-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RlxnU+v2zlWboedo8QIgCHMKyFpOgqHinjorDkJrcqxL9ytYl3vNvKXLpjCZvLMa
 zZs8IGy/meg+XMCmsaOaVw==

<SEC-DOCUMENT>0000891804-05-000863.txt : 20050228
<SEC-HEADER>0000891804-05-000863.hdr.sgml : 20050228
<ACCEPTANCE-DATETIME>20050228163445
ACCESSION NUMBER:		0000891804-05-000863
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050228
DATE AS OF CHANGE:		20050228
EFFECTIVENESS DATE:		20050228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
		CENTRAL INDEX KEY:			0001074769
		IRS NUMBER:				364270661
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09135
		FILM NUMBER:		05646027

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN NUVEEN & CO INC
		STREET 2:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		8002578787

	MAIL ADDRESS:	
		STREET 1:		JOHN NUVEEN & CO INC
		STREET 2:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NAN
<TEXT>
<HTML>

<HEAD>
<TITLE>
Nuveen New York Dividend Advantage Municipal Fund
</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;811-09135
&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 New York Dividend 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;
12/31/04
&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>


<BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px">
<BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px">
<P><FONT FACE="Arial Narrow" size="3">Portfolio of Investments (Unaudited)<BR>
<B>Nuveen New York Dividend Advantage Municipal Fund </B>(NAN) <BR><I>December 31,  2004</I><BR><BR><BR> </FONT>
</BLOCKQUOTE></BLOCKQUOTE>




<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
   <TH width="1%"></TH>
   <TH width="9%"> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Principal</B> </FONT></P></TH>
   <TH width="1%"></TH>
   <TH width="59%"></TH>
   <TH width="12%"><P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Optional Call</B></FONT></P></TH>
   <TH width="8%"></TH>
   <TH width="10%"> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Market</B></FONT></P></TH>
</TR>
<TR>
   <TH></TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Amount (000)</B></FONT></P></TH>
   <TH></TH>
   <TH><P align=left><FONT FACE="Arial Narrow" SIZE="1"><B>Description<SUP>(1)</SUP></B> </FONT></P> </TH>
   <TH> <P align=right> <FONT FACE="Arial Narrow" SIZE="1"><B>Provisions*</B></FONT></P></TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Ratings**</B> </FONT></P> </TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Value</B> </FONT></P></TH>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Consumer Staples - 6.1% (4.2% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">$ </FONT></TD>   <TD> <P align=right><FONT FACE="Arial Narrow" SIZE="1">940</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$&nbsp;&nbsp;&nbsp;  897,850</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2002, 5.375%, 5/15/33</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">530</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Erie County Tobacco Asset Securitization Corporation, New York, Senior Tobacco Settlement</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">542,185</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Asset-Backed Bonds, Series 2000, 6.000%, 7/15/20</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Monroe Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds,</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Series 2000:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">265</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 6/01/15</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">274,092</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,795</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.150%, 6/01/25</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,798,644</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">890</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000, 5.800%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">909,527</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6/01/23</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">530</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">517,397</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6/01/25</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">440</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">419,294</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Series 2001A, 5.200%, 6/01/25</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">TSASC Inc., New York, Tobacco Flexible Amortization Bonds, Series 1999-1, 6.250%, 7/15/27</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,283,503</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Westchester Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,275,700</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Series 1999, 6.750%, 7/15/29</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Education and Civic Organizations - 21.7% </B>(14.9% of Total Investments)</FONT></P></TD>
</TR>

<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Kenmore Housing Authority, New York, Revenue Bonds, State University of New York at Buffalo Student</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Apartment Project, Series 1999A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,050</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 8/01/19 - RAAI Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,277,957</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 8/01/24 - RAAI Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,935,267</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,070</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Monroe County Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. John</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,250,332</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Fisher College, Series 1999, 5.375%, 6/01/24 - RAAI Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Trust for Cultural Resources, New York, Revenue Bonds, Museum of American Folk Art,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">543,920</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2000, 6.000%, 7/01/22 - ACA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">330</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">334,016</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;College, Series 2004, 5.000%, 10/01/34</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,800</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,862,838</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Greater New York, Series 2002, 5.250%, 8/01/21</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Lease Revenue Bonds, State University Dormitory</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,804,815</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Facilities, Series 1999B, 5.375%, 7/01/19</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Lease Revenue Bonds, State University Dormitory</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,107,170</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Insured Revenue Bonds, Rochester Institute of</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,655,225</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Technology, Series 1997, 5.250%, 7/01/22 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Insured Revenue Bonds, Siena College, Series 1997,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,096,520</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.700%, 7/01/17 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, Fashion Institute of Technology,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">549,875</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2000, 5.375%, 7/01/20 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, University of Rochester, Series 1999A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,284,640</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 7/01/16</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Insured Revenue Bonds, Pace University, Series 2000,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">568,330</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 7/01/29 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, Pratt Institute, Series 1999:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 7/01/20 - RAAI Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,973,545</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 7/01/28 - RAAI Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">831,150</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, Marymount Manhattan College, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,365,788</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;1999, 6.250%, 7/01/29 - RAAI Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Niagara County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Niagara</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,598,895</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;University, Series 2001A, 5.350%, 11/01/23 - RAAI Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">600</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Utica Industrial Development Agency, New York, Revenue Bonds, Utica College, Series 2004A, 6.875%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">637,104</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;12/01/34</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Healthcare - 32.7% (22.4% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Albany Industrial Development Agency, New York, Revenue Bonds, Albany Medical Center, Series 1999:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,120</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 5/01/19</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,133,989</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,460</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 5/01/29</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,416,813</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,882,125</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003A, 5.250%, 2/15/22 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, Nyack Hospital, Series 1996, 6.250%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/06 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Ba3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">246,895</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/13</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Insured Revenue Bonds, Franciscan Health Partnership</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Obligated Group - Frances Shervier Home and Hospital, Series 1997:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 7/01/17 - RAAI Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,163,520</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 7/01/27 - RAAI Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,140,760</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">625</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, FHA-Insured Mortgage Revenue Bonds, Montefiore</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/15 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">643,694</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,470</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, New York and Presbyterian Hospital,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,756,915</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2004A, 5.250%, 8/15/15 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">600</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, Winthrop-South Nassau University</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">621,828</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Hospital Association, Series 2003A, 5.500%, 7/01/32</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, South Nassau Communities Hospital,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">528,125</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2003B, 5.500%, 7/01/23</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, FHA-Insured Mortgage Hospital Revenue Bonds, Victory</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Memorial Hospital, Series 1999:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,225</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 8/01/15 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,375,566</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.375%, 8/01/25 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,109,660</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,850</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Secured Hospital Revenue Refunding Bonds, Wyckoff</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/08 at 101.50</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,240,183</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Heights Medical Center, Series 1998H, 5.300%, 8/15/21 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,550</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, FHA-Insured Mortgage Hospital Revenue Bonds, Memorial</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,687,139</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Hospital of William F. and Gertrude F. Jones Inc., Series 1999, 5.250%, 8/01/19 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,825</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, FHA-Insured Mortgage Hospital Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,067,842</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Montefiore Medical Center, Series 1999, 5.450%, 8/01/29 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,575</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, Mount Sinai NYU Health Obligated</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Ba1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,649,167</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Group, Series 2000A, 6.500%, 7/01/25</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, Catholic Health Services of Long</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,227,760</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Island Obligated Group, St. Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, Mount Sinai NYU Health Obligated</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,001,030</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Group, Series 2002C, 6.000%, 7/01/26</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Ulster County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Kingston</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,179,240</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Hospital, Series 1999, 5.650%, 11/15/24</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,825</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,164,622</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Soldiers and Sailors Memorial Hospital, Series 1999A, 5.650%, 2/01/39</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">650</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">664,242</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2001A, 7.125%, 7/01/31</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,805</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Yonkers Industrial Development Agency, New York, FHA-Insured Mortgage Revenue Bonds, Michael Malotz</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,930,608</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Skilled Nursing Pavilion, Series 1999, 5.450%, 2/01/29 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Housing/Multifamily - 2.8% (1.9% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">940</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000,066</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2000A, 5.850%, 11/01/20 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,109,560</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2001A, 5.500%, 11/01/31</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Housing/Single Family - 2.9% (2.0% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">645</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Guam Housing Corporation, Single Family Mortgage Revenue Bonds, Mortgage-Backed Securities Program,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">711,209</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,555</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 5.650%, 4/01/30</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/09 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aa1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,680,757</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;(Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">840</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/13 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">851,180</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;(Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Long-Term Care - 2.9% (2.0% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Appleridge Retirement Community Inc., New York, GNMA Collateralized Mortgage Revenue Bonds, Series</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">1999:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,150</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.700%, 9/01/31</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,262,585</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 9/01/41</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,374,350</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">745</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">804,257</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Facilities Pooled Program, Series 2000, 8.125%, 7/01/19</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">785,318</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Tax Obligation/General - 14.3% (9.8% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Monticello Central School District, Sullivan County, New York, General Obligation Bonds, Series</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">2000:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">300</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 6/15/18 - FGIC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">341,988</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">335</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 6/15/19 - FGIC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">381,887</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">300</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 6/15/20 - FGIC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">341,988</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City, New York, General Obligation Bonds, Fiscal Series 1999J, 5.125%, 5/15/29 - MBIA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,152,650</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,125</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City, New York, General Obligation Bonds, Fiscal Series 2004B, 5.250%, 8/01/15</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,234,395</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,092,710</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">800</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Northern Mariana Islands, General Obligation Bonds, Series 2000A, 6.000%, 6/01/20 - ACA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">854,504</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Orange County, New York, General Obligation Bonds, Series 1997:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,040</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.125%, 9/01/22</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aa1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,230,547</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,195</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.125%, 9/01/23</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aa1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,269,903</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Rochester, New York, General Obligation Bonds, Series 1999:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">720</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 10/01/18 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">823,061</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">720</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 10/01/19 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">823,399</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,280</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Rockland County, New York, General Obligation Bonds, Series 1999, 5.600%, 10/15/16</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,570,974</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Rye City School District, Westchester County, New York, General Obligation Bonds, Series 1999:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">520</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.600%, 8/15/17</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">578,297</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">535</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.600%, 8/15/18</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">594,979</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">535</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.600%, 8/15/19</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">594,979</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Yonkers, New York, General Obligation Bonds, School Issue, Series 1999C, 5.000%, 6/01/19 - FGIC</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,081,270</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Tax Obligation/Limited - 26.7% (18.3% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Battery Park City Authority, New York, Senior Revenue Bonds, Series 2003A, 5.250%, 11/01/21</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,096,800</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">550</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">624,096</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;School District, Series 2004, 5.750%, 5/01/26 (DD, settling 1/03/05) - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">2002A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,700</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 1/01/17</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,973,411</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.125%, 1/01/29</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,028,830</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 11/15/25 - FSA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,161,840</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 11/15/30</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,038,340</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,130</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/13 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,167,753</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;1/01/34</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,180</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Nassau County Interim Finance Authority, New York, Sales and Use Tax Revenue Bonds, Series 2004H,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,460,740</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 11/15/13 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,670</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,750,795</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003E, 5.000%, 2/01/23</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Court Facilities Lease Revenue Bonds, Series 1999,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,236,200</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 5/15/30 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">210</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, Mental Health Services Facilities</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">237,245</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Improvements, Series 2000D, 5.875%, 8/15/18 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,063,240</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 3/15/21</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Service Contract Bonds, Child Care Facilities</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,078,880</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Development Program, Series 2002, 5.375%, 4/01/19</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">600</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, State Personal Income Tax, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">654,774</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003A, 5.375%, 3/15/22</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,081,560</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003A, 5.250%, 4/01/23 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,149,240</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 4/01/20 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Government Assistance Corporation, Series 2004A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,100</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 10/15/25 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,160,478</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">810</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 10/15/26 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">849,909</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">875</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 10/15/29 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">907,515</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,345</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Suffolk County Judicial Facilities Agency, New York, Service Agreement Revenue Bonds, John P.</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,692,278</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Colahan Court Complex, Series 1999, 5.250%, 10/15/15 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Contingency Contract-Backed Bonds, Series 2003A-1:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 6/01/20 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,173,380</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 6/01/22 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,153,400</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,096,160</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">United Nations Development Corporation, New York, Senior Lien Revenue Bonds, Series 2004A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 7/01/23</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/08 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">527,850</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 7/01/24</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/08 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">527,850</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Notes, Series 1999A, 6.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">865,583</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;10/01/24</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Yonkers Industrial Development Agency, New York, Revenue Bonds, Community Development Properties -</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Yonkers Inc. Project, Series 2001A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.250%, 2/01/16</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">819,765</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,400</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.625%, 2/01/26</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,508,486</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Transportation - 6.9% (4.8% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">700</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 5.625%, 7/15/25</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">743,659</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,068,670</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2002A, 5.125%, 11/15/22 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">CCC</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">817,760</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Airport - American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">529,540</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twentieth Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,221,940</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2000, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2001A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,101,300</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 1/01/16</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,643,925</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2002B, 5.000%, 11/15/21</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>U.S. Guaranteed *** - 14.5% (9.9% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,332,750</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 7/01/20 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,520</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A, 5.250%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,309,415</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;4/01/23 (Pre-refunded to 10/01/14) - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Nassau County, New York, General Obligation Improvement Bonds, Series 2000E:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,400</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 3/01/17 (Pre-refunded to 3/01/10) - FSA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,602,384</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">740</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">846,974</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2000A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,887,175</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 11/15/16 (Pre-refunded to 11/15/10) - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Lease Revenue Bonds, State University Dormitory</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,132,910</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Facilities, Series 1999C, 5.500%, 7/01/29 (Pre-refunded to 7/01/09) - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Dormitory Authority, Revenue Bonds, Mental Health Services Facilities</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,014,320</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Improvements, Series 2000D, 5.875%, 8/15/18 (Pre-refunded to 8/15/10) - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,125,010</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Facilities and Equipment, Series 2002A, 5.125%, 3/15/27 (Pre-refunded to 3/15/12)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Rye City School District, Westchester County, New York, General Obligation Bonds, Series 1999:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">130</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.600%, 8/15/17 (Pre-refunded to 8/15/08)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">145,852</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">140</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.600%, 8/15/18 (Pre-refunded to 8/15/08)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">157,072</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">140</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.600%, 8/15/19 (Pre-refunded to 8/15/08)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">157,072</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1997A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/22 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,421,380</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 1/01/28 (Pre-refunded to 1/01/22)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Utilities - 10.5% (7.2% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,800</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.125%, 12/01/22 - FSA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,154,288</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,575</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 12/01/26 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,884,956</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003C,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,179,100</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 9/01/15 - CIFG Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Power Authority, General Revenue Bonds, Series 2000A, 5.250%, 11/15/30</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aa2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,101,060</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">955</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">976,096</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Partners Facility, Series 1998, 4.875%, 1/01/08 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Water and Sewer - 3.8% (2.6% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,162,520</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Fiscal Series 2001A, 5.500%, 6/15/33</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,130</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,247,132</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Fiscal Series 2003A, 5.375%, 6/15/19</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,955</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,152,514</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Funds Revenue Bonds, Pooled Loan Issue, Series 2002F, 5.250%, 11/15/17</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">$ </FONT></TD>   <TD> <P align=right><FONT FACE="Arial Narrow" SIZE="1">198,355</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Total Long-Term Investments (cost $198,176,585) - 145.8%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">213,177,287</FONT></P></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>   <TD colspan=5><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Other Assets Less Liabilities - 1.4%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,053,956</FONT></P></TD>
</TR>
<TR>
   <TD colspan=3></TD>   <TD colspan=4><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Preferred Shares, at Liquidation Value - (47.2)%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(69,000,000)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=3></TD>   <TD colspan=4><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Net Assets Applicable to Common Shares - 100%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$146,231,243</FONT></P></TD>
</TR>
<TR>
   <TD colspan=3></TD>   <TD colspan=4><HR noshade size=2></TD>
</TR>
</TABLE>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
   <TH width="11%"></TH><TH width="59%"></TH><TH width="10%"></TH><TH width="20%"></TH>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(1)&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">unless otherwise noted.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">*&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">may be other call provisions at varying prices at later dates.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">**&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Ratings: Using the higher of Standard &amp; Poor's or Moody's rating.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">***&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">securities which ensures the timely payment of principal and interest. Such securities are normally considered</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">to be equivalent to AAA rated securities.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Investment is not rated.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(DD)&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Security purchased on a delayed delivery basis.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"><B>Income Tax Information</B></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">The following information is presented on an income tax basis. Differences between amounts for financial statement </FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market </FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">discount securities and timing differences in recognizing certain gains and losses on security transactions.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">At December 31, 2004, the cost of investments was $198,063,336.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2004, were as </FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">follows:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=1></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Gross unrealized:</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Appreciation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$15,358,275</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Depreciation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(244,324)</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=1></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Net unrealized appreciation of investments</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$15,113,951</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=2></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
</TABLE>


<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 New York Dividend 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;02/28/05&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;02/28/05&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;02/28/05&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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATIONS
<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 New York Dividend 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;02/28/05&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 New York Dividend 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;02/28/05&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>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
