Negative Yields for 2004/Q2

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Negative Yields for 2004/Q2

Below are the 2,848 negative yield markets that we've uncovered for the second quarter of 2004. Extrapolating from both the first and second 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 continues to escalate. Total numbers of Negative Yield markets grow every year and quarter we make our studies:

2004/Q1 - 2,731 negative yield markets
2003/full year - 6,200
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)
06/21/2004	516439-DD-5	LANSING MICH NEW PUB HSG AUTH	5.250%	09/01/2009		108.125 / 108.125	-30.00% / -30.00%	1	20
05/20/2004	645778-AV-3	NEW JERSEY ECONOMIC DEV AUTH POLLUTN CTL REV PUB SVC ELEC & GAS CO-A	6.400%	05/01/2032		104.680 / 104.680	-29.96% / -29.96%	1	25
04/28/2004	452007-SC-2	ILLINOIS HEALTH FACS AUTH REV LUTHERAN HOSP MOLINE	6.600%	07/01/2007		106.302 / 106.302	-29.96% / -29.96%	1	5
06/02/2004	484710-GB-8	KANSAS CITY KANS NEW PUB HSG AUTH	5.500%	02/01/2006		105.650 / 105.650	-29.90% / -29.90%	2	700
06/04/2004	484710-GB-8	KANSAS CITY KANS NEW PUB HSG AUTH	5.500%	02/01/2006		105.650 / 105.650	-29.90% / -29.90%	1	300
06/30/2004	64579C-TU-4	NEW JERSEY HEALTH CARE FACS FING AUTH REV ALLEGANY HLTH-OUR LDY LOURDES	5.200%	07/01/2018	100.500 / 100.500	103.350 / 103.350	-28.45% / -29.90%	5	260
04/26/2004	658196-K4-1	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV UNREFUNDED BALANCE-SER B	6.250%	01/01/2023		103.853 / 103.853	-29.85% / -29.85%	1	40
04/21/2004	681759-RZ-1	OMAHA NEB NEW PUB HSG AUTH	5.000%	07/01/2008		107.798 / 107.798	-29.85% / -29.85%	2	10
05/27/2004	179423-AJ-7	CLAIBORNE CNTY MISS POLLUTION CTL REV REF-SYS ENERGY RESOURCES INC	7.300%	05/01/2025		102.700 / 102.700	-29.84% / -29.84%	1	5
04/16/2004	29634D-AN-4	ESCONDIDO CALIF JT PWRS FING AUTH LEASE REV ESCONDIDO CIVIC CTR PROJ-SER B	6.125%	09/01/2011		114.644 / 114.644	-29.81% / -29.81%	1	55
04/19/2004	850705-AX-2	SPRINGFIELD ILL TAX INCREMENT REV TAXABLE-REF	7.300%	02/01/2009		103.020 / 103.020	-29.71% / -29.71%	2	215
06/23/2004	516439-DD-5	LANSING MICH NEW PUB HSG AUTH	5.250%	09/01/2009		107.600 / 107.600	-29.70% / -29.70%	2	160
04/13/2004	059221-LF-6	BALTIMORE MD NEW PUB HSG AUTH	5.250%	07/01/2008		109.040 / 109.040	-29.70% / -29.70%	1	15
04/20/2004	295433-CD-6	ERIE PA HIGHER ED BLDG AUTH COLLEGE REV SER B	8.375%	06/01/2008	101.425 / 101.425	103.000 / 103.000	-29.68% / -29.68%	4	580
05/05/2004	649731-GJ-9	NEW YORK N Y NEW PUB HSG AUTH	5.000%	01/01/2012		106.250 / 106.250	-27.19% / -29.67%	2	50
05/24/2004	557205-EF-4	MADISON CNTY IND HOSP AUTH HOSP FAC REV REF-SER A	8.000%	01/01/2014		103.300 / 103.300	-29.63% / -29.63%	1	30
05/18/2004	792226-BG-6	ST MARY HOSP AUTH LANGHORNE PA HOSP REV REF-FRANCISCAN HEALTH-SER A	7.000%	06/15/2015		103.125 / 103.125	-29.60% / -29.60%	4	200
04/29/2004	452010-P4-7	ILLINOIS HSG DEV AUTH MULTI-FAMILY PROG-SER 3	6.200%	09/01/2023	100.000 / 100.132	100.000 / 104.632	6.20% / -29.54%	6	70
05/05/2004	896029-F3-4	TRIBOROUGH BRDG & TUNL AUTH N Y REVS GENL PURP-SER A	4.700%	01/01/2007	103.126 / 103.126	104.000 / 104.000	-29.52% / -29.52%	2	210
06/02/2004	130623-BW-0	CALIFORNIA ST	5.100%	03/01/2007		102.500 / 102.500	-29.51% / -29.51%	1	10
06/01/2004	786134-AR-7	SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV	5.125%	12/01/2010		104.750 / 104.750	-29.50% / -29.50%	2	50
06/04/2004	402682-BJ-6	GULFPORT MISS HOSP FAC REV REF & IMPT-MEM HOSP GULFPORT-A	6.200%	07/01/2018		104.308 / 104.308	-29.49% / -29.49%	1	10
04/12/2004	047771-Z6-0	ATLANTA GA	5.600%	12/01/2018		105.000 / 105.000	-29.48% / -29.48%	1	50
06/01/2004	672240-FE-3	OAKLAND CALIF	5.700%	06/15/2006		102.750 / 102.750	-29.44% / -29.44%	1	10
06/08/2004	546395-KN-3	LOUISIANA PUB FACS AUTH HOSP REV REF-GENERAL HEALTH INC-SER A	6.500%	11/01/2014	102.000 / 102.000	102.500 / 102.500	-29.43% / -29.43%	2	150
04/06/2004	41524C-AP-9	HARRISON CNTY W VA CNTY COMMN SOLID WASTE DISP REV MONONGAHELA PWR-B-AMBAC-	6.250%	05/01/2023		103.500 / 103.500	-29.42% / -29.42%	1	10
05/21/2004	538164-FL-3	LIVERMORE CALIF CTFS PARTN REF & CAP PROJS	4.800%	04/01/2009		103.490 / 103.490	-29.42% / -29.42%	2	50
04/29/2004	882716-4J-9	TEXAS ST VETERANS HSG ASSISTANCE-B-4	6.700%	12/01/2024	102.500 / 102.500	104.875 / 104.875	-29.37% / -29.37%	2	70
04/22/2004	73358E-AC-8	PORT AUTH N Y & N J SPL OBLIG REV CONTL/EASTERN PJ LAGUARDIA	9.000%	12/01/2010		102.800 / 102.800	-29.36% / -29.36%	3	30
05/06/2004	663722-BA-3	NORTHAMPTON PA BUCKS CNTY MUN AUTH SWR REV	6.000%	12/01/2013		110.118 / 110.118	-29.36% / -29.36%	1	30
06/03/2004	649659-BB-4	NEW YORK N Y SER B-FSA-CR	7.000%	10/01/2018		112.693 / 112.693	-29.33% / -29.33%	2	50
04/08/2004	837098-BG-6	SOUTH CAROLINA RES AUTH LOC GOVT PROG REV SER A	7.250%	06/01/2020		103.060 / 103.060	-29.33% / -29.33%	3	45
05/07/2004	645780-CP-0	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV REF-HACKENSACK WTR CO PJ-SER A	5.800%	03/01/2024		104.580 / 104.580	-29.28% / -29.28%	1	10
04/13/2004	592030-QY-9	METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN ELEC REV	9.600%	07/01/2005		109.340 / 109.340	-29.28% / -29.28%	1	100
06/10/2004	161042-GF-7	CHARLOTTE N C NEW PUB HSG AUTH	5.000%	02/01/2010		105.661 / 105.661	-29.27% / -29.27%	1	580
04/07/2004	677525-KE-6	OHIO ST AIR QUALITY DEV AUTH REV REF-COLL-DAYTON PWR & LT PJ-B	6.400%	08/15/2027		103.500 / 103.750	-29.26% / -29.26%	7	660
06/02/2004	649858-A6-4	NEW YORK ST HSG FIN AGY NON PROFIT HSG	6.400%	11/01/2008		103.500 / 103.500	-29.26% / -29.26%	1	5
04/22/2004	587850-DB-1	MERCER CNTY N D POLLUTN CTL REV REF-NORTHWESTERN PUB SVC CO PJ	5.850%	06/01/2023		103.875 / 103.875	-29.26% / -29.26%	1	5
06/07/2004	387793-DM-1	GRANT CNTY S D POLLUTN CTL REV REF-NORTHWESTERN PUB SVC CO-A	5.900%	06/01/2023		103.875 / 103.875	-29.20% / -29.20%	1	100
06/29/2004	61334M-DG-2	MONTGOMERY CNTY MD HSG OPPTYS COMMN MULTIFAMILY REV MAGRUDERS DISCOVERY-ISS	5.900%	07/01/2010		103.875 / 103.875	-29.20% / -29.20%	1	25
06/22/2004	491566-FD-2	KENTUCKY ST TPK AUTH TOLL RD REV	6.000%	07/01/2011		111.500 / 111.500	-29.18% / -29.18%	1	200
05/13/2004	745235-VS-7	PUERTO RICO PUB BLDGS AUTH REV GTD REF-GOVT FACS-SER J	5.000%	07/01/2028	102.868 / 102.868	102.868 / 102.868	4.57% / -29.16%	213	29940
06/03/2004	120826-BC-5	BURBANK CALIF WASTEWATER TREATMENT REV REF-SER A	5.200%	06/01/2006		103.500 / 103.500	-29.13% / -29.13%	1	20
06/09/2004	677309-AR-7	OHIO CNTY W VA BLDG COMMN REV OHIO VY MED CTR	7.000%	10/01/2010	111.823 / 111.823	111.873 / 111.873	-29.08% / -29.08%	4	1455
04/02/2004	451187-AT-5	IDAHO FALLS IDAHO ELEC REV	6.750%	04/01/2019		120.100 / 120.100	-28.98% / -28.98%	2	70
04/13/2004	64988J-DG-2	NEW YORK ST MED CARE FACS FIN AGY REV FHA-MTG-ST LUKES-ROOSEVELT-A	5.625%	08/15/2018	101.904 / 102.000	104.750 / 104.750	-28.97% / -28.97%	5	155
04/07/2004	663722-BA-3	NORTHAMPTON PA BUCKS CNTY MUN AUTH SWR REV	6.000%	12/01/2013	111.448 / 111.448	112.990 / 112.990	-28.92% / -28.92%	2	70
04/08/2004	642822-CE-8	NEW BRUNSWICK N J HSG DEV CORP MTG REV REF-MULTIFAM-FHA-ST MARYS-A	6.750%	08/15/2024		103.500 / 103.500	-28.89% / -28.89%	1	15
04/20/2004	64988J-DH-0	NEW YORK ST MED CARE FACS FIN AGY REV FHA-MTG-ST LUKES-ROOSEVELT-A	5.700%	02/15/2029		104.750 / 104.750	-28.89% / -28.89%	1	20
05/18/2004	73358E-AA-2	PORT AUTH N Y & N J SPL OBLIG REV CONTL/EASTERN PJ-LAGUARDIA	9.125%	12/01/2015	101.920 / 101.920	103.000 / 103.000	-28.89% / -28.89%	4	300
04/05/2004	491557-BQ-6	KENTUCKY ST TPK AUTH RES RECOVERY RD REV	6.625%	07/01/2008		108.895 / 108.895	-28.87% / -28.87%	1	5
06/25/2004	745219-CA-1	PUERTO RICO COMWLTH INFRASTRUCTURE FING AUTH SPL UNREFUNDED BALANCE-SER A	7.500%	07/01/2009		102.000 / 102.000	-28.85% / -28.85%	1	5
04/28/2004	270598-PH-2	EAST BATON ROUGE LA MTG FIN AUTH SINGLE FAMILY MTG PUR REF-SER C	7.000%	04/01/2032	100.100 / 100.100	102.600 / 102.600	-28.82% / -28.82%	4	60
04/29/2004	658196-RH-5	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER A-FSA-CR	5.750%	01/01/2019		102.500 / 102.500	-28.82% / -28.82%	3	30
05/06/2004	07132F-BC-5	BATTERY PK CITY AUTH N Y HSG REV FHA INS MTG LN-SER A	5.750%	06/01/2023		102.500 / 102.500	-28.82% / -28.82%	1	15
05/12/2004	07132F-BC-5	BATTERY PK CITY AUTH N Y HSG REV FHA INS MTG LN-SER A	5.750%	06/01/2023	98.411 / 99.500	102.500 / 102.500	-28.82% / -28.82%	3	135
05/26/2004	895395-BJ-9	TRI CITY CALIF HOSP DIST REV ORIG ISSUE DISC REF-INSD	5.750%	02/01/2015		102.500 / 102.500	-28.82% / -28.82%	3	90
04/23/2004	792888-HV-4	ST PAUL MINN HSG & REDEV AUTH HOSP REV ST PAUL RAMSEY MED CTR PROJ	5.550%	05/15/2023	99.265 / 99.265	103.500 / 103.500	-28.76% / -28.76%	3	55
06/30/2004	575851-F8-8	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV SOUTH SHORE HOSP-SER E	5.500%	07/01/2013		102.375 / 102.375	-28.76% / -28.76%	1	110
06/15/2004	567564-AU-3	MARICOPA-STANFIELD IRR & DRAIN DIST ARIZ REF	6.000%	06/01/2008		102.720 / 102.720	-28.75% / -28.75%	2	68
06/07/2004	649834-FE-3	NEW YORK ST DORM AUTH REVS FHA INSD MTG-EPISCOPAL HLTH	5.900%	08/01/2020	100.500 / 100.500	103.000 / 104.750	-7.04% / -28.68%	3	240
05/21/2004	006547-AX-1	ADDISON ILL SINGLE FAMILY MTG REV	7.500%	04/01/2011		114.077 / 114.077	-28.68% / -28.68%	1	10
04/23/2004	491322-HD-8	KENTUCKY INTERLOCAL SCH TRANSN ASSN EQUIP LEASE REV SER F	5.750%	12/01/2020	99.010 / 100.719	101.057 / 103.000	4.76% / -28.66%	8	315
04/06/2004	655153-AQ-7	NOBLESVILLE IND ECONOMIC DEV REV REF-LIONS CREEK ASSOC LTD PROJ	7.000%	11/01/2022	101.250 / 101.250	103.500 / 103.500	-28.63% / -28.63%	2	20
04/21/2004	230199-AM-3	CULLMAN & JEFFERSON CNTYS ALA GAS DIST GAS REV	5.700%	08/01/2010	99.411 / 99.411	103.500 / 103.500	-28.60% / -28.60%	2	65
05/05/2004	455083-AS-4	INDIANA ST TOLL FIN AUTH TOLL RD REV	6.000%	07/01/2015		102.500 / 102.500	-28.55% / -28.55%	1	15
05/05/2004	927043-AL-3	VILLA RICA GA DEV AUTH INDL DEV REV ARCH ALUMINUM & GLASS CO PJ	6.000%	04/01/2005		102.500 / 102.500	-28.55% / -28.55%	1	50
05/12/2004	690064-AC-4	OUTER DRIVE HSG FIN CORP MICH MTG REV REF-FHA-SEC 8-GREENHOUSE PJ-A	6.000%	01/01/2023		102.500 / 102.500	-28.55% / -28.55%	1	20
05/07/2004	810782-BV-3	SCRANTON PA HSG FIN CORP MTG REV REF-FINCH TWR-FHA INSD-SER A	6.125%	01/01/2024	100.500 / 100.500	102.000 / 102.000	-28.53% / -28.53%	2	60
05/06/2004	311450-CS-7	FARMINGTON N MEX POLLUTN CTL REV REF-SOUTHN CALIF EDISON CO-A	5.875%	06/01/2023	100.500 / 101.911	103.000 / 103.000	-28.52% / -28.52%	4	200
05/12/2004	439714-AC-0	HOPEWELL VA INDL DEV AUTH RES RECOVERY REV REF-STONE CONTAINER CORP PROJ	8.250%	06/01/2016		102.500 / 102.500	-28.52% / -28.52%	1	5
06/07/2004	246361-AV-1	DELAWARE RIV PORT AUTH PA & NJ DEL RIV BRDGS REV	6.500%	01/15/2011		111.500 / 111.500	-28.50% / -28.50%	1	10
06/09/2004	718903-GV-3	PHOENIX ARIZ INDL DEV AUTH MULTIFAMILY HSG REV REF-GNMA COLL-MEADOW GLEN AP	5.800%	09/20/2028	100.500 / 100.500	103.500 / 103.500	-28.49% / -28.49%	2	50
05/25/2004	452010-ZS-3	ILLINOIS HSG DEV AUTH MULTI-FAMILY HSG-SER 1991 A	8.125%	07/01/2010		102.880 / 102.880	-28.47% / -28.47%	3	75
04/02/2004	649847-AC-4	NEW YORK ST ENERGY RESH & DEV AUTH SOLID WASTE DISP REV NY ST ELEC & GAS CO	5.700%	12/01/2028	100.750 / 100.750	104.000 / 104.000	-28.44% / -28.44%	2	75
04/28/2004	805777-GJ-2	SAYRE PA HEALTH CARE FACS AUTH REV HOSP-VHA PA/VHA EAST FING PG-B	6.375%	07/01/2022		103.540 / 103.540	-28.41% / -28.41%	3	30
04/28/2004	592098-UN-5	METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN WTR & SWR REV ORIG ISSUE D	5.500%	01/01/2016		102.450 / 102.450	-28.41% / -28.41%	2	50
06/08/2004	483233-GX-4	KALAMAZOO MICH HOSP FIN AUTH HOSP FAC REV REF-BORGESS MED CTR-A-MBIA-IBC	5.250%	06/01/2017		104.671 / 104.671	-28.40% / -28.40%	2	420
05/05/2004	387793-DN-9	GRANT CNTY S D POLLUTN CTL REV REF-NORTHWESTERN PUB SVC CO-B	5.900%	06/01/2023		103.500 / 103.500	-28.39% / -28.39%	2	30
05/10/2004	653352-MR-2	NIAGARA CNTY N Y SER B	5.200%	01/15/2012		107.845 / 107.845	-28.36% / -28.36%	2	20
04/07/2004	574216-DQ-7	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV GOOD SAMARITAN HOSP	5.750%	07/01/2019		104.403 / 104.403	-28.34% / -28.34%	2	20
05/07/2004	821515-DZ-3	SHELBY CNTY ALA WTS-SER A	7.000%	08/01/2015		108.400 / 108.400	-28.34% / -28.34%	1	45
06/02/2004	938595-BK-0	WASHINGTON CNTY PA HSG AUTH FIRST MTG GTD REV REF	4.950%	12/01/2007		102.400 / 102.400	-28.32% / -28.32%	1	90
05/13/2004	649657-DF-7	NEW YORK N Y CONV PRAMS 7.5% 10/01/13 SER54	%	10/01/2013	112.250 / 112.250	115.500 / 115.500	-28.30% / -28.30%	2	30
05/05/2004	952789-AU-9	WEST FELICIANA PARISH LA POLLUTION CTL REV GULF STS UTILS-II-RMK 12/1/91	7.700%	12/01/2014		103.209 / 103.209	-28.30% / -28.30%	1	25
06/28/2004	067626-CE-9	BARKER CYPRESS MUN UTIL DIST TEX REF	6.700%	04/01/2005		102.950 / 102.950	-28.29% / -28.29%	1	50
05/12/2004	45200K-JA-7	ILLINOIS HEALTH FACS AUTH REV REF-GALESBURG COTTAGE HOSP	6.250%	05/01/2011	100.000 / 100.000	102.500 / 102.500	-28.28% / -28.28%	2	80
05/26/2004	961046-JW-0	WESTMORELAND CNTY PA NEW PUB HSG AUTH	5.250%	08/01/2011		107.000 / 107.000	-28.28% / -28.28%	2	460
05/03/2004	649702-PC-5	NEW YORK N Y CITY HSG DEV CORP MTG REV REF-MULTIFAMILY-FHA INSD-SER A	6.550%	04/01/2018	100.250 / 100.250	103.750 / 103.750	-28.27% / -28.27%	2	40
04/28/2004	45200K-5G-9	ILLINOIS HEALTH FACS AUTH REV SERVANTCOR PJ-SER A	6.000%	08/15/2012		112.829 / 112.829	-28.23% / -28.23%	2	60
04/14/2004	649834-KZ-0	NEW YORK ST DORM AUTH REVS INSD-MTG-WARTBURG HOME	5.800%	02/01/2028		104.500 / 104.500	-28.23% / -28.23%	1	10
05/12/2004	649834-KZ-0	NEW YORK ST DORM AUTH REVS INSD-MTG-WARTBURG HOME	5.800%	02/01/2028	101.000 / 101.000	104.500 / 104.500	-28.23% / -28.23%	2	80
05/03/2004	649702-PB-7	NEW YORK N Y CITY HSG DEV CORP MTG REV REF-MULTIFAMILY-FHA INSD-SER A	6.600%	04/01/2030	100.250 / 100.250	103.750 / 103.750	-28.22% / -28.22%	2	30
06/30/2004	439714-AC-0	HOPEWELL VA INDL DEV AUTH RES RECOVERY REV REF-STONE CONTAINER CORP PROJ	8.250%	06/01/2016		104.000 / 104.000	-28.21% / -28.21%	2	50
06/30/2004	594692-7B-5	MICHIGAN ST STRATEGIC FD LTD OBLIG REV REF-COLL-CONSUMERS PWR CO PJ-B	5.800%	06/15/2010		104.000 / 104.000	-28.20% / -28.20%	1	50
05/05/2004	575910-5A-8	MASSACHUSETTS ST HSG FIN AGY HSG REV INSD-SER A	6.100%	12/01/2025		103.500 / 103.500	-28.17% / -28.17%	1	25
05/11/2004	683340-CZ-4	ONTERIE CTR HSG FIN CORP ILL MTG REV REF-FHA INSD-ONTERIE CTR-A	7.050%	07/01/2027	103.134 / 103.134	103.875 / 104.125	-23.03% / -28.17%	9	2700
06/07/2004	593240-AM-6	MIAMI BEACH FLA SPL OBLIG SUB	7.375%	12/01/2008		103.000 / 103.000	-28.15% / -28.15%	1	10
04/23/2004	311450-CS-7	FARMINGTON N MEX POLLUTN CTL REV REF-SOUTHN CALIF EDISON CO-A	5.875%	06/01/2023		103.650 / 104.500	-16.84% / -28.15%	3	130
05/07/2004	645780-CQ-8	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV REF-HACKENSACK WTR CO PJ-AMT-B	5.900%	03/01/2024		104.500 / 104.500	-28.12% / -28.12%	1	25
06/29/2004	230584-CD-4	CUMBERLAND CNTY N C HOSP FACS REV REF-CUMBERLAND CNTY HOSP SYS	5.500%	10/01/2014	100.697 / 100.697	102.625 / 102.625	-28.11% / -28.11%	7	1550
04/20/2004	107480-DN-2	BREVARD CNTY FLA UTIL REV	6.800%	03/01/2012		113.894 / 113.894	-28.10% / -28.10%	1	10
05/03/2004	64971C-CN-2	NEW YORK N Y CITY INDL DEV AGY CIVIC FAC REV PUERTO RICAN FAMILY FNDTN PROJ	7.000%	10/01/2016	99.250 / 99.250	102.750 / 102.750	-28.06% / -28.06%	2	20
05/25/2004	134115-AC-8	CAMPBELL CALIF HSG FAC REV GNMA-SAN TOMAS GARDENS PROJ-A	6.500%	10/20/2024		104.750 / 104.750	-28.06% / -28.06%	2	200
04/13/2004	23825H-CT-2	DAUPHIN CNTY PA GEN AUTH HOSP REV HAPSCO-WESTN PA HOSP PJ-A-1	5.400%	07/01/2005		104.653 / 104.653	-28.03% / -28.03%	2	60
06/14/2004	207900-AV-3	CONNECTICUT ST DEV AUTH WTR FAC REV AMT-REF-BRIDGEPORT HYDRAULIC-A	5.600%	06/01/2028	98.250 / 100.500	100.000 / 103.250	5.60% / -28.02%	6	155
06/16/2004	735328-AK-2	PORT ST HELENS ORE POLLUTN CTL REV PORTLAND GEN ELEC CO PJ-SER B	7.125%	12/15/2014	100.324 / 100.324	102.550 / 102.550	-28.02% / -28.02%	4	200
04/30/2004	254771-QS-0	DISTRICT COLUMBIA HSG FIN AGY MTG REV REF-FHA-SOUTHVIEW APT II-SER A	6.000%	01/01/2025		104.500 / 104.500	-28.02% / -28.02%	1	15
05/26/2004	519759-AG-9	LAWRENCE CNTY MO NURSING HOME DIST NURSING HOME REV	6.500%	03/01/2014		102.500 / 102.500	-28.02% / -28.02%	1	10
06/17/2004	105911-AP-6	BRAZOS CNTY TEX HEALTH FAC DEV CORP FRANCISCAN SVCS CORP REV REF-ST JOSEPH	6.000%	01/01/2019		104.500 / 104.500	-28.02% / -28.02%	2	200
06/21/2004	60635R-PX-9	MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV PREREFUNDED	7.625%	07/01/2018		102.800 / 102.800	-28.02% / -28.02%	1	5
05/14/2004	511678-LT-9	LAKELAND FLA ELEC & WTR REV	5.750%	10/01/2019		102.440 / 102.440	-28.01% / -28.01%	3	15
05/17/2004	575200-AU-4	MASON CNTY W VA POLLUTN CTL REV OHIO PWR CO PROJ-SER B	5.450%	12/01/2016	101.070 / 101.070	103.070 / 103.070	-27.99% / -27.99%	2	10
06/28/2004	967246-EF-2	WICHITA KANS ARPT AUTH ARPT FACS REV REF-WICHITA ARPT HOTEL ASSOC	7.000%	03/01/2005		102.950 / 102.950	-27.97% / -27.97%	1	140
05/27/2004	720175-LF-3	PIEDMONT MUN PWR AGY S C ELEC REV REF-SER A	6.550%	01/01/2016		102.500 / 102.500	-27.96% / -27.96%	1	10
06/10/2004	161042-GG-5	CHARLOTTE N C NEW PUB HSG AUTH	5.000%	02/01/2011		105.469 / 105.469	-27.93% / -27.93%	1	350
06/10/2004	266795-NX-7	DURHAM N C NEW PUB HSG AUTH	5.000%	02/01/2011		105.469 / 105.469	-27.93% / -27.93%	1	200
05/04/2004	45201B-AE-7	ILLINOIS HSG DEV AUTH ELDERLY HSG REV SEC 8-GARDEN HOUSE RIVER OAK-A	6.875%	01/01/2020		103.750 / 103.750	-27.93% / -27.93%	1	100
04/14/2004	594665-AF-8	MICHIGAN ST JOB DEV AUTH POLLUTION CTL REV GEN MOTORS CORP-ACCRL 10/1/93	5.550%	04/01/2009		102.417 / 102.417	-27.91% / -27.91%	1	25
06/01/2004	745271-XZ-4	PUERTO RICO INDL MED & ENVIRML POLLUTN CTL FACS FING AUTH REV INDL-SER A	6.700%	04/01/2013		105.000 / 105.000	-27.91% / -27.91%	1	5
05/14/2004	130623-DY-4	CALIFORNIA ST MBIA-BOOK ENTRY	3.750%	12/01/2008		102.088 / 102.088	-27.89% / -27.89%	2	30
05/04/2004	649656-EB-7	NEW YORK N Y SER A-FSA-CR	6.000%	08/01/2012		108.566 / 108.566	-27.88% / -27.88%	2	30
06/03/2004	794103-BL-4	SALEM CNTY N J INDL POLLUTN CTL FING AUTH REV REF-ATLANTIC CITY ELEC-A	6.150%	06/01/2029		104.500 / 104.500	-27.86% / -27.86%	1	10
06/24/2004	544625-AT-3	LOS ANGELES CALIF PUB FACS CORP REV	5.400%	08/01/2007		103.851 / 103.851	-27.80% / -27.80%	1	15
05/04/2004	649731-GJ-9	NEW YORK N Y NEW PUB HSG AUTH	5.000%	01/01/2012		106.250 / 106.250	-27.78% / -27.78%	1	25
06/01/2004	575566-BP-8	MASSACHUSETTS BAY TRANSN AUTH MASS	3.850%	03/01/2006	96.500 / 96.500	102.456 / 102.456	-27.76% / -27.76%	4	80
04/30/2004	098792-AG-9	BOONE CNTY KY POLLUTN CTL REV REF-COLL-DAYTON PWR & LT CO-A	6.500%	11/15/2022		103.500 / 103.500	-27.75% / -27.75%	2	110
06/02/2004	098792-AG-9	BOONE CNTY KY POLLUTN CTL REV REF-COLL-DAYTON PWR & LT CO-A	6.500%	11/15/2022		103.750 / 103.875	-27.75% / -27.75%	7	480
06/16/2004	544052-AB-9	LORDSBURG N MEX POLLUTN CTL REV REF-PHELPS DODGE CORP PROJ	6.500%	04/01/2013	100.000 / 100.000	101.384 / 103.500	1.14% / -27.75%	5	250
05/21/2004	017289-FY-0	ALLEGHENY CNTY PA HOSP DEV AUTH REV NORTH HILLS PASSAVANT HOSP	6.750%	07/01/2005	100.110 / 100.110	100.110 / 102.500	5.01% / -27.75%	3	20
06/25/2004	246361-AV-1	DELAWARE RIV PORT AUTH PA & NJ DEL RIV BRDGS REV	6.500%	01/15/2011		110.500 / 110.500	-27.71% / -27.71%	1	10
05/12/2004	508361-AY-8	LAKE CNTY ILL HSG FIN CORP HSG DEV REV REF-FHA INSD MTG-SECT 8-SER A	6.800%	05/01/2023		102.500 / 102.500	-27.70% / -27.70%	1	5
04/27/2004	924191-KS-7	VERMONT HSG FIN AGY HOME MTG PUR SER B	7.600%	12/01/2024	100.770 / 100.770	102.770 / 102.770	-27.67% / -27.67%	3	190
04/05/2004	708298-AB-0	PENNINGTON CNTY S D POLLUTN CTL REV REF-BLACK HILLS PWR & LT CO PJ	6.700%	06/01/2010	100.500 / 100.500	103.000 / 103.000	-18.86% / -27.65%	3	100
04/02/2004	649731-FH-4	NEW YORK N Y NEW PUB HSG AUTH	5.375%	01/01/2008		109.400 / 109.400	-27.63% / -27.63%	3	75
05/03/2004	130663-CK-1	CALIFORNIA ST DEPT WTR RES CENT VY PROJ REV	5.250%	07/01/2022	100.500 / 100.500	102.953 / 102.953	-27.63% / -27.63%	3	105
06/18/2004	645778-AV-3	NEW JERSEY ECONOMIC DEV AUTH POLLUTN CTL REV PUB SVC ELEC & GAS CO-A	6.400%	05/01/2032		104.500 / 104.500	-27.60% / -27.60%	1	65
04/21/2004	649731-FG-6	NEW YORK N Y NEW PUB HSG AUTH	5.375%	01/01/2007		107.405 / 107.405	-27.58% / -27.58%	2	10
06/07/2004	837140-CH-3	SOUTH CAROLINA ST PUB SVC AUTH ELEC REV & ELEC SYS EXPANS REV	4.100%	07/01/2006		102.000 / 102.000	-27.58% / -27.58%	1	10
06/30/2004	797284-BZ-8	SAN DIEGO CALIF INDL DEV REV REF-SAN DIEGO G&E-C-MBIA-IBC	5.900%	09/01/2018		104.000 / 104.375	-22.39% / -27.57%	4	170
06/23/2004	709170-FL-3	PENNSYLVANIA ST HIGHER EDL FACS AUTH COLLEGE & UNIV REVS	6.125%	01/01/2010		110.443 / 110.443	-27.57% / -27.57%	2	20
06/23/2004	73358E-AA-2	PORT AUTH N Y & N J SPL OBLIG REV CONTL/EASTERN PJ-LAGUARDIA	9.125%	12/01/2015		103.000 / 103.000	-27.56% / -27.56%	1	20
04/29/2004	60415H-3W-3	MINNESOTA ST HSG FIN AGY AMT-SINGLE FAMILY MTG-SER G	6.450%	07/01/2020	102.000 / 102.000	104.500 / 104.500	-27.55% / -27.55%	2	40
04/15/2004	64579C-TU-4	NEW JERSEY HEALTH CARE FACS FING AUTH REV ALLEGANY HLTH-OUR LDY LOURDES	5.200%	07/01/2018		104.397 / 104.397	-27.49% / -27.49%	2	80
05/27/2004	821515-DZ-3	SHELBY CNTY ALA WTS-SER A	7.000%	08/01/2015		106.030 / 106.030	-27.49% / -27.49%	1	5
06/03/2004	047793-GX-6	ATLANTA GA ARPT FACS REV PREREFUNDED-SER B	6.000%	01/01/2021		104.260 / 105.729	3.00% / -27.48%	4	45
05/04/2004	786134-BU-9	SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV MBIA IBC	5.000%	12/01/2016		104.475 / 104.475	-27.45% / -27.45%	3	80
05/12/2004	476575-FU-4	JERSEY CITY N J WTR	4.900%	12/15/2010		103.860 / 103.860	-27.45% / -27.45%	1	25
04/21/2004	116437-AB-0	BROWNSVILLE TEX NAV DIST CAMERON CNTY POLLUTN CTL REV UN CARBIDE CORP PROJ	5.625%	11/01/2007	101.000 / 101.000	102.000 / 102.000	-27.43% / -27.43%	2	30
04/16/2004	649892-GQ-3	NEW YORK ST PWR AUTH REV & GEN PURP	5.875%	01/01/2010		110.400 / 110.400	-27.41% / -27.41%	1	10
05/21/2004	311450-AH-3	FARMINGTON N MEX POLLUTN CTL REV TUCSON GAS & ELEC CO SAN JUAN	6.100%	01/01/2008		102.420 / 102.420	-27.37% / -27.37%	1	5
04/27/2004	29634D-AN-4	ESCONDIDO CALIF JT PWRS FING AUTH LEASE REV ESCONDIDO CIVIC CTR PROJ-SER B	6.125%	09/01/2011	110.773 / 110.773	112.250 / 112.491	-26.77% / -27.35%	3	150
06/04/2004	675142-BE-2	OCEAN TWP N J BRD ED CTFS PARTN	7.500%	12/15/2004	99.000 / 99.000	100.600 / 100.600	-27.34% / -27.34%	5	125
06/28/2004	485426-H3-7	KANSAS ST DEV FIN AUTH REV REF-HSG DEV-FHA-SEC 8 ASSTD-A	6.100%	07/01/2024	100.530 / 100.530	102.614 / 102.614	-27.33% / -27.33%	5	120
05/19/2004	658196-RG-7	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B-FSA-CR	5.500%	01/01/2021		100.750 / 100.750	-27.33% / -27.33%	1	15
04/02/2004	289050-CA-2	ELLISVILLE MO INDL DEV AUTH INDL DEV REV BETHESDA FNDTN-THE GARDENS	7.150%	08/15/2025		102.500 / 102.500	-27.33% / -27.33%	2	25
06/15/2004	511678-MQ-4	LAKELAND FLA ELEC & WTR REV MBIA-IBC	5.750%	10/01/2019		102.000 / 102.000	-27.30% / -27.30%	1	10
04/12/2004	649655-ET-0	NEW YORK N Y SER A-FSA-CR	7.500%	03/15/2010		116.300 / 116.300	-27.26% / -27.26%	1	10
04/07/2004	230584-CD-4	CUMBERLAND CNTY N C HOSP FACS REV REF-CUMBERLAND CNTY HOSP SYS	5.500%	10/01/2014		102.750 / 102.750	-27.26% / -27.26%	1	150
04/23/2004	649658-DC-2	NEW YORK N Y SER B-FSA-CR	7.000%	10/01/2015		116.287 / 116.287	-27.24% / -27.24%	1	25
06/07/2004	452010-ZU-8	ILLINOIS HSG DEV AUTH MULTI-FAMILY HSG-SER 1991 A	8.125%	07/01/2016		103.000 / 103.000	-27.23% / -27.23%	1	10
05/13/2004	658196-KM-1	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER A	5.000%	01/01/2021		102.228 / 103.311	4.71% / -27.22%	5	400
04/16/2004	367598-AU-3	GATEWAY ECONOMIC DEV CORP GTR CLEVELAND OHIO EXCISE TAX REV SUB-CUYAHOGA CN	7.500%	09/01/2005		102.520 / 102.520	-27.22% / -27.22%	1	5
05/12/2004	593240-AM-6	MIAMI BEACH FLA SPL OBLIG SUB	7.375%	12/01/2008	99.210 / 99.210	102.510 / 102.510	-27.22% / -27.22%	4	40
06/07/2004	348154-LC-7	FORT MYERS FLA NEW PUB HSG AUTH	5.875%	03/01/2007		108.036 / 108.036	-27.22% / -27.22%	2	200
05/05/2004	59163E-AN-8	METRO REGL TRAN AUTH OHIO CAP FACS	6.650%	12/01/2005		102.450 / 102.450	-27.19% / -27.19%	1	50
04/14/2004	649660-GK-7	NEW YORK N Y SER A-FSA-CR	7.250%	03/15/2019		115.420 / 115.420	-27.18% / -27.18%	3	30
04/20/2004	387793-DN-9	GRANT CNTY S D POLLUTN CTL REV REF-NORTHWESTERN PUB SVC CO-B	5.900%	06/01/2023		104.625 / 104.625	-27.16% / -27.16%	2	90
05/13/2004	424056-GL-7	HEMPSTEAD N Y NEW PUB HSG AUTH	4.875%	01/01/2011	101.150 / 101.150	105.049 / 105.049	-27.15% / -27.15%	4	40
05/20/2004	484800-MG-9	KANSAS CITY KANS WTR & ELEC LT PLT REV	6.300%	10/01/2009	110.000 / 113.027	113.027 / 113.027	-27.13% / -27.13%	6	600
05/07/2004	64988K-JC-2	NEW YORK ST MED CARE FACS FIN AGY REV FHA-MTG-ST LUKES-A-MBIA-IBC	5.625%	08/15/2018		104.500 / 104.500	-27.12% / -27.12%	1	45
06/30/2004	717903-RV-2	PHILADELPHIA PA HOSPS & HIGHER ED FACS AUTH HOSP REV FRANKFORD HOSP-SER A	6.000%	06/01/2014		103.330 / 103.330	-27.10% / -27.10%	1	10
06/01/2004	914469-AQ-4	UNIVERSITY MINN UNIV HOSP & CLINICS	6.750%	12/01/2016	117.649 / 117.649	119.202 / 119.202	-27.09% / -27.09%	6	2400
05/21/2004	00037E-BG-0	ABAG FIN AUTH FOR NONPROFIT CORPS CALIF CTFS PARTN STANFORD UNIV HOSP	5.500%	11/01/2013	100.301 / 100.301	102.101 / 104.390	3.87% / -27.09%	4	30
04/28/2004	621233-CP-8	MOUNT DORA FLA HEALTH FACS AUTH HEALTH FACS REV WATERMAN VLG PROJ-SER B	7.000%	08/15/2018		102.470 / 102.470	-27.08% / -27.08%	1	10
05/03/2004	606354-WL-8	MISSOURI ST HSG DEV COMMN MTG REV SINGLE FAM-GNMA MTG BKD SECS-A	6.750%	06/01/2024		102.250 / 102.250	-27.06% / -27.06%	1	10
06/18/2004	497843-CX-8	KISSIMMEE FLA SUBN WTR & SWR SYS REV UNREFUNDED BALANCE	6.125%	10/01/2011	99.650 / 99.650	102.390 / 102.390	-27.03% / -27.03%	4	60
06/17/2004	643367-CA-1	NEW CASTLE IND ELEM SCH BLDG CORP REF-FIRST MTG	5.200%	01/01/2006		102.700 / 102.700	-27.00% / -27.00%	2	255
06/09/2004	762211-SR-2	RHODE ISLAND HSG & MTG FIN CORP RENTAL HSG PROG-SER A	5.650%	10/01/2007		103.375 / 103.375	-26.98% / -26.98%	1	25
04/27/2004	821515-DZ-3	SHELBY CNTY ALA WTS-SER A	7.000%	08/01/2015	107.090 / 107.090	109.340 / 109.340	-26.96% / -26.96%	4	40
04/05/2004	107480-DN-2	BREVARD CNTY FLA UTIL REV	6.800%	03/01/2012		115.097 / 115.097	-26.95% / -26.95%	1	15
06/21/2004	546396-4R-0	LOUISIANA PUB FACS AUTH REV MULTIFAMILY HSG-WALMSLEY-A	7.500%	06/01/2021		105.250 / 105.250	-26.90% / -26.90%	1	15
04/05/2004	745281-X3-4	PUERTO RICO NEW PUB HSG AUTH	5.000%	06/01/2008		106.000 / 106.000	-26.88% / -26.88%	1	10
05/18/2004	646139-AH-8	NEW JERSEY ST TPK AUTH TPK REV	5.200%	01/01/2008		102.500 / 102.500	-26.87% / -26.87%	1	10
04/16/2004	679404-DF-7	OLATHE KANS MTG LN REV GNMA COLL-SER A	7.875%	11/01/2009		101.000 / 101.000	-26.86% / -26.86%	1	5
06/02/2004	609916-AH-4	MONONGALIA CNTY W VA POLLUTION CTL REV WEST PENN PWR CO-B-MBIA-IBC	5.950%	04/01/2013		103.875 / 103.875	-26.84% / -26.84%	1	35
06/14/2004	516439-DD-5	LANSING MICH NEW PUB HSG AUTH	5.250%	09/01/2009		108.125 / 108.125	-26.80% / -26.80%	1	30
05/21/2004	594665-AF-8	MICHIGAN ST JOB DEV AUTH POLLUTION CTL REV GEN MOTORS CORP-ACCRL 10/1/93	5.550%	04/01/2009	101.000 / 101.000	102.334 / 102.334	-26.79% / -26.79%	3	100
05/07/2004	649659-BB-4	NEW YORK N Y SER B-FSA-CR	7.000%	10/01/2018		114.750 / 114.750	-26.77% / -26.77%	1	10
04/20/2004	731205-AP-5	POLK CNTY IOWA HOSP FAC REV	7.750%	07/01/2006	98.360 / 98.360	106.996 / 106.996	-26.77% / -26.77%	4	25
06/17/2004	876672-WB-8	TAUNTON MASS	6.600%	09/01/2005		104.452 / 104.452	-26.76% / -26.76%	1	140
05/26/2004	64577M-UN-8	NEW JERSEY ECONOMIC DEV AUTH ECONOMIC DEV REV UNITED CEREBRAL PALSY PROJ	5.550%	08/01/2015		104.657 / 104.657	-26.74% / -26.74%	1	15
05/21/2004	797284-CB-0	SAN DIEGO CALIF INDL DEV REV RSV1-VAR-REF-G&E-A-AMBAC-TCRS	5.900%	06/01/2018		103.375 / 103.375	-26.72% / -26.72%	1	50
06/17/2004	282682-AD-5	EL CAJON CALIF CTFS PARTN FHA INSD-HELIX VIEW NURSIN HOM	7.750%	02/01/2029		102.500 / 102.500	-26.69% / -26.69%	1	10
06/08/2004	16756J-AA-8	CHICAGO ILL MTG REV FHA INSD MTG LN-LAKEVIEW TWRS	6.550%	12/01/2012	102.300 / 102.300	102.600 / 102.600	-26.68% / -26.68%	2	0
05/07/2004	400532-DW-4	GUADALUPE-BLANCO RIV AUTH TEX REVS REF-SOHIO CHEM CO-RMK 11/2/92	6.550%	05/01/2013		103.750 / 103.750	-26.66% / -26.66%	2	40
04/15/2004	875290-BP-2	TAMPA FLA WTR & SWR REV ZERO % SERIAL DISC BDS	%	10/01/2010		83.850 / 83.850	-26.63% / -26.63%	1	250
04/30/2004	802075-AB-7	SANTA FE N MEX HSG DEV CORP MULTIFAMILY REV REF-MTG-VILLA CAMINO-SER A	6.000%	02/01/2018		103.375 / 103.375	-26.61% / -26.61%	1	40
05/10/2004	649657-CW-1	NEW YORK N Y SER B-FSA-TAGSS	7.000%	10/01/2014		113.863 / 113.863	-26.59% / -26.59%	1	60
04/19/2004	961017-ER-7	WESTMORELAND CNTY PA MUN AUTH MUN SVC REV SERIES Q	6.200%	07/01/2007		111.278 / 111.278	-26.56% / -26.56%	2	20
05/19/2004	13033H-XF-8	CALIFORNIA HEALTH FACS FING AUTH REV INSD-ISLA VISTA HEALTH PJ-D	7.875%	06/01/2018	99.500 / 99.500	102.500 / 102.500	-26.56% / -26.56%	2	10
06/29/2004	575851-F8-8	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV SOUTH SHORE HOSP-SER E	5.500%	07/01/2013	101.050 / 101.050	102.500 / 102.500	-26.55% / -26.55%	4	790
04/06/2004	762211-MD-9	RHODE ISLAND HSG & MTG FIN CORP AMT-HOMEOWNERSHIP OPPTY-E-1	7.550%	10/01/2022		102.875 / 102.875	-26.54% / -26.54%	1	15
06/21/2004	606906-BV-6	MISSOURI ST ENVIRONMENTAL IMPT & ENERGY RES AUTH POLL CTL REV REF-EMPIRE DI	5.300%	11/01/2013		101.830 / 101.830	-26.53% / -26.53%	1	10
05/03/2004	455167-HC-3	INDIANA UNIV REVS SOUTH BEND CAMPUS	6.400%	06/01/2005		103.400 / 103.400	-26.53% / -26.53%	1	30
04/23/2004	20774L-HC-2	CONNECTICUT ST HEALTH & EDL FACS AUTH REV UNREFUNDED BALANCE-SER E	6.500%	07/01/2014		102.875 / 102.875	-26.52% / -26.52%	1	20
04/21/2004	346668-BS-4	FORSYTH MONT POLLUTION CTL REV REF-MONTANA PWR-AMBAC-TCRS	5.900%	12/01/2023		104.375 / 104.375	-26.47% / -26.47%	1	20
06/21/2004	544052-AB-9	LORDSBURG N MEX POLLUTN CTL REV REF-PHELPS DODGE CORP PROJ	6.500%	04/01/2013		103.500 / 103.500	-26.45% / -26.45%	1	20
04/22/2004	407272-AM-5	HAMILTON CNTY OHIO HOSP FACS REV DEACONESS HOSP CINCINNATI OHIO	6.500%	01/01/2007		102.383 / 102.383	-26.45% / -26.45%	1	15
05/04/2004	245902-AC-5	DELAWARE CNTY PA AUTH HEALTH CARE REV MERCY HLTH CORP SOUTHEASTN-A	5.125%	11/15/2012		104.500 / 104.500	-26.44% / -26.44%	1	40
04/12/2004	20774L-YX-7	CONNECTICUT ST HEALTH & EDL FACS AUTH REV VAR-MIDDLESEX HOSP-SER K	1.300%	07/01/2027		100.000 / 100.500	-26.44% / -26.44%	3	2400
04/16/2004	05922K-AM-1	BALTIMORE MD PROJ REV TAXABLE-BALTIMORE CITY PKG-B	8.400%	07/01/2011		103.550 / 103.550	-26.43% / -26.43%	1	195
06/02/2004	812676-MJ-0	SEATTLE WASH NEW PUB HSG AUTH	4.875%	08/01/2010		106.000 / 106.000	-26.42% / -26.42%	2	1000
06/17/2004	786134-AW-6	SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV MBIA-IBC	5.000%	12/01/2006	103.730 / 103.730	104.300 / 104.300	-26.41% / -26.41%	3	900
06/08/2004	546395-GR-9	LOUISIANA PUB FACS AUTH HOSP REV REF-SOUTHN BAPTIST HOSP INC PJ	8.000%	05/15/2012		116.669 / 116.669	-26.41% / -26.41%	1	20
05/17/2004	128423-AZ-3	CALCASIEU PARISH LA MEM HOSP SVC DIST HOSP REV LAKE CHARLES MEM HOSP	6.800%	01/01/2005		102.599 / 102.599	-26.40% / -26.40%	1	25
04/06/2004	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		103.750 / 104.250	-19.45% / -26.39%	7	220
04/22/2004	649656-EB-7	NEW YORK N Y SER A-FSA-CR	6.000%	08/01/2012		108.875 / 108.875	-26.38% / -26.38%	1	10
06/02/2004	97111N-AQ-4	WILLOW CREEK PK & REC DIST ORE	6.000%	07/01/2010	101.241 / 101.241	102.241 / 102.241	-26.34% / -26.34%	2	20
05/12/2004	649659-BE-8	NEW YORK N Y SER A-FSA-TAGSS	6.000%	08/01/2018		107.125 / 107.125	-26.32% / -26.32%	2	180
04/12/2004	645780-CN-5	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV REF-MIDDLESEX WTR CO PJ-A	5.250%	02/01/2029		104.500 / 104.500	-26.31% / -26.31%	1	15
05/05/2004	489573-AK-1	KENNETT MO INDL DEV AUTH INDL DEV REV AMERICAN RAILCAR INDS MFG PJ	8.125%	06/01/2010		102.500 / 102.500	-26.30% / -26.30%	1	20
04/28/2004	649660-FQ-5	NEW YORK N Y SER B-FSA-CR	7.000%	10/01/2019		115.400 / 115.400	-26.25% / -26.25%	1	20
04/23/2004	491557-FR-0	KENTUCKY ST TPK AUTH RES RECOVERY RD REV REF-SER A	5.000%	07/01/2008	100.250 / 100.250	102.250 / 102.250	-26.24% / -26.24%	2	20
04/06/2004	070129-AG-6	BASS BROOK MINN POLLUTION CTL REV REF-COLL-MINN PWR & LT CO PJ	6.000%	07/01/2022	101.010 / 101.010	101.300 / 103.250	0.07% / -26.22%	5	250
04/06/2004	649858-XB-8	NEW YORK ST HSG FIN AGY NON PROFIT HSG	6.000%	11/01/2012		103.250 / 103.250	-26.21% / -26.21%	1	10
04/05/2004	544389-UU-1	LOS ANGELES CALIF CMNTY REDEV AGY REF-TAX ALLOC-BUNKER HILL-H	5.625%	12/01/2023		104.521 / 104.521	-26.18% / -26.18%	2	160
04/02/2004	433295-FB-3	HINESVILLE GA LEASED HSG CORP REV MTG-REF-SER A-MBIA-IBC	6.500%	07/15/2010	103.400 / 103.400	104.400 / 104.400	-26.18% / -26.18%	4	160
05/26/2004	544052-AB-9	LORDSBURG N MEX POLLUTN CTL REV REF-PHELPS DODGE CORP PROJ	6.500%	04/01/2013	101.500 / 101.500	102.500 / 103.381	-14.34% / -26.17%	6	805
06/24/2004	649653-GL-0	NEW YORK N Y SER A	7.300%	03/15/2006		107.600 / 107.600	-26.16% / -26.16%	2	20
06/30/2004	68607E-VA-8	OREGON ST ELDERLY & DISABLED HSG-SER B	6.200%	08/01/2020		104.375 / 104.375	-26.16% / -26.16%	1	15
04/12/2004	649731-FK-7	NEW YORK N Y NEW PUB HSG AUTH	5.375%	01/01/2010	106.250 / 106.250	107.500 / 107.500	-26.14% / -26.14%	2	30
06/03/2004	677660-AJ-1	OHIO ST WTR DEV AUTH POLLUTION CTL FACS REV GEN MTRS CORP	5.900%	06/15/2008		102.690 / 102.690	-26.14% / -26.14%	1	5
04/15/2004	579703-AK-5	MC COOK ILL REV BRITISH HOME PJ	5.100%	12/01/2014		102.250 / 102.250	-26.14% / -26.14%	2	480
04/08/2004	842475-ST-3	SOUTHERN CALIF PUB PWR AUTH PWR PROJ REV UNREFUNDED BALANCE	7.000%	07/01/2009		102.300 / 102.300	-26.11% / -26.11%	1	10
05/04/2004	649731-FX-9	NEW YORK N Y NEW PUB HSG AUTH	5.250%	01/01/2012		106.000 / 106.000	-26.04% / -26.04%	1	25
06/22/2004	455083-AS-4	INDIANA ST TOLL FIN AUTH TOLL RD REV	6.000%	07/01/2015		102.500 / 102.500	-26.02% / -26.02%	1	15
06/10/2004	516439-DD-5	LANSING MICH NEW PUB HSG AUTH	5.250%	09/01/2009		108.125 / 108.125	-26.00% / -26.00%	2	35
06/10/2004	465696-BN-1	ITHACA N Y NEW PUB HSG AUTH	4.875%	09/01/2009		106.496 / 106.496	-19.61% / -25.99%	2	50
04/06/2004	649868-YU-4	NEW YORK ST HSG FIN AGY REV TAXABLE-MULTIFAM-SECD MTG-B	9.000%	08/15/2026		105.000 / 105.000	-25.96% / -25.96%	1	10
06/24/2004	649868-UE-4	NEW YORK ST HSG FIN AGY REV INSD-MULTIFAMILY MTG HSG-SER A	6.950%	08/15/2012		103.400 / 103.400	-25.95% / -25.95%	1	25
06/17/2004	643367-BZ-7	NEW CASTLE IND ELEM SCH BLDG CORP REF-FIRST MTG	5.100%	07/01/2005		102.600 / 102.600	-25.95% / -25.95%	2	245
06/14/2004	072088-BN-6	BAY CITY MICH NEW PUB HSG AUTH	4.875%	09/01/2009		106.486 / 106.486	-20.21% / -25.94%	5	130
06/01/2004	938595-BK-0	WASHINGTON CNTY PA HSG AUTH FIRST MTG GTD REV REF	4.950%	12/01/2007	100.280 / 100.280	102.402 / 102.402	-25.91% / -25.91%	4	630
05/04/2004	387793-DN-9	GRANT CNTY S D POLLUTN CTL REV REF-NORTHWESTERN PUB SVC CO-B	5.900%	06/01/2023	101.824 / 101.824	103.500 / 103.500	-25.88% / -25.88%	3	35
04/27/2004	649731-EE-2	NEW YORK N Y NEW PUB HSG AUTH	5.000%	01/01/2010		106.588 / 106.588	-25.85% / -25.85%	1	25
04/05/2004	431621-DG-3	HILLIARD OHIO SCH DIST REF-MBIA-IBC	5.700%	12/01/2012		104.500 / 104.500	-25.84% / -25.84%	3	420
04/01/2004	45200K-DW-5	ILLINOIS HEALTH FACS AUTH REV REF-EVANGELICAL HOSPS-SER A	6.250%	04/15/2021		119.284 / 119.284	-25.84% / -25.84%	4	1380
05/20/2004	115023-CR-2	BROWARD CNTY FLA HEALTH FACS AUTH HOSP REV HOLY CROSS HOSP INC	5.850%	06/01/2012		103.300 / 103.300	-25.77% / -25.77%	1	50
06/24/2004	64988K-QZ-3	NEW YORK ST MED CARE FACS FIN AGY REV REF-HOSP-INSD MTG-A-MBIA-IBC	5.250%	08/15/2014		104.270 / 104.270	-25.75% / -25.75%	1	100
04/01/2004	64579C-SF-8	NEW JERSEY HEALTH CARE FACS FING AUTH REV CHILTON MEM HOSP-SER D	5.000%	07/01/2013		102.500 / 104.250	-2.10% / -25.75%	3	155
04/28/2004	130624-AB-5	CALIFORNIA ST	3.700%	04/01/2009		102.024 / 102.024	-25.73% / -25.73%	4	150
04/21/2004	167534-SK-3	CHICAGO ILL MET HSG DEV CORP MTG REV HSG-REF-FHA-SEC 8-A-AMBAC-TCRS	6.850%	07/01/2022		103.375 / 103.375	-25.72% / -25.72%	1	50
06/24/2004	544052-AB-9	LORDSBURG N MEX POLLUTN CTL REV REF-PHELPS DODGE CORP PROJ	6.500%	04/01/2013	98.200 / 98.200	103.250 / 103.250	-25.69% / -25.69%	4	80
05/04/2004	575910-5A-8	MASSACHUSETTS ST HSG FIN AGY HSG REV INSD-SER A	6.100%	12/01/2025		103.500 / 103.500	-25.67% / -25.67%	1	25
04/08/2004	649660-GK-7	NEW YORK N Y SER A-FSA-CR	7.250%	03/15/2019		115.429 / 115.429	-25.66% / -25.66%	1	10
04/20/2004	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	50
05/11/2004	721779-CG-9	PIMA CNTY ARIZ INDL DEV AUTH MULTIFAMILY REV REF-MTG-HACIENDA DEL RIO PJ-A	6.125%	03/20/2028		103.500 / 103.500	-25.64% / -25.64%	1	10
06/21/2004	631654-6Y-1	NASSAU CNTY N Y REF-SER C	5.875%	08/01/2016		102.000 / 102.000	-25.63% / -25.63%	1	35
04/13/2004	788050-AP-7	ST CHARLES PARISH LA ENVIRONMENTAL IMPT REV LA PWR & LT CO PROJ	6.375%	11/01/2025	101.000 / 101.000	102.500 / 102.500	-25.62% / -25.62%	3	120
06/09/2004	516439-DD-5	LANSING MICH NEW PUB HSG AUTH	5.250%	09/01/2009		108.125 / 108.125	-25.60% / -25.60%	3	510
06/24/2004	072088-BM-8	BAY CITY MICH NEW PUB HSG AUTH	4.875%	09/01/2008		106.625 / 106.625	-25.60% / -25.60%	1	40
05/03/2004	649845-CJ-1	NEW YORK ST ENERGY RESH & DEV AUTH POLLUTN CTL REV ADJ-NYS ELEC & GAS CORP-	5.950%	12/01/2027		104.000 / 104.500	-19.45% / -25.59%	2	40
05/04/2004	649845-CJ-1	NEW YORK ST ENERGY RESH & DEV AUTH POLLUTN CTL REV ADJ-NYS ELEC & GAS CORP-	5.950%	12/01/2027		104.500 / 104.500	-25.59% / -25.59%	1	10
06/17/2004	575910-7M-0	MASSACHUSETTS ST HSG FIN AGY HSG REV INSD-SER B	5.800%