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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000891804-05-002525.txt : 20050826
<SEC-HEADER>0000891804-05-002525.hdr.sgml : 20050826
<ACCEPTANCE-DATETIME>20050826114900
ACCESSION NUMBER:		0000891804-05-002525
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050630
FILED AS OF DATE:		20050826
DATE AS OF CHANGE:		20050826
EFFECTIVENESS DATE:		20050826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN 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:		051050770

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

<BODY>


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

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act file number
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-09135
&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;
06/30/05
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

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


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

<TABLE border=0 width=650 cellspacing=1 cellpadding=0>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Portfolio of Investments (Unaudited)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Nuveen New York Dividend Advantage Municipal Fund (NAN)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">June 30, 2005</FONT></I>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<B><FONT size=1 face="sans-serif">Principal</FONT></B>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<B><FONT size=1 face="sans-serif">Optional Call</FONT></B>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<B><FONT size=1 face="sans-serif">Market</FONT></B>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<B><FONT size=1 face="sans-serif">Amount (000)</FONT></B>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Description</FONT></B><B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<B><FONT size=1 face="sans-serif">Provisions*</FONT></B>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<B><FONT size=1 face="sans-serif">Ratings**</FONT></B>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<B><FONT size=1 face="sans-serif">Value</FONT></B>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Consumer Staples - 5.0% (3.5% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 915</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 941,242</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2002, 5.375%, 5/15/33</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">525</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Erie County Tobacco Asset Securitization Corporation, New York, Senior Tobacco Settlement</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">555,828</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Asset-Backed Bonds, Series 2000, 6.000%, 7/15/20</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Monroe Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2000:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">265</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.000%, 6/01/15</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">284,788</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,665</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.150%, 6/01/25</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,762,802</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">565</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000, 5.800%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">583,651</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6/01/23</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">485</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">496,267</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6/01/25</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">400</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">405,780</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Series 2001A, 5.200%, 6/01/25</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">TSASC Inc., New York, Tobacco Flexible Amortization Bonds, Series 1999-1, 6.250%, 7/15/27</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,373,930</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Education and Civic Organizations - 18.1% (12.5% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Kenmore Housing Authority, New York, Revenue Bonds, State University of New York at Buffalo Student</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Apartment Project, Series 1999A:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,050</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 8/01/19 - RAAI Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/09 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">3,276,859</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 8/01/24 - RAAI Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/09 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,944,837</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,070</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Monroe County Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. John</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/09 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">3,263,226</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Fisher College, Series 1999, 5.375%, 6/01/24 - RAAI Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Trust for Cultural Resources, New York, Revenue Bonds, Museum of American Folk Art,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">547,845</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2000, 6.000%, 7/01/22 - ACA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">330</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">346,302</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">College, Series 2004, 5.000%, 10/01/34</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,800</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/11 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,893,636</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Greater New York, Series 2002, 5.250%, 8/01/21</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,120,120</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Insured Revenue Bonds, Rochester Institute of</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/07 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,621,125</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Technology, Series 1997, 5.250%, 7/01/22 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">445</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, City University of New York, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">524,815</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2005A, 5.500%, 7/01/18 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Fashion Institute of Technology,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">545,685</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2000, 5.375%, 7/01/20 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 1999A,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">3,241,980</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 7/01/16</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Pratt Institute, Series 1999:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.000%, 7/01/20 - RAAI Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/09 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,944,285</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.000%, 7/01/28 - RAAI Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/09 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">832,673</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,387,000</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">1999, 6.250%, 7/01/29 - RAAI Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Niagara County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Niagara</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,647,795</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">University, Series 2001A, 5.350%, 11/01/23 - RAAI Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">600</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Utica Industrial Development Agency, New York, Revenue Bonds, Utica College, Series 2004A, 6.875%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">643,734</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">12/01/34</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Healthcare - 31.7% (21.9% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Albany Industrial Development Agency, New York, Revenue Bonds, Albany Medical Center, Series 1999:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,120</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.000%, 5/01/19</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,148,661</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,460</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.000%, 5/01/29</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,484,032</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">420</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/10 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">441,227</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">H. Noyes Hospital, Series 2005, 6.000%, 7/01/30</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,925,053</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2003A, 5.250%, 2/15/22 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Nyack Hospital, Series 1996, 6.250%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/06 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Ba3</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">250,893</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">7/01/13</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Obligated Group - Frances Shervier Home and Hospital, Series 1997:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 7/01/17 - RAAI Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/07 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,125,880</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 7/01/27 - RAAI Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/07 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,128,720</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, FHA-Insured Nursing Mortgage Revenue Bonds, Gurwin</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,068,000</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Jewish Geriatric Center of Long Island, Series 2005A, 4.900%, 2/15/41</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health, Series 2000C,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/08 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Ba1</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">253,620</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 7/01/26 (WI, settling 7/01/05)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">625</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">669,963</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,465</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,756,486</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2004A, 5.250%, 8/15/15 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">600</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa1</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">635,604</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Hospital Association, Series 2003A, 5.500%, 7/01/32</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa1</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">534,850</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2003B, 5.500%, 7/01/23</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Victory</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Memorial Hospital, Series 1999:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,225</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 8/01/15 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,373,052</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.375%, 8/01/25 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,122,380</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">4,850</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Secured Hospital Revenue Refunding Bonds, Wyckoff</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/08 at 101.50</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">5,155,017</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Heights Medical Center, Series 1998H, 5.300%, 8/15/21 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,515</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Memorial</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,709,410</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Hospital of William F. and Gertrude F. Jones Inc., Series 1999, 5.250%, 8/01/19 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">4,825</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">5,132,256</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Montefiore Medical Center, Series 1999, 5.450%, 8/01/29 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,575</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health Obligated</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Ba1</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,684,967</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Group, Series 2000A, 6.500%, 7/01/25</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health Services of Long</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa1</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,231,920</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Island Obligated Group, St. Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Ulster County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Kingston</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A2</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">4,210,120</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Hospital, Series 1999, 5.650%, 11/15/24</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,825</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">4,172,157</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Soldiers and Sailors Memorial Hospital, Series 1999A, 5.650%, 2/01/39</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">650</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">674,557</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2001A, 7.125%, 7/01/31</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Housing/Multifamily - 2.8% (1.8% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">920</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">975,062</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2000A, 5.850%, 11/01/20 (Alternative Minimum Tax)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">3,136,950</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2001A, 5.500%, 11/01/31</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Housing/Single Family - 2.7% (1.8% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">645</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Guam Housing Corporation, Single Family Mortgage Revenue Bonds, Mortgage-Backed Securities Program,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">740,989</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,325</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 5.650%, 4/01/30</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/09 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aa1</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,387,961</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">(Alternative Minimum Tax)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">840</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/13 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">858,043</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">(Alternative Minimum Tax)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Long-Term Care - 4.7% (3.3% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Appleridge Retirement Community Inc., New York, GNMA Collateralized Mortgage Revenue Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">1999:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,150</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.700%, 9/01/31</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/09 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,275,787</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.750%, 9/01/41</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/09 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,389,875</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">665</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/10 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">722,263</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities Pooled Program, Series 2000, 8.125%, 7/01/19</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">793,133</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,690</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Yonkers Industrial Development Agency, New York, FHA-Insured Mortgage Revenue Bonds, Michael Malotz</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,841,151</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Skilled Nursing Pavilion, Series 1999, 5.450%, 2/01/29 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Tax Obligation/General - 13.1% (9.1% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Monticello Central School District, Sullivan County, New York, General Obligation Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2000:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">300</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.000%, 6/15/18 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">337,875</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">335</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.000%, 6/15/19 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">377,026</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">300</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.000%, 6/15/20 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">337,635</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City, New York, General Obligation Bonds, Fiscal Series 1999J, 5.125%, 5/15/29 - MBIA</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">5,236,300</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,125</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City, New York, General Obligation Bonds, Fiscal Series 2004B, 5.250%, 8/01/15</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,249,583</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,106,410</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City, New York, General Obligation Bonds, Fiscal Series 2005O:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 6/01/17 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,661,295</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 6/01/18 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,653,420</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">600</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City, New York, General Obligation Bonds, Fiscal Series 2005P, 5.000%, 8/01/18 - MBIA</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">662,220</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">800</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Northern Mariana Islands, General Obligation Bonds, Series 2000A, 6.000%, 6/01/20 - ACA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/10 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">856,944</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Rochester, New York, General Obligation Bonds, Series 1999:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">720</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 10/01/18 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">833,983</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">720</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 10/01/19 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">836,194</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,280</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Rockland County, New York, General Obligation Bonds, Series 1999, 5.600%, 10/15/16</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,538,461</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Rye City School District, Westchester County, New York, General Obligation Bonds, Series 1999:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">520</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.600%, 8/15/17</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">565,495</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">535</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.600%, 8/15/18</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">581,807</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">535</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.600%, 8/15/19</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">581,807</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Tax Obligation/Limited - 28.5% (19.6% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Battery Park City Authority, New York, Senior Revenue Bonds, Series 2003A, 5.250%, 11/01/21</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,115,580</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,155</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue State Aid Secured Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,271,459</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2005A, 5.000%, 9/01/18 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">550</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">633,171</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">School District, Series 2004, 5.750%, 5/01/26 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2002A:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,700</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.750%, 1/01/17</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,995,307</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.125%, 1/01/29</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,064,290</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 11/15/25 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,179,540</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 11/15/30</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,105,020</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,130</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/13 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,192,523</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">1/01/34</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,180</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Nassau County Interim Finance Authority, New York, Sales and Use Tax Revenue Bonds, Series 2004H,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,458,669</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 11/15/13 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,670</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,776,596</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2003E, 5.000%, 2/01/23</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">590</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">651,590</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 7/01/24 - CIFG Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">35</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/10 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">39,330</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Improvements, Series 2000D, 5.875%, 8/15/18 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,074,770</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 3/15/21</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Service Contract Bonds, Child Care Facilities</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,082,750</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Development Program, Series 2002, 5.375%, 4/01/19</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,105,000</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2003A, 5.250%, 4/01/23 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,170,200</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 4/01/20 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,385</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2005A, 5.000%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,513,514</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">3/15/20 (WI, settling 7/14/05) - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Government Assistance Corporation, Series 2004A:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 10/15/24 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,081,350</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,100</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 10/15/25 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,187,703</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">810</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 10/15/26 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">875,894</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,875</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 10/15/29 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,024,494</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,345</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Suffolk County Judicial Facilities Agency, New York, Service Agreement Revenue Bonds, John P.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">3,658,962</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Colahan Court Complex, Series 1999, 5.250%, 10/15/15 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Contingency Contract-Backed Bonds, Series 2003A-1:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 6/01/20 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,200,260</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 6/01/22 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,185,940</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,109,160</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">United Nations Development Corporation, New York, Senior Lien Revenue Bonds, Series 2004A:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 7/01/23</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/08 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A3</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">519,515</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 7/01/24</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/08 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A3</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">519,515</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.500%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">855,547</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">10/01/24</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Yonkers Industrial Development Agency, New York, Revenue Bonds, Community Development Properties -</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Yonkers Inc. Project, Series 2001A:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.250%, 2/01/16</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/11 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">822,300</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,400</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.625%, 2/01/26</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/11 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,549,072</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Transportation - 10.3% (7.1% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">700</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 5.625%, 7/15/25</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">754,866</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,088,510</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2002A, 5.125%, 11/15/22 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,080</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005A,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,162,836</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 11/15/33 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,616,370</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 11/15/35 (WI, settling 7/01/05) - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/12 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">CCC</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">954,380</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Airport - American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">625</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 - AMBAC</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">671,194</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">539,680</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twentieth Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/07 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">3,197,880</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2000, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,300</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/15 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,400,464</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2005, 5.000%, 12/01/28 (DD, settling 7/01/05) - XLCA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2001A,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aa2</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,101,910</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 1/01/16</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aa2</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,682,950</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2002B, 5.000%, 11/15/21</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">U.S. Guaranteed *** - 14.4% (9.9% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/07 at 102.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,322,600</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 7/01/20 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">5,520</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A, 5.250%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">6,294,014</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">4/01/23 (Pre-refunded to 10/01/14) - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Nassau County, New York, General Obligation Improvement Bonds, Series 2000E:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,400</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.000%, 3/01/17 (Pre-refunded to 3/01/10) - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/10 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,584,408</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">740</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">6.000%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/10 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">837,473</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,585</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,771,042</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2005A, 5.000%, 7/01/25 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">175</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/10 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">198,818</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Improvements, Series 2000D, 5.875%, 8/15/18 (Pre-refunded to 8/15/10) - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">600</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, State Personal Income Tax, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA***</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">683,700</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2003A, 5.375%, 3/15/22 (Pre-refunded to 3/15/13)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA***</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,117,070</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities and Equipment, Series 2002A, 5.125%, 3/15/27 (Pre-refunded to 3/15/12)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Rye City School District, Westchester County, New York, General Obligation Bonds, Series 1999:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">130</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.600%, 8/15/17 (Pre-refunded to 8/15/08)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">142,129</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">140</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.600%, 8/15/18 (Pre-refunded to 8/15/08)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">153,062</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">140</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.600%, 8/15/19 (Pre-refunded to 8/15/08)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">153,062</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1997A,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/22 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aa2***</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">3,491,460</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 1/01/28 (Pre-refunded to 1/01/22)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Westchester Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB***</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,471,675</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Series 1999, 6.750%, 7/15/29 (Pre-refunded to 7/15/10)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Yonkers, New York, General Obligation Bonds, School Issue, Series 1999C, 5.000%, 6/01/19</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,086,650</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">(Pre-refunded to 6/01/09) - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Utilities - 9.9% (6.9% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,300</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.125%, 12/01/22 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,430,824</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">4,575</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 12/01/26 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">4,877,316</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003C,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,187,380</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 9/01/15 - CIFG Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Power Authority, General Revenue Bonds, Series 2000A, 5.250%, 11/15/30</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/10 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aa2</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,159,880</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">600</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa3</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">647,370</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Refunding Bonds, American Ref-Fuel Company of Niagara LP, Series 2001B, 5.550%, 11/15/24</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">(Alternative Minimum Tax) (Mandatory put 11/15/13)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa3</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">271,970</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, American Ref-Fuel Company of Niagara LP, Series 2001C, 5.625%, 11/15/24 (Alternative</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Minimum Tax) (Mandatory put 11/15/14)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,065</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/35 - FGIC</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,150,722</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">955</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">978,713</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Partners Facility, Series 1998, 4.875%, 1/01/08 (Alternative Minimum Tax)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Water and Sewer - 3.8% (2.6% of Total Investments)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/10 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,185,020</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal Series 2001A, 5.500%, 6/15/33</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,130</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,257,247</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal Series 2003A, 5.375%, 6/15/19</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,955</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,174,933</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Funds Revenue Bonds, Pooled Loan Issue, Series 2002F, 5.250%, 11/15/17</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 198,165</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Total Long-Term Investments (cost &#36;199,639,798) - 145.0%</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">214,431,298</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD>
<HR noshade size=2>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Other Assets Less Liabilities - 1.7%</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,450,304</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Preferred Shares, at Liquidation Value - (46.7)%</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">(69,000,000)</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Net Assets Applicable to Common Shares - 100%</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;147,881,602</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">(1)</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">unless otherwise noted.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">*</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">may be other call provisions at varying prices at later dates.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">**</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Ratings: Using the higher of Standard &amp; Poor's or Moody's rating.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">***</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">securities which ensures the timely payment of principal and interest. Such securities are normally considered</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">to be equivalent to AAA rated securities.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Investment is not rated.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">(DD)</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Security purchased on a delayed delivery basis.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">(WI)</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Security purchased on a when-issued basis.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Income Tax Information</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">The following information is presented on an income tax basis. Differences between amounts for financial statement</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">discount securities and timing differences in recognizing certain gains and losses on investment transactions.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">At June 30, 2005, the cost of investments was &#36;199,548,751.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2005, were as</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">follows:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Gross unrealized:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Appreciation</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;14,899,879</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Depreciation</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">(17,332)</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Net unrealized appreciation of investments</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;14,882,547</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD>
   </TD>
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   </TD>
   <TD colspan=7>
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<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;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman--Chief Administrative Officer (principal executive officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy--Vice President and Controller (principal financial officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&#160;Print the name and
title of each signing officer under his or her signature. </FONT></P>

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<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATION
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<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;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

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

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

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

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen 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;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

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