Negative Yields for 2004/Q1

Home

Negative Yields for 2004/Q1

Below are the 2,731 negative yield markets that we've uncovered for the first quarter of 2004. Extrapolating from the first quarter numbers, the Muni Markets are on track for almost 11,000 negative yield markets for 2004. 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
2002/full year - 1,681
2001/full year - 779
2000/full year - 512

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?

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)
02/11/2004	649832-EV-0	NEW YORK ST DORM AUTH REVS REF-ST UNIV EDL FACS-SER B	6.000%	05/15/2017		102.500 / 102.500	-29.97% / -29.97%	2	70
01/09/2004	649827-S7-8	NEW YORK ST DORM AUTH REVS CITY UNIV CMNTY COLLEGE	7.400%	07/01/2004		102.716 / 102.716	-29.94% / -29.94%	1	40
03/25/2004	805777-GJ-2	SAYRE PA HEALTH CARE FACS AUTH REV HOSP-VHA PA/VHA EAST FING PG-B	6.375%	07/01/2022		103.650 / 103.650	-29.88% / -29.88%	1	10
02/03/2004	721421-AZ-8	PILCHUCK DEV PUB CORP WASH REV SPL FACS ARPT-TRAMCO INC PROJ	6.000%	08/01/2023	98.300 / 100.000	102.375 / 102.625	0.95% / -29.85%	9	540
02/10/2004	355734-AF-1	FREDERICK CNTY VA INDL DEV AUTH REV VAR-REF-HWA ENTERPRISES	%	09/01/2011		100.000 / 100.500	-29.85% / -29.85%	2	180
03/15/2004	794103-BH-3	SALEM CNTY N J INDL POLLUTN CTL FING AUTH REV POLLTN CTL-PUBLIC SVC E & G-A	5.450%	02/01/2032		104.407 / 104.807	-24.96% / -29.85%	2	70
02/09/2004	295433-AG-1	ERIE PA HIGHER ED BLDG AUTH COLLEGE REV GANNON UNIV PROJ	7.375%	06/01/2008		111.740 / 111.740	-29.84% / -29.84%	1	10
02/11/2004	86134B-AR-4	STOCKTON CALIF HSG FAC REV REF-GNMA-OCONNOR WOODS PROJ-A	5.800%	03/20/2028		104.500 / 104.500	-29.83% / -29.83%	1	50
02/02/2004	958519-TQ-3	WESTERN KY UNIV REVS	5.600%	12/01/2005	101.000 / 101.000	103.688 / 103.688	-29.80% / -29.80%	4	60
02/19/2004	987677-EB-3	YOUNGSTOWN OHIO NEW PUB HSG AUTH	5.000%	05/01/2007	105.450 / 105.450	108.000 / 108.000	-29.76% / -29.76%	5	100
01/21/2004	130622-AV-5	CALIFORNIA ST	4.800%	11/01/2004	100.794 / 100.794	102.494 / 102.494	-29.76% / -29.76%	2	10
03/24/2004	400653-CC-3	GUAM PWR AUTH REV SER A-AMBAC-TCRS	5.250%	10/01/2023		104.360 / 104.363	-26.95% / -29.76%	2	50
02/03/2004	645780-CK-1	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV REF-NJ AMERN WTR CO-A-MBIA-IBC	5.350%	06/01/2023		104.290 / 104.790	-23.63% / -29.75%	2	35
03/23/2004	645780-CN-5	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV REF-MIDDLESEX WTR CO PJ-A	5.250%	02/01/2029		104.258 / 104.258	-29.75% / -29.75%	1	10
01/09/2004	606072-DB-9	MISSOURI HIGHER ED LN AUTH STUDENT LN REV SUB-SER F	6.750%	02/15/2009	105.350 / 105.350	105.350 / 105.350	-29.73% / -29.73%	2	170
02/26/2004	594553-HJ-1	MICHIGAN MUN BD AUTH REV INSD-LOC GOVT LN-C-REV SHARE-B	7.200%	11/01/2020	100.370 / 100.370	102.570 / 102.570	-29.66% / -29.66%	4	20
01/06/2004	646131-BH-4	NEW JERSEY ST TRAN CORP CAPITAL GRANT ANTIC NTS-SER B	5.500%	02/01/2011	100.236 / 100.236	102.750 / 102.750	-29.66% / -29.66%	4	500
03/18/2004	476646-GS-7	JERSEY CITY N J SEW AUTH SWR REV REF	4.500%	01/01/2019	99.652 / 99.652	102.560 / 102.560	-29.62% / -29.62%	2	180
02/05/2004	45200K-BA-5	ILLINOIS HEALTH FACS AUTH REV CENT DUPAGE HLTH-WYNDEMERE RET	6.750%	11/01/2022		104.000 / 104.000	-29.59% / -29.59%	1	15
02/06/2004	64579C-NZ-9	NEW JERSEY HEALTH CARE FACS FING AUTH REV DEBORAH HEART & LUNG CTR	6.300%	07/01/2023		104.000 / 104.000	-29.58% / -29.58%	1	5
02/18/2004	454402-BB-3	INDIAN RIVER CNTY FLA CAP IMPT REV	8.750%	10/01/2006		117.460 / 117.460	-29.57% / -29.57%	1	25
01/14/2004	397090-DJ-7	GREENWOOD CNTY S C HOSP REV SELF MEM HOSP	5.875%	10/01/2017		104.500 / 104.500	-29.54% / -29.54%	1	10
02/11/2004	79771P-QG-3	SAN FRANCISCO CALIF CITY & CNTY REDEV FING AUTH TAX ALLOCATION REV REF-REDE	4.500%	08/01/2012		104.289 / 104.289	-29.48% / -29.48%	1	10
03/17/2004	452010-P4-7	ILLINOIS HSG DEV AUTH MULTI-FAMILY PROG-SER 3	6.200%	09/01/2023		104.625 / 104.625	-29.45% / -29.45%	3	45
03/09/2004	64577M-SV-3	NEW JERSEY ECONOMIC DEV AUTH ECONOMIC DEV REV GREATER N Y COUNCILS BOY SCTS	5.450%	09/01/2023		104.500 / 104.500	-29.41% / -29.41%	9	500
01/20/2004	160900-GP-5	CHARLESTON CNTY S C HOSP FACS REV REF & IMPT-MED SOCIETY HLTH PJ	5.500%	10/01/2019	99.290 / 101.000	101.290 / 103.750	3.58% / -29.38%	5	105
03/08/2004	13068G-NG-7	CALIFORNIA ST PUB WKS BRD LEASE REV DEPT CORRCTN-CALIF ST PRISON-B	5.375%	12/01/2019		104.756 / 104.756	-29.31% / -29.31%	2	200
01/16/2004	572287-AP-5	MARSHALL CNTY W VA POLLUTN CTL REV OHIO PWR PROJ-SER D	5.900%	04/01/2022		103.960 / 103.960	-29.30% / -29.30%	1	15
01/15/2004	677525-HA-8	OHIO ST AIR QUALITY DEV AUTH REV ADJ-COLUMBUS & SOUTHN OHIO-A	6.375%	12/01/2020		103.500 / 103.500	-29.29% / -29.29%	1	25
02/11/2004	035881-EJ-6	ANNE ARUNDEL CNTY MD REF-CONS WTR & SWR	5.750%	07/15/2009	100.400 / 100.400	100.500 / 100.500	-29.29% / -29.29%	2	170
02/24/2004	544389-UU-1	LOS ANGELES CALIF CMNTY REDEV AGY REF-TAX ALLOC-BUNKER HILL-H	5.625%	12/01/2023		104.875 / 104.875	-29.22% / -29.22%	4	60
03/03/2004	238260-EP-4	DAUPHIN CNTY PA HOSP AUTH REV POLYCLINIC MED CTR PROJ	5.400%	08/15/2013		102.500 / 102.500	-29.19% / -29.19%	1	175
03/08/2004	64971S-AS-8	NEW YORK N Y CITY INDL DEV AGY SPL FAC REV TERMINAL ONE GROUP ASSN PROJ	6.000%	01/01/2019		104.500 / 104.800	-25.53% / -29.19%	2	50
02/03/2004	957367-AS-4	WESTCHESTER CNTY N Y INDL DEV AGY ARPT FAC REV WESTCHESTER ARPT ASSOC-SER A	5.950%	08/01/2024	97.625 / 101.000	99.800 / 102.750	5.97% / -29.18%	8	300
03/29/2004	821515-DZ-3	SHELBY CNTY ALA WTS-SER A	7.000%	08/01/2015		113.482 / 113.482	-29.17% / -29.17%	1	30
01/06/2004	353182-DU-9	FRANKLIN CNTY OHIO HEALTH SYS REV EXTRAS-SER B	5.400%	07/01/2023		101.990 / 101.990	-29.14% / -29.14%	1	5
02/20/2004	649858-KM-8	NEW YORK ST HSG FIN AGY NON PROFIT HSG	5.200%	11/01/2009	101.000 / 101.000	103.500 / 103.500	-29.13% / -29.13%	2	20
01/27/2004	933623-BK-5	WAMEGO KANS POLLUTN CTL REV REF-WESTERN RES INC PROJ	6.000%	02/01/2033	100.681 / 100.681	102.750 / 102.750	-29.12% / -29.12%	4	100
02/04/2004	658196-RG-7	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B-FSA-CR	5.500%	01/01/2021	98.860 / 100.030	100.360 / 102.500	4.54% / -29.08%	7	150
02/18/2004	658196-PH-7	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	5.500%	01/01/2017	96.660 / 99.000	99.990 / 102.500	5.50% / -29.08%	7	100
03/03/2004	658196-PH-7	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	5.500%	01/01/2017	98.302 / 100.039	102.500 / 102.500	-29.08% / -29.08%	8	145
03/11/2004	658196-PH-7	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	5.500%	01/01/2017	98.089 / 98.089	100.300 / 102.500	1.85% / -29.08%	8	115
03/03/2004	494787-BB-9	KING CNTY WASH PUB HOSP DIST NO 001 HOSP FACS REV VALLEY MED CTR	5.500%	09/01/2017		102.500 / 102.500	-29.08% / -29.08%	3	75
01/13/2004	791305-KC-8	ST LOUIS CNTY MO INDL DEV AUTH INDL REV REF-DRURY DEV CORP PROJ	6.250%	10/01/2012		103.370 / 103.370	-29.07% / -29.07%	1	10
02/27/2004	618533-SJ-3	MORRISTOWN N J	5.300%	03/01/2021		103.400 / 103.400	-29.05% / -29.05%	1	25
03/11/2004	594665-AF-8	MICHIGAN ST JOB DEV AUTH POLLUTION CTL REV GEN MOTORS CORP-ACCRL 10/1/93	5.550%	04/01/2009		102.500 / 102.500	-27.71% / -29.03%	2	20
02/09/2004	790623-BH-4	ST JOSEPH HOSP JACKSON CNTY MO REV	7.500%	06/01/2010	110.260 / 110.260	112.260 / 112.260	-29.01% / -29.01%	2	10
01/28/2004	955232-BN-2	WEST PATTERSON CALIF FING AUTH SPL TAX CMNTY FACS DIST NO 2001-1-A	6.800%	09/01/2036		105.117 / 105.117	-29.00% / -29.00%	1	25
01/29/2004	955232-BN-2	WEST PATTERSON CALIF FING AUTH SPL TAX CMNTY FACS DIST NO 2001-1-A	6.800%	09/01/2036		105.117 / 105.117	-29.00% / -29.00%	1	135
02/27/2004	940797-AG-8	WASHOE CNTY NEV GAS & WTR FACS REV REF-SIERRA PACIFIC PWR CO PJ-B	5.900%	06/01/2023	103.762 / 103.762	104.462 / 104.462	-28.99% / -28.99%	4	160
03/12/2004	130623-BR-1	CALIFORNIA ST	5.600%	06/01/2008	100.600 / 100.600	102.500 / 102.500	-28.98% / -28.98%	2	40
01/20/2004	649868-XP-6	NEW YORK ST HSG FIN AGY REV MULTIFAM HSG-SECD MTG PG-SER A	5.950%	08/15/2024	101.133 / 101.133	103.750 / 103.750	-28.90% / -28.90%	4	60
02/25/2004	649832-WK-4	NEW YORK ST DORM AUTH REVS FHA INSD MTG-HERITAGE HSE	7.000%	08/01/2031	99.000 / 99.000	102.500 / 102.500	-28.90% / -28.90%	4	20
03/26/2004	183239-AN-2	CLAY CNTY FLA DEV AUTH HEALTH CARE FACS REV FIRST MTG-PENNEY RETIREMENT-A	7.000%	06/01/2018		102.500 / 102.500	-28.90% / -28.90%	1	5
03/02/2004	373590-KQ-0	GEORGIA ST RESIDENTIAL FIN AUTH SINGLE FAMILY INSD MTG FHA INSD VA GTD-B-SU	8.000%	12/01/2016	99.686 / 99.686	102.900 / 102.900	-28.85% / -28.85%	4	20
03/02/2004	684503-J7-1	ORANGE CNTY FLA HEALTH FACS AUTH REV UNREFUNDED BALANCE-SER A	6.000%	11/01/2024		103.850 / 104.000	-28.85% / -28.85%	4	340
01/12/2004	684545-ML-7	ORANGE CNTY FLA TOURIST DEV TAX REV PREREFUNDED-SER A	6.250%	10/01/2013		103.875 / 103.875	-28.84% / -28.84%	1	85
03/04/2004	745290-DX-1	PUERTO RICO PORTS AUTH REV SER D	7.000%	07/01/2014	100.000 / 100.000	102.600 / 102.600	-28.82% / -28.82%	2	140
02/05/2004	511678-LT-9	LAKELAND FLA ELEC & WTR REV	5.750%	10/01/2019	101.000 / 101.000	102.500 / 102.500	-28.82% / -28.82%	2	100
03/17/2004	410632-AP-8	HANNIBAL MO INDL DEV AUTH HEALTH FACS REV HANNIBAL REGL HOSP-SER A	5.750%	03/01/2016		102.500 / 102.500	-28.82% / -28.82%	1	25
03/24/2004	160900-GP-5	CHARLESTON CNTY S C HOSP FACS REV REF & IMPT-MED SOCIETY HLTH PJ	5.500%	10/01/2019		103.500 / 103.500	-28.81% / -28.81%	1	30
01/07/2004	928129-8H-1	VIRGINIA ST HSG DEV AUTH COMWLTH MTG AMT-SER G	5.250%	07/01/2010		104.500 / 104.500	-28.80% / -28.80%	1	25
02/17/2004	988321-BX-2	YUBA CNTY CALIF WTR AGY REV	4.000%	03/01/2016		101.500 / 101.500	-28.79% / -28.79%	3	155
02/25/2004	735664-BG-8	PORTAGE CNTY OHIO HOSP REV	6.700%	12/01/2007		109.685 / 109.685	-28.77% / -28.77%	1	5
01/13/2004	786744-FR-8	SAGINAW MICH HOSP FIN AUTH HOSP REV REF SER C-ST LUKES HOSP	6.000%	07/01/2021		102.720 / 102.720	-28.75% / -28.75%	3	45
01/21/2004	786004-RD-5	SACRAMENTO CALIF MUN UTIL DIST ELEC REV	6.800%	10/01/2019	118.600 / 118.600	120.000 / 120.000	-28.75% / -28.75%	2	50
03/03/2004	649706-JA-7	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER B	5.750%	06/15/2013		109.750 / 110.500	-19.98% / -28.75%	4	90
03/11/2004	45200K-5G-9	ILLINOIS HEALTH FACS AUTH REV SERVANTCOR PJ-SER A	6.000%	08/15/2012	113.599 / 113.599	118.633 / 118.633	-28.69% / -28.69%	4	170
03/30/2004	978360-AS-4	WOOD CNTY W VA INDL DEV REV GLP PARKERSBURG ASSC KROGER CO	8.500%	11/01/2006	99.850 / 99.850	103.151 / 103.151	-28.69% / -28.69%	4	20
01/26/2004	940797-AG-8	WASHOE CNTY NEV GAS & WTR FACS REV REF-SIERRA PACIFIC PWR CO PJ-B	5.900%	06/01/2023		104.750 / 104.750	-28.68% / -28.68%	2	210
01/30/2004	958519-TQ-3	WESTERN KY UNIV REVS	5.600%	12/01/2005	101.200 / 101.200	103.700 / 103.700	-28.66% / -28.66%	4	40
01/27/2004	022015-DC-2	ALTOONA PA NEW PUB HSG AUTH	5.375%	05/01/2009	109.430 / 109.430	110.430 / 110.430	-28.57% / -28.57%	3	75
03/12/2004	649832-MF-6	NEW YORK ST DORM AUTH REVS REF-ST UNIV EDL FACS-B-MBIAIBC	6.000%	05/15/2017	100.855 / 100.855	102.500 / 102.500	-28.55% / -28.55%	4	100
03/12/2004	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	102.000 / 102.000	104.000 / 104.000	-21.80% / -28.55%	4	160
03/04/2004	646030-GK-6	NEW JERSEY SPORTS & EXPOSITION AUTH SPORTS COMPLEX REF-SER A	5.125%	01/01/2016		103.250 / 103.250	-28.53% / -28.53%	2	100
03/04/2004	718903-GV-3	PHOENIX ARIZ INDL DEV AUTH MULTIFAMILY HSG REV REF-GNMA COLL-MEADOW GLEN AP	5.800%	09/20/2028		103.500 / 103.500	-28.49% / -28.49%	1	25
03/08/2004	015333-AS-6	ALEXANDRIA VA REDEV & HSG AUTH RESIDENTIAL CARE FAC REV FIRST MTG-GOODWIN H	6.600%	10/01/2026		102.750 / 102.750	-28.49% / -28.49%	2	20
03/22/2004	393500-DW-0	GREEN TRAILS TEX MUN UTIL DIST REF-SER B	6.600%	04/01/2005	100.500 / 100.500	100.900 / 102.750	5.67% / -28.48%	6	500
02/03/2004	594553-RS-0	MICHIGAN MUN BD AUTH REV REF-LOC GOVT-QUALIFIED SCH-A	6.400%	05/01/2006		103.750 / 103.750	-28.43% / -28.43%	1	35
03/15/2004	45200K-5G-9	ILLINOIS HEALTH FACS AUTH REV SERVANTCOR PJ-SER A	6.000%	08/15/2012		118.223 / 118.223	-28.40% / -28.40%	2	50
03/31/2004	64988J-DU-1	NEW YORK ST MED CARE FACS FIN AGY REV STLUKES ROOSEVELT-CAPMAC-ITC-A	5.700%	02/15/2029	102.250 / 102.250	104.500 / 104.500	-28.33% / -28.33%	2	50
03/24/2004	419817-AT-8	HAWAII ST HSG FIN & DEV CORP REV RENTAL HSG SYS-SER A	5.600%	07/01/2012		103.585 / 103.585	-16.25% / -28.32%	3	35
01/09/2004	68304E-BQ-1	ONTARIO CALIF REDEV FING AUTH REV ONTARIO REDEV PROJ NO 1	5.800%	08/01/2023		104.301 / 104.301	-28.28% / -28.28%	1	50
02/10/2004	958700-BT-2	WESTERN MONMOUTH UTILS AUTH N J SWR REV	6.800%	02/01/2014		118.877 / 118.877	-28.25% / -28.25%	2	30
02/24/2004	085278-AB-5	BERNALILLO CNTY N MEX MULTIFAMILY REV HSG-LA RESOLANA APTS-SR-A1	7.750%	11/01/2023		105.500 / 106.000	-23.52% / -28.21%	4	90
02/20/2004	161398-CK-6	CHARTIERS VALLEY PA SCH DIST CAP APPRECIATION-2ND REF SER	%	03/01/2007		94.348 / 94.348	-28.20% / -28.20%	2	260
03/22/2004	130534-UJ-7	CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV PACIFIC GAS & ELEC CO-SER	6.625%	06/01/2009		103.750 / 103.750	-28.19% / -28.19%	1	20
01/15/2004	207742-QW-0	CONNECTICUT ST HEALTH & EDL FACS AUTH REV ST RAPHAEL HOSP-SER G	6.100%	07/01/2008		103.500 / 103.500	-28.17% / -28.17%	1	35
03/15/2004	574216-DQ-7	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV GOOD SAMARITAN HOSP	5.750%	07/01/2019		105.000 / 105.000	-28.17% / -28.17%	1	10
01/16/2004	340736-BW-6	FLORIDA HSG FIN AGY REF-SINGLEFAM MTG REV-C	5.750%	07/01/2027		104.390 / 104.390	-28.16% / -28.16%	1	30
01/07/2004	788050-AP-7	ST CHARLES PARISH LA ENVIRONMENTAL IMPT REV LA PWR & LT CO PROJ	6.375%	11/01/2025		102.500 / 102.500	-28.15% / -28.15%	1	10
03/19/2004	786744-FR-8	SAGINAW MICH HOSP FIN AUTH HOSP REV REF SER C-ST LUKES HOSP	6.000%	07/01/2021		102.470 / 102.470	-28.15% / -28.15%	1	20
02/09/2004	445199-AF-9	HUMBOLDT CNTY NEV POLLUTN CTL REV REF-SIERRA PAC PJ-RMKT-5/28/92	6.550%	10/01/2013		104.250 / 104.250	-28.14% / -28.14%	2	60
03/04/2004	97710V-RH-3	WISCONSIN ST HEALTH & EDL FACS AUTH REV ARS-HOSP SISTERS SVCS INC-B	4.500%	12/01/2023		108.027 / 108.027	-28.14% / -28.14%	2	40
02/27/2004	649858-XB-8	NEW YORK ST HSG FIN AGY NON PROFIT HSG	6.000%	11/01/2012	99.938 / 99.938	103.388 / 103.388	-28.14% / -28.14%	4	40
01/12/2004	270505-CS-7	EAST AMWELL TWP N J GEN IMPT	3.750%	02/15/2005		102.852 / 102.852	-28.13% / -28.13%	1	100
02/24/2004	716220-AT-5	PETERSBURG IND POLLUTN CTL REV REF-INDIANAPOLIS PWR & LT-A	6.100%	01/01/2016	102.200 / 102.200	103.000 / 103.700	-19.48% / -28.13%	5	400
03/10/2004	250063-DT-8	DERRY TWP PA MUN AUTH SWR REV GTD	6.400%	12/01/2020		102.500 / 102.500	-28.12% / -28.12%	1	5
02/26/2004	797284-BU-9	SAN DIEGO CALIF INDL DEV REV REF-SAN DIEGO GAS & ELEC-SER C	5.900%	09/01/2018		104.500 / 104.500	-28.12% / -28.12%	2	70
03/18/2004	452010-P4-7	ILLINOIS HSG DEV AUTH MULTI-FAMILY PROG-SER 3	6.200%	09/01/2023		104.625 / 104.625	-28.10% / -28.10%	1	20
01/09/2004	396802-EM-8	GREENWICH CONN NEW PUB HSG AUTH	5.250%	05/01/2009	109.600 / 109.600	112.000 / 112.000	-28.09% / -28.09%	3	60
03/05/2004	849518-AB-1	SPRING CREEK ILL HSG DEV CORP MTG REV REF-FHA-SPRING CREEK TWRS-A	6.450%	07/01/2022		102.500 / 102.500	-28.07% / -28.07%	1	5
01/22/2004	452007-F4-4	ILLINOIS HEALTH FACS AUTH REV MERCY HOSP PROJ	7.100%	06/01/2009	114.000 / 114.000	114.000 / 114.000	-28.06% / -28.06%	2	20
03/18/2004	311450-AD-2	FARMINGTON N MEX POLLUTN CTL REV TUCSON GAS & ELEC CO SAN JUAN	7.500%	07/01/2006		101.250 / 104.500	5.59% / -28.04%	11	565
03/11/2004	64579C-NZ-9	NEW JERSEY HEALTH CARE FACS FING AUTH REV DEBORAH HEART & LUNG CTR	6.300%	07/01/2023		103.000 / 103.000	-28.02% / -28.02%	1	10
01/23/2004	207742-ZY-6	CONNECTICUT ST HEALTH & EDL FACS AUTH REV NURSING HOME PG-NOBLE HORIZN-A	6.000%	11/01/2022		104.500 / 104.500	-28.02% / -28.02%	1	20
03/10/2004	196473-Y9-7	COLORADO HEALTH FACS AUTH REV HOSP-NORTH COLO MED CTR	6.000%	05/15/2020		101.843 / 104.500	4.36% / -28.02%	3	100
01/20/2004	790903-BM-9	ST LOUIS CNTY MO INDL DEV AUTH HSG DEV REV REF-GNMA COLL-WATERFORD PROJ	5.400%	12/01/2028		104.650 / 104.650	-27.99% / -27.99%	1	50
02/03/2004	786134-AS-5	SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV	5.125%	12/01/2013		104.625 / 104.625	-27.97% / -27.97%	1	25
01/22/2004	644686-YR-2	NEW HAMPSHIRE ST HSG FIN AUTH SINGLE FAMILY MTG-SER B	6.050%	07/01/2025		104.500 / 104.500	-27.96% / -27.96%	1	35
02/17/2004	289050-CA-2	ELLISVILLE MO INDL DEV AUTH INDL DEV REV BETHESDA FNDTN-THE GARDENS	7.150%	08/15/2025		102.750 / 102.750	-27.90% / -27.90%	1	10
01/14/2004	61334M-CQ-1	MONTGOMERY CNTY MD HSG OPPTYS COMMN MULTIFAMILY REV MTG-SER C	7.150%	07/01/2023		103.875 / 103.875	-27.89% / -27.89%	1	15
02/19/2004	721779-CG-9	PIMA CNTY ARIZ INDL DEV AUTH MULTIFAMILY REV REF-MTG-HACIENDA DEL RIO PJ-A	6.125%	03/20/2028		104.500 / 104.500	-27.89% / -27.89%	1	20
03/29/2004	68304E-BR-9	ONTARIO CALIF REDEV FING AUTH REV ONTARIO REDEV PROJ NO 1	5.500%	08/01/2018		104.750 / 104.750	-27.88% / -27.88%	2	175
03/25/2004	098792-AG-9	BOONE CNTY KY POLLUTN CTL REV REF-COLL-DAYTON PWR & LT CO-A	6.500%	11/15/2022	102.261 / 102.261	103.000 / 103.000	-21.08% / -27.86%	6	1500
03/11/2004	17131H-AF-5	CHULA VISTA CALIF INDL DEV REV SAN DIEGO G & E-A-AMBAC-TCRS	6.400%	12/01/2027		102.700 / 103.500	-13.95% / -27.86%	3	140
02/23/2004	167574-SU-7	CHICAGO ILL NEW PUB HSG AUTH	5.000%	06/01/2013		110.525 / 110.525	-27.84% / -27.84%	1	10
03/22/2004	64579C-SF-8	NEW JERSEY HEALTH CARE FACS FING AUTH REV CHILTON MEM HOSP-SER D	5.000%	07/01/2013		104.500 / 104.500	-27.77% / -27.77%	3	90
01/29/2004	658196-PN-4	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	5.500%	01/01/2021	98.500 / 99.000	100.000 / 102.500	5.50% / -27.77%	7	230
03/18/2004	45201B-AH-0	ILLINOIS HSG DEV AUTH ELDERLY HSG REV SECT 8-VLG CTR DEV-SER C	6.850%	03/01/2020		103.323 / 103.323	-27.76% / -27.76%	1	30
01/07/2004	286722-AU-7	ELIZABETH N J U S GOVT GTD NTS SER A	7.130%	08/01/2012		101.712 / 102.000	-24.35% / -27.75%	3	25
03/17/2004	544052-AB-9	LORDSBURG N MEX POLLUTN CTL REV REF-PHELPS DODGE CORP PROJ	6.500%	04/01/2013	101.000 / 101.000	102.000 / 103.500	-7.54% / -27.75%	3	150
02/26/2004	609916-AH-4	MONONGALIA CNTY W VA POLLUTION CTL REV WEST PENN PWR CO-B-MBIA-IBC	5.950%	04/01/2013		104.375 / 104.375	-27.75% / -27.75%	1	20
02/06/2004	718813-J5-8	PHOENIX ARIZ	7.000%	07/01/2007		115.235 / 115.235	-27.73% / -27.73%	1	25
03/23/2004	649654-DT-4	NEW YORK N Y SER C-FGIC-TCRS	7.250%	02/01/2007		113.550 / 113.550	-27.71% / -27.71%	1	30
02/03/2004	287785-EQ-8	ELKIN N C SAN SWR	5.400%	02/01/2010		104.625 / 104.625	-27.68% / -27.68%	2	450
02/04/2004	161041-EG-9	CHARLOTTE N C MTG REV REF-FHA INSD MTG-TRYON HILLS-A	6.000%	01/01/2025		106.500 / 106.500	-27.63% / -27.63%	3	300
01/27/2004	977104-U3-0	WISCONSIN ST HEALTH & EDL FACS AUTH REV WAUKESHA MEM HOSP PROJ	6.000%	08/15/2021		103.250 / 103.250	-27.60% / -27.60%	1	10
03/23/2004	676901-QL-8	OHIO HSG FIN AGY MTG REV REF-FHA INSD-OAKLEAF VLG PJ-A	5.700%	09/01/2026		103.750 / 103.750	-27.56% / -27.56%	1	20
01/16/2004	677525-KE-6	OHIO ST AIR QUALITY DEV AUTH REV REF-COLL-DAYTON PWR & LT PJ-B	6.400%	08/15/2027	98.750 / 98.750	103.375 / 103.375	-27.53% / -27.53%	4	60
03/15/2004	645779-AQ-2	NEW JERSEY ECONOMIC DEV AUTH NAT GAS FACS REV REF-N J NAT GAS-A-MBIA IBC	5.375%	08/01/2023		104.610 / 104.610	-27.53% / -27.53%	1	10
01/05/2004	978365-AW-4	WOOD CNTY W VA SINGLE FAMILY RESIDENCE MTG REV	7.200%	03/01/2011		125.006 / 125.006	-27.52% / -27.52%	2	40
03/18/2004	660160-FC-1	NORTH JERSEY DIST WTR SUPPLY COMMN N J WANAQUE SOUTH PROJ	6.250%	07/01/2017		119.782 / 119.782	-27.49% / -27.49%	2	130
01/09/2004	736707-AY-6	PORTLAND ORE HYDROELECTRIC PWR REV	7.000%	10/01/2016		102.500 / 102.500	-27.48% / -27.48%	2	20
02/18/2004	31132P-AL-4	FARMINGTON MO INDL DEV AUTH HEALTH CARE FACS REV PRESBYTERIAN MANORS INC	7.000%	05/15/2025		102.500 / 102.500	-27.48% / -27.48%	1	10
03/12/2004	64966B-MM-2	NEW YORK N Y UNREFUNDED BALANCE-SER 2002-B	7.000%	02/01/2018		102.500 / 102.500	-27.48% / -27.48%	3	15
02/12/2004	857322-SC-6	STATE PUB SCH BLDG AUTH PA SCH REV HAVERFORD TWP PJ	4.450%	03/15/2024		100.000 / 101.000	4.45% / -27.43%	4	120
02/18/2004	45200K-5J-3	ILLINOIS HEALTH FACS AUTH REV SERVANTCOR PJ-SER A	6.250%	08/15/2015		120.820 / 120.820	-27.40% / -27.40%	3	90
03/03/2004	765418-AC-2	RICHMOND VA MET AUTH EXPWY REV	5.600%	01/15/2013		112.966 / 112.966	-27.38% / -27.38%	2	20
03/23/2004	794104-AB-5	SALEM CNTY N J POLLTN CTL FING AUTH WASTE DISP REV E.I. DU PONT DE NEMOURS	6.125%	07/15/2022		103.620 / 103.640	-27.12% / -27.37%	4	65
02/06/2004	64988J-QE-3	NEW YORK ST MED CARE FACS FIN AGY REV REF-HOSP-INSD MTG-SER A	5.050%	08/15/2008		104.375 / 104.375	-27.36% / -27.36%	1	30
03/11/2004	539243-NY-7	LIVONIA MICH PUB SCHS SCH DIST REF	5.500%	05/01/2014		105.360 / 105.360	-27.35% / -27.35%	2	70
03/25/2004	606915-XQ-4	MISSOURI ST ENVIRONMENTAL IMPT & ENERGY RES AUTH WTR POLL CTL REV UNREFUNDE	6.950%	07/01/2009		111.588 / 111.588	-27.34% / -27.34%	2	20
03/19/2004	658196-NR-7	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV SER A	6.000%	01/01/2005		103.330 / 103.330	-27.33% / -27.33%	1	10
03/30/2004	686543-FF-1	ORLANDO & ORANGE CNTY EXPWY AUTH FLA EXPWY REV SR LIEN	7.625%	07/01/2018	116.888 / 116.888	112.000 / 112.000	-27.29% / -27.29%	2	15
01/09/2004	732096-WN-8	POMONA CALIF UNI SCH DIST SER F	5.875%	08/01/2007	102.400 / 102.400	103.647 / 103.647	-27.28% / -27.28%	3	130
01/29/2004	19058F-BB-2	COASTAL WTR AUTH TEX WTR CONVEYANCE SYS REV REF	6.250%	12/15/2017		102.820 / 102.820	-27.27% / -27.27%	1	20
03/12/2004	566761-FS-6	MARICOPA CNTY ARIZ HOSP REV SAMARITAN HEALTH SVC	7.625%	01/01/2008		111.078 / 111.078	-27.26% / -27.26%	1	10
02/18/2004	646131-BH-4	NEW JERSEY ST TRAN CORP CAPITAL GRANT ANTIC NTS-SER B	5.500%	02/01/2011		102.750 / 102.750	-27.26% / -27.26%	1	90
02/23/2004	555733-FB-5	MACON GA NEW PUB HSG AUTH	4.000%	11/01/2007		106.000 / 106.000	-27.25% / -27.25%	2	130
03/29/2004	118628-BL-9	BUCKS CNTY PA NEW PUB HSG AUTH	5.250%	01/01/2009		109.887 / 109.887	-27.25% / -27.25%	2	10
01/06/2004	472736-WY-9	JEFFERSON CNTY COLO SCH DIST NO R-001 CAP APPREC	%	12/15/2007	89.853 / 89.853	91.097 / 91.397	2.30% / -27.23%	4	170
03/31/2004	967250-FL-0	WICHITA KANS HOSP REV	6.875%	03/01/2007	102.270 / 102.270	102.470 / 102.470	-27.21% / -27.21%	2	30
03/10/2004	575925-PH-9	MASSACHUSETTS ST INDL FIN AGY REV PKG FAC-AVON ASSOC LLC-SER A	5.375%	04/01/2020		103.619 / 103.619	-27.19% / -27.19%	5	200
03/12/2004	649868-YK-6	NEW YORK ST HSG FIN AGY REV CAP APPREC-HUD SEC 236-SER A	%	11/01/2013		60.800 / 60.800	-27.16% / -27.16%	1	30
03/16/2004	45201B-AH-0	ILLINOIS HSG DEV AUTH ELDERLY HSG REV SECT 8-VLG CTR DEV-SER C	6.850%	03/01/2020		103.382 / 103.382	-27.16% / -27.16%	1	20
03/12/2004	92812R-HC-2	VIRGINIA ST HSG DEV AUTH COMWLTH MTG SER H-AMBAC-TCRS	5.250%	07/01/2027		104.375 / 104.375	-27.15% / -27.15%	1	30
02/10/2004	452007-WW-3	ILLINOIS HEALTH FACS AUTH REV MICHAEL REESE HOSP & MED CTR	6.750%	12/01/2008		111.175 / 111.175	-27.11% / -27.11%	1	5
02/13/2004	353179-AP-9	FRANKLIN CNTY OHIO FIRST MTG REV OCLC INC PRJ	7.500%	06/01/2009	111.000 / 111.000	114.003 / 114.003	-27.10% / -27.10%	3	30
03/12/2004	118628-BM-7	BUCKS CNTY PA NEW PUB HSG AUTH	5.250%	01/01/2010		111.308 / 111.308	-27.07% / -27.07%	1	25
02/17/2004	64988J-DU-1	NEW YORK ST MED CARE FACS FIN AGY REV STLUKES ROOSEVELT-CAPMAC-ITC-A	5.700%	02/15/2029		104.600 / 104.600	-27.07% / -27.07%	1	430
01/21/2004	64988J-KE-9	NEW YORK ST MED CARE FACS FIN AGY REV HOSP & NURSING HOME-FHA INSD-B	5.500%	02/15/2022		104.000 / 104.000	-27.05% / -27.05%	1	10
03/16/2004	649656-GK-5	NEW YORK N Y PREREFUNDED-SER A	8.000%	03/15/2011		119.750 / 119.750	-27.03% / -27.03%	2	30
02/06/2004	64988J-QK-9	NEW YORK ST MED CARE FACS FIN AGY REV REF-HOSP-INSD MTG-SER A	5.375%	02/15/2025		104.375 / 104.375	-27.02% / -27.02%	1	275
03/23/2004	047771-2H-2	ATLANTA GA	4.600%	12/01/2006	103.350 / 103.350	104.500 / 104.500	-26.99% / -26.99%	2	375
02/23/2004	052474-TG-8	AUSTIN TEX UTIL SYS REV UNREFUNDED BAL-REF	5.250%	05/15/2018		101.750 / 102.514	-2.64% / -26.99%	4	100
02/23/2004	841420-BR-2	SOUTHEAST MO CORRECTIONAL FAC INC CORRECTIONAL FAC LEASE REV REF	5.750%	10/15/2008		111.721 / 111.721	-26.98% / -26.98%	1	25
03/11/2004	758440-DG-3	REEDSVILLE WIS NEW PUB HSG AUTH	5.125%	01/01/2011		111.339 / 111.339	-26.98% / -26.98%	1	5
02/12/2004	451888-BV-2	ILLINOIS DEV FIN AUTH POLLUTN CTL REV REF-ILL PWR CO PROJ-SER A	5.700%	02/01/2024	103.425 / 103.425	104.300 / 104.300	-26.97% / -26.97%	6	2520
02/02/2004	646131-BP-6	NEW JERSEY ST TRAN CORP CAPITAL GRANT ANTIC NTS-SER C	5.125%	02/01/2005	101.217 / 101.217	102.500 / 102.500	-26.95% / -26.95%	4	400
01/08/2004	651673-EY-7	NEWNAN GA NEW PUB HSG AUTH	5.000%	04/01/2011	107.500 / 107.500	108.500 / 108.500	-26.94% / -26.94%	2	40
01/09/2004	651673-EY-7	NEWNAN GA NEW PUB HSG AUTH	5.000%	04/01/2011		108.500 / 108.500	-26.94% / -26.94%	1	20
03/24/2004	745181-QV-2	PUERTO RICO COMWLTH HWY & TRANSN AUTH HWY REV REF-SER X-MBIA-IBC	5.000%	07/01/2022		103.641 / 103.641	-26.94% / -26.94%	1	30
01/02/2004	651673-EW-1	NEWNAN GA NEW PUB HSG AUTH	5.000%	04/01/2009		109.108 / 109.108	-26.94% / -26.94%	1	5
02/12/2004	929862-P4-6	WACO TEX NEW PUB HSG AUTH	5.250%	12/01/2008		111.141 / 111.141	-26.90% / -26.90%	2	20
03/03/2004	387270-AM-3	GRANITE CITY ILL HOSP FAC REV	7.000%	01/01/2008		112.073 / 112.073	-26.89% / -26.89%	2	390
03/24/2004	455083-BK-0	INDIANA ST TOLL FIN AUTH TOLL RD REV REF	6.000%	07/01/2013	102.376 / 102.376	102.376 / 102.376	-26.88% / -26.88%	2	40
01/29/2004	733580-WH-3	PORT AUTH N Y & N J DELTA AIR LINES INC PJ-SER 1R	6.950%	06/01/2008	100.000 / 100.000	103.562 / 103.562	-26.77% / -26.77%	2	20
02/04/2004	646139-CA-1	NEW JERSEY ST TPK AUTH TPK REV	5.750%	01/01/2009	109.000 / 109.000	111.700 / 111.700	-26.77% / -26.77%	5	185
02/20/2004	130907-EQ-7	CALIFORNIA STATEWIDE CMNTYS DEV CORP CTFS PARTN INSD	5.500%	10/01/2023		103.250 / 103.250	-26.74% / -26.74%	1	10
03/04/2004	649860-JT-1	NEW YORK ST HSG FIN AGY NON PROFIT HSG	6.200%	11/01/2013		103.400 / 103.400	-26.74% / -26.74%	2	40
03/04/2004	649861-AD-3	NEW YORK ST HSG FIN AGY NON PROFIT HSG	6.200%	11/01/2014		103.400 / 103.400	-26.74% / -26.74%	1	10
01/27/2004	929862-P7-9	WACO TEX NEW PUB HSG AUTH	5.250%	12/01/2011		112.995 / 112.995	-26.73% / -26.73%	1	5
02/24/2004	621233-CN-3	MOUNT DORA FLA HEALTH FACS AUTH HEALTH FACS REV WATERMAN VLG PROJ-SER B	6.750%	08/15/2010		102.620 / 102.620	-26.72% / -26.72%	1	5
02/02/2004	068566-BP-2	BARRINGTON ILL PUB LIBR DIST	4.200%	12/30/2005	102.350 / 102.350	102.400 / 102.400	-26.68% / -26.68%	2	350
02/04/2004	696522-BC-4	PALM BEACH CNTY FLA INDL DEV REV REF-FHA-REGENTS PK BOCA RATON	5.750%	02/01/2024		104.375 / 104.375	-26.68% / -26.68%	1	10
02/06/2004	696522-BC-4	PALM BEACH CNTY FLA INDL DEV REV REF-FHA-REGENTS PK BOCA RATON	5.750%	02/01/2024	101.630 / 101.630	104.375 / 104.375	-26.68% / -26.68%	5	50
03/15/2004	97710A-KR-4	WISCONSIN ST HEALTH & EDL FACS AUTH REV TAXABLE-NATL REGENCY NEWBERLIN	7.850%	08/15/2022		104.750 / 104.750	-26.66% / -26.66%	3	345
02/05/2004	245902-AC-5	DELAWARE CNTY PA AUTH HEALTH CARE REV MERCY HLTH CORP SOUTHEASTN-A	5.125%	11/15/2012	98.775 / 98.775	102.275 / 102.275	-26.60% / -26.60%	4	20
03/30/2004	64579C-SF-8	NEW JERSEY HEALTH CARE FACS FING AUTH REV CHILTON MEM HOSP-SER D	5.000%	07/01/2013		104.500 / 104.500	-26.57% / -26.57%	2	100
02/24/2004	755660-BZ-9	READINGTON-LEBANON N J SEW AUTH WASTEWTR REV	5.250%	01/01/2013	102.480 / 102.480	103.500 / 103.500	-26.56% / -26.56%	4	600
02/12/2004	455290-KT-2	INDIANAPOLIS IND NEW PUB HSG AUTH	4.875%	12/01/2007		109.574 / 109.574	-26.55% / -26.55%	2	50
03/12/2004	592098-UN-5	METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN WTR & SWR REV ORIG ISSUE D	5.500%	01/01/2016	100.000 / 100.000	102.312 / 102.312	-26.55% / -26.55%	5	255
01/15/2004	939780-5J-7	WASHINGTON ST HEALTH CARE FACS AUTH REV NORTHWEST HOSP	5.450%	11/15/2013		104.250 / 104.250	-26.55% / -26.55%	1	25
01/16/2004	939780-5J-7	WASHINGTON ST HEALTH CARE FACS AUTH REV NORTHWEST HOSP	5.450%	11/15/2013		104.250 / 104.250	-26.55% / -26.55%	1	25
01/21/2004	733580-N6-7	PORT AUTH N Y & N J CONS-NINETY-FIRST SER	5.200%	11/15/2020	100.217 / 100.217	101.271 / 103.300	1.25% / -26.45%	4	125
03/03/2004	012441-KG-5	ALBANY N Y INDL DEV AGY INDL DEV REV HAMPTON PLAZA PROJ-SER A	6.250%	03/15/2018		106.000 / 106.000	-26.43% / -26.43%	6	250
03/18/2004	677525-LF-2	OHIO ST AIR QUALITY DEV AUTH REV REF-POLLUTN CTL-OHIO EDISON-A	5.950%	05/15/2029		104.375 / 104.375	-26.42% / -26.42%	1	25
03/03/2004	788050-AC-6	ST CHARLES PARISH LA ENVIRONMENTAL IMPT REV LA PWR & LT CO PROJ-SER A	6.200%	05/01/2023		103.375 / 103.375	-26.40% / -26.40%	3	75
02/24/2004	672240-FM-5	OAKLAND CALIF	6.000%	06/15/2017	103.277 / 103.277	103.550 / 103.550	-26.39% / -26.39%	2	1200
01/09/2004	741723-AC-4	PRINCE GEORGES CNTY MD POLLUTN CTL REV REF-POTOMAC ELEC PROJ	6.000%	09/01/2022	99.875 / 99.875	101.337 / 102.500	-2.01% / -26.37%	3	50
02/11/2004	073212-BW-1	BAYTOWN TEX PPTYS MGMT & DEV CORP MTG REV REF-BAYTOWN TERRACE-A-MBIA-IBC	6.100%	08/15/2021		102.250 / 102.250	-26.36% / -26.36%	2	80
01/29/2004	220669-BN-4	CORTLAND N Y NEW PUB HSG AUTH	4.500%	04/01/2006		105.259 / 105.259	-26.35% / -26.35%	3	15
02/27/2004	273305-BL-5	EAST LAMPETER PA SEW AUTH REV	5.600%	01/01/2011		111.551 / 111.551	-26.34% / -26.34%	1	20
02/23/2004	900186-BZ-9	TURLOCK CALIF IRR DIST	3.500%	07/01/2005		102.312 / 102.312	-26.32% / -26.32%	1	105
02/27/2004	988321-BX-2	YUBA CNTY CALIF WTR AGY REV	4.000%	03/01/2016		99.875 / 102.000	4.01% / -26.32%	2	244
03/18/2004	988321-BX-2	YUBA CNTY CALIF WTR AGY REV	4.000%	03/01/2016		102.000 / 102.000	-26.32% / -26.32%	2	230
03/04/2004	496213-BF-5	KINGSBURG CALIF PUB FING AUTH REV	7.750%	09/15/2008		104.000 / 104.000	-26.29% / -26.29%	1	10
01/20/2004	658196-PN-4	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	5.500%	01/01/2021	96.600 / 96.600	101.000 / 101.000	-26.29% / -26.29%	2	10
01/12/2004	645792-X4-9	NEW JERSEY HEALTH CARE FACS FING AUTH REV BURLINGTON CNTY MEM HOSP PROJ	6.000%	07/01/2012		116.972 / 116.972	-26.28% / -26.28%	1	240
02/25/2004	745270-FV-5	PUERTO RICO HSG FIN CORP REV MTG-FHA-6TH PORTFOLIO-SECT 8	7.750%	12/01/2026		109.610 / 109.610	-26.27% / -26.27%	2	60
02/17/2004	786004-LX-7	SACRAMENTO CALIF MUN UTIL DIST ELEC REV	5.300%	07/01/2012		111.133 / 111.133	-26.24% / -26.24%	1	10
02/13/2004	575856-BH-1	MASSACHUSETTS ST INDL FIN AGY POLLUTN CTL REV GEN MOTORS CORP-ACCRL 10/1/93	5.550%	04/01/2009		102.200 / 102.200	-26.24% / -26.24%	1	50
03/05/2004	222734-AF-2	COURTLAND ALA INDL DEV BRD SOLID WASTE DISP REV CHAMPION INTL CORP PROJ-SER	6.375%	03/01/2029	101.431 / 101.441	103.375 / 103.375	-26.22% / -26.22%	3	75
01/15/2004	479682-GQ-3	JOHNSTOWN PA NEW PUB HSG AUTH	5.125%	11/01/2007		110.551 / 110.551	-26.20% / -26.20%	1	25
03/15/2004	54640A-HG-8	LOUISIANA PUB FACS AUTH REV GEN HLTH INC PROJ	6.000%	11/01/2022		103.625 / 103.625	-26.14% / -26.14%	1	100
02/02/2004	60535J-AC-0	MISSISSIPPI HOME CORP RESIDUAL REV CAP APPREC-RESIDUAL-SER I	%	09/15/2016		42.900 / 42.900	-26.12% / -26.12%	5	750
03/10/2004	677525-HB-6	OHIO ST AIR QUALITY DEV AUTH REV ADJ-COLUMBUS & SOUTHN OHIO-B	6.250%	12/01/2020		104.375 / 104.375	-26.11% / -26.11%	1	25
01/06/2004	798146-BG-0	SAN JOSE CALIF REDEV AGY MULTI-FAMILY HSG REV REF-COLONNADE APTS	5.250%	11/01/2008		103.000 / 103.000	-26.09% / -26.09%	1	15
03/09/2004	649656-EA-9	NEW YORK N Y SER A-FSA-CR	8.000%	03/15/2012		119.600 / 119.600	-26.09% / -26.09%	1	10
02/12/2004	575851-ZB-9	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV ADDISON GILBERT HOSP-SER C	5.900%	07/01/2008		104.250 / 104.250	-26.07% / -26.07%	3	300
01/12/2004	717818-WX-2	PHILADELPHIA PA AUTH FOR INDL DEV REVS CATHEDRAL VLG PROJ	5.700%	04/01/2015		102.012 / 102.012	-26.05% / -26.05%	1	15
02/17/2004	767111-BZ-9	RIO GRANDE VY HEALTH FACS DEV CORP TEX HOSP REV VY BAPTIST MED CTR PROJ-SER	6.375%	08/01/2022		103.550 / 103.550	-26.00% / -26.00%	1	10
02/12/2004	222734-AF-2	COURTLAND ALA INDL DEV BRD SOLID WASTE DISP REV CHAMPION INTL CORP PROJ-SER	6.375%	03/01/2029	100.670 / 100.670	101.170 / 102.500	1.60% / -25.97%	9	230
03/25/2004	649660-GK-7	NEW YORK N Y SER A-FSA-CR	7.250%	03/15/2019		117.062 / 117.062	-25.92% / -25.92%	1	160
03/12/2004	646030-GY-6	NEW JERSEY SPORTS & EXPOSITION AUTH SPORTS COMPLEX REF-SER A-MBIA-IBC	5.200%	01/01/2020		103.260 / 103.260	-25.92% / -25.92%	2	35
02/10/2004	161041-EG-9	CHARLOTTE N C MTG REV REF-FHA INSD MTG-TRYON HILLS-A	6.000%	01/01/2025		106.559 / 106.559	-25.91% / -25.91%	2	420
02/11/2004	528505-AD-2	LEWISTON ME HSG CORP MULTIFAMILY REV REF-MTG-CENTREVILLE-FHA-SER A	6.550%	08/15/2012	101.500 / 101.500	102.250 / 102.250	-25.88% / -25.88%	2	1050
02/20/2004	31132P-AL-4	FARMINGTON MO INDL DEV AUTH HEALTH CARE FACS REV PRESBYTERIAN MANORS INC	7.000%	05/15/2025		102.380 / 102.380	-25.88% / -25.88%	1	20
02/20/2004	842475-SV-8	SOUTHERN CALIF PUB PWR AUTH PWR PROJ REV UNREFUNDED BALANCE	5.500%	07/01/2020	99.475 / 100.502	99.775 / 102.262	5.52% / -25.87%	6	530
02/13/2004	311450-CN-8	FARMINGTON N MEX POLLUTN CTL REV REF-SOUTHN CALIF EDISON CO-A	7.200%	04/01/2021	100.297 / 100.297	102.297 / 102.297	-25.87% / -25.87%	4	40
01/06/2004	777180-HZ-6	ROSEAU MINN SER E	5.700%	02/01/2009		102.000 / 102.000	-25.86% / -25.86%	1	5
02/27/2004	64579C-NH-9	NEW JERSEY HEALTH CARE FACS FING AUTH REV JFK HEALTH SYS	5.500%	07/01/2023		104.329 / 104.454	-25.86% / -25.86%	11	760
03/09/2004	649731-EC-6	NEW YORK N Y NEW PUB HSG AUTH	5.000%	01/01/2008		111.300 / 111.300	-25.84% / -25.84%	2	100
02/09/2004	786021-CQ-6	SACRAMENTO CALIF NEW PUB HSG AUTH	5.000%	12/01/2011		111.300 / 111.300	-25.84% / -25.84%	1	130
03/25/2004	277731-DP-7	EASTON PA NEW PUB HSG AUTH	4.500%	12/01/2006		105.534 / 105.534	-25.82% / -25.82%	1	10
03/23/2004	649660-GK-7	NEW YORK N Y SER A-FSA-CR	7.250%	03/15/2019		117.691 / 117.691	-25.81% / -25.81%	2	40
01/05/2004	574216-DQ-7	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV GOOD SAMARITAN HOSP	5.750%	07/01/2019		104.500 / 104.500	-25.79% / -25.79%	1	45
01/06/2004	649880-BZ-3	NEW YORK ST MED CARE FACS FIN AGY HOSP & NURSING HOME PRJ	7.400%	11/01/2016	99.000 / 99.000	103.620 / 103.620	-25.79% / -25.79%	2	10
03/12/2004	649858-KL-0	NEW YORK ST HSG FIN AGY NON PROFIT HSG	5.200%	11/01/2008		103.250 / 103.250	-25.78% / -25.78%	1	5
03/19/2004	73358E-AA-2	PORT AUTH N Y & N J SPL OBLIG REV CONTL/EASTERN PJ-LAGUARDIA	9.125%	12/01/2015		102.540 / 102.540	-25.78% / -25.78%	3	150
03/23/2004	19058F-BB-2	COASTAL WTR AUTH TEX WTR CONVEYANCE SYS REV REF	6.250%	12/15/2017		102.500 / 102.500	-25.75% / -25.75%	1	35
03/12/2004	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	-25.74% / -25.74%	1	20
01/22/2004	233904-NC-1	DADE CNTY FLA HEALTH FACS AUTH HOSP REV REF-BAPTIST HOSP MIAMI-A	5.250%	05/15/2021	100.900 / 100.900	103.250 / 103.250	-25.73% / -25.73%	2	95
03/26/2004	645780-CK-1	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV REF-NJ AMERN WTR CO-A-MBIA-IBC	5.350%	06/01/2023		104.276 / 104.276	-25.73% / -25.73%	3	60
03/30/2004	64971C-GL-2	NEW YORK N Y CITY INDL DEV AGY CIVIC FAC REV ROCKEFELLER FNDTN PROJ	5.375%	07/01/2023		104.000 / 104.400	-19.14% / -25.72%	4	100
03/04/2004	658196-PH-7	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	5.500%	01/01/2017	99.250 / 100.042	100.310 / 102.250	5.46% / -25.71%	5	145
02/09/2004	340736-BV-8	FLORIDA HSG FIN AGY AMT-SINGLEFAM MTG-SER B	5.875%	01/01/2027		104.500 / 104.500	-25.66% / -25.66%	1	15
03/08/2004	45884A-MX-8	INTERMOUNTAIN PWR AGY UTAH PWR SUPPLY REV PREREFUNDED-SER A	5.500%	07/01/2020	100.000 / 100.000	102.255 / 104.375	2.01% / -25.66%	4	80
02/18/2004	452010-J7-7	ILLINOIS HSG DEV AUTH MULTI-FAMILY HSG-SER A	7.000%	07/01/2010		103.380 / 103.380	-25.63% / -25.63%	1	20
01/22/2004	432321-EF-0	HILLSBOROUGH CNTY FLA INDL DEV AUTH INDL DEV REV TAXABLE-HLTH FACS PJ-UNIV-	7.400%	08/15/2014		102.391 / 102.391	-25.60% / -25.60%	2	20
01/22/2004	587850-CY-2	MERCER CNTY N D POLLUTN CTL REV REF-MONT-DAKOTA UTILS CO PJ	6.650%	06/01/2022	101.850 / 101.850	103.350 / 103.350	-25.60% / -25.60%	2	100
01/20/2004	734404-BR-6	PORT HURON MICH NEW PUB HSG AUTH	4.000%	04/01/2008		105.927 / 105.927	-25.55% / -25.55%	2	150
01/15/2004	735664-BG-8	PORTAGE CNTY OHIO HOSP REV	6.700%	12/01/2007		109.886 / 109.886	-25.54% / -25.54%	1	10
03/01/2004	64971S-AS-8	NEW YORK N Y CITY INDL DEV AGY SPL FAC REV TERMINAL ONE GROUP ASSN PROJ	6.000%	01/01/2019		104.500 / 104.500	-25.53% / -25.53%	1	10
03/09/2004	64971S-AS-8	NEW YORK N Y CITY INDL DEV AGY SPL FAC REV TERMINAL ONE GROUP ASSN PROJ	6.000%	01/01/2019		104.500 / 104.500	-25.53% / -25.53%	1	25
01/21/2004	171317-FU-9	CHULA VISTA CALIF REDEV AGY TAX ALLOC-MERGED REDEV PJ	5.375%	09/01/2029	100.670 / 100.670	103.270 / 103.270	-25.52% / -25.52%	2	200
03/15/2004	794104-AA-7	SALEM CNTY N J POLLTN CTL FING AUTH WASTE DISP REV E I DU PONT-CHAMBERS WKS	6.500%	11/15/2021		102.500 / 102.500	-25.49% / -25.49%	3	100
01/07/2004	059195-KH-9	BALTIMORE MD CTFS PARTN UNREFUNDED BALANCE-SER A	5.250%	04/01/2016		104.250 / 104.250	-25.49% / -25.49%	2	50
02/06/2004	64988J-QJ-2	NEW YORK ST MED CARE FACS FIN AGY REV REF-HOSP-INSD MTG-SER A	5.250%	08/15/2014		100.920 / 104.250	4.76% / -25.49%	2	45
02/02/2004	672240-FM-5	OAKLAND CALIF	6.000%	06/15/2017		103.475 / 103.475	-25.47% / -25.47%	2	2000
01/13/2004	987677-PX-3	YOUNGSTOWN OHIO NEW PUB HSG AUTH MBIA-BOOK ENTRY	5.000%	05/01/2008		110.750 / 110.750	-25.43% / -25.43%	1	20
02/11/2004	07201N-AS-0	BAY AREA GOVT ASSN CALIF IMPT BD ACT 1915 WINDEMERE RANCH ASSMT DIST-1	6.150%	09/02/2029		101.360 / 101.360	-25.43% / -25.43%	2	20
01/13/2004	721779-CG-9	PIMA CNTY ARIZ INDL DEV AUTH MULTIFAMILY REV REF-MTG-HACIENDA DEL RIO PJ-A	6.125%	03/20/2028		104.500 / 104.500	-25.40% / -25.40%	1	15
03/22/2004	621233-CP-8	MOUNT DORA FLA HEALTH FACS AUTH HEALTH FACS REV WATERMAN VLG PROJ-SER B	7.000%	08/15/2018