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<SEC-DOCUMENT>0000891804-08-000766.txt : 20080229
<SEC-HEADER>0000891804-08-000766.hdr.sgml : 20080229
<ACCEPTANCE-DATETIME>20080229150754
ACCESSION NUMBER:		0000891804-08-000766
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080229
DATE AS OF CHANGE:		20080229
EFFECTIVENESS DATE:		20080229

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:		08655026

	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>nq1.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>Nuveen
Investments<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>Kevin
J. McCarthy Vice President and
Secretary<BR><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker
Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Name and address of
agent for service)</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Registrant's telephone
number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Date of fiscal year
end:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Date of reporting
period:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/07&nbsp;&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 ("OMB") 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>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 1. Schedule of
Investments</B></FONT></P>


        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Portfolio
                of Investments (Unaudited)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Nuveen New
                York Select Tax-Free Income Portfolio (NXN)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><i><font face="sans-serif" size="2">December
                31, 2007</font></i>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <b><font face="sans-serif" size="2">Principal</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><b><font face="sans-serif" size="2">Optional
                Call</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><b><font face="sans-serif" size="2">Amount
                (000)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Description
                (1)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><b><font face="sans-serif" size="2">Provisions
                (2)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><b><font face="sans-serif" size="2">Ratings
                (3)</font></b>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <b><font face="sans-serif" size="2">Value</font></b>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Consumer
                Discretionary &ndash; 0.2%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                100</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Industrial Development Agency, New York, Liberty Revenue Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">9/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">Baa3</font>&nbsp;</td>

                <td nowrap align="left" width="2%"><font face="sans-serif" size="2">&nbsp;$</font>
                &nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">90,550</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                &nbsp;<font face="sans-serif" size="2">IAC/InterActiveCorp, Series 2005, 5.000%,
                9/01/35</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Consumer
                Staples &ndash; 1.8%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">TSASC Inc.,
                New York, Tobacco Asset-Backed Bonds, Series 2006:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">460</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">4.750%,
                6/01/22</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">448,495</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">540</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.000%,
                6/01/26</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">522,369</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total Consumer
                Staples</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">970,864</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Education
                and Civic Organizations &ndash; 10.2%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">100</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Albany
                Industrial Development Agency, New York, Revenue Bonds, Albany Law School,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">93,387</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">2007A,
                5.000%, 7/01/31</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">50</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Albany
                Industrial Development Agency, New York, Revenue Bonds, Brighter Choice
                Charter</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">4/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">43,855</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Schools,
                Series 2007A, 5.000%, 4/01/37</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,700</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Amherst
                Industrial Development Agency, New York, Revenue Bonds, UBF Faculty/Student
                Housing</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,775,174</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                &nbsp;<font face="sans-serif" size="2">Corporation, University of Buffalo Creekside
                Project, Series 2002A, 5.000%, 8/01/22 &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">30</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Cattaraugus
                County Industrial Development Agency, New York, Revenue Bonds, St.
                Bonaventure</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">5/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">29,107</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                &nbsp;<font face="sans-serif" size="2">University, Series 2006, 5.000%,
                5/01/23</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">430</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, General Revenue Bonds, Manhattan College,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">410,525</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">2007A,
                5.000%, 7/01/41 &ndash; RAAI Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">785</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Insured Revenue Bonds, Iona College,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">809,696</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">2002,
                5.000%, 7/01/22 &ndash; XLCA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">315</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Second General Resolution Consolidated
                Revenue</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">333,021</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Bonds,
                City University System, Series 1990C, 7.500%, 7/01/10 &ndash; FGIC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">430</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dutchess
                County Industrial Development Agency, New York, Civic Facility Revenue Bonds,
                Bard</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">A3</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">396,236</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">College
                Project, Series 2007-A2, 4.500%, 8/01/36</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">100</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Hempstead Town
                Industrial Development Agency, New York, Revenue Bonds, Adelphi
                University,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">A&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">98,516</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Civic
                Facility Project, Series 2005, 5.000%, 10/01/35</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">100</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Industrial Development Agency, New York, Civic Facility Revenue Bonds,
                St.</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">A&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">97,969</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Francis
                College, Series 2004, 5.000%, 10/01/34</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA
                of</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">2/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">A&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">511,605</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Greater
                New York, Series 2002, 5.250%, 8/01/21</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">185</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Industrial Development Agency, New York, PILOT Revenue Bonds Yankee
                Stadium</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">9/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">196,723</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Project,
                Residual Series 07-1032, 6.970%, 3/01/39 &ndash; FGIC Insured
                (IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">430</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Industrial Development Agency, New York, PILOT Revenue Bonds, Queens
                Baseball</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">1/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">428,203</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Stadium
                Project, Series 2006, 4.750%, 1/01/42 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">150</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium
                Pilots,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">9/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">161,910</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Trust
                2148, 7.652%, 3/01/36 &ndash; MBIA Insured (IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">200</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Puerto Rico
                Industrial, Tourist, Educational, Medical and Environmental Control
                Facilities</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">2/09 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">201,740</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                &nbsp;<font face="sans-serif" size="2">Financing Authority, Higher Education
                Revenue Bonds, Ana G. Mendez University System, Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">1999,
                5.375%, 2/01/19</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">65</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Seneca County
                Industrial Development Authority, New York, Revenue Bonds, New York
                Chiropractic</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">62,226</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">College,
                Series 2007, 5.000%, 10/01/27</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">5,570</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total
                Education and Civic Organizations</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">5,649,893</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Financials
                &ndash; 0.9%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">435</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Liberty
                Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">481,088</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">2007,
                5.500%, 10/01/37</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Health Care
                &ndash; 14.0%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">450</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds,
                Montefiore</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">2/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">463,365</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                &nbsp;<font face="sans-serif" size="2">Hospital, Series 2004, 5.000%, 8/01/29
                &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Revenue Bonds, Lenox Hill Hospital
                Obligated</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Group, Series
                2001:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">110</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.375%,
                7/01/20</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">Ba2</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">110,480</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">100</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.500%,
                7/01/30</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">Ba2</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">97,941</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">950</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering
                Cancer</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">979,517</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Center,
                Series 2006-1, 5.000%, 7/01/35</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">670</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering
                Cancer</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">710,079</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Center,
                Series 2003-1, 5.000%, 7/01/21 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">405</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Revenue Bonds, New York and
                Presbyterian</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">442,625</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                &nbsp;<font face="sans-serif" size="2">Hospital, Series 2004A, 5.250%, 8/15/15
                &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,680</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Revenue Bonds, Winthrop South Nassau
                University</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,793,232</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Health
                System Obligated Group, Series 2001A, 5.250%, 7/01/17 &ndash; AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,195</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Revenue Bonds, Winthrop South Nassau
                University</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,275,543</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Health
                System Obligated Group, Series 2001B, 5.250%, 7/01/17 &ndash; AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau
                University</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">Baa1</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">501,290</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Hospital
                Association, Series 2003A, 5.500%, 7/01/32</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Madison County
                Industrial Development Agency, New York, Civic Facility Revenue Bonds,
                Oneida</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Health System,
                Series 2007A:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">100</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.250%,
                2/01/27</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">95,867</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">90</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.500%,
                2/01/32</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">87,025</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">750</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Health and Hospitals Corporation, New York, Health System Revenue Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">2/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">796,928</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">2003A,
                5.250%, 2/15/21 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Industrial Development Agency, New York, Civic Facility Revenue Bonds,
                Staten</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">B2</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">251,578</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Island
                University Hospital, Series 2002C, 6.450%, 7/01/32</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">160</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Dormitory Authority, Revenue Bonds, North Shore Jewish Obligated Group,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">5/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">A3</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">156,898</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">2007A,
                5.000%, 5/01/32</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">7,410</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total Health
                Care</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">7,762,368</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                <b><font face="sans-serif" size="2">Housing/Multifamily &ndash;
                3.1%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New
                Hartford-Sunset Woods Funding Corporation, New York, FHA-Insured Mortgage Revenue
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,051,020</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Sunset
                Woods Apartments II Project, Series 2002, 5.350%, 2/01/20</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Housing Development Corporation, New York, Multifamily Housing Revenue
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">5/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">257,785</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Series
                2004A, 5.250%, 11/01/30</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">160</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Housing Development Corporation, New York, Multifamily Housing Revenue
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">158,890</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Series
                2005F-1, 4.750%, 11/01/35</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">275</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Housing Finance Agency, Affordable Housing Revenue, Series 2007A,
                5.250%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">Aa2</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">268,615</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">11/01/38
                (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,685</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total
                Housing/Multifamily</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,736,310</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                <b><font face="sans-serif" size="2">Housing/Single Family &ndash;
                8.2%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 101,
                5.000%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">Aa1</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,028,160</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">10/01/18
                (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Mortgage Agency, Mortgage Revenue Bonds, Thirty-First Series A,
                5.300%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">4/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,506,074</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">10/01/31
                (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">4,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total
                Housing/Single Family</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">4,534,234</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Long-Term
                Care &ndash; 11.5%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,070,419</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                &nbsp;<font face="sans-serif" size="2">Norwegian Christian Home and Health Center,
                Series 2001, 5.200%, 8/01/36 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">100</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of
                Queens</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">Aa3</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">101,398</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Nursing
                Home Revenue Bonds, Series 2006, 5.000%, 11/01/31</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">50</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Revenue Bonds, Providence Rest, Series
                2005,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">CCC</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">41,927</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.000%,
                7/01/35 &ndash; ACA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">East Rochester
                Housing Authority, New York, FHA-Insured Mortgage Revenue Refunding
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,082,959</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Jewish
                Home of Rochester, Series 2002, 4.625%, 2/15/17</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">East Rochester
                Housing Authority, New York, Revenue Bonds, GNMA/FHA-Secured Revenue
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/12 at
                103.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,057,700</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">St.
                Mary&rsquo;s Residence Project, Series 2002A, 5.375%, 12/20/22</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">980</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Industrial Development Agency, New York, GNMA Collateralized Mortgage
                Revenue</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA+</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">979,951</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Bonds,
                Eger Harbor House Inc., Series 2002A, 4.950%, 11/20/32</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">6,130</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total
                Long-Term Care</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">6,334,354</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Materials
                &ndash; 0.1%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">90</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Jefferson
                County Industrial Development Agency, New York, Solid Waste Disposal Revenue
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">87,224</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                &nbsp;<font face="sans-serif" size="2">International Paper Company Project, Series
                2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Tax
                Obligation/General &ndash; 8.3%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Clarkstown,
                Rickland County, New York, Various Purposes Serial Bonds, Series
                1992:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">505</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.600%,
                6/15/10 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">534,598</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">525</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.600%,
                6/15/11 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">566,580</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">525</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.600%,
                6/15/12 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">579,154</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">15</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Hudson Yards
                Infrastructure Corporation, New York, Revenue Bonds, Series
                2006A,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">2/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">14,295</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">4.500%,
                2/15/47 &ndash; MBIA Insured (UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">300</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City,
                New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%,
                8/15/16</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">327,888</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">200</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City,
                New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">3/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">214,030</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">FGIC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City,
                New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%,
                6/01/25</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,032,200</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,260</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City,
                New York, General Obligation Bonds, Series D, 5.125%, 12/01/25</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,318,792</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">4,330</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total Tax
                Obligation/General</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">4,587,537</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Tax
                Obligation/Limited &ndash; 16.4%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">600</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Battery Park
                City Authority, New York, Senior Revenue Bonds, Series 2003A, 5.000%,
                11/01/23</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">630,144</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">300</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Revenue Bonds, Mental Health Services
                Facilities</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">325,383</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                &nbsp;<font face="sans-serif" size="2">Improvements, Series 2005D1, 5.000%, 2/15/15
                &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Erie County
                Industrial Development Agency, New York, School Facility Revenue Bonds,
                Buffalo</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">5/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">554,690</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">City
                School District, Series 2004, 5.750%, 5/01/26 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Metropolitan
                Transportation Authority, New York, State Service Contract Refunding
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">539,250</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Series
                2002A, 5.500%, 1/01/20 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">95</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Nassau County
                Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">5/08 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">95,130</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">2001A-2,
                5.125%, 11/15/21 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds,
                Local</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Government
                Assistance Corporation, Series 2004A:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.000%,
                10/15/25 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">262,520</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">200</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.000%,
                10/15/26 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">209,534</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,225</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.000%,
                10/15/29 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,276,781</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">600</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Transitional Finance Authority, New York, Building Aid Revenue Bonds,
                Fiscal</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">1/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">626,826</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Series
                2007S-2, 5.000%, 1/15/28 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">670</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Transitional Finance Authority, New York, Future Tax Secured Bonds,
                Fiscal</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">2/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">702,502</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Series
                2003E, 5.000%, 2/01/23</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">550</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Transitional Finance Authority, New York, Future Tax Secured Bonds,
                Fiscal</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">581,708</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Series
                2007C-1, 5.000%, 11/01/27</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">570</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Thruway Authority, Highway and Bridge Trust Fund Bonds, Second
                Generation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">654,810</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Series
                2005B, 5.500%, 4/01/20 &ndash; AMBAC Insured (UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Thruway Authority, Highway and Bridge Trust Fund Bonds, Second Generation,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">4/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">264,953</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">2004,
                5.000%, 4/01/21 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">425</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Thruway Authority, Highway and Bridge Trust Fund Bonds, Series
                2007,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">446,905</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.000%,
                4/01/27</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed
                and</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">State
                Contingency Contract-Backed Bonds, Series 2003A-1:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.250%,
                6/01/20 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,065,060</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.250%,
                6/01/21 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">265,888</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed
                and</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">535,055</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">State
                Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%,
                6/01/21</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">30</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Triborough
                Bridge and Tunnel Authority, New York, Convention Center Bonds, Series
                1990E,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">31,113</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">7.250%,
                1/01/10</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">8,515</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total Tax
                Obligation/Limited</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">9,068,252</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                <b><font face="sans-serif" size="2">Transportation &ndash;
                2.1%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">180</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Albany Parking
                Authority, New York, Revenue Bonds, Series 2001A, 5.625%, 7/15/25</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">BBB+</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">186,395</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Metropolitan
                Transportation Authority, New York, Transportation Revenue Bonds, Series
                2003A,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">546,805</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.000%,
                11/15/15 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">50</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">1/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">51,837</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">100</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">104,349</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">FSA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">105</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Port Authority
                of New York and New Jersey, Consolidated Revenue Bonds, One Hundred
                Fortieth</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/15 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">109,195</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Series
                2005, 5.000%, 12/01/31 &ndash; XLCA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">160</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Port Authority
                of New York and New Jersey, One Hundred and Forty Eighth Consolidated
                Revenue</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">183,640</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Bonds,
                RITES Trust 1516, 7.411%, 8/15/32 &ndash; FSA Insured (IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,095</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total
                Transportation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,182,221</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">U.S.
                Guaranteed &ndash; 6.2% (4)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">220</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Albany Parking
                Authority, New York, Revenue Bonds, Series 2001A, 5.625%, 7/15/25</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R
                (4)</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">240,647</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                &nbsp;<font face="sans-serif" size="2">(Pre-refunded 7/15/11)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,165</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Judicial Facilities Lease Revenue Bonds,
                Suffolk</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,379,698</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">County
                Issue, Series 1986, 7.375%, 7/01/16 (ETM)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Dormitory
                Authority of the State of New York, Revenue Bonds, North Shore Long Island
                Jewish</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">5/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">275,655</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Group,
                Series 2003, 5.375%, 5/01/23 (Pre-refunded 5/01/13)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">415</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Suffolk County
                Water Authority, New York, Water Revenue Bonds, Series 1986V,
                6.750%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">449,275</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">6/01/12
                (ETM)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,005</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">TSASC Inc.,
                New York, Tobacco Asset-Backed Bonds, Series 2002-1, 5.500%,
                7/15/24</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,082,455</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">
                &nbsp;<font face="sans-serif" size="2">(Pre-refunded 7/15/12)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">3,055</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total U.S.
                Guaranteed</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">3,427,730</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Utilities
                &ndash; 3.9%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Long Island
                Power Authority, New York, Electric System General Revenue Bonds, Series
                2006A:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">570</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.000%,
                12/01/23 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">603,482</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">430</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.000%,
                12/01/25 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">452,450</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Long Island
                Power Authority, New York, Electric System General Revenue Bonds, Series
                2006B,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">258,935</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.000%,
                12/01/35 &ndash; CIFG Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Energy Research and Development Authority, Pollution Control Revenue
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">3/08 at
                101.50</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">507,970</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">New York
                State Electric and Gas Corporation, Series 2005A, 4.100%, 3/15/15 &ndash; MBIA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Niagara County
                Industrial Development Agency, New York, Solid Waste Disposal Facility
                Revenue</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">Baa2</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">251,735</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Bonds,
                American Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%, 11/15/26
                (Mandatory</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">put
                11/15/12) (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">60</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Westchester
                County Industrial Development Agency, Westchester County, New York,
                Resource</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/08 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">60,419</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Recovery
                Revenue Bonds, RESCO Company, Series 1996, 5.500%, 7/01/09 (Alternative Minimum
                Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,060</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total
                Utilities</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,134,991</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><b><font face="sans-serif" size="2">Water and
                Sewer &ndash; 12.3%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York City
                Municipal Water Finance Authority, New York, Water and Sewerage System
                Revenue</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AA+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,598,172</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">Bonds,
                Fiscal Series 2001C, 5.125%, 6/15/33</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">New York State
                Environmental Facilities Corporation, State Clean Water and Drinking
                Water</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Revolving
                Funds Revenue Bonds, New York City Municipal Water Finance Authority
                Loan,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Series
                2002B:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.250%,
                6/15/19</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,139,359</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%">&nbsp;<font face="sans-serif" size="2">5.000%,
                6/15/27</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,058,220</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">6,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total Water
                and Sewer</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">6,795,751</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">$&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;
                &nbsp;52,475</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Total
                Investments (cost $53,205,449) &ndash; 99.2%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">54,843,367</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="7%">
                    <hr noshade size="2">
                </td>

                <td width="2%">
                </td>

                <td width="89%" colspan="7">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Floating Rate
                Obligations &ndash; (0.8)%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">(437,500)</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="7%">
                </td>

                <td width="2%">
                </td>

                <td width="89%" colspan="7">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Other Assets
                Less Liabilities &ndash; 1.6%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">869,500</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="7%">
                </td>

                <td width="2%">
                </td>

                <td width="89%" colspan="7">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="56%"><font face="sans-serif" size="2">Net Assets
                &ndash; 100%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%"><font face="sans-serif" size="2">&nbsp;$</font>
                &nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">55,275,367</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="7%">
                </td>

                <td width="2%">
                </td>

                <td width="89%" colspan="7">
                    <hr noshade size="2">
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" color="#990033" noshade size="3">
        <a name="page_5"></a>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="31%" colspan="5">
                <b><font face="sans-serif" size="2">Forward Swaps outstanding at December 31,
                2007:</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="10%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="10%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="9%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="10%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="11%">
                <b><font face="sans-serif" size="2">Fund</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="10%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="10%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="center" width="9%"><b><font face="sans-serif" size="2">Fixed
                Rate</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <b><font face="sans-serif" size="2">Unrealized</font></b>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="10%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="6%">
                <b><font face="sans-serif" size="2">Notional</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="11%">
                <b><font face="sans-serif" size="2">Pay/Receive</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><b><font face="sans-serif" size="2">Floating
                Rate</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="center" width="10%"><b><font face="sans-serif" size="2">Fixed
                Rate</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="center" width="9%">
                <b><font face="sans-serif" size="2">Payment</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="6%">
                <b><font face="sans-serif" size="2">Effective</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <b><font face="sans-serif" size="2">Termination</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <b><font face="sans-serif" size="2">Appreciation</font></b>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="10%">
                <b><font face="sans-serif" size="2">Counterparty</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="6%">
                <b><font face="sans-serif" size="2">Amount</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="11%"><b><font face="sans-serif" size="2">Floating
                Rate</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%">
                <b><font face="sans-serif" size="2">Index</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="center" width="10%">
                <b><font face="sans-serif" size="2">(Annualized)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="center" width="9%">
                <b><font face="sans-serif" size="2">Frequency</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="6%"><b><font face="sans-serif" size="2">Date
                (5)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <b><font face="sans-serif" size="2">Date</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <b><font face="sans-serif" size="2">(Depreciation)</font></b>&nbsp;</td>
            </tr>

            <tr>
                <td width="94%" colspan="17">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="10%"><font face="sans-serif" size="2">Royal Bank of
                Canada</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">$500,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="11%">
                <font face="sans-serif" size="2">Pay</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%">
                <font face="sans-serif" size="2">SIFM</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="10%">&nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="2">4.335%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="center" width="9%">
                <font face="sans-serif" size="2">Quarterly</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">8/06/08</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">8/06/37</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%">
                <font face="sans-serif" size="2">$35,009</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="94%" colspan="17">
                    <hr noshade size="2">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="66%" colspan="11">
                <font face="sans-serif" size="2">SIFM &ndash; The daily arithmetic average of the
                weekly SIFM (Securities Industry and Financial Markets) Municipal Swap
                Index.</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>
        </table>
        <br>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">(1)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">All
                percentages shown in the Portfolio of Investments are based on net assets
                applicable to Common</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Shares unless
                otherwise noted.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">(2)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Optional Call
                Provisions: Dates (month and year) and prices of the earliest optional call or
                redemption.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">There may be
                other call provisions at varying prices at later dates. Certain mortgage-backed
                securities</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">may be subject
                to periodic principal paydowns.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">(3)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Ratings: Using
                the higher of Standard &amp; Poor&rsquo;s Group (&ldquo;Standard &amp;
                Poor&rsquo;s&rdquo;) or Moody&rsquo;s Investor Service,</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Inc.
                (&ldquo;Moody&rsquo;s&rdquo;) rating. Ratings below BBB by Standard &amp;
                Poor&rsquo;s or Baa by Moody&rsquo;s are considered to be</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">below
                investment grade.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">The AAA
                ratings shown in the Portfolio of Investments reflect the AAA ratings on certain
                bonds insured</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">by AMBAC,
                FGIC, XCLA or MBIA and/or the A ratings on certain bonds insured by ACA as of
                December 31,</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">2007. During
                December 2007, at least one rating agency reduced the rating for ACA bonds to
                CCC.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Subsequent to
                December 31, 2007, at least one rating agency reduced the rating for AMBAC-insured
                bonds</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">to AA, the
                rating for XCLA-insured bonds to A and the rating for FGIC-insured bonds to A3. One
                or more</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">rating
                agencies have placed each of these insurers on &ldquo;negative credit watch&rdquo;,
                which may presage one or</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">more rating
                reductions for such insurer or insurers in the future. If one or more
                insurers&rsquo; ratings are reduced</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">below AAA (or
                A in the case of ACA) by these rating agencies, it would likely reduce the
                effective rating of</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">many of the
                bonds insured by that insurer or insurers.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">(4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Backed by an
                escrow or trust containing sufficient U.S. Government or U.S. Government agency
                securities</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">which ensure
                the timely payment of principal and interest. Such investments are normally
                considered to</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">be equivalent
                to AAA rated securities.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">(5)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Effective date
                represents the date on which both the Fund and counterparty commence interest
                payment</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">accruals on
                each forward swap contract.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Not
                rated.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">(ETM)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Escrowed to
                maturity.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">(IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Inverse
                floating rate investment.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%">
                <font face="sans-serif" size="2">(UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Underlying
                bond of an inverse floating rate trust reflected as a financing transaction
                pursuant to the</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">provisions of
                SFAS No. 140.</font>&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="left"><b><font face="sans-serif" size="1"><font face="sans-serif" size="2">Income
        Tax Information</font></font></b></p>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">The
        following information is presented on an income tax basis. Differences between amounts for
        financial statement and federal income tax purposes are primarily due to the treatment of
        paydown gains and losses, timing differences in recognizing taxable market discount, timing
        differences in recognizing certain gains and losses on investment transactions and the
        treatment of investments in inverse floating rate transactions subject to SFAS No.140. To
        the extent that differences arise that are permanent in nature, such amounts are
        reclassified within the capital accounts on the Statement of Assets and Liabilities
        presented in the annual report, based on their federal tax basis treatment; temporary
        differences do not require reclassification. Temporary and permanent differences do not
        impact the net asset value of the Fund.</font></font></p>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">At
        December 31, 2007, the cost of investments was $52,761,725.</font></font></p>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">Gross
        unrealized appreciation and gross unrealized depreciation of investments at December 31,
        2007, were as follows:</font></font></p>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr>
                <td align="left" width="99%" background="" colspan="3">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">Gross
                unrealized:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="36%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">&nbsp;
                Appreciation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%">
                <font face="sans-serif" size="2">$1,814,102</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">&nbsp;
                Depreciation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%">
                <font face="sans-serif" size="2">(169,957)</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="99%" colspan="3">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">Net unrealized
                appreciation (depreciation) of investments</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%">
                <font face="sans-serif" size="2">$1,644,145</font>&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="99%" background="" colspan="3">
                    <hr noshade size="2">
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" color="#990033" noshade size="3">

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and
Procedures.</B></FONT></P>
<OL type=a>
  <LI>The registrant's principal executive and principal financial officers, or
  persons performing similar functions, have concluded that the registrant's
  disclosure controls and procedures (as defined in Rule 30a-3(c) under the
  Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
  270.30a-3(c))) are effective, as of a date within 90 days of the filing date
  of this report that includes the disclosure required by this paragraph, based
  on their evaluation of the controls and procedures required by Rule 30a-3(b)
  under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under
  the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  <LI>There were no changes in the registrant's internal control over financial
  reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
  270.30a-3(d)) that occurred during the registrant's last fiscal quarter that
  have materially affected, or are reasonably likely to materially affect, the
  registrant's internal control over financial reporting.</LI></OL>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 3.
Exhibits.</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT
Attached hereto. </FONT></P>
<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/&nbsp;Kevin J.
McCarthy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kevin
J.
McCarthy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Secretary</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 29,
2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gifford R.
Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 29,
2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen
D.
Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Controller (principal financial officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 29,
2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;Print the name and
title of each signing officer under his or her signature.
</FONT></P></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML><HEAD><TITLE>Certifications</TITLE></HEAD>
<BODY>
<CENTER>
<H3><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Gifford R. Zimmerman, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen New York Select Tax-Free Income Portfolio;
  <LI>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
  <LI>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
  <LI>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:
  <OL type=a>
    <LI>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
    <LI>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
    <LI>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
    <LI>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and</LI></OL>
  <LI>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):
  <OL type=a>
    <LI>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
    <LI>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting.</LI></OL></LI></OL>
<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 29,
2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R.
Zimmerman<BR>Chief Administrative Officer<BR>(principal executive
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>

<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>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
  <LI>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
  <LI>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:
  <OL type=a>
    <LI>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
    <LI>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
    <LI>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
    <LI>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and</LI></OL>
  <LI>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):
  <OL type=a>
    <LI>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
    <LI>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting.</LI></OL></LI></OL>
<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 29,
2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Stephen D.
Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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