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<SEC-DOCUMENT>0000891804-09-003078.txt : 20090828
<SEC-HEADER>0000891804-09-003078.hdr.sgml : 20090828
<ACCEPTANCE-DATETIME>20090828134528
ACCESSION NUMBER:		0000891804-09-003078
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090630
FILED AS OF DATE:		20090828
DATE AS OF CHANGE:		20090828
EFFECTIVENESS DATE:		20090828

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:		091042586

	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;3/31&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;6/30/09&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>


<A name="page_1"></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="55%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="3%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Portfolio of Investments (Unaudited)</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Nuveen New York Select Tax-Free Income Portfolio (NXN)</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>June 30, 2009</FONT></I>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Principal</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Optional Call</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Amount (000)</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Description (1)</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Provisions (2)</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Ratings (3)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face=sans-serif size=2>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Consumer Discretionary &#150; 0.1%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Industrial Development Agency, New York, Liberty Revenue Bonds,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>&nbsp;$ </FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>62,286</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Consumer Staples &#150; 1.4%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>390</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>4.750%, 6/01/22</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>338,645</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>540</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.000%, 6/01/26</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>403,763</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>930</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Consumer Staples</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>742,408</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Education and Civic Organizations &#150; 9.5%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>100</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>81,467</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>2007A, 5.000%, 7/01/31</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>50</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>32,521</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Schools, Series 2007A, 5.000%, 4/01/37</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,700</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Amherst Industrial Development Agency, New York, Revenue Bonds, UBF Faculty/Student Housing</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8/12 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,671,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Corporation, University of Buffalo Creekside Project, Series 2002A, 5.000%, 8/01/22 &#150;</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>AMBAC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>30</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5/16 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>24,174</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>University, Series 2006, 5.000%, 5/01/23</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>430</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>337,391</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>2007A, 5.000%, 7/01/41 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>785</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Insured Revenue Bonds, Iona College, Series</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>778,335</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>2002, 5.000%, 7/01/22 &#150; SYNCORA GTY Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>50</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/15 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>47,455</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Facilities, Series 2004A, 5.000%, 7/01/29 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>110</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>112,807</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Bonds, City University System, Series 1990C, 7.500%, 7/01/10 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>430</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>293,608</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>College Project, Series 2007-A2, 4.500%, 8/01/36</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>100</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10/15 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>94,413</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Civic Facility Project, Series 2005, 5.000%, 10/01/35</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>100</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St.</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10/14 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>88,131</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Francis College, Series 2004, 5.000%, 10/01/34</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>500</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2/11 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>504,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Greater New York, Series 2002, 5.250%, 8/01/21</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>430</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>332,730</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Stadium Project, Series 2006, 4.750%, 1/01/42 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>590</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>9/16 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>423,461</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Project, Series 2006, 4.500%, 3/01/39 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>200</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8/09 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>171,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Series 1999, 5.375%, 2/01/19</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>65</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>47,609</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>College, Series 2007, 5.000%, 10/01/27</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,670</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Education and Civic Organizations</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,041,272</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Financials &#150; 0.8%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>435</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>409,748</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>2007, 5.500%, 10/01/37</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Health Care &#150; 13.3%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>450</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2/15 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>446,598</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Hospital, Series 2004, 5.000%, 8/01/29 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Revenue Bonds, Lenox Hill Hospital Obligated</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Group, Series 2001:</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>110</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.375%, 7/01/20</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/11 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>92,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>100</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.500%, 7/01/30</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/11 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>75,053</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>950</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/16 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>921,757</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Center, Series 2006-1, 5.000%, 7/01/35</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>670</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/13 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>685,222</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Center, Series 2003-1, 5.000%, 7/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>405</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8/14 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>427,846</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Hospital, Series 2004A, 5.250%, 8/15/15 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,680</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/11 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,724,503</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Health System Obligated Group, Series 2001A, 5.250%, 7/01/17 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,195</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/11 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,171,709</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Health System Obligated Group, Series 2001B, 5.250%, 7/01/17 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>500</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/13 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>414,370</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Hospital Association, Series 2003A, 5.500%, 7/01/32</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Health System, Series 2007A:</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>100</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.250%, 2/01/27</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>80,888</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>90</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.500%, 2/01/32</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>71,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>750</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2/13 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>761,415</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>2003A, 5.250%, 2/15/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>240</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/12 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>180,547</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Island University Hospital, Series 2002C, 6.450%, 7/01/32</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>7,240</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Health Care</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7,053,338</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Housing/Multifamily &#150; 2.9%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New Hartford-Sunset Woods Funding Corporation, New York, FHA-Insured Mortgage Revenue Bonds,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8/12 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,032,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Sunset Woods Apartments II Project, Series 2002, 5.350%, 2/01/20</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>250</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5/14 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>251,890</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Series 2004A, 5.250%, 11/01/30</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>275</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>258,558</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>11/01/38 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,525</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Housing/Multifamily</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,543,248</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Housing/Single Family &#150; 8.4%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 101, 5.000%,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10/11 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,011,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>10/01/18 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-First Series A, 5.300%,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4/11 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,420,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>10/01/31 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,500</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Housing/Single Family</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,432,175</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Long-Term Care &#150; 11.8%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,890</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><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>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8/11 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,896,105</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Norwegian Christian Home and Health Center, Series 2001, 5.200%, 8/01/36 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>100</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><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>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11/16 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>89,930</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>50</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/15 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>29,263</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.000%, 7/01/35 &#150; ACA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>East Rochester Housing Authority, New York, FHA-Insured Mortgage Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8/12 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,043,180</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Jewish Home of Rochester, Series 2002, 4.625%, 2/15/17</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>East Rochester Housing Authority, New York, Revenue Bonds, GNMA/FHA-Secured Revenue Bonds,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>12/12 at 103.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,028,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>St. Mary&#146;s Residence Project, Series 2002A, 5.375%, 12/20/22</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>980</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Industrial Development Agency, New York, GNMA Collateralized Mortgage Revenue</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11/12 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>926,492</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Bonds, Eger Harbor House Inc., Series 2002A, 4.950%, 11/20/32</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>25</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/16 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>20,657</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Needs Facilities Pooled Program, Series 2008-B1, 5.500%, 7/01/18</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>275</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/16 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>N/R</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>225,123</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Facilities Pooled Program Bonds, Series 2008-C1, 5.500%, 7/01/18</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,320</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Long-Term Care</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,259,150</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Materials &#150; 0.1%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>90</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Jefferson County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>12/13 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>74,926</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&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>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Tax Obligation/General &#150; 8.5%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Clarkstown, Rickland County, New York, Various Purposes Serial Bonds, Series 1992:</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>505</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.600%, 6/15/10 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>529,528</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>525</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.600%, 6/15/11 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>569,893</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>525</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.600%, 6/15/12 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>588,110</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>300</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><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>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8/14 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>320,805</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>200</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 &#150;</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3/15 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>206,682</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>FGIC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><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>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,010,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,260</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><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>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>12/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,286,372</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,315</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Tax Obligation/General</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,512,190</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Tax Obligation/Limited &#150; 17.3%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>600</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><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>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11/13 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>625,044</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>500</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5/14 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>515,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>City School District, Series 2004, 5.750%, 5/01/26 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>500</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>514,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Series 2002A, 5.500%, 1/01/20 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Government Assistance Corporation, Series 2004A:</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>250</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.000%, 10/15/25 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10/14 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>259,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>200</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.000%, 10/15/26 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10/14 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>206,934</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,225</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.000%, 10/15/29 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10/14 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,250,578</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>600</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>594,978</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Series 2007S-2, 5.000%, 1/15/28 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>670</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2/13 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>687,132</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Series 2003E, 5.000%, 2/01/23</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>550</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>566,209</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Series 2007C-1, 5.000%, 11/01/27</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>775</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>12/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>800,893</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Series 2008A, 5.000%, 12/15/26 (UB)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>250</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second Genera1 Series</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4/14 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>259,305</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>2004, 5.000%, 4/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>570</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>638,161</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.500%, 4/01/20 &#150; AMBAC Insured (UB)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>425</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>428,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.000%, 4/01/27</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>State Contingency Contract-Backed Bonds, Series 2003A-1:</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.250%, 6/01/20 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,011,340</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>250</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.250%, 6/01/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>251,898</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>500</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>508,190</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>15</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Triborough Bridge and Tunnel Authority, New York, Convention Center Bonds, Series 1990E,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>15,486</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>7.250%, 1/01/10</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>8,880</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Tax Obligation/Limited</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>9,134,198</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Transportation &#150; 2.0%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>180</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 5.625%, 7/15/25</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/11 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>173,461</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>500</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>536,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.000%, 11/15/15 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>100</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 &#150;</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/15 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>99,873</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>FSA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>105</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/15 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>105,747</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Series 2005, 5.000%, 12/01/31 &#150; SYNCORA GTY Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>120</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8/17 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>123,895</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Eighth Series 2008, Trust 2920, 18.167%, 8/15/32 &#150; FSA Insured (IF)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,005</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Transportation</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,039,746</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>U.S. Guaranteed &#150; 5.7% (4)</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>220</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 5.625%, 7/15/25</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/11 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>N/R (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>243,008</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 7/15/11)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>985</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,160,094</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>County Issue, Series 1986, 7.375%, 7/01/16 (ETM)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>250</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><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>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5/13 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>284,493</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Group, Series 2003, 5.375%, 5/01/23 (Pre-refunded 5/01/13)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>265</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Suffolk County Water Authority, New York, Water Revenue Bonds, Series 1986V, 6.750%,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>290,501</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>6/01/12 (ETM)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>925</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><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>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7/12 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,009,897</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 7/15/12)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,645</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total U.S. Guaranteed</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,987,993</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Utilities &#150; 3.4%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>570</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/23 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>573,289</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>430</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.000%, 12/01/25 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>431,479</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>500</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, New</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3/11 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>490,990</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>York State Electric and Gas Corporation, Series 2005A, 4.100%, 3/15/15 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>250</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11/11 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>236,823</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Bonds, American Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%, 11/15/26 (Mandatory put</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>11/15/12) (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>60</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Westchester County Industrial Development Agency, Westchester County, New York, Resource</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>59,999</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&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>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,810</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Utilities</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,792,580</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Water and Sewer &#150; 12.6%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/11 at 101.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,518,671</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Bonds, Fiscal Series 2001C, 5.125%, 6/15/33</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>New York State Environmental Facilities Corporation, State Clean Water and Drinking Water</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Loan,</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Series 2002B:</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.250%, 6/15/19</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,095,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>5.000%, 6/15/27</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,031,240</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,500</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Water and Sewer</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,644,911</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,965</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Long-Term Investments (cost $52,422,195) &#150; 97.8%</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>51,730,169</FONT>&nbsp; </TD></TR>
<TR>
     <TD>
<HR noShade SIZE=2>
</TD>
     <TD></TD>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Principal</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Amount (000)</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Description</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Ratings (3)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Short-Term Investments &#150; 2.6%</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,398</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>State Street Bank Euro Dollar Time Deposit, 0.010%, 7/01/09</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>N/A</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,398,277</FONT>&nbsp; </TD></TR>
<TR>
     <TD>
<HR noShade SIZE=2>
</TD>
     <TD></TD>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Short-Term Investments (cost $1,398,277)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,398,277</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Investments (cost $53,820,472) &#150; 100.4%</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>53,128,446</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Floating Rate Obligations &#150; (1.9)%</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>(1,005,000)</FONT> </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Other Assets Less Liabilities &#150; 1.5%</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>768,508</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Net Assets &#150; 100%</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>52,891,954</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD colSpan=7>
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=2>


<A name="page_5"></A>
<P align=left><B><FONT face=sans-serif size=1><FONT face=sans-serif size=2>Fair Value Measurements</FONT></FONT></B></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>In determining the value of the Fund&#146;s investments various inputs are used. These inputs are summarized in the three broad levels listed below:</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>Level 1 &#150; Quoted prices in active markets for identical securities.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>Level 2 &#150; Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>Level 3 &#150; Significant unobservable inputs (including management&#146;s assumptions in determining the fair value of investments).</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund&#146;s fair value measurements as of June 30, 2009:</FONT></FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="27%"></TD>
     <TD width="2%"></TD>
     <TD width="12%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Level 1</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Level 2</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Level 3</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Total</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Investments:</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Municipal Bonds</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#151;</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$51,730,169</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$ &#151;</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$51,730,169</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Short-Term Investments</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,398,277</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>&#151;</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>&#151;</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,398,277</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$1,398,277</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$51,730,169</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$ &#151;</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$53,128,446</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR noShade SIZE=2>
</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 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 Statement of Financial Accounting Standards No. 140 (SFAS No. 140), if any. 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 values of the Fund.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>At June 30, 2009, the cost of investments was $52,804,303.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2009, were as follows:</FONT></FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="2%"></TD>
     <TD width="36%"></TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Gross unrealized:</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>&nbsp; Appreciation</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp; 898,725</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>&nbsp; Depreciation</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>(1,581,738)</FONT></TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Net unrealized appreciation (depreciation) of investments</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$&nbsp;&nbsp; (683,013)</FONT></TD></TR>
<TR>
     <TD align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="91%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>All percentages shown in the Portfolio of Investments are based on net assets.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>(2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><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>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><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>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>may be subject to periodic principal paydowns.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>(3)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ratings: Using the higher of Standard &amp; Poor&#146;s Group (&#147;Standard &amp; Poor&#146;s&#148;) or Moody&#146;s Investor Service,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Inc. (&#147;Moody&#146;s&#148;) rating. Ratings below BBB by Standard &amp; Poor&#146;s or Baa by Moody&#146;s are considered to be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>below investment grade.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>(4)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><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>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><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>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>be equivalent to AAA rated securities.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>N/A</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Not applicable.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>N/R</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Not rated.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>(ETM)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Escrowed to maturity.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>(IF)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Inverse floating rate investment.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=2>(UB)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><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>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>provisions of SFAS No. 140.</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=2>

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and
Procedures.</B></FONT></P>
<OL type=a>
  <LI>The registrant's principal executive and principal financial officers, or
  persons performing similar functions, have concluded that the registrant's
  disclosure controls and procedures (as defined in Rule 30a-3(c) under the
  Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
  270.30a-3(c))) are effective, as of a date within 90 days of the filing date
  of this report that includes the disclosure required by this paragraph, based
  on their evaluation of the controls and procedures required by Rule 30a-3(b)
  under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under
  the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  <LI>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: See 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;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;
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;August 28, 2009&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;
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;
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;August 28, 2009&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;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;
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;August 28, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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;August 28, 2009&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>
<PAGE>
<CENTER>
<H3><BR><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Stephen D. Foy, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen New York Select Tax-Free Income Portfolio;
  <LI>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;August 28, 2009&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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