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<SEC-DOCUMENT>0000891804-05-002528.txt : 20050826
<SEC-HEADER>0000891804-05-002528.hdr.sgml : 20050826
<ACCEPTANCE-DATETIME>20050826115440
ACCESSION NUMBER:		0000891804-05-002528
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050630
FILED AS OF DATE:		20050826
DATE AS OF CHANGE:		20050826
EFFECTIVENESS DATE:		20050826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN INSURED NEW YORK TAX FREE ADVANTAGE MUNICIPAL FUND
		CENTRAL INDEX KEY:			0001195739
		IRS NUMBER:				030487021
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21211
		FILM NUMBER:		051050805

	BUSINESS ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178146
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NRK
<TEXT>
<HTML>

<HEAD>
<TITLE>
Form N-Q
</TITLE>
</HEAD>

<BODY>


<CENTER><H3>     UNITED STATES<BR>
     SECURITIES AND EXCHANGE COMMISSION<BR>
     Washington, DC 20549<BR>
<BR>
     FORM N-Q</H3><BR></CENTER>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act file number
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21211
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured New York Tax-Free Advantage Municipal Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Exact name of registrant as specified in charter)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Address of principal executive offices) (Zip code)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
Jessica R. Droeger&#151;Vice President and Secretary<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Name and address of agent for service)</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's telephone number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of fiscal year end:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
09/30
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of reporting period:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
06/30/05
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 1. Schedule of Investments</B></FONT></P>


<A name="page_1"></A>

<TABLE border=0 width=650 cellspacing=1 cellpadding=0>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Portfolio of Investments (Unaudited)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Nuveen Insured New York Tax - Free Advantage Municipal Fund (NRK)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">June 30, 2005</FONT></I>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<B><FONT size=1 face="sans-serif">Principal</FONT></B>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<B><FONT size=1 face="sans-serif">Optional Call</FONT></B>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<B><FONT size=1 face="sans-serif">Market</FONT></B>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<B><FONT size=1 face="sans-serif">Amount (000)</FONT></B>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Description</FONT></B><B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<B><FONT size=1 face="sans-serif">Provisions*</FONT></B>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<B><FONT size=1 face="sans-serif">Ratings**</FONT></B>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<B><FONT size=1 face="sans-serif">Value</FONT></B>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Consumer Staples - 4.5% (3.0% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 360</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 370,325</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2002, 5.375%, 5/15/33</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,567,770</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6/01/33</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">450</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">TSASC Inc., New York, Tobacco Flexible Amortization Bonds, Series 1999-1, 6.250%, 7/15/34</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">473,945</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Education and Civic Organizations - 22.4% (15.1% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Trust for Cultural Resources, New York, Revenue Refunding Bonds, Museum of Modern</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/07 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,053,010</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,120,120</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">395</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">414,284</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities, Series 1999B, 5.125%, 7/01/28 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,256,880</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Medicine, Series 1994A, 5.150%, 7/01/24 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">100</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Insured Revenue Bonds, Rochester Institute of</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/07 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">104,845</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Technology, Series 1997, 5.250%, 7/01/22 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,143,760</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Refunding Bonds, City University System, Series 2000A, 6.125%, 7/01/13 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Insured Revenue Bonds, Long Island University, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,107,540</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2003A, 5.000%, 9/01/32 - RAAI Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Mount St. Mary College, Series 2003,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,054,240</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 7/01/32 - RAAI Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,712,250</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2002A, 5.250%, 7/01/22 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Healthcare - 20.7% (13.9% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">556,935</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2002A, 5.500%, 2/15/17 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,640</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,904,079</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2003A, 5.250%, 2/15/21 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">830</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">928,148</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2004A, 5.250%, 8/15/15 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">25</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">26,985</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa1</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">802,275</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2003B, 5.500%, 7/01/23</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Group,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A3</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">532,840</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2003, 5.375%, 5/01/23</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Lutheran</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,120,960</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Medical Center, Series 2003, 5.000%, 8/01/31 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, St.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,171,090</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Barnabas Hospital, Series 2002A, 5.000%, 2/01/31 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Long-Term Care - 2.4% (1.6% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,185</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue Bonds,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/13 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,285,571</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Shorefront Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Tax Obligation/General - 5.2% (3.5% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,400</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City, New York, General Obligation Bonds, Fiscal Series 1998H, 5.125%, 8/01/25 - MBIA</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,541,144</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">225</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City, New York, General Obligation Bonds, Fiscal Series 2004B, 5.250%, 8/01/15</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">249,917</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=11>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Tax Obligation/Limited - 47.4% (32.0% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,695</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue State Aid Secured Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,032,522</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2004A, 5.250%, 8/15/12 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,066,780</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2002A, 5.000%, 7/01/25 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">560</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/13 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">590,985</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">1/01/34</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,327,870</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2003C, 5.250%, 8/01/18 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds, Fiscal</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,170,000</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2003D, 5.000%, 2/01/22 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">145</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">156,272</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities, Series 1999D, 5.250%, 2/15/29 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,290</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,395,393</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2002A, 5.000%, 1/01/23 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,295,260</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2002D, 5.250%, 10/01/23 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B, 5.000%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,750,040</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">4/01/20 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">565</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2004B, 5.250%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">631,540</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">4/01/12 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">100</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Urban Development Corporation, Revenue Refunding Bonds, Correctional Capital</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/08 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">105,596</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities, Series 1998, 5.000%, 1/01/20 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Urban Development Corporation, Service Contract Revenue Bonds, Correctional and</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,201,260</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Youth Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Government Assistance Corporation, Series 2004A:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">610</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 10/15/25 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">658,635</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">555</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 10/15/26 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">600,149</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,200</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,320,156</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">831,870</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Yonkers Industrial Development Agency, New York, Revenue Bonds, Community Development Properties -</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/11 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">274,100</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Yonkers Inc. Project, Series 2001A, 6.250%, 2/01/16</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Transportation - 8.2% (5.5% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,067,490</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2002A, 5.000%, 11/15/25 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,030</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twenty-Eighth</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/12 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,298,973</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2002, 5.000%, 11/01/22 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">U.S. Guaranteed *** - 19.9% (13.4% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">100</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Erie County Water Authority, New York, Water Revenue Bonds, Series 1990B, 6.750%, 12/01/14 - AMBAC</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">12/09 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">119,424</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">195</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York, General Obligation Bonds, Series 1998B, 5.000%, 3/01/17 (Pre-refunded to 3/01/08) -</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">207,909</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">990</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,081,704</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities, Series 1999B, 5.125%, 7/01/28 (Pre-refunded to 7/01/09) - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,855</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,035,566</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities, Series 1999D, 5.250%, 2/15/29 (Pre-refunded to 8/15/09) - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, State Personal Income Tax, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,785,425</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2003A, 5.000%, 3/15/32 (Pre-refunded to 3/15/13) - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities and Equipment, Series 2002C-1:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 3/15/20 (Pre-refunded to 3/15/13) - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,147,940</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 3/15/21 (Pre-refunded to 3/15/13) - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,147,940</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,975</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2002A,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,092,414</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.125%, 1/01/31 (Pre-refunded to 1/01/12) - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Utilities - 16.0% (10.8% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">4,227,520</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.125%, 12/01/22 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Power Authority, General Revenue Bonds, Series 2002A, 5.000%, 11/15/20</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aa2</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,154,340</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,171,940</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=11>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Water and Sewer - 1.7% (1.2% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">870</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Niagara Falls Public Water Authority, New York, Water and Sewerage Revenue Bonds, Series 2003A,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/06 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">892,958</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 7/15/24 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=11>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 73,095</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Total Long-Term Investments (cost &#36;75,052,201) - 148.4%</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">79,338,884</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD>
<HR noshade size=2>
   </TD>
   <TD>
   </TD>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Other Assets Less Liabilities - 2.1%</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,107,022</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=3>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Preferred Shares, at Liquidation Value - (50.5)%</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">(27,000,000)</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=3>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Net Assets Applicable to Common Shares - 100%</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;53,445,906</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=3>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=11>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">At least 80% of the Fund's net assets (including net assets attributable to Preferred shares) are invested in</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Insurance any of which ensure the timely payment of principal and interest. Up to 20% of the Fund's net assets</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">(including net assets attributable to Preferred shares) may be invested in municipal securities that are (i) either</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated, at the time of</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">investment, within the four highest grades (Baa or BBB or better by Moody's, S&amp;P or Fitch) or unrated but judged</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">to be of comparable quality by the Adviser.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=right>
<FONT size=1 face="sans-serif">(1)</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">unless otherwise noted.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=right>
<FONT size=1 face="sans-serif">*</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">may be other call provisions at varying prices at later dates.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=right>
<FONT size=1 face="sans-serif">**</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Ratings: Using the higher of Standard &amp; Poor's or Moody's rating.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=right>
<FONT size=1 face="sans-serif">***</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">securities which ensures the timely payment of principal and interest.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Income Tax Information</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">The following information is presented on an income tax basis. Differences between amounts for financial statement</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">discount securities and timing differences in recognizing certain gains and losses on security transactions.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">At June 30, 2005, the cost of investments was &#36;75,052,085</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2005, were as</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">follows:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=3>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Gross unrealized:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Appreciation</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;4,296,103</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Depreciation</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">(9,304)</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=3>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=11>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=1% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Net unrealized appreciation of investments</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;4,286,799</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=3>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=2>
   </TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2. Controls and Procedures.</B></FONT></P>
<OL type=a><LI>The registrant's principal executive and principal financial officers, or persons performing similar
      functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule
      30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
      effective, as of a date within 90 days of the filing date of this report that includes the disclosure
      required by this paragraph, based on their evaluation of the controls and procedures required by Rule
      30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities
      Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).</LI>

<LI>      There were no changes in the registrant's internal control over financial reporting (as defined in Rule
      30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter
      that have materially affected, or are reasonably likely to materially affect, the registrant's internal
      control over financial reporting.</LI></OL>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 3. Exhibits.</B></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached
hereto. </FONT></P>
<PAGE>

<CENTER><H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured New York Tax-Free Advantage Municipal Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Jessica R. Droeger--Vice President and Secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman--Chief Administrative Officer (principal executive officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy--Vice President and Controller (principal financial officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&#160;Print the name and
title of each signing officer under his or her signature. </FONT></P>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>

<HEAD>
<TITLE>
Certifications
</TITLE>
</HEAD>

<BODY>

<CENTER><H3><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Gifford R. Zimmerman, certify that:</P>

<OL><LI>I have reviewed this report on Form N-Q of Nuveen Insured New York Tax-Free Advantage Municipal Fund;</LI>
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by this report;
</LI>
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal quarter for which the report is
      filed;</LI>

<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
      for the registrant and have:


      <OL type=a><LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
            to be designed under our supervision, to ensure that material information relating to the registrant,
            including its consolidated subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this report is being prepared;</LI>

      <LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
            this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
            a date within 90 days prior to the filing date of this report, based on such evaluation; and</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type=a><LI>All significant deficiencies and material weaknesses in the design or operation of internal control
            over financial reporting which are reasonably likely to adversely affect the registrant's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Chief Administrative Officer<BR>
   (principal executive officer)<BR><BR></H4></CENTER>
<HR noshade size=1>
<PAGE>

<CENTER><H3><BR><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Stephen D. Foy, certify that:</P>

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen Insured New York Tax-Free Advantage Municipal Fund;</LI>
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by this report;
</LI>
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal quarter for which the report is
      filed;</LI>

<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
      for the registrant and have:

      <OL type='a'><LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
            to be designed under our supervision, to ensure that material information relating to the registrant,
            including its consolidated subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this report is being prepared;</LI>

      <LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
            this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
            a date within 90 days prior to the filing date of this report, based on such evaluation; and</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type='a'><LI>All significant deficiencies and material weaknesses in the design or operation of internal control
            over financial reporting which are reasonably likely to adversely affect the registrant's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Vice President and Controller<BR>
   (principal financial officer)<BR><BR></H4></CENTER>
<HR noshade size=1>



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