QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Consumer Staples - 2.0%

1,120

TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2002-1, 5.500%, 7/15/24

7/12 at 100.00

BBB

$    1,103,110

Education and Civic Organizations - 12.2%

1,700

Amherst Industrial Development Agency, New York, Revenue Bonds, UBF Faculty/Student Housing

8/12 at 101.00

AAA

1,804,023

   Corporation, University of Buffalo Creekside Project, Series 2002A, 5.000%, 8/01/22 - AMBAC

   Insured

100

New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis

10/14 at 100.00

A-

101,217

   College, Series 2004, 5.000%, 10/01/34

500

New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of

2/11 at 100.00

A-

517,455

   Greater New York, Series 2002, 5.250%, 8/01/21

570

Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds,

No Opt. Call

AAA

653,904

   City University System, Series 1990C, 7.500%, 7/01/10 - FGIC Insured

1,425

Dormitory Authority of the State of New York, Insured Revenue Bonds, Rochester Institute of

7/07 at 101.00

AAA

1,513,478

   Technology, Series 1997, 5.250%, 7/01/22 - MBIA Insured

1,430

   Dormitory Authority of the State of New York, Revenue Bonds, Upstate Community Colleges, Series

7/11 at 101.00

AA-

1,485,127

   2002A, 5.000%, 7/01/23

785

Dormitory Authority of the State of New York, Insured Revenue Bonds, Iona College, Series 2002,

7/12 at 100.00

AAA

822,217

   5.000%, 7/01/22 - XLCA Insured

Healthcare - 11.4%

750

New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series

2/13 at 100.00

AAA

809,310

   2003A, 5.250%, 2/15/21 - AMBAC Insured

250

New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island

7/12 at 101.00

Ba3

240,980

   University Hospital, Series 2002C, 6.450%, 7/01/32

250

Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore

2/15 at 100.00

AAA

257,478

   Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured

415

Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital,

8/14 at 100.00

AAA

463,206

   Series 2004A, 5.250%, 8/15/15 - FSA Insured

500

Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University

7/13 at 100.00

Baa1

518,190

   Hospital Association, Series 2003A, 5.500%, 7/01/32

670

Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer

7/13 at 100.00

AAA

711,185

   Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured

250

Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Group,

5/13 at 100.00

A3

263,005

   Series 2003, 5.375%, 5/01/23

1,680

Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University

7/11 at 101.00

AAA

1,842,473

   Health System Obligated Group, Series 2001A, 5.250%, 7/01/17 - AMBAC Insured

1,195

Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University

7/11 at 101.00

AAA

1,310,568

   Health System Obligated Group, Series 2001B, 5.250%, 7/01/17 - AMBAC Insured

Housing/Multifamily - 5.4%

1,000

East Rochester Housing Authority, New York, Revenue Bonds, GNMA/FHA Secured Revenue Bonds, St.

12/12 at 103.00

AAA

1,073,290

   Mary's Residence Project, Series 2002A, 5.375%, 12/20/22

1,000

New Hartford-Sunset Woods Funding Corporation, New York, FHA-Insured Mortgage Revenue Bonds, Sunset

8/12 at 101.00

AAA

1,072,520

   Woods Apartments II Project, Series 2002, 5.350%, 2/01/20

880

New York State Housing Finance Agency, FHA-Insured Mortgage Multifamily Housing Revenue Bonds,

2/05 at 100.00

AAA

881,505

   Series 1992C, 6.450%, 8/15/14 - MBIA Insured

Housing/Single Family - 8.2%

2,500

New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-First Series A, 5.300%, 10/01/31

4/11 at 100.00

Aaa

2,531,475

   (Alternative Minimum Tax)

2,000

New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 101, 5.000%, 10/01/18

10/11 at 100.00

Aa1

2,088,880

   (Alternative Minimum Tax)

Long-Term Care - 9.2%

2,000

East Rochester Housing Authority, New York, FHA-Insured Mortgage Revenue Refunding Bonds, Jewish

8/12 at 101.00

AAA

2,092,100

   Home of Rochester, Series 2002, 4.625%, 2/15/17

1,000

New York City Industrial Development Agency, New York, GNMA Collateralized Mortgage Revenue Bonds,

11/12 at 101.00

AA+

1,014,010

   Eger Harbor House Inc. Project, Series 2002A, 4.950%, 11/20/32

2,000

Dormitory Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue Bonds,

8/11 at 101.00

AAA

2,079,460

   Norwegian Christian Home and Health Center, Series 2001, 5.200%, 8/01/36 - MBIA Insured

Tax Obligation/General - 7.5%

Clarkstown, Rickland County, New York, Various Purposes Serial Bonds, Series 1992:

505

   5.600%, 6/15/10 - AMBAC Insured

No Opt. Call

AAA

572,054

525

   5.600%, 6/15/11 - AMBAC Insured

No Opt. Call

AAA

600,059

525

   5.600%, 6/15/12 - AMBAC Insured

No Opt. Call

AAA

606,548

750

New York City, New York, General Obligation Bonds, Fiscal Series 2004I, 5.000%, 8/01/17 - MBIA

8/14 at 100.00

AAA

814,477

   Insured

225

New York City, New York, General Obligation Bonds, Fiscal Series 2004B, 5.250%, 8/01/15

8/14 at 100.00

A

246,879

300

New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16

8/14 at 100.00

A

327,813

1,000

West Islip Union Free School District, Suffolk County, New York, General Obligation Bonds, Series

10/10 at 100.00

Aaa

1,080,650

   2001, 5.000%, 10/01/17 - FSA Insured

Tax Obligation/Limited - 11.7%

600

Battery Park City Authority, New York, Senior Revenue Bonds, Series 2003A, 5.000%, 11/01/23

11/13 at 100.00

AAA

635,766

500

Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City

5/14 at 100.00

AAA

567,360

   School District, Series 2004, 5.750%, 5/01/26 (DD, settling 1/03/05) - FSA Insured

500

Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series

7/12 at 100.00

AAA

560,910

   2002A, 5.500%, 1/01/20 - MBIA Insured

95

Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2001A-2,

11/06 at 101.00

AAA

99,532

   5.125%, 11/15/21 - AMBAC Insured

670

New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series

2/13 at 100.00

AA+

702,415

   2003E, 5.000%, 2/01/23

50

New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 1995A, 5.125%,

4/05 at 102.00

AAA

51,337

   4/01/15 - MBIA Insured

750

New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series

4/13 at 100.00

AAA

811,170

   2003A, 5.250%, 4/01/23 - MBIA Insured

250

New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004,

4/14 at 100.00

AAA

267,460

   5.000%, 4/01/21 - MBIA Insured

New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local

Government Assistance Corporation, Series 2004A:

250

   5.000%, 10/15/25 - MBIA Insured

10/14 at 100.00

AAA

263,745

200

   5.000%, 10/15/26 - MBIA Insured

10/14 at 100.00

AAA

209,854

225

   5.000%, 10/15/29 - AMBAC Insured

10/14 at 100.00

AAA

233,361

1,000

New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State

6/13 at 100.00

AAA

1,086,690

   Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 - AMBAC Insured

500

New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State

6/13 at 100.00

AA-

548,080

   Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21

500

Yonkers Industrial Development Agency, New York, Revenue Bonds, Community Development Properties -

2/11 at 100.00

BBB-

546,510

   Yonkers Inc. Project, Series 2001A, 6.250%, 2/01/16

Transportation - 1.7%

400

Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 5.625%, 7/15/25

7/11 at 101.00

BBB+

424,948

500

Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A,

No Opt. Call

AAA

558,585

   5.000%, 11/15/15 - FGIC Insured

U.S. Guaranteed*** - 6.1%

1,365

Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk

No Opt. Call

AAA

1,686,826

   County Issue, Series 1986, 7.375%, 7/01/16

1,000

New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State

3/13 at 100.00

AAA

1,155,490

   Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded to 3/15/13) - FGIC Insured

485

Suffolk County Water Authority, New York, Water Revenue Bonds, Series 1986V, 6.750%, 6/01/12

No Opt. Call

AAA

570,118

Utilities - 5.8%

2,000

Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A,

6/08 at 101.00

AAA

2,147,620

   5.125%, 12/01/22 - FSA Insured

1,000

Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003C,

9/13 at 100.00

AAA

1,082,860

   5.000%, 9/01/16 - CIFG Insured

60

Westchester County Industrial Development Agency, Westchester County, New York, Resource Recovery

7/07 at 101.00

BBB

63,119

   Revenue Bonds, RESCO Company, Series 1996, 5.500%, 7/01/09 (Alternative Minimum Tax)

Water and Sewer - 12.1%

2,500

New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,

6/11 at 101.00

AA+

2,578,024

   Fiscal Series 2001C, 5.125%, 6/15/33

New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving

Funds Revenue Bonds, New York City Municipal Water Finance Authority Loan, Series 2002B:

2,000

   5.250%, 6/15/19

6/12 at 100.00

AAA

2,194,340

2,000

   5.000%, 6/15/27

6/12 at 100.00

AAA

2,065,900

49,200

Total Long-Term Investments (cost $50,014,134) - 93.3%

52,610,666

Other Assets Less Liabilities - 6.7%

3,762,034

Net Assets - 100%

$56,372,700

*  

Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.

There may be other call provisions at varying prices at later dates.

**  

Ratings: Using the higher of Standard & Poor's or Moody's rating.

***  

Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government

agency securities which ensures the timely payment of principal and interest.

(DD)  

Security purchased on a delayed delivery basis.

Income Tax Information

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

income on taxable market discount securities and timing differences in recognizing certain gains and

losses on security transactions.

At December 31, 2004, the cost of investments was $50,010,316.

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2004,

were as follows:

Gross unrealized:

   Appreciation

$2,637,262

   Depreciation

(36,912)

Net unrealized appreciation of investments

$2,600,350