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<SEC-DOCUMENT>0000891804-05-002519.txt : 20050826
<SEC-HEADER>0000891804-05-002519.hdr.sgml : 20050826
<ACCEPTANCE-DATETIME>20050826112856
ACCESSION NUMBER:		0000891804-05-002519
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 SELECT TAX -FREE INCOME PORTFOLIO
		CENTRAL INDEX KEY:			0000885731
		IRS NUMBER:				363828115
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06624
		FILM NUMBER:		051050684

	BUSINESS ADDRESS:	
		STREET 1:		333 W WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178200

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN INSURED NEW YORK SELECT TAX FREE INCOME PORTFOLIO
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NXN
<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;811-6624
&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 Select Tax-Free Income Portfolio
&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;
03/31
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of reporting period:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
06/30/05
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

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



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

<TABLE border=0 width=650 cellspacing=1 cellpadding=0>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Portfolio of Investments (Unaudited)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Nuveen New York Select Tax-Free Income Portfolio (NXN)</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">June 30, 2005</FONT></I>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<B><FONT size=1 face="sans-serif">Principal</FONT></B>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<B><FONT size=1 face="sans-serif">Optional Call</FONT></B>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<B><FONT size=1 face="sans-serif">Market</FONT></B>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<B><FONT size=1 face="sans-serif">Amount (000)</FONT></B>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Description</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<B><FONT size=1 face="sans-serif">Provisions*</FONT></B>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<B><FONT size=1 face="sans-serif">Ratings**</FONT></B>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<B><FONT size=1 face="sans-serif">Value</FONT></B>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Consumer Staples - 2.0%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 1,080</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2002-1, 5.500%, 7/15/24</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 1,129,950</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Education and Civic Organizations - 9.9%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,700</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Amherst Industrial Development Agency, New York, Revenue Bonds, UBF Faculty/Student Housing</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/12 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,849,379</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Corporation, University of Buffalo Creekside Project, Series 2002A, 5.000%, 8/01/22 - AMBAC</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">100</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">104,940</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">College, Series 2004, 5.000%, 10/01/34</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/11 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">526,010</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Greater New York, Series 2002, 5.250%, 8/01/21</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">570</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">637,192</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">City University System, Series 1990C, 7.500%, 7/01/10 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,425</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Insured Revenue Bonds, Rochester Institute of</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/07 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,494,041</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Technology, Series 1997, 5.250%, 7/01/22 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">785</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Insured Revenue Bonds, Iona College, Series 2002,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">829,831</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 7/01/22 - XLCA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">200</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/09 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">207,972</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.375%, 2/01/19</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Healthcare - 11.4%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">825,023</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2003A, 5.250%, 2/15/21 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/12 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">B2</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">256,340</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">University Hospital, Series 2002C, 6.450%, 7/01/32</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">267,985</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">415</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">464,074</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2004A, 5.250%, 8/15/15 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa1</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">529,670</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Hospital Association, Series 2003A, 5.500%, 7/01/32</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">670</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">723,211</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Group,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A3</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">266,420</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2003, 5.375%, 5/01/23</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,680</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,837,718</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Health System Obligated Group, Series 2001A, 5.250%, 7/01/17 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,195</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,307,187</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Health System Obligated Group, Series 2001B, 5.250%, 7/01/17 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Housing/Multifamily - 5.1%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">East Rochester Housing Authority, New York, Revenue Bonds, GNMA/FHA Secured Revenue Bonds, St.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">12/12 at 103.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,087,230</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Mary's Residence Project, Series 2002A, 5.375%, 12/20/22</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New Hartford-Sunset Woods Funding Corporation, New York, FHA-Insured Mortgage Revenue Bonds, Sunset</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/12 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,071,290</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Woods Apartments II Project, Series 2002, 5.350%, 2/01/20</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">775</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Housing Finance Agency, FHA-Insured Mortgage Multifamily Housing Revenue Bonds,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/05 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">776,318</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Series 1992C, 6.450%, 8/15/14 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Housing/Single Family - 8.1%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-First Series A, 5.300%, 10/01/31</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/11 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,572,500</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">(Alternative Minimum Tax)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 101, 5.000%, 10/01/18</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/11 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aa1</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,053,280</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">(Alternative Minimum Tax)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Long-Term Care - 9.3%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">East Rochester Housing Authority, New York, FHA-Insured Mortgage Revenue Refunding Bonds, Jewish</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/12 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,110,940</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Home of Rochester, Series 2002, 4.625%, 2/15/17</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Industrial Development Agency, New York, GNMA Collateralized Mortgage Revenue Bonds,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/12 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,047,190</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Eger Harbor House Inc. Project, Series 2002A, 4.950%, 11/20/32</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue Bonds,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,126,660</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Norwegian Christian Home and Health Center, Series 2001, 5.200%, 8/01/36 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Tax Obligation/General - 6.1%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Clarkstown, Rickland County, New York, Various Purposes Serial Bonds, Series 1992:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">505</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.600%, 6/15/10 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">563,540</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">525</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.600%, 6/15/11 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">593,397</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">525</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.600%, 6/15/12 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">602,962</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City, New York, General Obligation Bonds, Fiscal Series 2004I, 5.000%, 8/01/17 - MBIA</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">824,933</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">225</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City, New York, General Obligation Bonds, Fiscal Series 2004B, 5.250%, 8/01/15</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">249,917</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">300</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">331,923</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">285</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">West Islip Union Free School District, Suffolk County, New York, General Obligation Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">318,884</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2005, 5.000%, 10/01/14 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Tax Obligation/Limited - 15.2%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">600</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Battery Park City Authority, New York, Senior Revenue Bonds, Series 2003A, 5.000%, 11/01/23</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">649,794</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">575,610</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">School District, Series 2004, 5.750%, 5/01/26 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">557,035</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2002A, 5.500%, 1/01/20 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">95</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2001A-2,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/06 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">98,633</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.125%, 11/15/21 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">670</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">712,766</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2003E, 5.000%, 2/01/23</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Improvements, Series 2005D:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">175</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 2/15/14 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">193,979</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">320</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 8/15/14 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">355,885</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">50</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 1995A, 5.125%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/07 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">51,094</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">4/01/15 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">750</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">828,750</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2003A, 5.250%, 4/01/23 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">270,308</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 4/01/21 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Government Assistance Corporation, Series 2004A:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 10/15/25 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">269,933</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">200</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 10/15/26 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">216,270</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,225</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 10/15/29 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,322,669</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Contingency Contract-Backed Bonds, Series 2003A-1:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 6/01/20 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,100,130</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 6/01/21 - AMBAC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">274,135</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">554,580</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">75</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Triborough Bridge and Tunnel Authority, New York, Convention Center Bonds, Series 1990E, 7.250%,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">82,982</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">1/01/10</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Yonkers Industrial Development Agency, New York, Revenue Bonds, Community Development Properties -</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/11 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB-</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">548,200</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Yonkers Inc. Project, Series 2001A, 6.250%, 2/01/16</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Transportation - 2.4%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">400</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 5.625%, 7/15/25</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">431,352</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">561,520</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 11/15/15 - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">375</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/15 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">404,093</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 11/15/35 (WI, settling 7/01/05) - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">U.S. Guaranteed *** - 10.6%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,365</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,667,075</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">County Issue, Series 1986, 7.375%, 7/01/16</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,430</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Dormitory Authority of the State of New York, Revenue Bonds, Upstate Community Colleges, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-***</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,591,747</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2002A, 5.000%, 7/01/23 (Pre-refunded to 7/01/11)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,147,940</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded to 3/15/13) - FGIC Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">485</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Suffolk County Water Authority, New York, Water Revenue Bonds, Series 1986V, 6.750%, 6/01/12</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">558,798</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">West Islip Union Free School District, Suffolk County, New York, General Obligation Bonds, Series</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/10 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,096,740</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">2001, 5.000%, 10/01/17 (Pre-refunded to 10/01/10) - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Utilities - 7.1%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/08 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,113,760</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.125%, 12/01/22 - FSA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003C,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/13 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">1,089,780</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 9/01/16 - CIFG Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, New York</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/08 at 101.50</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">510,625</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">State Electric and Gas Corporation, Series 2005A, 4.100%, 3/15/15 - MBIA Insured</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa3</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">270,318</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, American Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%, 11/15/26 (Alternative</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Minimum Tax) (Mandatory put 11/15/12)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">60</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Westchester County Industrial Development Agency, Westchester County, New York, Resource Recovery</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/07 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">62,359</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Revenue Bonds, RESCO Company, Series 1996, 5.500%, 7/01/09 (Alternative Minimum Tax)</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Water and Sewer - 12.3%</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/11 at 101.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA+</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,649,850</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal Series 2001C, 5.125%, 6/15/33</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Funds Revenue Bonds, New York City Municipal Water Finance Authority Loan, Series 2002B:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 6/15/19</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,213,820</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 6/15/27</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/12 at 100.00</FONT>&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">2,126,020</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 52,485</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Total Long-Term Investments (cost &#36;53,449,281) - 99.5%</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">56,746,457</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD>
<HR noshade size=2>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Other Assets Less Liabilities - 0.5%</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">296,359</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Net Assets - 100%</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;57,042,816</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">*</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">may be other call provisions at varying prices at later dates.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">**</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Ratings: Using the higher of Standard &amp; Poor's or Moody's rating.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">***</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">securities which ensures the timely payment of principal and interest. Such securities are normally considered</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">to be equivalent to AAA rated securities.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">(WI)</FONT>&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Security purchased on a when-issued basis.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<B><FONT size=1 face="sans-serif">Income Tax Information</FONT></B>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">The following information is presented on an income tax basis. Differences between amounts for financial statement</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">discount securities and timing differences in recognizing certain gains and losses on investment transactions.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">At June 30, 2005, the cost of investments was &#36;53,445,085.</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2005, were as</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">follows:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR>
   <TD>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Gross unrealized:</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=left>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Appreciation</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;3,307,323</FONT>&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Depreciation</FONT>&nbsp;
   </TD>
   <TD width=6%>
&nbsp;   </TD>
   <TD width=8% nowrap align=left>
&nbsp;
   </TD>
   <TD width=2%>
&nbsp;   </TD>
   <TD width=5% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">(5,951)</FONT>&nbsp;
   </TD>
</TR>
<TR>
   <TD>
   </TD>
   <TD>
   </TD>
   <TD colspan=7>
<HR noshade size=1>
   </TD>
</TR>
<TR>
   <TD colspan=9>
&nbsp;
   </TD>
</TR>
<TR valign="bottom">
   <TD width=10% nowrap align=left>
&nbsp;
   </TD>
   <TD width=1%>
&nbsp;   </TD>
   <TD width=58% nowrap align=left>
<FONT size=1 face="sans-serif">Net unrealized appreciation of investments</FONT>&nbsp;
   </TD>
   <TD width=6%>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2. Controls and Procedures.</B></FONT></P>
<OL type=a><LI>The registrant's principal executive and principal financial officers, or persons performing similar
      functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule
      30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
      effective, as of a date within 90 days of the filing date of this report that includes the disclosure
      required by this paragraph, based on their evaluation of the controls and procedures required by Rule
      30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities
      Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).</LI>

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

<CENTER><H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen New York Select Tax-Free Income Portfolio&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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<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATION
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<HEAD>
<TITLE>
Certifications
</TITLE>
</HEAD>

<BODY>

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

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

<OL><LI>I have reviewed this report on Form N-Q of Nuveen New York Select Tax-Free Income Portfolio;</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) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:


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

<LI>designed such internal control over financial reporting, or caused
          such internal control over financial reporting to be designed under
          our supervision, to provide reasonable assurance regarding the
          reliability of financial reporting and the preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;</LI>

      <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 Select Tax-Free Income Portfolio;</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) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:


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

<LI>designed such internal control over financial reporting, or caused
          such internal control over financial reporting to be designed under
          our supervision, to provide reasonable assurance regarding the
          reliability of financial reporting and the preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;</LI>

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

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

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

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

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

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

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