UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21211
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Nuveen Insured New York Tax-Free Advantage Municipal Fund
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: September 30
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Date of reporting period: March 31, 2009
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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 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. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMI-ANNUAL REPORT | Nuveen Investments
March 31, 2009 | MUNICIPAL CLOSED-END FUNDS
[PHOTO OF: SMALL CHILD]
NUVEEN NEW YORK
INVESTMENT QUALITY
MUNICIPAL FUND, INC.
NQN
NUVEEN NEW YORK
SELECT QUALITY
MUNICIPAL FUND, INC.
NVN
NUVEEN NEW YORK
QUALITY INCOME
MUNICIPAL FUND, INC.
NUN
NUVEEN INSURED
NEW YORK PREMIUM
INCOME MUNICIPAL
FUND, INC.
NNF
NUVEEN INSURED
NEW YORK DIVIDEND
ADVANTAGE MUNICIPAL
FUND
NKO
NUVEEN INSURED
NEW YORK TAX-FREE
ADVANTAGE MUNICIPAL
FUND
NRK
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Chairman's
LETTER TO SHAREHOLDERS
[PHOTO OF ROBERT P. BREMNER] | Robert P. Bremner | Chairman of the Board
Dear Shareholders,
The problems in the U.S. financial system and the slowdown in global economic
activity continue to create a very difficult environment for the U.S. economy.
The administration, the Federal Reserve System and Congress have initiated a
variety of programs directed at restoring liquidity to the financial markets,
providing financial support for critical financial institutions and stimulating
economic activity. There are encouraging signs that these initiatives are
beginning to have a constructive impact. It is not possible to predict whether
the actions taken to date will be sufficient to restore more normal conditions
in the financial markets or enable the economy to stabilize and set a course
toward recovery. However, the speed and scope of the government's actions are
very encouraging and more importantly, reflect a commitment to act decisively to
meet the economic challenges we face.
The performance information in the attached report reflects the impact of many
negative forces at work in the equity and fixed income markets. The comments by
the portfolio manager describe the strategies being used to pursue your Fund's
long term investment goals. The financial markets continue to experience serious
dislocations and thorough research and strong investment disciplines have never
been more important in identifying risks and opportunities. I hope you will read
this information carefully.
Your Fund Board is particularly sensitive to our shareholders' concerns in these
uncertain times. We believe that frequent and thorough communication is
essential in this regard and encourage you to visit the Nuveen website:
www.nuveen.com , for recent developments in all Nuveen funds. We also encourage
you to communicate with your financial consultant for answers to your questions
and to seek advice on your long term investment strategy in the current market
environment.
Nuveen continues to work on resolving the issues related to the auction rate
preferred shares situation, but the unsettled conditions in the credit markets
have slowed progress. Nuveen is actively pursuing a number of solutions, all
with the goal of providing liquidity for preferred shareholders while preserving
the potential benefits of leverage for common shareholders. We appreciate the
patience you have shown as we work through the many issues involved.
On behalf of myself and the other members of your Fund's Board, we look forward
to continuing to earn your trust in the months and years ahead.
Sincerely,
/s/ Robert P. Bremner
Robert P. Bremner
Chairman of the Nuveen Fund Board
May 22, 2009
Portfolio Manager's COMMENTS
Nuveen Investments Municipal Closed-End Funds | NQN, NVN, NUN, NNF, NKO, NRK
Portfolio manager Cathryn Steeves discusses key investment strategies and the
six-month performance of the Nuveen New York Funds. Cathryn, who joined Nuveen
in 1996, assumed portfolio management responsibility for these six Funds in
2006.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NEW YORK FUNDS DURING THE SIX-MONTH
REPORTING PERIOD ENDED MARCH 31, 2009?
During this period, pressure in the financial and credit markets led to
increased price volatility for most securities, reduced liquidity and a general
flight to quality. In this environment, we continued to focus on value investing
and the Funds' liquidity and duration positions.(1)
In the exceptionally illiquid market of the past six months, we believed that it
was prudent to concentrate not only on managing and preserving liquidity but
also on incorporating extra liquidity whenever we found appropriate
opportunities to do so. We monitored the types of credits and bond structures
that were attractive to the retail market and took advantage of strong bids to
sell bonds into relatively consistent retail demand. The bonds we sold tended to
be higher quality credits with short or intermediate maturities. A small number
of bond calls also provided some extra liquidity.
In general, our investment activity during this period was limited, as we waited
for more clarity in the market. In addition, insured bonds were in shorter
supply in the primary market during this period, as insurance penetration of new
issuance continued to decline. Insured bonds comprised 18% of new supply in
2008, compared with 47% in 2007.
As a key dimension of risk management, a disciplined approach to duration
positioning remained an important component of our management strategies. As
part of this approach, we continued to use inverse floating rate securities2 in
all six of these Funds. Inverse floaters typically provide the dual benefit of
bringing the Funds' durations closer to our strategic target and enhancing their
income-generation capabilities. During this period, NRK invested in additional
types of derivatives3 intended to help extend duration and manage common share
net asset value (NAV) volatility without having a negative impact on the Fund's
income stream or common share dividends over the short term. As of March 31,
2009, the inverse floaters remained in place in all six of the New York Funds,
while we removed the derivative positions from NRK in view of current market
conditions.
----------
(1) Duration is a measure of a bond's price sensitivity as interest rates
change, with longer duration bonds displaying more sensitivity to these changes
than bonds with shorter durations.
(2) An inverse floating rate security, also known as inverse floaters, is a
financial instrument designed to pay long-term tax-exempt interest at a rate
that varies inversely with a short-term tax-exempt interest rate index. For the
Nuveen Funds, the index typically used is the Securities Industry and Financial
Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market
Association Index or BMA). Inverse floaters, including those inverse floating
rate securities in which the Funds invested during the reporting period, are
further defined within the Notes to Financial Statements and Glossary of Terms
Used in this Report sections of this report.
(3) Each Fund may invest in derivative instruments such as forwards, futures,
options, and swap transactions. For additional information on the derivative
instruments in which the Fund was invested during and at the end of the
reporting period, see the Portfolio of Investments, Financial Statements and
Notes to Financial Statements sections of this report.
Certain statements in this report are forward-looking statements. Discussions of
specific investments are for illustration only and are not intended as
recommendations of individual investments. The forward-looking statements and
other views expressed herein are those of the portfolio manager as of the date
of this report. Actual future results or occurrences may differ significantly
from those anticipated in any forward-looking statements and the views expressed
herein are subject to change at any time, due to numerous market and other
factors. The Funds disclaim any obligation to update publicly or revise any
forward-looking statements or views expressed herein.
4
HOW DID THE FUNDS PERFORM?
Individual results for these Nuveen New York Funds, as well as relevant index
and peer group information, are presented in the accompanying table.
Average Annual Total Returns on Common Share Net Asset Value*
For periods ended 3/31/09
Six-Month 1-Year 5-Year 10-Year
NQN 5.82% 0.00% 2.27% 5.20%
NVN 6.16% 0.56% 2.35% 5.05%
NUN 5.91% 0.40% 2.20% 4.76%
NNF 6.62% 1.40% 2.47% 4.74%
NKO 6.38% 1.07% 2.96% N/A
NRK 6.01% 1.04% 3.31% N/A
Lipper Single-State
Insured Municipal Debt
Funds Average(4) 3.08% -4.79% 1.41% 4.25%
Barclays Capital
NY Insured Municipal
Bond Index(5) 6.17% 3.05% 3.33% 4.82%
S&P NY Municipal
Bond Index(6) 4.08% 1.21% 3.19% 4.59%
For the six months ended March 31, 2009, the cumulative returns on common share
NAV for all six of these New York Funds exceeded the average return for the
Lipper Single State Insured Municipal Debt Funds Average. All six of the New
York Funds also outperformed the Standard & Poor's (S&P) New York Municipal Bond
Index for the same period. NNF and NKO outperformed the Barclays Capital New
York Insured Municipal Bond Index for this period, while NVN and NRK performed
in line with the index, and NQN and NUN underperformed this measure.
Key management factors that influenced the Funds' returns during this period
included duration and yield curve positioning, the use of derivatives, credit
exposure, and sector allocations. In addition, the use of leverage was an
important factor affecting the Funds' performance over this period. The impact
of leverage is discussed in more detail on page 9.
Over the course of this reporting period, the yield curve remained steep. Bonds
in the Barclays Capital Municipal Bond Index with maturities between four and
seventeen years, especially those maturing in approximately fifteen years,
benefited the most from this interest rate environment. Because they were less
sensitive to interest rate changes, these bonds generally outperformed credits
with longer maturities, as bonds with the longest maturities (22 years and
longer) posted a loss for the period. In general, these six Funds had good
exposure to the intermediate part of the yield curve, which performed well and
lower exposures to the underperforming longest part of the
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* Six-month returns are cumulative; returns for one-year, five-year and ten-year
are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
(4) The Lipper Single-State Insured Municipal Debt Funds Average is calculated
using the returns of all closed-end funds in this category for each period as
follows: 1-year, 44 funds; 5-year, 44 funds; and 10-year, 24 funds. Fund and
Lipper returns assume reinvestment of dividends.
(5) The Barclays Capital (formerly Lehman Brothers) New York Insured Municipal
Bond Index is an unleveraged, unmanaged index comprising a broad range of
insured New York municipal bonds. Results for the Barclays Capital index do not
reflect any expenses.
(6) The Standard & Poor's (S&P) New York Municipal Bond Index is an unleveraged,
market value-weighted index designed to measure the performance of the
investment-grade New York municipal bond market.
5
curve. As a result, duration and yield curve positioning were positive
contributors to the Funds' performance across the board.
As mentioned earlier, NRK used derivative positions during this period to
synthetically extend duration and move the Fund closer to our strategic duration
target. Despite the fact that longer duration municipal bonds generally
underperformed those with shorter durations during this period, the use of these
derivatives generally had a positive impact on NRK's total return performance.
This positive impact was attributable to the fact that the derivative positions
provided exposure to the taxable markets during a period when, in contrast to
historical trends, the taxable markets and the municipal market moved in
opposite directions. As municipal market performance lagged the gains in the
taxable markets, these derivatives performed well. The inverse floaters used by
all six of these Funds also generally had a positive impact on performance.
Credit exposure was also an important factor in performance. Because risk-averse
investors generally sought higher quality investments as disruptions in the
financial markets deepened, bonds with higher credit quality, typically
performed very well. At the same time, securities rated BBB or below and
non-rated bonds generally posted poor returns. Overall, the performances of
these six Funds benefited from their higher quality holdings. However, insured
holdings where the insurers backing the bonds had been downgraded were typically
trading to their underlying (or issuer) credit ratings by the end of the period.
This meant that the performance of an insured bond with an underlying rating of
BBB generally was more adversely affected during this period than the
performance of an insured bond with an underlying credit rated AA.
NKO and NRK, which are Dividend Advantage Funds, also have the ability to invest
up to 20% of their assets in uninsured investment-grade quality securities. As
of March 31, 2009, NKO and NRK had allocations of approximately 4% and 3%,
respectively, in bonds rated BBB. The negative impact of these allocations was
largely offset by the shorter durations of these two Funds.
During this period, pre-refunded(7) bonds, which are backed by U.S. Treasury
securities, were one of the top performing segments of the municipal bond
market, due primarily to their shorter effective maturities, higher credit
quality and perceived safety. As of March 31, 2009, NRK had the heaviest
weighting of pre-refunded bonds among these six Funds. Additional sectors of the
market that generally contributed to the Funds' returns included general
obligation and other tax-backed bonds, water and sewer, housing and education.
Holdings that generally detracted from the Funds' performance included
Industrial Development Bonds (IDB), which performed very poorly during this
period. Health care bonds in general also underperformed the overall municipal
market. Alongside current coupon bonds in these sectors, IDB sector, zero coupon
bonds were among the worst performing categories in the municipal market, as
were lower-rated tobacco bonds backed by the 1998 master tobacco settlement
agreement, which comprised less than 2% of the portfolios of NKO and NRK as of
March 31, 2009. These Funds' under-
----------
(7) Pre-refundings, also known as advance refundings or refinancings, occur
when an issuer sells new bonds and uses the proceeds to fund principal and
interest payments of older existing bonds. This process often results in lower
borrowing costs for bond issuers.
6
weighting of the tobacco sector was beneficial in that it lessened the negative
impact of their tobacco holdings.
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
In addition to the factors previously discussed, one of the primary factors
impacting the six-month returns of these six New York Funds relative to those of
the unleveraged Barclays Capital New York Insured Municipal Bond Index and S&P
New York Municipal Bond Index was the Funds' use of financial leverage. While
leverage offers opportunities to generate additional income and total returns
for common shareholders, the benefits provided by leveraging are influenced by
the price movements of the bonds in each Fund's portfolio. During this period,
declining valuations had a negative effect on performance that was magnified by
the use of leverage. In addition, at various points during the six-month period,
the Funds' borrowing costs were relatively high, negatively impacting their
total returns.
RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES
As mentioned previously, another factor that had an impact on the performance of
these Funds was their positions in bonds backed by municipal bond insurers that
experienced downgrades in their credit ratings. During the period covered by
this report, AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA (formerly XLCA)
experienced one or more rating reductions by at least one or more rating
agencies. At the time this report was prepared, there are no longer any bond
insurers rated triple-A by all three of the major rating agencies (Moody's
Investor Service, S&P and Fitch) and at least one rating agency has placed each
of these insurers on "negative credit watch," "credit watch evolving," "credit
outlook developing" or "rating withdrawn," which may presage one or more rating
reductions for such insurer or insurers in the future. As concern increased
about the balance sheets of these insurers, prices on bonds insured by these
companies - especially those bonds with weaker underlying credits - declined,
detracting from the Funds' performance. By the end of this period, most insured
bonds were being valued according to their fundamentals as if they were
uninsured. On the whole, the holdings of all of our Funds continued to be well
diversified not only between insured and uninsured bonds, but also within the
insured bond category. It is important to note that municipal bonds historically
have had a very low rate of default.
RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED SECURITIES MARKETS
As noted in the last shareholder report, beginning in February 2008, more shares
were submitted for sale in the regularly scheduled auctions for the auction rate
preferred shares issued by these Funds than there were offers to buy. This meant
that these auctions "failed to clear," and that many, or all, of the Funds'
auction rate preferred shareholders who wanted to sell their shares in these
auctions were unable to do so. This decline in liquidity in auction rate
preferred shares did not lower the credit quality of these shares, and auction
rate preferred shareholders unable to sell their shares
7
received distributions at the "maximum rate" applicable to failed auctions, as
calculated in accordance with the pre-established terms of the auction rate
preferred shares.
These developments generally have not affected the portfolio management or
investment policies of these Funds. However, one continuing implication for
common shareholders of these auction failures is that the Funds' cost of
leverage will likely be higher, at least temporarily, than it otherwise would
have been had the auctions continued to be successful. As a result, the Funds'
future common share earnings may be lower than they otherwise might have been.
As noted in the last shareholder report, the Funds' Board of Directors/Trustees
authorized a plan to use tender option bonds (TOBs), also known as floating rate
securities, to refinance a portion of the Funds' outstanding auction rate
preferred shares. As of March 31, 2009, the amount of auction rate preferred
securities redeemed and/or noticed for redemption by the Funds are as shown in
the accompanying table:
Auction Rate
Preferred Shares
Redeemed % of Original
and/or Noticed Auction Rate
Fund for Redemption Preferred Shares
NQN $ 32,500,000 22.6%
NVN $ 29,100,000 15.1%
NUN $ 36,225,000 18.4%
NNF $ 14,650,000 22.5%
NKO $ 61,000,000 100.0%
As noted in the last shareholder report, all of NKO's redemptions were achieved
through the issuance of variable rate demand preferred shares (VRDP) in
conjunction with the proceeds from the creation of TOBs. VRDP is a new
instrument designed to replace the auction rate preferred shares used as
leverage in Nuveen closed-end Funds. VRDP is offered only to qualified
institutional buyers, defined pursuant to Rule 144A under the Securities Act of
1933. As of March 31, 2009, NKO has $50 million of VRDP.
While the Funds' Board of Directors/Trustees and management continue to work to
resolve this situation, the Funds cannot provide any assurance on when the
remaining outstanding auction rate preferred shares might be redeemed.
As of March 31, 2009, sixty-seven Nuveen closed-end municipal funds have
redeemed and/or noticed for redemption at par a portion of their outstanding
auction rate preferred shares. These redemptions bring the total amount of
Nuveen's municipal closed-end funds' auction rate preferred share redemptions to
approximately $2.1 billion of the original $11 billion outstanding.
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred
Resource Center at:
http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.
8
Common Share Dividend and Share Price INFORMATION
During the six-month reporting period ended March 31, 2009, NQN and NUN had a
dividend increase, while the dividends of the other four Nuveen New York Funds
in this report remained stable throughout the reporting period.
As the result of normal portfolio activity, common shareholders of the following
Funds received long-term capital gains distributions at the end of December 2008
as follows:
Long-Term Capital Gains
(per share)
NKO $ 0.0245
NRK $ 0.0082
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of March 31, 2009, all of the
Funds in this report had a positive UNII balance, based upon our best estimate,
for tax purposes and all of the Funds in this report except NRK had a positive
UNII balance for financial statement purposes. As of March 31, 2009, NRK had a
negative UNII balance for financial statement purposes.
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
The Funds' Board of Directors/Trustees approved an open-market share repurchase
program on July 10, 2007, for NQN, NVN and NUN and on July 30, 2008, for NNF,
NKO and NRK under which each Fund may repurchase an aggregate of up to 10% of
its
9
outstanding common shares. As of March 31, 2009, the Funds repurchased
common shares as shown in the accompanying table:
Common Shares % of Outstanding
Fund Repurchased Common Shares
NQN 83,900 0.5%
NVN 112,400 0.5%
NUN 150,400 0.6%
NNF 73,000 0.9%
NKO 27,000 0.3%
NRK 6,800 0.2%
During the six-month reporting period, common shares were repurchased at a
weighted average price and a weighted average discount per common share as shown
in the accompanying table:
Weighted Average Weighted Average
Price Per Share Discount Per Share
Fund Repurchased Repurchased
NQN $ 11.16 18.61%
NVN $ 11.07 19.98%
NUN $ 10.93 19.94%
NNF $ 11.34 19.17%
NKO $ 11.28 19.06%
NRK $ 11.41 18.03%
As of March 31, 2009, the Funds' common share prices were trading at discounts
to their common share NAVs as shown in the accompanying table:
3/31/09 Six-Month Average
Discount Discount
NQN -16.68% - 19.77
NVN -17.95% - 20.37
NUN -18.10% - 20.43
NNF -18.84% - 20.82
NKO -16.74% - 19.66
NRK -15.04% - 17.13
10
NQN Performance OVERVIEW | Nuveen New York Investment Quality Municipal Fund,
Inc. as of March 31, 2009
Credit Quality (as a % of total investments)(1,2,3)
[PIE CHART]
Insured 94%
U.S. Guaranteed 5%
FHA/FNMA/GNMA Guaranteed 1%
2008-2009 Monthly Tax-Free Dividends Per Common Share
[BAR CHART]
Apr $ 0.052
May 0.052
Jun 0.052
Jul 0.052
Aug 0.052
Sep 0.052
Oct 0.052
Nov 0.052
Dec 0.052
Jan 0.052
Feb 0.052
Mar 0.056
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH]
4/01/08 $ 13.21
13.12
13.1
13.15
13.11
13.03
13.18
13.24
13.18
13.17
13.4
12.81
12.7
12.69
12.726
12.62
12.44
12.47
12.54
12.59
12.52
12.44
12.43
12.56
12.38
11.85
11.25
10.63
7.97
9.32
10.68
10.71
11.14
10.2
9.25
9.52
9.15
8.13
9.16
9.69
10.58
11.54
11.27
11.27
11.48
11.57
11.83
11
11.5
11.17
11.03
11.16
11.5
3/31/09 11.39
FUND SNAPSHOT
Common Share Price $ 11.39
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 13.67
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -16.68%
--------------------------------------------------------------------------------
Market Yield 5.90%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 8.79%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 239,415
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 14.47
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.82
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 9.37% 5.82%
--------------------------------------------------------------------------------
1-Year -8.16% 0.00%
--------------------------------------------------------------------------------
5-Year -0.97% 2.27%
--------------------------------------------------------------------------------
10-Year 2.65% 5.20%
--------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 34.2%
--------------------------------------------------------------------------------
Health Care 15.1%
--------------------------------------------------------------------------------
Transportation 10.9%
--------------------------------------------------------------------------------
Education and Civic Organizations 9.6%
--------------------------------------------------------------------------------
Tax Obligation/General 9.1%
--------------------------------------------------------------------------------
U.S. Guaranteed 5.3%
--------------------------------------------------------------------------------
Other 15.8%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
MBIA 28.7%
--------------------------------------------------------------------------------
AMBAC 28.5%
--------------------------------------------------------------------------------
FGIC 20.9%
--------------------------------------------------------------------------------
FSA 16.8%
--------------------------------------------------------------------------------
SYNCORA 3.3%
--------------------------------------------------------------------------------
Other 1.8%
--------------------------------------------------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and
SYNCORA as of March 31, 2009. Please see the Portfolio Manager's
Commentary for an expanded discussion of the affect on the Fund of changes
to the ratings of certain bonds in the portfolio resulting from changes to
the ratings of the underlying insurers both during the period and after
period end.
(2) Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(3) Excluding Euro Dollar Time Deposit.
(4) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
11
NVN Performance OVERVIEW | Nuveen New York Select Quality Municipal Fund, Inc.
as of March 31, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 11.34
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 13.82
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -17.95%
--------------------------------------------------------------------------------
Market Yield 5.77%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 8.60%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 320,665
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 15.55
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 11.18
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 9.22% 6.16%
--------------------------------------------------------------------------------
1-Year -7.06% 0.56%
--------------------------------------------------------------------------------
5-Year -1.24% 2.35%
--------------------------------------------------------------------------------
10-Year 2.74% 5.05%
--------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 31.6%
--------------------------------------------------------------------------------
Health Care 13.0%
--------------------------------------------------------------------------------
Education and Civic Organizations 10.8%
--------------------------------------------------------------------------------
Tax Obligation/General 10.1%
--------------------------------------------------------------------------------
U.S. Guaranteed 9.2%
--------------------------------------------------------------------------------
Utilities 7.1%
--------------------------------------------------------------------------------
Transportation 5.6%
--------------------------------------------------------------------------------
Other 12.6%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
MBIA 33.5%
--------------------------------------------------------------------------------
AMBAC 32.5%
--------------------------------------------------------------------------------
FGIC 15.7%
--------------------------------------------------------------------------------
FSA 15.0%
--------------------------------------------------------------------------------
Other 3.3%
--------------------------------------------------------------------------------
Credit Quality (as a % of total investments)(1,2,3)
[PIE CHART]
Insured 91%
U.S. Guaranteed 9%
2008-2009 Monthly Tax-Free Dividends Per Common Share
[BAR CHART]
Apr $ 0.053
May 0.053
Jun 0.053
Jul 0.053
Aug 0.053
Sep 0.0545
Oct 0.0545
Nov 0.0545
Dec 0.0545
Jan 0.0545
Feb 0.0545
Mar 0.0545
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH]
4/01/08 $ 13.03
13.07
13.02
13.03
13.06
13.03
13.1
13.2
13.2
13.17
13.18
12.92
12.66
12.61
12.75
12.63
12.53
12.5
12.44
12.55
12.53
12.49
12.48
12.7
12.52
11.85
11.06
10.93
8.11
9.36
10.5
10.59
11.11
10.59
9.53
9.68
9.29
8.39
9.52
9.86
10.56
11.62
11.36
11.11
11.46
11.65
11.81
11.19
11.39
10.88
10.77
11.15
11.39
3/31/09 11.34
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and
SYNCORA as of March 31, 2009. Please see the Portfolio Manager's
Commentary for an expanded discussion of the affect on the Fund of changes
to the ratings of certain bonds in the portfolio resulting from changes to
the ratings of the underlying insurers both during the period and after
period end.
(2) Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(3) Excluding Euro Dollar Time Deposit.
(4) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
12
NUN Performance OVERVIEW | Nuveen New York Quality Income Municipal Fund, Inc.
as of March 31, 2009
Credit Quality (as a % of total investments)(1,2,3)
[PIE CHART]
Insured 89%
U.S. Guaranteed 10%
FHA/FNMA/GNMA Guaranteed 1%
2008-2009 Monthly Tax-Free Dividends Per Common Share
[BAR CHART]
Apr
May $ 0.051
Jun 0.051
Jul 0.051
Aug 0.051
Sep 0.051
Oct 0.0525
Nov 0.0525
Dec 0.0525
Jan 0.0525
Feb 0.0525
Mar 0.0525
0.054
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH]
4/01/08 $ 12.86
12.98
12.83
12.88
12.82
12.84
13.11
13.09
12.97
12.99
13.11
12.65
12.531
12.49
12.67
12.66
12.43
12.4
12.42
12.41
12.5
12.38
12.39
12.5
12.37
11.7
11.18
10.52
7.95
9.24
10.44
10.45
10.89
10.26
9.46
9.41
9.3
8.35
9.32
9.87
10.67
11.5
11.52
11.04
11.22
11.54
11.74
11.17
11.26
10.75
10.7
11.1
11.12
3/31/09 11.18
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 11.18
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 13.65
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -18.10%
--------------------------------------------------------------------------------
Market Yield 5.80%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 8.64%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 324,260
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 14.50
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 11.25
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 10.43% 5.91%
--------------------------------------------------------------------------------
1-Year -7.23% 0.40%
--------------------------------------------------------------------------------
5-Year -0.88% 2.20%
--------------------------------------------------------------------------------
10-Year 2.59% 4.76%
--------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 32.7%
--------------------------------------------------------------------------------
Education and Civic Organizations 13.0%
--------------------------------------------------------------------------------
Health Care 10.2%
--------------------------------------------------------------------------------
U.S. Guaranteed 10.0%
--------------------------------------------------------------------------------
Transportation 9.5%
--------------------------------------------------------------------------------
Tax Obligation/General 8.3%
--------------------------------------------------------------------------------
Utilities 6.6%
--------------------------------------------------------------------------------
Other 9.7%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
MBIA 31.6%
--------------------------------------------------------------------------------
AMBAC 26.5%
--------------------------------------------------------------------------------
FSA 19.8%
--------------------------------------------------------------------------------
FGIC 19.6%
--------------------------------------------------------------------------------
Other 2.5%
--------------------------------------------------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and
SYNCORA as of March 31, 2009. Please see the Portfolio Manager's
Commentary for an expanded discussion of the affect on the Fund of changes
to the ratings of certain bonds in the portfolio resulting from changes to
the ratings of the underlying insurers both during the period and after
period end.
(2) Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(3) Excluding Euro Dollar Time Deposit.
(4) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
13
NNF Performance OVERVIEW | Nuveen Insured New York Premium Income Municipal
Fund, Inc. as of March 31, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 11.33
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 13.96
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -18.84%
--------------------------------------------------------------------------------
Market Yield 5.35%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 7.97%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 115,259
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 14.75
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.52
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 5.52% 6.62%
--------------------------------------------------------------------------------
1-Year -9.38% 1.40%
--------------------------------------------------------------------------------
5-Year -1.26% 2.47%
--------------------------------------------------------------------------------
10-Year 2.38% 4.74%
--------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 36.4%
--------------------------------------------------------------------------------
Health Care 15.2%
--------------------------------------------------------------------------------
Education and Civic Organizations 12.6%
--------------------------------------------------------------------------------
Transportation 7.6%
--------------------------------------------------------------------------------
Water and Sewer 6.4%
--------------------------------------------------------------------------------
Tax Obligation/General 6.0%
--------------------------------------------------------------------------------
Other 15.8%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
AMBAC 30.8%
--------------------------------------------------------------------------------
MBIA 26.4%
--------------------------------------------------------------------------------
FSA 22.2%
--------------------------------------------------------------------------------
FGIC 15.6%
--------------------------------------------------------------------------------
Other 5.0%
--------------------------------------------------------------------------------
Credit Quality (as a % of total investments)(1,2,3)
[PIE CHART]
Insured 95%
U.S. Guaranteed 5%
2008-2009 Monthly Tax-Free Dividends Per Common Share
[BAR CHART]
Apr $ 0.0505
May 0.0505
Jun 0.0505
Jul 0.0505
Aug 0.0505
Sep 0.0505
Oct 0.0505
Nov 0.0505
Dec 0.0505
Jan 0.0505
Feb 0.0505
Mar 0.0505
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH]
4/01/08 $ 13.16
13.12
13.09
13.09
12.99
13.07
13.18
13.12
13.15
13.16
13.17
12.8
12.69
12.55
12.65
12.59
12.4
12.41
12.56
12.43
12.48
12.43
12.48
12.6
12.48
11.92
11.37
11.01
8.15
9.45
10.71
10.58
10.86
10.55
9.43
9.85
9.1
8.37
9.5
9.8
10.35
11.48
11.32
11.25
11.5375
11.8
12.06
11.28
11.62
11.19
10.9
11.16
11.37
3/31/09 11.33
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and
SYNCORA as of March 31, 2009. Please see the Portfolio Manager's
Commentary for an expanded discussion of the affect on the Fund of changes
to the ratings of certain bonds in the portfolio resulting from changes to
the ratings of the underlying insurers both during the period and after
period end.
(2) Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(3) Excluding Euro Dollar Time Deposit.
(4) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
14
NKO Performance OVERVIEW | Nuveen Insured New York Dividend Advantage Municipal
Fund as of March 31, 2009
Credit Quality (as a % of total investments)(1,2,3)
[PIE CHART]
Insured 85%
U.S. Guaranteed 5%
FHA/FNMA/GNMA Guaranteed 2%
AA (Uninsured) 4%
BBB (Uninsured) 4%
2008-2009 Monthly Tax-Free Dividends Per Common Share(5)
[BAR CHART]
Apr $ 0.055
May 0.055
Jun 0.055
Jul 0.055
Aug 0.055
Sep 0.055
Oct 0.055
Nov 0.055
Dec 0.055
Jan 0.055
Feb 0.055
Mar 0.055
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH]
4/01/08 $ 13.25
13.16
13.21
13.25
13.29
13.31
13.43
13.48
13.57
13.46
13.46
13.1
12.95
12.76
12.9
13.02
13.01
12.92
12.85
12.72
12.82
12.83
12.89
12.97
12.64
11.81
11.246
10.9299
7.66
9.54
10.9
10.7999
11
10.6
9.02
9.51
9.108
8.49
9.59
9.92
10.31
11.84
11.46
11.13
11.56
11.8
11.93
11.26
11.7499
11.22
11.0001
11.47
11.57
3/31/09 11.54
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 11.54
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 13.86
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -16.74%
--------------------------------------------------------------------------------
Market Yield 5.72%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 8.52%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 109,982
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 16.55
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.91
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 8.76% 6.38%
--------------------------------------------------------------------------------
1-Year -6.75% 1.07%
--------------------------------------------------------------------------------
5-Year 0.24% 2.96%
--------------------------------------------------------------------------------
Since
Inception 2.34% 5.38%
--------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 27.6%
--------------------------------------------------------------------------------
Health Care 16.3%
--------------------------------------------------------------------------------
Education and Civic Organizations 13.5%
--------------------------------------------------------------------------------
Transportation 9.7%
--------------------------------------------------------------------------------
Utilities 8.5%
--------------------------------------------------------------------------------
Tax Obligation/General 8.4%
--------------------------------------------------------------------------------
U.S. Guaranteed 5.2%
--------------------------------------------------------------------------------
Other 10.8%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
AMBAC 26.7%
--------------------------------------------------------------------------------
MBIA 26.7%
--------------------------------------------------------------------------------
FGIC 21.9%
--------------------------------------------------------------------------------
FSA 20.4%
--------------------------------------------------------------------------------
Other 4.3%
--------------------------------------------------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and
SYNCORA as of March 31, 2009. Please see the Portfolio Manager's
Commentary for an expanded discussion of the affect on the Fund of changes
to the ratings of certain bonds in the portfolio resulting from changes to
the ratings of the underlying insurers both during the period and after
period end.
(2) At least 80% of the Fund's net assets (including net assets attributable
to Variable Rate Demand Preferred shares) are invested in municipal
securities that guarantee the timely payment of principal and interest.
See Notes to Financial Statements, Footnote 1 -Insurance, for more
information.
(3) Excluding Euro Dollar Time Deposit.
(4) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(5) The Fund paid shareholders a capital gains distribution in December 2008
of $0.0245 per share.
15
NRK Performance OVERVIEW | Nuveen Insured New York Tax-Free Advantage Municipal
Fund as of March 31, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 11.69
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 13.76
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -15.04%
--------------------------------------------------------------------------------
Market Yield 5.59%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 8.33%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 48,260
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 13.58
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.17
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 4.56% 6.01%
--------------------------------------------------------------------------------
1-Year -6.52% 1.04%
--------------------------------------------------------------------------------
5-Year 0.28% 3.31%
--------------------------------------------------------------------------------
Since
Inception 1.43% 4.49%
--------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 30.3%
--------------------------------------------------------------------------------
U.S. Guaranteed 15.4%
--------------------------------------------------------------------------------
Education and Civic Organizations 14.8%
--------------------------------------------------------------------------------
Health Care 14.6%
--------------------------------------------------------------------------------
Tax Obligation/General 5.3%
--------------------------------------------------------------------------------
Other 19.6%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
MBIA 32.9%
--------------------------------------------------------------------------------
AMBAC 30.6%
--------------------------------------------------------------------------------
FGIC 18.2%
--------------------------------------------------------------------------------
FSA 7.5%
--------------------------------------------------------------------------------
RAAI 4.5%
--------------------------------------------------------------------------------
AGC 4.0%
--------------------------------------------------------------------------------
Other 2.3%
--------------------------------------------------------------------------------
Credit Quality (as a % of total investments)(1,2,3)
[PIE CHART]
Insured 75%
U.S. Guaranteed 17%
FHA/FNMA/GNMA Guaranteed 1%
AA (Uninsured) 4%
BBB (Uninsured) 3%
2008-2009 Monthly Tax-Free Dividends Per Common Share(5)
[BAR CHART]
Apr $ 0.0545
May 0.0545
Jun 0.0545
Jul 0.0545
Aug 0.0545
Sep 0.0545
Oct 0.0545
Nov 0.0545
Dec 0.0545
Jan 0.0545
Feb 0.0545
Mar 0.0545
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH]
4/01/08 $ 13.29
13.47
13.51
13.51
13.47
13.48
13.5
13.52
13.58
13.48
13.53
13.19
12.9
13.22
13.25
13.4
13.6
13.45
13.55
13.23
13.114
13.02
13.45
13.56
13.279
12.532
12.5
11.8
8.35
9.77
11
11.08
11.15
11.04
10.04
10.3
9.51
8.82
10.1501
10.29
10.47
12.06
12
11.7212
12.3
12.31
11.95
11.0664
11.55
11.4
11.0456
11.15
11.691
3/31/09 11.69
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and
SYNCORA as of March 31, 2009. Please see the Portfolio Manager's
Commentary for an expanded discussion of the affect on the Fund of changes
to the ratings of certain bonds in the portfolio resulting from changes to
the ratings of the underlying insurers both during the period and after
period end.
(2) At least 80% of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(3) Excluding Euro Dollar Time Deposit.
(4) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(5) The Fund paid shareholders a capital gains distribution in December 2008
of $0.0082 per share.
16
NQN | Nuveen New York Investment Quality Municipal Fund, Inc.
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.4% (9.6% OF TOTAL
INVESTMENTS)
$ 3,500 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AA- $ 3,275,545
Bonds, Culinary Institute of America, Series 1999, 5.000%,
7/01/22 - MBIA Insured
6,500 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 100.50 AA- 6,542,575
Bonds, New York Medical College, Series 1998, 5.000%,
7/01/21 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 Aa2 2,069,080
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/18 -
AMBAC Insured
3,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 3,165,450
Bonds, State University Dormitory Facilities, Series
2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA
GTY Insured
1,730 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AA- 1,723,322
Bonds, State University Dormitory Facilities, Series
2004A, 5.000%, 7/01/29 - MBIA Insured
2,080 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 2,000,170
Bonds, State University Dormitory Facilities, Series
2006A, 5.000%, 7/01/31 - MBIA Insured
550 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AA- 532,180
Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC
Insured
1,150 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 Baa1 1,024,489
Canisius College, Series 2005, 5.000%, 7/01/21 - MBIA
Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
575 5.250%, 7/01/20 - AMBAC Insured No Opt. Call A1 592,704
460 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 470,401
4,500 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AA- 4,810,545
Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
2,390 New York City Industrial Development Agency, New York, PILOT 1/17 at 100.00 A 1,839,774
Revenue Bonds, Queens Baseball Stadium Project, Series
2006, 5.000%, 1/01/46 - AMBAC Insured
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
890 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 718,275
6,080 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA- 4,862,419
3,685 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 2,523,046
740 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 Aa3 724,016
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
39,830 Total Education and Civic Organizations 36,873,991
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 24.1% (15.1% OF TOTAL INVESTMENTS)
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999:
650 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 A 657,924
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 A 4,007,480
7,080 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 100.50 A 6,665,962
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
1,780 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 1,767,220
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
17
NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 2,575 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- $ 2,457,786
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
3,535 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 3,550,201
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
1,500 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AA- 1,429,980
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
935 Dormitory Authority of the State of New York, Housing No Opt. Call AA- 873,038
Revenue Bonds, Fashion Institute of Technology, Series
2007, 5.250%, 7/01/34 - FGIC Insured
8,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA- 7,352,319
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series
1999A, 5.500%, 7/01/22 - MBIA Insured
1,325 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 1,353,355
Health Quest System Inc., Series 2007B, 5.250%, 7/01/27 -
AGC Insured
6,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 6,171,720
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
2,035 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,190,393
New York and Presbyterian Hospital, Series 2004A, 5.250%,
8/15/15 - FSA Insured
1,805 Dormitory Authority of the State of New York, Revenue Bonds, 5/09 at 101.00 AA- 1,811,047
North Shore Health System Obligated Group, Series 1998,
5.000%, 11/01/23 - MBIA Insured
1,585 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,477,680
The New York and Presbyterian Hospital Project, Series
2007, 5.000%, 8/15/36 - FSA Insured
8,525 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 A 8,574,785
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/26 - AMBAC Insured
2,000 New York City Health and Hospitals Corporation, New York, 8/09 at 101.00 A+ 2,022,280
Health System Revenue Bonds, Series 1999A, 5.125%,
2/15/14 - AMBAC Insured
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
3,150 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 3,184,272
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A1 2,112,579
------------------------------------------------------------------------------------------------------------------------------------
58,580 Total Health Care 57,660,021
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.4% (3.4% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York,
Capital Fund Program Revenue Bonds, Series 2005A:
1,230 5.000%, 7/01/14 - FGIC Insured No Opt. Call AA+ 1,327,514
1,230 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,304,329
5,740 5.000%, 7/01/25 - FGIC Insured (UB) 7/15 at 100.00 AA+ 5,751,767
420 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 350,112
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
35 New York State Housing Finance Agency, FHA-Insured 8/09 at 100.00 A 35,075
Multifamily Housing Mortgage Revenue Bonds, Series 1994B,
6.250%, 8/15/14 - AMBAC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
1,490 6.100%, 11/01/15 - FSA Insured 5/09 at 100.00 AAA 1,495,588
2,540 6.125%, 11/01/20 - FSA Insured 5/09 at 100.00 AAA 2,542,032
------------------------------------------------------------------------------------------------------------------------------------
12,685 Total Housing/Multifamily 12,806,417
------------------------------------------------------------------------------------------------------------------------------------
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.9% (0.6% OF TOTAL INVESTMENTS)
$ 2,770 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- $ 2,213,507
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.0% (0.6% OF TOTAL INVESTMENTS)
3,000 Castle Rest Residential Healthcare Facility, Syracuse, New 8/09 at 100.00 AAA 2,458,410
York, FHA-Insured Mortgage Revenue Bonds, Series 1997A,
5.750%, 8/01/37
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.5% (9.1% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, School 10/15 at 100.00 AA- 2,780,460
Districts Revenue Bond Financing Program, Peekskill City
School District, Series 2005D, 5.000%, 10/01/33 - MBIA
Insured
1,200 Erie County, New York, General Obligation Bonds, Series 3/13 at 100.00 Baa2 1,210,704
2003A, 5.250%, 3/15/16 - FGIC Insured
635 Erie County, New York, General Obligation Bonds, Series No Opt. Call Baa1 658,679
2004B, 5.250%, 4/01/13 - MBIA Insured
2,000 Hempstead Town, New York, General Obligation Bonds, Series 1/11 at 101.00 Aa1 2,132,420
2001A, 5.250%, 1/15/14 - MBIA Insured
10,735 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 8,737,001
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured
1,000 Monroe County, New York, General Obligation Public 3/12 at 100.00 AA- 1,023,780
Improvement Bonds, Series 2002, 5.000%, 3/01/16 - FGIC
Insured
2,300 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 2,369,184
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds, Tender
Option Bond Trust 1198:
1,000 12.468%, 11/01/19 - FSA Insured (IF) 11/14 at 100.00 AAA 1,105,570
770 12.402%, 11/01/20 - FSA Insured (IF) 11/14 at 100.00 AAA 839,369
Oneida County, New York, General Obligation Public
Improvement Bonds, Series 2000:
500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AA- 511,445
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AA- 511,445
Pavilion Central School District, Genesee County, New York,
General Obligation Bonds, Series 2005:
1,650 5.000%, 6/15/16 - FSA Insured 6/15 at 100.00 AAA 1,839,371
1,815 5.000%, 6/15/18 - FSA Insured 6/15 at 100.00 AAA 1,959,601
1,145 Three Village Central School District, Brookhaven and No Opt. Call Aa3 1,267,275
Smithtown, Suffolk County, New York, General Obligation
Bonds, Series 2005, 5.000%, 6/01/18 - FGIC Insured
1,620 West Islip Union Free School District, Suffolk County, New 10/15 at 100.00 Aa3 1,811,273
York, General Obligation Bonds, Series 2005, 5.000%,
10/01/16 - FSA Insured
6,110 Yonkers, New York, General Obligation Bonds, Series 2005A, 8/15 at 100.00 AA- 6,056,721
5.000%, 8/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
35,980 Total Tax Obligation/General 34,814,298
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 52.5% (32.9% OF TOTAL INVESTMENTS)
2,250 Dormitory Authority of the State of New York, 853 Schools 7/09 at 100.50 A 2,263,095
Program Insured Revenue Bonds, St. Anne Institute,
Issue 2, Series 1998E, 5.000%, 7/01/18 - AMBAC Insured
1,575 Dormitory Authority of the State of New York, Department of 7/15 at 100.00 AA- 1,597,475
Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
CIFG Insured
1,340 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 A 1,364,187
Revenue Bonds, 853 Schools Program - Anderson School,
Series 1999E, Issue 2, 5.750%, 7/01/19 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AA- 2,038,920
Revenue Bonds, Special Act School District Program,
Series 1999, 5.750%, 7/01/19 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue 8/11 at 100.00 AAA 1,034,160
Bonds, Nassau County Board of Cooperative Educational
Services, Series 2001A, 5.250%, 8/15/21 - FSA Insured
1,500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 1,521,840
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
19
NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,410 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- $ 2,481,529
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series
2005D-1:
2,120 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- 2,244,444
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,187,928
4,600 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AA- 4,689,700
School Districts Financing Program, Series 2002D, 5.250%,
10/01/23 - MBIA Insured
3,135 Dormitory Authority of the State of New York, Secured 8/09 at 100.75 AA- 3,136,912
Hospital Insured Revenue Bonds, Southside Hospital,
Series 1998, 5.000%, 2/15/25 - MBIA Insured
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 395,993
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series
2003:
1,000 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,033,450
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,231,560
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District:
1,290 5.750%, 5/01/26 - FSA Insured (UB) 5/14 at 100.00 AAA 1,312,059
1,780 5.750%, 5/01/27 - FSA Insured (UB) 5/18 at 100.00 AAA 1,815,208
5,630 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA 5,691,311
Facility Revenue Bonds, Buffalo City School District,
Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
6,000 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 6,070,560
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA
Insured
2,760 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 2,865,625
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AA- 1,291,125
2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AA- 2,060,920
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 1,969,240
4,095 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 3,984,926
4,500 Metropolitan Transportation Authority, New York, State No Opt. Call AAA 5,072,085
Service Contract Refunding Bonds, Series 2008, 5.750%,
7/01/18 - FSA Insured (UB)
4,820 Nassau County Interim Finance Authority, New York, Sales and No Opt. Call AAA 5,481,497
Use Tax Revenue Bonds, Series 2004H, 5.250%, 11/15/13 -
AMBAC Insured
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
2,115 5.000%, 11/15/18 - AMBAC Insured 11/13 at 100.00 AAA 2,227,074
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,344,150
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,334,036
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
2,200 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA 2,263,360
1,600 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 1,636,448
6,640 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 6,706,998
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,507,170
1,435 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 1,534,273
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%,
8/01/20 - AMBAC Insured
1,660 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,717,818
Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%,
2/01/22 - MBIA Insured
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA $ 2,112,280
Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%,
2/01/19 - SYNCORA GTY Insured
3,910 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 4,011,934
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel Fee
Revenue Bonds, Tender Option Bond Trust 3126:
690 13.201%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 707,305
3,465 12.082%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 3,323,178
3,000 New York State Local Government Assistance Corporation, No Opt. Call AAA 3,322,290
Revenue Bonds, Series 2008, 5.250%, 4/01/16 - FSA Insured
(UB)
1,500 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,478,925
Series 2008, 5.000%, 1/01/30 - FSA Insured (UB)
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2005B:
7,350 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 8,184,812
1,500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 1,558,395
1,750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,777,160
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 - AMBAC
Insured
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1:
6,300 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 6,338,808
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AA- 1,002,040
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 4,480,650
1,000 New York State Urban Development Corporation, State 3/15 at 100.00 AAA 999,980
Personal Income Tax Revenue Bonds, Series 2005B, 5.000%,
3/15/30 - FSA Insured
1,000 Niagara Falls City School District, Niagara County, New 6/15 at 100.00 AAA 799,370
York, Certificates of Participation, High School
Facility, Series 2005, 5.000%, 6/15/28 - FSA Insured
1,435 Suffolk County Industrial Development Agency, New York, 10/10 at 102.00 A2 1,503,794
Revenue Bonds, Hampton Bays Public Library, Series 1999A,
6.000%, 10/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
121,990 Total Tax Obligation/Limited 125,707,997
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.4% (10.9% OF TOTAL INVESTMENTS)
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 A 2,046,860
Transportation Revenue Refunding Bonds, Series 2002A,
5.500%, 11/15/19 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
1,955 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 A+ 2,029,994
5,360 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 5,145,600
710 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 713,948
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
2,300 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AA- 1,997,872
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 - MBIA Insured (Alternative
Minimum Tax)
Port Authority of New York and New Jersey, Consolidated Revenue
Bonds, One Hundred Fortieth Series 2005:
2,080 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 2,255,136
2,625 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 AA- 2,633,558
1,475 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 1,466,976
870 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 856,637
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 17.447%, 8/15/32 - FSA Insured (IF)
5,025 Port Authority of New York and New Jersey, Special Project 6/09 at 100.00 AA- 3,880,456
Bonds, JFK International Air Terminal LLC, Sixth Series
1997, 5.750%, 12/01/25 - MBIA Insured (Alternative
Minimum Tax)
21
NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Puerto Rico Ports Authority, Revenue Bonds, Series 1991D:
$ 3,840 7.000%, 7/01/14 - FGIC Insured (Alternative Minimum Tax) 7/09 at 100.00 BBB- $ 3,844,608
11,500 6.000%, 7/01/21 - FGIC Insured (Alternative Minimum Tax) 7/09 at 100.00 BBB- 11,474,006
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AA- 873,218
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AA- 2,359,731
------------------------------------------------------------------------------------------------------------------------------------
42,820 Total Transportation 41,578,600
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 8.4% (5.3% OF TOTAL INVESTMENTS) (4)
3,655 Buffalo Municipal Water Finance Authority, New York, Water 7/09 at 101.00 AAA 3,743,378
System Revenue Bonds, Series 1999, 6.000%, 7/01/29
(Pre-refunded 7/01/09) - FSA Insured
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
65 5.875%, 2/15/16 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aa3 (4) 69,661
10 5.875%, 2/15/16 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,713
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series
2001B:
75 5.500%, 8/15/19 (Pre-refunded 8/15/11) - MBIA Insured 8/11 at 100.00 AA (4) 83,051
25 5.500%, 8/15/19 (Pre-refunded 8/15/11) - MBIA Insured 8/11 at 100.00 AA (4) 27,665
1,200 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AA (4) 1,229,424
Revenue Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29
(Pre-refunded 7/01/09) - MBIA Insured
835 Dormitory Authority of the State of New York, Judicial No Opt. Call Aaa 996,330
Facilities Lease Revenue Bonds, Suffolk County Issue,
Series 1986, 7.375%, 7/01/16 - BIGI Insured (ETM)
700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aa2 (4) 719,306
General Obligation Bonds, Series 2000, 5.600%, 8/01/18
(Pre-refunded 8/01/09) - MBIA Insured
945 Metropolitan Transportation Authority, New York, Commuter 7/09 at 100.00 A (4) 953,382
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured (ETM)
5,090 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 5,968,992
Tax Fund Bonds, Series 1998A, 5.000%, 4/01/23
(Pre-refunded 10/01/15) - FGIC Insured
1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 1,154,950
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded 10/01/14) - FSA Insured
5,030 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA 5,148,507
Revenue Bonds, American Museum of Natural History, Series
1999A, 5.750%, 7/01/29 (Pre-refunded 7/01/09) - AMBAC
Insured
------------------------------------------------------------------------------------------------------------------------------------
18,630 Total U.S. Guaranteed 20,105,359
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.9% (4.9% OF TOTAL INVESTMENTS)
2,500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 2,501,025
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 -
FSA Insured
2,620 Long Island Power Authority, New York, Electric System 9/13 at 100.00 A3 2,683,745
General Revenue Bonds, Series 2003C, 5.000%, 9/01/16 -
CIFG Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
4,540 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AA- 4,535,006
6,160 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AA- 6,077,333
625 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A- 578,219
General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
CIFG Insured
2,000 New York State Energy Research and Development Authority, 9/09 at 101.00 Aaa 1,623,680
Pollution Control Revenue Bonds, Rochester Gas and
Electric Corporation, Series 1998A, 5.950%, 9/01/33 -
MBIA Insured (Alternative Minimum Tax)
760 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 815,222
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
19,205 Total Utilities 18,814,230
------------------------------------------------------------------------------------------------------------------------------------
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.3% (4.6% OF TOTAL INVESTMENTS)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Revenue Bonds:
$ 5,030 5.000%, 6/15/27 - MBIA Insured (UB) 6/15 at 100.00 AAA $ 5,061,639
2,575 5.000%, 6/15/36 - MBIA Insured (UB) 6/16 at 100.00 AAA 2,511,243
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,770,041
Water and Sewerage System Revenue Bonds, Fiscal Series
2000B, 6.100%, 6/15/31 - MBIA Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,931,210
Water and Sewerage System Revenue Bonds, Fiscal Series
2004C, 5.000%, 6/15/35 - AMBAC Insured
5,200 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AA 5,227,040
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
17,465 Total Water and Sewer 17,501,173
------------------------------------------------------------------------------------------------------------------------------------
$ 372,955 Total Long-Term Municipal Bonds (cost $375,669,833) - 154.8% 370,534,003
(97.0% of Total Investments)
==============----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.8% (3.0% OF TOTAL INVESTMENTS)
MUNICIPAL BONDS - 2.1% (1.3% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 2.1% (1.3% OF TOTAL INVESTMENTS)
5,000 Metropolitan Transportation Authority, New York, Dedicated 7/09 at 100.00 A-1 5,000,000
Tax Fund Bonds, Variable Rate Demand Revenue Obligations,
Series 2008A, 4.100%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
EURO DOLLAR TIME DEPOSIT - 2.7% (1.7% OF TOTAL INVESTMENTS)
6,552 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/09 N/A N/A 6,551,918
------------------------------------------------------------------------------------------------------------------------------------
$ 11,552 Total Short-Term Investments (cost $11,551,918) 11,551,918
==============----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $387,221,751) - 159.6% 382,085,921
-------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (14.8)% (35,505,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 4,333,744
-------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (111,500,000)
(46.6)% (6)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 239,414,665
===================================================================================================================
Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of March
31, 2009. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 29.2%.
N/A Not applicable.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction pursuant to the provisions of SFAS No. 140. See Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
23
NVN | Nuveen New York Select Quality Municipal Fund, Inc.
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 17.2% (10.8% OF TOTAL
INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 A $ 514,425
Bonds, UBF Faculty/Student Housing Corporation,
University of Buffalo Lakeside Cottage Project, Series
2000B, 5.625%, 8/01/20 - AMBAC Insured
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of
Buffalo Project, Series 2000A:
1,315 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 A 1,346,323
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 A 617,863
2,500 Dormitory Authority of the State of New York, General No Opt. Call AA- 2,650,350
Revenue Bonds, New York University, Series 2001-1,
5.500%, 7/01/40 - AMBAC Insured
695 Dormitory Authority of the State of New York, Insured 7/12 at 100.00 A2 740,147
Revenue Bonds, Fordham University, Series 2002, 5.000%,
7/01/18 - FGIC Insured
Dormitory Authority of the State of New York, Insured Revenue
Bonds, New York University, Series 2001-2:
1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AA- 1,418,621
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AA- 840,664
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AA- 630,498
2,125 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 Aa2 2,198,398
Revenue Bonds, Yeshiva University, Series 2001, 5.000%,
7/01/19 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 2,110,300
Bonds, State University Dormitory Facilities, Series
2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA
GTY Insured
1,835 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AA- 1,827,917
Bonds, State University Dormitory Facilities, Series
2004A, 5.000%, 7/01/29 - MBIA Insured
2,790 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 2,682,920
Bonds, State University Dormitory Facilities, Series
2006A, 5.000%, 7/01/31 - MBIA Insured
735 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AA- 711,186
Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC
Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Canisius College, Series 2000:
1,000 5.100%, 7/01/20 - MBIA Insured 7/11 at 101.00 AA- 965,220
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AA- 2,484,575
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
775 5.250%, 7/01/20 - AMBAC Insured No Opt. Call A1 798,862
620 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 634,018
3,545 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 3,523,411
Civic Facility Revenue Bonds, Colgate University, Tender
Option Bond Trust 3127, 12.362%, 7/01/40 - AMBAC Insured
(IF)
1,000 Nassau County Industrial Development Agency, New York, 7/09 at 101.00 AA- 1,005,460
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
7,250 New York City Industrial Development Agency, New York, Civic 7/09 at 101.00 AA- 6,724,738
Facility Revenue Bonds, Horace Mann School, Series 1998,
5.000%, 7/01/28 - MBIA Insured
800 New York City Industrial Development Agency, New York, 1/19 at 100.00 AAA 861,648
Payment in Lieu of Taxes Revenue Bonds, Queens Baseball
Stadium Project, Series 2009, 6.375%, 1/01/39 - AGC
Insured
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
New York City Industrial Development Agency, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
$ 2,000 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 A $ 1,600,300
3,200 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 A 2,463,296
1,905 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 2,121,846
Revenue Bonds, Yankee Stadium Project Pilot, Series
2009A, 7.000%, 3/01/49 - AGC Insured
New York City Industrial Development Authority, New York,
PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
1,195 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 964,425
9,735 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA- 7,785,469
5,830 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 3,991,684
995 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 Aa3 973,508
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
60,580 Total Education and Civic Organizations 55,188,072
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 20.7% (13.0% OF TOTAL INVESTMENTS)
5,995 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 100.00 A 5,913,048
Mortgage Hospital Revenue Bonds, Millard Fillmore
Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured
5,730 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 A 5,740,715
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 100.50 A 2,824,560
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
2,385 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 2,367,876
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
2,655 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 2,534,144
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
6,500 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 A 6,421,155
Mortgage Revenue Refunding Bonds, United Health Services,
Series 1997, 5.375%, 8/01/27 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 1,004,300
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
6,430 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AA- 5,778,577
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/24 - MBIA Insured
1,235 Dormitory Authority of the State of New York, Housing No Opt. Call AA- 1,153,157
Revenue Bonds, Fashion Institute of Technology, Series
2007, 5.250%, 7/01/34 - FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Health Quest System Inc., Series 2007B:
955 5.250%, 7/01/27 - AGC Insured 7/17 at 100.00 AAA 975,437
825 5.125%, 7/01/37 - AGC Insured 7/17 at 100.00 AAA 805,085
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan-Kettering Cancer Center, Series 2003-1:
2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AA 2,571,550
3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AA 3,280,588
2,820 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 3,035,335
New York and Presbyterian Hospital, Series 2004A, 5.250%,
8/15/15 - FSA Insured
2,120 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,976,455
The New York and Presbyterian Hospital Project, Series
2007, 5.000%, 8/15/36 - FSA Insured
12,020 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 A 12,090,195
Winthrop South Nassau University Health System Obligated
Group, Series 2001A, 5.250%, 7/01/26 - AMBAC Insured
2,025 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 A 1,987,052
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
25
NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
$ 2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ $ 2,830,464
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A1 3,083,359
------------------------------------------------------------------------------------------------------------------------------------
67,270 Total Health Care 66,373,052
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.7% (3.0% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York,
Capital Fund Program Revenue Bonds, Series 2005A:
1,470 5.000%, 7/01/14 - FGIC Insured No Opt. Call AA+ 1,586,542
1,470 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,558,832
5,445 5.000%, 7/01/25 - FGIC Insured (UB) 7/15 at 100.00 AA+ 5,456,162
1,801 New York City Housing Development Corporation, New York, 4/09 at 105.00 A 1,894,679
Multifamily Housing Revenue Bonds, Pass-Through
Certificates, Series 1991C, 6.500%, 2/20/19 - AMBAC
Insured
540 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 450,144
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
755 6.100%, 11/01/15 - FSA Insured 5/09 at 100.00 AAA 757,831
3,380 6.125%, 11/01/20 - FSA Insured 5/09 at 100.00 AAA 3,382,704
------------------------------------------------------------------------------------------------------------------------------------
14,861 Total Housing/Multifamily 15,086,894
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.0% (0.6% OF TOTAL INVESTMENTS)
3,715 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- 2,968,657
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.3% (1.5% OF TOTAL INVESTMENTS)
2,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AA 2,056,360
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
5,665 Dormitory Authority of the State of New York, FHA-Insured 8/11 at 101.00 AA- 5,433,415
Nursing Home Mortgage Revenue Bonds, Norwegian Christian
Home and Health Center, Series 2001, 5.200%, 8/01/36 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
7,665 Total Long-Term Care 7,489,775
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 16.1% (10.1% OF TOTAL INVESTMENTS)
1,500 Erie County, New York, General Obligation Bonds, Series 3/13 at 100.00 Baa2 1,513,380
2003A, 5.250%, 3/15/16 - FGIC Insured
745 Erie County, New York, General Obligation Bonds, Series No Opt. Call Baa1 772,781
2004B, 5.250%, 4/01/13 - MBIA Insured
2,000 Erie County, New York, General Obligation Bonds, Series 12/15 at 100.00 AA- 2,163,320
2005A, 5.000%, 12/01/18 - MBIA Insured
14,405 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 11,723,939
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured
45 New York City, New York, General Obligation Bonds, Fiscal 8/09 at 100.00 AAA 45,193
Series 1992C, 6.250%, 8/01/10 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 1998H:
3,730 5.125%, 8/01/25 - MBIA Insured 8/09 at 100.50 AA 3,733,693
5,410 5.375%, 8/01/27 - MBIA Insured 8/09 at 100.50 AA 5,423,038
3,920 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AA 3,789,895
Series 1999I, 5.000%, 4/15/29 - MBIA Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 8/10 at 101.00 AA 3,156,000
Series 2001D, 5.000%, 8/01/16 - FGIC Insured
2,900 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 2,987,232
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
New York City, New York, General Obligation Bonds, Tender
Option Bond Trust 1198:
$ 1,085 12.468%, 11/01/19 - FSA Insured (IF) 11/14 at 100.00 AAA $ 1,199,543
550 12.402%, 11/01/20 - FSA Insured (IF) 11/14 at 100.00 AAA 599,550
Oneida County, New York, General Obligation Public
Improvement Bonds, Series 2000:
100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AA- 102,289
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AA- 102,289
Rensselaer County, New York, General Obligation Bonds,
Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AA- 1,182,950
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AA- 1,171,661
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AA- 1,175,664
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AA- 1,182,528
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AA- 1,184,746
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AA- 923,382
Rochester, New York, General Obligation Bonds, Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AA- 791,948
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AA- 792,742
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AA- 778,998
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AA- 774,085
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AA- 771,369
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AA- 767,150
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AA- 758,067
2,190 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AA- 2,070,536
5.000%, 8/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
52,342 Total Tax Obligation/General 51,637,968
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 48.6% (30.6% OF TOTAL INVESTMENTS)
7,145 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AA- 7,284,042
Revenue Bonds, Special Act School District Program,
Series 1999, 5.750%, 7/01/19 - MBIA Insured
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- 3,717,145
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series
2005D-1:
670 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- 709,329
1,715 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,697,747
7,925 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AA- 8,079,538
School Districts Financing Program, Series 2002D, 5.250%,
10/01/23 - MBIA Insured
1,090 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,151,018
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series
2003:
1,230 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,271,144
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,257,218
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District:
1,700 5.750%, 5/01/26 - FSA Insured (UB) 5/14 at 100.00 AAA 1,729,070
2,390 5.750%, 5/01/28 - FSA Insured (UB) 5/18 at 100.00 AAA 2,418,537
7,545 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA 7,627,165
Facility Revenue Bonds, Buffalo City School District,
Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,588,200
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA
Insured
4,600 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 4,776,042
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
27
NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
$ 3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AA- $ 3,098,700
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AA- 5,152,300
2,375 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 2,338,473
4,050 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 3,941,136
2,000 Metropolitan Transportation Authority, New York, State No Opt. Call AAA 2,254,260
Service Contract Refunding Bonds, Series 2008, 5.750%,
7/01/18 - FSA Insured (UB)
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
4,000 5.000%, 11/15/18 - AMBAC Insured 11/13 at 100.00 AAA 4,211,960
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,606,800
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,594,710
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
3,640 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA 3,744,832
1,960 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 2,004,649
5,420 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 5,474,688
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,507,170
5,600 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 5,356,288
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/28 - FGIC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,047,489
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,080,670
5,930 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 6,266,528
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%,
8/01/21 - AMBAC Insured
3,160 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,270,063
Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%,
2/01/22 - MBIA Insured
2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,112,280
Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%,
2/01/19 - SYNCORA GTY Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,591,245
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel Fee
Revenue Bonds, Tender Option Bond Trust 3126:
820 13.201%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 840,566
4,290 12.082%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 4,114,410
New York State Municipal Bond Bank Agency, Buffalo, Special
Program Revenue Bonds, Series 2001A:
875 5.125%, 5/15/19 - AMBAC Insured 5/11 at 100.00 A 905,433
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 A 948,456
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 A 990,804
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 A 1,044,902
1,650 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,626,818
Series 2008, 5.000%, 1/01/30 - FSA Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AA 1,044,180
Fund Bonds, Second Genera1 Series 2004, 5.000%, 4/01/22 -
MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2005B:
8,455 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 9,415,317
1,500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 1,558,395
1,000 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,015,520
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 - AMBAC
Insured
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1:
$ 11,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- $ 11,168,374
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AA- 1,002,040
4,565 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 4,545,371
500 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 499,990
Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
FSA Insured
4,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 4,123,920
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
152,075 Total Tax Obligation/Limited 155,804,932
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.0% (5.6% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series 2002A:
6,000 5.500%, 11/15/18 - AMBAC Insured 11/12 at 100.00 A 6,180,180
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AA- 2,006,620
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series 2002E:
1,335 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AA- 1,378,187
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AA- 4,559,399
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
2,625 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 A+ 2,725,695
425 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 408,000
955 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 960,310
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
2,500 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AA- 2,171,600
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 - MBIA Insured (Alternative
Minimum Tax)
1,675 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 1,665,888
Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%,
12/01/31 - SYNCORA GTY Insured
1,170 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 1,152,029
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 17.447%, 8/15/32 - FSA Insured (IF)
Triborough Bridge and Tunnel Authority, New York,
Subordinate Lien General Purpose Revenue Refunding Bonds,
Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AA- 1,757,631
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AA- 3,898,686
------------------------------------------------------------------------------------------------------------------------------------
28,630 Total Transportation 28,864,225
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.6% (9.2% OF TOTAL INVESTMENTS) (4)
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 2,479,157
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 1,858,126
505 Dormitory Authority of the State of New York, Suffolk 4/09 at 106.84 Baa1 (4) 669,150
County, Lease Revenue Bonds, Judicial Facilities, Series
1991A, 9.500%, 4/15/14 (ETM)
Erie County, New York, General Obligation Bonds, Series 1999A:
700 5.500%, 10/01/17 (Pre-refunded 10/01/09) - FGIC Insured 10/09 at 101.00 Baa2 (4) 725,109
700 5.250%, 10/01/19 (Pre-refunded 10/01/09) - FGIC Insured 10/09 at 101.00 Baa2 (4) 724,234
Longwood Central School District, Suffolk County, New York,
Series 2000:
1,000 5.750%, 6/15/19 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,112,890
1,000 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,112,890
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 N/R (4) 5,148,255
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
(Pre-refunded 7/01/11) - FGIC Insured
29
NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 11,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA $ 12,733,487
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded 10/01/15) - FGIC Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,619,800
3,250 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,753,588
820 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 928,904
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%,
8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured
1,075 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA 1,100,327
Revenue Bonds, American Museum of Natural History, Series
1999A, 5.750%, 7/01/29 (Pre-refunded 7/01/09) - AMBAC
Insured
3,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,362,160
Fund Bonds, Series 2002A, 5.250%, 4/01/19 (Pre-refunded
4/01/12) - FSA Insured
6,000 New York State Urban Development Corporation, Service 1/11 at 100.00 AAA 6,435,300
Contract Revenue Bonds, Correctional Facilities, Series
2000C, 5.125%, 1/01/23 (Pre-refunded 1/01/11) - FSA
Insured
------------------------------------------------------------------------------------------------------------------------------------
42,110 Total U.S. Guaranteed 46,763,377
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.3% (7.1% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,856,960
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,722,480
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 6,039,750
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 1,129,500
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,572,975
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 973,380
3,000 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 3,001,230
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 -
FSA Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
6,010 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AA- 6,003,389
7,735 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AA- 7,631,196
750 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A- 693,863
General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
CIFG Insured
6,000 New York State Energy Research and Development Authority, 9/09 at 101.00 Aaa 4,871,040
Pollution Control Revenue Bonds, Rochester Gas and
Electric Corporation, Series 1998A, 5.950%, 9/01/33 -
MBIA Insured (Alternative Minimum Tax)
650 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 697,229
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
57,645 Total Utilities 36,192,992
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.2% (4.5% OF TOTAL INVESTMENTS)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Revenue Bonds:
5,920 5.000%, 6/15/27 - MBIA Insured (UB) 6/15 at 100.00 AAA 5,957,237
3,455 5.000%, 6/15/36 - MBIA Insured (UB) 6/16 at 100.00 AAA 3,369,454
1,245 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,327,531
Water and Sewerage System Revenue Bonds, Fiscal Series
2000B, 6.100%, 6/15/31 - MBIA Insured
1,225 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,304,748
Water and Sewerage System Revenue Bonds, Fiscal Series
2000B, 6.000%, 6/15/33 (Mandatory put 6/15/10) - MBIA
Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,931,210
Water and Sewerage System Revenue Bonds, Fiscal Series
2004C, 5.000%, 6/15/35 - AMBAC Insured
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 7,100 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AA $ 7,136,920
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
2,230 Upper Mohawk Valley Regional Water Finance Authority, New No Opt. Call A3 1,050,866
York, Water System Revenue Bonds, Series 2000, 0.000%,
4/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
24,175 Total Water and Sewer 23,077,966
------------------------------------------------------------------------------------------------------------------------------------
$ 511,068 Total Long-Term Municipal Bonds (cost $490,431,753) - 152.7% 489,447,910
(96.0% of Total Investments)
==============----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 6.3% (4.0% OF TOTAL INVESTMENTS)
MUNICIPAL BONDS - 1.5% (1.0% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 1.5% (1.0% OF TOTAL INVESTMENTS)
5,000 Metropolitan Transportation Authority, New York, Dedicated 7/09 at 100.00 A-1 5,000,000
Tax Fund Bonds, Variable Rate Demand Revenue Obligations,
Series 2008A, 4.100%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
EURO DOLLAR TIME DEPOSIT - 4.8% (3.0% OF TOTAL INVESTMENTS)
15,256 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/09 N/A N/A 15,255,700
------------------------------------------------------------------------------------------------------------------------------------
$ 20,256 Total Short-Term Investments (cost $20,255,700) 20,255,700
==============----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $510,687,453) - 159.0% 509,703,610
-------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (9.9)% (31,765,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 6,626,693
-------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (163,900,000)
(51.1)% (6)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 320,665,303
===================================================================================================================
Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of March
31, 2009. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 32.2%.
N/A Not applicable.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction pursuant to the provisions of SFAS No. 140. See Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
31
NUN | Nuveen New York Quality Income Municipal Fund, Inc.
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.7% (13.0% OF TOTAL
INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 A $ 514,425
Bonds, UBF Faculty/Student Housing Corporation,
University of Buffalo Lakeside Cottage Project, Series
2000B, 5.625%, 8/01/20 - AMBAC Insured
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of
Buffalo Project, Series 2000A:
1,065 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 A 1,090,368
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 A 617,863
6,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AA 6,375,600
Revenue Bonds, City University System, Series 1993A,
5.750%, 7/01/13 - MBIA Insured
1,000 Dormitory Authority of the State of New York, General No Opt. Call AA- 1,060,140
Revenue Bonds, New York University, Series 2001-1,
5.500%, 7/01/40 - AMBAC Insured
670 Dormitory Authority of the State of New York, Insured 7/12 at 100.00 A2 686,696
Revenue Bonds, Fordham University, Series 2002, 5.000%,
7/01/19 - FGIC Insured
2,750 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 Aa2 2,750,935
Revenue Bonds, Yeshiva University, Series 2001, 5.000%,
7/01/26 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 2,110,300
Bonds, State University Dormitory Facilities, Series
2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA
GTY Insured
2,320 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AA- 2,311,045
Bonds, State University Dormitory Facilities, Series
2004A, 5.000%, 7/01/29 - MBIA Insured
2,830 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 2,721,385
Bonds, State University Dormitory Facilities, Series
2006A, 5.000%, 7/01/31 - MBIA Insured
745 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AA- 720,862
Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC
Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
800 5.250%, 7/01/20 - AMBAC Insured No Opt. Call A1 824,632
640 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 654,470
4,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 4,627,520
State University Educational Facilities, 1989 Resolution,
Series 2000C, 5.750%, 5/15/16 - FSA Insured
1,915 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,135,627
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
2,000 Dormitory Authority of the State of New York, Third General 7/09 at 101.00 AA- 2,000,320
Resolution Consolidated Revenue Bonds, City University
System, Series 1998-1, 5.000%, 7/01/26 - FGIC Insured
705 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 700,707
Civic Facility Revenue Bonds, Colgate University, Tender
Option Bond Trust 3127, 12.362%, 7/01/40 - AMBAC Insured
(IF)
6,415 Nassau County Industrial Development Agency, New York, 7/09 at 101.00 AA- 6,450,026
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
4,775 New York City Industrial Development Agency, New York, Civic 6/09 at 100.00 AA- 4,643,735
Facility Revenue Bonds, Trinity Episcopal School, Series
1997, 5.250%, 6/15/27 - MBIA Insured
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
New York City Industrial Development Agency, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
$ 2,000 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 A $ 1,600,300
3,240 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 A 2,494,087
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
1,215 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 980,566
9,840 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA- 7,869,442
5,910 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 4,046,459
6,250 New York City Trust for Cultural Resources, New York, 7/09 at 100.00 Aa2 6,267,750
Revenue Refunding Bonds, Museum of Modern Art, Series
1996A, 5.500%, 1/01/21 - AMBAC Insured
1,005 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 Aa3 983,292
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
71,200 Total Education and Civic Organizations 67,238,552
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 16.4% (10.2% OF TOTAL INVESTMENTS)
3,995 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 100.00 A 3,940,388
Mortgage Hospital Revenue Bonds, Millard Fillmore
Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured
7,000 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 100.50 A 6,590,640
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
2,420 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 2,402,624
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
2,700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 2,577,096
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 1,004,300
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
9,000 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AA- 8,088,210
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/24 - MBIA Insured
1,265 Dormitory Authority of the State of New York, Housing No Opt. Call AA- 1,181,168
Revenue Bonds, Fashion Institute of Technology, Series
2007, 5.250%, 7/01/34 - FGIC Insured
1,800 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 1,756,548
Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 -
AGC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan-Kettering Cancer Center, Series 2003-1:
2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AA 2,571,550
3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AA 3,372,567
2,635 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,836,209
New York and Presbyterian Hospital, Series 2004A, 5.250%,
8/15/15 - FSA Insured
2,150 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,004,424
The New York and Presbyterian Hospital Project, Series
2007, 5.000%, 8/15/36 - FSA Insured
9,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 A 8,831,340
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 2,830,464
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A1 3,083,359
------------------------------------------------------------------------------------------------------------------------------------
54,630 Total Health Care 53,070,887
------------------------------------------------------------------------------------------------------------------------------------
33
NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.8% (2.4% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York,
Capital Fund Program Revenue Bonds, Series 2005A:
$ 1,500 5.000%, 7/01/14 - FGIC Insured No Opt. Call AA+ $ 1,618,920
1,500 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,590,645
5,515 5.000%, 7/01/25 - FGIC Insured (UB) 7/15 at 100.00 AA+ 5,526,306
1,498 New York City Housing Development Corporation, New York, 4/09 at 105.00 A 1,575,741
Multifamily Housing Revenue Bonds, Pass-Through
Certificates, Series 1991C, 6.500%, 2/20/19 - AMBAC Insured
560 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 466,816
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
30 New York State Housing Finance Agency, FHA-Insured 8/09 at 100.00 A 30,064
Multifamily Housing Mortgage Revenue Bonds, Series 1994B,
6.250%, 8/15/14 - AMBAC Insured
1,440 New York State Housing Finance Agency, Mortgage Revenue 5/09 at 100.00 AAA 1,441,152
Refunding Bonds, Housing Project, Series 1996A, 6.125%,
11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
12,043 Total Housing/Multifamily 12,249,644
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.9% (0.6% OF TOTAL INVESTMENTS)
3,765 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- 3,008,612
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.1% (0.7% OF TOTAL INVESTMENTS)
4,450 Castle Rest Residential Healthcare Facility, Syracuse, New 8/09 at 100.00 AAA 3,646,642
York, FHA-Insured Mortgage Revenue Bonds, Series 1997A,
5.750%, 8/01/37
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.2% (8.3% OF TOTAL INVESTMENTS)
1,500 Erie County, New York, General Obligation Bonds, Series 3/13 at 100.00 Baa2 1,513,380
2003A, 5.250%, 3/15/16 - FGIC Insured
805 Erie County, New York, General Obligation Bonds, Series No Opt. Call Baa1 835,018
2004B, 5.250%, 4/01/13 - MBIA Insured
14,635 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 11,911,134
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured
Monroe County, New York, General Obligation Public
Improvement Bonds, Series 2002:
2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 AA- 2,317,343
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AA- 1,017,510
New York City, New York, General Obligation Bonds, Fiscal
Series 2001D:
5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AA 5,657,748
2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 2,211,377
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AA 5,260,000
125 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 126,021
Series 2002C, 5.125%, 3/15/25 - FSA Insured
4,130 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 4,254,230
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds, Tender
Option Bond Trust 1198:
1,115 12.468%, 11/01/19 - FSA Insured (IF) 11/14 at 100.00 AAA 1,232,711
570 12.402%, 11/01/20 - FSA Insured (IF) 11/14 at 100.00 AAA 621,351
Peru Central School District, Clinton County, New York, General
Obligation Refunding Bonds, Series 2002B:
1,845 4.000%, 6/15/18 - FGIC Insured 6/12 at 100.00 AA- 1,866,845
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AA- 1,925,801
2,305 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AA- 2,142,866
5.000%, 8/01/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
44,650 Total Tax Obligation/General 42,893,335
------------------------------------------------------------------------------------------------------------------------------------
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 52.4% (32.7% OF TOTAL INVESTMENTS)
$ 3,340 Dormitory Authority of the State of New York, 853 Schools 7/09 at 101.00 A $ 3,396,947
Program Insured Revenue Bonds, Harmony Heights School,
Issue 1, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured
130 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 125,350
Revenue Bonds, Mental Health Services Facilities, Series
2000D, 5.250%, 8/15/30 - FSA Insured
Dormitory Authority of the State of New York, Lease Revenue
Bonds, Madison-Oneida Board of Cooperative Educational
Services, Series 2002:
1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,116,029
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,167,914
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,180,377
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- 3,717,145
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series
2005D-1:
2,300 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- 2,435,010
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,187,928
7,900 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AA- 8,054,050
School Districts Financing Program, Series 2002D, 5.250%,
10/01/23 - MBIA Insured
1,040 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,098,219
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series
2003:
1,200 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,240,140
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,026,300
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District:
1,710 5.750%, 5/01/26 - FSA Insured (UB) 5/14 at 100.00 AAA 1,739,241
2,420 5.750%, 5/01/28 - FSA Insured (UB) 5/18 at 100.00 AAA 2,448,895
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District
Project, Series 2007A:
5,980 5.750%, 5/01/27 - FSA Insured (UB) 5/17 at 100.00 AAA 6,087,939
1,670 5.750%, 5/01/28 - FSA Insured (UB) 5/17 at 100.00 AAA 1,688,186
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,588,200
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA
Insured
4,600 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 4,776,042
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AA- 3,098,700
6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AA- 6,182,760
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 2,953,860
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 7,784,960
2,000 Metropolitan Transportation Authority, New York, State No Opt. Call AAA 2,254,260
Service Contract Refunding Bonds, Series 2008, 5.750%,
7/01/18 - FSA Insured (UB)
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,555 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,601,650
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,589,599
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
2,720 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA 2,798,336
1,990 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 2,035,332
4,960 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 5,010,046
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,507,170
35
NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,600 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- $ 1,530,368
Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%,
1/15/28 - FGIC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 11,087,537
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,615,221
970 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 956,284
5,345 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 5,648,329
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%,
8/01/21 - AMBAC Insured
1,995 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,064,486
Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%,
2/01/22 - MBIA Insured
1,845 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,948,578
Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%,
2/01/19 - SYNCORA GTY Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,591,245
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel Fee
Revenue Bonds, Tender Option Bond Trust 3126:
835 13.201%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 855,942
4,350 12.082%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 4,171,955
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,152,863
Revenue Bonds, Series 2008, 5.250%, 4/01/16 - FSA Insured
(UB)
1,700 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,676,115
Series 2008, 5.000%, 1/01/30 - FSA Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AA 1,044,180
Fund Bonds, Second Genera1 Series 2004, 5.000%, 4/01/22 -
MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2005B:
8,455 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 9,415,319
2,600 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 2,701,218
1,000 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,015,520
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 - AMBAC
Insured
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1:
12,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 12,476,381
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 995,700
3,190 New York State Urban Development Corporation, Revenue No Opt. Call AA 3,474,771
Refunding Bonds, State Facilities, Series 1995, 5.600%,
4/01/15 - MBIA Insured
500 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 499,990
Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
FSA Insured
1,980 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 1,582,753
Certificates of Participation, High School Facility,
Series 2005, 5.000%, 6/15/28 - FSA Insured
Puerto Rico Highway and Transportation Authority, Highway
Revenue Refunding Bonds, Series 2002E:
3,000 5.500%, 7/01/14 - FSA Insured No Opt. Call AAA 3,121,590
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,185,880
------------------------------------------------------------------------------------------------------------------------------------
164,765 Total Tax Obligation/Limited 169,702,810
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 15.2% (9.5% OF TOTAL INVESTMENTS)
7,575 Metropolitan Transportation Authority, New York, 11/16 at 100.00 AAA 6,533,816
Transportation Revenue Bonds, Series 2006B, 4.500%,
11/15/36 - FSA Insured
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series 2002A:
$ 3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 A $ 3,904,385
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AA- 4,013,240
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series 2002E:
2,665 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AA- 2,751,213
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AA- 8,471,015
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
2,665 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 A+ 2,767,229
4,075 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 3,912,000
970 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 975,393
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AA- 2,171,600
Bonds, Buffalo Niagara International Airport, Series
1999A, 5.625%, 4/01/29 - MBIA Insured (Alternative Minimum
Tax)
1,700 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 1,690,752
Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%,
12/01/31 - SYNCORA GTY Insured
1,175 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 1,156,952
Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust
2920, 17.447%, 8/15/32 - FSA Insured (IF)
5,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 Aa2 5,250,000
Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 -
FGIC Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AA- 1,757,631
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AA- 3,898,686
------------------------------------------------------------------------------------------------------------------------------------
50,010 Total Transportation 49,253,912
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 16.0% (10.0% OF TOTAL INVESTMENTS) (4)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series
2000D:
65 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aa3 (4) 69,079
175 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aa3 (4) 186,058
2,435 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 2,906,635
Facilities Lease Revenue Bonds, Suffolk County Issue,
Series 1986, 7.375%, 7/01/16 (ETM)
1,410 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AA- (4) 1,553,961
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/20 (Pre-refunded 7/01/11) - FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 1,977,364
2,230 0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 2,215,840
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 2,479,157
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 1,858,126
Longwood Central School District, Suffolk County, New York,
Series 2000:
910 5.750%, 6/15/19 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,012,730
1,410 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,569,175
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,619,800
1,000 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,154,950
Metropolitan Transportation Authority, New York, Transit
Facilities Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured (ETM) 7/09 at 100.50 AAA 10,127,400
4,500 4.750%, 7/01/26 - FGIC Insured (ETM) 7/09 at 100.50 AAA 4,528,485
37
NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 30 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA $ 33,383
Future Tax Secured Bonds, Fiscal Series 2002B, 5.000%,
5/01/30 (Pre-refunded 11/01/11) - MBIA Insured
655 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 741,991
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%,
8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured
4,875 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 5,387,996
Series 2002C, 5.125%, 3/15/25 (Pre-refunded 3/15/12) - FSA
Insured
6,965 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 7,805,815
Fund Bonds, Series 2002A, 5.250%, 4/01/20 (Pre-refunded
4/01/12) - FSA Insured
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/19 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aa3 (4) 558,810
525 5.875%, 6/15/25 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aa3 (4) 558,810
525 5.875%, 6/15/27 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aa3 (4) 558,810
------------------------------------------------------------------------------------------------------------------------------------
48,590 Total U.S. Guaranteed 51,904,375
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.5% (6.6% OF TOTAL INVESTMENTS)
1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call A1 1,759,973
Series 1994B, 7.250%, 7/01/11 - AMBAC Insured (Alternative
Minimum Tax)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,856,960
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,722,480
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 2,013,250
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,635,500
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,670,275
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,271,220
2,500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 2,501,025
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA
Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
6,180 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AA- 6,173,202
8,020 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AA- 7,912,372
750 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A- 693,863
General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
CIFG Insured
865 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 927,851
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
57,465 Total Utilities 34,137,971
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.9% (4.3% OF TOTAL INVESTMENTS)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Revenue Bonds:
6,525 5.000%, 6/15/27 - MBIA Insured (UB) 6/15 at 100.00 AAA 6,566,042
3,500 5.000%, 6/15/36 - MBIA Insured (UB) 6/16 at 100.00 AAA 3,413,340
830 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 885,021
Water and Sewerage System Revenue Bonds, Fiscal Series
2000B, 6.100%, 6/15/31 - MBIA Insured
1,360 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,448,536
Water and Sewerage System Revenue Bonds, Fiscal Series
2000B, 6.000%, 6/15/33 (Mandatory put 6/15/10) - MBIA
Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,931,210
Water and Sewerage System Revenue Bonds, Fiscal Series
2004C, 5.000%, 6/15/35 - AMBAC Insured
7,000 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AA 7,036,401
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
22,215 Total Water and Sewer 22,280,550
------------------------------------------------------------------------------------------------------------------------------------
$ 533,783 Total Long-Term Municipal Bonds (cost $512,379,326) - 157.1% 509,387,290
(98.3% of Total Investments)
==============----------------------------------------------------------------------------------------------------------------------
38
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) VALUE
-----------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 2.8% (1.7% OF TOTAL INVESTMENTS)
$ 8,976 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/09 $ 8,975,947
==============---------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $8,975,947) 8,975,947
------------------------------------------------------------------------------------------------
Total Investments (cost $521,355,273) - 159.9% 518,363,237
------------------------------------------------------------------------------------------------
Floating Rate Obligations - (12.0)% (38,910,000)
------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 5,581,546
------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (49.6)% (5) (160,775,000)
------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 324,259,783
================================================================================================
Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of March
31, 2009. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 31.0%.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction pursuant to the provisions of SFAS No. 140. See Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
39
NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc.
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 19.7% (12.6% OF TOTAL
INVESTMENTS)
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of
Buffalo Project, Series 2000A:
$ 250 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 A $ 255,955
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 A 253,223
Dormitory Authority of the State of New York, General
Revenue Bonds, New York University, Series 2001-1:
1,500 5.500%, 7/01/24 - AMBAC Insured No Opt. Call AA- 1,658,865
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AA- 530,070
810 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 Aa2 831,514
Revenue Bonds, Yeshiva University, Series 2001, 5.000%,
7/01/20 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,055,150
Bonds, State University Dormitory Facilities, Series
2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA
GTY Insured
635 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AA- 632,549
Bonds, State University Dormitory Facilities, Series
2004A, 5.000%, 7/01/29 - MBIA Insured
970 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 932,771
Bonds, State University Dormitory Facilities, Series
2006A, 5.000%, 7/01/31 - MBIA Insured
255 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AA- 246,738
Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC
Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
250 5.250%, 7/01/20 - AMBAC Insured No Opt. Call A1 257,698
200 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 204,522
1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call A1 1,089,370
State University Educational Facilities, Series 1993A,
5.500%, 5/15/19 - AMBAC Insured
1,270 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AA- 1,359,370
State University Educational Facilities, Series 2002A,
5.000%, 5/15/16 - FGIC Insured
2,200 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,453,462
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
1,935 Dormitory Authority of the State of New York, State and 7/15 at 100.00 AA- 2,068,534
Local Appropriation Lease Bonds, Upstate Community
Colleges, Series 2005A, 5.000%, 7/01/19 - FGIC Insured
535 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 531,742
Civic Facility Revenue Bonds, Colgate University, Tender
Option Bond Trust 3127, 12.362%, 7/01/40 - AMBAC Insured
(IF)
New York City Industrial Development Agency, New York, Payment
in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium
Project, Series 2009:
400 6.125%, 1/01/29 - AGC Insured 1/19 at 100.00 AAA 430,168
200 6.375%, 1/01/39 - AGC Insured 1/19 at 100.00 AAA 215,412
1,110 New York City Industrial Development Agency, New York, PILOT 1/17 at 100.00 A 854,456
Revenue Bonds, Queens Baseball Stadium Project, Series
2006, 5.000%, 1/01/46 - AMBAC Insured
1,445 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 1,609,484
Revenue Bonds, Yankee Stadium Project Pilot, Series
2009A, 7.000%, 3/01/49 - AGC Insured
40
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
$ 415 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- $ 334,926
2,360 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA- 1,887,386
2,025 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 1,386,477
1,250 New York City Trust for Cultural Resources, New York, 7/09 at 100.00 Aa2 1,253,550
Revenue Refunding Bonds, Museum of Modern Art, Series
1996A, 5.500%, 1/01/21 - AMBAC Insured
345 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 Aa3 337,548
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
23,110 Total Education and Civic Organizations 22,670,940
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.6% (15.2% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 100.00 AA 3,000,540
Mortgage Hospital Revenue Bonds, Ellis Hospital, Series
1995, 5.600%, 8/01/25 - MBIA Insured
2,910 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 100.50 A 2,739,823
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 A 1,412,348
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
830 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 824,041
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
1,405 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 1,341,044
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
435 Dormitory Authority of the State of New York, Housing No Opt. Call AA- 406,173
Revenue Bonds, Fashion Institute of Technology, Series
2007, 5.250%, 7/01/34 - FGIC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA- 2,757,120
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series
1999A, 5.500%, 7/01/22 - MBIA Insured
620 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 605,033
Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 -
AGC Insured
2,740 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 2,818,419
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
1,910 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,055,848
New York and Presbyterian Hospital, Series 2004A, 5.250%,
8/15/15 - FSA Insured
740 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 689,895
The New York and Presbyterian Hospital Project, Series
2007, 5.000%, 8/15/36 - FSA Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 1,517,925
Vassar Brothers Hospital, Series 1997, 5.250%, 7/01/17 -
FSA Insured
3,450 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 A 3,385,346
Winthrop South Nassau University Health System Obligated
Group, Series 2001A, 5.250%, 7/01/31 - AMBAC Insured
1,000 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 1,053,210
Health System Revenue Bonds, Series 2002A, 5.500%,
2/15/17 - FSA Insured
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
1,625 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 1,642,680
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A1 1,005,990
------------------------------------------------------------------------------------------------------------------------------------
27,565 Total Health Care 27,255,435
------------------------------------------------------------------------------------------------------------------------------------
41
NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.4% (2.8% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York,
Capital Fund Program Revenue Bonds, Series 2005A:
$ 400 5.000%, 7/01/14 - FGIC Insured No Opt. Call AA+ $ 431,712
400 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 424,172
2,165 5.000%, 7/01/25 - FGIC Insured (UB) 7/15 at 100.00 AA+ 2,169,438
200 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 166,720
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
1,900 New York State Housing Finance Agency, Mortgage Revenue 5/09 at 100.00 AAA 1,901,520
Refunding Bonds, Housing Project, Series 1996A, 6.125%,
11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
5,065 Total Housing/Multifamily 5,093,562
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.9% (0.6% OF TOTAL INVESTMENTS)
1,290 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- 1,030,839
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.6% (1.0% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AA 1,028,180
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
850 Dormitory Authority of the State of New York, Insured 7/11 at 102.00 AAA 850,578
Revenue Bonds, NYSARC Inc., Series 2001A, 5.000%,
7/01/26 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
1,850 Total Long-Term Care 1,878,758
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.3% (6.0% OF TOTAL INVESTMENTS)
500 Erie County, New York, General Obligation Bonds, Series 3/13 at 100.00 Baa2 504,460
2003A, 5.250%, 3/15/16 - FGIC Insured
315 Erie County, New York, General Obligation Bonds, Series No Opt. Call Baa1 326,746
2004B, 5.250%, 4/01/13 - MBIA Insured
5,000 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 4,069,399
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured
210 Nassau County, New York, General Obligation Improvement No Opt. Call AA- 244,448
Bonds, Series 1993H, 5.500%, 6/15/16 - MBIA Insured
95 New York City, New York, General Obligation Bonds, Fiscal 8/09 at 100.50 AA 95,751
Series 1998F, 5.250%, 8/01/16 - FGIC Insured
1,000 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 1,030,080
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds, Tender
Option Bond Trust 1198:
335 12.468%, 11/01/19 - FSA Insured (IF) 11/14 at 100.00 AAA 370,366
365 12.402%, 11/01/20 - FSA Insured (IF) 11/14 at 100.00 AAA 397,883
915 Niagara Falls, New York, General Obligation Bonds, Series No Opt. Call AAA 1,072,041
1994, 7.500%, 3/01/13 - MBIA Insured
1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aa3 1,060,980
General Obligation Refunding Bonds, Series 2002, 5.125%,
6/15/18 - FSA Insured
1,525 Yonkers, New York, General Obligation Bonds, Series 2005A, 8/15 at 100.00 AA- 1,511,702
5.000%, 8/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
11,260 Total Tax Obligation/General 10,683,856
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 51.0% (32.8% OF TOTAL INVESTMENTS)
690 Dormitory Authority of the State of New York, Department of 7/15 at 100.00 AA- 699,846
Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
CIFG Insured
50 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 48,212
Revenue Bonds, Mental Health Services Facilities, Series
2000D, 5.250%, 8/15/30 - FSA Insured
500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 507,280
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,210 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- $ 1,245,913
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series
2005D-1:
225 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- 238,208
600 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 593,964
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2002D:
4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AA- 4,383,849
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AA- 839,388
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 395,993
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
750 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA 776,768
Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/19 - FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District:
500 5.750%, 5/01/26 - FSA Insured (UB) 5/14 at 100.00 AAA 508,550
830 5.750%, 5/01/27 - FSA Insured (UB) 5/18 at 100.00 AAA 846,417
2,615 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA 2,643,477
Facility Revenue Bonds, Buffalo City School District,
Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
2,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,529,400
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA
Insured
1,350 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 1,401,665
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AA- 1,545,690
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 1,946,240
1,500 Metropolitan Transportation Authority, New York, State No Opt. Call AAA 1,690,695
Service Contract Refunding Bonds, Series 2008, 5.750%,
7/01/18 - FSA Insured (UB)
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,000 5.000%, 11/15/18 - AMBAC Insured 11/13 at 100.00 AAA 1,052,990
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 597,400
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 592,905
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
920 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA 946,496
680 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 695,490
4,590 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 4,636,313
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2003C:
715 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 764,464
2,090 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,208,608
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,034,830
Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%,
2/01/22 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,056,140
Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%,
2/01/19 - SYNCORA GTY Insured
1,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,539,105
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
43
NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York Convention Center Development Corporation, Hotel
Fee Revenue Bonds, Tender Option Bond Trust 3126:
$ 340 13.201%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA $ 348,527
1,485 12.082%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 1,424,219
1,500 New York State Local Government Assistance Corporation, No Opt. Call AAA 1,661,145
Revenue Bonds, Series 2008, 5.250%, 4/01/16 - FSA Insured
(UB)
600 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 591,570
Series 2008, 5.000%, 1/01/30 - FSA Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AA 1,016,480
Fund Bonds, Second Genera1 Series 2004, 5.000%, 4/01/23 -
MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
2,960 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 3,296,196
500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 519,465
750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 761,640
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 - AMBAC
Insured
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1:
2,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 2,112,936
3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 3,783,659
1,900 New York State Urban Development Corporation, Revenue Bonds, No Opt. Call AAA 2,019,434
Correctional Facilities, Series 1994A, 5.250%, 1/01/14 -
FSA Insured
500 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 499,990
Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
FSA Insured
345 Niagara Falls City School District, Niagara County, New 6/15 at 100.00 AAA 275,783
York, Certificates of Participation, High School
Facility, Series 2005, 5.000%, 6/15/28 - FSA Insured
1,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 1,030,980
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
1,500 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 A 1,534,365
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
57,305 Total Tax Obligation/Limited 58,842,685
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.8% (7.6% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series 2002A:
500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 A 511,715
2,010 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AA- 2,003,146
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AA- 1,993,180
Transportation Revenue Refunding Bonds, Series 2002E,
5.000%, 11/15/25 - MBIA Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
925 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 A+ 960,483
2,240 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 2,150,400
330 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 331,835
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
500 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AA- 434,320
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 - MBIA Insured (Alternative
Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 AA- 1,003,260
565 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 561,926
410 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 403,702
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 17.447%, 8/15/32 - FSA Insured (IF)
44
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
$ 780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AA- $ 873,218
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AA- 2,359,731
------------------------------------------------------------------------------------------------------------------------------------
13,560 Total Transportation 13,586,916
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 7.4% (4.7% OF TOTAL INVESTMENTS) (4)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series
2000D:
25 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aa3 (4) 26,569
70 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aa3 (4) 74,423
3,215 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AA (4) 3,194,585
University of Rochester, Series 2000A, 0.000%, 7/01/24
(Pre-refunded 7/01/10) - MBIA Insured
500 Longwood Central School District, Suffolk County, New York, 6/11 at 101.00 A2 (4) 556,445
Series 2000, 5.750%, 6/15/20 (Pre-refunded 6/15/11) -
FGIC Insured
500 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 577,475
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded 10/01/14) - FSA Insured
255 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 288,867
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%,
8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 1,113,370
Fund Bonds, Series 2002B, 5.000%, 4/01/20 (Pre-refunded
4/01/12) - AMBAC Insured
2,000 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 2,295,400
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) -
FGIC Insured
85 Niagara Falls, New York, General Obligation Bonds, Series No Opt. Call AAA 104,128
1994, 7.500%, 3/01/13 - MBIA Insured (ETM)
265 Suffolk County Water Authority, New York, Subordinate Lien No Opt. Call AA (4) 297,322
Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 -
MBIA Insured (ETM)
------------------------------------------------------------------------------------------------------------------------------------
7,915 Total U.S. Guaranteed 8,528,584
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.3% (3.4% OF TOTAL INVESTMENTS)
500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 500,205
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 -
FSA Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
2,270 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AA- 2,267,503
2,930 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AA- 2,890,679
250 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A- 231,288
General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
CIFG Insured
250 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 268,165
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
6,200 Total Utilities 6,157,840
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.0% (6.4% OF TOTAL INVESTMENTS) New York
City Municipal Water Finance Authority, New York,
Water and Sewer System Revenue Bonds:
1,980 5.000%, 6/15/27 - MBIA Insured (UB) 6/15 at 100.00 AAA 1,992,454
1,200 5.000%, 6/15/36 - MBIA Insured (UB) 6/16 at 100.00 AAA 1,170,288
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,770,041
Water and Sewerage System Revenue Bonds, Fiscal Series
2000B, 6.100%, 6/15/31 - MBIA Insured
3,305 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 3,229,216
Water and Sewerage System Revenue Bonds, Fiscal Series
2004C, 5.000%, 6/15/35 - AMBAC Insured
45
NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 735 Suffolk County Water Authority, New York, Subordinate Lien No Opt. Call AA $ 810,559
Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 -
MBIA Insured
2,500 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AA 2,513,000
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
11,380 Total Water and Sewer 11,485,558
------------------------------------------------------------------------------------------------------------------------------------
$ 166,500 Total Long-Term Municipal Bonds (cost $168,276,225) - 145.0% 167,214,973
(93.1% of Total Investments)
==============----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 10.8% (6.9% OF TOTAL INVESTMENTS)
MUNICIPAL BONDS - 5.7% (3.6% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 5.7% (3.6% OF TOTAL INVESTMENTS)
6,500 Metropolitan Transportation Authority, New York, Dedicated 7/09 at 100.00 A-1 6,500,000
Tax Fund Bonds, Variable Rate Demand Revenue Obligations,
Series 2008A, 4.100%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
EURO DOLLAR TIME DEPOSIT - 5.1% (3.3% OF TOTAL INVESTMENTS)
5,898 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/09 N/A N/A 5,897,958
------------------------------------------------------------------------------------------------------------------------------------
$ 12,398 Total Short-Term Investments (cost $12,397,958) 12,397,958
==============----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $180,674,183) - 155.8% 179,612,931
-------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (13.8)% (15,905,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 1,900,680
-------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (50,350,000)
(43.7)% (6)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 115,258,611
===================================================================================================================
Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of March
31, 2009. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 28.0%.
N/A Not applicable.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction pursuant to the provisions of SFAS No. 140. See Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
46
NKO | Nuveen Insured New York Dividend Advantage Municipal Fund
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.7% (1.8% OF TOTAL INVESTMENTS)
$ 2,105 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB $ 1,634,069
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
1,000 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 748,950
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
805 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 573,337
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
3,910 Total Consumer Staples 2,956,356
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.5% (13.5% OF TOTAL
INVESTMENTS)
4,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AA- 4,016,480
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
1,280 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 100.50 AA- 1,288,384
Bonds, New York Medical College, Series 1998, 5.000%,
7/01/21 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,055,150
Bonds, State University Dormitory Facilities, Series
2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA
GTY Insured
140 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AA- 139,460
Bonds, State University Dormitory Facilities, Series
2004A, 5.000%, 7/01/29 - MBIA Insured
920 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 884,690
Bonds, State University Dormitory Facilities, Series
2006A, 5.000%, 7/01/31 - MBIA Insured
240 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AA- 232,224
Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC
Insured
3,250 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 3,811,340
New York University, Series 1998A, 6.000%, 7/01/18 - MBIA
Insured
510 Madison County Industrial Development Agency, New York, Civic 7/15 at 100.00 AAA 506,894
Facility Revenue Bonds, Colgate University, Tender Option
Bond Trust 3127, 12.362%, 7/01/40 - AMBAC Insured (IF)
300 New York City Industrial Development Agency, New York, 1/19 at 100.00 AAA 322,626
Payment in Lieu of Taxes Revenue Bonds, Queens Baseball
Stadium Project, Series 2009, 6.125%, 1/01/29 - AGC Insured
New York City Industrial Development Agency, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
1,000 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 A 800,150
1,060 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 A 815,967
885 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 985,740
Revenue Bonds, Yankee Stadium Project Pilot, Series 2009A,
7.000%, 3/01/49 - AGC Insured
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
395 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 318,785
2,210 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA- 1,767,425
1,920 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 1,314,586
4,000 New York City Trust for Cultural Resources, New York, Revenue 7/12 at 100.00 Aa2 3,913,960
Bonds, Museum of Modern Art, Series 2001D, 5.125%,
7/01/31 - AMBAC Insured
47
NKO | Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 330 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 Aa3 $ 322,872
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
23,440 Total Education and Civic Organizations 22,496,733
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 24.7% (16.3% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 100.50 A 1,883,040
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 A 1,412,348
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
785 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 779,364
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
9,800 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 A 9,820,774
Mortgage Revenue Bonds, New York Hospital Medical Center
of Queens, Series 1999, 5.600%, 2/15/39 - AMBAC Insured
1,500 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 1,506,450
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
2,050 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AA- 1,954,306
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
395 Dormitory Authority of the State of New York, Housing Revenue No Opt. Call AA- 368,823
Bonds, Fashion Institute of Technology, Series 2007,
5.250%, 7/01/34 - FGIC Insured
170 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA- 156,237
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series
1999A, 5.500%, 7/01/22 - MBIA Insured
585 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 597,519
Health Quest System Inc., Series 2007B, 5.250%, 7/01/27 -
AGC Insured
1,725 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 1,774,370
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
910 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 979,488
New York and Presbyterian Hospital, Series 2004A, 5.250%,
8/15/15 - FSA Insured
600 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 527,214
South Nassau Communities Hospital, Series 2003B, 5.500%,
7/01/23
700 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 652,603
The New York and Presbyterian Hospital Project, Series
2007, 5.000%, 8/15/36 - FSA Insured
690 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 726,715
Health System Revenue Bonds, Series 2002A, 5.500%,
2/15/17 - FSA Insured
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
1,500 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 1,516,320
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A1 1,005,990
Suffolk County Industrial Development Agency, New York,
Revenue Bonds, Huntington Hospital, Series 2002C:
725 6.000%, 11/01/22 11/12 at 100.00 Baa1 690,251
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 872,930
------------------------------------------------------------------------------------------------------------------------------------
27,580 Total Health Care 27,224,742
------------------------------------------------------------------------------------------------------------------------------------
48
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.8% (2.5% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
$ 2,725 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA $ 2,729,851
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,268,754
180 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 150,048
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,280 Total Housing/Multifamily 4,148,653
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.9% (0.6% OF TOTAL INVESTMENTS)
1,225 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- 978,898
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.8% (1.8% OF TOTAL INVESTMENTS)
525 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 A- 493,101
Collateralized Revenue Bonds, Cabrini of Westchester
Project, Series 2006, 5.200%, 2/15/41
Dormitory Authority of the State of New York, GNMA
Collateralized Revenue Bonds, Willow Towers Inc., Series 2002:
1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,032,350
1,500 5.400%, 2/01/34 8/12 at 101.00 AAA 1,503,600
------------------------------------------------------------------------------------------------------------------------------------
3,025 Total Long-Term Care 3,029,051
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 12.8% (8.4% OF TOTAL INVESTMENTS)
Buffalo, New York, General Obligation Bonds, Series 2002B:
1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AA- 1,551,284
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AA- 2,451,071
1,240 Canandaigua City School District, Ontario County, New York, 4/12 at 101.00 Aa3 1,351,488
General Obligation Refunding Bonds, Series 2002A, 5.375%,
4/01/17 - FSA Insured
4,760 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 3,874,069
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 3/11 at 101.00 AA 3,210,450
Series 2001H, 5.250%, 3/15/16 - FGIC Insured
80 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 80,654
Series 2002C, 5.125%, 3/15/25 - FSA Insured
525 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 562,123
Series 2006C, 5.000%, 8/01/16 - FSA Insured
New York City, New York, General Obligation Bonds, Tender
Option Bond Trust 1198:
565 12.468%, 11/01/19 - FSA Insured (IF) 11/14 at 100.00 AAA 624,647
365 12.402%, 11/01/20 - FSA Insured (IF) 11/14 at 100.00 AAA 397,883
------------------------------------------------------------------------------------------------------------------------------------
14,400 Total Tax Obligation/General 14,103,669
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 42.0% (27.6% OF TOTAL INVESTMENTS)
250 Dormitory Authority of the State of New York, 853 Schools 7/10 at 100.00 A 252,205
Program Insured Revenue Bonds, Vanderheyden Hall Inc.,
Issue 2, Series 1998F, 5.250%, 7/01/18 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AA- 3,058,500
School Districts Financing Program, Series 2002D, 5.250%,
10/01/23 - MBIA Insured
160 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 168,957
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
400 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA 413,380
Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/20 - FSA Insured
49
NKO | Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District:
$ 590 5.750%, 5/01/27- FSA Insured (UB) 5/18 at 100.00 AAA $ 601,670
190 5.750%, 5/01/28 - FSA Insured (UB) 5/18 at 100.00 AAA 192,269
2,485 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA 2,512,062
Facility Revenue Bonds, Buffalo City School District,
Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
2,290 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,316,930
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA
Insured
4,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 3,938,480
Service Contract Refunding Bonds, Series 2002A, 5.000%,
7/01/25 - FGIC Insured
1,000 Nassau County Interim Finance Authority, New York, Sales Tax 11/13 at 100.00 AAA 1,052,990
Secured Revenue Bonds, Series 2003A, 5.000%, 11/15/18 -
AMBAC Insured
New York City Sales Tax Asset Receivable Corporation, New
York, Dedicated Revenue Bonds, Local
Government Assistance Corporation, Series 2004A:
3,400 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 3,497,920
1,040 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,063,691
300 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 303,027
2,500 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 2,391,200
Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%,
1/15/28 - FGIC Insured
5,000 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA 5,403,349
Future Tax Secured Bonds, Fiscal Series 2002B, 5.250%,
5/01/16 - MBIA Insured
890 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 940,508
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%,
8/01/21 - AMBAC Insured
500 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 528,070
Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%,
2/01/19 - SYNCORA GTY Insured
New York Convention Center Development Corporation, Hotel Fee
Revenue Bonds, Tender Option Bond Trust 3126:
165 13.201%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 169,138
150 12.082%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 143,861
350 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 345,083
Series 2008, 5.000%, 1/01/30 - FSA Insured (UB)
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
2,625 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 2,923,148
500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 519,465
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1:
1,900 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 1,911,704
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 995,700
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 757,913
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
8,600 New York State Urban Development Corporation, State Personal No Opt. Call AAA 9,788,778
Income Tax Revenue Bonds, 5.700%, 4/01/20 - FSA Insured
(UB)
------------------------------------------------------------------------------------------------------------------------------------
44,035 Total Tax Obligation/Limited 46,189,998
------------------------------------------------------------------------------------------------------------------------------------
50
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.8% (9.7% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series 2002A:
$ 2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AA- $ 2,006,620
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AA- 3,986,360
865 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 A+ 898,181
Series 2005F, 5.000%, 1/01/20 - AMBAC Insured
315 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 316,751
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
85 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AA- 73,834
Bonds, Buffalo Niagara International Airport, Series
1999A, 5.625%, 4/01/29 - MBIA Insured (Alternative Minimum
Tax)
2,000 Port Authority of New York and New Jersey, Consolidated 5/18 at 100.00 AA- 1,822,800
Revenue Bonds, One Hundred Fifty Second Series 2007,
5.000%, 11/01/28 (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
500 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 542,100
1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 AA- 1,003,260
345 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 343,123
390 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 384,010
Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust
2920, 17.447%, 8/15/32 - FSA Insured (IF)
4,000 Port Authority of New York and New Jersey, Consolidated 8/09 at 100.50 AA- 4,047,399
Revenue Bonds, One Hundred Twenty-Fourth Series 2001,
5.000%, 8/01/11 - FGIC Insured (Alternative Minimum Tax)
780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AA- 873,218
Lien General Purpose Revenue Refunding Bonds, Series
2002E, 5.500%, 11/15/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
16,280 Total Transportation 16,297,656
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 7.9% (5.2% OF TOTAL INVESTMENTS) (4)
220 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 226,138
Revenue Bonds, Mental Health Services Facilities, Series
1999D, 5.250%, 2/15/29 (Pre-refunded 8/15/09) - FSA Insured
150 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 179,054
Facilities Lease Revenue Bonds, Suffolk County Issue,
Series 1986, 7.375%, 7/01/16 (ETM)
110 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 124,609
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%,
8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured
3,170 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 3,503,579
Series 2002C, 5.125%, 3/15/25 (Pre-refunded 3/15/12) - FSA
Insured
460 New York State Housing Finance Agency, Construction Fund No Opt. Call AAA 493,994
Bonds, State University, Series 1986A, 8.000%, 5/01/11
(ETM)
2,575 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 2,698,420
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
1,320 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 7/12 at 100.00 AAA 1,455,617
2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12)
------------------------------------------------------------------------------------------------------------------------------------
8,005 Total U.S. Guaranteed 8,681,411
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 13.0% (8.5% OF TOTAL INVESTMENTS)
5,000 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 5,002,049
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA
Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
1,700 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AA- 1,698,130
1,300 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AA- 1,282,554
250 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A- 231,288
General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
CIFG Insured
51
NKO | Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 5,000 New York State Energy Research and Development Authority, 5/09 at 102.00 A $ 4,972,199
Pollution Control Revenue Refunding Bonds, Niagara Mohawk
Power Corporation, Series 1998A, 5.150%, 11/01/25 - AMBAC
Insured
1,090 Westchester County Industrial Development Agency, Westchester 5/09 at 100.00 BBB 1,088,093
County, New York, Resource Recovery Revenue Bonds, RESCO
Company, Series 1996, 5.500%, 7/01/09 (Alternative Minimum
Tax)
------------------------------------------------------------------------------------------------------------------------------------
14,340 Total Utilities 14,274,313
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.1% (2.0% OF TOTAL INVESTMENTS)
1,140 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 1,111,774
Water and Sewer System Revenue Bonds, 5.000%, 6/15/36 -
MBIA Insured (UB)
2,295 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AA 2,306,934
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
3,435 Total Water and Sewer 3,418,708
------------------------------------------------------------------------------------------------------------------------------------
$ 163,955 Total Long-Term Municipal Bonds (cost $165,945,699) - 149.0% 163,800,188
(97.9% of Total Investments)
==============----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 3.1% (2.1% OF TOTAL INVESTMENTS)
$ 3,448 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/09 N/A N/A 3,448,171
==============----------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $3,448,171) 3,448,171
-------------------------------------------------------------------------------------------------------------------
Total Investments (cost $169,393,870) - 152.1% 167,248,359
-------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (9.0)% (9,950,000)
-------------------------------------------------------------------------------------------------------------------
Variable Rate Demand Preferred Shares, at Liquidation Value - (50,000,000)
(45.5)% (5)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.4% 2,683,406
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 109,981,765
===================================================================================================================
At least 80% of the Fund's net assets (including net assets attributable
to Variable Rate Demand Preferred shares) are invested in municipal
securities that guarantee the timely payment of principal and interest.
See Notes to Financial Statements, Footnote 1 - Insurance, for more
information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of March
31, 2009. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest.
(5) Variable Rate Demand Preferred Shares, at Liquidation Value as a
percentage of Total Investments is 29.9%.
N/A Not applicable.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction pursuant to the provisions of SFAS No. 140. See Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
52
NRK | Nuveen Insured New York Tax-Free Advantage Municipal Fund
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.8% (1.7% OF TOTAL INVESTMENTS)
$ 1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB $ 1,123,425
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
325 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 231,472
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
1,825 Total Consumer Staples 1,354,897
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 23.9% (14.8% OF TOTAL
INVESTMENTS)
2,000 Dormitory Authority of the State of New York, Insured Revenue 9/12 at 100.00 BBB+ 1,537,820
Bonds, Long Island University, Series 2003A, 5.000%,
9/01/32 - RAAI Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AA- 2,008,240
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,055,150
Bonds, State University Dormitory Facilities, Series
2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA
GTY Insured
410 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 394,264
Bonds, State University Dormitory Facilities, Series
2006A, 5.000%, 7/01/31 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 BBB+ 819,740
Mount St. Mary College, Series 2003, 5.000%, 7/01/32 -
RAAI Insured
2,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/12 at 100.00 A1 2,566,950
Rochester Institute of Technology, Series 2002A, 5.250%,
7/01/22 - AMBAC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
100 5.250%, 7/01/20 - AMBAC Insured No Opt. Call A1 103,079
80 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 81,809
225 Madison County Industrial Development Agency, New York, Civic 7/15 at 100.00 AAA 223,630
Facility Revenue Bonds, Colgate University, Tender Option
Bond Trust 3127, 12.362%, 7/01/40 - AMBAC Insured (IF)
300 New York City Industrial Development Agency, New York, 1/19 at 100.00 AAA 322,626
Payment in Lieu of Taxes Revenue Bonds, Queens Baseball
Stadium Project, Series 2009, 6.125%, 1/01/29 - AGC Insured
495 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 551,346
Revenue Bonds, Yankee Stadium Project Pilot, Series 2009A,
7.000%, 3/01/49 - AGC Insured
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
170 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 137,199
1,425 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA- 1,139,630
840 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 575,131
------------------------------------------------------------------------------------------------------------------------------------
12,545 Total Education and Civic Organizations 11,516,614
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.6% (14.6% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 100.00 AA- 1,899,260
Mortgage Hospital Revenue Bonds, Lutheran Medical Center,
Series 2003, 5.000%, 8/01/31 - MBIA Insured
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 A 2,850,660
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.000%, 2/01/31 - AMBAC Insured
53
NRK | Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 345 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA $ 342,523
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 1,004,300
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
255 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 248,844
Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 -
AGC Insured
25 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 25,716
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
810 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 871,852
New York and Presbyterian Hospital, Series 2004A, 5.250%,
8/15/15 - FSA Insured
750 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 659,018
South Nassau Communities Hospital, Series 2003B, 5.500%,
7/01/23
305 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 284,348
The New York and Presbyterian Hospital Project, Series
2007, 5.000%, 8/15/36 - FSA Insured
500 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 526,605
Health System Revenue Bonds, Series 2002A, 5.500%,
2/15/17 - FSA Insured
2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 A+ 2,668,723
Health System Revenue Bonds, Series 2003A, 5.250%,
2/15/21 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
11,630 Total Health Care 11,381,849
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 0.6% (0.4% OF TOTAL INVESTMENTS)
300 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 A- 281,772
Collateralized Revenue Bonds, Cabrini of Westchester
Project, Series 2006, 5.200%, 2/15/41
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 8.6% (5.3% OF TOTAL INVESTMENTS)
2,055 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 1,672,523
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured
2,155 New York City, New York, General Obligation Bonds, Fiscal 8/09 at 100.50 AA 2,157,133
Series 1998H, 5.125%, 8/01/25 - MBIA Insured
225 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 240,910
Series 2006C, 5.000%, 8/01/16 - FSA Insured
85 New York City, New York, General Obligation Bonds, Tender 11/14 at 100.00 AAA 93,973
Option Bond Trust 1198, 12.468%, 11/01/19 - FSA Insured
(IF)
------------------------------------------------------------------------------------------------------------------------------------
4,520 Total Tax Obligation/General 4,164,539
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 48.8% (30.3% OF TOTAL INVESTMENTS)
2,695 Buffalo Fiscal Stability Authority, New York, Sales Tax No Opt. Call Aa2 2,990,642
Revenue State Aid Secured Bonds, Series 2004A, 5.250%,
8/15/12 - MBIA Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AA- 3,058,500
School Districts Financing Program, Series 2002D, 5.250%,
10/01/23 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/19 at 100.00 AAA 1,013,850
School Districts Financing Program, Series 2009A, 5.625%,
10/01/29 (WI/DD, Settling 4/01/09) - AGC Insured
340 Erie County Industrial Development Agency, New York, School 5/18 at 100.00 AAA 346,725
Facility Revenue Bonds, Buffalo City School District,
5.750%, 5/01/27 - FSA Insured (UB)
1,085 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA 1,096,816
Facility Revenue Bonds, Buffalo City School District,
Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
1,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 984,620
Service Contract Refunding Bonds, Series 2002A, 5.000%,
7/01/25 - FGIC Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 363,446
Revenue Bonds, Series 2003, 5.500%, 1/01/34
54
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
$ 610 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA $ 627,568
555 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 567,643
740 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 707,795
Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%,
1/15/28 - FGIC Insured
3,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 3,199,710
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%,
8/01/18 - AMBAC Insured
2,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,052,140
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
305 New York Convention Center Development Corporation, Hotel Fee 11/15 at 100.00 AAA 292,516
Revenue Bonds, Tender Option Bond Trust 3126, 12.082%,
11/15/44 - AMBAC Insured (IF)
1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,322,224
Personal Income Tax Revenue Bonds, Series 2002A, 5.000%,
1/01/23 - FGIC Insured
950 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AA 1,057,901
Fund Bonds, Second General, Series 2005B, 5.500%,
4/01/20 - AMBAC Insured
1,200 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,207,392
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
AMBAC Insured
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 757,913
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
1,860 New York State Urban Development Corporation, Service No Opt. Call AA- 1,929,248
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
------------------------------------------------------------------------------------------------------------------------------------
22,940 Total Tax Obligation/Limited 23,576,649
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.7% (4.2% OF TOTAL INVESTMENTS)
1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AA- 996,590
Transportation Revenue Refunding Bonds, Series 2002A,
5.000%, 11/15/25 - FGIC Insured
1,875 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 A+ 1,946,925
Series 2005F, 5.000%, 1/01/20 - AMBAC Insured
140 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 140,778
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
170 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 167,389
Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust
2920, 17.447%, 8/15/32 - FSA Insured (IF)
------------------------------------------------------------------------------------------------------------------------------------
3,185 Total Transportation 3,251,682
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 24.9% (15.4% OF TOTAL INVESTMENTS) (4)
1,185 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 Aaa 1,369,848
Nursing Home Mortgage Revenue Bonds, Shorefront Jewish
Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
(Pre-refunded 2/01/13)
145 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 149,046
Revenue Bonds, Mental Health Services Facilities, Series
1999D, 5.250%, 2/15/29 (Pre-refunded 8/15/09) - FSA Insured
395 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 403,575
Bonds, State University Dormitory Facilities, Series
1999B, 5.125%, 7/01/28 (Pre-refunded 7/01/09) - MBIA
Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 5/13 at 100.00 Aaa 575,125
North Shore Long Island Jewish Group, Series 2003, 5.375%,
5/01/23 (Pre-refunded 5/01/13)
100 Erie County Water Authority, New York, Water Revenue Bonds, No Opt. Call A (4) 114,445
Series 1990B, 6.750%, 12/01/14 - AMBAC Insured (ETM)
3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,896,795
Fund Bonds, Series 2002B, 5.000%, 4/01/20 (Pre-refunded
4/01/12) - AMBAC Insured
500 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 573,850
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) -
FGIC Insured
55
NRK | Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 2,000 Power Authority of the State of New York, General Revenue 11/12 at 100.00 Aa2 (4) $ 2,268,960
Bonds, Series 2002A, 5.000%, 11/15/20 (Pre-refunded
11/15/12) - Insured
1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,186,029
Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31
(Pre-refunded 1/01/12) - MBIA Insured
450 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 462,159
Series 1999-1, 6.250%, 7/15/34 (Mandatory put 7/15/24)
(Pre-refunded 7/15/09)
------------------------------------------------------------------------------------------------------------------------------------
10,750 Total U.S. Guaranteed 11,999,832
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.6% (2.9% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
1,130 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AA- 1,128,757
870 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AA- 858,325
125 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A- 115,644
General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
CIFG Insured
110 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 117,990
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
2,235 Total Utilities 2,220,716
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.0% (0.6% OF TOTAL INVESTMENTS)
495 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 482,744
Water and Sewer System Revenue Bonds, 5.000%, 6/15/36 -
MBIA Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
$ 70,425 Total Long-Term Municipal Bonds (cost $71,116,951) - 145.5% 70,231,294
(90.2% of Total Investments)
==============----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 15.9% (9.8% OF TOTAL INVESTMENTS)
$ 7,662 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/09 N/A N/A 7,661,921
==============----------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $7,661,921) 7,661,921
-------------------------------------------------------------------------------------------------------------------
Total Investments (cost $78,778,872) - 161.4% 77,893,215
-------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.8)% (2,310,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (0.7)% (323,685)
-------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation (27,000,000)
Value - (55.9)% (5)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 48,259,530
===================================================================================================================
At least 80% of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of March
31, 2009. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 34.7%.
N/A Not applicable.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction pursuant to the provisions of SFAS No. 140. See Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
56
| Statement of ASSETS & LIABILITIES March 31, 2009 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
-----------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $375,669,833, $490,431,753
and $512,379,326, respectively) $ 370,534,003 $ 489,447,910 $ 509,387,290
Short-term investments (at cost, which approximates
value) 11,551,918 20,255,700 8,975,947
Cash equivalents (1) 3,427,847 -- 4,604,025
Receivables:
Interest 5,386,621 6,960,719 7,068,888
Investments sold -- 1,090,800 --
Deferred offering costs -- -- --
Other assets 71,003 91,832 87,406
-----------------------------------------------------------------------------------------------------------
Total assets 390,971,392 517,846,961 530,123,556
-----------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations 35,505,000 31,765,000 38,910,000
Payables:
Investments purchased -- -- --
Auction Rate Preferred shares noticed for
redemption, at liquidation value 3,425,000 -- 4,600,000
Auction Rate Preferred share dividends 9,073 19,200 12,669
Common share dividends 822,247 1,075,135 1,106,201
Offering costs -- -- --
Variable Rate Demand Preferred shares, at liquidation
value -- -- --
Accrued expenses:
Management fees 191,206 259,996 262,959
Other 104,201 162,327 196,944
-----------------------------------------------------------------------------------------------------------
Total liabilities 40,056,727 33,281,658 45,088,773
-----------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares, at liquidation value 111,500,000 163,900,000 160,775,000
-----------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 239,414,665 $ 320,665,303 $ 324,259,783
===========================================================================================================
Common shares outstanding 17,518,033 23,198,402 23,754,039
===========================================================================================================
Net asset value per Common share outstanding (net
assets applicable to Common shares, divided by Common
shares outstanding) $ 13.67 $ 13.82 $ 13.65
===========================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
-----------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 175,180 $ 231,984 $ 237,540
Paid-in surplus 246,356,704 324,965,770 331,044,917
Undistributed (Over-distribution of) net investment
income 1,306,290 558,596 776,645
Accumulated net realized gain (loss) from investments
and derivative transactions (3,287,679) (4,107,204) (4,807,283)
Net unrealized appreciation (depreciation) of
investments (5,135,830) (983,843) (2,992,036)
-----------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 239,414,665 $ 320,665,303 $ 324,259,783
===========================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Auction Rate Preferred and Variable Rate Demand
Preferred 1,000,000 1,000,000 1,000,000
===========================================================================================================
(1) Segregated for the payment of Auction Rate Preferred shares.
See accompanying notes to financial statements.
57
| Statement of ASSETS & LIABILITIES (continued) March 31, 2009 (Unaudited)
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
-----------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $168,276,225, $165,945,699
and $71,116,951, respectively) $ 167,214,973 $ 163,800,188 $ 70,231,294
Short-term investments (at cost, which approximates
value) 12,397,958 3,448,171 7,661,921
Cash equivalents (1) 1,651,423 -- --
Receivables:
Interest 2,378,972 2,434,709 903,413
Investments sold -- 105,000 --
Deferred offering costs -- 660,394 --
Other assets 24,642 532 13,618
-----------------------------------------------------------------------------------------------------------
Total assets 183,667,968 170,448,994 78,810,246
-----------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations 15,905,000 9,950,000 2,310,000
Payables:
Investments purchased -- -- 1,001,960
Auction Rate Preferred shares noticed for
redemption, at liquidation value 1,650,000 -- --
Auction Rate Preferred share dividends 4,135 -- 2,712
Common share dividends 371,843 418,503 182,202
Offering costs -- 29,817 --
Variable Rate Demand Preferred shares, at liquidation
value -- 50,000,000 --
Accrued expenses:
Management fees 91,504 60,534 31,186
Other 36,875 8,375 22,656
-----------------------------------------------------------------------------------------------------------
Total liabilities 18,059,357 60,467,229 3,550,716
-----------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares, at liquidation value 50,350,000 -- 27,000,000
-----------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 115,258,611 $ 109,981,765 $ 48,259,530
===========================================================================================================
Common shares outstanding 8,256,215 7,937,131 3,506,560
===========================================================================================================
Net asset value per Common share outstanding (net
assets applicable to Common shares, divided by Common
shares outstanding) $ 13.96 $ 13.86 $ 13.76
===========================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
-----------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 82,562 $ 79,371 $ 35,066
Paid-in surplus 117,578,151 112,688,392 49,431,659
Undistributed (Over-distribution of) net investment
income 193,954 220,641 (79,042)
Accumulated net realized gain (loss) from investments
and derivative transactions (1,534,804) (861,128) (242,496)
Net unrealized appreciation (depreciation) of
investments (1,061,252) (2,145,511) (885,657)
-----------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares 115,258,611 109,981,765 48,259,530
===========================================================================================================
Authorized shares:
Common 200,000,000 Unlimited Unlimited
Auction Rate Preferred and Variable Rate Demand
Preferred 1,000,000 Unlimited Unlimited
===========================================================================================================
(1) Segregated for the payment of Auction Rate Preferred shares.
See accompanying notes to financial statements.
58
| Statement of OPERATIONS Six Months Ended March 31, 2009 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
-----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 9,516,267 $ 12,612,177 $ 12,757,792
-----------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,098,827 1,493,888 1,511,812
Auction fees 143,263 204,313 206,153
Dividend disbursing agent fees 14,959 14,959 19,945
Shareholders' servicing agent
fees and expenses 12,320 12,445 12,472
Interest expense and amortization of
offering costs 352,413 367,505 398,728
Liquidity fees -- -- --
Custodian's fees and expenses 28,703 37,821 37,787
Directors'/Trustees' fees and expenses 4,187 5,657 5,664
Professional fees 14,918 18,407 18,465
Shareholders' reports - printing
and mailing expenses 47,750 56,723 58,698
Stock exchange listing fees 4,591 4,591 4,591
Investor relations expense 24,108 31,670 32,234
Portfolio insurance expense -- 812 --
Other expenses 16,914 19,754 19,656
-----------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense reimbursement 1,762,953 2,268,545 2,326,205
Custodian fee credit (17,403) (23,884) (24,073)
Expense reimbursement -- -- --
-----------------------------------------------------------------------------------------------------------
Net expenses 1,745,550 2,244,661 2,302,132
-----------------------------------------------------------------------------------------------------------
Net investment income 7,770,717 10,367,516 10,455,660
-----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (2,708,330) (3,758,155) (4,147,077)
Futures -- -- --
Change in net unrealized appreciation
(depreciation) of:
Investments 9,164,375 13,657,949 13,375,802
Futures -- -- --
-----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 6,456,045 9,899,794 9,228,725
-----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE
PREFERRED SHAREHOLDERS
From net investment income (1,218,921) (1,668,711) (1,727,748)
From accumulated net realized gains -- -- --
-----------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Auction Rate Preferred shareholders (1,218,921) (1,668,711) (1,727,748)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations $ 13,007,841 $ 18,598,599 $ 17,956,637
===========================================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
-----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 4,291,421 $ 4,110,118 $ 1,709,294
-----------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 526,238 501,233 237,970
Auction fees 64,821 25,278 33,657
Dividend disbursing agent fees 9,973 13,288 4,979
Shareholders' servicing agent
fees and expenses 4,794 591 374
Interest expense and amortization of
offering costs 159,289 533,760 29,135
Liquidity fees -- 193,091 --
Custodian's fees and expenses 16,793 15,092 8,795
Directors'/Trustees' fees and expenses 2,004 1,848 935
Professional fees 10,084 8,020 6,224
Shareholders' reports - printing
and mailing expenses 31,638 17,239 12,911
Stock exchange listing fees 4,591 561 248
Investor relations expense 11,583 10,699 5,094
Portfolio insurance expense -- -- --
Other expenses 10,546 6,161 8,755
-----------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense reimbursement 852,354 1,326,861 349,077
Custodian fee credit (8,366) (8,053) (4,253)
Expense reimbursement -- (154,937) (68,289)
-----------------------------------------------------------------------------------------------------------
Net expenses 843,988 1,163,871 276,535
-----------------------------------------------------------------------------------------------------------
Net investment income 3,447,433 2,946,247 1,432,759
-----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (1,354,529) (1,194,183) (484,958)
Futures -- -- 234,587
Change in net unrealized appreciation
(depreciation) of:
Investments 5,533,866 4,801,200 1,836,116
Futures -- -- 10,453
-----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 4,179,337 3,607,017 1,596,198
-----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE
PREFERRED SHAREHOLDERS
From net investment income (546,006) -- (272,406)
From accumulated net realized gains -- (27,450) (10,498)
-----------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Auction Rate Preferred shareholders (546,006) (27,450) (282,904)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations $ 7,080,764 $ 6,525,814 $ 2,746,053
===========================================================================================================
See accompanying notes to financial statements.
59
| Statement of CHANGES in NET ASSETS (Unaudited)
NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN)
------------------------------ -------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
3/31/09 9/30/08 3/31/09 9/30/08
----------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 7,770,717 $ 15,788,749 $ 10,367,516 $ 21,208,794
Net realized gain (loss) from:
Investments (2,708,330) (280,532) (3,758,155) 12,692
Forward swaps -- -- -- --
Futures -- -- -- --
Change in net unrealized appreciation
(depreciation) of:
Investments 9,164,375 (26,892,780) 13,657,949 (38,070,098)
Forward swaps -- -- -- --
Futures -- -- -- --
Distributions to Auction Rate Preferred
shareholders:
From net investment income (1,218,921) (4,662,305) (1,668,711) (6,362,815)
From accumulated net realized gains -- -- -- (86,393)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 13,007,841 (16,046,868) 18,598,599 (23,297,820)
----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (5,558,093) (10,986,638) (7,617,730) (14,865,894)
From accumulated net realized gains -- -- -- (221,453)
----------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (5,558,093) (10,986,638) (7,617,730) (15,087,347)
----------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares repurchased (937,831) (287,803) (1,246,682) (71,952)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions (937,831) (287,803) (1,246,682) (71,952)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 6,511,917 (27,321,309) 9,734,187 (38,457,119)
Net assets applicable to Common
shares at the beginning of period 232,902,748 260,224,057 310,931,116 349,388,235
----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 239,414,665 $ 232,902,748 $ 320,665,303 $ 310,931,116
============================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 1,306,290 $ 312,587 $ 558,596 $ (522,479)
============================================================================================================================
NEW YORK
QUALITY INCOME (NUN)
-------------------------------
SIX MONTHS
ENDED YEAR ENDED
3/31/09 9/30/08
------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 10,455,660 $ 21,259,580
Net realized gain (loss) from:
Investments (4,147,077) (422,110)
Forward swaps -- (251,591)
Futures -- --
Change in net unrealized appreciation
(depreciation) of:
Investments 13,375,802 (37,062,056)
Forward swaps -- 33,606
Futures -- --
Distributions to Auction Rate Preferred
shareholders:
From net investment income (1,727,748) (6,492,288)
From accumulated net realized gains -- (107,456)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 17,956,637 (23,042,315)
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (7,560,230) (14,666,161)
From accumulated net realized gains -- (248,604)
------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (7,560,230) (14,914,765)
------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares repurchased (1,646,158) (96,929)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions (1,646,158) (96,929)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 8,750,249 (38,054,009)
Net assets applicable to Common
shares at the beginning of period 315,509,534 353,563,543
------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 324,259,783 $ 315,509,534
==========================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 776,645 $ (391,037)
==========================================================================================
See accompanying notes to financial statements.
60
INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO)
------------------------------ -------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
3/31/09 9/30/08 3/31/09 9/30/08
----------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,447,433 $ 7,162,218 $ 2,946,247 $ 7,228,719
Net realized gain (loss) from:
Investments (1,354,529) (39,488) (1,194,183) 536,618
Forward swaps -- -- -- --
Futures -- -- -- --
Change in net unrealized appreciation (depreciation) of:
Investments 5,533,866 (12,371,891) 4,801,200 (12,999,975)
Forward swaps -- -- -- --
Futures -- -- -- --
Distributions to Auction Rate Preferred
shareholders:
From net investment income (546,006) (2,131,997) -- (1,761,482)
From accumulated net realized gains -- -- (27,450) (79,056)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 7,080,764 (7,381,158) 6,525,814 (7,075,176)
----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (2,520,158) (5,047,504) (2,626,943) (5,256,327)
From accumulated net realized gains -- -- (195,121) (216,624)
----------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (2,520,158) (5,047,504) (2,822,064) (5,472,951)
----------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares repurchased (829,563) -- (305,033) --
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions (829,563) -- (305,033) --
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 3,731,043 (12,428,662) 3,398,717 (12,548,127)
Net assets applicable to Common
shares at the beginning of period 111,527,568 123,956,230 106,583,048 119,131,175
----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 115,258,611 $ 111,527,568 $ 109,981,765 $ 106,583,048
============================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 193,954 $ (187,315) $ 220,641 $ (98,663)
============================================================================================================================
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
-------------------------------
SIX MONTHS
ENDED YEAR ENDED
3/31/09 9/30/08
------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 1,432,759 $ 3,102,124
Net realized gain (loss) from:
Investments (484,958) (118,160)
Forward swaps -- 135,865
Futures 234,587 142,552
Change in net unrealized appreciation
(depreciation) of:
Investments 1,836,116 (4,761,343)
Forward swaps -- (21,078)
Futures 10,453 (10,453)
Distributions to Auction Rate Preferred
shareholders:
From net investment income (272,406) (873,905)
From accumulated net realized gains (10,498) (2,095)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 2,746,053 (2,406,493)
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (1,148,509) (2,297,738)
From accumulated net realized gains (28,810) (5,973)
------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (1,177,319) (2,303,711)
------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares repurchased (77,712) --
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions (77,712) --
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 1,491,022 (4,710,204)
Net assets applicable to Common
shares at the beginning of period 46,768,508 51,478,712
------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 48,259,530 $ 46,768,508
==========================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ (79,042) $ (90,886)
==========================================================================================
See accompanying notes to financial statements.
61
| Statement of CASH FLOWS Six Months Ended March 31, 2009 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
-----------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
COMMON SHARES FROM OPERATIONS $ 13,007,841 $ 18,598,599 $ 17,956,637
Adjustments to reconcile the net increase (decrease) in
net assets applicable to Common shares from operations
to net cash provided by (used in) operating activities:
Purchases of investments (9,737,550) (20,825,040) (19,602,326)
Proceeds from sales and maturities of investments 15,553,840 23,092,335 23,493,449
Proceeds from (Purchases of) short-term investments,
net (2,096,918) (9,280,700) (2,910,947)
Amortization (Accretion) of premiums and discounts,
net 232,179 (196,928) (238,379)
(Increase) Decrease in receivable for interest 109,229 8,670 27,573
(Increase) Decrease in receivable for investments
sold -- (1,090,800) --
(Increase) Decrease in other assets 226,406 181,877 201,670
Increase (Decrease) in payable for investments
purchased (2,073,724) (1,919,491) (1,978,114)
Increase (Decrease) in payable for Auction Rate
Preferred shares noticed for redemption,
at liquidation value 3,425,000 -- 4,600,000
Increase (Decrease) in payable for Auction Rate
Preferred share dividends (131,231) (293,882) (194,767)
Increase (Decrease) in accrued management fees 3,269 5,187 5,503
Increase (Decrease) in accrued other liabilities (22,073) 2,051 35,466
Net realized (gain) loss from investments 2,708,330 3,758,155 4,147,077
Change in net unrealized (appreciation) depreciation
of investments (9,164,375) (13,657,949) (13,375,802)
Net realized (gain) loss from paydowns -- (10,373) (8,636)
Taxes paid on undistributed capital gains (3) (191) (196)
-----------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 12,040,220 (1,628,480) 12,158,208
-----------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in floating rate obligations (8,040,000) (16,688,000) (13,800,000)
Cash distributions paid to Common shareholders (5,496,951) (7,612,935) (7,527,976)
Cost of Common shares repurchased (937,831) (1,246,682) (1,646,158)
(Increase) Decrease in deferred offering costs -- -- --
Increase (Decrease) in payable for offering costs -- -- --
Increase (Decrease) in Auction Rate Preferred shares,
at liquidation value (3,425,000) -- (4,600,000)
-----------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (17,899,782) (25,547,617) (27,574,134)
-----------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (5,859,562) (27,176,097) (15,415,927)
Cash and cash equivalents at the beginning of period 9,287,409 27,176,097 20,019,951
-----------------------------------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD $ 3,427,847 $ -- $ 4,604,025
===========================================================================================================
62
INSURED INSURED
NEW YORK NEW YORK
PREMIUM DIVIDEND
INCOME ADVANTAGE
(NNF) (NKO)
------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
COMMON SHARES FROM OPERATIONS $ 7,080,764 $ 6,525,814
Adjustments to reconcile the net increase (decrease) in
net assets applicable to Common shares from operations
to net cash provided by (used in) operating activities:
Purchases of investments (7,734,696) (5,185,850)
Proceeds from sales and maturities of investments 9,316,820 6,801,872
Proceeds from (Purchases of) short-term investments,
net (5,322,958) (1,473,171)
Amortization (Accretion) of premiums and discounts,
net 30,112 77,983
(Increase) Decrease in receivable for interest 79,789 54,127
(Increase) Decrease in receivable for investments
sold -- (5,000)
(Increase) Decrease in other assets 83,690 145,899
Increase (Decrease) in payable for investments
purchased (818,642) (1,090,549)
Increase (Decrease) in payable for Auction Rate
Preferred shares noticed for redemption,
at liquidation value 1,650,000 --
Increase (Decrease) in payable for Auction Rate
Preferred share dividends (58,953) --
Increase (Decrease) in accrued management fees 2,058 4,896
Increase (Decrease) in accrued other liabilities (12,341) (8,499)
Net realized (gain) loss from investments 1,354,529 1,194,183
Change in net unrealized (appreciation) depreciation
of investments (5,533,866) (4,801,200)
Net realized (gain) loss from paydowns -- --
Taxes paid on undistributed capital gains (503) (17,888)
------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 115,803 2,222,617
------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in floating rate obligations (4,145,000) (5,362,000)
Cash distributions paid to Common shareholders (2,512,066) (2,821,676)
Cost of Common shares repurchased (829,563) (305,033)
(Increase) Decrease in deferred offering costs -- 11,216
Increase (Decrease) in payable for offering costs -- (145,183)
Increase (Decrease) in Auction Rate Preferred shares,
at liquidation value (1,650,000) --
------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (9,136,629) (8,622,676)
------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (9,020,825) (6,400,059)
Cash and cash equivalents at the beginning of period 10,672,249 6,400,059
------------------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD $ 1,651,423 $ --
==========================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest (excluding amortization of offering costs, where
applicable) was as follows:
INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND
QUALITY QUALITY INCOME INCOME ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO)
---------------------------------------------------------------------------------------------------------------------------
$ 352,413 $ 367,505 $ 398,728 $ 159,289 $ 522,544
===========================================================================================================================
See accompanying notes to financial statements.
63
| Notes to FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds covered in this report and their corresponding Common share stock
exchange symbols are Nuveen New York Investment Quality Municipal Fund, Inc.
(NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New
York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured New York Premium
Income Municipal Fund, Inc. (NNF), Nuveen Insured New York Dividend Advantage
Municipal Fund (NKO) and Nuveen Insured New York Tax-Free Advantage Municipal
Fund (NRK) (collectively, the "Funds"). Common shares of New York Investment
Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and
Insured New York Premium Income (NNF) are traded on the New York Stock Exchange
while Common shares of Insured New York Dividend Advantage (NKO) and Insured New
York Tax-Free Advantage (NRK) are traded on the NYSE Amex (formerly American
Stock Exchange). The Funds are registered under the Investment Company Act of
1940, as amended, as closed-end management investment companies.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes, and in the case of Insured New York Tax-Free
Advantage (NRK) the alternative minimum tax applicable to individuals, by
investing primarily in a diversified portfolio of municipal obligations issued
by state and local government authorities within the state of New York or
certain U.S. territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with US
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. Prices
of forward swap contracts are also provided by an independent pricing service
approved by each Fund's Board of Directors/Trustees. Futures contracts are
valued using the closing settlement price, or, in the absence of such a price,
at the mean of the bid and asked prices. When market price quotes are not
readily available (which is usually the case for municipal securities), the
pricing service or, in the absence of a pricing service for a particular
investment or derivative instrument, the Board of Directors/Trustees of the
Fund, or its designee, may establish fair value using a wide variety of market
data including yields or prices of investments of comparable quality, type of
issue, coupon, maturity and rating, market quotes or indications of value from
security dealers, evaluations of anticipated cash flows or collateral, general
market conditions and other information and analysis, including the obligor's
credit characteristics considered relevant. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
investments are valued at amortized cost, which approximates value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued/delayed delivery basis may have extended
settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At March 31, 2009, Insured
New York Tax-Free Advantage (NRK) had outstanding when issued/delayed delivery
purchase commitments of $1,001,960. There were no such outstanding purchase
commitments in any of the other Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all of its net investment income and net
capital gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the
64
Internal Revenue Code applicable to regulated investment companies. Therefore,
no federal income tax provision is required. Furthermore, each Fund intends to
satisfy conditions which will enable interest from municipal securities, which
is exempt from regular federal and New York state income taxes, and in the case
of Insured New York Tax-Free Advantage (NRK) the alternative minimum tax
applicable to individuals, to retain such tax-exempt status when distributed to
shareholders of the Funds. Net realized capital gains and ordinary income
distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that
would require recognition in the financial statements. Open tax years are those
that are open for examination by taxing authorities (i.e., generally the last
four tax year ends and the interim tax period since then). Furthermore,
management of the Funds is also not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will
significantly change in the next twelve months.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders at least annually. Furthermore, capital
gains are distributed only to the extent they exceed available capital loss
carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from US
generally accepted accounting principles.
Auction Rate Preferred Shares
The following Funds have issued and outstanding Auction Rate Preferred shares,
$25,000 stated value per share, as a means of effecting financial leverage. Each
Fund's Auction Rate Preferred shares are issued in one or more Series. The
dividend rate paid by the Funds on each Series is determined every seven days,
pursuant to a dutch auction process overseen by the auction agent, and is
payable at the end of each rate period. As of March 31, 2009, the number of
Auction Rate Preferred shares outstanding, by Series and in total, for each Fund
is as follows:
INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NRK)
----------------------------------------------------------------------------------------------------------------
Number of shares:
Series M 744 -- 1,794 1,022 --
Series T 1,858 1,461 -- 992 --
Series W -- 2,038 1,796 -- --
Series TH -- 3,057 1,959 -- 1,080
Series F 1,858 -- 882 -- --
----------------------------------------------------------------------------------------------------------------
Total 4,460 6,556 6,431 2,014 1,080
================================================================================================================
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the Auction Rate Preferred shares issued by the Funds
than there were offers to buy. This meant that these auctions "failed to clear,"
and that many Auction Rate Preferred shareholders who wanted to sell their
shares in these auctions were unable to do so. Auction Rate Preferred
shareholders unable to sell their shares received distributions at the "maximum
rate" applicable to failed auctions as calculated in accordance with the
pre-established terms of the Auction Rate Preferred shares.
These developments have generally not affected the portfolio management or
investment policies of the Funds. However, one implication of these auction
failures for Common shareholders is that the Funds' cost of leverage will likely
be higher, at least temporarily, than it otherwise would have been had the
auctions continued to be successful. As a result, the Funds' future Common share
earnings may be lower than they otherwise would have been. As of March 31, 2009,
the aggregate amount of outstanding Auction Rate Preferred shares redeemed by
each Fund is as follows:
INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND
QUALITY QUALITY INCOME INCOME ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO)
------------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares redeemed, at
liquidation value $ 32,500,000 $ 29,100,000 $ 36,225,000 $ 14,650,000 $ 61,000,000
==============================================================================================================================
65
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
Variable Rate Demand Preferred Shares
On August 7, 2008, Insured New York Dividend Advantage (NKO) issued 500 Series 1
Variable Rate Demand Preferred shares, $100,000 liquidation value per share, in
a privately negotiated offering. Proceeds of this offering along with the
proceeds from the Fund's creation of tender option bonds (TOBs), also known as
"floaters" or floating rate obligations, were used to redeem all of the Fund's
outstanding Auction Rate Preferred shares totaling $61,000,000. The Variable
Rate Demand Preferred shares were offered to institutional buyers as defined
pursuant to Rule 144A under the Securities Act of 1933, have a maturity date of
August 1, 2038 and include a liquidity feature that allows the Variable Rate
Demand Preferred shareholders to have their shares purchased by the liquidity
provider in the event that sell orders are not matched with purchase orders in a
remarketing. Dividends on the Variable Rate Demand Preferred shares (which are
treated as interest payments for financial reporting purposes) are set weekly at
a rate established by a remarketing agent; therefore, the liquidation value of
the Variable Rate Demand Preferred shares approximates fair value.
Subject to certain conditions, Variable Rate Demand Preferred shares may be
redeemed, in whole or in part, at any time at the option of the Fund. The Fund
may also redeem certain of the Variable Rate Demand Preferred shares if the Fund
fails to maintain certain asset coverage requirements and such failures are not
cured by the applicable cure date. The redemption price per share is equal to
the sum of the liquidation value per share plus any accumulated but unpaid
dividends.
Insured New York Dividend Advantage (NKO) had all of its $50,000,000 Variable
Rate Demand Preferred shares outstanding for the six months ended March 31,
2009, with an annualized interest rate of 1.64%.
For financial reporting purposes only, the liquidation value of Variable Rate
Demand Preferred shares is recorded as a liability on the Statement of Assets
and Liabilities and the dividends paid on the Variable Rate Demand Preferred
shares are included as a component of "Interest expense and amortization of
offering costs" on the Statement of Operations. In addition to interest expense,
the Fund also paid a per annum liquidity fee which is recognized as "Liquidity
fees" on the Statement of Operations.
Insurance
Except to the extent that each of New York Investment Quality (NQN), New York
Select Quality (NVN), New York Quality Income (NUN) and Insured New York Premium
Income (NNF) invests in temporary investments, all of the net assets of each
Fund will be invested in municipal securities that are covered by insurance
guaranteeing the timely payment of principal and interest or backed by an escrow
or trust account containing sufficient U.S. Government or U.S. Government agency
securities to ensure timely payment of principal and interest. Insurers must
have a claims paying ability rated "Aaa" by Moody's or "AAA" by Standard &
Poor's for Insured New York Premium Income (NNF) and "A" or better by at least
one independent rating agency for New York Investment Quality (NQN), New York
Select Quality (NVN) and New York Quality Income (NUN). Municipal securities
backed by an escrow account or trust account will not constitute more than 20%
of each Fund's net assets.
Under normal circumstances, Insured New York Dividend Advantage (NKO) and
Insured New York Tax-Free Advantage (NRK) will invest at least 80% of their net
assets (including net assets attributable to Auction Rate Preferred shares or
Variable Rate Demand Preferred shares) in municipal securities that are covered
by insurance guaranteeing the timely payment of principal and interest. For
purposes of this 80% test, insurers must have a claims paying ability rated at
least "A" at the time of purchase by at least one independent rating agency. In
addition, each of Insured New York Dividend Advantage (NKO) and Insured New York
Tax-Free Advantage (NRK) will invest at least 80% of its net assets (including
net assets attributable to Auction Rate Preferred shares or Variable Rate Demand
Preferred shares) in municipal securities that are rated at least "AA" at the
time of purchase (based on the higher of the rating of the insurer, if any, or
the underlying security) by at least one independent rating agency, or are
unrated but judged to be of similar credit quality by Nuveen Asset Management
(the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc.
("Nuveen"), or municipal bonds backed by an escrow or trust account containing
sufficient U.S. Government or U.S. Government agency securities or U.S.
Treasury-issued State and Local Government Series securities to ensure timely
payment of principal and interest. Each of Insured New York Dividend Advantage
(NKO) and Insured New York Tax-Free Advantage (NRK) may also invest up to 20% of
its net assets (including net assets attributable to Auction Rate Preferred
shares or Variable Rate Demand Preferred shares) in municipal securities rated
below "AA" but at least "BBB" (based on the higher rating of the insurer, if
any, or the underlying bond) or are unrated but judged to be of comparable
quality by the Adviser.
66
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance, in contrast, is effective only while the municipal securities are
held by the Funds. Accordingly, neither the prices used in determining the
market value of the underlying municipal securities nor the Common share net
asset value of the Funds include value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does, however, give the Funds
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An
inverse floating rate security is created by depositing a municipal bond,
typically with a fixed interest rate, into a special purpose trust created by a
broker-dealer. In turn, this trust (a) issues floating rate certificates, in
face amounts equal to some fraction of the deposited bond's par amount or market
value, that typically pay short-term tax-exempt interest rates to third parties,
and (b) issues to a long-term investor (such as one of the Funds) an inverse
floating rate certificate (sometimes referred to as an "inverse floater") that
represents all remaining or residual interest in the trust. The income received
by the inverse floater holder varies inversely with the short-term rate paid to
the floating rate certificates' holders, and in most circumstances the inverse
floater holder bears substantially all of the underlying bond's downside
investment risk and also benefits disproportionately from any potential
appreciation of the underlying bond's value. The price of an inverse floating
rate security will be more volatile than that of the underlying bond because the
interest rate is dependent on not only the fixed coupon rate of the underlying
bond but also on the short-term interest paid on the floating rate certificates,
and because the inverse floating rate security essentially bears the risk of
loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). The inverse floater held by a Fund gives the
Fund the right (a) to cause the holders of the floating rate certificates to
tender their notes at par, and (b) to have the broker transfer the fixed-rate
bond held by the trust to the Fund, thereby collapsing the trust. An investment
in an externally-deposited inverse floater is identified in the Portfolio of
Investments as "(IF) - Inverse floating rate investment." An investment in a
self-deposited inverse floater is accounted for as a financing transaction in
accordance with Statement of Financial Accounting Standards No. 140 (SFAS No.
140) "Accounting for Transfers and Servicing of Financial Assets and
Extinguishment of Liabilities." In such instances, a fixed-rate bond deposited
into a special purpose trust is identified in the Portfolio of Investments as
"(UB) - Underlying bond of an inverse floating rate trust," with the Fund
accounting for the short-term floating rate certificates issued by the trust as
"Floating rate obligations" on the Statement of Assets and Liabilities. In
addition, the Fund reflects in Investment Income the entire earnings of the
underlying bond and the related interest paid to the holders of the short-term
floating rate certificates is included as a component of "Interest expense and
amortization of offering costs" on the Statement of Operations.
During the six months ended March 31, 2009, each Fund invested in
externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") (such agreements
referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund
agrees to reimburse the broker-dealer, in certain circumstances, for the
difference between the liquidation value of the fixed-rate bond held by the
trust and the liquidation value of the floating rate certificates issued by the
trust plus any shortfalls in interest cash flows. Under these agreements, a
Fund's potential exposure to losses related to or on inverse floaters may
increase beyond the value of a Fund's inverse floater investments as a Fund may
potentially be liable to fulfill all amounts owed to holders of the floating
rate certificates. At period end, any such shortfall is recognized as
"Unrealized depreciation on Recourse Trusts" on the Statement of Assets and
Liabilities.
At March 31, 2009, the Funds were not invested in externally-deposited Recourse
Trusts.
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
---------------------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $ -- $ -- $ -- $ -- $ -- $ --
===========================================================================================================================
67
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended March 31, 2009, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
----------------------------------------------------------------------------------------------------------------------------------
Average floating rate obligations $ 34,573,929 $ 35,069,835 $38,062,170 $ 15,484,808 $ 10,959,560 $ 2,733,571
Average annual interest rate and fees 2.04% 2.10% 2.10% 2.06% 2.08% 2.14%
==================================================================================================================================
Forward Swap Transactions
Each Fund is authorized to invest in forward interest rate swap transactions.
Each Fund's use of forward interest rate swap transactions is intended to help
the Fund manage its overall interest rate sensitivity, either shorter or longer,
generally to more closely align the Fund's interest rate sensitivity with that
of the broader municipal market. Forward interest rate swap transactions involve
each Fund's agreement with a counterparty to pay, in the future, a fixed or
variable rate payment in exchange for the counterparty paying the Fund a
variable or fixed rate payment, the accruals for which would begin at a
specified date in the future (the "effective date"). The amount of the payment
obligation is based on the notional amount of the forward swap contract and the
termination date of the swap (which is akin to a bond's maturity). The value of
the Fund's swap commitment would increase or decrease based primarily on the
extent to which long-term interest rates for bonds having a maturity of the
swap's termination date increases or decreases. The Funds may terminate a swap
contract prior to the effective date, at which point a realized gain or loss is
recognized. When a forward swap is terminated, it ordinarily does not involve
the delivery of securities or other underlying assets or principal, but rather
is settled in cash on a net basis. Each Fund intends, but is not obligated, to
terminate its forward swaps before the effective date. Accordingly, the risk of
loss with respect to the swap counterparty on such transactions is limited to
the credit risk associated with a counterparty failing to honor its commitment
to pay any realized gain to the Fund upon termination. None of the Funds
invested in forward interest rate swap transactions during the six months ended
March 31, 2009.
Futures Contracts
Each Fund is authorized to invest in futures contracts. Upon entering into a
futures contract, a Fund is required to deposit with the broker an amount of
cash or liquid securities equal to a specified percentage of the contract
amount. This is known as the "initial margin." Subsequent payments ("variation
margin") are made or received by a Fund each day, depending on the daily
fluctuation of the value of the contract.
During the period the futures contract is open, changes in the value of the
contract are recognized as an unrealized gain or loss by "marking-to-market" on
a daily basis to reflect the changes in market value of the contract. When the
contract is closed or expired, a Fund records a realized gain or loss equal to
the difference between the value of the contract on the closing date and value
of the contract when originally entered into. Cash held by the broker to cover
initial margin requirements on open futures contracts, if any, is recognized on
the Statement of Assets and Liabilities. Additionally, the Statement of Assets
and Liabilities reflects a receivable or payable for the variation margin, when
applicable. Insured New York Tax-Free Advantage (NRK) was the only Fund to
invest in futures contracts during the six months ended March 31, 2009.
Risks of investments in futures contracts include the possible adverse movement
of the securities or indices underlying the contracts, the possibility that
there may not be a liquid secondary market for the contracts and/or that a
change in the value of the contract may not correlate with a change in the value
of the underlying securities or indices.
Market and Credit Risk
In the normal course of business each Fund may invest in financial instruments
and enter into financial transactions where risk of potential loss exists due to
changes in the market (market risk) or failure of the other party to the
transaction to perform (credit
68
risk). Similar to credit risk, each Fund may be exposed to counterparty risk,
or the risk that an institution or other entity with which the Fund has
unsettled or open transactions will default. The potential loss could exceed the
value of the financial assets recorded on the financial statements. Financial
assets, which potentially expose each Fund to credit risk, consist principally
of cash due from counterparties on forward, option and swap transactions. The
extent of each Fund's exposure to credit and counterparty risks in respect to
these financial assets approximates their carrying value as recorded on the
Statement of Assets and Liabilities.
Each Fund helps manage credit risk by entering into agreements only the Adviser
believes have the financial resources to honor their obligations and by having
the Adviser monitor the financial stability of the counterparties. Additionally,
counterparties may be required to pledge collateral daily (based on the daily
valuation of the financial asset) on behalf of each Fund with a value
approximately equal to the amount of any unrealized gain above a pre-determined
threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have
instructed the custodian to pledge assets of the Funds as collateral with a
value approximately equal to the amount of the unrealized loss above a
pre-determined threshold. Collateral pledges are monitored and subsequently
adjusted if and when the valuations fluctuate, either up or down, by at least
the predetermined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. Such securities are included in the Portfolios of Investments
with a 0.000% coupon rate in their description. The market prices of zero coupon
securities generally are more volatile than the market prices of securities that
pay interest periodically.
Offering Costs
Costs incurred by Insured New York Dividend Advantage (NKO) in connection with
its offering of the Variable Rate Demand Preferred shares ($675,000) were
recorded as a deferred charge which will be amortized over the 30-year life of
the shares and are recognized as a component of "Interest expense and
amortization of offering costs" on the Statement of Operations.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with US generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets applicable to Common shares from operations during the reporting period.
Actual results may differ from those estimates.
2. FAIR VALUE MEASUREMENTS
During the current fiscal period, the Funds adopted the provisions of Statement
of Financial Accounting Standards No. 157 (SFAS No. 157) "Fair Value
Measurements." SFAS No. 157 defines fair value, establishes a framework for
measuring fair value in generally accepted accounting principles, and expands
disclosure about fair value measurements. In determining the value of each
Fund's investments various inputs are used. These inputs are summarized in the
three broad levels listed below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.).
Level 3 - Significant unobservable inputs (including management's
assumptions in determining the fair value of investments).
69
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities. The following is a
summary of each Fund's fair value measurements as of March 31, 2009:
NEW YORK INVESTMENT QUALITY (NQN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------------
Investments $ 6,551,918 $ 375,534,003 $ -- $ 382,085,921
=============================================================================================================
NEW YORK SELECT QUALITY (NVN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------------
Investments $15,255,700 $ 494,447,910 $ -- $ 509,703,610
=============================================================================================================
NEW YORK QUALITY INCOME (NUN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------------
Investments $ 8,975,947 $ 509,387,290 $ -- $ 518,363,237
=============================================================================================================
INSURED NEW YORK PREMIUM INCOME (NNF) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------------
Investments $ 5,897,958 $ 173,714,973 $ -- $ 179,612,931
=============================================================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------------
Investments $ 3,448,171 $ 163,800,188 $ -- $ 167,248,359
=============================================================================================================
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------------
Investments $ 7,661,921 $ 70,231,294 $ -- $ 77,893,215
=============================================================================================================
3. FUND SHARES
Common Shares
The Funds' Board of Directors/Trustees approved an open-market share
repurchase program on July 10, 2007, for New York Investment Quality (NQN), New
York Select Quality (NVN) and New York Quality Income (NUN) and on July 30,
2008, for Insured New York Premium Income (NNF), Insured New York Dividend
Advantage (NKO) and Insured New York Tax-Free Advantage (NRK) under which each
Fund may repurchase an aggregate of up to approximately 10% of its outstanding
Common shares.
Transactions in Common shares were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN) QUALITY INCOME (NUN)
---------------------------- ---------------------------- -----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
3/31/09 9/30/08 3/31/09 9/30/08 3/31/09 9/30/08
-----------------------------------------------------------------------------------------------------------------------------
Common shares repurchased (83,900) (21,700) (112,400) (5,600) (150,400) (7,700)
-----------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased $ 11.16 $ 13.24 $ 11.07 $ 12.83 $ 10.93 $ 12.57
Discount per share repurchased 18.61% 11.53% 19.98% 13.26% 19.94% 14.00%
=============================================================================================================================
70
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
---------------------------- ---------------------------- -----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
3/31/09 9/30/08 3/31/09 9/30/08 3/31/09 9/30/08
-----------------------------------------------------------------------------------------------------------------------------
Common shares repurchased (73,000) -- (27,000) -- (6,800) --
-----------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased $ 11.34 -- $ 11.28 -- $ 11.41 --
Discount per share repurchased 19.17% -- 19.06% -- 18.03% --
=============================================================================================================================
Preferred Shares
Transactions in Auction Rate Preferred shares were as follows:
NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN)
----------------------------------------- ------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
3/31/09 9/30/08 3/31/09 9/30/08
--------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred
shares redeemed and/or noticed
for redemption:
Series M 23 $ 575,000 193 $ 4,825,000 -- $ -- -- $ --
Series T 57 1,425,000 485 12,125,000 -- -- 259 6,475,000
Series W -- -- -- -- -- -- 362 9,050,000
Series TH -- -- -- -- -- -- 543 13,575,000
Series F 57 1,425,000 485 12,125,000 -- -- -- --
--------------------------------------------------------------------------------------------------------------------
Total 137 $ 3,425,000 1,163 $29,075,000 -- $ -- 1,164 $ 29,100,000
====================================================================================================================
NEW YORK INSURED NEW YORK
QUALITY INCOME (NUN) PREMIUM INCOME (NNF)
----------------------------------------- -----------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
3/31/09 9/30/08 3/31/09 9/30/08
-------------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
-------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred
shares redeemed and/or noticed
for redemption:
Series M 52 $ 1,300,000 354 $ 8,850,000 34 $ 850,000 264 $ 6,600,000
Series T -- -- -- -- 32 800,000 256 6,400,000
Series W 51 1,275,000 353 8,825,000 -- -- -- --
Series TH 56 1,400,000 385 9,625,000 -- -- -- --
Series F 25 625,000 173 4,325,000 -- -- -- --
-------------------------------------------------------------------------------------------------------------------------
Total 184 $ 4,600,000 1,265 $31,625,000 66 $ 1,650,000 520 $13,000,000
=========================================================================================================================
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
------------------------------------------
SIX MONTHS
ENDED EAR ENDED
3/31/09 9/30/08
------------------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred
shares redeemed and/or noticed
for redemption:
Series TH -- $ -- 2,440 $ 61,000,000
=========================================================================================================================
Transactions in Variable Rate Demand Preferred shares were as follows:
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
3/31/09 9/30/08
------------------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------------------------------------------------------------------------------------------------------------------
Variable Rate Demand Preferred shares issued:
Series 1 -- $ -- 500 $ 50,000,000
=========================================================================================================================
71
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
4. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended March 31, 2009, were as
follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------
Purchases $ 9,737,550 $ 20,825,040 $ 19,602,326 $ 7,734,696 $ 5,185,850 $ 3,580,342
Sales and maturities 15,553,840 23,092,335 23,493,449 9,316,820 6,801,872 1,894,933
=========================================================================================================================
5. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investment
transactions and the treatment of investments in inverse floating rate
transactions subject to SFAS No. 140, if any. To the extent that differences
arise that are permanent in nature, such amounts are reclassified within the
capital accounts on the Statement of Assets and Liabilities presented in the
annual report, based on their federal tax basis treatment; temporary differences
do not require reclassification. Temporary and permanent differences do not
impact the net asset values of the Funds.
At March 31, 2009, the cost of investments was as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------
Cost of investments $ 351,407,269 $ 478,740,138 $ 482,168,984 $ 164,697,733 $ 159,105,655 $ 76,461,246
========================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2009, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 6,604,212 $ 12,941,921 $ 11,050,619 $ 3,231,044 $ 2,716,588 $ 1,719,044
Depreciation (11,420,292) (13,753,137 (13,813,093) (4,214,375) (4,511,805) (2,603,244)
------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation)
of investments $ (4,816,080) $ (811,216) $ (2,762,474) $ (983,331) $ (1,795,217) $ 84,200)
========================================================================================================================
72
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2008, the Funds' last tax year
end, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income * $ 1,053,920 $ 923,259 $ 917,358 $ 229,238 $ 181,668 $ 144,195
Undistributed net ordinary income ** 17 -- 7 3,843 86,824 --
Undistributed net long-term capital
gains -- 545 556 -- 269,487 39,310
========================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 2, 2008, paid on October 1, 2008.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended
September 30, 2008, was designated for purposes of the dividends paid deduction
as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
-------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt
income $ 15,647,484 $ 21,033,325 $21,014,089 $ 7,178,495 $ 7,294,285 $ 3,134,057
Distributions from net ordinary
income ** -- 6,318 -- -- -- --
Distributions from net long-term
capital gains -- 307,846 356,060 -- 295,680 8,068
=========================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At September 30, 2008, the Funds' last tax year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
INSURED
NEW YORK NEW YORK
INVESTMENT PREMIUM
QUALITY INCOME
(NQN) (NNF)
-------------------------------------------------------------------------------------------------------------------------
Expiration:
September 30, 2016 $ 299,523 $ 154,238
=========================================================================================================================
The following Funds have elected to defer net realized losses from investments
incurred from November 1, 2007 through September 30, 2008, the Funds' last tax
year end, ("post-October losses") in accordance with federal income tax
regulations. Post-October losses are treated as having arisen on the first day
of the current fiscal year:
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM
QUALITY QUALITY INCOME INCOME
(NQN) (NVN) (NUN) (NNF)
-------------------------------------------------------------------------------------------------------------------------
Post-October capital losses $ 251,067 $ 358,935 $ 709,332 $ 30,218
=========================================================================================================================
6. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by the
Adviser, and a specific fund-level component, based only on the amount of assets
within each individual Fund. This pricing structure enables Nuveen fund
shareholders to benefit from growth in the assets within each individual fund as
well as from growth in the amount of complex-wide assets managed by the Adviser.
73
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily net assets (including net assets attributable to Auction Rate
Preferred shares or Variable Rate Demand Preferred shares) of each Fund as
follows:
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
NEW YORK QUALITY INCOME (NUN)
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO INSURED NEW YORK PREMIUM INCOME (NNF)
AUCTION RATE PREFERRED SHARES OR VARIABLE RATE DEMAND PREFERRED SHARES) FUND-LEVEL FEE RATE
-----------------------------------------------------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
=============================================================================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
AUCTION RATE PREFERRED SHARES OR VARIABLE RATE DEMAND PREFERRED SHARES) FUND-LEVEL FEE RATE
-----------------------------------------------------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
=============================================================================================================================
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the following table.
As of March 31, 2009, the complex-level fee rate was .2000%.
74
The complex-level fee schedule is as follows:
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL
-----------------------------------------------------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
=============================================================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate daily managed assets of all Nuveen
funds, with such daily managed assets defined separately for each fund in
its management agreement, but which generally includes assets attributable
to preferred stock issued by or borrowings (including the issuance of
commercial paper or notes) by such fund, but excludes assets attributable
to investments in other Nuveen funds.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to its Officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
funds.
For the first ten years of Insured New York Dividend Advantage's (NKO)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Auction Rate
Preferred shares or Variable Rate Demand Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Dividend Advantage
(NKO) for any portion of its fees and expenses beyond March 31, 2012.
For the first eight years of Insured New York Tax-Free Advantage's (NRK)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Auction Rate
Preferred shares or Variable Rate Demand Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
--------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage
(NRK) for any portion of its fees and expenses beyond November 30, 2010.
75
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
7. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 161 (SFAS No. 161)
In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative
Instruments and Hedging Activities." This standard is intended to enhance
financial statement disclosures for derivative instruments and hedging
activities and enable investors to understand: a) how and why a fund uses
derivative instruments, b) how derivative instruments and related hedge items
are accounted for, and c) how derivative instruments and related hedge items
affect a fund's financial position, results of operations and cash flows. SFAS
No. 161 is effective for financial statements issued for fiscal years and
interim periods beginning after November 15, 2008. As of March 31, 2009,
management does not believe the adoption of SFAS No. 161 will impact the
financial statement amounts; however, additional footnote disclosures may be
required about the use of derivative instruments and hedging items.
Financial Accounting Standards Board Staff Position No. 157-4 (FSP No. 157-4)
On April 9, 2009, the Financial Accounting Standards Board issued FSP No. 157-4,
"Determining Fair Value When the Volume and Level of Activity for the Asset or
Liability Have Significantly Decreased and Identifying Transactions That Are Not
Orderly." FSP No. 157-4 provides additional guidance for estimating fair value
in accordance with SFAS No. 157, "Fair Value Measurements," when the volume and
level of activity for the asset or liability have significantly decreased. FSP
No. 157-4 also requires additional disaggregation of the current SFAS No. 157
required disclosures. FSP No. 157-4 is effective for interim and annual
reporting periods ending after June 15, 2009, and shall be applied
prospectively. At this time, management is evaluating the implications of FSP
No. 157-4 and the impact it will have on the financial statement disclosures.
8. SUBSEQUENT EVENTS
Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on May 1, 2009, to shareholders of record on
April 15, 2009, as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
-------------------------------------------------------------------------------------------------------------------------
Dividend per share $ .0560 $ .0545 $ .0540 $ .0505 $ .0550 $ .0545
=========================================================================================================================
Auction Participation Fees
Effective May 1, 2009, auction participation fees for Nuveen
Preferred shares with respect to auctions that have failed have been reduced
from 25 bps (annualized) to 15 bps (annualized). All auction participants have
signed new agreements incorporating this change.
76
| Financial HIGHLIGHTS(Unaudited)
77
| Financial HIGHLIGHTS(Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations
---------------------------------------------------------------------
Distributions Distributions
from Net from
Investment Capital
Beginning Income to Gains to
Common Net Auction Rate Auction Rate
Share Net Realized/ Preferred Preferred
Net Asset Investment Unrealized Share- Share-
Value Income Gain (Loss) holders+ holders+ Total
---------------------------------------------------------------------------------------------------------------------------
NEW YORK INVESTMENT QUALITY (NQN)
---------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ 13.23 $ .44 $ .39 $ (.07) $ -- $ .76
2008 14.77 .90 (1.56) (.26) -- (.92)
2007 15.18 .89 (.29) (.25) (.02) .33
2006 15.87 .90 (.05) (.17) (.09) .59
2005 16.46 .95 (.19) (.13) (.01) .62
2004 16.80 1.02 .12 (.05) (.03) 1.06
NEW YORK SELECT QUALITY (NVN)
---------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 13.34 .45 .43 (.07) -- .81
2008 14.98 .91 (1.63) (.27) --*** (.99)
2007 15.44 .92 (.37) (.27) (.01) .27
2006 15.87 .93 (.07) (.21) (.05) .60
2005 16.18 .97 (.09) (.14) (.01) .73
2004 16.28 1.01 .19 (.06) (.02) 1.12
===========================================================================================================================
Less Distributions
-----------------------------------
Net
Investment Capital Ending
Income to Gains to Common
Common Common Share Ending
Share- Share- Net Asset Market
holders holders Total Value Value
-------------------------------------------------------------------------------------------------------------
NEW YORK INVESTMENT QUALITY (NQN)
-------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ (.32) $ -- $ (.32) $ 13.67 $ 11.39
2008 (.62) -- (.62) 13.23 10.72
2007 (.67) (.07) (.74) 14.77 13.70
2006 (.75) (.53) (1.28) 15.18 13.99
2005 (.94) (.27) (1.21) 15.87 14.94
2004 (.99) (.41) (1.40) 16.46 15.52
NEW YORK SELECT QUALITY (NVN)
-------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) (.33) -- (.33) 13.82 11.34
2008 (.64) (.01) (.65) 13.34 10.70
2007 (.70) (.03) (.73) 14.98 13.86
2006 (.76) (.27) (1.03) 15.44 14.34
2005 (.91) (.13) (1.04) 15.87 14.74
2004 (.95) (.27) (1.22) 16.18 15.04
=============================================================================================================
Auction Rate Preferred Shares Variable Rate Demand Preferred Shares
at End of Period at End of Period
--------------------------------------- ------------------------------------------
Aggregate Liquidation Aggregate Liquidation
Amount and Market Asset Amount and Market Asset
Outstanding Value Coverage Outstanding Value Coverage
(000) Per Share Per Share (000) Per Share Per Share
--------------------------------------------------------------------------------------------------------------------------
NEW YORK INVESTMENT QUALITY (NQN)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ 111,500 $ 25,000 $ 78,680 $ -- $ -- $ --
2008 114,925 25,000 75,664 -- -- --
2007 144,000 25,000 70,178 -- -- --
2006 144,000 25,000 71,699 -- -- --
2005 144,000 25,000 73,820 -- -- --
2004 144,000 25,000 75,635 -- -- --
NEW YORK SELECT QUALITY (NVN)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 163,900 25,000 73,912 -- -- --
2008 163,900 25,000 72,427 -- -- --
2007 193,000 25,000 70,258 -- -- --
2006 193,000 25,000 71,884 -- -- --
2005 193,000 25,000 73,178 -- -- --
2004 193,000 25,000 74,108 -- -- --
==========================================================================================================================
78
Ratios/Supplement Data
-----------------------------------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
Total Returns Before Credit/Reimbursement
------------------- -----------------------------------------------
Based Ending
on Net
Based Common Assets
on Share Net Applicable Expenses Expenses Net
Market Asset to Common Including Excluding Investment
Value* Value* Shares (000) Interest++(a) Interest++(a) Income++
-----------------------------------------------------------------------------------------------------------------------------
NEW YORK INVESTMENT QUALITY (NQN)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 9.37% 5.82% $ 239,415 1.53%**** 1.23%**** 6.75%****
2008 (17.85) (6.46) 232,903 1.46 1.24 6.15
2007 3.22 2.22 260,224 1.40 1.22 5.98
2006 2.39 4.03 268,986 1.22 1.22 5.92
2005 4.08 3.90 281,203 1.19 1.19 5.88
2004 10.21 6.61 291,660 1.18 1.18 6.26
NEW YORK SELECT QUALITY (NVN)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 9.22 6.16 320,665 1.48**** 1.24**** 6.73****
2008 (18.81) (6.90) 310,931 1.41 1.21 6.16
2007 1.70 1.75 349,388 1.38 1.20 6.05
2006 4.53 4.10 361,945 1.20 1.20 6.03
2005 4.93 4.64 371,935 1.18 1.18 6.03
2004 6.96 7.27 379,117 1.19 1.19 6.31
=============================================================================================================================
Ratios/Supplemental Data
---------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
After Credit/Reimbursement**
------------------------------------------
Expenses Expenses Net Portfolio
Including Excluding Investment Turnover
Interest++(a) Interest++(a) Income++ Rate
-----------------------------------------------------------------------------------------------
NEW YORK INVESTMENT QUALITY (NQN)
-----------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 1.52%**** 1.21%**** 6.76%**** 3%
2008 1.44 1.22 6.16 9
2007 1.39 1.22 5.99 19
2006 1.21 1.21 5.94 16
2005 1.18 1.18 5.89 30
2004 1.18 1.18 6.26 11
NEW YORK SELECT QUALITY (NVN)
-----------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 1.46**** 1.22**** 6.74**** 4
2008 1.39 1.19 6.18 12
2007 1.37 1.19 6.05 17
2006 1.18 1.18 6.05 15
2005 1.18 1.18 6.04 17
2004 1.19 1.19 6.32 8
===============================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
*** Rounds to less than $.01 per share.
**** Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; income ratios reflect income earned on assets
attributable to Auction Rate Preferred shares or Variable Rate Demand
Preferred shares, where applicable.
(a) Interest expense arises from payments to Variable Rate Demand Preferred
shareholders and the application of SFAS No. 140 to certain inverse
floating rate transactions entered into by the Fund, where applicable, as
both are more fully described in Footnote 1 - Variable Rate Demand
Preferred Shares and Inverse Floating Rate Securities, respectively.
(b) For the six months ended March 31, 2009.
See accompanying notes to financial statements.
79
| Financial HIGHLIGHTS (continued) (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations
----------------------------------------------------------------------
Distributions Distributions
from Net from
Investment Capital
Beginning Income to Gains to
Common Net Auction Rate Auction Rate
Share Net Realized/ Preferred Preferred
Net Asset Investment Unrealized Share- Share-
Value Income Gain (Loss) holders+ holders+ Total
---------------------------------------------------------------------------------------------------------------------------------
NEW YORK QUALITY INCOME (NUN)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ 13.20 $ .44 $ .40 $ (.07) $ -- $ .77
2008 14.79 .89 (1.59) (.27) --*** (.97)
2007 15.21 .89 (.33) (.28) (.01) .27
2006 15.64 .90 (.05) (.20) (.05) .60
2005 15.90 .93 (.07) (.14) (.01) .71
2004 16.09 .98 .09 (.06) (.02) .99
INSURED NEW YORK PREMIUM INCOME (NNF)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 13.39 .41 .53 (.07) -- .87
2008 14.88 .86 (1.48) (.26) -- (.88)
2007 15.31 .87 (.33) (.25) (.01) .28
2006 15.78 .88 (.06) (.18) (.05) .59
2005 16.14 .91 (.08) (.12) (.01) .70
2004 16.07 .97 .08 (.06) -- .99
=================================================================================================================================
Less Distributions
----------------------------------
Net
Investment Capital Ending
Income to Gains to Common
Common Common Share Ending
Share- Share- Net Asset Market
holders holders Total Value Value
-----------------------------------------------------------------------------------------------------------------
NEW YORK QUALITY INCOME (NUN)
-----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ (.32) $ -- $ (.32) $ 13.65 $ 11.18
2008 (.61) (.01) (.62) 13.20 10.43
2007 (.65) (.04) (.69) 14.79 13.46
2006 (.76) (.27) (1.03) 15.21 14.11
2005 (.88) (.09) (.97) 15.64 14.53
2004 (.92) (.26) (1.18) 15.90 14.70
INSURED NEW YORK PREMIUM INCOME (NNF)
-----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) (.30) -- (.30) 13.96 11.33
2008 (.61) -- (.61) 13.39 11.04
2007 (.67) (.04) (.71) 14.88 13.54
2006 (.73) (.33) (1.06) 15.31 14.26
2005 (.88) (.18) (1.06) 15.78 14.86
2004 (.92) -- (.92) 16.14 15.23
=================================================================================================================
Auction Rate Preferred Shares Variable Rate Demand Preferred Shares
at End of Period at End of Period
------------------------------------ -------------------------------------------
Aggregate Liquidation Aggregate Liquidation
Amount and Market Asset Amount and Market Asset
Outstanding Value Coverage Outstanding Value Coverage
(000) Per Share Per Share (000) Per Share Per Share
--------------------------------------------------------------------------------------------------------------------------------
NEW YORK QUALITY INCOME (NUN)
--------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ 160,775 $ 25,000 $ 75,421 $ -- $ -- $ --
2008 165,375 25,000 72,696 -- -- --
2007 197,000 25,000 69,868 -- -- --
2006 197,000 25,000 71,498 -- -- --
2005 197,000 25,000 72,804 -- -- --
2004 197,000 25,000 73,606 -- -- --
INSURED NEW YORK PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 50,350 25,000 82,229 -- -- --
2008 52,000 25,000 78,619 -- -- --
2007 65,000 25,000 72,675 -- -- --
2006 65,000 25,000 74,056 -- -- --
2005 65,000 25,000 75,546 -- -- --
2004 65,000 25,000 76,705 -- -- --
================================================================================================================================
80
Ratios/Supplemental Data
---------------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
Total Returns Before Credit/Reimbursement
------------------- ------------------------------------------------
Based Ending
on Net
Based Common Assets
on Share Net Applicable Expenses Expenses Net
Market Asset to Common Including Excluding Investment
Value* Value* Shares (000) Interest++(a) Interest++(a) Income++
-----------------------------------------------------------------------------------------------------------------------------
NEW YORK QUALITY INCOME (NUN)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 10.43% 5.91% $ 324,260 1.49%**** 1.24%**** 6.69%****
2008 (18.60) (6.80) 315,510 1.42 1.21 6.10
2007 .21 1.81 353,564 1.38 1.20 5.95
2006 4.27 4.06 366,405 1.21 1.21 5.95
2005 5.52 4.56 376,697 1.19 1.19 5.86
2004 6.77 6.41 383,012 1.19 1.19 6.21
INSURED NEW YORK PREMIUM INCOME (NNF)
-----------------------------------------------------------------------------------------------------------------------------
(NNF) Year Ended 9/30:
2009(b) 5.52 6.62 115,259 1.54**** 1.25**** 6.20****
2008 (14.53) (6.18) 111,528 1.45 1.24 5.84
2007 (.20) 1.85 123,956 1.40 1.23 5.79
2006 3.30 3.96 127,546 1.22 1.22 5.75
2005 4.64 4.50 131,420 1.20 1.20 5.71
2004 7.14 6.40 134,434 1.21 1.21 6.11
=============================================================================================================================
Ratios/Supplemental Data
---------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
After Credit/Reimbursement**
-------------------------------------------
Expenses Expenses Net Portfolio
Including Excluding Investment Turnover
Interest++(a) Interest++(a) Income++ Rate
--------------------------------------------------------------------------------------------------
NEW YORK QUALITY INCOME (NUN)
--------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 1.48%**** 1.22%**** 6.71%**** 4%
2008 1.40 1.19 6.12 9
2007 1.37 1.19 5.96 21
2006 1.20 1.20 5.96 14
2005 1.18 1.18 5.86 17
2004 1.19 1.19 6.21 10
INSURED NEW YORK PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------------------------
(NNF) Year Ended 9/30:
2009(b) 1.52**** 1.23**** 6.22**** 5
2008 1.43 1.21 5.87 10
2007 1.39 1.22 5.80 21
2006 1.21 1.21 5.77 14
2005 1.20 1.20 5.71 22
2004 1.20 1.20 6.11 16
==================================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
*** Rounds to less than $.01 per share.
**** Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; income ratios reflect income earned on assets
attributable to Auction Rate Preferred shares or Variable Rate Demand
Preferred shares, where applicable.
(a) Interest expense arises from payments to Variable Rate Demand Preferred
shareholders and the application of SFAS No. 140 to certain inverse
floating rate transactions entered into by the Fund, where applicable, as
both are more fully described in Footnote 1 - Variable Rate Demand
Preferred Shares and Inverse Floating Rate Securities, respectively.
(b) For the six months ended March 31, 2009.
See accompanying notes to financial statements.
81
| Financial HIGHLIGHTS (continued) (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations
---------------------------------------------------------------------
Distributions Distributions
from Net from
Investment Capital
Beginning Income to Gains to
Common Net Auction Rate Auction Rate
Share Net Realized/ Preferred Preferred
Net Asset Investment Unrealized Share- Share-
Value Income Gain (Loss) holders+ holders+ Total
---------------------------------------------------------------------------------------------------------------------------------
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ 13.38 $ .37 $ .46 $ -- $ --*** $ .83
2008 14.96 .91 (1.57) (.22) (.01) (.89)
2007 15.34 .95 (.34) (.26) --*** .35
2006 15.67 .95 (.08) (.20) (.03) .64
2005 15.69 .98 .12 (.13) (.01) .96
2004 15.44 .98 .35 (.06) (.01) 1.26
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 13.31 .41 .46 (.08) --*** .79
2008 14.65 .88 (1.32) (.25) --*** (.69)
2007 14.92 .91 (.29) (.23) --*** .39
2006 15.00 .90 (.05) (.21) --*** .64
2005 14.75 .90 .25 (.13) -- 1.02
2004 14.42 .92 .35 (.07) -- 1.20
=================================================================================================================================
Less Distributions
------------------------------------
Net
Investment Capital Ending
Income to Gains to Common
Common Common Share Ending
Share- Share- Net Asset Market
holders holders Total Value Value
-----------------------------------------------------------------------------------------------------------------
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
-----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ (.33) $ (.02) $ (.35) $ 13.86 $ 11.54
2008 (.66) (.03) (.69) 13.38 10.96
2007 (.72) (.01) (.73) 14.96 14.10
2006 (.78) (.19) (.97) 15.34 14.85
2005 (.86) (.12) (.98) 15.67 14.68
2004 (.89) (.12) (1.01) 15.69 14.35
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
-----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) (.33) (.01) (.34) 13.76 11.69
2008 (.65) --*** (.65) 13.31 11.52
2007 (.65) (.01) (.66) 14.65 13.74
2006 (.69) (.03) (.72) 14.92 14.08
2005 (.77) -- (.77) 15.00 14.02
2004 (.87) -- (.87) 14.75 13.64
=================================================================================================================
Auction Rate Preferred Shares Variable Rate Demand Preferred
at End of Period Shares at End of Period
------------------------------------- -------------------------------------------
Aggregate Liquidation Aggregate Liquidation
Amount and Market Asset Amount and Market Asset
Outstanding Value Coverage Outstanding Value Coverage
(000) Per Share Per Share (000) Per Share Per Share
--------------------------------------------------------------------------------------------------------------------------------
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
--------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ -- $ -- $ -- $ 50,000 $ 100,000 $ 319,964
2008 -- -- -- 50,000 100,000 313,166
2007 61,000 25,000 73,824 -- -- --
2006 61,000 25,000 75,032 -- -- --
2005 61,000 25,000 76,094 -- -- --
2004 61,000 25,000 76,172 -- -- --
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
--------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 27,000 25,000 69,685 -- -- --
2008 27,000 25,000 68,304 -- -- --
2007 27,000 25,000 72,665 -- -- --
2006 27,000 25,000 73,541 -- -- --
2005 27,000 25,000 73,780 -- -- --
2004 27,000 25,000 72,979 -- -- --
================================================================================================================================
82
Ratios/Supplemental Data
--------------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
Total Returns Before Credit/Reimbursement
---------------------- ------------------------------------------------
Based Ending
on Net
Based Common Assets
on Share Net Applicable Expenses Expenses Net
Market Asset to Common Including Excluding Investment
Value* Value* Shares (000) Interest++(a) Interest++(a) Income++
-----------------------------------------------------------------------------------------------------------------------------------
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 8.76% 6.38% $ 109,982 2.53%**** 1.51%**** 5.30%****
2008 (18.10) (6.24) 106,583 1.65 1.26 5.81
2007 (.21) 2.36 119,131 1.38 1.20 5.83
2006 7.92 4.29 122,078 1.20 1.20 5.79
2005 9.28 6.23 124,669 1.18 1.18 5.75
2004 7.55 8.48 124,860 1.20 1.20 5.91
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 4.56 6.01 48,260 1.51***** 1.38**** 5.87****
2008 (11.94) (4.91) 46,769 1.41 1.26 5.68
2007 2.24 2.69 51,479 1.40 1.25 5.65
2006 5.79 4.38 52,425 1.27 1.27 5.62
2005 8.65 7.05 52,682 1.25 1.25 5.53
2004 5.83 8.58 51,818 1.26 1.26 5.85
===================================================================================================================================
Ratios/Supplemental Data
----------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
After Credit/Reimbursement**
-----------------------------------------
Expenses Expenses Net Portfolio
Including Excluding Investment Turnover
Interest++(a) Interest++(a) Income++ Rate
-----------------------------------------------------------------------------------------------------------
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
-----------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 2.22%**** 1.20%**** 5.61%**** 3%
2008 1.28 .89 6.18 9
2007 .94 .76 6.27 19
2006 .73 .73 6.26 11
2005 .72 .72 6.21 12
2004 .74 .74 6.37 9
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
-----------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 1.19**** 1.07**** 6.18**** 3
2008 .99 .85 6.09 8
2007 .90 .75 6.15 17
2006 .77 .77 6.13 8
2005 .76 .76 6.01 7
2004 .76 .76 6.35 16
===========================================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
*** Rounds to less than $.01 per share.
**** Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; income ratios reflect income earned on assets
attributable to Auction Rate Preferred shares or Variable Rate Demand
Preferred shares, where applicable.
(a) Interest expense arises from payments to Variable Rate Demand Preferred
shareholders and the application of SFAS No. 140 to certain inverse
floating rate transactions entered into by the Fund, where applicable, as
both are more fully described in Footnote 1 - Variable Rate Demand
Preferred Shares and Inverse Floating Rate Securities, respectively.
(b) For the six months ended March 31, 2009.
See accompanying notes to financial statements.
83
Reinvest Automatically EASILY and CONVENIENTLY
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR
REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or
capital gains distributions in additional Fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
greater of the net asset value or 95% of the then-current market price. If the
shares are trading at less than net asset value, shares for your account will be
purchased on the open market. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. Dividends and distributions received to
purchase shares in the open market will normally be invested shortly after the
dividend payment date. No interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of the shares may increase
before purchases are completed, the average purchase price per share may exceed
the market price at the time of valuation, resulting in the acquisition of fewer
shares than if the dividend or distribution had been paid in shares issued by
the Fund. A pro rata portion of any applicable brokerage commissions on open
market purchases will be paid by Plan participants. These commissions usually
will be lower than those charged on individual transactions.
84
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
85
Glossary of NOTES TERMS USED in this REPORT
o AUCTION RATE BOND: An auction rate bond is a security whose interest
payments are adjusted periodically through an auction process, which
process typically also serves as a means for buying and selling the bond.
Auctions that fail to attract enough buyers for all the shares offered for
sale are deemed to have "failed", with current holders receiving a
formula-based interest rate until the next scheduled auction.
o AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time
period. It expresses the return that would have been necessary each year
to equal the investment's actual cumulative performance (including change
in common share NAV or market price and reinvested dividends and capital
gains distributions, if any) over the time period being considered.
o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity
of the bonds in a Fund's portfolio, computed by weighting each bond's time
to maturity (the date the security comes due) by the market value of the
security. This figure does not account for the likelihood of prepayments
or the exercise of call provisions unless an escrow account has been
established to redeem the bond before maturity. The market value weighting
for an investment in an inverse floating rate security is the value of the
portfolio's residual interest in the inverse floating rate trust, and does
not include the value of the floating rate securities issued by the trust.
o INVERSE FLOATERS: Inverse floating rate securities are created by
depositing a municipal bond, typically with a fixed interest rate, into a
special purpose trust created by a broker-dealer. This trust, in turn, (a)
issues floating rate certificates typically paying short-term tax-exempt
interest rates to third parties in amounts equal to some fraction of the
deposited bond's par amount or market value, and (b) issues an inverse
floating rate certificate (sometimes referred to as an "inverse floater")
to an investor (such as a Fund) interested in gaining investment exposure
to a long-term municipal bond. The income received by the holder of the
inverse floater varies inversely with the short-term rate paid to the
floating rate certificates' holders, and in most circumstances the holder
of the inverse floater bears substantially all of the underlying bond's
downside investment risk. The holder of the inverse floater typically also
benefits disproportionately from any potential appreciation of the
underlying bond's value. Hence, an inverse floater essentially represents
an investment in the underlying bond on a leveraged basis.
o LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period
over which a bond's principal and interest will be paid, and consequently
is a measure of the sensitivity of a bond's or bond Fund's value to
changes when market interest rates change. Generally, the longer a bond's
or Fund's duration, the more the price of the bond or Fund will change as
interest rates change. Leverage-adjusted duration takes into account the
leveraging process for a Fund and therefore is longer than the duration of
the Fund's portfolio of bonds.
o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
investment's current annualized dividend divided by its current market
price.
o NET ASSET VALUE (NAV): A Fund's NAV per common share is calculated by
subtracting the liabilities of the Fund (including any Preferred shares
issued in order to leverage the Fund) from its total assets and then
dividing the remainder by the number of common shares outstanding. Fund
NAVs are calculated at the end of each business day.
o TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable
investment to equal, on an after-tax basis, the yield of a municipal bond
investment.
o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest
coupon to its holders during the life of the bond. Tax-exempt income to
the holder of the bond comes from accretion of the difference between the
original purchase price of the bond at issuance and the par value of the
bond at maturity and is effectively paid at maturity. The market prices of
zero coupon bonds generally are more volatile than the market prices of
bonds that pay interest periodically.
86
| Other Useful INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING
INFORMATION
You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2008, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities without charge, upon request,
by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website
at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
(NYSE) the annual CEO certification as required by Section 303A.12(a) of the
NYSE Listed Company Manual.
Each Fund has filed with the Securities and Exchange Commission the
certification of its Chief Executive Officer and Chief Financial Officer
required by Section 302 of the Sarbanes-Oxley Act.
COMMON AND PREFERRED SHARE INFORMATION
Each Fund intends to repurchase and/or redeem shares of its own common or
preferred stock in the future at such times and in such amounts as is deemed
advisable. During the period covered by this report, the Funds repurchased
and/or redeemed/noticed for redemption shares of their common and/or preferred
stock as shown in the accompanying table:
PREFERRED SHARES
COMMON SHARES REDEEMED/NOTICED
FUND REPURCHASED FOR REDEMPTION
NQN 83,900 137
NVN 112,400 --
NUN 150,400 184
NNF 73,000 66
NKO 27,000 --
NRK 6,800 --
Any future repurchases and/or redemptions will be reported to shareholders in
the next annual or semi-annual report.
BOARD OF DIRECTORS/TRUSTEES
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust Company
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071 Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
87
Nuveen Investments:
SERVING INVESTORS FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
We offer many different investing solutions for our clients' different needs.
Nuveen Investments is a global investment management firm that seeks to help
secure the long-term goals of institutions and high net worth investors as well
as the consultants and financial advisors who serve them. Nuveen Investments
markets its growing range of specialized investment solutions under the
high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony,
Tradewinds and Winslow Capital. In total, the Company managed $115 billion of
assets on March 31, 2009.
Find out how we can help you reach your financial goals.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest. Be sure to obtain a
prospectus, where applicable. Investors should consider the investment objective
and policies, risk considerations, charges and expenses of the Fund carefully
before investing. The prospectus contains this and other information relevant to
an investment in the Fund. For a prospectus, please contact your securities
representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
Share prices
Fund details
Daily financial news
Investor education
Interactive planning tools
ESA-B-0309D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Period* (a) (b) (c) (d)*
TOTAL NUMBER OF AVERAGE TOTAL NUMBER OF SHARES MAXIMUM NUMBER (OR
SHARES (OR PRICE (OR UNITS) PURCHASED AS APPROXIMATE DOLLAR VALUE) OF
UNITS) PAID PER PART OF PUBLICLY SHARES (OR UNITS) THAT MAY YET
PURCHASED SHARE (OR ANNOUNCED PLANS OR BE PURCHASED UNDER THE PLANS OR
UNIT) PROGRAMS PROGRAMS
OCTOBER 1-31, 2008 0 0 350,000
NOVEMBER 1-30, 2008 0 0 350,000
DECEMBER 1-31, 2008 0 0 350,000
JANUARY 1-31, 2009 0 0 350,000
FEBRUARY 1-28, 2009 6,600 $11.42 6,600 343,400
MARCH 1-31, 2009 200 $11.07 200 343,200
TOTAL 6,800
* The registrant's repurchase program, which authorized the repurchase of
350,000 shares, was announced on August 7, 2008. Any repurchases made by
the registrant pursuant to the program were made through open-market
transactions.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) 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 second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) 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)) in the exact form set forth below: See
Ex-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference: See Ex-99.906 CERT attached hereto.
SIGNATURES
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.
(Registrant) Nuveen Insured New York Tax-Free Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title) /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
(Vice President and Secretary)
Date: June 8, 2009
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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.
By (Signature and Title) /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: June 8, 2009
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By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 8, 2009
-------------------------------------------------------------------