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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000891804-05-002520.txt : 20050826
<SEC-HEADER>0000891804-05-002520.hdr.sgml : 20050826
<ACCEPTANCE-DATETIME>20050826113123
ACCESSION NUMBER:		0000891804-05-002520
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050630
FILED AS OF DATE:		20050826
DATE AS OF CHANGE:		20050826
EFFECTIVENESS DATE:		20050826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN NEW YORK MUNICIPAL VALUE FUND INC
		CENTRAL INDEX KEY:			0000818850
		IRS NUMBER:				363529057
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05238
		FILM NUMBER:		051050692

	BUSINESS ADDRESS:	
		STREET 1:		333 W WACKER DR
		STREET 2:		32ND FL
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129177794

	MAIL ADDRESS:	
		STREET 1:		333 W. WACKER DR
		STREET 2:		32ND FL
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NNY
<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;811-5238
&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 Municipal Value Fund, Inc.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Exact name of registrant as specified in charter)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Address of principal executive offices) (Zip code)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
Jessica R. Droeger&#151;Vice President and Secretary<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Name and address of agent for service)</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's telephone number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of fiscal year end:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
09/30
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of reporting period:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
06/30/05
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

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



<A name=page_1></A>
<TABLE cellSpacing=1 cellPadding=0 width=650 border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>Portfolio of Investments (Unaudited)</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>Nuveen New York Municipal Value Fund, Inc. (NNY)</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<I><FONT face=sans-serif size=1>June 30, 2005</FONT></I>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Principal</FONT></B>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%">&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Optional Call</FONT></B>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Market</FONT></B>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Amount (000)</FONT></B>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Description</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Provisions*</FONT></B>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Ratings**</FONT></B>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Consumer Staples - 3.4%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>$ 460</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>5/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>$ 473,193</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2002, 5.375%, 5/15/33</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>350</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Erie County Tobacco Asset Securitization Corporation, New York, Senior Tobacco Settlement</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>370,552</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Asset-Backed Bonds, Series 2000, 6.000%, 7/15/20</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Monroe Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Series 2000:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>150</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>6.000%, 6/01/15</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>161,201</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>655</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>6.150%, 6/01/25</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>693,475</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>485</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000, 5.800%,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>501,010</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>6/01/23</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>360</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>368,363</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>6/01/25</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,060,370</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Series 1999A, 6.500%, 7/15/27</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>275</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>278,974</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Bonds, Series 2001A, 5.200%, 6/01/25</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><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 width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,318,850</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Education and Civic Organizations - 7.8%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2000A:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>600</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.700%, 10/01/20 - RAAI Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/10 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>656,922</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.750%, 10/01/30 - RAAI Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/10 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>824,430</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Trust for Cultural Resources, New York, Revenue Bonds, American Museum of Natural</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>4/07 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>2,105,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>History, Series 1997A, 5.650%, 4/01/27 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>575</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Trust for Cultural Resources, New York, Revenue Bonds, Museum of American Folk Art,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>630,022</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Series 2000, 6.000%, 7/01/22 - ACA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>245</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>257,103</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>College, Series 2004, 5.000%, 10/01/34</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,100</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/11 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,157,222</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Greater New York, Series 2002, 5.250%, 8/01/21</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>City University System, Series 1993A:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.750%, 7/01/18</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,181,110</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,400</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>6.000%, 7/01/20</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,707,356</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>315</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Revenue Bonds, City University of New York, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>371,498</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2005A, 5.500%, 7/01/18 - FGIC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Revenue Bonds, Pratt Institute, Series 1999, 6.000%,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/09 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>835,958</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>7/01/24 - RAAI Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,387,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1999, 6.250%, 7/01/29 - RAAI Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>800</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Insured Revenue Bonds, D'Youville College, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/11 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>866,632</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2001, 5.250%, 7/01/20 - RAAI Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Healthcare - 11.4%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>490</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, Olean General Hospital,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/08 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>512,981</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Series 1998A, 5.250%, 8/01/23</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>290</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/10 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>304,657</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>H. Noyes Hospital, Series 2005, 6.000%, 7/01/30</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>760</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Nassau County Industrial Development Agency, New York, Revenue Refunding Bonds, North Shore Health</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A3</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>838,432</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>System Obligated Group, Series 2001B, 5.875%, 11/01/11</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>530,945</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1999A, 5.125%, 2/15/14 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2003A:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,175</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.250%, 2/15/21 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,292,535</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.250%, 2/15/22 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,100,030</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>250</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/12 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>B2</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>256,340</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>University Hospital, Series 2002C, 6.450%, 7/01/32</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>B2</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>508,225</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>University Hospital, Series 2001B, 6.375%, 7/01/31</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>100</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Revenue Bonds, Nyack Hospital, Series 1996, 6.250%,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/06 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Ba3</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>100,357</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>7/01/13</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,250</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, FHA-Insured Mortgage Nursing Home Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/07 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>2,387,182</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Rosalind and Joseph Gurwin Jewish Geriatric Center of Long Island, Series 1997, 5.700%, 2/01/37 -</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>250</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><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 width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/08 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>253,620</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.500%, 7/01/26 (WI, settling 7/01/05)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>705</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>755,718</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,640</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><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 width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,833,930</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Series 2004A, 5.250%, 8/15/15 - FSA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>529,670</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hospital Association, Series 2003A, 5.500%, 7/01/32</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>534,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Series 2003B, 5.500%, 7/01/23</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health Obligated</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,069,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Group, Series 2000A, 6.500%, 7/01/25</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health Services of Long</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,394,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Island Obligated Group, St. Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,795</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Medical Care Facilities Finance Agency, FHA-Insured Hospital and Nursing Home</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/05 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,837,936</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Revenue Bonds, Series 1995B, 6.250%, 2/15/15</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,035</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Newark-Wayne Community Hospital, New York, Hospital Revenue Refunding and Improvement Bonds, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>9/05 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,031,947</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1993A, 7.600%, 9/01/15</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>518,890</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Series 2001A, 7.125%, 7/01/31</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Housing/Multifamily - 3.5%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>400</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>4/10 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>437,836</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Bennet Project, Series 2001A, 6.700%, 4/01/21</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2001A:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.400%, 11/01/21</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>5/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,055,640</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.500%, 11/01/31</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>5/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,045,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.600%, 11/01/42</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>5/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,045,020</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>440</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/11 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Aa1</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>465,947</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Series 2001E, 5.600%, 8/15/20 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,275</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Westchester County Industrial Development Agency, New York, GNMA Collateralized Mortgage Loan</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/11 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,385,147</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Revenue Bonds, Living Independently for the Elderly Inc., Series 2001A, 5.375%, 8/20/21</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Housing/Single Family - 3.1%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>3,750</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 73A, 5.250%, 10/01/17</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>9/08 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Aa1</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>3,871,838</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>(Alternative Minimum Tax)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>840</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><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 width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>4/13 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>858,043</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>(Alternative Minimum Tax)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Long-Term Care - 13.8%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Babylon Industrial Development Agency, New York, Revenue Bonds, WSNCHS East Inc., Series 2000B,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,110,730</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>6.000%, 8/01/24 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,015</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>East Rochester Housing Authority, New York, FHA-Insured Mortgage Revenue Bonds, St. John's Meadows</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/07 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>2,162,941</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Project, Series 1997A, 5.750%, 8/01/37 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>3,125</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>East Rochester Housing Authority, New York, FHA-Insured Mortgage Revenue Bonds, St. John's Meadows</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/08 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>3,203,781</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Project, Series 1998A, 5.250%, 8/01/38</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>525</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/10 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>570,208</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Facilities Pooled Program, Series 2000, 8.125%, 7/01/19</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>530</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>560,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, FHA-Insured Mortgage Nursing Home Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/07 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>3,185,430</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hebrew Home for the Aged at Riverdale, Series 1997, 6.125%, 2/01/37</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,915</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, German Masonic</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/06 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,995,487</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Home Corporation, Series 1996, 5.950%, 8/01/26</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, W.K. Nursing Home</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/06 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>3,153,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Corporation, Series 1996, 6.125%, 2/01/36</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, FHA-Insured Mortgage Nursing Home Revenue Bonds, Eger</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/08 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,042,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Healthcare Center of Staten Island, Series 1998, 5.100%, 2/01/28</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Revenue Bonds, Concord Nursing Home Inc., Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Aa3</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,104,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2000, 6.500%, 7/01/29</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Syracuse Housing Authority, New York, FHA-Insured Mortgage Revenue Bonds, Loretto Rest Residential</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/08 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>3,190,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Healthcare Facility, Series 1997A, 5.600%, 8/01/17</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Tax Obligation/General - 3.2%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>825</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City, New York, General Obligation Bonds, Fiscal Series 2004B, 5.250%, 8/01/15</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>916,361</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><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 width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>829,808</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City, New York, General Obligation Bonds, Fiscal Series 2005O:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 6/01/17 - FSA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,107,530</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 6/01/18 - FSA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,102,280</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>400</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City, New York, General Obligation Bonds, Fiscal Series 2005P, 5.000%, 8/01/18 - MBIA</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>441,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>550</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><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 width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/10 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>589,149</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Tax Obligation/Limited - 21.4%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><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 width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,115,580</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>350</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>5/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>402,927</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>School District, Series 2004, 5.750%, 5/01/26 - FSA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,064,290</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2002A, 5.125%, 1/01/29</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.250%, 11/15/25 - FSA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>2,179,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 11/15/30</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,052,510</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>560</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>1/13 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>590,985</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1/01/34</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,330</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,414,894</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2003E, 5.000%, 2/01/23</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>395</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.250%, 7/01/24 - CIFG Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>436,234</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>250</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 7/01/25 - CIFG Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>267,358</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>105</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/06 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>108,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Facilities, Series 1996B, 5.375%, 2/15/26 - FSA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>3/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,074,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 3/15/21</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>140</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Housing Finance Agency, Suffolk County, H.E.L.P. Secured Loan Rental Housing Revenue</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>143,678</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Bonds, Series 1989A, 8.100%, 11/01/05</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,810</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Service Contract Bonds, Child Care Facilities</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>4/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,973,208</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Development Program, Series 2002, 5.375%, 4/01/16</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>4/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,085,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 4/01/20 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,270</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2004B, 5.250%,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,419,568</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4/01/12 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,620</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2002A, 5.125%,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>3/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,736,543</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3/15/21</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2005A, 5.000%,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>3/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,092,790</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3/15/20 (WI, settling 7/14/05) - FSA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>600</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Urban Development Corporation, Special Project Revenue Bonds, University Facilities</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>725,544</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Grants, Series 1995, 5.875%, 1/01/21</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,750</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Urban Development Corporation, Service Contract Revenue Bonds, Correctional and</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,926,103</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Youth Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Government Assistance Corporation, Series 2004A:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 10/15/24 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,081,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>740</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 10/15/25 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>799,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>550</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 10/15/26 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>594,743</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,510</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 10/15/29 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,630,392</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,230</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Suffolk County Judicial Facilities Agency, New York, Service Agreement Revenue Bonds, John P.</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,334,218</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Colahan Court Complex, Series 1999, 5.000%, 4/15/16 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Contingency Contract-Backed Bonds, Series 2003A-1:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.250%, 6/01/20 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>550,065</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.250%, 6/01/22 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>2,185,940</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,109,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>75</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Triborough Bridge and Tunnel Authority, New York, Convention Center Bonds, Series 1990E, 7.250%,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>82,982</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1/01/10</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.500%,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,711,095</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>10/01/24</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Yonkers Industrial Development Agency, New York, Revenue Bonds, Community Development Properties -</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Yonkers Inc. Project, Series 2001A:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>6.250%, 2/01/16</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/11 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>548,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,120</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>6.625%, 2/01/26</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/11 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,239,258</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Transportation - 8.1%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>400</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 5.625%, 7/15/25</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>431,352</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Buffalo and Fort Erie Public Bridge Authority, New York, Revenue Bonds, Series 1995, 5.750%,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/05 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,012,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1/01/25 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>564,310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2002A, 5.500%, 11/15/19 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>780</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005A,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>839,826</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 11/15/33 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,077,580</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 11/15/35 (WI, settling 7/01/05) - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,100</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>12/08 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Ba2</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>985,699</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/12 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>CCC</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>954,380</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Airport - American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 - AMBAC</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>1/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>536,955</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>4/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>539,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/15 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,077,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2005, 5.000%, 12/01/28 (DD, settling 7/01/05) - XLCA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Aa2</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>2,682,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2002B, 5.000%, 11/15/21</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Refunding Bonds, Series 2002E:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>780</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.500%, 11/15/20 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>928,762</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>800</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.250%, 11/15/22 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>879,904</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>U.S. Guaranteed *** - 10.4%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,250</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/07 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>2,380,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.000%, 7/01/20 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>20</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City, New York, General Obligation Bonds, Fiscal Series 1997G, 6.000%, 10/15/26</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/07 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>21,663</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>(Pre-refunded to 10/15/07)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,690</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,811,629</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2005A, 5.000%, 7/01/25 - FGIC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>85</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>97,831</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>3,500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>4,274,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>County Issue, Series 1986, 7.375%, 7/01/16</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>25</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Suffolk County, Lease Revenue Bonds, Judicial</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/05 at 114.14</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Baa1***</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>35,760</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Facilities, Series 1991A, 9.500%, 4/15/14</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>600</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dormitory Authority of the State of New York, Revenue Bonds, State Personal Income Tax, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>3/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA***</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>683,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2003A, 5.375%, 3/15/22 (Pre-refunded to 3/15/13)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Niagara Falls, Niagara County, New York, General Obligation Water Treatment Plant Bonds, Series</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,207,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1994, 7.250%, 11/01/11 (Alternative Minimum Tax) - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Niagara Falls City School District, Niagara County, New York, Certificates of Participation, High</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB-***</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>855,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>School Facility, Series 2000, 6.625%, 6/15/28 (Pre-refunded to 6/15/09)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,600</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1999B,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>1/22 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>3,082,430</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.500%, 1/01/30 (Pre-refunded to 1/01/22)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Westchester Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB***</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,471,675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Bonds, Series 1999, 6.750%, 7/15/29 (Pre-refunded to 7/15/10)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Utilities - 8.8%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>150</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.125%, 12/01/22 - FSA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/08 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>158,532</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.250%, 12/01/26</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/08 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>2,634,725</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,330</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>9/11 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>2,544,057</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.375%, 9/01/21</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001L,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>5/11 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>798,420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.375%, 5/01/33</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Industrial Development Agency, New York, Revenue Bonds, Brooklyn Navy Yard</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/08 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,001,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Cogeneration Partners LP, Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, New York</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>3/08 at 101.50</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,531,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>State Electric and Gas Corporation, Series 2005A, 4.100%, 3/15/15 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York State Power Authority, General Revenue Bonds, Series 2000A, 5.250%, 11/15/40</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/10 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Aa2</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,619,910</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>540,635</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Bonds, American Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%, 11/15/26 (Alternative</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Minimum Tax) (Mandatory put 11/15/12)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>250</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>271,970</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Bonds, American Ref-Fuel Company of Niagara LP, Series 2001C, 5.625%, 11/15/24 (Alternative</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Minimum Tax) (Mandatory put 11/15/14)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/35 - FGIC</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>810,368</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Partners Facility, Series 1998:</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.300%, 1/01/13 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>1/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,011,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>575</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5.500%, 1/01/23 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>1/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>580,670</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Water and Sewer - 3.7%</FONT></B>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>300</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Monroe County Water Authority, New York, Water System Revenue Bonds, Series 2001, 5.150%, 8/01/22</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>321,609</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,085,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA+</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,365,638</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Fiscal Series 2001A, 5.500%, 6/15/33</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA+</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>1,678,693</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Fiscal Series 2001D, 5.500%, 6/15/17</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>415</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/10 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>472,062</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
<TR>
<TD colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>740</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA+</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>823,331</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Fiscal Series 2003A, 5.375%, 6/15/19</FONT>&nbsp; </TD>
<TD width="9%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD></TR>
</TABLE>

<BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name=page_2></A>
<TABLE style="WIDTH: 798px; HEIGHT: 824px" cellSpacing=1 cellPadding=0 width=798 border=0>
<TR vAlign=bottom>
<TD noWrap align=center width="10%"><FONT face=sans-serif size=1>$ 140,145</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Total Long-Term Investments (cost $141,475,964) - 98.6%</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>151,593,678</FONT>&nbsp; </TD></TR>
<TR>
<TD>
<HR noShade SIZE=2>
</TD>
<TD></TD>
<TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Other Assets Less Liabilities - 1.4%</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,096,323</FONT>&nbsp; </TD></TR>
<TR>
<TD></TD>
<TD></TD>
<TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Net Assets Applicable - 100%</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>$153,690,001</FONT>&nbsp; </TD></TR>
<TR>
<TD></TD>
<TD></TD>
<TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=5>&nbsp; </TD></TR>
<TR>
<TD colSpan=5>&nbsp; </TD></TR>
<TR>
<TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="10%"><FONT face=sans-serif size=1>*</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><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>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>may be other call provisions at varying prices at later dates.</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="10%"><FONT face=sans-serif size=1>**</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Ratings: Using the higher of Standard &amp; Poor's or Moody's rating.</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="10%"><FONT face=sans-serif size=1>***</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>securities which ensures the timely payment of principal and interest. Such securities are normally considered</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>to be equivalent to AAA rated securities.</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="10%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Investment is not rated.</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="10%"><FONT face=sans-serif size=1>(DD)</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Security purchased on a delayed delivery basis.</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="10%"><FONT face=sans-serif size=1>(WI)</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Security purchased on a when-issued basis.</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Income Tax Information</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>The following information is presented on an income tax basis. Differences between amounts for financial statement</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>discount securities and timing differences in recognizing certain gains and losses on investment transactions.</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>At June 30, 2005, the cost of investments was $141,249,557.</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2005, were as</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>follows:</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD></TD>
<TD></TD>
<TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Gross unrealized:</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Appreciation</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>$10,471,947</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Depreciation</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(127,826)</FONT>&nbsp; </TD></TR>
<TR>
<TD></TD>
<TD></TD>
<TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="10%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Net unrealized appreciation of investments</FONT>&nbsp; </TD>
<TD width="23%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>$10,344,121</FONT>&nbsp; </TD></TR>

<TR>
<TD></TD>
<TD></TD>
<TD colSpan=3>
<HR noShade SIZE=2>
</TD></TR>

</TABLE>

<BR>
<HR align=center width="100%" noShade SIZE=2>


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

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

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

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<HEAD>
<TITLE>
Certifications
</TITLE>
</HEAD>

<BODY>

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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