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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891804-10-004330.txt : 20100827
<SEC-HEADER>0000891804-10-004330.hdr.sgml : 20100827
<ACCEPTANCE-DATETIME>20100827140324
ACCESSION NUMBER:		0000891804-10-004330
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100630
FILED AS OF DATE:		20100827
DATE AS OF CHANGE:		20100827
EFFECTIVENESS DATE:		20100827

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:		101043227

	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_NQ
<TEXT>
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<head>
    <title>nq2.htm</title>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
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    <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">UNITED
STATES</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">SECURITIES
AND EXCHANGE COMMISSION</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">Washington,
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;6/30/10&#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>
    <div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </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
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>
    <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"><br></font>

      <div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
        <div align="left">
          <table border="0" cellspacing="0" style="WIDTH: 9in; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<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 align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 12px"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio of Investments
      (Unaudited)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 12px"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Nuveen Insured New York
      Tax-Free Advantage Municipal Fund (NRK)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 12px"><font style="FONT-STYLE: italic; DISPLAY: inline">June 30, 2010</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Principal</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="right" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Optional Call</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Amount (000)</font></td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Description (1)</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Provisions (2)</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ratings (3)</font></td>
                <td nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value</font></td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Consumer Staples &#8211; 3.3% (2.1%
      of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>$&#160;&#160;&#160;&#160; 1,500&#160;</td>
                <td align="left" nowrap>New York Counties Tobacco Trust III, Tobacco
      Settlement Pass-Through Bonds, Series 2003,&#160;</td>
                <td align="right" nowrap>6/13 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>$&#160;&#160;&#160; 1,439,130&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.750%, 6/01/33&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>290&#160;</td>
                <td align="left" nowrap>Puerto Rico, The Children&#8217;s Trust Fund, Tobacco
      Settlement Asset-Backed Refunding Bonds,&#160;</td>
                <td align="right" nowrap>5/12 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>276,590&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">Series 2002, 5.375%, 5/15/33&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">1,790&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Consumer Staples&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">1,715,720&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Education and Civic
      Organizations &#8211; 28.3% (18.3% of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Insured Revenue Bonds, Long Island University,&#160;</td>
                <td align="right" nowrap>9/12 at 100.00&#160;</td>
                <td align="right" nowrap>Baa3&#160;</td>
                <td align="right" nowrap>1,970,880&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2003A, 5.000%,
      9/01/32 &#8211; RAAI Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Insured Revenue Bonds, Mount Sinai School of&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>2,073,260&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Medicine, Series 1994A,
      5.150%, 7/01/24 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York, Lease
      Revenue Bonds, State University Dormitory&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>Aa2&#160;</td>
                <td align="right" nowrap>1,110,640&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Facilities, Series 2003B,
      5.250%, 7/01/32 (Mandatory put 7/01/13) &#8211; SYNCORA GTY Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>410&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York, Lease
      Revenue Bonds, State University Dormitory&#160;</td>
                <td align="right" nowrap>7/16 at 100.00&#160;</td>
                <td align="right" nowrap>Aa2&#160;</td>
                <td align="right" nowrap>421,984&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Facilities, Series 2006A,
      5.000%, 7/01/31 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, Barnard College, Series 2007A,&#160;</td>
                <td align="right" nowrap>7/17 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>1,048,100&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 7/01/25 &#8211; FGIC
      Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, Mount St. Mary College, Series&#160;</td>
                <td align="right" nowrap>7/13 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>956,300&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2003, 5.000%, 7/01/32 &#8211;
      RAAI Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,500&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, Rochester Institute of&#160;</td>
                <td align="right" nowrap>7/12 at 100.00&#160;</td>
                <td align="right" nowrap>A1&#160;</td>
                <td align="right" nowrap>2,646,075&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Technology, Series 2002A,
      5.250%, 7/01/22 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, Rochester Institute of&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Technology, Series 2006A:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>100&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.250%, 7/01/20 &#8211; AMBAC
      Insured&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>A1&#160;</td>
                <td align="right" nowrap>112,416&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>80&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.250%, 7/01/21 &#8211; AMBAC
      Insured&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>A1&#160;</td>
                <td align="right" nowrap>89,702&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>225&#160;</td>
                <td align="left" nowrap>Madison County Industrial Development Agency, New
      York, Civic Facility Revenue Bonds, Colgate&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>AA+&#160;</td>
                <td align="right" nowrap>244,874&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">University, Tender Option
      Bond Trust 3127, 12.931%, 1/01/14 &#8211; AMBAC Insured (IF)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>300&#160;</td>
                <td align="left" nowrap>New York City Industrial Development Agency, New
      York, Payment in Lieu of Taxes Revenue Bonds,&#160;</td>
                <td align="right" nowrap>1/19 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>334,083&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Queens Baseball Stadium
      Project, Series 2009, 6.125%, 1/01/29 &#8211; AGC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>495&#160;</td>
                <td align="left" nowrap>New York City Industrial Development Agency, New
      York, Revenue Bonds, Yankee Stadium Project&#160;</td>
                <td align="right" nowrap>3/19 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>574,344&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Pilot, Series 2009A,
      7.000%, 3/01/49 &#8211; AGC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>New York City Industrial Development Authority, New
      York, PILOT Revenue Bonds, Yankee Stadium&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Project, Series 2006:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>170&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 3/01/31 &#8211; FGIC
      Insured&#160;</td>
                <td align="right" nowrap>9/16 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#8211;&#160;</td>
                <td align="right" nowrap>169,121&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,425&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 3/01/36 &#8211; NPFG
      Insured&#160;</td>
                <td align="right" nowrap>9/16 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>1,410,665&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>840&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">4.500%, 3/01/39 &#8211; FGIC
      Insured&#160;</td>
                <td align="right" nowrap>9/16 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#8211;&#160;</td>
                <td align="right" nowrap>739,990&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>New York City Trust for Cultural Resources, New
      York, Revenue Bonds, American Museum of&#160;</td>
                <td align="right" nowrap>7/14 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#160;</td>
                <td align="right" nowrap>1,030,640&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">Natural History, Series 2004A, 5.000%, 7/01/36 &#8211; NPFG
    Insured&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">14,545&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Education and Civic Organizations&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">14,933,074&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Health Care &#8211; 22.8% (14.7% of
      Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      FHA-Insured Mortgage Hospital Revenue Bonds,&#160;</td>
                <td align="right" nowrap>2/13 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>2,009,540&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Lutheran Medical Center,
      Series 2003, 5.000%, 8/01/31 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      FHA-Insured Mortgage Hospital Revenue Bonds, St.&#160;</td>
                <td align="right" nowrap>8/12 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>3,025,860&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Barnabas Hospital, Series
      2002A, 5.000%, 2/01/31 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>345&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      FHA-Insured Mortgage Revenue Bonds, Hudson&#160;</td>
                <td align="right" nowrap>8/17 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>360,101&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Valley Hospital Center,
      Series 2007, 5.000%, 8/15/27 &#8211; AGM Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      FHA-Insured Revenue Bonds, Montefiore Medical&#160;</td>
                <td align="right" nowrap>2/15 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>1,033,740&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Center, Series 2005,
      5.000%, 2/01/22 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>255&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, Health Quest System Inc., Series&#160;</td>
                <td align="right" nowrap>7/17 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>261,403&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2007B, 5.125%, 7/01/37 &#8211;
      AGC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>25&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, Memorial Sloan-Kettering Cancer&#160;</td>
                <td align="right" nowrap>7/13 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#160;</td>
                <td align="right" nowrap>26,566&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Center, Series 2003-1,
      5.000%, 7/01/21 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>810&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, New York and Presbyterian&#160;</td>
                <td align="right" nowrap>8/14 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>887,339&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Hospital, Series 2004A,
      5.250%, 8/15/15 &#8211; AGM Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>750&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, South Nassau Communities&#160;</td>
                <td align="right" nowrap>7/13 at 100.00&#160;</td>
                <td align="right" nowrap>Baa1&#160;</td>
                <td align="right" nowrap>763,995&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Hospital, Series 2003B,
      5.500%, 7/01/23&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>305&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, The New York and Presbyterian&#160;</td>
                <td align="right" nowrap>8/14 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>310,094&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Hospital Project, Series
      2007, 5.000%, 8/15/36 &#8211; AGM Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>500&#160;</td>
                <td align="left" nowrap>New York City Health and Hospitals Corporation, New
      York, Health System Revenue Bonds, Series&#160;</td>
                <td align="right" nowrap>2/12 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>522,120&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2002A, 5.500%, 2/15/17 &#8211;
      AGM Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,640&#160;</td>
                <td align="left" nowrap>New York City Health and Hospitals Corporation, New
      York, Health System Revenue Bonds, Series&#160;</td>
                <td align="right" nowrap>2/13 at 100.00&#160;</td>
                <td align="right" nowrap>Aa3&#160;</td>
                <td align="right" nowrap>2,793,991&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">2003A, 5.250%, 2/15/21 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">11,630&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Health Care&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">11,994,749&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Long-Term Care &#8211; 3.6% (2.3% of
      Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,500&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      FHA-Insured Nursing Home Mortgage Revenue Bonds,&#160;</td>
                <td align="right" nowrap>8/11 at 105.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>1,596,885&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Norwegian Christian Home
      and Health Center, Series 2001, 6.100%, 8/01/41 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>300&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York, GNMA
      Collateralized Revenue Bonds, Cabrini of&#160;</td>
                <td align="right" nowrap>2/17 at 103.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>303,654&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">Westchester Project, Series 2006, 5.200%, 2/15/41&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">1,800&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Long-Term Care&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">1,900,539&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax
      Obligation/General &#8211; 3.1% (2.0% of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Nassau County, New York, General Obligation Bonds,
      General Improvement Series 2009C, 5.000%,&#160;</td>
                <td align="right" nowrap>10/19 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,078,250&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">10/01/29 &#8211; AGC
    Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>50&#160;</td>
                <td align="left" nowrap>New York City, New York, General Obligation Bonds,
      Fiscal Series 1998H, 5.125%, 8/01/25 &#8211;&#160;</td>
                <td align="right" nowrap>8/10 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#160;</td>
                <td align="right" nowrap>50,165&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>225&#160;</td>
                <td align="left" nowrap>New York City, New York, General Obligation Bonds,
      Fiscal Series 2006C, 5.000%, 8/01/16 &#8211;&#160;</td>
                <td align="right" nowrap>8/15 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>252,997&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">AGM Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>250&#160;</td>
                <td align="left" nowrap>New York City, New York, General Obligation Bonds,
      Series 2004E, 5.000%, 11/01/19 &#8211;&#160;</td>
                <td align="right" nowrap>11/14 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>277,380&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">AGM Insured (UB)&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">1,525&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total Tax
      Obligation/General&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">1,658,792&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax
      Obligation/Limited &#8211; 46.8% (30.2% of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,695&#160;</td>
                <td align="left" nowrap>Buffalo Fiscal Stability Authority, New York, Sales
      Tax Revenue State Aid Secured Bonds,&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>Aa1&#160;</td>
                <td align="right" nowrap>2,952,885&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2004A, 5.250%,
      8/15/12 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York, Master
      Lease Program Revenue Bonds, Nassau&#160;</td>
                <td align="right" nowrap>8/19 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,046,170&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">County Board of Cooperative
      Educational Services, Series 2009A, 5.000%, 8/15/28 &#8211; AGC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, School Districts Financing&#160;</td>
                <td align="right" nowrap>10/12 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>3,169,290&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Program, Series 2002D,
      5.250%, 10/01/23 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, School Districts Financing&#160;</td>
                <td align="right" nowrap>10/19 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,090,630&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Program, Series 2009A,
      5.625%, 10/01/29 &#8211; AGC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>340&#160;</td>
                <td align="left" nowrap>Erie County Industrial Development Agency, New York,
      School Facility Revenue Bonds, Buffalo&#160;</td>
                <td align="right" nowrap>5/18 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>377,733&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">City School District
      Project, Series 2008A, 5.750%, 5/01/27 &#8211; AGM Insured (UB)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,085&#160;</td>
                <td align="left" nowrap>Erie County Industrial Development Agency, New York,
      School Facility Revenue Bonds, Buffalo&#160;</td>
                <td align="right" nowrap>5/17 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,188,693&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">City School District,
      Series 2007A, 5.750%, 5/01/28 &#8211; AGM Insured (UB)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,055&#160;</td>
                <td align="left" nowrap>Hudson Yards Infrastructure Corporation, New York,
      Revenue Bonds, Series 2006A, 5.000%,&#160;</td>
                <td align="right" nowrap>2/17 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>2,014,948&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2/15/47 &#8211; FGIC
    Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Metropolitan Transportation Authority, New York,
      State Service Contract Refunding Bonds,&#160;</td>
                <td align="right" nowrap>7/12 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>1,045,800&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2002A, 5.000%,
      7/01/25 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>560&#160;</td>
                <td align="left" nowrap>Monroe Newpower Corporation, New York, Power
      Facilities Revenue Bonds, Series 2003,&#160;</td>
                <td align="right" nowrap>1/13 at 102.00&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>524,759&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.500%, 1/01/34&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>New York City Sales Tax Asset Receivable
      Corporation, New York, Dedicated Revenue Bonds, Local&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Government Assistance Corporation, Series
    2004A:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>610&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 10/15/25 &#8211; NPFG
      Insured (UB)&#160;</td>
                <td align="right" nowrap>10/14 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>657,507&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>555&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 10/15/26 &#8211; NPFG
      Insured (UB)&#160;</td>
                <td align="right" nowrap>10/14 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>597,019&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>740&#160;</td>
                <td align="left" nowrap>New York City Transitional Finance Authority, New
      York, Building Aid Revenue Bonds, Fiscal&#160;</td>
                <td align="right" nowrap>1/17 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>774,832&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2007S-2, 5.000%,
      1/15/28 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>New York City Transitional Finance Authority, New
      York, Future Tax Secured Refunding Bonds,&#160;</td>
                <td align="right" nowrap>2/13 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>2,115,040&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Fiscal Series 2003D,
      5.000%, 2/01/22 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>280&#160;</td>
                <td align="left" nowrap>New York Convention Center Development Corporation,
      Hotel Fee Revenue Bonds, Tender Option&#160;</td>
                <td align="right" nowrap>11/15 at 100.00&#160;</td>
                <td align="right" nowrap>AA+&#160;</td>
                <td align="right" nowrap>306,284&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds Trust 3095, 13.036%,
      11/15/44 &#8211; AMBAC Insured (IF)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,290&#160;</td>
                <td align="left" nowrap>New York State Environmental Facilities Corporation,
      State Personal Income Tax Revenue Bonds,&#160;</td>
                <td align="right" nowrap>1/13 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,374,895&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2002A, 5.000%,
      1/01/23 &#8211; FGIC Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>950&#160;</td>
                <td align="left" nowrap>New York State Thruway Authority, Highway and Bridge
      Trust Fund Bonds, Second General, Series&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>AA&#160;</td>
                <td align="right" nowrap>1,128,695&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2005B, 5.500%, 4/01/20 &#8211;
      AMBAC Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,200&#160;</td>
                <td align="left" nowrap>New York State Tobacco Settlement Financing
      Corporation, Tobacco Settlement Asset-Backed and&#160;</td>
                <td align="right" nowrap>6/13 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>1,284,276&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">State Contingency
      Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 &#8211; AMBAC
    Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>750&#160;</td>
                <td align="left" nowrap>New York State Tobacco Settlement Financing
      Corporation, Tobacco Settlement Asset-Backed and&#160;</td>
                <td align="right" nowrap>6/13 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>813,435&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">State Contingency
      Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,860&#160;</td>
                <td align="left" nowrap>New York State Urban Development Corporation,
      Service Contract Revenue Bonds, Correctional and&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>1,905,682&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Youth Facilities, Series
      2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>295&#160;</td>
                <td align="left" nowrap>Puerto Rico Sales Tax Financing Corporation, Sales
      Tax Revenue Bonds, First Subordinate Series&#160;</td>
                <td align="right" nowrap>8/20 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>298,814&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">2010C, 5.125%, 8/01/42 &#8211; AGM Insured&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">23,265&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total Tax
      Obligation/Limited&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">24,667,387&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Transportation &#8211; 13.2% (8.5% of
      Total Investments)</font></td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>500&#160;</td>
                <td align="left" nowrap>Metropolitan Transportation Authority, New York,
      Transportation Revenue Bonds, Series 2005A,&#160;</td>
                <td align="right" nowrap>11/15 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>503,510&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">4.750%, 11/15/30 &#8211; AMBAC
      Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Metropolitan Transportation Authority, New York,
      Transportation Revenue Refunding Bonds,&#160;</td>
                <td align="right" nowrap>11/12 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>1,026,280&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2002A, 5.000%,
      11/15/25 &#8211; FGIC Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>140&#160;</td>
                <td align="left" nowrap>New York State Thruway Authority, General Revenue
      Bonds, Refunding Series 2007H, 5.000%,&#160;</td>
                <td align="right" nowrap>1/18 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>148,718&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">1/01/25 &#8211; FGIC
    Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,875&#160;</td>
                <td align="left" nowrap>New York State Thruway Authority, General Revenue
      Bonds, Series 2005F, 5.000%, 1/01/20 &#8211;&#160;</td>
                <td align="right" nowrap>1/15 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>2,007,356&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">AMBAC Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap>New York State Thruway Authority, General Revenue
      Bonds, Series 2005G, 5.000%, 1/01/32 &#8211;&#160;</td>
                <td align="right" nowrap>7/15 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>3,084,120&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">AGM Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>170&#160;</td>
                <td align="left" nowrap>Port Authority of New York and New Jersey,
      Consolidated Revenue Bonds, One Hundred Forty&#160;</td>
                <td align="right" nowrap>8/17 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>210,902&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">Eighth Series 2008, Trust 2920, 17.380%, 8/15/32 &#8211; AGM Insured
      (IF)&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">6,685&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Transportation&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">6,980,886&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">U.S. Guaranteed &#8211; 26.5% (17.1%
      of Total Investments) (4)</font></td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,185&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      FHA-Insured Nursing Home Mortgage Revenue Bonds,&#160;</td>
                <td align="right" nowrap>2/13 at 102.00&#160;</td>
                <td align="right" nowrap>Aaa&#160;</td>
                <td align="right" nowrap>1,347,037&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Shorefront Jewish Geriatric
      Center Inc., Series 2002, 5.200%, 2/01/32 (Pre-refunded 2/01/13)&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>500&#160;</td>
                <td align="left" nowrap>Dormitory Authority of the State of New York,
      Revenue Bonds, North Shore Long Island Jewish&#160;</td>
                <td align="right" nowrap>5/13 at 100.00&#160;</td>
                <td align="right" nowrap>Aaa&#160;</td>
                <td align="right" nowrap>565,100&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Group, Series 2003, 5.375%,
      5/01/23 (Pre-refunded 5/01/13)&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>85&#160;</td>
                <td align="left" nowrap>Erie County Water Authority, New York, Water Revenue
      Bonds, Series 1990B, 6.750%, 12/01/14 &#8211;&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>N/R (4)&#160;</td>
                <td align="right" nowrap>95,835&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">AMBAC Insured
(ETM)&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap>New York City Transitional Finance Authority, New
      York, Future Tax Secured Bonds, Fiscal&#160;</td>
                <td align="right" nowrap>8/12 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>3,299,190&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2003C, 5.250%,
      8/01/18 (Pre-refunded 8/01/12) &#8211; AMBAC Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,500&#160;</td>
                <td align="left" nowrap>New York State Thruway Authority, Highway and Bridge
      Trust Fund Bonds, Series 2002B, 5.000%,&#160;</td>
                <td align="right" nowrap>4/12 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>3,783,815&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">4/01/20 (Pre-refunded
      4/01/12) &#8211; AMBAC Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>500&#160;</td>
                <td align="left" nowrap>New York State Urban Development Corporation, State
      Personal Income Tax Revenue Bonds, State&#160;</td>
                <td align="right" nowrap>3/13 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>564,820&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Facilities and Equipment,
      Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) &#8211; FGIC
    Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>Power Authority of the State of New York, General
      Revenue Bonds, Series 2002A, 5.000%,&#160;</td>
                <td align="right" nowrap>11/12 at 100.00&#160;</td>
                <td align="right" nowrap>Aa2 (4)&#160;</td>
                <td align="right" nowrap>2,212,720&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">11/15/20 (Pre-refunded
      11/15/12)&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,975&#160;</td>
                <td align="left" nowrap>Triborough Bridge and Tunnel Authority, New York,
      General Purpose Revenue Bonds, Series 2002A,&#160;</td>
                <td align="right" nowrap>1/12 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>2,117,003&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">5.125%, 1/01/31 (Pre-refunded 1/01/12) &#8211; NPFG Insured&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">12,745&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total U.S.
      Guaranteed&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">13,985,520&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Utilities &#8211; 6.5% (4.2% of Total
      Investments)</font></td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Long Island Power Authority, New York, Electric
      System General Revenue Bonds, Series 2006A:&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,130&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 12/01/23 &#8211; FGIC
      Insured&#160;</td>
                <td align="right" nowrap>6/16 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>1,205,686&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>870&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 12/01/25 &#8211; FGIC
      Insured&#160;</td>
                <td align="right" nowrap>6/16 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>914,021&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 12/01/26 &#8211; AGC
      Insured&#160;</td>
                <td align="right" nowrap>6/16 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,070,710&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>125&#160;</td>
                <td align="left" nowrap>Long Island Power Authority, New York, Electric
      System General Revenue Bonds, Series 2006B,&#160;</td>
                <td align="right" nowrap>6/16 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>127,885&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 12/01/35 &#8211; CIFG
      Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>110&#160;</td>
                <td align="left" nowrap>Power Authority of the State of New York, General
      Revenue Bonds, Series 2006A, 5.000%,&#160;</td>
                <td align="right" nowrap>11/15 at 100.00&#160;</td>
                <td align="right" nowrap>Aa2&#160;</td>
                <td align="right" nowrap>119,770&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">11/15/19 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">3,235&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Utilities&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">3,438,072&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Water and Sewer &#8211; 1.0% (0.6% of
      Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>495&#160;</td>
                <td align="left" nowrap>New York City Municipal Water Finance Authority, New
      York, Water and Sewerage System Revenue&#160;</td>
                <td align="right" nowrap>6/16 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>516,735&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;&#160;Bonds, Series 2006B, 5.000%, 6/15/36 &#8211; NPFG Insured
      (UB)&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$&#160;&#160;&#160;&#160;&#160; 77,715&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Investments (cost $78,358,515) &#8211; 155.1%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">81,791,474&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Floating
      Rate Obligations &#8211; (4.5)%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">(2,390,000)</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Other
      Assets Less Liabilities &#8211; 1.9%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">1,010,373&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Auction
      Rate Preferred Shares, at Liquidation Value &#8211; (52.5)% (5)&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">(27,680,000)</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">Net Assets
      Applicable to Common Shares &#8211; 100%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
      52,731,847&#160;</td>
              </tr></table>
        </div><br></div>
      <div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
        <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Fair Value Measurements</font></div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">In determining the value of the Fund's
investments, various inputs are used. These inputs are summarized in the three
broad levels listed below: </div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">&#160;&#160;Level 1 &#8211; Quoted prices in active
markets for identical securities.</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">&#160;&#160;Level 2 &#8211; Other significant observable
inputs (including quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, etc.).</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">&#160;&#160;Level 3 &#8211; Significant unobservable
inputs (including management's assumptions in determining the fair value of
investments).</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">The inputs or methodologies 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's fair value measurements as
of June 30, 2010:</div>
        <div>&#160;</div>
        <div align="left">
          <table border="0" cellspacing="0" style="WIDTH: 9in; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
                <td width="34%">
                </td>
                <td width="30%">
                </td>
                <td width="13%">
                </td>
                <td width="11%">
                </td>
                <td width="9%">
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 1</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 2</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 3</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Total</font></td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>Investments:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid; TEXT-INDENT: 5px">Municipal Bonds&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
    &#8212;&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$81,791,474&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
    &#8212;&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$81,791,474&#160;</td>
              </tr></table>
        </div><br>
        <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Income Tax Information</font></div>
        <div>&#160;</div>
        <div 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.</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">At June 30, 2010, the cost of investments was
$76,441,932.</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">Gross unrealized appreciation and gross unrealized
depreciation of investments at June 30, 2010, were as follows:</div>
        <div>&#160;</div>
        <div align="left">
          <table border="0" cellspacing="0" style="WIDTH: 9in; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
                <td width="63%">
                </td>
                <td width="36%">
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-TOP: #000000 1px solid">Gross
      unrealized:&#160;</td>
                <td align="left" nowrap style="BORDER-TOP: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;&#160; Appreciation&#160;</td>
                <td align="right" nowrap>$3,573,692&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;&#160; Depreciation&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">(617,832)</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">Net
      unrealized appreciation (depreciation) of investments&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$2,955,860&#160;</td>
              </tr></table>
        </div><br>
        <div align="left">
          <table border="0" cellspacing="0" style="WIDTH: 9in; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
                <td width="6%">
                </td>
                <td width="93%">
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>The Fund intends to invest at least 80% of its net
      assets in municipal securities that are covered by insurance&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>guaranteeing the timely payment of principal and
      interest.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(1)&#160;</td>
                <td align="left" nowrap>All percentages shown in the Portfolio of
      Investments are based on net assets applicable to Common
shares&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>unless otherwise noted.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(2)&#160;</td>
                <td align="left" nowrap>Optional Call Provisions: Dates (month and year) and
      prices of the earliest optional call or redemption.&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>There may be other call provisions at varying prices
      at later dates. Certain mortgage-backed securities&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>may be subject to periodic principal
    paydowns.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(3)&#160;</td>
                <td align="left" nowrap>Ratings: Using the highest of Standard &amp; Poor&#8217;s
      Group ("Standard &amp; Poor's"), Moody&#8217;s Investor Service,&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating.
      Ratings below BBB by Standard &amp; Poor&#8217;s, Baa by Moody&#8217;s or&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>BBB by Fitch are considered to be below investment
      grade.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(4)&#160;</td>
                <td align="left" nowrap>Backed by an escrow or trust containing sufficient
      U.S. Government or U.S. Government agency securities,&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>which ensure the timely payment of principal and
      interest. Such investments are normally considered to&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>be equivalent to AAA rated securities.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(5)&#160;</td>
                <td align="left" nowrap>Auction Rate Preferred Shares, at Liquidation Value
      as a percentage of Total Investments is 33.8%.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>N/R&#160;</td>
                <td align="left" nowrap>Not rated.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(ETM)&#160;</td>
                <td align="left" nowrap>Escrowed to maturity.&#160;</td>
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                <td align="right" nowrap>(IF)&#160;</td>
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              </tr><tr valign="bottom">
                <td align="right" nowrap>(UB)&#160;</td>
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      reflected as a financing
transaction.&#160;</td>
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2. Controls and Procedures.</font></div>
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<tr>
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      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>
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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>
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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">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>
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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
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">
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        <div style="TEXT-ALIGN: center; WIDTH: 100%">
        </div>
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    <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>
    <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)&#160;<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>
    <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">By
(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>
    <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;Kevin
J. McCarthy</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;Vice
President and Secretary</font></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">Date&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;August
27, 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="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, 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>
    <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">By
(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>
    <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;Chief
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>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <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 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;August
27,
2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></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><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By
(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>
    <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;Stephen
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>
    <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">
      <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 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;August
27,
2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></font></div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification2.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
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<head>
    <title>Unassociated Document</title>
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<!-- Copyright 1995 - 2009 Thomson Reuters. All rights reserved. -->
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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>
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<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>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
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<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>
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<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>
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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">Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;August 27, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></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">I, Stephen D. Foy, certify that:</font></div>

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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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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">Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;August 27, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

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