/23/2003	896029-G3-3	TRIBOROUGH BRDG & TUNL AUTH N Y REVS GENL PURP-SER A	4.750%	01/01/2012		101.678 / 101.678	-26.23% / -26.23%	1	10
10/02/2003	167534-RF-5	CHICAGO ILL MET HSG DEV CORP MTG REV HSG DEV-REF-FHA-SECT 8-SER A	6.800%	07/01/2017		103.400 / 103.400	-26.11% / -26.11%	2	1030
11/10/2003	68608R-CB-7	OREGON ST HSG & CMNTY SVCS DEPT MTG REV SINGLE FAMILY MTG PROG-SER B	6.875%	07/01/2028		103.500 / 103.500	-26.06% / -26.06%	1	10
11/07/2003	233543-ER-4	DADE CNTY FLA PUB FACS REV JACKSON MEM HOSP	5.250%	06/01/2023		103.000 / 103.000	-26.05% / -26.05%	1	25
10/03/2003	645780-CL-9	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV REF-MIDDLESEX WTR CO PJ-SER B	5.200%	10/01/2022		102.090 / 102.166	2.69% / -25.98%	3	270
12/19/2003	678586-KW-7	OKLAHOMA CITY OKLA NEW PUB HSG AUTH	5.750%	05/01/2011		113.500 / 113.500	-25.96% / -25.96%	2	70
12/01/2003	311450-AH-3	FARMINGTON N MEX POLLUTN CTL REV TUCSON GAS & ELEC CO SAN JUAN	6.100%	01/01/2008	98.550 / 98.550	102.500 / 102.500	-25.91% / -25.91%	5	75
10/07/2003	606682-BH-4	MITCHELL S D NEW PUB HSG AUTH	5.000%	06/01/2005		105.652 / 105.652	-25.91% / -25.91%	3	150
12/10/2003	837559-C9-2	SOUTH DAKOTA ST HEALTH & EDL FACS AUTH REV QUEEN OF PEACE HOSP ISSUE	6.700%	07/01/2017		103.375 / 103.375	-25.88% / -25.88%	3	30
12/17/2003	91755G-CB-4	UTAH ST HSG FIN AGY MUN FORWARDS-REF-MULTIFAM-FHA	7.400%	07/01/2024		100.860 / 100.860	-25.87% / -25.87%	2	110
11/21/2003	040625-WV-3	ARIZONA ST MUN FING PROG CTFS PARTN REF-SER 4	5.500%	08/01/2019		102.272 / 102.272	-25.85% / -25.85%	1	10
12/10/2003	843146-SM-4	SOUTHERN ILL UNIV REVS	6.750%	04/01/2007	106.000 / 106.000	110.500 / 110.500	-25.84% / -25.84%	4	60
10/23/2003	104236-BN-3	BRADFORD CNTY FLA INDL DEV REV REF-STARKE NURSING HOME PJ-A	8.750%	10/01/2013		105.060 / 105.060	-25.83% / -25.83%	1	10
10/10/2003	41524C-AL-8	HARRISON CNTY W VA CNTY COMMN SOLID WASTE DISP REV POTOMAC EDISON CO-B-AMBA	6.250%	05/01/2023		103.967 / 103.967	-25.74% / -25.74%	1	20
12/11/2003	755660-BZ-9	READINGTON-LEBANON N J SEW AUTH WASTEWTR REV	5.250%	01/01/2013	101.486 / 101.486	103.250 / 103.250	-25.73% / -25.73%	4	160
11/05/2003	658196-PH-7	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	5.500%	01/01/2017		102.250 / 102.250	-25.71% / -25.71%	1	490
11/07/2003	128318-BH-4	CALCASIEU PARISH INC LA INDL DEV BRD POLLUTN CTL REV REF-GULF STATES UTILS	6.750%	10/01/2012		103.365 / 103.365	-25.70% / -25.70%	1	25
11/05/2003	57585K-FH-6	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV UNREFUNDED BALANCE-SER D	6.500%	07/01/2022		103.250 / 103.250	-25.69% / -25.69%	3	750
10/30/2003	976904-FG-2	WISCONSIN HSG & ECONOMIC DEV AUTH HSG REV SER C	5.875%	11/01/2019	103.966 / 103.966	104.500 / 104.500	-25.66% / -25.66%	5	1505
12/02/2003	976904-FG-2	WISCONSIN HSG & ECONOMIC DEV AUTH HSG REV SER C	5.875%	11/01/2019		104.500 / 104.500	-25.66% / -25.66%	2	100
11/07/2003	621191-BS-3	MT DIABLO CALIF HOSP DIST REV INSD-SER A	5.125%	12/01/2023	101.788 / 101.788	104.160 / 104.160	-25.64% / -25.64%	5	2000
11/18/2003	658200-N2-2	NORTH CAROLINA HSG FIN AGY MULTIFAMILY REV	5.900%	07/01/2026		104.500 / 104.500	-25.64% / -25.64%	1	10
11/14/2003	64988H-AM-6	NEW YORK ST MED CARE FACS FIN AGY REV LONG TERM-HEALTH CARE-SER C	7.500%	11/01/2011		102.400 / 102.400	-25.62% / -25.62%	1	15
11/14/2003	544663-5H-6	LOS ANGELES CNTY CALIF CTFS PARTN MARINA DEL REY-SER A	6.500%	07/01/2008		106.000 / 106.000	-25.61% / -25.61%	1	30
11/05/2003	059229-AK-0	BALTIMORE MD PORT FACS REV CONS COAL SALES-B-ACRL 2/2/92	6.500%	10/01/2011		103.500 / 103.500	-25.60% / -25.60%	2	35
12/16/2003	609916-AH-4	MONONGALIA CNTY W VA POLLUTION CTL REV WEST PENN PWR CO-B-MBIA-IBC	5.950%	04/01/2013		104.500 / 104.500	-25.59% / -25.59%	2	20
11/24/2003	686077-BB-3	OREGON ST HSG FIN REV	5.800%	07/01/2009		103.000 / 103.000	-25.55% / -25.55%	3	15
12/08/2003	664843-VQ-9	NORTHERN CALIF PWR AGY PUB PWR REV UNREFUNDED BAL-3-A-MBIA IBC	5.000%	07/01/2009	101.500 / 101.500	102.375 / 102.375	-25.52% / -25.52%	4	570
12/01/2003	605354-CN-7	MISSISSIPPI HIGHER ED ASSISTANCE CORP STUDENT LN REV SER C	6.600%	01/01/2005		103.625 / 103.625	-25.51% / -25.51%	4	1000
12/29/2003	795747-K8-6	SALT RIVER PROJ ARIZ AGRIC IMPT & PWR DIST ELEC SYS REV SER C	5.000%	01/01/2025		103.000 / 103.000	-25.48% / -25.48%	1	5
10/27/2003	221144-AA-6	COSHOCTON CNTY OHIO SOLID WASTE DISP REV STONE CONTAINER CORP PROJ	7.875%	08/01/2013		104.654 / 104.654	-25.47% / -25.47%	1	5
10/28/2003	221144-AA-6	COSHOCTON CNTY OHIO SOLID WASTE DISP REV STONE CONTAINER CORP PROJ	7.875%	08/01/2013	102.000 / 102.000	103.000 / 104.654	-5.13% / -25.47%	6	205
12/09/2003	914113-VK-8	UNIVERSITY CALIF REVS REF-HOSP-UCLA MEDICAL CTR	5.250%	12/01/2008		104.430 / 104.430	-25.45% / -25.45%	2	30
11/14/2003	986600-AJ-3	YORK CNTY VA INDL DEV AUTH POLLUTN CTL REV AMOCO OIL CO PROJ	5.500%	02/15/2007		102.500 / 102.500	-25.42% / -25.42%	1	15
12/16/2003	646131-BH-4	NEW JERSEY ST TRAN CORP CAPITAL GRANT ANTIC NTS-SER B	5.500%	02/01/2011		102.500 / 102.500	-25.42% / -25.42%	1	25
12/22/2003	070129-AG-6	BASS BROOK MINN POLLUTION CTL REV REF-COLL-MINN PWR & LT CO PJ	6.000%	07/01/2022		103.375 / 103.375	-25.38% / -25.38%	2	50
10/31/2003	649892-GQ-3	NEW YORK ST PWR AUTH REV & GEN PURP	5.875%	01/01/2010	101.000 / 101.000	102.250 / 102.250	-25.31% / -25.31%	2	10
11/26/2003	649832-T3-6	NEW YORK ST DORM AUTH REVS INSD-UPSTATE CMNTY COLLEGES-A	5.750%	07/01/2022	99.340 / 99.340	101.340 / 103.250	0.62% / -25.21%	3	60
10/30/2003	64603R-CP-0	NEW JERSEY SPORTS & EXPOSITION AUTH ST CONTRACT SER-A-MBIA-IBC	5.375%	09/01/2015		103.310 / 103.310	-25.20% / -25.20%	1	30
10/14/2003	311450-CS-7	FARMINGTON N MEX POLLUTN CTL REV REF-SOUTHN CALIF EDISON CO-A	5.875%	06/01/2023	99.750 / 103.250	102.500 / 104.000	-0.76% / -25.19%	4	250
10/28/2003	68608R-BF-9	OREGON ST HSG & CMNTY SVCS DEPT MTG REV SINGLE FAMILY MTG PG-SER D	6.800%	07/01/2027		102.500 / 102.500	-25.18% / -25.18%	1	25
10/30/2003	186600-BV-3	CLEVELAND TEX HSG CORP MTG REV REF-FHA INSD-SEC 8 ASSISTED-C	7.375%	07/01/2024	101.450 / 101.450	102.450 / 102.450	-25.14% / -25.14%	2	20
12/08/2003	059229-AJ-3	BALTIMORE MD PORT FACS REV CONS COAL SALES-A-ACRL 2/2/92	6.500%	10/01/2011		104.500 / 104.500	-25.02% / -25.02%	2	30
11/14/2003	221144-AA-6	COSHOCTON CNTY OHIO SOLID WASTE DISP REV STONE CONTAINER CORP PROJ	7.875%	08/01/2013	99.650 / 99.650	103.930 / 103.930	-25.01% / -25.01%	3	35
10/09/2003	575851-XS-4	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV LAHEY CLINIC MED CTR-SER B	5.375%	07/01/2023	101.018 / 101.345	102.118 / 103.550	3.00% / -24.91%	7	1425
10/30/2003	593496-BY-7	MIAMI FLA SPORTS & EXHIB AUTH SPL OBLIG REF-SER A	6.150%	10/01/2020	102.775 / 102.775	103.350 / 103.350	-24.90% / -24.90%	4	2200
11/12/2003	373538-DC-8	GEORGIA ST HSG & FIN AUTH REV SINGLE FAMILY MTG-FHA-SER A	5.000%	12/01/2008		103.920 / 103.920	-24.90% / -24.90%	1	10
11/10/2003	649858-WW-3	NEW YORK ST HSG FIN AGY NON PROFIT HSG	6.600%	11/01/2008		107.000 / 107.000	-24.88% / -24.88%	2	10
12/05/2003	702845-BQ-0	PASSAIC VALLEY N J WTR COMMN WTR SUPPLY REV REF-SER A	5.000%	12/15/2022		103.742 / 103.742	-24.87% / -24.87%	1	60
11/05/2003	658196-PT-1	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER A-FGIC-TCRS	5.750%	01/01/2019		102.200 / 102.200	-24.77% / -24.77%	2	150
10/09/2003	575852-VP-0	MASSACHUSETTS ST HSG FIN AGY HSG PROJS SER A	6.375%	04/01/2021		104.000 / 104.000	-24.68% / -24.68%	1	20
12/01/2003	364070-AT-9	GALLUP N MEX POLLUTION CTL REV REF-PLAINS ELEC GENERATION	6.650%	08/15/2017		103.651 / 103.651	-24.67% / -24.67%	1	10
12/11/2003	730816-AF-2	POINTE COUPEE PARISH LA POLLUTN CTL REV REF-GULF STATES UTILS CO PROJ	6.700%	03/01/2013		103.375 / 103.375	-24.65% / -24.65%	1	10
10/22/2003	768029-EQ-9	RIVANNA WTR & SWR AUTH VA REGL WTR & SWR SYS REV REF	4.500%	10/01/2004	101.050 / 101.050	101.751 / 101.751	-24.64% / -24.64%	2	40
10/29/2003	677525-DV-6	OHIO ST AIR QUALITY DEV AUTH REV CLEVELAND ELEC ILLUM-COLLTZD C	7.000%	09/01/2009		102.381 / 102.381	-24.64% / -24.64%	1	5
12/09/2003	664754-QS-0	NORTHERN ARIZ UNIV REVS	5.500%	04/01/2007	109.950 / 109.950	109.950 / 109.950	-24.64% / -24.64%	8	200
12/09/2003	575910-7M-0	MASSACHUSETTS ST HSG FIN AGY HSG REV INSD-SER B	5.800%	12/01/2025		104.500 / 104.500	-24.63% / -24.63%	1	75
10/13/2003	575851-XS-4	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV LAHEY CLINIC MED CTR-SER B	5.375%	07/01/2023		103.750 / 103.750	-20.75% / -24.61%	2	80
10/15/2003	575851-XS-4	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV LAHEY CLINIC MED CTR-SER B	5.375%	07/01/2023		103.750 / 103.750	-24.61% / -24.61%	2	50
12/01/2003	606354-WL-8	MISSOURI ST HSG DEV COMMN MTG REV SINGLE FAM-GNMA MTG BKD SECS-A	6.750%	06/01/2024		103.375 / 103.375	-24.59% / -24.59%	1	5
11/26/2003	130628-YG-9	CALIFORNIA ST SER BN	5.450%	12/01/2028		103.000 / 103.000	-24.54% / -24.54%	1	25
10/02/2003	658196-PH-7	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	5.500%	01/01/2017		102.250 / 102.250	-24.52% / -24.52%	1	35
11/17/2003	643272-T8-0	NEW CASTLE CNTY DEL	5.500%	10/01/2007		104.375 / 104.375	-24.52% / -24.52%	1	75
12/03/2003	476575-FZ-3	JERSEY CITY N J WTR	5.000%	12/15/2015		103.190 / 103.190	-24.51% / -24.51%	1	20
10/08/2003	575851-JN-1	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV BETH ISRAEL HOSP-SER G	5.750%	07/01/2012		103.375 / 103.375	-24.49% / -24.49%	1	45
10/29/2003	86642P-AW-7	SUMNER CNTY TENN HEALTH EDL & HSG FACS BRD REV REF-FIRST MTG-HENDERSONVILLE	10.750%	05/01/2012		102.652 / 102.652	-24.47% / -24.47%	1	10
11/10/2003	977104-U3-0	WISCONSIN ST HEALTH & EDL FACS AUTH REV WAUKESHA MEM HOSP PROJ	6.000%	08/15/2021		103.300 / 103.300	-24.41% / -24.41%	3	90
11/21/2003	792082-BF-5	ST LUCIE CNTY FLA UTIL SYS REV REF	5.375%	10/01/2011		112.272 / 112.272	-24.40% / -24.40%	2	90
10/10/2003	104236-BN-3	BRADFORD CNTY FLA INDL DEV REV REF-STARKE NURSING HOME PJ-A	8.750%	10/01/2013		104.750 / 104.750	-24.38% / -24.38%	3	65
10/30/2003	924427-NN-3	VERNON CONN	6.000%	12/15/2010		103.800 / 103.800	-24.30% / -24.30%	3	45
10/14/2003	762211-UF-5	RHODE ISLAND HSG & MTG FIN CORP HOMEOWNERSHIP-9A-1-RMK-9/29/93	5.450%	04/01/2017		104.350 / 104.350	-24.27% / -24.27%	1	710
11/25/2003	31133M-AL-0	FARMINGTON MO INDL DEV AUTH REV CHILDRENS FNDTN OF MID-AMERICA	7.250%	03/15/2015	96.630 / 96.630	102.690 / 102.690	-24.19% / -24.19%	5	50
10/03/2003	91755G-CB-4	UTAH ST HSG FIN AGY MUN FORWARDS-REF-MULTIFAM-FHA	7.400%	07/01/2024		103.300 / 103.300	-24.15% / -24.15%	1	50
12/19/2003	165609-CZ-9	CHESTER CNTY PA NEW PUB HSG AUTH	5.250%	11/01/2010		112.500 / 112.500	-24.14% / -24.14%	1	10
12/19/2003	677659-CA-0	OHIO ST WTR DEV AUTH REV PREREFUNDED-PURE WTR	6.000%	12/01/2008		103.190 / 103.190	-24.14% / -24.14%	1	10
11/25/2003	649847-AC-4	NEW YORK ST ENERGY RESH & DEV AUTH SOLID WASTE DISP REV NY ST ELEC & GAS CO	5.700%	12/01/2028		102.268 / 104.360	1.60% / -24.13%	2	110
12/16/2003	79575D-FH-8	SALT RIVER PROJ ARIZ AGRIC IMPT & PWR DIST ELEC SYS REV REF-SALT RIVER PROJ	5.000%	01/01/2029	98.250 / 98.250	101.250 / 101.250	-24.10% / -24.10%	2	15
12/10/2003	237285-AA-9	DARLINGTON CNTY S C POLLUTION CTL REV ANNUAL TENDER-CAROLINA PWR<	6.600%	11/01/2010	104.200 / 104.200	104.300 / 104.300	-24.08% / -24.08%	2	1400
10/20/2003	445199-AH-5	HUMBOLDT CNTY NEV POLLUTN CTL REV REF-SIERRA PACIFIC PWR CO PJ-B	6.350%	08/01/2022		103.900 / 103.900	-24.06% / -24.06%	3	45
10/29/2003	222734-AF-2	COURTLAND ALA INDL DEV BRD SOLID WASTE DISP REV CHAMPION INTL CORP PROJ-SER	6.375%	03/01/2029		104.500 / 104.500	-24.04% / -24.04%	1	90
11/10/2003	181008-AL-7	CLARK CNTY NEV POLLUTN CTL REV REF-NEVADA PWR CO PROJ-SER B	6.600%	06/01/2019		103.500 / 103.500	-24.03% / -24.03%	1	10
12/08/2003	059195-KH-9	BALTIMORE MD CTFS PARTN UNREFUNDED BALANCE-SER A	5.250%	04/01/2016		104.314 / 104.314	-24.03% / -24.03%	1	15
12/17/2003	423745-FV-5	HEMPFIELD PA SCH DIST LANCASTER CNTY REF	7.200%	10/15/2009		108.500 / 108.500	-24.03% / -24.03%	1	25
10/28/2003	13068G-TQ-9	CALIFORNIA ST PUB WKS BRD LEASE REV DEPT CORR-CALIF ST PRISON-D	5.375%	06/01/2018		102.425 / 102.425	-24.02% / -24.02%	2	50
11/26/2003	392056-EX-1	GREATER KY HSG ASSISTANCE CORP MTG REV REF-FHA INSD-SEC 8 ASSTD-SER A	6.250%	07/01/2024	99.580 / 99.580	102.080 / 102.080	-23.81% / -23.81%	4	40
11/21/2003	544663-5H-6	LOS ANGELES CNTY CALIF CTFS PARTN MARINA DEL REY-SER A	6.500%	07/01/2008	100.730 / 100.730	105.125 / 105.125	-23.80% / -23.80%	4	40
12/11/2003	575910-7L-2	MASSACHUSETTS ST HSG FIN AGY HSG REV INSD-SER B	5.700%	12/01/2014		104.500 / 104.500	-23.70% / -23.70%	1	100
12/24/2003	507755-BJ-4	LAKE CHARLES LA NON PROFIT HSG DEV CORP SEC 8 AST 1ST MTG REV REF-CHATEAU P	7.875%	02/15/2025		102.750 / 102.750	-23.70% / -23.70%	1	30
10/28/2003	720175-DC-9	PIEDMONT MUN PWR AGY S C ELEC REV REF-SER A	5.750%	01/01/2024	97.655 / 97.655	101.000 / 102.292	-1.27% / -23.69%	6	240
11/04/2003	585213-AB-7	MEIGS CNTY OHIO INDL DEV REV GNMA COLL-FHA-MEIGS CONVALESCE	8.250%	12/01/2016	99.000 / 99.000	102.500 / 102.500	-23.66% / -23.66%	4	260
10/30/2003	664652-CZ-5	NORTHEASTERN SUSQUEHANNA CNTY PA SCH AUTH SCH REV	6.300%	11/15/2007		110.569 / 110.569	-23.64% / -23.64%	1	10
12/15/2003	246006-AQ-3	DELAWARE CNTY PA AUTH HOSP REV CROZER-CHESTER MED CTR	7.250%	12/15/2010	117.016 / 117.016	117.166 / 117.166	-23.60% / -23.60%	2	240
10/17/2003	167684-LE-7	CHICAGO ILL SCH FIN AUTH REF-SER A	6.250%	06/01/2009	101.711 / 101.711	102.711 / 102.711	-23.57% / -23.57%	3	40
12/04/2003	165323-CY-0	CHESAPEAKE VA CTFS PARTN	5.400%	07/01/2005	100.000 / 100.000	103.100 / 103.100	-23.56% / -23.56%	4	600
10/09/2003	720175-LG-1	PIEDMONT MUN PWR AGY S C ELEC REV REF-SER A	6.600%	01/01/2021		101.500 / 102.000	-15.23% / -23.55%	12	2010
12/23/2003	745160-FX-4	PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV	6.000%	07/01/2004		102.515 / 102.515	-23.49% / -23.49%	1	10
12/18/2003	786004-HX-2	SACRAMENTO CALIF MUN UTIL DIST ELEC REV WHITE ROCK PROJ	6.800%	05/01/2010		110.170 / 110.170	-23.47% / -23.47%	1	50
12/24/2003	130534-UZ-1	CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV GEN MOTORS CORP-ACCRL 10/1	5.500%	04/01/2008		102.000 / 102.000	-23.47% / -23.47%	2	50
11/20/2003	64988J-DF-4	NEW YORK ST MED CARE FACS FIN AGY REV FHA-MTG-ST LUKES-ROOSEVELT-A	5.600%	08/15/2013		104.375 / 104.375	-23.47% / -23.47%	3	60
11/19/2003	605354-DF-3	MISSISSIPPI HIGHER ED ASSISTANCE CORP STUDENT LN REV SR-SER B	5.800%	09/01/2006		103.375 / 103.375	-23.37% / -23.37%	3	40
11/06/2003	574216-FG-7	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV PJ & REF-SINAI HOSP BALTIMORE	5.250%	07/01/2019		100.286 / 102.138	1.26% / -23.33%	3	60
10/02/2003	842475-ST-3	SOUTHERN CALIF PUB PWR AUTH PWR PROJ REV UNREFUNDED BALANCE	7.000%	07/01/2009		102.100 / 102.100	-23.30% / -23.30%	1	10
11/04/2003	311450-CS-7	FARMINGTON N MEX POLLUTN CTL REV REF-SOUTHN CALIF EDISON CO-A	5.875%	06/01/2023	100.800 / 100.800	103.550 / 106.355	-13.95% / -23.30%	7	180
12/12/2003	241627-AK-4	DE SOTO PARISH LA POLLUTN CTL REV REF-SOUTHWSTRN ELEC PWR CO PJ	7.600%	01/01/2019	103.250 / 103.250	103.250 / 103.250	-23.28% / -23.28%	2	400
11/24/2003	575852-VR-6	MASSACHUSETTS ST HSG FIN AGY HSG PROJS SER A	6.300%	10/01/2013		104.250 / 104.250	-23.24% / -23.24%	1	20
11/24/2003	976904-CU-4	WISCONSIN HSG & ECONOMIC DEV AUTH HSG REV SER A	6.850%	11/01/2012		102.875 / 102.875	-23.20% / -23.20%	1	20
12/04/2003	311450-CS-7	FARMINGTON N MEX POLLUTN CTL REV REF-SOUTHN CALIF EDISON CO-A	5.875%	06/01/2023		104.125 / 104.125	-23.18% / -23.18%	2	30
10/30/2003	658196-KL-3	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER A	5.750%	01/01/2019	100.500 / 100.500	102.250 / 102.250	-23.16% / -23.16%	2	50
12/23/2003	021433-DK-0	ALTAMONTE SPRINGS FLA HEALTH FACS AUTH HOSP REV ADVENTIST HLTH/SUNBELT-SER	5.375%	11/15/2023		104.000 / 104.000	-23.16% / -23.16%	1	30
12/09/2003	245902-AD-3	DELAWARE CNTY PA AUTH HEALTH CARE REV MERCY HLTH CORP SOUTHEASTN-A	5.375%	11/15/2023		104.250 / 104.250	-23.11% / -23.11%	1	10
10/24/2003	820794-AJ-4	SHAWNEE ST UNIV OHIO GEN RCPTS SER A	7.100%	06/01/2009		102.800 / 102.800	-23.08% / -23.08%	3	45
11/07/2003	649892-GQ-3	NEW YORK ST PWR AUTH REV & GEN PURP	5.875%	01/01/2010	109.500 / 109.500	102.000 / 102.000	-23.07% / -23.07%	3	165
12/22/2003	64579C-TU-4	NEW JERSEY HEALTH CARE FACS FING AUTH REV ALLEGANY HLTH-OUR LDY LOURDES	5.200%	07/01/2018		104.146 / 104.146	-23.05% / -23.05%	1	10
10/06/2003	59465C-Q2-6	MICHIGAN ST HOSP FIN AUTH REV REF-OAKWOOD HOSP OBLIG GROUP-A	5.625%	11/01/2018	102.186 / 102.186	102.186 / 104.008	2.47% / -23.01%	3	95
11/28/2003	074876-DV-2	BEAVER CNTY PA INDL DEV AUTH POLLUTN CTL REV REF-OHIO EDISON CO-MANSFIELD-A	5.450%	09/15/2033		104.500 / 104.500	-22.99% / -22.99%	1	25
11/07/2003	266795-NX-7	DURHAM N C NEW PUB HSG AUTH	5.000%	02/01/2011	105.008 / 105.008	107.508 / 107.508	-22.99% / -22.99%	2	100
10/21/2003	786004-LX-7	SACRAMENTO CALIF MUN UTIL DIST ELEC REV	5.300%	07/01/2012		110.825 / 110.825	-22.95% / -22.95%	2	10
11/17/2003	109871-DS-9	BRISTOL CONN NEW PUB HSG AUTH	4.500%	07/01/2006		107.393 / 107.393	-22.88% / -22.88%	1	15
10/29/2003	439714-AC-0	HOPEWELL VA INDL DEV AUTH RES RECOVERY REV REF-STONE CONTAINER CORP PROJ	8.250%	06/01/2016		104.375 / 104.375	-22.83% / -22.83%	2	45
12/05/2003	575910-7M-0	MASSACHUSETTS ST HSG FIN AGY HSG REV INSD-SER B	5.800%	12/01/2025		103.500 / 103.500	-14.90% / -22.81%	3	500
10/03/2003	649845-CZ-5	NEW YORK ST ENERGY RESH & DEV AUTH POLLUTN CTL REV REF-ROCHESTER GAS & ELEC	6.350%	05/15/2032		103.200 / 103.200	-22.77% / -22.77%	3	355
12/02/2003	786134-AM-8	SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV	4.900%	12/01/2005		104.100 / 104.100	-22.77% / -22.77%	4	150
12/09/2003	79039M-AM-2	ST JOHNS CNTY FLA INDL DEV AUTH HOSP REV FLAGLER HOSP PROJ	6.000%	08/01/2022		103.000 / 103.000	-19.58% / -22.73%	5	260
10/08/2003	451888-CF-6	ILLINOIS DEV FIN AUTH POLLUTN CTL REV ADJ-REF-CENT ILL-B-2-MBIA-IBC	5.900%	06/01/2028	102.527 / 102.527	103.051 / 103.751	-9.34% / -22.68%	7	2975
11/07/2003	311450-CS-7	FARMINGTON N MEX POLLUTN CTL REV REF-SOUTHN CALIF EDISON CO-A	5.875%	06/01/2023	101.000 / 101.000	104.000 / 104.000	-22.64% / -22.64%	5	100
11/26/2003	976904-FG-2	WISCONSIN HSG & ECONOMIC DEV AUTH HSG REV SER C	5.875%	11/01/2019		104.000 / 104.000	-22.64% / -22.64%	1	25
12/24/2003	649850-4P-6	NEW YORK ST ENVIRONMENTAL FACS CORP POLLUTN CTL REV UNREFUNDED BAL-ST WTR-R	6.875%	06/15/2016		116.798 / 116.798	-22.64% / -22.64%	2	100
11/19/2003	052474-TG-8	AUSTIN TEX UTIL SYS REV UNREFUNDED BAL-REF	5.250%	05/15/2018	99.183 / 99.183	102.000 / 102.000	-22.59% / -22.59%	4	175
11/17/2003	688031-CF-8	OSCEOLA CNTY FLA TRANSN REV OSCEOLA PKWY PROJ	6.100%	04/01/2017		103.250 / 103.250	-22.58% / -22.58%	4	160
12/05/2003	224626-AA-9	CRAVEN CNTY N C INDL FACS & POLLUTN CTL FING AUTH POLLUTN CTL REV REF-WEYER	6.350%	01/01/2010		103.100 / 103.100	-22.57% / -22.57%	2	140
11/24/2003	649868-YG-5	NEW YORK ST HSG FIN AGY REV CAP APPREC-HUD SEC 236-SER A	%	11/01/2010		71.000 / 71.000	-22.56% / -22.56%	1	15
12/23/2003	59465C-G4-3	MICHIGAN ST HOSP FIN AUTH REV REF-HOSP-ST JOHN HOSP-SER A	6.000%	05/15/2008		104.000 / 104.000	-22.51% / -22.51%	1	20
12/12/2003	649653-GL-0	NEW YORK N Y SER A	7.300%	03/15/2006		107.815 / 107.815	-22.49% / -22.49%	2	20
12/09/2003	658546-KU-9	NORTH CENT TEX HEALTH FAC DEV CORP REV HOSP-PRESBYTERIAN HLTHCARE	6.000%	06/01/2013	111.750 / 111.750	114.963 / 114.963	-22.47% / -22.47%	4	60
11/24/2003	658546-NG-7	NORTH CENT TEX HEALTH FAC DEV CORP REV REF-HOSP-CHILDRENS MED CTR PJ	6.000%	08/15/2016		102.375 / 102.375	-22.39% / -22.39%	1	15
12/02/2003	047771-Y5-3	ATLANTA GA	5.500%	12/01/2009	103.050 / 103.050	104.200 / 104.200	-22.37% / -22.37%	2	100
10/16/2003	651673-DG-7	NEWNAN GA NEW PUB HSG AUTH	5.625%	03/01/2009		111.066 / 111.066	-22.37% / -22.37%	2	60
11/20/2003	130534-VA-5	CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV PACIFIC GAS & ELEC CO-SER	6.350%	12/01/2023		102.490 / 102.490	-22.36% / -22.36%	2	20
11/07/2003	839614-AL-8	SOUTH RANGE LOC SCH DIST OHIO	6.150%	12/01/2018	102.010 / 102.010	104.000 / 104.000	-22.36% / -22.36%	5	100
12/02/2003	476575-FZ-3	JERSEY CITY N J WTR	5.000%	12/15/2015		103.190 / 103.190	-22.35% / -22.35%	1	20
12/19/2003	646131-BH-4	NEW JERSEY ST TRAN CORP CAPITAL GRANT ANTIC NTS-SER B	5.500%	02/01/2011		102.000 / 102.000	-22.32% / -22.32%	1	210
10/06/2003	649845-CZ-5	NEW YORK ST ENERGY RESH & DEV AUTH POLLUTN CTL REV REF-ROCHESTER GAS & ELEC	6.350%	05/15/2032		103.250 / 103.250	-22.32% / -22.32%	1	200
12/15/2003	574057-AQ-8	MARYLAND ENVIRONMENTAL SVC CTFS PARTN WTR & WASTEWTR FACS-SER A	6.700%	06/01/2011		102.260 / 102.260	-22.30% / -22.30%	2	20
10/03/2003	454797-RQ-6	INDIANA HEALTH FAC FING AUTH HOSP REV CMNTY HOSP OF ANDERSON PROJ	6.000%	01/01/2014		103.400 / 103.400	-22.28% / -22.28%	2	20
12/03/2003	641270-BG-7	NEVADA HSG DIV SECT 8 ASSISTED INSD MTG REV	6.000%	02/15/2018		105.698 / 105.823	-22.28% / -22.28%	22	1580
12/02/2003	068566-BP-2	BARRINGTON ILL PUB LIBR DIST	4.200%	12/30/2005	101.050 / 101.050	102.050 / 102.050	-22.28% / -22.28%	2	200
11/05/2003	128318-BH-4	CALCASIEU PARISH INC LA INDL DEV BRD POLLUTN CTL REV REF-GULF STATES UTILS	6.750%	10/01/2012