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<SEC-DOCUMENT>0000891804-06-000849.txt : 20060227
<SEC-HEADER>0000891804-06-000849.hdr.sgml : 20060227
<ACCEPTANCE-DATETIME>20060227124447
ACCESSION NUMBER:		0000891804-06-000849
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060227
DATE AS OF CHANGE:		20060227
EFFECTIVENESS DATE:		20060227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN INSURED NEW YORK TAX FREE ADVANTAGE MUNICIPAL FUND
		CENTRAL INDEX KEY:			0001195739
		IRS NUMBER:				030487021
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21211
		FILM NUMBER:		06645578

	BUSINESS ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178146
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq1.htm
<DESCRIPTION>NRK
<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;811-21211 &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 Insured New York Tax-Free Advantage Municipal Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Exact name of registrant as specified in charter)</FONT></P>

<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><BR><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Address of principal executive offices) (Zip code)</FONT></P>

<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><BR>Jessica R. Droeger&#151;Vice President and Secretary<BR><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>(Name and address of agent for service)</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Registrant's telephone number, including area code: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date of fiscal year end:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date of reporting period:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/05 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. </FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>


<PAGE>


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

<A name=page_1></A>
<P align=left>
<TABLE>

  <TR>
    <TD width=97>&nbsp;</TD>
    <TD noWrap><B><FONT face=sans-serif size=1
     >Portfolio of Investments
      (Unaudited)</FONT></B><BR><B><FONT face=sans-serif size=1
     >Nuveen Insured New York Tax-Free Advantage Municipal
      Fund (NRK) </FONT></B><BR><I><FONT face=sans-serif size=1
     >December 31,
2005</FONT></I><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Principal</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><B><FONT
      face=sans-serif size=1
     >Optional Call</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Amount (000)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Description</FONT></B><B><SUP><FONT
      face=sans-serif size=1
     >(1)</FONT></SUP></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><B><FONT
      face=sans-serif size=1
     >Provisions</FONT></B><B><SUP><FONT face=sans-serif size=1
     >(2)</FONT></SUP></B>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Ratings</FONT></B><B><SUP><FONT face=sans-serif size=1
     >(3)</FONT></SUP></B>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Value</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Consumer Staples - 4.6% (3.1% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York Counties Tobacco Trust III, Tobacco
      Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,564,710</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>355</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Puerto Rico, The Children's Trust Fund, Tobacco
      Settlement Asset-Backed Refunding Bonds, Series 2002,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>5/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >361,685</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.375%, 5/15/33</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>450</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >TSASC Inc., New York, Tobacco Flexible Amortization
      Bonds, Series 1999-1, 6.250%, 7/15/34</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >472,041</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,305</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Consumer Staples</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,398,436</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Education and Civic Organizations -
      21.5% (14.3% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      Insured Revenue Bonds, Long Island University, Series 2003A,</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>9/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,068,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 9/01/32 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      Insured Revenue Bonds, Mount Sinai School of Medicine, Series</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,211,360</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >1994A, 5.150%, 7/01/24 - MBIA Insured</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Lease
      Revenue Bonds, State University Dormitory Facilities,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/32 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,084,720</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2003B, 5.250%, 7/01/32 (Mandatory put
      7/01/13) - XLCA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      Revenue Bonds, Mount St. Mary College, Series 2003, 5.000%,</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,033,150</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >7/01/32 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      Revenue Bonds, Rochester Institute of Technology, Series
      2002A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,687,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.250%, 7/01/22 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Second
      General Resolution Consolidated Revenue Refunding</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,114,160</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Bonds, City University System, Series 2000A, 6.125%,
      7/01/13 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York City Trust for Cultural Resources, New
      York, Revenue Refunding Bonds, Museum of Modern Art,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/07 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,041,080</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 1996A, 5.500%, 1/01/21 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >10,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Education and Civic Organizations</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >11,240,220</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Health Care - 21.7% (14.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      FHA-Insured Mortgage Hospital Revenue Bonds, Lutheran</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,080,320</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Medical Center, Series 2003, 5.000%, 8/01/31 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      FHA-Insured Mortgage Hospital Revenue Bonds, St. Barnabas</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,113,130</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Hospital, Series 2002A, 5.000%, 2/01/31 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      FHA-Insured Revenue Bonds, Montefiore Medical Center,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >522,820</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2005, 5.000%, 2/01/28 - FGIC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>25</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      Revenue Bonds, Memorial Sloan-Kettering Cancer Center,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >26,562</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2003-1, 5.000%, 7/01/21 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>830</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      Revenue Bonds, New York and Presbyterian Hospital, Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >905,206</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >2004A, 5.250%, 8/15/15 - FSA Insured</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      Revenue Bonds, North Shore Long Island Jewish Group, Series</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>5/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>A3</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >524,340</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >2003, 5.375%, 5/01/23</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>750</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      Revenue Bonds, South Nassau Communities</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >Baa1</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >793,643</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Hospital, Series 2003B, 5.500%, 7/01/23</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York City Health and Hospitals Corporation, New
      York, Health System Revenue Bonds, Series 2002A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >544,185</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.500%, 2/15/17 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,640</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York City Health and Hospitals Corporation, New
      York, Health System Revenue Bonds, Series 2003A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,851,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.250%, 2/15/21 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >10,745</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Health Care</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >11,361,406</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Long-Term Care - 2.4% (1.6% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,185</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      FHA-Insured Nursing Home Mortgage Revenue Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/13 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,255,602</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Shorefront Jewish Geriatric Center Inc., Series
      2002, 5.200%, 2/01/32</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Tax Obligation/General - 8.6% (5.8% of
      Total Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,310</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds,
      Fiscal Series 1998H, 5.125%, 8/01/25 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/08 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,414,320</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>250</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds,
      Fiscal Series 2004E, 5.000%, 11/01/19 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >266,428</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>225</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds,
      Fiscal Series 2006C, 5.000%, 8/01/16 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >243,227</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds,
      Fiscal Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,596,315</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,285</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Tax Obligation/General</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,520,290</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Tax Obligation/Limited - 41.1% (27.3%
      of Total Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,695</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Buffalo Fiscal Stability Authority, New York, Sales
      Tax Revenue State Aid Secured Bonds, Series 2004A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,959,919</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.250%, 8/15/12 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>145</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      Improvement Revenue Bonds, Mental Health Services Facilities,</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >153,570</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 1999D, 5.250%, 2/15/29 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York,
      Revenue Bonds, School Districts Financing Program, Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,232,680</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >2002D, 5.250%, 10/01/23 - MBIA Insured</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Metropolitan Transportation Authority, New York,
      State Service Contract Refunding Bonds, Series 2002A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,050,340</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 7/01/25 - FGIC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>560</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Monroe Newpower Corporation, New York, Power
      Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/13 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >587,759</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York City Sales Tax Asset Receivable
      Corporation, New York, Dedicated Revenue Bonds, Local</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Government Assistance Corporation, Series
      2004A:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>610</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 10/15/25 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >646,679</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>555</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 10/15/26 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >587,950</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York City Transitional Finance Authority, New
      York, Future Tax Secured Bonds, Fiscal Series 2003C,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,243,090</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.250%, 8/01/18 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York City Transitional Finance Authority, New
      York, Future Tax Secured Refunding Bonds, Fiscal Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,120,760</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >2003D, 5.000%, 2/01/22 - MBIA Insured</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,290</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York State Environmental Facilities Corporation,
      State Personal Income Tax Revenue Bonds, Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,369,245</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >2002A, 5.000%, 1/01/23 - FGIC Insured</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>950</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York State Thruway Authority, Highway and Bridge
      Trust Fund Bonds, Second Generation, Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,099,673</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >2005B, 5.500%, 4/01/20 - AMBAC Insured</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,200</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York State Tobacco Settlement Financing
      Corporation, Tobacco Settlement Asset-Backed and State</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,293,444</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Contingency Contract-Backed Bonds, Series 2003A-1,
      5.250%, 6/01/20 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>750</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York State Tobacco Settlement Financing
      Corporation, Tobacco Settlement Asset-Backed and State</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >818,310</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Contingency Contract-Backed Bonds, Series 2003B-1C,
      5.500%, 6/01/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>100</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York State Urban Development Corporation,
      Revenue Refunding Bonds, Correctional Capital Facilities,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/08 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >104,570</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 1998, 5.000%, 1/01/20 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >New York State Urban Development Corporation,
      Service Contract Revenue Bonds, Correctional and Youth</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/17 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,151,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory
      put 1/01/11)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >19,855</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Tax Obligation/Limited</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >21,419,689</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><B><FONT
      face=sans-serif size=1
     >Transportation - 8.2% (5.5% of Total Investments)</FONT></B>
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Metropolitan
      Transportation Authority, New York, Transportation Revenue Refunding
      Bonds, Series 2002A,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>1,052,790</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.000%, 11/15/25
      - FGIC Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,030</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Port Authority
      of New York and New Jersey, Consolidated Revenue Bonds, One Hundred
      Twenty-Eighth</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>3,225,890</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2002, 5.000%, 11/01/22 - FSA Insured</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,030</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Total
      Transportation</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>4,278,680</FONT>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >U.S. Guaranteed</FONT></B><B><SUP><FONT
      face=sans-serif size=1>(4)
      </FONT></SUP></B><B><FONT face=sans-serif size=1
     >- 24.4% (16.3% of Total
      Investments)</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Dormitory
      Authority of the State of New York, Lease Revenue Bonds, State University
      Dormitory Facilities,</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Series
      1999B:</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>990</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.125%, 7/01/28
      (Pre-refunded 7/01/09) - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>1,057,280</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>395</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.125%, 7/01/28
      (Pre-refunded 7/01/09) - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>421,844</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Dormitory
      Authority of the State of New York, Revenue Bonds, State Personal Income
      Tax, Series 2003A,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>3/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>2,718,525</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.000%, 3/15/32
      (Pre-refunded 3/15/13) - FGIC Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>100</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Erie County
      Water Authority, New York, Water Revenue Bonds, Series 1990B, 6.750%,
      12/01/14 - AMBAC</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>12/09 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>116,120</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Insured</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>90</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>New York City,
      New York, General Obligation Bonds, Fiscal Series 1998H, 5.125%, 8/01/25
      (Pre-refunded</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/08 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>94,945</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>8/01/08) - MBIA
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>New York State
      Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B,
      5.000%, 4/01/20</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>3,783,185</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>(Pre-refunded
      4/01/12) - AMBAC Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>New York State
      Urban Development Corporation, State Personal Income Tax Revenue Bonds,
      State Facilities</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>and Equipment,
      Series 2002C-1:</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.500%, 3/15/20
      (Pre-refunded 3/15/13) - FGIC Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>3/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>1,118,890</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.500%, 3/15/21
      (Pre-refunded 3/15/13) - FGIC Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>3/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>1,118,890</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>195</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>New York,
      General Obligation Bonds, Series 1998B, 5.000%, 3/01/17 (Pre-refunded
      3/01/08) - AMBAC Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>3/08 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>203,952</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,975</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Triborough
      Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds,
      Series 2002A, 5.125%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>2,144,613</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>1/01/31
      (Pre-refunde<FONT face=sans-serif size=1
     >d 1/01/12) - MBIA Insured</FONT>&nbsp;&nbsp;</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >11,745</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total U.S. Guaranteed</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,778,244</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Utilities - 16.1% (10.8% of Total
      Investments)</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Long Island
      Power Authority, New York, Electric System General Revenue Bonds, Series
      1998A, 5.125%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/08 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>4,191,918</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>12/01/22 - FSA
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>New York State
      Power Authority, General Revenue Bonds, Series 2002A, 5.000%,
      11/15/20</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>Aa2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>2,114,160</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Puerto Rico
      Electric Power Authority, Power Revenue Bonds, Series 2000HH, 5.250%,
      7/01/29 - FSA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>2,135,000</FONT>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >8,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Total
      Utilities</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>8,441,078</FONT>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><B><FONT
      face=sans-serif size=1
     >Water and Sewer - 1.3% (0.8% of Total Investments)</FONT></B>
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>640</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Niagara Falls
      Public Water Authority, New York, Water and Sewerage Revenue Bonds, Series
      2005, 5.000%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>671,936</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>7/15/28 - XLCA
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >73,290</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Investments (cost $75,375,198) - 149.9%</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >78,365,581</FONT> </TD></TR>
  <TR>
    <TD width="9%" colSpan=2>
      <HR noShade SIZE=2>
    </TD>
    <TD align=left width="90%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Other Assets Less Liabilities - 1.8%</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>901,387</FONT>
    </TD></TR>
  <TR>
    <TD width="9%" colSpan=2></TD>
    <TD align=left width="90%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Preferred Shares, at Liquidation Value -
      (51.7)%</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >(27,000,000)</FONT> </TD></TR>
  <TR>
    <TD width="9%" colSpan=2></TD>
    <TD align=left width="90%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Net Assets
      Applicable to Common Shares - 100%</FONT> </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >52,266,968</FONT> </TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="7%" background="">&nbsp;</TD>
    <TD width="61%" background="">
      <HR noShade SIZE=2>
    </TD>
    <TD width="20%" colSpan=2>
      <HR noShade SIZE=2>
    </TD>
    <TD width="9%" colSpan=2>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_4></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=sans-serif size=1
     >At least 80% of the Fund&#146;s net assets (including net
      assets attributable to Preferred shares) are invested in municipal
      securities that are either covered by Original Issue Insurance, Secondary
      Market Insurance or Portfolio Insurance which ensures the timely payment
      of principal and interest. Up to 20% of the Fund&#146;s net assets (including
      net assets attributable to Preferred shares) may be invested in municipal
      securities that are (i) either backed by an escrow or trust containing
      sufficient U.S. Government or U.S. Government agency securities (also
      ensuring the timely payment of principal and interest), or (ii) rated, at
      the time of investment, within the four highest grades (Baa or BBB or
      better by Moody&#146;s, S&amp;P or Fitch) or unrated but judged to be of
      comparable quality by the Adviser.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=sans-serif size=1
     >(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="100%"><FONT face=sans-serif size=1
     >All percentages shown in the Portfolio of
      Investments are based on net assets applicable to Common shares unless
      otherwise noted.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=sans-serif size=1
     >(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="100%"><FONT face=sans-serif size=1
     >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. Certain mortgage-backed
      securities may be subject to periodic principal paydowns.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=sans-serif size=1
     >(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="100%"><FONT face=sans-serif size=1
     >Ratings: Using the higher of Standard &amp; Poor&#146;s
      or Moody&#146;s rating. Ratings below Baa by Moody&#146;s Investor Service, Inc. or
      BBB by Standard &amp; Poor&#146;s Group are considered to be below investment
      grade.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=sans-serif size=1
     >(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="100%"><FONT face=sans-serif size=1
     >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.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><B><FONT face=sans-serif size=1
BASEFACE="sans-serif">Income Tax Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">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 and timing differences in recognizing certain gains and losses
on investment transactions.</FONT></P>
<P align=left><FONT face=sans-serif size=1>At
December 31, 2005, the cost of investments was $75,539,211.</FONT></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">Gross unrealized appreciation and gross unrealized
depreciation of investments at December 31, 2005, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"><FONT
      face=sans-serif size=1>Gross
      unrealized:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="10%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     >&nbsp; &nbsp;<FONT face=sans-serif size=1
     >Appreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1>3,060,063</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     >&nbsp; &nbsp;<FONT face=sans-serif size=1
     >Depreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1>(233,693</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="3%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >Net unrealized appreciation (depreciation) of
      investments</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1>2,826,370</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>



<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and Procedures.</B></FONT></P>

<OL type=a>
<LI>The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
<LI>There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</LI></OL>

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 3. Exhibits.</B></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto. </FONT></P>


<PAGE>

<CENTER>
<H3><BR>SIGNATURES<BR></H3>
</CENTER>

<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>(Registrant) <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured New York Tax-Free Advantage Municipal Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)* <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Jessica R. Droeger&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jessica R. Droeger<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Secretary</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)* <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifford R. Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)* <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen D. Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller (principal financial
officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;Print the name and title of each signing officer under his or her signature. </FONT></P>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE>Certifications</TITLE>
</HEAD>

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

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

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen Insured New York Tax-Free Advantage Municipal Fund;
<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;2/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>

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<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>
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<H3><BR><U>CERTIFICATIONS</U> </H3>
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<P>I, Stephen D. Foy, certify that:</P>

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<LI>I have reviewed this report on Form N-Q of Nuveen Insured New York Tax-Free Advantage Municipal Fund;
<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):
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<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;2/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>

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<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>
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