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<SEC-DOCUMENT>0000891804-10-000998.txt : 20100301
<SEC-HEADER>0000891804-10-000998.hdr.sgml : 20100301
<ACCEPTANCE-DATETIME>20100301150851
ACCESSION NUMBER:		0000891804-10-000998
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100301
DATE AS OF CHANGE:		20100301
EFFECTIVENESS DATE:		20100301

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:		10643974

	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>nq2.htm
<DESCRIPTION>NRK
<TEXT>
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    <title>nq2.htm</title>
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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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DC 20549</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">FORM
N-Q</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT
COMPANY</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investment
Company Act file number <font style="DISPLAY: inline; TEXT-DECORATION: underline">811-21211</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Nuveen Insured New York
Tax-Free Advantage Municipal Fund</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact
name of registrant as specified in charter)</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen
Investments</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;333
West Wacker Drive, Chicago, Illinois 60606
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Address
of principal executive offices) (Zip code)</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Kevin
J. McCarthy</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vice
President and Secretary</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;333
West Wacker Drive, Chicago, Illinois 60606
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Name and
address of agent for service)</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Registrant's
telephone number, including area code: <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;312-917-7700&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of
fiscal year end:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9/30&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of
reporting period:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12/31/09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A
registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
1. Schedule of Investments</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
<BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 10in; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 border=0>
<TR>
     <TD width="8%"></TD>
     <TD width="58%"></TD>
     <TD width="13%"></TD>
     <TD width="8%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 12px" noWrap align=left><B>Portfolio of Investments (Unaudited)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 12px" noWrap align=left><B>Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 12px" noWrap align=left><I>December 31, 2009</I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B>Principal</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>Optional Call</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Amount (000)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Description (1)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Provisions (2)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Ratings (3)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B>Value</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>Consumer Staples &#150; 3.3% (2.1% of Total Investments)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,500&nbsp;</TD>
     <TD noWrap align=left>New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003,&nbsp;</TD>
     <TD noWrap align=right>6/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>BBB&nbsp;</TD>
     <TD noWrap align=right>$&nbsp;&nbsp;&nbsp; 1,410,060&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>5.750%, 6/01/33&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>300&nbsp;</TD>
     <TD noWrap align=left>Puerto Rico, The Children&#146;s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,&nbsp;</TD>
     <TD noWrap align=right>5/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>BBB&nbsp;</TD>
     <TD noWrap align=right>287,847&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Series 2002, 5.375%, 5/15/33&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>1,800&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total Consumer Staples&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>1,697,907&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>Education and Civic Organizations &#150; 24.0% (15.6% of Total Investments)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>2,000&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Insured Revenue Bonds, Long Island University,&nbsp;</TD>
     <TD noWrap align=right>9/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>Baa3&nbsp;</TD>
     <TD noWrap align=right>1,863,840&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Series 2003A, 5.000%, 9/01/32 &#150; RAAI Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>2,000&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of&nbsp;</TD>
     <TD noWrap align=right>No Opt. Call&nbsp;</TD>
     <TD noWrap align=right>A&nbsp;</TD>
     <TD noWrap align=right>2,040,200&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Medicine, Series 1994A, 5.150%, 7/01/24 &#150; NPFG Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,000&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory&nbsp;</TD>
     <TD noWrap align=right>No Opt. Call&nbsp;</TD>
     <TD noWrap align=right>AA&#150;&nbsp;</TD>
     <TD noWrap align=right>1,106,120&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) &#150; SYNCORA GTY Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>410&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory&nbsp;</TD>
     <TD noWrap align=right>7/16 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AA&#150;&nbsp;</TD>
     <TD noWrap align=right>420,512&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Facilities, Series 2006A, 5.000%, 7/01/31 &#150; NPFG Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,000&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Revenue Bonds, Mount St. Mary College, Series&nbsp;</TD>
     <TD noWrap align=right>7/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>N/R&nbsp;</TD>
     <TD noWrap align=right>932,250&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>2003, 5.000%, 7/01/32 &#150; RAAI Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>2,500&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of&nbsp;</TD>
     <TD noWrap align=right>7/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A1&nbsp;</TD>
     <TD noWrap align=right>2,532,075&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Technology, Series 2002A, 5.250%, 7/01/22 &#150; AMBAC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>Technology, Series 2006A:&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>100&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>5.250%, 7/01/20 &#150; AMBAC Insured&nbsp;</TD>
     <TD noWrap align=right>No Opt. Call&nbsp;</TD>
     <TD noWrap align=right>A1&nbsp;</TD>
     <TD noWrap align=right>109,286&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>80&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>5.250%, 7/01/21 &#150; AMBAC Insured&nbsp;</TD>
     <TD noWrap align=right>No Opt. Call&nbsp;</TD>
     <TD noWrap align=right>A1&nbsp;</TD>
     <TD noWrap align=right>87,332&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>225&nbsp;</TD>
     <TD noWrap align=left>Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate&nbsp;</TD>
     <TD noWrap align=right>7/15 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AA+&nbsp;</TD>
     <TD noWrap align=right>240,518&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>University, Tender Option Bond Trust 3127, 12.821%, 7/01/40 &#150; BHAC Insured (IF)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>300&nbsp;</TD>
     <TD noWrap align=left>New York City Industrial Development Agency, New York, Payment in Lieu of Taxes Revenue Bonds,&nbsp;</TD>
     <TD noWrap align=right>1/19 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>338,070&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Queens Baseball Stadium Project, Series 2009, 6.125%, 1/01/29 &#150; AGC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>495&nbsp;</TD>
     <TD noWrap align=left>New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project&nbsp;</TD>
     <TD noWrap align=right>3/19 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>570,626&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Pilot, Series 2009A, 7.000%, 3/01/49 &#150; AGC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>Project, Series 2006:&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>170&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>5.000%, 3/01/31 &#150; FGIC Insured&nbsp;</TD>
     <TD noWrap align=right>9/16 at 100.00&nbsp;</TD>
     <TD noWrap align=right>BBB&#150;&nbsp;</TD>
     <TD noWrap align=right>162,503&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,425&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>5.000%, 3/01/36 &#150; NPFG Insured&nbsp;</TD>
     <TD noWrap align=right>9/16 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A&nbsp;</TD>
     <TD noWrap align=right>1,319,237&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>840&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>4.500%, 3/01/39 &#150; FGIC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>9/16 at 100.00&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>BBB&#150;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>701,064&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>12,545&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total Education and Civic Organizations&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>12,423,633&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>Health Care &#150; 23.0% (14.9% of Total Investments)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>2,000&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds,&nbsp;</TD>
     <TD noWrap align=right>2/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A&nbsp;</TD>
     <TD noWrap align=right>2,027,840&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Lutheran Medical Center, Series 2003, 5.000%, 8/01/31 &#150; NPFG Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>3,000&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, St.&nbsp;</TD>
     <TD noWrap align=right>8/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>N/R&nbsp;</TD>
     <TD noWrap align=right>3,045,600&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Barnabas Hospital, Series 2002A, 5.000%, 2/01/31 &#150; AMBAC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>345&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson&nbsp;</TD>
     <TD noWrap align=right>8/17 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>356,009&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Valley Hospital Center, Series 2007, 5.000%, 8/15/27 &#150; FSA Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,000&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical&nbsp;</TD>
     <TD noWrap align=right>2/15 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A&nbsp;</TD>
     <TD noWrap align=right>1,015,640&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Center, Series 2005, 5.000%, 2/01/22 &#150; FGIC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>255&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series&nbsp;</TD>
     <TD noWrap align=right>7/17 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>258,726&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>2007B, 5.125%, 7/01/37 &#150; AGC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>25&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer&nbsp;</TD>
     <TD noWrap align=right>7/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AA&nbsp;</TD>
     <TD noWrap align=right>26,037&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Center, Series 2003-1, 5.000%, 7/01/21 &#150; NPFG Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>810&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian&nbsp;</TD>
     <TD noWrap align=right>8/14 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>875,942&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Hospital, Series 2004A, 5.250%, 8/15/15 &#150; FSA Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>750&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities&nbsp;</TD>
     <TD noWrap align=right>7/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>Baa1&nbsp;</TD>
     <TD noWrap align=right>750,233&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Hospital, Series 2003B, 5.500%, 7/01/23&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>305&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian&nbsp;</TD>
     <TD noWrap align=right>8/14 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>308,367&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Hospital Project, Series 2007, 5.000%, 8/15/36 &#150; FSA Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>500&nbsp;</TD>
     <TD noWrap align=left>New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series&nbsp;</TD>
     <TD noWrap align=right>2/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>523,865&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>2002A, 5.500%, 2/15/17 &#150; FSA Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>2,640&nbsp;</TD>
     <TD noWrap align=left>New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series&nbsp;</TD>
     <TD noWrap align=right>2/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A+&nbsp;</TD>
     <TD noWrap align=right>2,709,010&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>2003A, 5.250%, 2/15/21 &#150; AMBAC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>11,630&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total Health Care&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>11,897,269&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>Long-Term Care &#150; 0.6% (0.4% of Total Investments)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>300&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of&nbsp;</TD>
     <TD noWrap align=right>2/17 at 103.00&nbsp;</TD>
     <TD noWrap align=right>A&#150;&nbsp;</TD>
     <TD noWrap align=right>297,513&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Westchester Project, Series 2006, 5.200%, 2/15/41&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>Tax Obligation/General &#150; 4.1% (2.7% of Total Investments)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,000&nbsp;</TD>
     <TD noWrap align=left>Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C, 5.000%,&nbsp;</TD>
     <TD noWrap align=right>10/19 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>1,072,500&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>10/01/29 &#150; AGC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>535&nbsp;</TD>
     <TD noWrap align=left>New York City, New York, General Obligation Bonds, Fiscal Series 1998H, 5.125%, 8/01/25 &#150;&nbsp;</TD>
     <TD noWrap align=right>2/10 at 100.50&nbsp;</TD>
     <TD noWrap align=right>AA&nbsp;</TD>
     <TD noWrap align=right>538,017&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>MBIA Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>225&nbsp;</TD>
     <TD noWrap align=left>New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 &#150;&nbsp;</TD>
     <TD noWrap align=right>8/15 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>249,926&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>FSA Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>250&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>New York City, New York, General Obligation Bonds, 5.000%, 11/01/20 &#150; FSA Insured (UB)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>11/14 at 100.00&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>AAA&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>266,990&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>2,010&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total Tax Obligation/General&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>2,127,433&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>Tax Obligation/Limited &#150; 52.8% (34.3% of Total Investments)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>2,695&nbsp;</TD>
     <TD noWrap align=left>Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue State Aid Secured Bonds,&nbsp;</TD>
     <TD noWrap align=right>No Opt. Call&nbsp;</TD>
     <TD noWrap align=right>Aa2&nbsp;</TD>
     <TD noWrap align=right>2,993,498&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Series 2004A, 5.250%, 8/15/12 &#150; NPFG Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,000&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Master Lease Program Revenue Bonds, Nassau&nbsp;</TD>
     <TD noWrap align=right>8/19 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>1,043,420&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>County Board of Cooperative Educational Services, Series 2009A, 5.000%, 8/15/28 &#150; AGC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>3,000&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing&nbsp;</TD>
     <TD noWrap align=right>10/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A+&nbsp;</TD>
     <TD noWrap align=right>3,085,050&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Program, Series 2002D, 5.250%, 10/01/23 &#150; NPFG Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,000&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing&nbsp;</TD>
     <TD noWrap align=right>10/19 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>1,085,460&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Program, Series 2009A, 5.625%, 10/01/29 &#150; AGC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>340&nbsp;</TD>
     <TD noWrap align=left>Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo&nbsp;</TD>
     <TD noWrap align=right>5/18 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>376,207&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>City School District, 5.750%, 5/01/27 &#150; FSA Insured (UB)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,085&nbsp;</TD>
     <TD noWrap align=left>Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo&nbsp;</TD>
     <TD noWrap align=right>5/17 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>1,185,840&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>City School District, Series 2007A, 5.750%, 5/01/28 &#150; FSA Insured (UB)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>2,055&nbsp;</TD>
     <TD noWrap align=left>Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%,&nbsp;</TD>
     <TD noWrap align=right>2/17 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A&nbsp;</TD>
     <TD noWrap align=right>1,913,801&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>2/15/47 &#150; FGIC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,000&nbsp;</TD>
     <TD noWrap align=left>Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds,&nbsp;</TD>
     <TD noWrap align=right>7/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AA&#150;&nbsp;</TD>
     <TD noWrap align=right>1,042,450&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Series 2002A, 5.000%, 7/01/25 &#150; FGIC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>560&nbsp;</TD>
     <TD noWrap align=left>Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003,&nbsp;</TD>
     <TD noWrap align=right>1/13 at 102.00&nbsp;</TD>
     <TD noWrap align=right>BBB&nbsp;</TD>
     <TD noWrap align=right>453,074&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>5.500%, 1/01/34&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>Government Assistance Corporation, Series 2008, Trust 2901:&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>610&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>5.000%, 10/15/25 &#150; NPFG Insured (UB)&nbsp;</TD>
     <TD noWrap align=right>10/14 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>653,578&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>555&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>5.000%, 10/15/26 &#150; NPFG Insured (UB)&nbsp;</TD>
     <TD noWrap align=right>10/14 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>588,844&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>740&nbsp;</TD>
     <TD noWrap align=left>New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal&nbsp;</TD>
     <TD noWrap align=right>1/17 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AA&#150;&nbsp;</TD>
     <TD noWrap align=right>778,502&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Series 2007S-2, 5.000%, 1/15/28 &#150; FGIC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>3,000&nbsp;</TD>
     <TD noWrap align=left>New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal&nbsp;</TD>
     <TD noWrap align=right>8/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>3,263,400&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Series 2003C, 5.250%, 8/01/18 &#150; AMBAC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>2,000&nbsp;</TD>
     <TD noWrap align=left>New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds,&nbsp;</TD>
     <TD noWrap align=right>2/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>2,113,280&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Fiscal Series 2003D, 5.000%, 2/01/22 &#150; NPFG Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>280&nbsp;</TD>
     <TD noWrap align=left>New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option&nbsp;</TD>
     <TD noWrap align=right>11/15 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AA+&nbsp;</TD>
     <TD noWrap align=right>298,379&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Bonds Trust 3095, 13.403%, 11/15/44 &#150; AMBAC Insured (IF)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,290&nbsp;</TD>
     <TD noWrap align=left>New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds,&nbsp;</TD>
     <TD noWrap align=right>1/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>1,342,039&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Series 2002A, 5.000%, 1/01/23 &#150; FGIC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>950&nbsp;</TD>
     <TD noWrap align=left>New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series&nbsp;</TD>
     <TD noWrap align=right>No Opt. Call&nbsp;</TD>
     <TD noWrap align=right>AA&nbsp;</TD>
     <TD noWrap align=right>1,107,064&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>2005B, 5.500%, 4/01/20 &#150; AMBAC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,200&nbsp;</TD>
     <TD noWrap align=left>New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and&nbsp;</TD>
     <TD noWrap align=right>6/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AA&#150;&nbsp;</TD>
     <TD noWrap align=right>1,268,820&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 &#150; AMBAC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>750&nbsp;</TD>
     <TD noWrap align=left>New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and&nbsp;</TD>
     <TD noWrap align=right>6/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AA&#150;&nbsp;</TD>
     <TD noWrap align=right>797,093&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,860&nbsp;</TD>
     <TD noWrap align=left>New York State Urban Development Corporation, Service Contract Revenue Bonds, Correctional and&nbsp;</TD>
     <TD noWrap align=right>1/17 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AA&#150;&nbsp;</TD>
     <TD noWrap align=right>1,943,645&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Youth Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>25,970&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total Tax Obligation/Limited&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>27,333,444&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>Transportation &#150; 12.5% (8.1% of Total Investments)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,000&nbsp;</TD>
     <TD noWrap align=left>Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds,&nbsp;</TD>
     <TD noWrap align=right>11/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A&nbsp;</TD>
     <TD noWrap align=right>1,032,320&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Series 2002A, 5.000%, 11/15/25 &#150; FGIC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,875&nbsp;</TD>
     <TD noWrap align=left>New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/20 &#150;&nbsp;</TD>
     <TD noWrap align=right>1/15 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A+&nbsp;</TD>
     <TD noWrap align=right>1,979,213&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>AMBAC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>3,000&nbsp;</TD>
     <TD noWrap align=left>New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/32 &#150;&nbsp;</TD>
     <TD noWrap align=right>7/15 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>3,076,770&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>FSA Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>140&nbsp;</TD>
     <TD noWrap align=left>New York State Thruway Authority, General Revenue Bonds, Series 2007H, 5.000%, 1/01/25 &#150;&nbsp;</TD>
     <TD noWrap align=right>1/18 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A+&nbsp;</TD>
     <TD noWrap align=right>148,814&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>FGIC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>170&nbsp;</TD>
     <TD noWrap align=left>Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty&nbsp;</TD>
     <TD noWrap align=right>8/17 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>203,238&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Eighth Series 2008, Trust 2920, 17.292%, 8/15/32 &#150; FSA Insured (IF)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>6,185&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total Transportation&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>6,440,355&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>U.S. Guaranteed &#150; 20.9% (13.6% of Total Investments) (4)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,185&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue Bonds,&nbsp;</TD>
     <TD noWrap align=right>2/13 at 102.00&nbsp;</TD>
     <TD noWrap align=right>Aaa&nbsp;</TD>
     <TD noWrap align=right>1,360,724&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Shorefront Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32 (Pre-refunded 2/01/13)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>500&nbsp;</TD>
     <TD noWrap align=left>Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish&nbsp;</TD>
     <TD noWrap align=right>5/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>Aaa&nbsp;</TD>
     <TD noWrap align=right>570,965&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Group, Series 2003, 5.375%, 5/01/23 (Pre-refunded 5/01/13)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>85&nbsp;</TD>
     <TD noWrap align=left>Erie County Water Authority, New York, Water Revenue Bonds, Series 1990B, 6.750%, 12/01/14 &#150;&nbsp;</TD>
     <TD noWrap align=right>No Opt. Call&nbsp;</TD>
     <TD noWrap align=right>N/R (4)&nbsp;</TD>
     <TD noWrap align=right>97,686&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>AMBAC Insured (ETM)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>3,500&nbsp;</TD>
     <TD noWrap align=left>New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B, 5.000%,&nbsp;</TD>
     <TD noWrap align=right>4/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>3,838,240&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>4/01/20 (Pre-refunded 4/01/12) &#150; AMBAC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>500&nbsp;</TD>
     <TD noWrap align=left>New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State&nbsp;</TD>
     <TD noWrap align=right>3/13 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>571,105&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) &#150; FGIC Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>2,000&nbsp;</TD>
     <TD noWrap align=left>Power Authority of the State of New York, General Revenue Bonds, Series 2002A, 5.000%,&nbsp;</TD>
     <TD noWrap align=right>11/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>Aa2 (4)&nbsp;</TD>
     <TD noWrap align=right>2,237,120&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>11/15/20 (Pre-refunded 11/15/12)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,975&nbsp;</TD>
     <TD noWrap align=left>Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2002A,&nbsp;</TD>
     <TD noWrap align=right>1/12 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>2,151,782&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>5.125%, 1/01/31 (Pre-refunded 1/01/12) &#150; MBIA Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>9,745&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total U.S. Guaranteed&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>10,827,622&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>Utilities &#150; 4.5% (2.9% of Total Investments)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>1,130&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>5.000%, 12/01/23 &#150; FGIC Insured&nbsp;</TD>
     <TD noWrap align=right>6/16 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A&nbsp;</TD>
     <TD noWrap align=right>1,180,997&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>870&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>5.000%, 12/01/25 &#150; FGIC Insured&nbsp;</TD>
     <TD noWrap align=right>6/16 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A&nbsp;</TD>
     <TD noWrap align=right>902,321&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>125&nbsp;</TD>
     <TD noWrap align=left>Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B,&nbsp;</TD>
     <TD noWrap align=right>6/16 at 100.00&nbsp;</TD>
     <TD noWrap align=right>A&#150;&nbsp;</TD>
     <TD noWrap align=right>126,293&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>5.000%, 12/01/35 &#150; CIFG Insured&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>110&nbsp;</TD>
     <TD noWrap align=left>Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%,&nbsp;</TD>
     <TD noWrap align=right>11/15 at 100.00&nbsp;</TD>
     <TD noWrap align=right>Aa2&nbsp;</TD>
     <TD noWrap align=right>117,499&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>11/15/19 &#150; FGIC Insured&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>2,235&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total Utilities&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>2,327,110&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>Water and Sewer &#150; 1.0% (0.6% of Total Investments)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>495&nbsp;</TD>
     <TD noWrap align=left>New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue&nbsp;</TD>
     <TD noWrap align=right>6/16 at 100.00&nbsp;</TD>
     <TD noWrap align=right>AAA&nbsp;</TD>
     <TD noWrap align=right>508,440&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Bonds, 5.000%, 6/15/36 &#150; NPFG Insured (UB)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$&nbsp;&nbsp;&nbsp;&nbsp; 72,915&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total Long-Term Municipal Bonds (cost $73,451,918)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>75,880,726&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>Short-Term Investments &#150; 7.5% (4.8% of Total Investments)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B>Euro Dollar Time Deposit &#150; 7.5% (4.8% of Total Investments)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,853&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>State Street Bank Euro Dollar Time Deposit, 0.010%, 1/04/10&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>N/A&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>N/A&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>3,852,784&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total Short-Term Investments (cost $3,852,784)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>3,852,784&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total Investments (cost $77,304,702) &#150; 154.2%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>79,733,510&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Floating Rate Obligations &#150; (4.6)%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(2,390,000)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Other Assets Less Liabilities &#150; 2.6%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>1,359,429&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Auction Rate Preferred Shares, at Liquidation Value &#150; (52.2)%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(27,000,000)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Net Assets Applicable to Common Shares &#150; 100%&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$ 51,702,939&nbsp;</TD></TR></TABLE></DIV><BR>
</DIV>
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&nbsp;</DIV>
<BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><BR>
&nbsp;</DIV>
<BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="TEXT-ALIGN: left"><B>Fair Value Measurements</B></P>
<P style="TEXT-ALIGN: left">In determining the value of the Fund&#146;s investments, various inputs are used. These inputs are summarized in the three broad levels listed below: </P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;Level 1 &#150; Quoted prices in active markets for identical securities.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;Level 2 &#150; Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;Level 3 &#150; Significant unobservable inputs (including management&#146;s assumptions in determining the fair value of investments).</P>
<P style="TEXT-ALIGN: left">The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund&#146;s fair value measurements as of December 31, 2009:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 10in; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 border=0>
<TR>
     <TD width="35%"></TD>
     <TD width="29%"></TD>
     <TD width="13%"></TD>
     <TD width="11%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Level 1</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Level 2</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Level 3</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Total</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Investments:&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 5px" noWrap align=left>Muncipal Bonds&nbsp;</TD>
     <TD noWrap align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#151;&nbsp;</TD>
     <TD noWrap align=right>$75,880,726&nbsp;</TD>
     <TD noWrap align=right>$ &#151;&nbsp;</TD>
     <TD noWrap align=right>$75,880,726&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Short-Term Investments&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>3,852,784&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&#151;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&#151;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>3,852,784&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Total&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$3,852,784&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$75,880,726&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$ &#151;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$79,733,510&nbsp;</TD></TR></TABLE></DIV><BR>
<P style="TEXT-ALIGN: left"><B>Income Tax Information</B></P>
<P style="TEXT-ALIGN: left">The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.</P>
<P style="TEXT-ALIGN: left">At December 31, 2009, the cost of investments was $75,390,488.</P>
<P style="TEXT-ALIGN: left">Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2009, were as follows:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 10in; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 border=0>
<TR>
     <TD width="63%"></TD>
     <TD width="36%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>Gross unrealized:&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; Appreciation&nbsp;</TD>
     <TD noWrap align=right>$2,855,688&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; Depreciation&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(906,735)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Net unrealized appreciation (depreciation) of investments&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$1,948,953&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 10in; FONT-FAMILY: 'Arial Narrow'" cellSpacing=0 border=0>
<TR>
     <TD width="6%"></TD>
     <TD width="93%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>At least 80% of the Fund&#146;s net assets are invested in municipal securities that guarantee the timely&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>payment of principal and interest.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>(1)&nbsp;</TD>
     <TD noWrap align=left>All percentages shown in the Portfolio of Investments are based on net assets applicable to Common&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>shares unless otherwise noted.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>(2)&nbsp;</TD>
     <TD noWrap align=left>Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>may be subject to periodic principal paydowns.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>(3)&nbsp;</TD>
     <TD noWrap align=left>Ratings: Using the higher of Standard &amp; Poor&#146;s Group (&#147;Standard &amp; Poor&#146;s&#148;) or Moody&#146;s Investor Service,&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>Inc. (&#147;Moody&#146;s&#148;) rating. Ratings below BBB by Standard &amp; Poor&#146;s or Baa by Moody&#146;s are considered to be&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>below investment grade.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>downgrades as of the end of the reporting period. Subsequent to the reporting period, and during the&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>period this Portfolio of Investments was prepared, there may have been reductions to the ratings of&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>certain bonds resulting from changes to the ratings of the underlying insurers both during the period&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>and after period end. Such reductions would likely reduce the effective rating of many of the bonds&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>insured by that insurer or insurers presented at period end.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>(4)&nbsp;</TD>
     <TD noWrap align=left>Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>which ensure the timely payment of principal and interest. Such investments are normally considered to&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>be equivalent to AAA rated securities.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>(5)&nbsp;</TD>
     <TD noWrap align=left>Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.9%.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>N/A&nbsp;</TD>
     <TD noWrap align=left>Not applicable.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>N/R&nbsp;</TD>
     <TD noWrap align=left>Not rated.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>(ETM)&nbsp;</TD>
     <TD noWrap align=left>Escrowed to maturity.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>(IF)&nbsp;</TD>
     <TD noWrap align=left>Inverse floating rate investment.&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>(UB)&nbsp;</TD>
     <TD noWrap align=left>Underlying bond of an inverse floating rate trust reflected as a financing transaction.&nbsp;</TD></TR></TABLE></DIV><BR>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
2. Controls and Procedures.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
            <td align="right" valign="top" width="5%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
            </td>
            <td align="left" valign="top" width="82%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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)).</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
            <td align="right" valign="top" width="5%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">b.&#160;&#160;</font></div>
            </td>
            <td align="left" valign="top" width="82%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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.</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
3. Exhibits.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">File as
exhibits as part of this Form a separate certification for each principal
executive officer and principal financial officer of the registrant as required
by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth
below: See EX-99 CERT attached hereto.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
    <div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
        <div style="TEXT-ALIGN: center; WIDTH: 100%">
        </div>
        <div style="TEXT-ALIGN: center; WIDTH: 100%">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SIGNATURES</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;Nuveen Insured
New York Tax-Free Advantage Municipal Fund&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;/s/&#160;Kevin
J.
McCarthy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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J. McCarthy</font></div>
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President and Secretary</font></div>
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1, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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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></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160; &#160;/s/
Gifford R.
Zimmerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Gifford
R. Zimmerman</font></div>
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Administrative Officer (principal executive officer)&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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1, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160; /s/
Stephen D.
Foy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;</font></font></div>
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D. Foy</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vice
President and Controller (principal financial officer)&#160;</font></div>
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1,&#160;2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification2.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
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    <title>certification2.htm</title>
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    <div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">CERTIFICATIONS</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I,
Gifford R. Zimmerman, certify that:</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td style="WIDTH: 27pt">
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I
      have reviewed this report on Form N-Q of Nuveen Insured New York Tax-Free
      Advantage Municipal Fund;</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td style="WIDTH: 27pt">
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td style="WIDTH: 27pt">
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td style="WIDTH: 27pt">
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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:</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
              </td>
            </tr></table>
      </div>
      <div>
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<tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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):</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;March
1, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Gifford R.
Zimmerman</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gifford
R. Zimmerman</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chief
Administrative Officer</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(principal
executive officer)</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">CERTIFICATIONS</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I,
Stephen D. Foy, certify that:</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td style="WIDTH: 27pt">
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I
      have reviewed this report on Form N-Q of Nuveen Insured New York Tax-Free
      Advantage Municipal Fund;</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td style="WIDTH: 27pt">
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td style="WIDTH: 27pt">
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td style="WIDTH: 27pt">
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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:</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td style="WIDTH: 27pt">
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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):</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;March
1, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Stephen D.
Foy</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Stephen
D. Foy</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vice
President and Controller</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(principal
financial officer)</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
    </div>
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