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<SEC-DOCUMENT>0000891804-06-000856.txt : 20060227
<SEC-HEADER>0000891804-06-000856.hdr.sgml : 20060227
<ACCEPTANCE-DATETIME>20060227125935
ACCESSION NUMBER:		0000891804-06-000856
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060227
DATE AS OF CHANGE:		20060227
EFFECTIVENESS DATE:		20060227

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:		06645645

	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>nq1.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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/30&nbsp;&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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/05 &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>
<P align=left>
<TABLE>

  <TR>
    <TD width=104>&nbsp;</TD>
    <TD noWrap><B><FONT face=sans-serif size=1
     >Portfolio of Investments (Unaudited)</FONT></B><BR><B><FONT
      face=sans-serif size=1>Nuveen New York
      Dividend Advantage Municipal Fund (NAN)</FONT></B><BR><I><FONT
      face=sans-serif size=1>December 31,
      2005</FONT></I><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><B><FONT
      face=sans-serif size=1
     >Principal</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Optional Call</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><B><FONT
      face=sans-serif size=1
     >Amount (000)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Description</FONT></B><B><SUP><FONT
      face=sans-serif size=1
     >(1)</FONT></SUP></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Provisions</FONT></B><B><SUP><FONT face=sans-serif size=1
     >(2)</FONT></SUP></B>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="5%"><B><FONT
      face=sans-serif size=1
     >Ratings</FONT></B><B><SUP><FONT face=sans-serif size=1
     >(3)</FONT></SUP></B>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><B><FONT
      face=sans-serif size=1
     >Value</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Consumer Discretionary - 0.3% (0.2% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Industrial Development Agency, New York,
      Liberty Revenue Bonds, IAC/InterActiveCorp,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >BBB-</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >495,535</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2005, 5.000%, 9/01/35</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Consumer Staples - 3.0% (2.1% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>165</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York Counties Tobacco Trust I, Tobacco Settlement
      Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >169,264</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>485</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York Counties Tobacco Trust II, Tobacco Settlement
      Pass-Through Bonds, Series 2001, 5.250%, 6/01/25</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >490,641</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>910</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Puerto Rico, The Children's Trust Fund, Tobacco Settlement
      Asset-Backed Refunding Bonds, Series 2002,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>5/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >927,135</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.375%, 5/15/33</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>400</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Rensselaer Tobacco Asset Securitization Corporation, New
      York, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >403,564</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2001A, 5.200%, 6/01/25</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,250</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >TSASC Inc., New York, Tobacco Flexible Amortization Bonds,
      Series 1999-1, 6.250%, 7/15/27</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,363,198</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >4,210</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Total Consumer Staples</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >4,353,802</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Education and Civic Organizations - 16.8% (11.5%
      of Total Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Lease Revenue
      Bonds, State University Dormitory Facilities,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/32 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,084,720</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>845</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      City University of New York, Series 2005A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >966,511</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.500%, 7/01/18 - FGIC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Fashion Institute of Technology, Series 2000,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >537,175</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.375%, 7/01/20 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,250</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Marymount Manhattan College, Series 1999,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,357,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >6.250%, 7/01/29 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Pratt Institute, Series 1999:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,750</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >6.000%, 7/01/20 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/09 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,905,523</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>750</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >6.000%, 7/01/28 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/09 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >816,143</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      University of Rochester, Series 1999A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >3,193,620</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.500%, 7/01/16</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>370</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Hempstead Town Industrial Development Agency, New York,
      Revenue Bonds, Adelphi University, Civic Facility</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >381,648</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Project, Series 2005, 5.000%, 10/01/35</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Kenmore Housing Authority, New York, Revenue Bonds, State
      University of New York at Buffalo Student</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Apartment Project, Series 1999A:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >3,050</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.500%, 8/01/19 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/09 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >3,234,739</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,750</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.500%, 8/01/24 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/09 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,913,735</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >3,070</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Monroe County Industrial Development Agency, New York, Civic
      Facility Revenue Bonds, St. John Fisher</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/09 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >3,232,403</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >College, Series 1999, 5.375%, 6/01/24 - RAAI
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>330</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Industrial Development Agency, New York, Civic
      Facility Revenue Bonds, St. Francis College,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >338,085</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2004, 5.000%, 10/01/34</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,800</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Industrial Development Agency, New York, Civic
      Facility Revenue Bonds, YMCA of Greater</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>2/11 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,867,734</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York, Series 2002, 5.250%, 8/01/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Trust for Cultural Resources, New York, Revenue
      Bonds, Museum of American Folk Art, Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >540,295</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >2000, 6.000%, 7/01/22 - ACA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Niagara County Industrial Development Agency, New York, Civic
      Facility Revenue Bonds, Niagara University,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,618,485</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2001A, 5.350%, 11/01/23 - RAAI Insured</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >22,465</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Total Education and Civic Organizations</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >23,988,116</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Health Care - 35.2% (24.0% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Albany Industrial Development Agency, New York, Revenue
      Bonds, Albany Medical Center, Series 1999:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,120</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >6.000%, 5/01/19</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>5/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,150,576</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,460</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >6.000%, 5/01/29</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>5/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,492,354</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,480</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, FHA-Insured
      Mortgage Hospital Revenue Bonds, Memorial</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>2/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,620,269</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Hospital of William F. and Gertrude F. Jones Inc., Series
      1999, 5.250%, 8/01/19 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >4,825</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, FHA-Insured
      Mortgage Hospital Revenue Bonds, Montefiore</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >5,136,549</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Medical Center, Series 1999, 5.450%, 8/01/29 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, FHA-Insured
      Mortgage Hospital Revenue Bonds, Victory</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Memorial Hospital, Series 1999:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,165</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.250%, 8/01/15 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,273,510</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.375%, 8/01/25 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,129,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>625</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, FHA-Insured
      Mortgage Revenue Bonds, Montefiore Hospital,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>2/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >654,481</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2004, 5.000%, 8/01/29 - FGIC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, FHA-Insured
      Nursing Home Mortgage Revenue Bonds, Gurwin</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>2/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,029,440</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Jewish Geriatric Center of Long Island, Series 2005A, 4.900%,
      2/15/41</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,600</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, FHA-Insured
      Revenue Bonds, Saint Lukes Roosevelt Hospital,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,662,218</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2005, 4.900%, 8/15/31</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Insured Revenue
      Bonds, Franciscan Health Partnership</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Obligated Group - Frances Shervier Home and Hospital, Series
      1997:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.500%, 7/01/17 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/07 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,094,220</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.500%, 7/01/27 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/07 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,092,860</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Catholic Health Services of Long Island</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >Baa1</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,193,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Obligated Group - St. Catherine of Siena Medical Center,
      Series 2000A, 6.500%, 7/01/20</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Lenox Hill Hospital Obligated Group,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2001:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>165</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.375%, 7/01/20</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Ba2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >166,667</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.500%, 7/01/30</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Ba2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >500,945</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,575</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Mount Sinai NYU Health Obligated Group,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Ba1</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,677,564</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2000A, 6.500%, 7/01/25</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>250</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Mount Sinai NYU Health, Series 2000C,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/08 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Ba1</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >253,228</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.500%, 7/01/26</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,460</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      New York and Presbyterian Hospital,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,682,901</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2004A, 5.250%, 8/15/15 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>250</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Nyack Hospital, Series 1996, 6.250%, 7/01/13</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/06 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>B2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >246,975</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      South Nassau Communities Hospital,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >Baa1</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >529,095</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2003B, 5.500%, 7/01/23</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>600</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Winthrop-South Nassau University Hospital</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >Baa1</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >626,010</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Association, Series 2003A, 5.500%, 7/01/32</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >4,850</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Secured
      Hospital Revenue Refunding Bonds, Wyckoff Heights</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>2/08 at
      101.50</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >5,100,793</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Medical Center, Series 1998H, 5.300%, 8/15/21 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>420</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Livingston County Industrial Development Agency, New York,
      Civic Facility Revenue Bonds, Nicholas H.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/10 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >439,845</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Noyes Hospital, Series 2005, 6.000%, 7/01/30</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,750</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Health and Hospitals Corporation, New York,
      Health System Revenue Bonds, Series 2003A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>2/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,890,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.250%, 2/15/22 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>585</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Industrial Development Agency, New York, Civic
      Facility Revenue Bonds, Staten Island University</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>B2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >595,723</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Hospital, Series 2001B, 6.375%, 7/01/31</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>100</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Industrial Development Agency, New York, Civic
      Facility Revenue Bonds, Staten Island University</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>B2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >103,097</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Hospital, Series 2002C, 6.450%, 7/01/32</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Ulster County Industrial Development Agency, New York, Civic
      Facility Revenue Bonds, Kingston Hospital,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >4,161,880</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 1999, 5.650%, 11/15/24</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >3,750</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Yates County Industrial Development Agency, New York,
      FHA-Insured Civic Facility Mortgage Revenue Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA+</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >4,020,225</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Soldiers and Sailors Memorial Hospital, Series 1999A, 5.650%,
      2/01/39</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>650</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Yonkers Industrial Development Agency, New York, Revenue
      Bonds, St. John's Riverside Hospital,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >676,988</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2001A, 7.125%, 7/01/31</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >47,680</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Total Health Care</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >50,201,013</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Housing/Multifamily - 5.1% (3.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,585</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Housing Development Corporation, New York,
      Capital Fund Program Revenue Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,730,096</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2005A, 5.000%, 7/01/25 - FGIC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Housing Development Corporation, New York,
      Multifamily Housing Revenue Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>5/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >3,118,320</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2001A, 5.500%, 11/01/31</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>750</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Housing Development Corporation, New York,
      Multifamily Housing Revenue Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>5/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >786,570</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2004A, 5.250%, 11/01/30</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>680</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Housing Development Corporation, New York,
      Multifamily Housing Revenue Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >684,746</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2005F-1, 4.750%, 11/01/35</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >7,015</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Total Housing/Multifamily</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >7,319,732</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Housing/Single Family - 2.6% (1.7% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>645</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Guam Housing Corporation, Mortgage-Backed Securities Program
      Single Family Mortgage Revenue Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >721,903</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 1998A, 5.750%, 9/01/31 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,110</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York State Mortgage Agency, Homeowner Mortgage Revenue
      Bonds, Series 82, 5.650%, 4/01/30</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/09 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Aa1</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,136,143</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >(Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>840</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York State Mortgage Agency, Mortgage Revenue Bonds,
      Thirty-Third Series A, 4.750%, 4/01/23</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>4/13 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >851,567</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >(Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >3,595</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Total Housing/Single Family</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >3,709,613</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Long-Term Care - 4.9% (3.4% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Appleridge Retirement Community Inc., New York, GNMA
      Collateralized Mortgage Revenue Bonds, Series 1999:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,150</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.700%, 9/01/31</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>9/09 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,248,325</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,250</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.750%, 9/01/41</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>9/09 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,358,725</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>250</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Providence Rest, Series 2005, 5.000%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >255,003</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >7/01/35 - ACA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>665</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Industrial Development Agency, New York, Civic
      Facility Revenue Bonds, Special Needs</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/10 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >717,116</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Facilities Pooled Program, Series 2000, 8.125%,
      7/01/19</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>750</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Industrial Development Agency, New York, Civic
      Facility Revenue Bonds, Special Needs</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >788,850</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Facilities Pooled Program, Series 2001A-1, 7.250%,
      7/01/16</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,570</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Yonkers Industrial Development Agency, New York, FHA-Insured
      Mortgage Revenue Bonds, Michael Malotz</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>2/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,681,615</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Skilled Nursing Pavilion, Series 1999, 5.450%, 2/01/29 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >6,635</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Total Long-Term Care</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >7,049,634</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Tax Obligation/General - 11.0% (7.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >4,950</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds, Fiscal
      Series 1999J, 5.125%, 5/15/29 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>5/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >5,196,064</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds, Fiscal
      Series 2004C, 5.250%, 8/15/16</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,081,660</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds, Fiscal
      Series 2004E:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 11/01/19 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,598,565</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>600</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 11/01/20 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >637,602</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,125</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds, Fiscal
      Series 2006C, 5.000%, 8/01/16 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,216,136</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>800</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Northern Mariana Islands, General Obligation Bonds, Series
      2000A, 6.000%, 6/01/20 - ACA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/10 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >845,440</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Rochester, New York, General Obligation Bonds, Series
      1999:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>720</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.250%, 10/01/18 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >809,561</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>720</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.250%, 10/01/19 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >814,039</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,280</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Rockland County, New York, General Obligation Bonds, Series
      1999, 5.600%, 10/15/16</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,479,774</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >United Nations Development Corporation, New York, Senior Lien
      Revenue Bonds, Series 2004A:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.250%, 7/01/23</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>1/08 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A3</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >516,145</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.250%, 7/01/24</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>1/08 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A3</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >516,145</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >14,695</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Total Tax Obligation/General</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >15,711,131</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Tax Obligation/Limited - 26.6% (18.1% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Battery Park City Authority, New York, Senior Revenue Bonds,
      Series 2003A, 5.250%, 11/01/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,093,880</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,155</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Buffalo Fiscal Stability Authority, New York, Sales Tax
      Revenue State Aid Secured Bonds, Series 2005A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,240,574</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 9/01/18 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>590</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Department of
      Health Revenue Bonds, Series 2005A, 5.250%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >639,572</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >7/01/24 - CIFG Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>35</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Improvement
      Revenue Bonds, Mental Health Services Facilities,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/10 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >38,371</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2000D, 5.875%, 8/15/18 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Mental Health Services Facilities Improvements,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>2/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >524,085</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2005B, 5.000%, 2/15/30 - AMBAC Insured</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Service
      Contract Bonds, Child Care Facilities Development</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>4/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,066,510</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Program, Series 2002, 5.375%, 4/01/19</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>185</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, State Personal
      Income Tax Revenue Bonds, Series 2005F,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>3/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >197,286</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 3/15/21 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>550</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Erie County Industrial Development Agency, New York, School
      Facility Revenue Bonds, Buffalo City School</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>5/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >620,538</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >District, Series 2004, 5.750%, 5/01/26 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Metropolitan Transportation Authority, New York, Dedicated
      Tax Fund Bonds, Series 2002A:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.250%, 11/15/25 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,141,440</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 11/15/30</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,067,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Metropolitan Transportation Authority, New York, State
      Service Contract Refunding Bonds, Series 2002A:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,700</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.750%, 1/01/17</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,942,352</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.125%, 1/01/29</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,054,490</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,130</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Monroe Newpower Corporation, New York, Power Facilities
      Revenue Bonds, Series 2003, 5.500%, 1/01/34</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>1/13 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,186,014</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,180</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Nassau County Interim Finance Authority, New York, Sales and
      Use Tax Revenue Bonds, Series 2004H,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,397,978</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.250%, 11/15/13 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Sales Tax Asset Receivable Corporation, New
      York, Dedicated Revenue Bonds, Local</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Government Assistance Corporation, Series 2004A:</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 10/15/24 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,061,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,100</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 10/15/25 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,166,143</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>810</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 10/15/26 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >858,090</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,875</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 10/15/29 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,976,438</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,670</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Transitional Finance Authority, New York,
      Future Tax Secured Bonds, Fiscal Series 2003E,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>2/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,749,525</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 2/01/23</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York State Environmental Facilities Corporation,
      Infrastructure Revenue Bonds, Series 2003A, 5.000%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>3/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,055,350</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >3/15/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >3,400</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York State Thruway Authority, Highway and Bridge Trust
      Fund Bonds, Second Generation,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >3,935,670</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2005B, 5.500%, 4/01/20 - AMBAC Insured</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York State Tobacco Settlement Financing Corporation,
      Tobacco Settlement Asset-Backed and State</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Contingency Contract-Backed Bonds, Series
      2003A-1:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.250%, 6/01/20 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,155,740</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.250%, 6/01/22 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,143,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York State Tobacco Settlement Financing Corporation,
      Tobacco Settlement Asset-Backed and State</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,091,080</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%,
      6/01/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >3,345</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Suffolk County Judicial Facilities Agency, New York, Service
      Agreement Revenue Bonds, John P. Colahan</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >3,575,772</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Court Complex, Series 1999, 5.250%, 10/15/15 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>750</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Virgin Islands Public Finance Authority, Gross Receipts Taxes
      Loan Note, Series 1999A, 6.500%, 10/01/24</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >834,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >34,975</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Total Tax Obligation/Limited</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >37,813,638</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Transportation - 11.9% (8.1% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>700</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Albany Parking Authority, New York, Revenue Bonds, Series
      2001A, 5.625%, 7/15/25</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >746,361</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Metropolitan Transportation Authority, New York,
      Transportation Revenue Refunding Bonds, Series 2002A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,068,230</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.125%, 11/15/22 - FGIC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City Industrial Development Agency, New York,
      Special Facilities Revenue Bonds, JFK Airport -</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>B-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,067,460</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >American Airlines Inc., Series 2002B, 8.500%, 8/01/28
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>865</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York State Thruway Authority, General Revenue Bonds,
      Series 2005F, 5.000%, 1/01/30 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>1/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >908,155</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York State Thruway Authority, General Revenue Bonds,
      Series 2005G:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>700</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 1/01/30 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >738,731</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,100</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 1/01/32 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,211,174</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Niagara Frontier Airport Authority, New York, Airport Revenue
      Bonds, Buffalo Niagara International Airport,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>4/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >529,780</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 1999A, 5.625%, 4/01/29 - MBIA Insured (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Port Authority of New York and New Jersey, Consolidated
      Revenue Bonds, One Hundred Fortieth Series 2005:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>800</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 12/01/19 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/15 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >864,808</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,300</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 12/01/28 - XLCA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/15 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,370,772</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>615</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 12/01/31 - XLCA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/15 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >645,566</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Port Authority of New York and New Jersey, Consolidated
      Revenue Bonds, One Hundred Twentieth Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/07 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >3,135,660</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >2000, 5.750%, 10/15/26 - MBIA Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Triborough Bridge and Tunnel Authority, New York, General
      Purpose Revenue Bonds, Series 2001A, 5.250%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>1/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Aa2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,081,350</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >1/01/16</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Triborough Bridge and Tunnel Authority, New York, General
      Purpose Revenue Refunding Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Aa2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >2,634,875</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2002B, 5.000%, 11/15/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >16,080</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Total Transportation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >17,002,922</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" background=""></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >U.S. Guaranteed</FONT></B><B><SUP><FONT
      face=sans-serif size=1>(4)
      </FONT></SUP></B><B><FONT face=sans-serif size=1
     >- 16.0% (11.0% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>175</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Improvement
      Revenue Bonds, Mental Health Services Facilities,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>8/10 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >193,384</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 2000D, 5.875%, 8/15/18 (Pre-refunded 8/15/10) - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>600</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      State Personal Income Tax, Series 2003A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>3/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >AA</FONT><SUP><FONT face=sans-serif size=1
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >666,612</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.375%, 3/15/22 (Pre-refunded 3/15/13)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>525</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Erie County Tobacco Asset Securitization Corporation, New
      York, Senior Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >584,918</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Bonds, Series 2000, 6.000%, 7/15/20 (Pre-refunded
      7/15/10)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,250</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Metropolitan Transportation Authority, New York, Commuter
      Facilities Revenue Bonds, Series 1997B,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/07 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,305,838</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >5.000%, 7/01/20 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >5,520</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Metropolitan Transportation Authority, New York, Dedicated
      Tax Fund Bonds, Series 1999A, 5.250%, 4/01/23</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >6,143,534</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >(Pre-refunded 10/01/14) - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Monroe Tobacco Asset Securitization Corporation, New York,
      Tobacco Settlement Asset-Backed Bonds, Series 2000:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>265</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >6.000%, 6/01/15 (Pre-refunded 6/01/10)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >294,656</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,665</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >6.150%, 6/01/25 (Pre-refunded 6/01/10)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >1,861,054</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>50</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds, Fiscal
      Series 1999J, 5.125%, 5/15/29</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>5/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >53,313</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>(Pre-refunded
      5/15/09) - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>400</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>New York
      Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series
      2000B, 5.800%, 6/01/23</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>441,512</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>(Pre-refunded
      6/01/10)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>New York State
      Thruway Authority, Highway and Bridge Trust Fund Bonds, Second Generation,
      Series 2003A,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>4/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>1,103,440</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>5.250%, 4/01/23
      (Pre-refunded 4/01/13) - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>New York State
      Thruway Authority, Highway and Bridge Trust Fund Bonds, Second Generation,
      Series 2004,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>4/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>2,182,600</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>5.000%, 4/01/20
      (Pre-refunded 4/01/14) - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>New York State
      Urban Development Corporation, State Personal Income Tax Revenue Bonds,
      State Facilities</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>3/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >AA<SUP>(4)</SUP></FONT></TD>
    <TD vAlign=top noWrap align=left width="4%"
     >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>1,087,540</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>and Equipment,
      Series 2002A, 5.125%, 3/15/27 (Pre-refunded 3/15/12)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Triborough
      Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds,
      Series 1997A, 5.250%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>1/22 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Aa2<SUP><FONT
      face=sans-serif size=1
     >(4)</FONT></SUP></FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%"
     >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>3,411,420</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>1/01/28
      (Pre-refunde<FONT face=sans-serif size=1
     >d 1/01/22)</FONT></FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>600</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Utica Industrial Development Agency, New York, Revenue Bonds,
      Utica College, Series 2004A, 6.875%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >N/R<SUP>(4)</SUP></FONT></TD>
    <TD vAlign=top noWrap align=left width="4%"
     >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>637,758</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>12/01/34</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,250</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Westchester
      Tobacco Asset Securitization Corporation, New York, Tobacco Settlement
      Asset-Backed Bonds,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>1,431,175</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Series 1999, 6.750%, 7/15/29 (Pre-refunded 7/15/10)</FONT>
</TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,400</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Yonkers
      Industrial Development Agency, New York, Revenue Bonds, Community
      Development Properties -</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>2/11 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >BBB-<SUP>(4)</SUP></FONT></TD>
    <TD vAlign=top noWrap align=left width="4%"
     >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>1,605,324</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Yonkers Inc.
      Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >20,700</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Total U.S. Guaranteed</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >23,004,078</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><B><FONT
      face=sans-serif size=1
     >Utilities - 9.3% (6.3% of Total Investments)</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Long Island
      Power Authority, New York, Electric System General Revenue Bonds, Series
      1998A:</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,300</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>5.125%, 12/01/22
      - FSA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/08 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>2,410,354</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >4,575</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>5.250%, 12/01/26
      - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/08 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>4,795,697</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Long Island Power Authority, New York, Electric System
      General Revenue Bonds, Series 2003C, 5.000%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>9/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>2,155,780</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>9/01/15 - CIFG
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>New York State
      Power Authority, General Revenue Bonds, Series 2000A, 5.250%,
      11/15/30</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/10 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Aa2</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>2,119,000</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>250</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Niagara County Industrial Development Agency, New York, Solid
      Waste Disposal Facility Revenue Bonds,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Baa3</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>263,962</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >American Ref-Fuel Company of Niagara LP, Series 2001C,
      5.625%, 11/15/24 (Mandatory put 11/15/14)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>(Alternative
      Minimum Tax)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>600</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Niagara County
      Industrial Development Agency, New York, Solid Waste Disposal Facility
      Revenue Refunding</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Baa3</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>633,420</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Bonds, American
      Ref-Fuel Company of Niagara LP, Series 2001B, 5.550%, 11/15/24 (Mandatory
      put 11/15/13)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>(Alternative
      Minimum Tax)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>955</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Suffolk County Industrial Development Agency, New York,
      Revenue Bonds, Nissequogue Cogeneration Partners</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>N/R</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>918,061</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Facility, Series
      1998, 4.875%, 1/01/08 (Alternative Minimum Tax)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >12,680</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Total
      Utilities</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >13,296,274</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><B><FONT face=sans-serif size=1
     >Water and Sewer - 3.8% (2.6% of Total
      Investments)</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>New York City
      Municipal Water Finance Authority, New York, Water and Sewerage System
      Revenue Bonds,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA+</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>2,150,080</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Fiscal Series
      2001A, 5.500%, 6/15/33</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,130</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>New York City
      Municipal Water Finance Authority, New York, Water and Sewerage System
      Revenue Bonds,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA+</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>1,226,005</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Fiscal Series
      2003A, 5.375%, 6/15/19</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >1,955</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>New York State
      Environmental Facilities Corporation, State Clean Water and Drinking Water
      Revolving Funds</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>2,120,706</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Revenue Bonds,
      Pooled Loan Issue, Series 2002F, 5.250%, 11/15/17</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >5,085</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Total Water and Sewer</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>5,496,791</FONT>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1
     >196,315</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Total
      Investments (cost $198,096,271) - 146.5%</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >209,442,279</FONT> </TD></TR>
  <TR>
    <TD width="5%" colSpan=2>
      <HR noShade SIZE=2>
    </TD>
    <TD align=left width="94%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Other Assets Less Liabilities - 1.8%</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1>2,496,963</FONT>
    </TD></TR>
  <TR>
    <TD width="5%" colSpan=2></TD>
    <TD align=left width="94%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="58%"><FONT
      face=sans-serif size=1>Preferred
      Shares, at Liquidation Value - (48.3)%</FONT> </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="20%"><FONT
      face=sans-serif size=1
     >(69,000,000)</FONT> </TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="4%" background="">&nbsp;</TD>
    <TD width="58%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD width="16%" colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD width="20%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background="">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="4%" background="">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="58%"
     ><FONT face=sans-serif size=1
     >Net Assets Applicable to Common Shares - 100%</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="7%" background="">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="5%" background="">&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="20%"
   >&nbsp;<FONT face=sans-serif size=1
     >142,939,242</FONT>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" background=""></TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="94%" background="" colSpan=5>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_8></A>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>(1</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >All percentages shown in the Portfolio of Investments are
      based on net assets applicable to Common shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >unless otherwise noted.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>(2</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >Optional Call Provisions: Dates (month and year) and prices
      of the earliest optional call or redemption. There</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >may be other call provisions at varying prices at later
      dates. Certain mortgage-backed securities may be</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >subject to periodic principal paydowns.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>(3</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >Ratings: Using the higher of Standard &amp; Poor&#146;s or Moody&#146;s
      rating. Ratings below Baa by Moody&#146;s Investor</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >Service, Inc. or BBB by Standard &amp; Poor&#146;s Group are
      considered to be below investment grade.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>(4</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >Securities are backed by an escrow or trust containing
      sufficient U.S. Government or U.S. Government</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >agency securities which ensures the timely payment of
      principal and interest. Such securities are normally</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >considered to be equivalent to AAA rated
      securities.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=middle width="3%"><FONT
      face=sans-serif size=1>N/R</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >Investment is not rated.</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1
>Income Tax Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
>The following information is presented on an income tax basis.
Differences between amounts for financial statement and federal income tax
purposes are primarily due to timing differences in recognizing taxable market
discount and timing differences in recognizing certain gains and losses on
investment transactions.</FONT></P>
<P align=left><FONT face=sans-serif size=1>At
December 31, 2005, the cost of investments was $198,018,487.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>Gross unrealized appreciation and gross unrealized depreciation of
investments at December 31, 2005, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >Gross unrealized:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="10%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >&nbsp;&nbsp;&nbsp; Appreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1
     >11,573,971</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >&nbsp;&nbsp;&nbsp; Depreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1>(150,179</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="3%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >Net unrealized appreciation (depreciation) of
      investments</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1
     >11,423,792</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>


<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>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>


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<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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jessica R. Droeger<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Secretary</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifford R. Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen D. Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller (principal financial
officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;Print the name and title of each signing officer under his or her signature. </FONT></P>

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<DESCRIPTION>CERTIFICATIONS
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<TITLE>Certifications</TITLE>
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<H3><U>CERTIFICATIONS</U> </H3>
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<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>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>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>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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<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>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>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>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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&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;<BR></U>Gifford R. Zimmerman<BR>Chief Administrative Officer<BR>(principal executive officer)<BR><BR></H4>
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<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>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>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>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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<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>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>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>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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&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;<BR></U>Stephen D. Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial officer)<BR><BR></H4>
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